Your submission has been received! So lets begin. We still like this investment. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. Can you give us any color around that? 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. We have seen revenue growth outpace EBITDA or cash flow growth, which we would attribute largely to inflationary pressures and higher wages, labor market tightness and the like. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. But I would say overall, we are pleased with the underlying performance of the portfolio. That would have been 9.35% in hedge fund fees. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. The company's 90% portfolio is performing above expectations, while 89% of its portfolio. Offerings across the credit quality spectrum Powered by Investor Host, Multi-Family & Commercial Property Investing, Understanding How Real Estate Syndications Work in Practice, The Tax Benefits of Investing in Multifamily Real Estate. Jason Breaux: Thank you, Dan. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. Diversification will not guarantee profitability or protection against loss. This call is being recorded on Thursday, February 23, 2023. Click here. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. 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. ", "I strongly recommend working in partnership with Crescent Capital. LOS ANGELES, NEW YORK & BOSTON--(BUSINESS WIRE)--Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its second direct lending . Crescent Capital is a Belfast based venture capital fund manager. Jason Breaux: Thanks, Gerhard. 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. Reduced net debt by approximately $850 Crescent Capital Partners General Information. This means the bullish number of . And two, the exchange ratio for the stock component of the merger consideration and the amount of cash from Crescent BDC will be determined by the respective net asset values of Crescent BDC and First Eagle BDC and customary merger adjustments two days prior to closing. Click 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. If you experience any issues with this process, please contact us for further assistance. Please also note that past performance or market information is not a guarantee of future results. The companies continue to grow on the top line and the bottom line. What's the most common final funding type when companies get acquired? . 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. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. Jason Breaux: Yes. 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. The company assumes no obligation to update any such forward-looking statements. Great. It has a well-diversified portfolio and is unique in that it also has international exposure. 10-K: CRESCENT CAPITAL BDC, INC. - MarketWatch Get the full list, Youre viewing 10 of 31 exits. 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. 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. You can enter your email below to get our FREE report. 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. Our Company - Crescent Capital Group here to register, Not for publication, email or dissemination, Whitehorse Liquidity Partners grows team to 150 professionals, PE-backed Chartbeat acquires Lineup Systems and Tubular Labs, Industrial manufacturing round-up; Personal care products; 2023 Women in PE, EQT and PSP team up on Radius acquisition; Charlesbanks Caitlin Riederer talks women in PE, Introducing the Women in PE Class of 2023; Lincoln Road partially exits Brothers National, Fengate Private Equity-backed Inflector snaps up Donalco, Audax-backed Colony acquires New South Construction Supply. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. 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. Description. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Our investment portfolio continues to consist primarily of senior secured first lien and unitranche first lien loans, collectively representing 90% of the portfolio at fair value, up from 89% in the prior quarter. 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. 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. (310) 235-5900 As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. Jason Breaux: Sure. 2023 PitchBook. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. 87% in this quarter were raising one or two, so it appears pretty stable. He also served as a member of the hedge fund solutions group at The Blackstone Group, L.P., where he focused on business development efforts across the Northeast and Southeast U.S. working with a diverse array of institutional clients. This increase was driven primarily by rising base rates and higher spreads. Jason Breaux: Hey Robert, its Jason. You must click the activation link in order to complete your subscription. After submitting your request, you will receive an activation email to the requested email address. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . Crescent Capital The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. Crescent wraps up eighth private credit fund at $8bn | PE Hub It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. Investing in the future of finance, education, SaaS, logistics, and more. The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. 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 initially share this idea in October 2018 and the stock already returned more than 150%. We are a community of like-minded real estate investors who together have a stronger purchasing power to acquire and operate multi-family properties for their potential of hands-free, tax-free passive income. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. On a GAAP basis, fourth quarter net investment income per share was $0.52. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. We still like this investment. 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. A few more updates before I turn it over to Henry. Read More Portfolio See our recent purchases and offers. For more information about Crescent. We initially share this idea in October 2018 and the stock already returned more than 150%. With that, I will now turn it over to Gerhard. For example S&P 500 Index returned 43.4% in 1958. Read More Our Strategy Learn more about our investing strategy. Guidance 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. | 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. March 29-30, 2023 Convene, 117 W 46th St, New York, April 19-20, 2023 Convene, 117 W 46th St, New York, May 17-18, 2023 Hilton Tower Bridge, London, May 23-24, 2023 Convene 117 West 46th Street, New York, Get limited access to our industry news, analysis and data, plus regular email updates. LP investments in high-growth and distressed companies in the United States and abroad. What's the most common types of sub-organization? Please turn to Slide 6, where youll see a summary of our results. 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. 25+ years experience in strategy consulting, investment and business management and public company boards. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. 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. Active vs. Shares added by 1.69% iShares Russell 1000. Video: Melinda McGrath, CEO Australian Clinical Labs. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. Not the case? View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, +1-212-397-1030bill@mendelcommunications.com. Finally, for the first quarter of 2023, our Board declared a $0.41 per share quarterly cash dividend, which will be paid on April 17, 2023, to stockholders of record as of March 31, 2023. I mean how would the how are the operating trends doing? Terms & Conditions The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript, How to Best Use Insider Monkey to Increase Your Returns, 6 Things You Didn't Know About Hedge Funds. Warren Buffett has been investing and compounding for at least 65 years. If you experience any issues with this process, please contact us for further assistance. 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. Crescent is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. I would say broadly speaking, we continue to feel good about the health of the overall portfolio. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. We look forward to speaking with you again soon. Back then they werent called hedge funds, they were called partnerships. Which investors participated in the most funding rounds within this hub? 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. Operator: Thank you. 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. 2009 Crescent Capital, All Rights Reserved. And then one more, if I can. 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. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. Crescent Point Energy (CPG) Receives a Buy from BMO Capital Get the full list, Youre viewing 4 of 6 team members. Home - Crescent Capital Do you expect to be running lower leverage than was the case to present historically? Passive Investing: Which Real Estate Strategy is Right for You. We have a large internal team which helps accelerate a portfolio company management teams decision making. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. 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 . And with that, operator, please open the line for questions. Gerhard Lombard: Thanks, Henry, and good morning, everyone. We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. Crescent Capital Offers A Buying Opportunity For Dividend Investors ", "Crescents practical and analytical approach enabled management to hit their goals. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. Crescent Capital Investor Profile: Portfolio & Exits | PitchBook "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. it's been delivered there. You can sign up for additional alert options at any time. I think you said something to the effect of the portfolio companies have adequate liquidity, and in some cases, its been addressed or something like that. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. We see several investors trying to strike it rich in options market by risking their entire savings. S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. Crescent Capital Group For more information about Crescent. 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.
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