Get the full list, Morningstar Institutional Equity Research. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. | We look forward to speaking with you again soon. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. Get matched with a tax expert to do your taxes, https://www.businesswire.com/news/home/20230228005594/en/. Gerhard will then review our financial performance during the fourth quarter. ", "Crescent partnered with us and assisted in achieving our growth targets. Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. Win whats next. We believe this is an important distinction to highlight for shareholders in a volatile market environment. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. On a GAAP basis, fourth quarter net investment income per share was $0.52. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. Great. 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. 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 Capital is a Belfast based venture capital fund manager. Read More Your submission has been received! 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. After submitting your request, you will receive an activation email to the requested email address. We have raised six funds since 2000 and we are a top quartile manager on global metrics. Crescent Capital is a Belfast based venture capital fund manager. We still like this investment. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. Thank you again, everyone for your interest and support of CCAP. Warren Buffett has been investing and compounding for at least 65 years. (310) 235-5900 Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments It has a well-diversified portfolio and is unique in that it also has international exposure. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. Healthcare is Crescent's largest sector by investment. 2023 Crescent Capital Investments Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. 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. 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. 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. There are no further questions at this time. Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. The obvious, I mean, how you gave the interest coverage based on year-end rates. So lets begin. 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. 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. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. Do you expect to be running lower leverage than was the case to present historically? 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. 2023 Crescent Capital Group LP. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. 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. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. We initially share this idea in October 2018 and the stock already returned more than 150%. 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. 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. Jason Breaux: Thanks, Gerhard. ", "Crescent add value across business development, acquisition and enhancement activities. 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 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. Jason Breaux: Okay. For more information about Crescent Capital Group, please visit www.crescentcap.com. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. Video: Cameron Johnson, CEO Nucleus Network. 2023 PitchBook. "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. Along the way, I believe Biden could become one of the most powerful Presidents in history. As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. 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. 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. Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. | A couple more worth highlighting. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. 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 Group is headquartered in Los Angeles with offices in Boston, London, and New York. . 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. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard 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. Angel, Fund of Funds, Venture Capital), Median number of investments made by investors in this hub, Median number of lead investments made by investors in this hub, Announced Date: Date the acquisition was announced, Acquirer Name: Name of the acquiring organization, Transaction Name: Auto-generated name of transaction (e.g. 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. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. What's the most common final funding type when companies get acquired? Passive Investing: Which Real Estate Strategy is Right for You. Im on Slide 19. Please turn to Slide 6, where youll see a summary of our results. Jason reviewed several metrics related to our portfolio. ", "It has been Crescents human capital that has been most valuable to us. 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. 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. Website by GCI. 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. You must click the activation link in order to complete your subscription. Which companies in this hub have the most subsidiaries? But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? Henry? I would say broadly speaking, we continue to feel good about the health of the overall portfolio. As of year-end, this GAAP expense accrual has been fully reversed. 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. You can get rich by returning 20% per year and compounding that for several years. Jason Breaux: Thank you, Dan. Offerings across the credit quality spectrum secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return.