Venture Capital Portfolio. 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. Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. 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. 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. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. 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. Now lets shift to capitalization and liquidity. Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. What's the most common final funding type when companies get acquired? Please turn to Slide 6, where youll see a summary of our results. [email protected]. (310) 235-5900 You should only be asked to sign in once. We initially share this idea in October 2018 and the stock already returned more than 150%. We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. Crescent is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. Net realized losses were less than $0.05 per share. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. Video: Paul Wappett, CEO Australian Institute of Business. Shares added by 1.69% iShares Russell 1000. Robert Dodd: Hi guys. to generate high returns in the 20% to 30% range. Realized gains and losses, we believe, is a more important metric in grading our performance than unrealized gains and losses, which has meaningfully less impact on our longer-term results. We thank you for your participation and ask that you please disconnect your lines. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. 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. Adjusted net investment income increased 17% to $0.49 per share from $0.42 per share for the quarter ended September 30, 2022. Read More Our Strategy Learn more about our investing strategy. We have just sent you an email so you can verify your account. We are proud to have globally leading NPS scores with our executive partners. We believe an active engagement model is a leading indicator of strong company performance. The fund was more than double the size of . Please go ahead. And it means its going to be harder than ever to hold onto any money you make. An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. This has proven to be a competitive advantage, particularly in the current lending environment. This means the bullish number of . A link has been emailed to you - check your inbox. Good morning, everyone, and thank you for joining our earnings call. Crescent Capital BDC, Inc. (NASDAQ: CCAP) is a business development company focused on originating and investingin the debt of private middle market companies principally located in the U.S. 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. Access to our investment and operational team brings unparalleled support to our portfolio companies. 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. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. Our weighted average portfolio grade of 2.1 was unchanged as compared to the past few quarters, and the percentage of risk rated one and two investments, the highest ratings our portfolio companies can receive accounted for 87% of the portfolio at fair value, down modestly from last quarter. 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. We are an equity partner that brings more than money to the relationship. Get matched with a tax expert to do your taxes, https://www.businesswire.com/news/home/20230228005594/en/. Investors in our funds include both domestic and international pension funds and endowments. We have a track record of expanding Australian businesses into Asia with over 50% of portfolio companies having an Asian presence. The company assumes no obligation to update any such forward-looking statements. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. Click here. After that, there are no remaining term maturities until 2026. 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. We ended the year with nearly $1.3 billion of investments at fair value across 129 portfolio companies with an average investment size of less than 1% of the total portfolio. 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. Thanks for the question. The shocking amount some people have saved, and why speaking with a financial advisor could help increase your returns and alleviate stress. 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. Please go ahead. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. 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. For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. 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. 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. 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. Operator: Thank you. AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? 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. Which investors participated in the most funding rounds within this hub? (310) 235-5900 Jason reviewed several metrics related to our portfolio. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. Thank you again, everyone for your interest and support of CCAP. . 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 . ", "Crescents practical and analytical approach enabled management to hit their goals. Turning back to this quarters earnings. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. We have a large internal team which helps accelerate a portfolio company management teams decision making. 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. Gross deployment in the fourth quarter was $46 million. LP investments in high-growth and distressed companies in the United States and abroad. Jason Breaux: Okay. With that, I will now turn it over to Gerhard. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. Offerings across the credit quality spectrum 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. 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. Thank you. 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. Which companies in this hub have the most subsidiaries? Crescent Capital is a leading investor across . Jason Breaux: Sure. Video: Cameron Johnson, CEO Nucleus Network. Total investment income of $34.6 million for the fourth quarter, the highest quarterly figure weve reported since inception compares to $29 million for the prior quarter, representing an increase of approximately 19%. The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. And with that, operator, please open the line for questions. 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. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. What's the investment trend over time for this hub? It is for information purposes only and addresses accredited investors; such as wealth managers, family offices, and high-net-worth individuals. 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. S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, [email protected]. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. 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. ", "Crescent add value across business development, acquisition and enhancement activities. I mean how would the how are the operating trends doing? 25+ years experience in strategy consulting, investment and business management and public company boards. If you experience any issues with this process, please contact us for further assistance. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. Continued strong performance ratings and low nonaccrual levels. 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. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. He also served as a member of the hedge fund solutions group at The Blackstone Group, L.P., where he focused on business development efforts across the Northeast and Southeast U.S. working with a diverse array of institutional clients. What's the most common types of sub-organization? 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. This situates us well to benefit from increases in base rates above our average floors as is the case this quarter with continued growth in our interest income line item. 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. This call is being recorded on Thursday, February 23, 2023. 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. 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. 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. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. Or was it a more normal course of business add-ons or growth or whatever? 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. Legal Notice. 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. 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. 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. All rights reserved. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. Jason Breaux: Thanks, Gerhard. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. 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 Group is headquartered in Los Angeles with offices in Boston, London, and New York. As a reminder, this call is being recorded for replay purposes. Mr. Harari added, "Crescent has a multi-decade history of outstanding team continuity and investment focus in both public and private credit. Focus on Seed and Series A. You must click the activation link in order to complete your subscription. Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. 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).