Yesterday, after the market closed, the company issued its earnings press release for the fourth quarter and year ended December 31, 2022, and posted a presentation to the IR Section of its website at www.crescentbdc.com. Venture Capital Portfolio Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. The company's 90% portfolio is performing above expectations, while 89% of its portfolio. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. 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. Not the case? Our net investment income outpaced our regular dividend by $0.11 per share, which was offset by net unrealized depreciation on investments of $0.44 per share. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. Two more credit trends to highlight. Jason reviewed several metrics related to our portfolio. 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. We thank you for your participation and ask that you please disconnect your lines. 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. You can sign up for additional alert options at any time. Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. Which companies in this hub have the most subsidiaries? 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. Continued strong performance ratings and low nonaccrual levels. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. 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. He launched his hedge fund in 1956 with $105,100 in seed capital. I believe it will make millions of Americans vastly wealthier. 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. I will turn the call back to Jason Breaux for closing remarks. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. Great. Or was it a more normal course of business add-ons or growth or whatever? You must click the activation link in order to complete your subscription. 2009 Crescent Capital, All Rights Reserved. An investor who invested $10,000 in Warren Buffetts hedge fund at the beginning of 1957 saw his capital turn into $103,000 before fees and $64,100 after fees (this means Warren Buffett made more than $36,000 in fees from this investor). Crescent Capital Partners is a leading Australian private equity firm. 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. management team, and recent news are also included. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. I.e., is your forward leverage range target changing as a result of proposed acquisition? 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. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. 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. Use of this website is governed by the Terms and 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. 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. ", "Crescent partnered with us and assisted in achieving our growth targets. This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. Excuse me. 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. 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. The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. We have a large internal team which helps accelerate a portfolio company management teams decision making. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. He most recently served as Executive Vice President at PIMCO based in New York City, where he led business development across large corporate pensions, family offices, endowments, foundations and healthcare institutions. Gerhard Lombard: Thanks, Henry, and good morning, everyone. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Read More Our Strategy Learn more about our investing strategy. to generate high returns in the 20% to 30% range. Our team have over 30 years experience assisting healthcare businesses accelerate growth. 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. The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. bdcir@crescentcap.com. As a reminder, this call is being recorded for replay purposes. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. Terms & Conditions 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. It has a well-diversified portfolio and is unique in that it also has international exposure. What's the most common final funding type when companies get acquired? This means the bullish number of . Please also note that past performance or market information is not a guarantee of future results. 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. 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. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. Now lets shift to capitalization and liquidity. Venture Capital Portfolio. With that, I will now turn it over to Gerhard. 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. Networking We provide expertise and exposure to a network of relevant business contacts. The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. 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. Privacy Policy For more information about Crescent. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. 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 What's the investment trend over time for this hub? 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. All information contained in this website is qualified by the terms of applicable offering documents. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. 2023 PitchBook. We specialize in repositioning well-located assets in emerging markets to protect investor capital and provide high yield returns. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. Good morning, everyone, and thank you for joining our earnings call. 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. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. After submitting your request, you will receive an activation email to the requested email address. This serves to drive growth and performance improvement, accelerating value creation for shareholders. Don't have an account? 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. Use the PitchBook Platform to explore the full profile. I would now like to turn the conference over to Dan McMahon. In addition, a reconciliation of this measure may also be found in our earnings release.
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