Terms & Conditions Crescent is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Get the full list, Youre viewing 10 of 31 exits. For more information about Crescent Capital Group, please visit www.crescentcap.com. We provide support for founders and senior management teams to accelerate the achievement of their goals. Guidance Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. We have just sent you an email so you can verify your account. Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. Jason Breaux: Okay. 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 are an equity partner that brings more than money to the relationship. Gerhard will then review our financial performance during the fourth quarter. This means the bullish number of . Henry Chung: Thanks, Jason. As of year-end, this GAAP expense accrual has been fully reversed. All data as of 12/31/2022. Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? We appreciate your continued interest in CCAP. He launched his hedge fund in 1956 with $105,100 in seed capital. Website by GCI. As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. LP investments in high-growth and distressed companies in the United States and abroad. Jason Breaux: Yes. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. Click here. The decline relates primarily to unrealized losses we took to reflect wider credit spreads in the market as volatility within the leveraged finance and equity markets continued during the fourth quarter. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. The fund was more than double the size of . As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. I mean, whats the how are things actually trending right now? This has proven to be a competitive advantage, particularly in the current lending environment. Not the case? You can enter your email below to get our FREE report. 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. The obvious, I mean, how you gave the interest coverage based on year-end rates. The companies continue to grow on the top line and the bottom line. Operator: Thank you. Turning to Slide 16. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. "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. 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. Net realized losses were less than $0.05 per share. Something went wrong while submitting the form. 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. 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. . The good news is, this powerful new force can help you make a lot of money even in a bear market. Healthcare is Crescent's largest sector by investment. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. 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 raised its first fund in 1992 and has consistently been a leader in the private debt market, focusing on senior secured unitranche securities and junior debt. . 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. That means much bigger government. To participate please dial (877 . We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. We have raised six funds since 2000 and we are a top quartile manager on global metrics. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. Crescent Capital is a Belfast based venture capital fund manager. The company assumes no obligation to update any such forward-looking statements. Read More Portfolio See our recent purchases and offers. 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. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. Discover more about our company and values. 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. 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. 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. Read More We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. We attributed the bulk of the quarters NAV decline to widening credit spreads. Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. Robert Dodd: Got it. You should only be asked to sign in once. 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. management team, and recent news are also included. Or was it a more normal course of business add-ons or growth or whatever? Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. You can sign up for additional alert options at any time. This website must be read in conjunction with the applicable offering documents or Private Placement Memorandum in order to understand fully all of the implications and risks of investing in real estate and a copy of the offering documents must be available to you in connection with any offering. 2023 PitchBook. Wed like to thank all of you for your continued support and time today. 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. What's the most common final funding type when companies get acquired? 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. Investors in our funds include both domestic and international pension funds and endowments. 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. Henry? We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. Venture Capital Portfolio. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . We have a large internal team which helps accelerate a portfolio company management teams decision making. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. We initially share this idea in October 2018 and the stock already returned more than 150%. The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. This increase was driven primarily by rising base rates and higher spreads. And then one more, if I can. Legal Notice. 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 Group LP has closed its eighth private credit fund at $8 billion. A link has been emailed to you - check your inbox. An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. 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. 87% in this quarter were raising one or two, so it appears pretty stable. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. Which companies in this hub have the most subsidiaries? Continued strong performance ratings and low nonaccrual levels. to generate high returns in the 20% to 30% range. Use of this website is governed by the Terms and Conditions. Crescent Capital is a Belfast based venture capital fund manager. Thank you, operator. 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. 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. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. 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. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. Warren Buffett took 25% of all returns in excess of 6 percent. Focus on Seed and Series A. This website is neither an offer to sell nor a solicitation of an offer to buy securities. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. Passive Investing: Which Real Estate Strategy is Right for You. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. 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. 2023 Crescent Capital Investments ", "I strongly recommend working in partnership with Crescent Capital. 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. Reduced net debt by approximately $850 Get the full list, Morningstar Institutional Equity Research. After submitting your request, you will receive an activation email to the requested email address. 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. Crescent Capital Partners General Information. I would say broadly speaking, we continue to feel good about the health of the overall portfolio.
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