As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. Crescent Capital Partners is a leading Australian private equity firm. During this conference call, we may discuss certain non-GAAP measures as defined by SEC Regulation G, such as adjusted net investment income or NII per share. 2023 PitchBook. to generate high returns in the 20% to 30% range. After that, there are no remaining term maturities until 2026. Win whats next. With that, I will now turn it over to Gerhard. Consistent with Crescents track record of investing through cycles over the past 30-plus years, we believe we have constructed a portfolio that consists of companies that are adequately capitalized to address the current macroeconomic environment and have taken a proactive approach to bolstering liquidity in select situations where it may be warranted. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard You must click the activation link in order to complete your subscription. ET. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. This has proven to be a competitive advantage, particularly in the current lending environment. SLC Fixed Income portfolios qualify as sustainable As of December 31, 2022 Key differentiators Experienced teams with deep private credit expertise Our investment teams have specialized in private debt for more than 40 years, offering the necessary skills to navigate a nuanced asset class. Crescent Capital Group is a global alternative investment firm focused on below investment grade credit markets with primary strategies that include funds that invest in leveraged loans, high-yield bonds, mezzanine debt, special situations, and distressed securities. These are the top 5 holdings of Crescent Capital Consulting, LLC iShares Core S&P 500 ETF ( IVV) - 140,585 shares, 11.05% of the total portfolio. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. Do you expect to be running lower leverage than was the case to present historically? We still like this investment. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. We look forward to speaking with you again soon. That being said, the broader Crescent private credit platform remained active with over $800 million of capital committed to new portfolio investments during the fourth quarter and over $5.5 . Only logged in subscribers of this site will be able to access the shared article. You can get rich by returning 20% per year and compounding that for several years. 2023 Crescent Capital Group LP. For example S&P 500 Index returned 43.4% in 1958. As of December 31, 99% of our debt investments at fair value were floating rate with a weighted average floor of 80 basis points, which compares to our 72% floating rate liability structure based on debt drawn with no floors. The company assumes no obligation to update any such forward-looking statements. S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. Through our deep inhouse expertise assisting emerging and growth companies across Australia and New Zealand since 2000, we have raised over $3bn across six funds and completed more than 45 foundation investments and assisted our portfolio companies with over 150 follow-on acquisitions. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. We attributed the bulk of the quarters NAV decline to widening credit spreads. The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. Crescent raised its first fund in 1992 and has consistently been a leader in the private debt market, focusing on senior secured unitranche securities and junior debt. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. LOS ANGELES, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Crescent Capital BDC, Inc. ("Crescent BDC" or "Company") (NASDAQ: CCAP) today reported net investment income of $59.7 million, or $1.93 per share, and adjusted net investment income of $53.4 million, or $1.73 per share, for the year ended December 31, 2022. Venture Capital Portfolio Active vs. (310) 235-5900 A reconciliation of adjusted net investment income per share to net investment income per share, the most directly comparable GAAP financial measure can be found in the accompanying slide presentation for this call. Operator: Thank you. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. | Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. Your submission has been received! . For more information about Crescent. As far as the deployment in Q4, it was all normal course getting drawn on unfunded and existing commitments that we had to our portfolio companies. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. The $46 million in gross deployment compares to approximately $71 million in aggregate exits, sales and repayments in the quarter, inclusively a final $8 million liquidating return of capital from our joint venture, which, as Jason noted, is now fully dissolved. Thank you, operator. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. ", "Our growth strategy was perfectly aligned with Crescents. We are an equity partner that brings more than money to the relationship. ", "I strongly recommend working in partnership with Crescent Capital. We generally believe that our private equity partners provide operational and financial support to strengthen their portfolio companies for long-term value creation, which is particularly valuable during periods of heightened volatility, like the one we are investing in today. Crescent is an alternative asset manager with approximately $40 billion 1 of assets under management and over 210 employees as of December 31, 2022. ", "Crescents practical and analytical approach enabled management to hit their goals. The companys actual results could differ materially from those expressed in such forward-looking statements for any reason, including those listed in its SEC filings. Get our editors daily picks straight in your inbox! Use of this website is governed by the Terms and Conditions. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . We initially share this idea in October 2018 and the stock already returned more than 150%. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. We redeployed the majority of the proceeds from this monetization activity primarily into directly originated higher spread Crescent private credit opportunities. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. With more than 100 investment professionals and over 200 employees, the firm invests at all levels of the capital structure, with a significant focus on below investment grade credit through strategies that invest in senior bank loans, unitranche loans, high yield debt, mezzanine debt, and other private debt securities. Privacy Policy Moving to the right-hand side of the page, youll see that our unitranche first lien investments have continued to become a more prominent percentage of our total portfolio, accounting for 66% of total portfolio fair value at year-end compared to 59% the year prior. In the same report you can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12-24 months. Something went wrong while submitting the form. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. Average Retirement Savings By Age: Are You Normal? This was by design as we believe it is prudent to prioritize deleveraging in advance of the First Eagle acquisition. Venture Capital Portfolio. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. This means the bullish number of . In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. S&P 500 Index lost 10.8% in 1957, so Buffetts investors actually thrilled to beat the market by 20.1 percentage points in 1957. Because were invested in a largely first lien and unitranche focused portfolio, having largely rotated out of legacy Alcentra names and our broadly-syndicated bank loan joint venture, we expect to generate a high quality of top line revenue, primarily consisting of recurring scheduled interest income. We still like this investment. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. That being said, the broader Crescent private credit platform remained active with over $800 million of capital committed to new portfolio investments during the fourth quarter and over $5.5 billion for the full year. Jason Breaux: Thanks, Gerhard. You can sign up for additional alert options at any time. Which investors participated in the most funding rounds within this hub? In particular, in the past 15 years Crescent has been the most active private equity manager in healthcare in Australia. Private Equity Portfolio. Crescent Capital is a Belfast based venture capital fund manager We immerse ourselves in your business Experience With our experience and knowledge we can unlock the full potential of your business. For more information about Crescent. 25+ years experience in strategy consulting, investment and business management and public company boards. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. Turning back to this quarters earnings. Website by GCI. WhatsApp acquired by Facebook), Total number of people associated with this hub, Full Name: First and last name of a Person, Primary Organization: The organization associated to the person's primary job, Primary Job Title: The person's primary job title, CB Rank (Person): Algorithmic rank assigned to the top 100,000 most active People, Total amount raised at IPO of all the organizations associated with this hub, Median amount raised at IPO of all the organizations associated with this hub, Total valuation at IPO of all the organizations associated with this hub, Median valuation at IPO of all the organizations associated with this hub, Average date at which organizations in this hub went public, Percentage of organizations in this hub that have removed their stock from the stock exchange. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. I would now like to turn the conference over to Dan McMahon. Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. I mean how would the how are the operating trends doing? Total investment income of $34.6 million for the fourth quarter, the highest quarterly figure weve reported since inception compares to $29 million for the prior quarter, representing an increase of approximately 19%. Robert Dodd: Hi guys. Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies.
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