Or was it a more normal course of business add-ons or growth or whatever? And so on a pro forma combined basis, I think were going to end up sort of right in the middle of our target leverage range that we publicly stated as kind of 1.1 to 1.4. A couple more worth highlighting. 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. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. 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. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. You can sign up for additional alert options at any time. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. 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%. We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. Click here. Crescent Capital Partners is a leading Australian private equity firm. Robert Dodd: Got it. Offerings across the credit quality spectrum 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. In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. 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. Please also note that past performance or market information is not a guarantee of future results. If you experience any issues with this process, please contact us for further assistance. 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. ", "Our growth strategy was perfectly aligned with Crescents. Active vs. This video is provided by the Australian Investment Council. Video: Matt Courtney, CEO Construction Sciences. To participate please dial (877 . As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. And then one more, if I can. Don't have an account? 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. Robert Dodd: Hi guys. So, how did Warren Buffett manage to generate high returns and beat the market? To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Great. As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. I would say broadly speaking, we continue to feel good about the health of the overall portfolio. First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. Before we begin, Ill start with some important reminders. Video: Melinda McGrath, CEO Australian Clinical Labs. Please go ahead. Shares added by 1.69% iShares Russell 1000. Thank you, operator. | Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. Legal Notice. The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. Privacy Policy (310) 235-5900 The all time high for this statistics is 5. Jason Breaux: Thanks, Gerhard. 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. 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. The good news is, this powerful new force can help you make a lot of money even in a bear market. 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. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. Gerhard Lombard: Thanks, Henry, and good morning, everyone. Which investors participated in the most funding rounds within this hub? 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. Guidance bdcir@crescentcap.com. We have just sent you an email so you can verify your account. We initially share this idea in October 2018 and the stock already returned more than 150%. 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. All data as of 12/31/2022. Operator: Thank you. PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. 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. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated 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. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. 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. Crescent Capital is a leading investor across . Jason Breaux: Thank you, Dan. 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. Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. This call is being recorded on Thursday, February 23, 2023. As of year-end, this GAAP expense accrual has been fully reversed. We initially share this idea in October 2018 and the stock already returned more than 150%. 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. We provide support for founders and senior management teams to accelerate the achievement of their goals. Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . Use of this website is governed by the Terms and Conditions. (310) 235-5900 What's the most common final funding type when companies get acquired? 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. This website is neither an offer to sell nor a solicitation of an offer to buy securities. We are proud to have globally leading NPS scores with our executive partners. We still like this investment. You can enter your email below to get our FREE report. You must click the activation link in order to complete your subscription. All rights reserved. As a reminder, this call is being recorded for replay purposes. Gerhard will then review our financial performance during the fourth quarter. Which companies in this hub have the most subsidiaries? For the fourth quarter, over 99% of our total debt investments at fair value made full scheduled principal and interest payments. We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, +1-212-397-1030bill@mendelcommunications.com. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. We look forward to speaking with you again soon. Next, CBDC Senior Loan Fund, our joint venture was formally dissolved during the fourth quarter after being largely wound down in recent quarters. 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. 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. 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 . Not the case? 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.
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