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. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. 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. Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. Crescent Capital Partners is a leading Australian private equity firm. We redeployed the majority of the proceeds from this monetization activity primarily into directly originated higher spread Crescent private credit opportunities. All information contained in this website is qualified by the terms of applicable offering documents. Use of this website is governed by the Terms and Conditions. And it means its going to be harder than ever to hold onto any money you make. 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. Discover more about our company and values. "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. With that, I will now turn it over to Gerhard. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. Warren Buffett took 25% of all returns in excess of 6 percent. Use the PitchBook Platform to explore the full profile. Crescent Credit. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. Investors in our funds include both domestic and international pension funds and endowments. 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. We have a track record of expanding Australian businesses into Asia with over 50% of portfolio companies having an Asian presence. And with that, operator, please open the line for questions. 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. You must click the activation link in order to complete your subscription. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. Terms & Conditions This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. 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. Do you expect to be running on a combined basis going forward? 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. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. That would have been 9.35% in hedge fund fees. We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. We did intentionally delever a bit here in Q4 in anticipation of the merger. Thank you, operator. 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. Get matched with a tax expert to do your taxes, https://www.businesswire.com/news/home/20230228005594/en/. 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. All data as of 12/31/2022. S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. We have raised six funds since 2000 and we are a top quartile manager on global metrics. Please turn to Slide 15 where we highlight our recent activity. 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 . Sorry, no results has been found matching your query. Or is that just a timing? More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. 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 . A few more updates before I turn it over to Henry. I mean, whats the how are things actually trending right now? In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. 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. bdcir@crescentcap.com. Read More Our Strategy Learn more about our investing strategy. 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. 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. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. With that, Id now like to turn it over to Jason. 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. A couple of reminders as it relates to the transaction. You can sign up for additional alert options at any time. it's been delivered there. 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. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. Venture Capital Portfolio I would now like to turn the conference over to Dan McMahon. I think you said something to the effect of the portfolio companies have adequate liquidity, and in some cases, its been addressed or something like that. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. 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. 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. For more information about Crescent Capital Group, please visit www.crescentcap.com. As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. The good news is, this powerful new force can help you make a lot of money even in a bear market. This video is provided by the Australian Investment Council. Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. (310) 235-5900
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. After submitting your request, you will receive an activation email to the requested email address. On a GAAP basis, fourth quarter net investment income per share was $0.52. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. 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. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. How much aggregate funding have these organizations raised over time? Jason Breaux: Hey Robert, its Jason. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. We have just sent you an email so you can verify your account. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. Active vs. Crescent Capital Partners invests in companies and sectors with growth potential within Australia & New Zealand or internationally. 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 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. We are a community of like-minded real estate investors who together have a stronger purchasing power to acquire and operate multi-family properties for their potential of hands-free, tax-free passive income. Do you expect to be running lower leverage than was the case to present historically? Click here. There are significant risks that should be considered and reviewed when considering an investment in real estate. We still like this investment. Networking We provide expertise and exposure to a network of relevant business contacts. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. This has proven to be a competitive advantage, particularly in the current lending environment. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . But I would say overall, we are pleased with the underlying performance of the portfolio. Video: Matt Courtney, CEO Construction Sciences. Reduced net debt by approximately $850 What's the most common types of sub-organization? Video: Cameron Johnson, CEO Nucleus Network. 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. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. We see several investors trying to strike it rich in options market by risking their entire savings. Crescent Capital is a Belfast based venture capital fund manager. Im on Slide 19. 2009 Crescent Capital, All Rights Reserved. Legal Notice. After that, there are no remaining term maturities until 2026. We provide support for founders and senior management teams to accelerate the achievement of their goals. 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. The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. 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. 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. As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, +1-212-397-1030bill@mendelcommunications.com. So lets begin. Continued strong performance ratings and low nonaccrual levels. 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 . I believe it will make millions of Americans vastly wealthier. 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. Get the full list, Morningstar Institutional Equity Research. We look forward to speaking with you again soon. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. Shares added by 1.69% iShares Russell 1000. ", "It has been Crescents human capital that has been most valuable to us. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. Use of this website is governed by the Terms and Conditions. If you experience any issues with this process, please contact us for further assistance. This means the bullish number of . Only logged in subscribers of this site will be able to access the shared article. Gross deployment in the fourth quarter was $46 million. To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. The companies continue to grow on the top line and the bottom line. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. . Jason Breaux: Thanks, Gerhard. We thank you for your participation and ask that you please disconnect your lines. Gerhard Lombard: Thanks, Henry, and good morning, everyone. Please also note that past performance or market information is not a guarantee of future results. A couple more worth highlighting. This increase was driven primarily by rising base rates and higher spreads. Crescent Capital is a leading investor across . 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. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. 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. I will turn the call back to Jason Breaux for closing remarks. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. This was by design as we believe it is prudent to prioritize deleveraging in advance of the First Eagle acquisition. Turning back to this quarters earnings. Back then they werent called hedge funds, they were called partnerships. Wed like to thank all of you for your continued support and time today. 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. Henry Chung: Thanks, Jason. If you experience any issues with this process, please contact us for further assistance. 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. 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. Henry? Warren Buffett has been investing and compounding for at least 65 years. 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.