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For more information about Crescent. | The difference relates to a noncash reversal of our capital gains-based incentive fees on net realized and unrealized capital appreciation. We redeployed the majority of the proceeds from this monetization activity primarily into directly originated higher spread Crescent private credit opportunities. I believe he will not only run again next year, but could win a 2nd Presidential term and by a LANDSLIDE. The fund was more than double the size of . 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. 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. Gross deployment in the fourth quarter was $46 million. Two more credit trends to highlight. | Diversification will not guarantee profitability or protection against loss. We did intentionally delever a bit here in Q4 in anticipation of the merger. He began his investing career at Focus Partners, LLP, a Singapore-based long/short equity hedge fund focused on Southeast Asia. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. If you experience any issues with this process, please contact us for further assistance. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. To participate please dial (877 . Terms & Conditions The decline relates primarily to unrealized losses we took to reflect wider credit spreads in the market as volatility within the leveraged finance and equity markets continued during the fourth quarter. In addition, our portfolio managers have responsibility for multi-asset class strategies that are constructed from each of the asset classes we manage. 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. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. 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 thank you for your participation and ask that you please disconnect your lines. ", "Crescent partnered with us and assisted in achieving our growth targets. Jason Breaux: Okay. Another, on your deployments in the quarter, obviously will follow on. 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. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. 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 . In total, we closed on five add-on and several revolver and delayed draw fundings with no new portfolio company investments in the quarter. Click here. 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. Venture Capital Portfolio. The bad news is, this July 25th twist is also likely to make Biden and the progressives more powerful than ever. That nonrecurring income has now been replaced by recurring yield related income from Crescents originated assets. As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. We initially share this idea in October 2018 and the stock already returned more than 150%. 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. You must click the activation link in order to complete your subscription. It is ideal for investors looking for capital security.Open to Asia , Europe , America ,and Africa on Investment / Financial Plan Portfolio Office Customer Support Hours: Monday - Sundays CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. Operator: Ladies and gentlemen, this does conclude our conference call for today. 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. Website by GCI. 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. All rights reserved. And it means its going to be harder than ever to hold onto any money you make. To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. We believe an active engagement model is a leading indicator of strong company performance. 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. 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. This serves to drive growth and performance improvement, accelerating value creation for shareholders. Crescent Capital is a leading investor across . Thank you. ", "Crescent add value across business development, acquisition and enhancement activities. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Crescent Credit. Now lets shift to capitalization and liquidity. Offerings across the credit quality spectrum Crescent Capital is a Belfast based venture capital fund manager. Click Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. 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. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. The obvious, I mean, how you gave the interest coverage based on year-end rates. Video: Melinda McGrath, CEO Australian Clinical Labs. Continued strong performance ratings and low nonaccrual levels. So lets begin. bdcir@crescentcap.com. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. Average Retirement Savings By Age: Are You Normal? Private Equity Portfolio. Crescent has an active partnership ethos, which is a highly structured and disciplined approach to portfolio management and hands-on value creation. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. 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. Our focus on unitranche opportunities allows us to offer even greater certainty of execution to our private equity sponsors and enables us to enhance our yield opportunity while remaining at the top of the capital stack. I would now like to turn the conference over to Dan McMahon. 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. LOS ANGELES, February 28, 2023--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 . You can enter your email below to get our FREE report. ", "Crescents practical and analytical approach enabled management to hit their goals. 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. 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. Healthcare is Crescent's largest sector by investment. At Crescent Capital, we invest in debt securities at all levels of a companys capital structure. Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. The company has a one-year high of $10.68 and a one . In our view, our long-term track record of strong credit performance and NAV stability since inception demonstrates the merits of our proven investment process as we work to deliver attractive results to our shareholders. Legal Notice. 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. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Crescent Capital Partners is a leading Australian private equity firm. 25+ years experience in strategy consulting, investment and business management and public company boards. We attributed the bulk of the quarters NAV decline to widening credit spreads. 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. 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. The all time high for this statistics is 5. 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. 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. We have just sent you an email so you can verify your account. Oops! Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. Crescent is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. 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. Get the full list, Youre viewing 4 of 6 team members. to generate high returns in the 20% to 30% range. 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. 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. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. Along the way, I believe Biden could become one of the most powerful Presidents in history. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. In particular, in the past 15 years Crescent has been the most active private equity manager in healthcare in Australia. The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. 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. Crescent Capital Group is a global alternative investment firm focused on below investment grade credit markets with primary strategies that include funds that invest in leveraged loans, high-yield bonds, mezzanine debt, special situations, and distressed securities. 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 . Crescent Capital is a Belfast based venture capital fund manager. Crescent Bit Capital is a type of secure investment that grows your money at a guaranteed rate based of chosen plan of interest for a fixed period of time. Crescent Capital is a Belfast based venture capital fund manager. Please turn to Slide 6, where youll see a summary of our results. 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. For example S&P 500 Index returned 43.4% in 1958. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. 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. . Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. 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. 2009 Crescent Capital, All Rights Reserved. And a big driver of that is that the if you look back at the historical left grid balance sheet, theyve historically had a bit higher leverage than us. SLC Fixed Income portfolios qualify as sustainable As of December 31, 2022 Key differentiators Experienced teams with deep private credit expertise Our investment teams have specialized in private debt for more than 40 years, offering the necessary skills to navigate a nuanced asset class. 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 word on The Street in general, suggests a Strong Buy analyst consensus rating for Crescent Point Energy with a $10.13 average price target. Use the PitchBook Platform to explore the full profile.