Jason Breaux: Sure. 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. 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. We see several investors trying to strike it rich in options market by risking their entire savings. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? Get our editors daily picks straight in your inbox! We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. In addition, a reconciliation of this measure may also be found in our earnings release. It has a well-diversified portfolio and is unique in that it also has international exposure. Video: Matt Courtney, CEO Construction Sciences. What's the most common types of sub-organization? (310) 235-5900 With a reputation for delivering strong performance through a structured and disciplined approach to investment management, our team works actively alongside senior management to drive organic growth and value creation in invested companies. 87% in this quarter were raising one or two, so it appears pretty stable. I believe it will make millions of Americans vastly wealthier. 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. Get the full list, Youre viewing 4 of 6 team members. S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. Please go ahead. Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. Diversification will not guarantee profitability or protection against loss. Description. 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. 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. Oops! Excuse me. A couple more worth highlighting. What's the investment trend over time for this hub? This video is provided by the Australian Investment Council. Offerings across the credit quality spectrum So, how did Warren Buffett manage to generate high returns and beat the market? | The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. During this conference call, we may discuss certain non-GAAP measures as defined by SEC Regulation G, such as adjusted net investment income or NII per share. Read More Portfolio See our recent purchases and offers. A few more updates before I turn it over to Henry. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. Networking We provide expertise and exposure to a network of relevant business contacts. The fund was more than double the size of . 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. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. Thanks for the question. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. Operator: Thank you. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. But I would say overall, we are pleased with the underlying performance of the portfolio. Or is that just a timing? This call is being recorded on Thursday, February 23, 2023. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? Gerhard Lombard: Thanks, Henry, and good morning, everyone. Focus on Seed and Series A. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. The company assumes no obligation to update any such forward-looking statements. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. For example S&P 500 Index returned 43.4% in 1958. Im on Slide 19. 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. 2023 Crescent Capital Group LP. 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. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. 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. The obvious, I mean, how you gave the interest coverage based on year-end rates. Use of this website is governed by the Terms and Conditions. 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. Which companies in this hub have the most subsidiaries? Use of this website is governed by the Terms and Conditions. Crescent Capital Partners General Information. There are no further questions at this time. As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. For more information about Crescent. 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. ET. You can sign up for additional alert options at any time. management team, and recent news are also included. 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. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. Investors in our funds include both domestic and international pension funds and endowments. 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. Now lets shift to capitalization and liquidity. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. Our portfolio at fair value was comprised of the following: Video: Melinda McGrath, CEO Australian Clinical Labs. We provide support for founders and senior management teams to accelerate the achievement of their goals. And with that, operator, please open the line for questions. ", "It has been Crescents human capital that has been most valuable to us. This has proven to be a competitive advantage, particularly in the current lending environment. LP investments in high-growth and distressed companies in the United States and abroad. Warren Buffett took 25% of all returns in excess of 6 percent. Back then they werent called hedge funds, they were called partnerships. | We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. Jason Breaux: Okay. 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. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. 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. You must click the activation link in order to complete your subscription. With that, Id now like to turn it over to Jason. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. We look forward to speaking with you again soon. Which investors participated in the most funding rounds within this hub? For more information about Crescent Capital Group, please visit www.crescentcap.com. I mean how would the how are the operating trends doing? The $46 million in gross deployment compares to approximately $71 million in aggregate exits, sales and repayments in the quarter, inclusively a final $8 million liquidating return of capital from our joint venture, which, as Jason noted, is now fully dissolved. Thank you. Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. Sorry, no results has been found matching your query. 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 . Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. Jason Breaux: Thank you, Dan. We have a large internal team which helps accelerate a portfolio company management teams decision making. Venture Capital Portfolio. 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. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. Legal Notice. We still like this investment. 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 He launched his hedge fund in 1956 with $105,100 in seed capital. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. . The company has a one-year high of $10.68 and a one . You talked about, obviously, youve lowered leverage ahead of that acquisition. Private Equity Portfolio. 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. We have consistently been able to deliver significant value-add alongside our management teams. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. 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. We are proud to have globally leading NPS scores with our executive partners. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. 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 were willing to invest initially and on a continued basis to maintain our technologically leadership position. The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . 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. 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. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. 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. Our team have over 30 years experience assisting healthcare businesses accelerate growth. First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. With that, I will now turn it over to Gerhard. 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. 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. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. Crescent Capital Partners is a leading Australian private equity firm. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. After submitting your request, you will receive an activation email to the requested email address. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. "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. 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. 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. Please turn to Slide 6, where youll see a summary of our results. We appreciate your continued interest in CCAP. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. 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. Net realized losses were less than $0.05 per share. bdcir@crescentcap.com. ", "I strongly recommend working in partnership with Crescent Capital. Adjusted net investment income increased 17% to $0.49 per share from $0.42 per share for the quarter ended September 30, 2022. 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. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. This website is neither an offer to sell nor a solicitation of an offer to buy securities. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Passive Investing: Which Real Estate Strategy is Right for You. All information contained in this website is qualified by the terms of applicable offering documents. Jason reviewed several metrics related to our portfolio. The all time high for this statistics is 5. Henry Chung: Thanks, Jason. We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. 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. This increase was driven primarily by rising base rates and higher spreads. 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. . Jason Breaux: Thanks, Gerhard. . Crescent Credit. For more information about Crescent. ", "Crescent brings a laser light focus on the things that drive value to our business.". Operator: Thank you. After that, there are no remaining term maturities until 2026. Im going to ask you a question that sort of relates to credit . 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. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. 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. 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. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. 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. Discover more about our company and values. The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. (310) 235-5900 Robert Dodd: Got it. 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. A couple of reminders as it relates to the transaction. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. 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. Win whats next. 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. Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. Shares added by 1.69% iShares Russell 1000. 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. So lets begin. Can you give us any color around that? I will turn the call back to Jason Breaux for closing remarks. to generate high returns in the 20% to 30% range. 2023 Crescent Capital Group LP. To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. Thank you again, everyone for your interest and support of CCAP. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. 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. Great. Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. You can enter your email below to get our FREE report. Please check your spam or junk folder just in case Wed like to thank all of you for your continued support and time today. You should only be asked to sign in once. View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, +1-212-397-1030bill@mendelcommunications.com. Gerhard will then review our financial performance during the fourth quarter. After submitting your request, you will receive an activation email to the requested email address. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. Good morning, everyone, and thank you for joining our earnings call. As of year-end, this GAAP expense accrual has been fully reversed. We initially share this idea in October 2018 and the stock already returned more than 150%. We have a track record of expanding Australian businesses into Asia with over 50% of portfolio companies having an Asian presence.
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