It has a well-diversified portfolio and is unique in that it also has international exposure. Our Company - Crescent Capital Group We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. I will turn the call back to Jason Breaux for closing remarks. 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 . here to register, Not for publication, email or dissemination, Whitehorse Liquidity Partners grows team to 150 professionals, PE-backed Chartbeat acquires Lineup Systems and Tubular Labs,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. Passive Investing: Which Real Estate Strategy is Right for You. We attributed the bulk of the quarters NAV decline to widening credit spreads. Gross deployment in the fourth quarter was $46 million. Please also note that past performance or market information is not a guarantee of future results. Id now like to turn it over to Henry to discuss our Q4 investment activity. All data as of 12/31/2022. We see several investors trying to strike it rich in options market by risking their entire savings. 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. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. 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. . Win whats next. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. We did intentionally delever a bit here in Q4 in anticipation of the merger. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. 25+ years experience in strategy consulting, investment and business management and public company boards. View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, +1-212-397-1030bill@mendelcommunications.com. Great. We specialize in repositioning well-located assets in emerging markets to protect investor capital and provide high yield returns. Please go ahead. 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%. The presentation should be reviewed in conjunction with the companys Form 10-K filed yesterday with the SEC. Jason Breaux: Sure. Active vs. 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. Henry? Im going to ask you a question that sort of relates to credit . 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. 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. 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 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. Speaking on todays call will be CCAPs President and Chief Executive Officer; Jason Breaux; Chief Financial Officer, Gerhard Lombard; and Managing Director, Henry Chung. ", "Our growth strategy was perfectly aligned with Crescents. Read More Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions. Thank you again, everyone for your interest and support of CCAP. Along the way, I believe Biden could become one of the most powerful Presidents in history. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. Home - Crescent Capital Investments And with that, operator, please open the line for questions. We see our role as working on the business, helping accelerate business decisions by providing capital, the consulting toolkit and done it before experience. Their primary investment focus is with Northern Ireland based companies operating in the information technology, life sciences, and manufacturing sectors. Id also note that PIK income continues to represent a modest portion of our revenue at approximately 2% of total investment income. 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. 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. I would say broadly speaking, we continue to feel good about the health of the overall portfolio. We still like this investment. 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. Im on Slide 19. 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. An investment in Crescent BDC is different from a direct investment in any of the asset types shown above. Our team have over 30 years experience assisting healthcare businesses accelerate growth. Crescent BDC's portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. Get the full list, Morningstar Institutional Equity Research. We have a diverse portfolio across healthcare, industrials, financial services, technology, education and consumer brands. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. Which investors participated in the most funding rounds within this hub? You can sign up for additional alert options at any time. Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. Video: Cameron Johnson, CEO Nucleus Network. After submitting your request, you will receive an activation email to the requested email address. 2023 Crescent Capital Group LP. it's been delivered there. For more information about Crescent. Actually Warren Buffett failed to beat the S&P 500 Index in 1958, returned only 40.9% and pocketed 8.7 percentage of it as fees. Good morning, everyone, and thank you for joining our earnings call. You must click the activation link in order to complete your subscription. I believe it will make millions of Americans vastly wealthier. Adjusted net investment income increased 17% to $0.49 per share from $0.42 per share for the quarter ended September 30, 2022. With a reputation for delivering strong performance through a structured and disciplined approach to investment management, our team works actively alongside senior management to drive organic growth and value creation in invested companies. 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. Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard ", "Crescent brings a laser light focus on the things that drive value to our business.". This has proven to be a competitive advantage, particularly in the current lending environment. We are an equity partner that brings more than money to the relationship. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. Crescent Capital Partners Investor Profile: Portfolio & Exits | PitchBook Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . Crescent Capital Group Closes Third U.S. Direct Lending Fund, Raising 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. Sun Life-backed Crescent targets $6bn for two private debt funds 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. Crescent Capital Group Announces Hiring of Jonathan Harari as Global