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S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. For more information about Crescent Capital Group, please visit www.crescentcap.com. Venture Capital Portfolio We believe an active engagement model is a leading indicator of strong company performance. Please also note that past performance or market information is not a guarantee of future results. LOS ANGELES, February 28, 2023--(BUSINESS WIRE)--Crescent Capital Group LP, a leading alternative credit investment firm, announced today that Jonathan Harari has joined the company as Global Head of its Investor Solutions Group. This situates us well to benefit from increases in base rates above our average floors as is the case this quarter with continued growth in our interest income line item. This has proven to be a competitive advantage, particularly in the current lending environment. 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. Crescent Bit Capital is a type of secure investment that grows your money at a guaranteed rate based of chosen plan of interest for a fixed period of time. . We seek to maximize the total return of our stockholders in the form of current income and capital appreciation by providing capital solutions to companies with sound business fundamentals and strong growth prospects. As a member of the Australian Investment Council, we are bound by a set of member standards including the Australian Investment Council Code of Conduct, as well as responsible investment and valuation guidelines. The weighted average loan-to-value in the portfolio at time of underwriting was approximately 40%, which provides the same margin of safety from both an enterprise value perspective as well as capitalized risk beneath our tranche that is available to support our investments. We have a track record of expanding Australian businesses into Asia with over 50% of portfolio companies having an Asian presence. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. This website must be read in conjunction with the applicable offering documents or Private Placement Memorandum in order to understand fully all of the implications and risks of investing in real estate and a copy of the offering documents must be available to you in connection with any offering. Or is that just a timing? Win whats next. In our view, our long-term track record of strong credit performance and NAV stability since inception demonstrates the merits of our proven investment process as we work to deliver attractive results to our shareholders. Total investment income again reached its highest level since inception and recurring yield related investment income continues to grow in both absolute dollars and as a percentage of our total revenue, which Gerhard will provide more color on. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. Terms & Conditions Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, +1-212-397-1030bill@mendelcommunications.com. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. Robert Dodd: Got it. Excuse me. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. Guidance Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. Reduced net debt by approximately $850 First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. Do you expect to be running lower leverage than was the case to present historically? Our weighted average portfolio grade of 2.1 was unchanged as compared to the past few quarters, and the percentage of risk rated one and two investments, the highest ratings our portfolio companies can receive accounted for 87% of the portfolio at fair value, down modestly from last quarter. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Get the full list, Youre viewing 5 of 21 co-investor. Thank you. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? Get the full list, Youre viewing 10 of 31 exits. The total size of the investment portfolio is around USD 400 million which . There are significant risks that should be considered and reviewed when considering an investment in real estate. Use the PitchBook Platform to explore the full profile. This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. And it means its going to be harder than ever to hold onto any money you make. A couple more worth highlighting. We initially share this idea in October 2018 and the stock already returned more than 150%. What's the most common types of sub-organization? We are proud to have globally leading NPS scores with our executive partners. You can get rich by returning 20% per year and compounding that for several years. On a GAAP basis, fourth quarter net investment income per share was $0.52. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. We appreciate your continued interest in CCAP. Healthcare is Crescent's largest sector by investment. For more information about Crescent. We have consistently been able to deliver significant value-add alongside our management teams. Turning back to this quarters earnings. Crescent Capital BDC, Inc. (NASDAQ: CCAP) is a business development company focused on originating and investingin the debt of private middle market companies principally located in the U.S. We seek to maximize the total return of our stockholders in the form of current income and capital appreciation by providing capital solutions to companies with sound business fundamentals and strong growth prospects. 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. You must click the activation link in order to complete your subscription. The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. . And on March 7, First Eagle is conducting a special meeting of its stockholders whereby they will be asked to adopt the agreement and plan a merger. "Jonathan brings a wealth of investor relations experience to Crescent, and we are excited for his leadership as we seek to grow our client relationships and respond to the increasing demand for our alternative credit offerings," said Jean-Marc Chapus, Managing Partner and Co-Founder of Crescent Capital Group. 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. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. Robert Dodd: Hi guys. Don't have an account? Operator: Thank you. The word on The Street in general, suggests a Strong Buy analyst consensus rating for Crescent Point Energy with a $10.13 average price target. In particular, in the past 15 years Crescent has been the most active private equity manager in healthcare in Australia. Video: Cameron Johnson, CEO Nucleus Network. Click And with that, operator, please open the line for questions. I will turn the call back to Jason Breaux for closing remarks. Crescent Capital is unique in its ability and track record of building out businesses from a standing start, internally and in partnership with management teams. After submitting your request, you will receive an activation email to the requested email address. If you experience any issues with this process, please contact us for further assistance. Based in New York, Mr. Harari is responsible for developing and executing Crescents strategic sales and marketing plan for clients and assets, including identifying potential new investors, developing and maintaining client relationships, designing new investment solutions and managing Crescents investor relations and client solutions team. It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. Something went wrong while submitting the form. You can see that the weighted average yield of income producing securities at cost increased meaningfully quarter-over-quarter from 9.5% to 10.8% on the heels of the Federal Reserves interest rate hikes and is up 330 basis points year-over-year. From cross portfolio introductions and business development, provision of consulting style support on key projects, through to assisting portfolio companies through major strategic change, the Crescent investment team has a unique blend of high end consulting and operational skill sets to support the investee companies. You should only be asked to sign in once. For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. Henry? Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. From a liquidity perspective, as of year-end, we had $225 million of undrawn capacity, subject to leverage, borrowing base and other restrictions and $17 million in cash and cash equivalents. Please turn to Slide 6, where youll see a summary of our results. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. If youre looking for capital and an active partner to accelerate the growth of your business or thinking about exiting by bringing in new investors, please feel free to contact me by phone or email to find out more. We have raised six funds since 2000 and we are a top quartile manager on global metrics. We have just sent you an email so you can verify your account. Yesterday, after the market closed, the company issued its earnings press release for the fourth quarter and year ended December 31, 2022, and posted a presentation to the IR Section of its website at www.crescentbdc.com. 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. Continued strong performance ratings and low nonaccrual levels. Your submission has been received! 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. 2023 Crescent Capital Group LP. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. Please go ahead. Ill provide some fourth quarter and full year highlights, touch on our current portfolio and positioning and then turn it over to Henry to review our recent activity in more detail. Gross deployment in the fourth quarter was $46 million. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. Jason Breaux: Okay. (310) 235-5900 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. For the year ended December 31, 2022, the Company invested $308.0 million across 20 new portfolio companies, 31 existing portfolio companies and several follow-on revolver and delayed draw fundings. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. The Crescent Capital IV Development Fund was launched amid much fanfare 18 months ago to build on the success of forerunner funds, from which some of Northern Ireland's most exciting. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. While we do anticipate further market volatility and the potential for spread widening as the cycle progresses, we feel good about our current portfolio, and we remain very excited about the First Eagle BDC transaction as we further enhance our scale and position. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. To participate please dial (877 . Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. As you can see on the right-hand side of the slide, we have a low level of debt maturities over the next few years with $150 million maturity related to our 5.95% unsecured notes in July 2023. We thank you for your participation and ask that you please disconnect your lines. Crescent BDC and Alcentra Capital will be holding a joint conference call to discuss the transaction on Tuesday, August 13, 2019 at 1:15 p.m. PT / 4:15 p.m. For more information about Crescent. The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. Our success and reputation have been built on conservatism, ethics, passion, attention to detail, responsibility, and our belief that trust starts and ends with honesty and integrity. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. Henry Chung: Thanks, Jason. You must click the activation link in order to complete your subscription. The company assumes no obligation to update any such forward-looking statements. Along the way, I believe Biden could become one of the most powerful Presidents in history. After submitting your request, you will receive an activation email to the requested email address. Jason reviewed several metrics related to our portfolio. It is ideal for investors looking for capital security.Open to Asia , Europe , America ,and Africa on Investment / Financial Plan Portfolio Office Customer Support Hours: Monday - Sundays Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. And we remain well diversified across 18 industries and continue to lend almost exclusively to private equity-backed companies with 98% of our debt portfolio in sponsor-backed companies as of year-end. Jason Breaux: Yes. Do you expect to be running on a combined basis going forward? Jason Breaux: Hey Robert, its Jason. This was by design as we believe it is prudent to prioritize deleveraging in advance of the First Eagle acquisition. Website by GCI. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. Gerhard Lombard: Thanks, Henry, and good morning, everyone. Robert Dodd: Got it. As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. I would say broadly speaking, we continue to feel good about the health of the overall portfolio. 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. We will not be outlining additional details of the transaction on this call today, and we direct any interest investors to the proxy statement that was filed in January. 87% in this quarter were raising one or two, so it appears pretty stable. While the higher rate environment is certainly beneficial from an earnings perspective, we are also cognizant of the fact that it is generally correlated with a slower U.S. economy which together can create more stress in the portfolio. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. 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%. Crescent Capital Partners is a leading Australian private equity firm. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. Get our editors daily picks straight in your inbox! Which companies in this hub have the most subsidiaries? Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. We ended the year with nearly $1.3 billion of investments at fair value across 129 portfolio companies with an average investment size of less than 1% of the total portfolio. Shares added by 1.69% iShares Russell 1000. And then one more, if I can. We see several investors trying to strike it rich in options market by risking their entire savings. Discover more about our company and values. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. Crescent Capital Partners invests in companies and sectors with growth potential within Australia & New Zealand or internationally. And so on a pro forma combined basis, I think were going to end up sort of right in the middle of our target leverage range that we publicly stated as kind of 1.1 to 1.4. Click here. Actually Warren Buffett failed to beat the S&P 500 Index in 1958, returned only 40.9% and pocketed 8.7 percentage of it as fees. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. 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. That means much bigger government. Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. Investors in our funds include both domestic and international pension funds and endowments. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. Turning to Slide 16. How are IPOs trending over time in this hub? For this period, the Company had $277.6 million in aggregate exits, sales and repayments. UAE-Based Edtech Startup Ostaz Is On A Mission To Become A One-Stop-Shop For Education, AirAsias Tony Fernandes Refocuses Back on a Superapp Just for Travel, Malaysia Healthcare Partners with AirAsia, Air India Express, AirAsia begin merger drill, MiL.k launched its first global point exchange service with airasia, Datactics Jamie Gordon on Big Financial Institutions and their Messy Datasets. ", "Crescent partnered with us and assisted in achieving our growth targets. 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. Video: Melinda McGrath, CEO Australian Clinical Labs. After that, there are no remaining term maturities until 2026. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. Before we begin, Ill start with some important reminders. Wed be happy to take your questions, and please understand that we may be limited in some answers due to the ongoing First Eagle transaction. $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. A link has been emailed to you - check your inbox. "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments 30+ years experience in operating roles and M&A, 20+ years in healthcare sector including private equity investments, 20 years experience in strategy consulting, private equity and banking, 25+ years experience in financial management and accounting, 15 years experience in strategy consulting and private equity. The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. de C.V. (NYSE:VIST) Q4 2022 Earnings Call Transcript, TriMas Corporation (NASDAQ:TRS) Q4 2022 Earnings Call Transcript, Tennant Company (NYSE:TNC) Q4 2022 Earnings Call Transcript. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. ", "Crescents practical and analytical approach enabled management to hit their goals. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. Importantly, what we consider recurring yield related investment income comprised of interest income, fixed income, amortization and unused fees was up 21% quarter-over-quarter driven by rising base rates.