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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.
Lawyer
Manuel Henriquez, also the venture debt lender’s former chairman and founder, stepped down after prosecutors charged him with taking part in a college admission bribery operation, to which he pleaded not guilty.
Reasons for longer-term vehicles in private debt are growing, with one being the requirement to support businesses traditionally backed by banks.
piles of coins
The firm has announced a definitive interest purchase agreement to obtain a majority share of CM Investment Partners.
The partnership will allow TPG Sixth Street Partners to expand its energy strategy beyond providing loans to oil and gas companies.
The combination of four private business development companies, on a pro forma basis, will be larger than its publicly traded counterpart, FS KKR Capital Corporation.
The country's 10 largest public business development companies have taken different approaches to accessing debt.
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