For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. Click We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. Or was it a more normal course of business add-ons or growth or whatever? | CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. Investing in the future of finance, education, SaaS, logistics, and more. 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. 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 a leading investor across . Id now like to turn it over to Henry to discuss our Q4 investment activity. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. 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. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. Website by GCI. 25+ years experience in strategy consulting, investment and business management and public company boards. As of December 31, 2021, Crescent Capital Group managed approximately $38 billion of privately originated debt investments and marketable securities. Crescent Capital is a Belfast based venture capital fund manager. Gerhard Lombard: Thanks, Henry, and good morning, everyone. Great. I would now like to turn the conference over to Dan McMahon. Only logged in subscribers of this site will be able to access the shared article. Private Equity Portfolio. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. 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. Please turn to Slide 15 where we highlight our recent activity. 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. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. Thanks for the question. Get the full list, Morningstar Institutional Equity Research. Networking We provide expertise and exposure to a network of relevant business contacts. We have raised six funds since 2000 and we are a top quartile manager on global metrics. We attributed the bulk of the quarters NAV decline to widening credit spreads. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. Crescent is an alternative asset manager with approximately $40 billion1of assets under management and over 210employees as of December 31,2022. You must click the activation link in order to complete your subscription. How much aggregate funding have these organizations raised over time? You can sign up for additional alert options at any time. ", "Crescent partnered with us and assisted in achieving our growth targets. 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. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. Jason reviewed several metrics related to our portfolio. $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. Crescent Capital Partners General Information. I.e., is your forward leverage range target changing as a result of proposed acquisition? For over 30 years, the firm has focused on below investment grade credit through strategies that invest in marketable and privately originated debt securities including senior bank loans, high yield bonds, and private senior, unitranche, and junior debt securities. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. 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. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. Crescent Capital Partners is a leading Australian private equity firm. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. Turning back to this quarters earnings. As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. 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 . We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. Product Marketing and Business Development Director. Read More Our Strategy Learn more about our investing strategy. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. The obvious, I mean, how you gave the interest coverage based on year-end rates. 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. As of year-end, this GAAP expense accrual has been fully reversed. The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. Jason Breaux: Sure. 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. 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. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. There are no further questions at this time. This was by design as we believe it is prudent to prioritize deleveraging in advance of the First Eagle acquisition. 87% in this quarter were raising one or two, so it appears pretty stable. Operator: Ladies and gentlemen, this does conclude our conference call for today. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. Adjusted net investment income increased 17% to $0.49 per share from $0.42 per share for the quarter ended September 30, 2022. Robert Dodd: Hi guys. Do you expect to be running lower leverage than was the case to present historically? Register now to read this article and more for free. Something went wrong while submitting the form. Good morning, everyone, and thank you for joining our earnings call. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. 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. 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. This increase was driven primarily by rising base rates and higher spreads. Venture Capital Portfolio The firm seeks to invest in middle-market companies across Australia and New Zealand with a focus on the industrial, financial services, healthcare, consumer brands, technology, and education sectors. For example S&P 500 Index returned 43.4% in 1958. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. With that, Id now like to turn it over to Jason. 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. 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. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. (310) 235-5900 And with that, Id like to turn it back to Jason for closing remarks. You should only be asked to sign in once. The total size of the investment portfolio is around USD 400 million which . 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. This means the bullish number of . Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. Henry? 2023 Crescent Capital Group LP. | The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. Operator: Thank you. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. ", "Our growth strategy was perfectly aligned with Crescents. 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. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. 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. That would have been 9.35% in hedge fund fees. The weighted average loan-to-value in the portfolio at time of underwriting was approximately 40%, which provides the same margin of safety from both an enterprise value perspective as well as capitalized risk beneath our tranche that is available to support our investments. I mean, whats the how are things actually trending right now? Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. 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. Moving to the right-hand side of the page, youll see that our unitranche first lien investments have continued to become a more prominent percentage of our total portfolio, accounting for 66% of total portfolio fair value at year-end compared to 59% the year prior. Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? After that, there are no remaining term maturities until 2026. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Please go ahead. But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? Focus on Seed and Series A. Don't have an account? 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 are an equity partner that brings more than money to the relationship. ET. It has a well-diversified portfolio and is unique in that it also has international exposure. Use of this website is governed by the Terms and Conditions. 2023 PitchBook. What's the investment trend over time for this hub? Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript, How to Best Use Insider Monkey to Increase Your Returns, 6 Things You Didn't Know About Hedge Funds. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. For more information about Crescent. Robert Dodd: Got it. 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. The company's 90% portfolio is performing above expectations, while 89% of its portfolio. All rights reserved. Discover more about our company and values. 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. Thank you, operator. Access to our investment and operational team brings unparalleled support to our portfolio companies. 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.
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