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 has successfully helped unique Australian products become iconic brands that are loved by consumers around the world. Taseko Mines Limited (AMEX:TGB) Q4 2022 Earnings Call Transcript, Smith & Nephew plc (NYSE:SNN) Q4 2022 Earnings Call Transcript. Get the full list, Youre viewing 10 of 31 exits. Video: Melinda McGrath, CEO Australian Clinical Labs. Jason Breaux: Thank you, Dan. The company assumes no obligation to update any such forward-looking statements. here to register, Not for publication, email or dissemination, Whitehorse Liquidity Partners grows team to 150 professionals, PE-backed Chartbeat acquires Lineup Systems and Tubular Labs,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. To participate please dial (877 . 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. How are IPOs trending over time in this hub? He also served as a member of the hedge fund solutions group at The Blackstone Group, L.P., where he focused on business development efforts across the Northeast and Southeast U.S. working with a diverse array of institutional clients. The team brings together complementary backgrounds in structured finance, private equity, law, engineering, and project development, with more than 80 years of direct financing and investment expertise. In addition to equity capital, partnering with Crescent brings access to deep industry expertise and significant strategy and operational support. 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. Acting as a first-mover, we put together innovative financing structures and investment vehicles creating value for our institutional investors. You must click the activation link in order to complete your subscription. Your submission has been received! 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. This was by design as we believe it is prudent to prioritize deleveraging in advance of the First Eagle acquisition. | The $46 million in gross deployment compares to approximately $71 million in aggregate exits, sales and repayments in the quarter, inclusively a final $8 million liquidating return of capital from our joint venture, which, as Jason noted, is now fully dissolved. 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. Please turn to Slides 13 and 14 of the presentation, which highlights certain characteristics of our diversified portfolio. management team, and recent news are also included. 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. Jason reviewed several metrics related to our portfolio. 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. Do you expect to be running lower leverage than was the case to present historically? Which investors participated in the most funding rounds within this hub? If you experience any issues with this process, please contact us for further assistance. Our net asset value per share ended the year at $19.83, down 1.6% as compared to the prior quarter. The obvious, I mean, how you gave the interest coverage based on year-end rates. 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. There are no further questions at this time. The good news is, this powerful new force can help you make a lot of money even in a bear market. 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. ", "Our growth strategy was perfectly aligned with Crescents. Video: Paul Wappett, CEO Australian Institute of Business. In a free sample issue of our monthly newsletter we analyzed Warren Buffetts stock picks covering the 1999-2017 period and identified the best performing stocks in Warren Buffetts portfolio. ", "Crescent add value across business development, acquisition and enhancement activities. We look forward to speaking with you again soon. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. Website by GCI. The foundation of our success is the working relationship we have with the business owners and leadership teams we partner with. Investing in the future of finance, education, SaaS, logistics, and more. With that, Id now like to turn it over to Jason. We are headquartered in Los Angeles with offices in New York, Boston, Chicago, and London. The in house depth and breadth of consulting and operating skill sets provides support for portfolio companies to achieve their potential. Operator: Thank you. As of December 31, 2022, Crescent Capital Group managed over $40 billion of privately originated debt investments and marketable securities. Turning back to this quarters earnings. Crescent Capital Group LP has closed its eighth private credit fund at $8 billion. We have consistently been able to deliver significant value-add alongside our management teams. 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. You talked about, obviously, youve lowered leverage ahead of that acquisition. Crescent Capital Investments, LLC is a privately held investment company that focuses on acquiring and managing opportunistic and value-add multi-family properties. 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. Henry? If Warren Buffetts hedge fund didnt generate any outperformance (i.e. Crescent Capital's shares are likely to rebound, as fundamental factors don't support the downtrend. 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. Get the full list, Youre viewing 5 of 21 co-investor. For more information about Crescent. Before we begin, Ill start with some important reminders. Investors in our funds include both domestic and international pension funds and endowments. At Crescent Capital BDC, Inc., we promise to treat your data with respect and will not share your information with any third party. This website must be read in conjunction with the applicable offering documents or Private Placement Memorandum in order to understand fully all of the implications and risks of investing in real estate and a copy of the offering documents must be available to you in connection with any offering. How Crescent invests Crescent began life in 1991, when managing partners Attanasio and Jean-Marc Chapus established Crescent Capital Corp. Crescent wraps up eighth private credit fund at $8bn, Investor Relations, Marketing & Communications Forum. 1: AUM as of 12/31/2022 and includes committed assets and employee investments in Crescent managed portfolios. To reiterate Henrys comments, we prioritize delevering during Q4 in advance of the close of the First Eagle acquisition. In this report, "we," "us," "our" and "Company" refer to Crescent Capital BDC, Inc. and its consolidated subsidiaries. We attributed the bulk of the quarters NAV decline to widening credit spreads. One, the Boards of Directors of Crescent BDC and First Eagle BDC have each unanimously approved the transaction. Founder, Chief Executive Officer and Managing Director, Chief Financial Officer & Investment Executive, Youre viewing 10 of 67 investments. You can sign up for additional alert options at any time. Please turn to Slide 6, where youll see a summary of our results. This means the bullish number of . From a liquidity perspective, as of year-end, we had $225 million of undrawn capacity, subject to leverage, borrowing base and other restrictions and $17 million in cash and cash equivalents. Crescent Capital Partners invests in companies and sectors with growth potential within Australia & New Zealand or internationally. 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. Importantly, we generated net realized gains for the full year 2022, delivering positive realized gains in excess of our losses. Gross deployment in the fourth quarter was $46 million. Crescent Capital Group LP, a leading alternative credit investment firm, announced today the successful final close of its third direct lending fund, . Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. All rights reserved. Thanks for the question. 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. Id now like to turn it over to Henry to discuss our Q4 investment activity. 30+ years experience in operating roles and M&A, 20+ years in healthcare sector including private equity investments, 20 years experience in strategy consulting, private equity and banking, 25+ years experience in financial management and accounting, 15 years experience in strategy consulting and private equity. Please turn to Slide 15 where we highlight our recent activity. This video is provided by the Australian Investment Council. I would say broadly speaking, we continue to feel good about the health of the overall portfolio. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. We believe this is an important distinction to highlight for shareholders in a volatile market environment. The first question comes from Robert Dodd of Raymond James. Networking We provide expertise and exposure to a network of relevant business contacts. 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. Were any of the follow-on was any of the follow-on capital to the portfolio companies to pad out liquidity? 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. We generally believe that our private equity partners provide operational and financial support to strengthen their portfolio companies for long-term value creation, which is particularly valuable during periods of heightened volatility, like the one we are investing in today. Crescent Capital Partners is a leading Australian private equity firm. This recurring revenue ultimately accounted for 94% of this quarters total investment income, up from 86% in Q4 of 2021. Henry Chung: Thanks, Jason. We believe that we benefit from years of experience managing below investment grade bank loans and debt securities over multiple economic and market cycles. Or is that just a timing? Passive Investing: Which Real Estate Strategy is Right for You. View source version on businesswire.com: https://www.businesswire.com/news/home/20230228005594/en/, Mendel CommunicationsBill Mendel, +1-212-397-1030bill@mendelcommunications.com. Crescent BDCs portfolio, at any given point in time, may be comprised of some, all or none of the asset types shown. And two, the exchange ratio for the stock component of the merger consideration and the amount of cash from Crescent BDC will be determined by the respective net asset values of Crescent BDC and First Eagle BDC and customary merger adjustments two days prior to closing. Crescent Capital is a Belfast based venture capital fund manager. This list of organizations invested in by Crescent Capital provides data on their funding history, investment activities, and acquisition trends. Win whats next. Or was it a more normal course of business add-ons or growth or whatever? Crescent Credit Solutions VIII's backers include insurance companies, pension funds, sovereign wealth funds . Wed like to thank all of you for your continued support and time today. Thank you! 2023 Crescent Capital Group LP. Comments made over the course of this conference call and webcast may contain forward-looking statements and are subject to risks and uncertainties. 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. Video: Matt Courtney, CEO Construction Sciences. For this period, the Company had $277.6 million in aggregate exits, sales and repayments. Founded in 1995, Crescent Capital is a venture capital firm based in Belfast, United Kingdom. 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. LOS ANGELES, February 28, 2023--(BUSINESS WIRE)--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 Solutions Group. 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. Please go ahead. The total size of the investment portfolio is around USD 400 million which includes hydro, wind, solar assets under operation. Get matched with a tax expert to do your taxes, https://www.businesswire.com/news/home/20230228005594/en/. Our GAAP earnings per share or net increase in net assets resulting from operations for the fourth quarter of 2022 was $0.08, which compares to negative $0.08 per share for the prior quarter. So lets begin. Crescents investment success across education, services and mining technology has helped innovative Australian businesses compete on a global stage. If you experience any issues with this process, please contact us for further assistance. The all time high for this statistics is 5. 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. We have a diverse portfolio across healthcare, industrial, financial services, technology, education and consumer brands. This increase was driven primarily by rising base rates and higher spreads. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. With deep in house expertise, we provide the support to accelerate growth creation in our portfolio companies. All information contained in this website is qualified by the terms of applicable offering documents. Click here. Which companies in this hub have the most subsidiaries? 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 word on The Street in general, suggests a Strong Buy analyst consensus rating for Crescent Point Energy with a $10.13 average price target. 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. I will turn the call back to Jason Breaux for closing remarks. The firm invests in companies operating in the information technology, life sciences, and manufacturing sectors. On a GAAP basis, fourth quarter net investment income per share was $0.52. Crescent Capital is an independent private equity and asset management firm with a focus on energy and infrastructure investments in Turkey and surrounding regions.
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