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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.
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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.
The firm has grown quickly since it was founded a little more than three years ago and now has two BDCs that manage much of its capital.
magnifying glass over board game pieces
Volatility in Q4 2018 dragged on performance across the market, but a dispersion of results in the first quarter offer a more accurate reflection.
The BDC’s asset-based investments are targeting an unlevered gross return in the mid-teens, with commitments made in the first quarter to an aircraft leasing company and a mortgage lender.
The partnership will see a geographic mix across the US and Europe, which will let BBDC access investments with different levels of yield.
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