Venture Capital Portfolio All rights reserved. The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. Use of this website is governed by the Terms and Conditions. We initially share this idea in October 2018 and the stock already returned more than 150%. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. I mean how would the how are the operating trends doing? CALGARY, AB - Crescent Point Energy Corp. ("Crescent Point" or the "Company") (TSX: CPG) (NYSE: CPG) is pleased to announce its operating and financial results for the year ended December 31, 2022. 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Crescent Capital Group Closes Third U.S. Direct Lending Fund, Raising Back then they werent called hedge funds, they were called partnerships. We did intentionally delever a bit here in Q4 in anticipation of the merger. Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. 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. In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. This call is being recorded on Thursday, February 23, 2023. 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 . . He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. Thank you again, everyone for your interest and support of CCAP. Jason Breaux: Thanks, Gerhard. 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. An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. Get matched with a tax expert to do your taxes, https://www.businesswire.com/news/home/20230228005594/en/. 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. A few more updates before I turn it over to Henry. 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. Good morning, everyone, and thank you for joining our earnings call. 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. 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. Warren Buffett took 25% of all returns in excess of 6 percent. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Jason Breaux: Sure. Crescent Point Energy (CPG) Receives a Buy from BMO Capital Crescent Capital is a Belfast based venture capital fund manager. Read More Portfolio See our recent purchases and offers. All information contained in this website is qualified by the terms of applicable offering documents. Crescent Capital Offers A Buying Opportunity For Dividend Investors Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? 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. This has proven to be a competitive advantage, particularly in the current lending environment. Healthcare is Crescent's largest sector by investment. ", "Our growth strategy was perfectly aligned with Crescents. 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%. Warren Buffett has been investing and compounding for at least 65 years. You talked about, obviously, youve lowered leverage ahead of that acquisition. Operator: Ladies and gentlemen, this does conclude our conference call for today. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. 2023 Crescent Capital Group LP. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. Gerhard will then review our financial performance during the fourth quarter. Turning back to this quarters earnings. Gross deployment in the fourth quarter was $46 million. As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. Our GAAP earnings per share or net increase in net assets resulting from operations for the fourth quarter of 2022 was $0.08, which compares to negative $0.08 per share for the prior quarter. Only logged in subscribers of this site will be able to access the shared article. We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. I believe it will make millions of Americans vastly wealthier. Please also note that past performance or market information is not a guarantee of future results. Active vs. In particular, in the past 15 years Crescent has been the most active private equity manager in healthcare in Australia. 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. The company's 90% portfolio is performing above expectations, while 89% of its portfolio. Gerhard Lombard: Thanks, Henry, and good morning, everyone. 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. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. Thank you, operator. As of year-end, consistent with the prior quarter, we had investments in four portfolio companies on nonaccrual status, representing 2.0% and 1.2% of our total debt investments at cost and fair value, respectively. Do you expect to be running lower leverage than was the case to present historically? View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, +1-212-397-1030bill@mendelcommunications.com. ", "Crescent add value across business development, acquisition and enhancement activities. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. Investing in the future of finance, education, SaaS, logistics, and more. Oops! 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. It has a well-diversified portfolio and is unique in that it also has international exposure. 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. And with that, operator, please open the line for questions. 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 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 . An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. This serves to drive growth and performance improvement, accelerating value creation for shareholders. 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. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. Crescent has won the M&A Acquisition Finance Deal of the Year 2016 Award in Turkey, which represents the longest tenor fully non-recourse senior debt financing in Turkish renewables together with the first sharia-compliant mezzanine facility in the sector. | 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. It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. Which companies in this hub have the most subsidiaries? This is basically a recipe to generate better returns than Warren Buffett is achieving himself. $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. What's the investment trend over time for this hub? To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 10-K: CRESCENT CAPITAL BDC, INC. - MarketWatch Net realized losses were less than $0.05 per share. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. LP investments in high-growth and distressed companies in the United States and abroad. Jason Breaux: Okay. Crescent Capital - Investing in the future All data as of 12/31/2022. You can get rich by returning 20% per year and compounding that for several years. 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. This dynamic is evidenced by our internal portfolio ratings at the end of the fourth quarter, largely consistent with prior quarters with 87% of the portfolio rated 1 or 2, our highest rating categories. How are IPOs trending over time in this hub? We provide support for founders and senior management teams to accelerate the achievement of their goals. 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. And a big driver of that is that the if you look back at the historical left grid balance sheet, theyve historically had a bit higher leverage than us. Weve generated significant investment income in the form of fees, dividends and accelerated amortization of OID from the Alcentra portfolio over close to the last two years having realized 136% of our cost basis with approximately $22 million of unrealized value remaining. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. 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. (310) 235-5900 Description. And it means its going to be harder than ever to hold onto any money you make. 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. Crescent Capital Partners | Private Equity Firm in Sydney Australia Use the PitchBook Platform to explore the full profile. 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. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. 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. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . 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. You should only be asked to sign in once. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. Or is that just a timing? Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . For example S&P 500 Index returned 43.4% in 1958. I.e., is your forward leverage range target changing as a result of proposed acquisition? Get the full list, Youre viewing 10 of 31 exits. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Our Company - Crescent Capital Group Investors in our funds include both domestic and international pension funds and endowments. Video: Paul Wappett, CEO Australian Institute of Business. I believe he will not only run again next year, but could win a 2nd Presidential term and by a LANDSLIDE. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. Website by GCI. You must click the activation link in order to complete your subscription. We are proud to have globally leading NPS scores with our executive partners. This increase was driven primarily by rising base rates and higher spreads. 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. For more information about Crescent. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior quarter. 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 . Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. So, how did Warren Buffett manage to generate high returns and beat the market? 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. With that, Id now like to turn it over to Jason. 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. Offerings across the credit quality spectrum We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. And with that, Id like to turn it back to Jason for closing remarks. 2023 Crescent Capital Group LP. Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. Robert Dodd: Got it. Wed like to thank all of you for your continued support and time today. For more information about Crescent Capital Group, please visit www.crescentcap.com. Crescent wraps up eighth private credit fund at $8bn | PE Hub Diversification will not guarantee profitability or protection against loss. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. Crescents track record is successfully managing through multiple economic and market cycles, provides us with significant and relevant experience navigating what could be a challenging environment in 2023 and beyond. Please go ahead. The firm seeks to invest in middle-market companies across Australia and New Zealand with a focus on the industrial, financial services, healthcare, consumer brands, technology, and education sectors. 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. Venture Capital Portfolio. 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. We are an equity partner that brings more than money to the relationship. 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. Jason Breaux: Yes. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. Crescent Capital Partners Investor Profile: Portfolio & Exits | PitchBook The company believes that adjusted NII per share provides useful information to investors regarding financial performance because its one method the company uses to measure its financial condition and results of operations. Crescent Credit. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. To participate please dial (877 . We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. Read More secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. Crescent Capital Group Closes Eighth Credit Solutions Fund, Raising $8 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. Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? 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 focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. "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. Read More Our Strategy Learn more about our investing strategy. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. Private Equity Round - Integrity Marketing Group, Gladstone Wealth Partners acquired by Integrity Marketing Group, American Health Plans acquired by Integrity Marketing Group, PHP Agency acquired by Integrity Marketing Group, Compass Group Insurance acquired by Integrity Marketing Group, Richman Insurance Agency acquired by Integrity Marketing Group, Investor, Startup, Company or School that the hub is based on, Total number of organizations associated with this hub, Algorithmic rank assigned to the top 100,000 most active Hubs, Total number of founders of organizations in the hub, Average date the Organization was founded, Percentage of organizations in this hub that have been acquired, Percentage of organizations that have gone public with an IPO, Total number of for-profit companies in this hub, Last Funding Round type of organizations in the hub (e.g. Henry? Reduced net debt by approximately $850 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. This means the bullish number of . Passive Investing: Which Real Estate Strategy is Right for You. You can sign up for additional alert options at any time. We see several investors trying to strike it rich in options market by risking their entire savings. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. What's the most common final funding type when companies get acquired? Your submission has been received! Private Equity Portfolio. 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. Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. 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.