Structures
Every investment vehicle has its own structuring challenges and operating requirements. We can assist management teams and investment advisors on which structure may be most appropriate based on the specific business model of the issuer.
Business Development Companies (BDCs)
As investors seek more yield-oriented investments, business development companies, in both publicly traded and non-traded form, have become increasingly popular, particularly for asset managers who can seed a new portfolio with performing investments. Learn more.
Small Business Investment Companies (SBICs)
While SBICs have been around since 1958, the popularity of this Small Business Administration program has recently surged, and more funds than ever, particularly BDCs, are establishing SBICs. Learn more.
Alternative Asset Vehicles
The capital markets continue to develop creative solutions to financing and structuring challenges, including numerous forms of structured vehicles. Such vehicles may take the form of a special purpose vehicle (SPV) controlled by a parent entity that holds certain assets, or a collateralized loan obligation (CLO) fund, where pools of assets are bundled and bonds of the vehicle are sold to investors as a financing mechanism. In addition, while the special purpose acquisition company (SPAC) structure has been less popular recently with the change in market conditions and investor appetite, the vehicle was originally conceived to take advantage of the burgeoning buyout market. Nonetheless, the structure cotinues to be useful in the right circumstances. Similar to SPACs, structured trust acquisition companies (STACs) are investment vehicles that are not subject to the Investment Company Act of 1940, and provide more certainty for investors because specific target acquisitions are consummated in conjunction with the completion of their initial public offerings. Learn more.
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Investment Banking to BDCs
The investment banking community has developed strong debt and equity capital markets expertise in the area of BDCs and other alternative structures. Active lead equity underwriters include:
- BB&T
- Bank of America Merrill Lynch
- Barclays Capital
- BMO
- Citi
- Credit Suisse
- Deutsche Bank
- FBR Capital Markets
- Goldman Sachs
- JMP Securities
- JP Morgan
- Ladenburg Thalmann
- Morgan Keegan
- Morgan Stanley
- RBC Capital Markets
- Suntrust Robinson Humphrey
- UBS Securities
- Wells Fargo Securities
Source: Dealogic and SNL
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