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. 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. Private Equity Portfolio. Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. 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. 2023 Crescent Capital Group LP. The company assumes no obligation to update any such forward-looking statements. Don't have an account? InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. 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. Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. Before we begin, Ill start with some important reminders. . The company's 90% portfolio is performing above expectations, while 89% of its portfolio. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. Focus on Seed and Series A. This call is being recorded on Thursday, February 23, 2023. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? Video: Cameron Johnson, CEO Nucleus Network. Crescent is an alternative asset manager with approximately $40 billion 1 of assets under management and over 210 employees as of December 31, 2022. 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. A few more updates before I turn it over to Henry. A couple of reminders as it relates to the transaction. 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 . 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. But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? We have a track record of expanding Australian businesses into Asia with over 50% of portfolio companies having an Asian presence. to generate high returns in the 20% to 30% range. 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. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. Gerhard will then review our financial performance during the fourth quarter. 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. We still like this investment. That means much bigger government. ", "Crescent brings a laser light focus on the things that drive value to our business.". The Crescent Capital IV Development Fund was launched amid much fanfare 18 months ago to build on the success of forerunner funds, from which some of Northern Ireland's most exciting. Crescent Credit. Video: Paul Wappett, CEO Australian Institute of Business. . Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. It has a well-diversified portfolio and is unique in that it also has international exposure. Adjusted net investment income increased 17% to $0.49 per share from $0.42 per share for the quarter ended September 30, 2022. 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 . Operator: Thank you. Thank you! Thank you. With more than 100 investment professionals and over 200 employees, the firm invests at all levels of the capital structure, with a significant focus on below investment grade credit through strategies that invest in senior bank loans, unitranche loans, high yield debt, mezzanine debt, and other private debt securities. The word on The Street in general, suggests a Strong Buy analyst consensus rating for Crescent Point Energy with a $10.13 average price target. 2023 PitchBook. Win whats next. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? Turning to Slide 16. The company has a one-year high of $10.68 and a one . Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. This website is neither an offer to sell nor a solicitation of an offer to buy securities. 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. Product Marketing and Business Development Director. Jason Breaux: Thanks, Gerhard. Please check your spam or junk folder just in case Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. You can enter your email below to get our FREE report. View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, [email protected]. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. The obvious, I mean, how you gave the interest coverage based on year-end rates. To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. You must click the activation link in order to complete your subscription. Please go ahead. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. That would have been 9.35% in hedge fund fees. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. Our portfolio at fair value was comprised of the following: Networking We provide expertise and exposure to a network of relevant business contacts. A couple more worth highlighting. 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. . If you experience any issues with this process, please contact us for further assistance. 30+ years experience in operating roles and M&A, 20+ years in healthcare sector including private equity investments, 20 years experience in strategy consulting, private equity and banking, 25+ years experience in financial management and accounting, 15 years experience in strategy consulting and private equity. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. Jason Breaux: Hey Robert, its Jason. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". management team, and recent news are also included. 2009 Crescent Capital, All Rights Reserved. Discover more about our company and values. 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. Diversification will not guarantee profitability or protection against loss. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. Our team have over 30 years experience assisting healthcare businesses accelerate growth. 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. At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Read More Our Strategy Learn more about our investing strategy. 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. We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. 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. Terms & Conditions This is basically a recipe to generate better returns than Warren Buffett is achieving himself. Healthcare is Crescent's largest sector by investment. 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. AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? Passive Investing: Which Real Estate Strategy is Right for You. A link has been emailed to you - check your inbox. 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. 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. (310) 235-5900 Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. 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). How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. You can get rich by returning 20% per year and compounding that for several years. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. Video: Melinda McGrath, CEO Australian Clinical Labs. 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. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . Jason Breaux: Yes. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. We initially share this idea in October 2018 and the stock already returned more than 150%. The first question comes from Robert Dodd of Raymond James. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. 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. Investors in our funds include both domestic and international pension funds and endowments. This has proven to be a competitive advantage, particularly in the current lending environment. | Privacy Policy Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. 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. He launched his hedge fund in 1956 with $105,100 in seed capital. 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. 2023 Crescent Capital Investments And it means its going to be harder than ever to hold onto any money you make. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Oops! 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. Powered by Investor Host, Multi-Family & Commercial Property Investing, Understanding How Real Estate Syndications Work in Practice, The Tax Benefits of Investing in Multifamily Real Estate. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Thank you again, everyone for your interest and support of CCAP. Net realized losses were less than $0.05 per share. You should only be asked to sign in once. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. In addition, a reconciliation of this measure may also be found in our earnings release. 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. 87% in this quarter were raising one or two, so it appears pretty stable. Use the PitchBook Platform to explore the full profile. 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. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. Can you give us any color around that? So lets begin. Description. The good news is, this powerful new force can help you make a lot of money even in a bear market. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. Do you expect to be running lower leverage than was the case to present historically? The fund was more than double the size of . 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. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. This means the bullish number of . 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 . Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. 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. 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. $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. We have just sent you an email so you can verify your account. We specialize in repositioning well-located assets in emerging markets to protect investor capital and provide high yield returns. On a GAAP basis, fourth quarter net investment income per share was $0.52. Crescent Capital is a leading investor across real estate, private equity and venture capital. For more information about Crescent. With that, I will now turn it over to Gerhard. We have raised six funds since 2000 and we are a top quartile manager on global metrics. Turning back to this quarters earnings. Another, on your deployments in the quarter, obviously will follow on. LP investments in high-growth and distressed companies in the United States and abroad. What's the most common types of sub-organization?
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