Thank you. 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. 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. Crescent Bit Capital is a type of secure investment that grows your money at a guaranteed rate based of chosen plan of interest for a fixed period of time. If you experience any issues with this process, please contact us for further assistance. Jason Breaux: Yes. It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. ", "Our growth strategy was perfectly aligned with Crescents. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. Gerhard will then review our financial performance during the fourth quarter. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. Guidance 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. Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. Investing in the future of finance, education, SaaS, logistics, and more. The companies continue to grow on the top line and the bottom line. And a big driver of that is that the if you look back at the historical left grid balance sheet, theyve historically had a bit higher leverage than us. Something went wrong while submitting the form. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. 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. He launched his hedge fund in 1956 with $105,100 in seed capital. The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. Crescent Capital is a Belfast based venture capital fund manager. Robert Dodd: Got it. 2023 Crescent Capital Group LP. And it means its going to be harder than ever to hold onto any money you make. Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . Get the full list, Youre viewing 4 of 6 team members. Private Equity Portfolio. Please go ahead. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. Diversification will not guarantee profitability or protection against loss. ", "I strongly recommend working in partnership with Crescent Capital. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds, financial institutions, and multi-employer plans. Thanks for the question. Terms & Conditions I believe it will make millions of Americans vastly wealthier. All information contained in this website is qualified by the terms of applicable offering documents. Video: Cameron Johnson, CEO Nucleus Network. Angel - Uber), Money Raised: Amount of money raised in Funding Round, Total number of investments made by investors in this hub, Announced Date: Date when the Investment is announced, Investor Name: Name of the investor who participated in the Investment, Funding Round: Name of the funding round where the Investment is made, Number of Investors: Total number of Investors in a Funding Round, Total number of lead investment firms and individual investors that invested in organizations of this hub, Total number of investment firms and individual investors that invested in organizations of this hub, Organization/Person Name: Name of the Organization or Person, Location: Where the organization is headquartered, Investor Type: This describes the type of investor this organization or person is (e.g. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. Passive Investing: Which Real Estate Strategy is Right for You. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Your submission has been received! 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. Read More But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? You must click the activation link in order to complete your subscription. 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. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. Website by GCI. You can sign up for additional alert options at any time. All data as of 12/31/2022. . 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 . This increase was driven primarily by rising base rates and higher spreads. I mean, whats the how are things actually trending right now? Because were invested in a largely first lien and unitranche focused portfolio, having largely rotated out of legacy Alcentra names and our broadly-syndicated bank loan joint venture, we expect to generate a high quality of top line revenue, primarily consisting of recurring scheduled interest income. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. In addition, a reconciliation of this measure may also be found in our earnings release. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. We have a track record of expanding Australian businesses into Asia with over 50% of portfolio companies having an Asian presence. Turning back to this quarters earnings. I will turn the call back to Jason Breaux for closing remarks. We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Crescent is an alternative asset manager with approximately $40 billion 1 of assets under management and over 210 employees as of December 31, 2022. You can get rich by returning 20% per year and compounding that for several years. 87% in this quarter were raising one or two, so it appears pretty stable. Now lets shift to capitalization and liquidity. First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments Jason Breaux: Okay. Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. Henry? Wed be happy to take your questions, and please understand that we may be limited in some answers due to the ongoing First Eagle transaction. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. Please also note that past performance or market information is not a guarantee of future results. 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 Capital Partners General Information. "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. to generate high returns in the 20% to 30% range. 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. 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. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. Crescent BDC and Alcentra Capital will be holding a joint conference call to discuss the transaction on Tuesday, August 13, 2019 at 1:15 p.m. PT / 4:15 p.m. Turning to Slide 16. Use of this website is governed by the Terms and Conditions. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . 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.
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