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The firm's founder took a position early on in its development that modest goals and bold ones required similar effort to achieve. So why not aim high?
In our September magazine’s Deep Dive, investment professionals stressed the benefits of permanent capital. One overlooked advantage is making the asset class more accessible.
The combination with one of the firm's private BDCs, expected to close later in September, will create one of the largest publicly traded BDCs.
It also has positions in two other business development companies: Great Elm Capital Corporation and MVC Capital.
The firm may oversee more than $10bn of assets for the strategy a little more than a year after it formally parted ways with FS Investments.
Alcentra BDC shareholders will retain 19% of the combined entity, while the buyer will reduce its management fee and up its hurdle rate.
The new vehicle has purchased several investments, all of which are portfolio companies of the firm’s publicly traded Goldman Sachs BDC.
BC Partners, which launched a credit arm more than two years ago, has made its second BDC purchase in less than a year.
jars of money
The investment manager’s latest product continues the firm’s strategy of lending to US mid-market companies.
The business development company will charge a 1.5% management fee and a 17.5% incentive fee over a 6% hurdle rate post-offering.
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