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. Warren Buffett has been investing and compounding for at least 65 years. 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. 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. Continued strong performance ratings and low nonaccrual levels. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Venture Capital Portfolio You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. But I would say overall, we are pleased with the underlying performance of the portfolio. S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. A link has been emailed to you - check your inbox. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. All rights reserved. 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. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard Crescent Capital Partners invests in companies and sectors with growth potential within Australia & New Zealand or internationally. 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. 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. Which investors participated in the most funding rounds within this hub? Investing in the future of finance, education, SaaS, logistics, and more. ", "I strongly recommend working in partnership with Crescent Capital. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior quarter. 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 . You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. 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. We did intentionally delever a bit here in Q4 in anticipation of the merger. Please turn to Slide 6, where youll see a summary of our results. management team, and recent news are also included. Gerhard will then review our financial performance during the fourth quarter. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. 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. 2023 PitchBook. LP investments in high-growth and distressed companies in the United States and abroad. Offerings across the credit quality spectrum This call is being recorded on Thursday, February 23, 2023. In our view, our long-term track record of strong credit performance and NAV stability since inception demonstrates the merits of our proven investment process as we work to deliver attractive results to our shareholders. Robert Dodd: Got it. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. "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. The all time high for this statistics is 5. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? If you experience any issues with this process, please contact us for further assistance. 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. On a GAAP basis, fourth quarter net investment income per share was $0.52. Focus on Seed and Series A. There are no further questions at this time. Id now like to turn it over to Henry to discuss our Q4 investment activity. As a reminder, this call is being recorded for replay purposes. Henry Chung: Thanks, Jason. Our team have over 30 years experience assisting healthcare businesses accelerate growth. 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. The companies continue to grow on the top line and the bottom line. Please turn to Slide 15 where we highlight our recent activity. de C.V. (NYSE:VIST) Q4 2022 Earnings Call Transcript, TriMas Corporation (NASDAQ:TRS) Q4 2022 Earnings Call Transcript, Tennant Company (NYSE:TNC) Q4 2022 Earnings Call Transcript. 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. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. | Description. The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. I will turn the call back to Jason Breaux for closing remarks. 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. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. All data as of 12/31/2022. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. 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. Read More Portfolio See our recent purchases and offers. here to register, Not for publication, email or dissemination, Whitehorse Liquidity Partners grows team to 150 professionals, PE-backed Chartbeat acquires Lineup Systems and Tubular Labs, Industrial manufacturing round-up; Personal care products; 2023 Women in PE, EQT and PSP team up on Radius acquisition; Charlesbanks Caitlin Riederer talks women in PE, Introducing the Women in PE Class of 2023; Lincoln Road partially exits Brothers National, Fengate Private Equity-backed Inflector snaps up Donalco, Audax-backed Colony acquires New South Construction Supply. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. Private Equity Portfolio. Active vs. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. Legal Notice. ET. 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. Crescent has won the M&A Acquisition Finance Deal of the Year 2016 Award in Turkey, which represents the longest tenor fully non-recourse senior debt financing in Turkish renewables together with the first sharia-compliant mezzanine facility in the sector. 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. During this conference call, we may discuss certain non-GAAP measures as defined by SEC Regulation G, such as adjusted net investment income or NII per share. 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. Please go ahead. Healthcare is Crescent's largest sector by investment. 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. This means the bullish number of . A couple of reminders as it relates to the transaction. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. 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. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. Guidance Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. 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. Importantly, what we consider recurring yield related investment income comprised of interest income, fixed income, amortization and unused fees was up 21% quarter-over-quarter driven by rising base rates. Use the PitchBook Platform to explore the full profile. 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. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. ", "Crescent brings a laser light focus on the things that drive value to our business.". So, how did Warren Buffett manage to generate high returns and beat the market? Video: Cameron Johnson, CEO Nucleus Network. It has a well-diversified portfolio and is unique in that it also has international exposure. Henry? 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. Operator: Ladies and gentlemen, this does conclude our conference call for today. Good morning, everyone, and thank you for joining our earnings call. Jason Breaux: Thanks, Gerhard. Crescent Capital is a Belfast based venture capital fund manager We immerse ourselves in your business Experience With our experience and knowledge we can unlock the full potential of your business. to generate high returns in the 20% to 30% range. The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. ", "Crescent add value across business development, acquisition and enhancement activities. 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. UAE-Based Edtech Startup Ostaz Is On A Mission To Become A One-Stop-Shop For Education, AirAsias Tony Fernandes Refocuses Back on a Superapp Just for Travel, Malaysia Healthcare Partners with AirAsia, Air India Express, AirAsia begin merger drill, MiL.k launched its first global point exchange service with airasia, Datactics Jamie Gordon on Big Financial Institutions and their Messy Datasets. And then one more, if I can. Diversification will not guarantee profitability or protection against loss. Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. Turning back to this quarters earnings. Can you give us any color around that? We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. Back then they werent called hedge funds, they were called partnerships. . Actually Warren Buffett failed to beat the S&P 500 Index in 1958, returned only 40.9% and pocketed 8.7 percentage of it as fees. Another, on your deployments in the quarter, obviously will follow on. 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. With that, I will now turn it over to Gerhard. The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. For more information about Crescent. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? Do you expect to be running on a combined basis going forward? The company assumes no obligation to update any such forward-looking statements.
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