We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. The companys actual results could differ materially from those expressed in such forward-looking statements for any reason, including those listed in its SEC filings. We appreciate your continued interest in CCAP. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. Win whats next. 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. The company assumes no obligation to update any such forward-looking statements. The good news is, this powerful new force can help you make a lot of money even in a bear market. Please turn to Slide 6, where youll see a summary of our results. Get the full list, Youre viewing 5 of 21 co-investor. "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. I believe it will make millions of Americans vastly wealthier. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. 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. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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 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. 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. 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. Along the way, I believe Biden could become one of the most powerful Presidents in history. ", "Crescent partnered with us and assisted in achieving our growth targets. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. Jason Breaux: Yes. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. 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. Average Retirement Savings By Age: Are You Normal? ", "I strongly recommend working in partnership with Crescent Capital. So lets begin. Please note that Crescent Capital BDC, Inc. may be referred to as CCAP, Crescent BDC or the company throughout the call. If youre looking for capital and an active partner to accelerate the growth of your business or thinking about exiting by bringing in new investors, please feel free to contact me by phone or email to find out more. 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. You must click the activation link in order to complete your subscription. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". Another, on your deployments in the quarter, obviously will follow on. Get the full list, Youre viewing 10 of 31 exits. Please go ahead. We believe this is an important distinction to highlight for shareholders in a volatile market environment. Click here. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. As you can see on the left-hand side of the page, over 99% was an existing senior secured first lien and unitranche investments. For example S&P 500 Index returned 43.4% in 1958. | The weighted average stated interest rate on our total borrowings was 6.23% as of year-end. Continued strong performance ratings and low nonaccrual levels. The total size of the investment portfolio is around USD 400 million which . secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. Our team have been drawn from top tier strategy consulting practices and operating leadership roles in industry. . Use of this website is governed by the Terms and Conditions. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. 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. 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. Dan McMahon: Good morning, and welcome to Crescent Capital BDC, Inc.s fourth quarter and year ended December 31, 2022 earnings conference call. 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. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. CCS Fund VIII Becomes Largest Capital Raise in Crescent's History. 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 . PitchBooks data visualizations quickly surface an investors historical investmentsshowing a breakdown of activity by industry, year and region. There are no further questions at this time. ", "Crescent brings a laser light focus on the things that drive value to our business.". Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. LOS ANGELES, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Crescent Capital BDC, Inc. ("Crescent BDC" or "Company") (NASDAQ: CCAP) today reported net investment income of $59.7 million, or $1.93 per share, and adjusted net investment income of $53.4 million, or $1.73 per share, for the year ended December 31, 2022. Get the full list, Youre viewing 4 of 6 team members. We redeployed the majority of the proceeds from this monetization activity primarily into directly originated higher spread Crescent private credit opportunities. Crescent Capital Partners invests in companies and sectors with growth potential within Australia & New Zealand or internationally. 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. And with that, Id like to turn it back to Jason for closing remarks. Every year we ask all of our executives the question Would you recommend working with Crescent to a friend or colleague? 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 . The first question comes from Robert Dodd of Raymond James. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. I will turn the call back to Jason Breaux for closing remarks. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. 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. LP investments in high-growth and distressed companies in the United States and abroad. S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. ", "Crescent add value across business development, acquisition and enhancement activities. You should only be asked to sign in once. Website by GCI. As of December 31, 2022, Crescent Capital Group managed approximately $40 billion of privately originated debt investments and marketable securities. Crescent has achieved strong success in Financial Services, with expertise in creating value through organic growth, acquisitions and geographical expansion into Asia. Don't have an account? I believe he will not only run again next year, but could win a 2nd Presidential term and by a LANDSLIDE. The health of the portfolio is also demonstrated by the stable weighted average portfolio grade and low nonaccrual rates. Discover more about our company and values. Do you expect to be running on a combined basis going forward? 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. Legal Notice. Using market interest rates at year-end, weighted average interest coverage for the total portfolio was 1.9x. Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior quarter. Heres an airasia flight discount BigPay users can benefit from for 2023, High Airfares Are Here to Stay, AirAsias Fernandes Says. Thanks for the question. Read More Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their. Henry? 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. Diversification will not guarantee profitability or protection against loss. Im on Slide 19. But I would say overall, we are pleased with the underlying performance of the portfolio. 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). Now lets shift to capitalization and liquidity. Crescent is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. Not the case? Robert Dodd: Got it. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript February 23, 2023. Gerhard will then review our financial performance during the fourth quarter. 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.
