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. Something went wrong while submitting the form. Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. (310) 235-5900
In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. The company's 90% portfolio is performing above expectations, while 89% of its portfolio. This website is neither an offer to sell nor a solicitation of an offer to buy securities. Crescent Capital Partners is a leading Australian private equity firm. He launched his hedge fund in 1956 with $105,100 in seed capital. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. Product Marketing and Business Development Director. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. Jason Breaux: Thanks, Gerhard. We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. What's the most common types of sub-organization? 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. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. Sorry, no results has been found matching your query. 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. 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. 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. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. Thank you. S&P 500 Index lost 10.8% in 1957, so Buffetts investors actually thrilled to beat the market by 20.1 percentage points in 1957. Crescent Capital Group LP ("Crescent"), a leading alternative credit investment firm, announced today the successful final close of its eighth private credit solutions fund, Crescent Credit Solutions VIII ("CCS Fund VIII"), raising $8 billion in investable capital, including targeted leverage and separately managed . Passive Investing: Which Real Estate Strategy is Right for You. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. I mean, whats the how are things actually trending right now? management team, and recent news are also included. Henry Chung: Thanks, Jason. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. The $46 million in gross deployment compares to approximately $71 million in aggregate exits, sales and repayments in the quarter, inclusively a final $8 million liquidating return of capital from our joint venture, which, as Jason noted, is now fully dissolved. 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. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. We have a track record of expanding Australian businesses into Asia with over 50% of portfolio companies having an Asian presence. We believe this is an important distinction to highlight for shareholders in a volatile market environment. 2009 Crescent Capital, All Rights Reserved. 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. We initially share this idea in October 2018 and the stock already returned more than 150%. A couple of reminders as it relates to the transaction. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. There are significant risks that should be considered and reviewed when considering an investment in real estate. We are an equity partner that brings more than money to the relationship. bdcir@crescentcap.com. Information on investments, active portfolio, exits, fund performance, dry powder, team and co-investors for Crescent Capital. 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 Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. We attributed the bulk of the quarters NAV decline to widening credit spreads. 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. Mr. Harari brings more than 15 years of investment experience to Crescent Capital. All information contained in this website is qualified by the terms of applicable offering documents. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. Turning back to this quarters earnings. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Average Retirement Savings By Age: Are You Normal? To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. Crescent Capital is a Belfast based venture capital fund manager. All data as of 12/31/2022. 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. 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. 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. | Operator: Thank you. For example S&P 500 Index returned 43.4% in 1958. It has a well-diversified portfolio and is unique in that it also has international exposure. Jason reviewed several metrics related to our portfolio. 30+ years experience in operating roles and M&A, 20+ years in healthcare sector including private equity investments, 20 years experience in strategy consulting, private equity and banking, 25+ years experience in financial management and accounting, 15 years experience in strategy consulting and private equity. Please check your spam or junk folder just in case The companies continue to grow on the top line and the bottom line. Register now to read this article and more for free. Please go ahead. Our team have over 30 years experience assisting healthcare businesses accelerate growth. An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. 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 . Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard This video is provided by the Australian Investment Council. to generate high returns in the 20% to 30% range. On a GAAP basis, fourth quarter net investment income per share was $0.52. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. And two, the exchange ratio for the stock component of the merger consideration and the amount of cash from Crescent BDC will be determined by the respective net asset values of Crescent BDC and First Eagle BDC and customary merger adjustments two days prior to closing. But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? All rights reserved. This has proven to be a competitive advantage, particularly in the current lending environment. The fund was more than double the size of . Adjusted net investment income increased 17% to $0.49 per share from $0.42 per share for the quarter ended September 30, 2022. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. 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. ", "It has been Crescents human capital that has been most valuable to us. 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. You talked about, obviously, youve lowered leverage ahead of that acquisition. ET. The good news is, this powerful new force can help you make a lot of money even in a bear market. The obvious, I mean, how you gave the interest coverage based on year-end rates. Private Equity Portfolio. With that, I will now turn it over to Gerhard. I believe it will make millions of Americans vastly wealthier. Robert Dodd: Got it. 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. Real Estate Portfolio Direct and LP investments across various asset types across the United States, including commercial, retail, multi-family, residential, hotel, development, self-storage and RV Parks. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. Privacy Policy 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. Our portfolio at fair value was comprised of the following: As of year-end, this GAAP expense accrual has been fully reversed. Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. 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. Continued strong performance ratings and low nonaccrual levels. Back then they werent called hedge funds, they were called partnerships. 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. Now lets shift to capitalization and liquidity. Please turn to Slide 6, where youll see a summary of our results. 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. 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. 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. We have consistently been able to deliver significant value-add alongside our management teams. 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. 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. Website by GCI. Crescent Capital Partners General Information. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. A couple more worth highlighting. We still like this investment. ", "Crescent brings a laser light focus on the things that drive value to our business.". You should only be asked to sign in once. . 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. This means the bullish number of . Diversification will not guarantee profitability or protection against loss. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. 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. Operator: Ladies and gentlemen, this does conclude our conference call for today. Which investors participated in the most funding rounds within this hub? What's the most common final funding type when companies get acquired? | Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. The total size of the investment portfolio is around USD 400 million which . Good morning, everyone, and thank you for joining our earnings call. 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. 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. 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. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. 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. Get our editors daily picks straight in your inbox! 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. You can sign up for additional alert options at any time. Jason Breaux: Hey Robert, its Jason. Click As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. Please turn to Slide 15 where we highlight our recent activity. Im on Slide 19. 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. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. I mean how would the how are the operating trends doing? We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. Operator: Thank you. 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 Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. You can see that the weighted average yield of income producing securities at cost increased meaningfully quarter-over-quarter from 9.5% to 10.8% on the heels of the Federal Reserves interest rate hikes and is up 330 basis points year-over-year. For more information about Crescent. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.".
Maryland John Hopkins Lacrosse Stream,
Used Mobile Home Steps,
Holdco Bidco Structure,
Articles C