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. bdcir@crescentcap.com. 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. Our portfolio at fair value was comprised of the following: This call is being recorded on Thursday, February 23, 2023. "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. Privacy Policy Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. Since 1995 Crescent Capital has been supporting and building high-grade venture backed companies in Northern Ireland. 25+ years experience in strategy consulting, investment and business management and public company boards. Operator: Thank you. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. Gerhard will then review our financial performance during the fourth quarter. Please check your spam or junk folder just in case Crescent Capital is unique in its ability and track record of building out businesses from a standing start, internally and in partnership with management teams. We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. Use the PitchBook Platform to explore the full profile. Our credit culture focused on preservation of capital has led to a highly diversified portfolio invested largely in the resilient industries. And with that, Id like to turn it back to Jason for closing remarks. During this conference call, we may discuss certain non-GAAP measures as defined by SEC Regulation G, such as adjusted net investment income or NII per share. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. Reduced net debt by approximately $850 Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. Jason Breaux: Hey Robert, its Jason. 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). Crescent is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. Jason Breaux: Sure. . The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. You must click the activation link in order to complete your subscription. Offerings across the credit quality spectrum | The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. Not the case? We will not be outlining additional details of the transaction on this call today, and we direct any interest investors to the proxy statement that was filed in January. Get matched with a tax expert to do your taxes, https://www.businesswire.com/news/home/20230228005594/en/. But can you give us any color on how the portfolio companies are actually performing on EBITDA or revenue or anything like that? I.e., is your forward leverage range target changing as a result of proposed acquisition? Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Founded in 2000, Crescent Capital Partners is a private equity firm based in Sydney, Australia. 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. . 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. 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. 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 . Importantly, what we consider recurring yield related investment income comprised of interest income, fixed income, amortization and unused fees was up 21% quarter-over-quarter driven by rising base rates. 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. $30MM Weighted Average Portfolio Company EBITDA, Disciplined portfolio construction with average position size <1% of total fair value. management team, and recent news are also included. A couple more worth highlighting. If you experience any issues with this process, please contact us for further assistance. As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. Guidance A link has been emailed to you - check your inbox. 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. We redeployed the majority of the proceeds from this monetization activity primarily into directly originated higher spread Crescent private credit opportunities. We believe that these asset classes provide our clients with opportunities to generate income while preserving capital. The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. 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. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. 2023 PitchBook. 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. 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. Website by GCI. Warren Buffett has been investing and compounding for at least 65 years. 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? 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. Another, on your deployments in the quarter, obviously will follow on. Thank you. Im going to ask you a question that sort of relates to credit . Read More Video: Paul Wappett, CEO Australian Institute of Business. And with that, operator, please open the line for questions. From a liquidity perspective, as of year-end, we had $225 million of undrawn capacity, subject to leverage, borrowing base and other restrictions and $17 million in cash and cash equivalents. This serves to drive growth and performance improvement, accelerating value creation for shareholders. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. 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. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. Venture Capital Portfolio. Capital raised by global funds reached almost $150 billion as of 30 September, up 19 percent year over year, Private Debt Investor reported. Warren Buffett took 25% of all returns in excess of 6 percent. I mean, whats the how are things actually trending right now? 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. 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. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. 2023 Crescent Capital Group LP. March 29-30, 2023 Convene, 117 W 46th St, New York, April 19-20, 2023 Convene, 117 W 46th St, New York, May 17-18, 2023 Hilton Tower Bridge, London, May 23-24, 2023 Convene 117 West 46th Street, New York, Get limited access to our industry news, analysis and data, plus regular email updates. Jason Breaux: Thank you, Dan. By providing your email address below, you are providing consent to Crescent Capital BDC, Inc. to send you the requested Investor Email Alert updates. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. (310) 235-5900 As a member of the Australian Investment Council, we are bound by a set of member standards including the Australian Investment Council Code of Conduct, as well as responsible investment and valuation guidelines. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. The obvious, I mean, how you gave the interest coverage based on year-end rates. ", "Crescent add value across business development, acquisition and enhancement activities. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. For more information about Crescent Capital Group, please visit www.crescentcap.com. 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. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. 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 . We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. 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. 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. 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