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. Thanks for the question. 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. The word on The Street in general, suggests a Strong Buy analyst consensus rating for Crescent Point Energy with a $10.13 average price target. 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. Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? Crescent Capital Partners Investor Profile: Portfolio & Exits | PitchBook We initially share this idea in October 2018 and the stock already returned more than 150%. 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. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. ", "Crescent brings a laser light focus on the things that drive value to our business.". 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. I mean, whats the how are things actually trending right now? ", "Crescents practical and analytical approach enabled management to hit their goals. Read More Portfolio See our recent purchases and offers. 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. 87% in this quarter were raising one or two, so it appears pretty stable. For more information about Crescent. Henry Chung: Thanks, Jason. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. 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. The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. | Average Retirement Savings By Age: Are You Normal? 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. ", "Our growth strategy was perfectly aligned with Crescents. bdcir@crescentcap.com. Video: Cameron Johnson, CEO Nucleus Network. 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 . (310) 235-5900 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Jason Breaux: Hey Robert, its Jason. 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. Only logged in subscribers of this site will be able to access the shared article. The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. 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. The obvious, I mean, how you gave the interest coverage based on year-end rates. For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. Good morning, everyone, and thank you for joining our earnings call. Additionally, the strength of our portfolio continues to benefit from the substantial amount of equity invested in our companies. To participate please dial (877 . An offering is made only by the applicable offering documents and only in those jurisdictions where permitted by law. We thank you for your participation and ask that you please disconnect your lines. As of December 31, we managed our debt-to-equity ratio down to 1.08x from 1.11x at September 30. 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. S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. Our Company - Crescent Capital Group . Our team have over 30 years experience assisting healthcare businesses accelerate growth. 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. Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. Do you expect to be running lower leverage than was the case to present historically? 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. Crescent Point Energy (CPG) Receives a Buy from BMO Capital . At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. Win whats next. 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. 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. Or is that just a timing? We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. ET. 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. 2023 PitchBook. Networking We provide expertise and exposure to a network of relevant business contacts. Active vs. Read More Our Strategy Learn more about our investing strategy. Series A, Seed, Private Equity), Average of the Crunchbase Ranks of the organizations in this hub, Organization Name: Name of the Organization, Total Funding Amount: Total amount raised across all funding rounds, CB Rank (Organization): Algorithmic rank assigned to the top 100,000 most active Organizations, Trend Score (30 Days): Movement in Rank over the last 30 days using a score from -10 to 10, Total number of funding rounds associated with this hub, Total funding amount raised across all funding rounds, Total number of acquisitions made by organizations in the hub, Announced Date: Date that the Funding Round was publicly announced, Organization Name: Name of the organization that got funded, Transaction Name: Auto-generated name of transaction (e.g. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. 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. A couple of reminders as it relates to the transaction. 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. 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. Crescent Capital - Investing in the future The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. Operator: Thank you. You talked about, obviously, youve lowered leverage ahead of that acquisition. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. 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. 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. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. 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. We still like this investment. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard Crescent Capital Partners | Private Equity Firm in Sydney Australia Robert Dodd: Hi guys. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. Jason Breaux: Yes. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. In short, a powerful new economic force is quietly building behind Joe Biden and Im confident Biden can harness this forces inevitable wave, carrying him to a LANDSLIDE re-election win. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. The company's 90% portfolio is performing above expectations, while 89% of its portfolio. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. Please turn to Slide 15 where we highlight our recent activity. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. 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. Please also note that past performance or market information is not a guarantee of future results. Video: Paul Wappett, CEO Australian Institute of Business. Terms & Conditions 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. At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. Which investors participated in the most funding rounds within this hub? We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. Can you give us any color around that? Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. ", "It has been Crescents human capital that has been most valuable to us. Crescent Capital Investor Profile: Portfolio & Exits | PitchBook WhatsApp acquired by Facebook), Total number of people associated with this hub, Full Name: First and last name of a Person, Primary Organization: The organization associated to the person's primary job, Primary Job Title: The person's primary job title, CB Rank (Person): Algorithmic rank assigned to the top 100,000 most active People, Total amount raised at IPO of all the organizations associated with this hub, Median amount raised at IPO of all the organizations associated with this hub, Total valuation at IPO of all the organizations associated with this hub, Median valuation at IPO of all the organizations associated with this hub, Average date at which organizations in this hub went public, Percentage of organizations in this hub that have removed their stock from the stock exchange. 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. With that, Id now like to turn it over to Jason. 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. Jason reviewed several metrics related to our portfolio. For the year ended December 31, 2022, the Company invested $308.0 million across 20 new portfolio companies, 31 existing portfolio companies and several follow-on revolver and delayed draw fundings. Now lets shift to capitalization and liquidity. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. So, how did Warren Buffett manage to generate high returns and beat the market? Read More We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. Consistent with Crescents track record of investing through cycles over the past 30-plus years, we believe we have constructed a portfolio that consists of companies that are adequately capitalized to address the current macroeconomic environment and have taken a proactive approach to bolstering liquidity in select situations where it may be warranted. Venture Capital Portfolio. 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 is basically a recipe to generate better returns than Warren Buffett is achieving himself. All rights reserved. Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. You can sign up for additional alert options at any time. We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. 10-K: CRESCENT CAPITAL BDC, INC. - MarketWatch To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. I would say broadly speaking, we continue to feel good about the health of the overall portfolio. 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. Wed like to thank all of you for your continued support and time today. Access to our investment and operational team brings unparalleled support to our portfolio companies. For more information about Crescent. Crescent Capital Offers A Buying Opportunity For Dividend Investors AirAsia plans to launch ride-hailing service in Spore, but do they stand a chance to compete? We have a large internal team which helps accelerate a portfolio company management teams decision making. That means much bigger government. Our investment portfolio continues to consist primarily of senior secured first lien and unitranche first lien loans, collectively representing 90% of the portfolio at fair value, up from 89% in the prior quarter. If you experience any issues with this process, please contact us for further assistance. How are IPOs trending over time in this hub? "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. Continued strong performance ratings and low nonaccrual levels. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. I believe it will make millions of Americans vastly wealthier. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. As of year-end, this GAAP expense accrual has been fully reversed. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. This website must be read in conjunction with the applicable offering documents or Private Placement Memorandum in order to understand fully all of the implications and risks of investing in real estate and a copy of the offering documents must be available to you in connection with any offering.
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