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. 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. We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. 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. 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. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. Jason Breaux: Thank you, Dan. Reduced net debt by approximately $850 To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Your submission has been received! Please turn to Slide 6, where youll see a summary of our results. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. The company's 90% portfolio is performing above expectations, while 89% of its portfolio. We believe this is an important distinction to highlight for shareholders in a volatile market environment. Guidance Privacy Policy We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. Crescent has won the M&A Acquisition Finance Deal of the Year 2016 Award in Turkey, which represents the longest tenor fully non-recourse senior debt financing in Turkish renewables together with the first sharia-compliant mezzanine facility in the sector. 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. There are significant risks that should be considered and reviewed when considering an investment in real estate. Read More Portfolio See our recent purchases and offers. I believe he will not only run again next year, but could win a 2nd Presidential term and by a LANDSLIDE. As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. A few more updates before I turn it over to Henry. In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. After submitting your request, you will receive an activation email to the requested email address. 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. | Investors in our funds include both domestic and international pension funds and endowments. ", "Crescent partnered with us and assisted in achieving our growth targets. 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. Great. it's been delivered there. Crescent Capital BDC, Inc. (NASDAQ: CCAP) was in 6 hedge funds' portfolios at the end of the third quarter of 2020. I.e., is your forward leverage range target changing as a result of proposed acquisition? 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. 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. Click here. 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%. management team, and recent news are also included. Crescent Capital is a leading investor across . Video: Cameron Johnson, CEO Nucleus Network. 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 . 2023 Crescent Capital Group LP. Healthcare is Crescent's largest sector by investment. ", "Crescents practical and analytical approach enabled management to hit their goals. I mean, whats the how are things actually trending right now? Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. As of December 31, 99% of our debt investments at fair value were floating rate with a weighted average floor of 80 basis points, which compares to our 72% floating rate liability structure based on debt drawn with no floors. After that, there are no remaining term maturities until 2026. 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. Thank you. Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior quarter. Use the PitchBook Platform to explore the full profile. 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. 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. Something went wrong while submitting the form. On a GAAP basis, fourth quarter net investment income per share was $0.52. You talked about, obviously, youve lowered leverage ahead of that acquisition. Crescent Capital focuses on acquiring multi-family real estate in high-growth secondary and tertiary markets throughout the Sun Belt. That means much bigger government. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. As you can see on the right-hand side of the slide, we have a low level of debt maturities over the next few years with $150 million maturity related to our 5.95% unsecured notes in July 2023. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Website by GCI. We see several investors trying to strike it rich in options market by risking their entire savings. First, we are targeting the closing of our announced merger with First Eagle BDC this quarter. Home - Crescent Capital Investments Earn Accelerated Returns Through Multi-Family Real Estate About Us Discover more about our company and values. The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. Which investors participated in the most funding rounds within this hub? 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. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. ", "Our growth strategy was perfectly aligned with Crescents. A couple of reminders as it relates to the transaction. Two more credit trends to highlight. Product Marketing and Business Development Director. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. Jason Breaux: Thanks, Gerhard. As of year-end, this GAAP expense accrual has been fully reversed. And it means its going to be harder than ever to hold onto any money you make. Moving to the right-hand side of the page, youll see that our unitranche first lien investments have continued to become a more prominent percentage of our total portfolio, accounting for 66% of total portfolio fair value at year-end compared to 59% the year prior. The first question comes from Robert Dodd of Raymond James. Networking We provide expertise and exposure to a network of relevant business contacts. Crescent Capital Partners invests in companies and sectors with growth potential within Australia & New Zealand or internationally. Crescent is an alternative asset manager with approximately $40 billion 1 of assets under management and over 210 employees as of December 31, 2022. 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. As far as the deployment in Q4, it was all normal course getting drawn on unfunded and existing commitments that we had to our portfolio companies. I would say broadly speaking, we continue to feel good about the health of the overall portfolio. 2023 PitchBook. Crescent Capital is a leading investor across real estate, private equity and venture capital. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. 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. Do you expect to be running on a combined basis going forward? You must click the activation link in order to complete your subscription. This increase was driven primarily by rising base rates and higher spreads. With that, I will now turn it over to Gerhard. Read More InterContinental Hotels Group PLC (NYSE:IHG) Q4 2022 Earnings Call Transcript Vista Energy, S.A.B. 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. How are IPOs trending over time in this hub? 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. Earnings Call TranscriptNASDAQ:CCAPQ4 2022, Despite Joe Bidens age, raging inflation, and his dismal 45% approval level. Use of this website is governed by the Terms and Conditions. Description. In addition, a reconciliation of this measure may also be found in our earnings release. We did intentionally delever a bit here in Q4 in anticipation of the merger. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. Im on Slide 19. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Diversification will not guarantee profitability or protection against loss. 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. What's the most common types of sub-organization? Do you expect to be running lower leverage than was the case to present historically? To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. The company assumes no obligation to update any such forward-looking statements. Please turn to Slide 15 where we highlight our recent activity. 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. 2009 Crescent Capital, All Rights Reserved. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. A couple more worth highlighting. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. The good news is, this powerful new force can help you make a lot of money even in a bear market. LP investments in high-growth and distressed companies in the United States and abroad. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. 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. You can enter your email below to get our FREE report. 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. How much aggregate funding have these organizations raised over time? At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. "Jonathan brings a wealth of investor relations experience to Crescent, and we are excited for his leadership as we seek to grow our client relationships and respond to the increasing demand for our alternative credit offerings," said Jean-Marc Chapus, Managing Partner and Co-Founder of Crescent Capital Group. We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. Jason Breaux: Yes. Use of this website is governed by the Terms and Conditions. Operator: Good afternoon, ladies and gentlemen, and welcome to the Q4 2022 Crescent Capital BDC, Inc. Earnings Conference Call. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with . 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.