There are significant risks that should be considered and reviewed when considering an investment in real estate. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. 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. . Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . Warren Buffett took 25% of all returns in excess of 6 percent. I mean how would the how are the operating trends doing? A few more updates before I turn it over to Henry. 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. S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. 2023 Crescent Capital Group LP. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Well, its almost entirely because of a surprising July 25th twist that hardly anybodys talking about right now. 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. Which investors participated in the most funding rounds within this hub? I.e., is your forward leverage range target changing as a result of proposed acquisition? 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. While we do anticipate further market volatility and the potential for spread widening as the cycle progresses, we feel good about our current portfolio, and we remain very excited about the First Eagle BDC transaction as we further enhance our scale and position. Diversification will not guarantee profitability or protection against loss. Crescent Capital Partners General Information. The Firm believes that these high-yield assets will deliver strong cash-flow focused returns for investors. Crescents investment activities are managed by dedicated teams focused on each of these asset classes. Its also worth highlighting that in January, we upsized our SMBC Corporate Revolving Facility by $35 million to $385 million. We have consistently been able to deliver significant value-add alongside our management teams. Crescents track record is successfully managing through multiple economic and market cycles, provides us with significant and relevant experience navigating what could be a challenging environment in 2023 and beyond. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. 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. All data as of 12/31/2022. Crescent has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. In particular, in the past 10 years Crescent has been the most active private equity manager in healthcare in Australia. Guidance Id now like to turn it over to Henry to discuss our Q4 investment activity. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. Crescent Capital BDC, Inc. (NASDAQ:CCAP) Q4 2022 Earnings Call Transcript, How to Best Use Insider Monkey to Increase Your Returns, 6 Things You Didn't Know About Hedge Funds. Get the full list, Morningstar Institutional Equity Research. We thank you for your participation and ask that you please disconnect your lines. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. "Crescent were willing to invest initially and on a continued basis to maintain our technologically leadership position. Private Equity Round - Integrity Marketing Group, Gladstone Wealth Partners acquired by Integrity Marketing Group, American Health Plans acquired by Integrity Marketing Group, PHP Agency acquired by Integrity Marketing Group, Compass Group Insurance acquired by Integrity Marketing Group, Richman Insurance Agency acquired by Integrity Marketing Group, Investor, Startup, Company or School that the hub is based on, Total number of organizations associated with this hub, Algorithmic rank assigned to the top 100,000 most active Hubs, Total number of founders of organizations in the hub, Average date the Organization was founded, Percentage of organizations in this hub that have been acquired, Percentage of organizations that have gone public with an IPO, Total number of for-profit companies in this hub, Last Funding Round type of organizations in the hub (e.g. 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. 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. Robert Dodd: Got it. We target middle market companies located in Australia and New Zealand with enterprise values of $50m to $300m. ", "I strongly recommend working in partnership with Crescent Capital. 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 . Net realized losses were less than $0.05 per share. Crescent is the most active Private Equity investor in industrial companies in Australia, having invested in 11 industrial businesses over the last 4 funds. 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. Crescent has launched and fully invested the first energy-focused private equity fund in Turkey. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. Jason Breaux: Thank you, Dan. Jason Breaux: Yes. Im going to ask you a question that sort of relates to credit . While the higher rate environment is certainly beneficial from an earnings perspective, we are also cognizant of the fact that it is generally correlated with a slower U.S. economy which together can create more stress in the portfolio. We are an equity partner that brings more than money to the relationship. Thank you. Wed be happy to take your questions, and please understand that we may be limited in some answers due to the ongoing First Eagle transaction. I look forward to working with our talented team of professionals to continue serving our current and prospective investors.". Insights about top trending companies, startups, investments and M&A activities, notable investors of these companies, their Leaderboard Crescent Capital is a Belfast based venture capital fund manager. 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. Access to our investment and operational team brings unparalleled support to our portfolio companies. After submitting your request, you will receive an activation email to the requested email address. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. Robert Dodd: Hi guys. 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. 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. 25+ years experience in strategy consulting, investment and business management and public company boards. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. Use of this website is governed by the Terms and Conditions. After submitting your request, you will receive an activation email to the requested email address. Reduced net debt by approximately $850 What's the most common final funding type when companies get acquired? We are a community of like-minded real estate investors who together have a stronger purchasing power to acquire and operate multi-family properties for their potential of hands-free, tax-free passive income. We remain very excited about the acquisition as we believe the combination provides many strategic and financial benefits to the combined company. More About us Our Portfolio at a Glance $ 1.3 B Portfolio Size (at Fair Value) 129 Portfolio Companies 90% First Lien Investments Crescent Capital is an attractively priced BDC trading at a substantial 26% discount to its NAV/share. We continue to believe that CCAP remains well positioned to navigate the economic and market uncertainty ahead. Thank you! We did intentionally delever a bit here in Q4 in anticipation of the merger. Adjusted net investment income increased 17% to $0.49 per share from $0.42 per share for the quarter ended September 30, 2022. 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. For example S&P 500 Index returned 43.4% in 1958. 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.
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