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Id now like to turn it over to Henry to discuss our Q4 investment activity. I believe he will not only run again next year, but could win a 2nd Presidential term and by a LANDSLIDE. I mean, whats the how are things actually trending right now? Read More It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. Robert Dodd: Hi guys. Real Estate Portfolio Direct and LP investments across various asset types across the United States, including commercial, retail, multi-family, residential, hotel, development, self-storage and RV Parks. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Im on Slide 19. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . How are IPOs trending over time in this hub? 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. This website is neither an offer to sell nor a solicitation of an offer to buy securities. 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. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. And with that, operator, please open the line for questions. Excuse me. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. We did intentionally delever a bit here in Q4 in anticipation of the merger. Don't have an account? We appreciate your continued interest in CCAP. Video: Matt Courtney, CEO Construction Sciences. And two, the exchange ratio for the stock component of the merger consideration and the amount of cash from Crescent BDC will be determined by the respective net asset values of Crescent BDC and First Eagle BDC and customary merger adjustments two days prior to closing. Reduced net debt by approximately $850 ", "Crescent brings a laser light focus on the things that drive value to our business.". 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. A link has been emailed to you - check your inbox. Please turn to Slide 6, where youll see a summary of our results. bdcir@crescentcap.com. We are proud to have globally leading NPS scores with our executive partners. Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? Turning to Slide 16. Gerhard Lombard: Thanks, Henry, and good morning, everyone. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. ", "Crescents practical and analytical approach enabled management to hit their goals. Get our editors daily picks straight in your inbox! ", "Our growth strategy was perfectly aligned with Crescents. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. Gerhard will then review our financial performance during the fourth quarter. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. Oops! We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Thanks for the question. Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. All data as of 12/31/2022. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. We specialize in repositioning well-located assets in emerging markets to protect investor capital and provide high yield returns. In addition, a reconciliation of this measure may also be found in our earnings release. 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. 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. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. 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. "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. After that, there are no remaining term maturities until 2026. We have a large internal team which helps accelerate a portfolio company management teams decision making. 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. ", "It has been Crescents human capital that has been most valuable to us. 2023 Crescent Capital Investments Please also note that past performance or market information is not a guarantee of future results. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. Investors in our funds include both domestic and international pension funds and endowments. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. LP investments in high-growth and distressed companies in the United States and abroad. Video: Cameron Johnson, CEO Nucleus Network. Video: Paul Wappett, CEO Australian Institute of Business. Back then they werent called hedge funds, they were called partnerships. Now lets shift to capitalization and liquidity. We still like this investment. Please go ahead. 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 enter your email below to get our FREE report. 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. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. Offerings across the credit quality spectrum Win whats next. Jason Breaux: Thank you, Dan. 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. Jason Breaux: Thanks, Gerhard. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. 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. Crescent Capital Partners General Information. 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. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. 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. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. 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. . Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. Crescent Capital is a leading investor across . | As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. That would have been 9.35% in hedge fund fees. Thank you, operator. Do you expect to be running lower leverage than was the case to present historically? The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. We have consistently been able to deliver significant value-add alongside our management teams. 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. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. Robert Dodd: Got it. In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. Thank you again, everyone for your interest and support of CCAP. A few more updates before I turn it over to Henry. 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. 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. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. 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. Description. Read More Portfolio See our recent purchases and offers. How much aggregate funding have these organizations raised over time? We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. Jason Breaux: Okay. What's the investment trend over time for this hub? Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. What's the most common final funding type when companies get acquired? 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. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. LOS ANGELES, NEW YORK & BOSTON--(BUSINESS WIRE)--Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its second direct lending . Crescent Capital is a Belfast based venture capital fund manager. And it means its going to be harder than ever to hold onto any money you make. 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 believe that these asset classes provide our clients with opportunities to generate income while preserving capital. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. 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. Venture Capital Portfolio You must click the activation link in order to complete your subscription. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. Website by GCI. 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. As a reminder, this call is being recorded for replay purposes. The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. We have raised six funds since 2000 and we are a top quartile manager on global metrics. 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. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. You can sign up for additional alert options at any time. bdcir@crescentcap.com. 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. Shares added by 1.69% iShares Russell 1000. 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. Turning back to this quarters earnings. 2023 Crescent Capital Group LP. With that, I will now turn it over to Gerhard. Focus on Seed and Series A. Click here. 2023 PitchBook. Jason Breaux: Hey Robert, its Jason. Legal Notice. 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 . We thank you for your participation and ask that you please disconnect your lines. I will turn the call back to Jason Breaux for closing remarks. Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. 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. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. Do you expect to be running on a combined basis going forward? 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. There are no further questions at this time. The obvious, I mean, how you gave the interest coverage based on year-end rates. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. Terms & Conditions Operator: Ladies and gentlemen, this does conclude our conference call for today. Healthcare is Crescent's largest sector by investment. The fund was more than double the size of . What's the most common types of sub-organization? That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. And with that, Id like to turn it back to Jason for closing remarks. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. 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. 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. The first question comes from Robert Dodd of Raymond James. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. 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. All information contained in this website is qualified by the terms of applicable offering documents. Along the way, I believe Biden could become one of the most powerful Presidents in history. 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. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. Video: Melinda McGrath, CEO Australian Clinical Labs. Venture Capital Portfolio. 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. We believe an active engagement model is a leading indicator of strong company performance. Jason Breaux: Sure. it's been delivered there. . AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? But I would say overall, we are pleased with the underlying performance of the portfolio. In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. Which investors participated in the most funding rounds within this hub? He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. The company assumes no obligation to update any such forward-looking statements. Gross deployment in the fourth quarter was $46 million. 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.