This means the bullish number of . In particular, in the past 15 years Crescent has been the most active private equity manager in healthcare in Australia. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. Stock Market | FinancialContent Business Page That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. (310) 235-5900
Private Credit | Sun Life Capital Management ET. We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. We redeployed the majority of the proceeds from this monetization activity primarily into directly originated higher spread Crescent private credit opportunities. Venture Capital Portfolio Jason Breaux: Thanks, Gerhard. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. 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 BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. You can sign up for additional alert options at any time. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. You should only be asked to sign in once. Get matched with a tax expert to do your taxes, https://www.businesswire.com/news/home/20230228005594/en/. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. Only logged in subscribers of this site will be able to access the shared article. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. 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. Robert Dodd: Hi guys. Legal Notice. 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 companys actual results could differ materially from those expressed in such forward-looking statements for any reason, including those listed in its SEC filings. What's the investment trend over time for this hub? 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. Net realized losses were less than $0.05 per share. Crescent Capital Group - Wikipedia Use of this website is governed by the Terms and Conditions. Invest NI pulls plug on new VC equity fund amid claims of earlier round The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. Crescent Capital is a leading investor across . If you experience any issues with this process, please contact us for further assistance. The first question comes from Robert Dodd of Raymond James. Crescent Capital - Investing in the future Crescent Capital is a Belfast based venture capital fund manager Which companies in this hub have the most subsidiaries? And we remain well diversified across 18 industries and continue to lend almost exclusively to private equity-backed companies with 98% of our debt portfolio in sponsor-backed companies as of year-end. In a free sample issue of our monthly newsletter we analyzed Warren Buffetts stock picks covering the 1999-2017 period and identified the best performing stocks in Warren Buffetts portfolio. List of top Crescent Capital Portfolio Companies - CrunchBase 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. A few more updates before I turn it over to Henry. Operator: Thank you. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. Get the full list, Youre viewing 4 of 6 team members. 2023 PitchBook. We generally believe that our private equity partners provide operational and financial support to strengthen their portfolio companies for long-term value creation, which is particularly valuable during periods of heightened volatility, like the one we are investing in today. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. Please turn to Slide 6, where youll see a summary of our results. You must click the activation link in order to complete your subscription. You can get rich by returning 20% per year and compounding that for several years. 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). Jason Breaux: Okay. Along the way, I believe Biden could become one of the most powerful Presidents in history. Crescent wraps up eighth private credit fund at $8bn | PE Hub Get the full list, Youre viewing 10 of 31 exits. A couple more worth highlighting. So lets begin. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments Sun Life-backed Crescent targets $6bn for two private debt funds To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. The company has a one-year high of $10.68 and a one . If you experience any issues with this process, please contact us for further assistance. Where Do Hedge Funds Stand On Crescent Capital BDC, Inc. (CCAP)? - Yahoo! Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. All information contained in this website is qualified by the terms of applicable offering documents. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. KEY HIGHLIGHTS Generated significant excess cash flow of approximately $1.2 billion, driven by a strong netback asset base. 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. 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. Or is that just a timing? 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 Capital - Investing in the future You can enter your email below to get our FREE report. 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. Im on Slide 19. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. Jason Breaux: Hey Robert, its Jason. Private Equity Round - Integrity Marketing Group, Gladstone Wealth Partners acquired by Integrity Marketing Group, American Health Plans acquired by Integrity Marketing Group, PHP Agency acquired by Integrity Marketing Group, Compass Group Insurance acquired by Integrity Marketing Group, Richman Insurance Agency acquired by Integrity Marketing Group, Investor, Startup, Company or School that the hub is based on, Total number of organizations associated with this hub, Algorithmic rank assigned to the top 100,000 most active Hubs, Total number of founders of organizations in the hub, Average date the Organization was founded, Percentage of organizations in this hub that have been acquired, Percentage of organizations that have gone public with an IPO, Total number of for-profit companies in this hub, Last Funding Round type of organizations in the hub (e.g. 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. Crescent Point announces 2022 results & reserves | BOE Report . For more information about Crescent. I would now like to turn the conference over to Dan McMahon. Two more credit trends to highlight. 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. I would say broadly speaking, we continue to feel good about the health of the overall portfolio. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. We are proud to have globally leading NPS scores with our executive partners. Your submission has been received! Video: Cameron Johnson, CEO Nucleus Network. The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. Thank you. We have raised six funds since 2000 and we are a top quartile manager on global metrics. bdcir@crescentcap.com. Crescent Capital Group Closes Eighth Credit Solutions Fund, Raising $8 As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. I mean, whats the how are things actually trending right now? Crescent Capital Investor Profile: Portfolio & Exits | PitchBook Read More Portfolio See our recent purchases and offers. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. 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. 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 check your spam or junk folder just in case ", "Our growth strategy was perfectly aligned with Crescents. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. If youre looking for capital and an active partner to accelerate the growth of your business or thinking about exiting by bringing in new investors, please feel free to contact me by phone or email to find out more. As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Guidance In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. 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. Register now to read this article and more for free. For more information about Crescent Capital Group, please visit www.crescentcap.com. . Read More Our Strategy Learn more about our investing strategy. He launched his hedge fund in 1956 with $105,100 in seed capital. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. Crescent Credit. 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. We have a track record of expanding Australian businesses into Asia with over 50% of portfolio companies having an Asian presence. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. Win whats next. We are an equity partner that brings more than money to the relationship. Turning to Slide 16. The companies continue to grow on the top line and the bottom line. But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? Oops! After that, there are no remaining term maturities until 2026. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. Discover more about our company and values. Operator: Thank you. Venture Capital Portfolio. We still like this investment. Use the PitchBook Platform to explore the full profile. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. 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. We take great pride in building long term partnerships with our investors based on an established reputation for delivering consistently strong performance. As a reminder, this call is being recorded for replay purposes. Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior quarter. Robert Dodd: Got it. Average Retirement Savings By Age: Are You Normal? I believe it will make millions of Americans vastly wealthier. Crescent Capital Group Crescent Capital Group is headquartered in Los Angeles with offices in Boston, London, and New York. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. Good morning, everyone, and thank you for joining our earnings call. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. 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 . The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. We see several investors trying to strike it rich in options market by risking their entire savings. The good news is, this powerful new force can help you make a lot of money even in a bear market. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. We provide support for founders and senior management teams to accelerate the achievement of their goals. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. 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. And then one more, if I can. 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. Healthcare is Crescent's largest sector by investment. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . That would have been 9.35% in hedge fund fees. Great. 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. With that, I will now turn it over to Gerhard. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. 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. It has a well-diversified portfolio and is unique in that it also has international exposure. For more information about Crescent. 2023 Crescent Capital Group LP. Crescent Capital Group Closes Eighth Credit Solutions Fund, Raising $8 Warren Buffett took 25% of all returns in excess of 6 percent. 2023 Crescent Capital Group LP. Terms & Conditions 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 . Gerhard Lombard: Thanks, Henry, and good morning, everyone. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Website by GCI. This serves to drive growth and performance improvement, accelerating value creation for shareholders. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . Don't have an account? Use of this website is governed by the Terms and Conditions. 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. How much aggregate funding have these organizations raised over time? The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. We have consistently been able to deliver significant value-add alongside our management teams. This video is provided by the Australian Investment Council. 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. Home - Crescent Capital Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. A couple of reminders as it relates to the transaction. You talked about, obviously, youve lowered leverage ahead of that acquisition. This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. We attributed the bulk of the quarters NAV decline to widening credit spreads. The all time high for this statistics is 5. Crescent Capital Partners is a leading Australian private equity firm. We initially share this idea in October 2018 and the stock already returned more than 150%. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. Now lets shift to capitalization and liquidity. Crescent Capital is a Belfast based venture capital fund manager. Turning back to this quarters earnings. . Jason reviewed several metrics related to our portfolio. 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. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. And with that, Id like to turn it back to Jason for closing remarks. And it means its going to be harder than ever to hold onto any money you make. The company assumes no obligation to update any such forward-looking statements. 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. Our success and reputation have been built on conservatism, ethics, passion, attention to detail, responsibility, and our belief that trust starts and ends with honesty and integrity.