Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? 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 . The companies continue to grow on the top line and the bottom line. ", "Crescents practical and analytical approach enabled management to hit their goals. Along the way, I believe Biden could become one of the most powerful Presidents in history. Discover more about our company and values. Get the full list, Morningstar Institutional Equity Research. 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. Net realized losses were less than $0.05 per share. So lets begin. We have raised six funds since 2000 and we are a top quartile manager on global metrics. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Video: Melinda McGrath, CEO Australian Clinical Labs. $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. LP investments in high-growth and distressed companies in the United States and abroad. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. Thank you, operator. Our portfolio at fair value was comprised of the following: The team brings together complementary backgrounds in structured finance, private equity, law, engineering, and project development, with more than 80 years of direct financing and investment expertise. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. Crescent Capital is a leading investor across . Jason reviewed several metrics related to our portfolio. As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. 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. Im on Slide 19. Guidance It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. But I would say overall, we are pleased with the underlying performance of the portfolio. As a reminder, this call is being recorded for replay purposes. ", "Our growth strategy was perfectly aligned with Crescents. 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. This was by design as we believe it is prudent to prioritize deleveraging in advance of the First Eagle acquisition. 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. 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. After that, there are no remaining term maturities until 2026. Investing in the future of finance, education, SaaS, logistics, and more. For more information about Crescent. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. | Our team have over 30 years experience assisting healthcare businesses accelerate growth. Focus on Seed and Series A. 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. Or is that just a timing? Terms & Conditions 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. There are no further questions at this time. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. 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. Henry Chung: Thanks, Jason. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. Crescent Capital Partners is a leading Australian private equity firm. bdcir@crescentcap.com. 2023 Crescent Capital Group LP. Adjusted net investment income increased 17% to $0.49 per share from $0.42 per share for the quarter ended September 30, 2022. We still like this investment. Win whats next. 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. 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. Get our editors daily picks straight in your inbox! The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? 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 couple of reminders as it relates to the transaction. Turning to Slide 16. Crescent Credit. For more information about Crescent Capital Group, please visit www.crescentcap.com. This has proven to be a competitive advantage, particularly in the current lending environment. ", "I strongly recommend working in partnership with Crescent Capital. 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. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments 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. 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. You must click the activation link in order to complete your subscription. 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. And then one more, if I can. Now lets shift to capitalization and liquidity. 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. Crescent is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. You can get rich by returning 20% per year and compounding that for several years. Read More Our Strategy Learn more about our investing strategy. | Get the full list, Youre viewing 4 of 6 team members. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard ET. Robert Dodd: Got it. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. We are proud to have globally leading NPS scores with our executive partners. 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. This serves to drive growth and performance improvement, accelerating value creation for shareholders. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. 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. (310) 235-5900 What's the most common final funding type when companies get acquired? Thank you! 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. You can enter your email below to get our FREE report. 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. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Good morning, everyone, and thank you for joining our earnings call. Please turn to Slide 6, where youll see a summary of our results. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. it's been delivered there. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. 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 . Use of this website is governed by the Terms and Conditions. Please turn to Slide 15 where we highlight our recent activity. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. 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. 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. Website by GCI. Back then they werent called hedge funds, they were called partnerships. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. You talked about, obviously, youve lowered leverage ahead of that acquisition. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. This means the bullish number of . We initially share this idea in October 2018 and the stock already returned more than 150%. Jason Breaux: Thank you, Dan. This website is neither an offer to sell nor a solicitation of an offer to buy securities. And it means its going to be harder than ever to hold onto any money you make. Offerings across the credit quality spectrum His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. . | 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. Series A, Seed, Private Equity), Average of the Crunchbase Ranks of the organizations in this hub, Organization Name: Name of the Organization, Total Funding Amount: Total amount raised across all funding rounds, CB Rank (Organization): Algorithmic rank assigned to the top 100,000 most active Organizations, Trend Score (30 Days): Movement in Rank over the last 30 days using a score from -10 to 10, Total number of funding rounds associated with this hub, Total funding amount raised across all funding rounds, Total number of acquisitions made by organizations in the hub, Announced Date: Date that the Funding Round was publicly announced, Organization Name: Name of the organization that got funded, Transaction Name: Auto-generated name of transaction (e.g. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. 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. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. 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 Capital is a Belfast based venture capital fund manager. 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. It has a well-diversified portfolio and is unique in that it also has international exposure. This video is provided by the Australian Investment Council. 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. 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. to generate high returns in the 20% to 30% range. We believe this is an important distinction to highlight for shareholders in a volatile market environment. Crescent Capital is a Belfast based venture capital fund manager. 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. As of year-end, this GAAP expense accrual has been fully reversed. 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. 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. 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%. 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. Video: Matt Courtney, CEO Construction Sciences. 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 . 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. 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. 2009 Crescent Capital, All Rights Reserved. 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. On a GAAP basis, fourth quarter net investment income per share was $0.52. Which investors participated in the most funding rounds within this hub? We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. The good news is, this powerful new force can help you make a lot of money even in a bear market. 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. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. Operator: Ladies and gentlemen, this does conclude our conference call for today. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. Gross deployment in the fourth quarter was $46 million. 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. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. Jason Breaux: Okay. Thank you. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. Investors in our funds include both domestic and international pension funds and endowments. Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. 2023 PitchBook. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. We attributed the bulk of the quarters NAV decline to widening credit spreads. Do you expect to be running lower leverage than was the case to present historically? An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. So, how did Warren Buffett manage to generate high returns and beat the market? Video: Cameron Johnson, CEO Nucleus Network. 2023 Crescent Capital Investments 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. 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 . Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. Gerhard will then review our financial performance during the fourth quarter. What's the most common types of sub-organization? The total size of the investment portfolio is around USD 400 million which . Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. "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. Passive Investing: Which Real Estate Strategy is Right for You. 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. For example S&P 500 Index returned 43.4% in 1958. All data as of 12/31/2022. In particular, in the past 15 years Crescent has been the most active private equity manager in healthcare in Australia. All rights reserved. Or was it a more normal course of business add-ons or growth or whatever? To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. That would have been 9.35% in hedge fund fees. With that, I will now turn it over to Gerhard. How much aggregate funding have these organizations raised over time? Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. Website by GCI. Legal Notice. 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. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. 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. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles.
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