Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. 2023 Crescent Capital Investments Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Id now like to turn it over to Henry to discuss our Q4 investment activity. This was by design as we believe it is prudent to prioritize deleveraging in advance of the First Eagle acquisition. 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. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. 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. 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. 25+ years experience in strategy consulting, investment and business management and public company boards. 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. Our net investment income outpaced our regular dividend by $0.11 per share, which was offset by net unrealized depreciation on investments of $0.44 per share. Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. We did intentionally delever a bit here in Q4 in anticipation of the merger. The decline relates primarily to unrealized losses we took to reflect wider credit spreads in the market as volatility within the leveraged finance and equity markets continued during the fourth quarter. Angel, Fund of Funds, Venture Capital), Median number of investments made by investors in this hub, Median number of lead investments made by investors in this hub, Announced Date: Date the acquisition was announced, Acquirer Name: Name of the acquiring organization, Transaction Name: Auto-generated name of transaction (e.g. | I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. Website by GCI. Venture Capital Portfolio. Our focus on unitranche opportunities allows us to offer even greater certainty of execution to our private equity sponsors and enables us to enhance our yield opportunity while remaining at the top of the capital stack. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. Read More Portfolio See our recent purchases and offers. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. Please go ahead. All data as of 12/31/2022. LP investments in high-growth and distressed companies in the United States and abroad. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. We initially share this idea in October 2018 and the stock already returned more than 150%. What's the most common final funding type when companies get acquired? to generate high returns in the 20% to 30% range. Crescent Capital Partners General Information. Your submission has been received! 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. In a free sample issue of our monthly newsletter we analyzed Warren Buffetts stock picks covering the 1999-2017 period and identified the best performing stocks in Warren Buffetts portfolio. Turning back to this quarters earnings. (310) 235-5900 ", "Crescent partnered with us and assisted in achieving our growth targets. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. This has proven to be a competitive advantage, particularly in the current lending environment. 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. ", "Crescent brings a laser light focus on the things that drive value to our business.". Do you expect to be running on a combined basis going forward? Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. For over 30 years, the firm has focused on below investment grade credit through strategies that invest in marketable and privately originated debt securities including senior bank loans, high yield bonds, and private senior, unitranche, and junior debt securities. Adjusted net investment income increased 17% to $0.49 per share from $0.42 per share for the quarter ended September 30, 2022. Our adjusted net investment income per share of $0.49 for the fourth quarter of 2022 compares to $0.42 per share for the prior quarter and $0.43 per share for the fourth quarter of 2021. 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. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. Great. it's been delivered there. Crescent Capital is a leading investor across . ", "Our growth strategy was perfectly aligned with Crescents. With that, Id now like to turn it over to Jason. After submitting your request, you will receive an activation email to the requested email address. You must click the activation link in order to complete your subscription. There are significant risks that should be considered and reviewed when considering an investment in real estate. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . Thanks for the question. In short, a powerful new economic force is quietly building behind Joe Biden and Im confident Biden can harness this forces inevitable wave, carrying him to a LANDSLIDE re-election win. Click Crescent Capital is a Belfast based venture capital fund manager. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. Terms & Conditions Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. I believe it will make millions of Americans vastly wealthier. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. We are an equity partner that brings more than money to the relationship. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. 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. Investing in the future of finance, education, SaaS, logistics, and more. We appreciate your continued interest in CCAP. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. There are no further questions at this time. Continued strong performance ratings and low nonaccrual levels. Angel - Uber), Money Raised: Amount of money raised in Funding Round, Total number of investments made by investors in this hub, Announced Date: Date when the Investment is announced, Investor Name: Name of the investor who participated in the Investment, Funding Round: Name of the funding round where the Investment is made, Number of Investors: Total number of Investors in a Funding Round, Total number of lead investment firms and individual investors that invested in organizations of this hub, Total number of investment firms and individual investors that invested in organizations of this hub, Organization/Person Name: Name of the Organization or Person, Location: Where the organization is headquartered, Investor Type: This describes the type of investor this organization or person is (e.g. 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. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? I mean, whats the how are things actually trending right now? Jason Breaux: Okay. Operator: Thank you. 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 Capital is unique in its ability and track record of building out businesses from a standing start, internally and in partnership with management teams. Private Equity Portfolio. Or was it a more normal course of business add-ons or growth or whatever? Robert Dodd: Got it. You should only be asked to sign in once. Product Marketing and Business Development Director. Realized gains and losses, we believe, is a more important metric in grading our performance than unrealized gains and losses, which has meaningfully less impact on our longer-term results. Healthcare is Crescent's largest sector by investment. LOS ANGELES, February 28, 2023--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 . Mr. Harari brings more than 15 years of investment experience to Crescent Capital. Before we begin, Ill start with some important reminders. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . Operator: Ladies and gentlemen, this does conclude our conference call for today. Crescent Capital Group LP ("Crescent"), a leading alternative credit investment firm, announced today the successful final close of its eighth private credit solutions fund, Crescent Credit Solutions VIII ("CCS Fund VIII"), raising $8 billion in investable capital, including targeted leverage and separately managed . Robert Dodd: Got it. This increase was driven primarily by rising base rates and higher spreads. 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. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. Thank you! Good morning, everyone, and thank you for joining our earnings call. After that, there are no remaining term maturities until 2026. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. Which companies in this hub have the most subsidiaries? Please also note that past performance or market information is not a guarantee of future results. The first question comes from Robert Dodd of Raymond James. It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. Legal Notice. 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. 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. Operator: Thank you. Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. As of year-end, this GAAP expense accrual has been fully reversed. And then one more, if I can. Jason Breaux: Sure. So, how did Warren Buffett manage to generate high returns and beat the market? The fund was more than double the size of . Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. Our portfolio at fair value was comprised of the following: Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. 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. The obvious, I mean, how you gave the interest coverage based on year-end rates. . Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. You can sign up for additional alert options at any time. 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 . Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. Jason Breaux: Hey Robert, its Jason. Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. I mean how would the how are the operating trends doing? With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. Oops! A couple of reminders as it relates to the transaction. I.e., is your forward leverage range target changing as a result of proposed acquisition? We have consistently been able to deliver significant value-add alongside our management teams. A link has been emailed to you - check your inbox. Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. The companies continue to grow on the top line and the bottom line. In addition, a reconciliation of this measure may also be found in our earnings release. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. Read More Our Strategy Learn more about our investing strategy. At December 31, our stockholders equity was $613 million, resulting in net asset value per share of $19.83 as compared to $623 million or $20.16 per share last quarter and $652 million or $21.12 per share at December 31, 2021. "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. Two more credit trends to highlight. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior quarter. This call is being recorded on Thursday, February 23, 2023. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. This serves to drive growth and performance improvement, accelerating value creation for shareholders.
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