Andrew Hedlund
BC Partners, which launched a credit arm more than two years ago, has made its second BDC purchase in less than a year.
The alternatives giant is in market with its latest direct lending vehicle focused on Europe, where executives said the firm has seen increased investor interest due to negative-yielding debt.
Fees have broadly stayed constant. But when it comes to fund economics, there is still a danger of LPs being dealt a weaker hand at the negotiating table.
If private credit and private equity firms underestimate the threat posed by Elizabeth Warren and other liberal US presidential candidates, the future of alternative assets could look very different.
The firm brought on Matthew Rothfleisch following the launch of a fund series and the purchase of a CLO manager.
The business development company will charge a 1.5% management fee and a 17.5% incentive fee over a 6% hurdle rate post-offering.
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.
The firm has already deployed $1.3bn in total deal value, almost 35% of which came from co-investments.
The credit manager brought on an Apollo Global Management veteran to oversee its four credit strategies.
Dyal’s new strategy will involve making loans to alternative asset managers regardless of whether the firm holds a stake in the potential borrower.