The total size of the investment portfolio is around USD 400 million which . Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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, 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 . 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. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. We look forward to speaking with you again soon. 11%-Yielding Crescent Capital: Undervalued BDC With Upside Potential Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. Crescent Capital is a leading investor across real estate, private equity and venture capital. 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 Capital BDC, Inc. to Acquire Alcentra Capital Corporation All data as of 12/31/2022. Private Credit | Sun Life Capital Management To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. 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. Get the full list, Youre viewing 5 of 21 co-investor. Use of this website is governed by the Terms and Conditions. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. We will not be outlining additional details of the transaction on this call today, and we direct any interest investors to the proxy statement that was filed in January. "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. Net realizations of $26 million in the fourth quarter, coupled with unrealized mark-to-market losses on our investments ultimately led to our total investment portfolio, holding roughly steady at approximate fair value of $1.3 billion as of December 31, 2022, down approximately $30 million quarter-over-quarter. All information contained in this website is qualified by the terms of applicable offering documents. LOS ANGELES, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Crescent Capital BDC, Inc. ("Crescent BDC" or "Company") (NASDAQ: CCAP) today reported net investment income of $59.7 million, or $1.93 per share, and adjusted net investment income of $53.4 million, or $1.73 per share, for the year ended December 31, 2022. Please check your spam or junk folder just in case Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? Win whats next. This means the bullish number of . This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. ", "It has been Crescents human capital that has been most valuable to us. Now lets shift to capitalization and liquidity. 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. 2009 Crescent Capital, All Rights Reserved. Turning back to this quarters earnings. We appreciate your continued interest in CCAP. As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. 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. 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. Crescent Point announces 2022 results & reserves | BOE Report Net realized losses were less than $0.05 per share. Thank you, operator. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . Robert Dodd: Got it. Jason Breaux: Yes. I mean how would the how are the operating trends doing? 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 . Gerhard will then review our financial performance during the fourth quarter. 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. 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. With that, Id now like to turn it over to Jason. 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. Crescent Capital is a leading investor across . Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. it's been delivered there. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. Or is that just a timing? . Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. Crescent Credit. He launched his hedge fund in 1956 with $105,100 in seed capital. For example S&P 500 Index returned 43.4% in 1958. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. 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. 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. The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. We have a large internal team which helps accelerate a portfolio company management teams decision making. Crescent Capital Partners invests in companies and sectors with growth potential within Australia & New Zealand or internationally. Crescent Capital Group | 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. Get our editors daily picks straight in your inbox! We specialize in repositioning well-located assets in emerging markets to protect investor capital and provide high yield returns. The fund was more than double the size of . 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%. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. Website by GCI. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. to generate high returns in the 20% to 30% range. After submitting your request, you will receive an activation email to the requested email address. Video: Matt Courtney, CEO Construction Sciences. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. 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. Video: Cameron Johnson, CEO Nucleus Network. Crescent wraps up eighth private credit fund at $8bn | PE Hub Crescent Capital - Crunchbase Investor Profile & Investments As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. 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. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. Crescent Capital Investor Profile: Portfolio & Exits | PitchBook Register now to read this article and more for free. Warren Buffett took 25% of all returns in excess of 6 percent. Sorry, no results has been found matching your query. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. Not the case? On a GAAP basis, fourth quarter net investment income per share was $0.52. Read More Our Strategy Learn more about our investing strategy. Please also note that past performance or market information is not a guarantee of future results. 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. You must click the activation link in order to complete your subscription. We still like this investment. 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. For more information about Crescent. I will turn the call back to Jason Breaux for closing remarks. I believe it will make millions of Americans vastly wealthier. This has proven to be a competitive advantage, particularly in the current lending environment. 2023 Crescent Capital Group LP. As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. What's the investment trend over time for this hub? Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Operator: Thank you. 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. Please turn to Slide 6, where youll see a summary of our results. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. All rights reserved. List of top Crescent Capital Portfolio Companies - CrunchBase 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. Read More First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. That would have been 9.35% in hedge fund fees. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. 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. If you experience any issues with this process, please contact us for further assistance. 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. To participate please dial (877 . The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. 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. Crescent Capital Consulting, LLC Buys iShares TIPS Bond ETF - Yahoo! You can sign up for additional alert options at any time. 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. 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. Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. We have consistently been able to deliver significant value-add alongside our management teams. 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. 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. "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. Get the full list, Youre viewing 10 of 31 exits. We redeployed the majority of the proceeds from this monetization activity primarily into directly originated higher spread Crescent private credit opportunities. Private Equity Portfolio. Diversification will not guarantee profitability or protection against loss. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. 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 Capital 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. 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. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. Where Do Hedge Funds Stand On Crescent Capital BDC, Inc. (CCAP)? - Yahoo! 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 list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. I would now like to turn the conference over to Dan McMahon. 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.
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