Mr. Scott has worked at Closed-End Fund Advisors since 2001. He holds the FINRA 66 License and the Certified Fund Specialist designation (CFS). He is a graduate of The College of William and Mary and has been quoted and interviewed widely in the financial press and presented at conferences and for investment groups on more than 50 occasions.
In 2008 John founded CEFA’s Closed-End Fund Universe, a data service covering all US listed closed-end funds and BDCs. Currently supported by an internal 10 member analyst team with a data manager/ programmer covering the 600+ ticker universe of CEFs/BDCs/iCEFs. They regularly do consulting and projects for CEF/BDC Sponsors, Hedge Funds and Institutional Investors.
Portfolio Consultant with over $300MM+ in deposits into a fund focused on BDCs with a fund sponsor partner. He developed 35 CEF/BDC based indexes; 9 diversified portfolio objective, 9Equity and 15 Bond sector. Founder & Exec. Chairman of Active Investment Company Alliance(AICA). John is a past board member of The Richmond Association for Business Economics(RABE), and serves as Assistant Treasurer and on the Investment Committee for The New YorkState Society of The Cincinnati. Board member and Finance & InvestmentCommittees for The William & Mary NationalAlumni Board
Vlad Bulkin understands the unique needs of business development companies (BDCs) and registered closed-end funds (CEFs). From fund formation to capital raising activities, he brings industry-leading experience to clients at any stage. He has extensive transactional experience for BDCs and CEFs, including public and private securities offerings and strategic transactions.
Vlad taps into his deep regulatory and transactional knowledge to advise a broad range of clients, including BDCs, CEFs, private investment funds and other financial services firms. For BDC and CEF clients, he is well positioned to counsel them on establishment and operational matters, as well as regulatory and compliance with the Investment Company Act of 1940 and the Investment Advisers Act of 1940. He regularly works with alternative investment managers on developing permanent capital structures for their various asset classes.
Vlad frequently works with issuers and underwriters on a broad range of public and private offerings of equity and debt securities. His experience includes initial public offerings (IPOs), Rule 144A offerings, shelf offerings, at-the-market offerings (ATMs), registered direct offerings, high-yield bond offerings, convertible debt offerings and rights offerings.
Public companies rely on Vlad to help navigate corporate governance and compliance matters. He regularly advises on Securities and Exchange Commission (SEC) reporting obligations and other securities laws, including Section 16 compliance, Rule 10b5-1 plans, the Sarbanes-Oxley Act of 2002, Rule 144 and the listing requirements of the NYSE and NASDAQ.
Mike Taggart, CFA is the founder and CEO of Taggart Fund Intelligence. Previously, he worked in the closed-end fund group at Nuveen, and before that he was the head of U.S. closed-end fund research at Morningstar. He has spent nearly half his career covering closed-end funds.
David Miyazaki manages Confluence’s specialty finance portfolios with an emphasis on business development companies, which includes co-managing the First Trust Specialty Finance & Financial Opportunities Fund (NYSE: FGB). David is also a member of the Asset Allocation Committee and works with the firm’s balanced portfolios, focusing on fixed income investments.
Mr. Penn follows business development companies. Prior to joining Oppenheimer and Co. he followed business development companies at Janney Montgomery Scott. In addition, he was an Equity Portfolio Manager/Financial Analyst at Legg Mason Capital Management from 2001 to 2012 where he specialized in financial companies. From 1996 to 2001 he managed a $400M fixed income portfolio at Legg Mason Capital Management. Prior to joining Legg Mason Mr. Penn managed a $15B fixed income portfolio at Aetna. He also worked for Price Waterhouse from 1981 to 1985.
Mr. Penn received his Chartered Financial Analyst designation in 1995 and is a member of the Baltimore CFA Society. He was President of the Baltimore Society (2001-2002) and served on the Board of Directors. Mr. Penn received his Certified Public Accounting designation in 1983, but he no longer maintains this designation. He is a graduate of Villanova University, Magna Cum Laude, Phi Kappa Phi, Beta Gamma Sigma (1981) and University of Chicago (MBA-1987).
Serving clients in every major international financial center, Skadden, Arps, Slate, Meagher & Flom LLP and affiliates is one of the leading law firms in the world, with 22 offices and approximately 1,700 attorneys offering solutions to the most challenging legal issues in virtually every area of corporate law.
Kenneth E. Burdon represents public and private investment funds, investment advisers, financial services companies and other financial institutions in connection with the structuring and distribution of investment products, and in a variety of regulatory, compliance, corporate, governance, operational and transactional matters.
Fitch Ratings is a leading provider of credit ratings, commentary, and research. Dedicated to providing value beyond the rating through independent and prospective credit opinions, Fitch Ratings offers global perspectives shaped by strong local market experience and credit market expertise. The additional context, perspective, and insights we provide help investors to make important credit judgments with confidence.
Fitch Group is a global leader in financial information services with operations in more than 30 countries. Fitch Group is comprised of: Fitch Ratings, a global leader in credit ratings and research; Fitch Solutions, a leading provider of credit market data, analytical tools and risk services; Fitch Learning, a preeminent training and professional development firm; and Sustainable Fitch, the first global ESG Ratings solution for all asset classes at an entity and instrument level.
With dual headquarters in London and New York, Fitch Group is owned by Hearst.
For additional information, please visit fitchratings.com.
Meghan Neenan is a managing director in Fitch Ratings’ financial institutions group and the North American head of Non-Bank Financial Institutions. Her coverage includes alternative and traditional investment managers, hedge funds, pension funds, securities firms, business development companies, consumer and commercial finance companies, and leasing companies.
Prior to joining Fitch in June 2006, Meghan was an equity analyst at Morningstar, Inc. covering companies in the financial institutions industry. She began her career as a bank examiner at the Federal Reserve Bank of New York, analyzing a wide range of institutions, from small community banks to large, complex banking organizations.
Meghan graduated summa cum laude from Mount Union College with a BA in accounting and business administration and earned her MBA from the University of Notre Dame. She is a Chartered Financial Analyst (CFA) charterholder and a member of the CFA Institute and the New York Society of Security Analysts.
Saratoga Investment is a specialty finance company that provides customized financing solutions to U.S. middle-market businesses. The Company invests primarily in senior and unitranche leveraged loans and mezzanine debt, and, to a lesser extent, equity to provide financing for change of ownership transactions, strategic acquisitions, recapitalizations and growth initiatives in partnership with business owners, management teams and financial sponsors. Saratoga Investment’s objective is to create attractive risk-adjusted returns by generating current income and long-term capital appreciation from its debt and equity investments. Saratoga Investment has elected to be regulated as a business development company under the Investment Company Act of 1940 and is externally-managed by Saratoga Investment Advisors, LLC, an SEC-registered investment advisor focusing on credit-driven strategies. Saratoga Investment owns two SBIC-licensed subsidiaries and manages a $650 million collateralized loan obligation (“CLO”) fund. It also owns 52% of the Class F and 100% of the subordinated notes of the CLO. The Company’s diverse funding sources, combined with a permanent capital base, enable Saratoga Investment to provide a broad range of financing solutions.
– Best phone number for the day of the event should there be any technical issues.
Chris: 917-509-7604 or Charmane 917-364-6055
Christian Oberbeck is Chairman, CEO, and co-founder of Saratoga Partners, a New York-based private alternative investment firm and Chairman and CEO of Saratoga Investment Corp. a publicly traded (New York Stock Exchange) Business Development Company. Mr. Oberbeck has been a Trustee since 1990 of a private foundation that donates primarily to education-oriented charities and scholarships. He started the Renaissance Scholars Fund at Phillips Exeter Academy in 1997 and at Brown University in 2004. He has been a member of the World Presidents’ Organization and Chief Executives Organization for many years and serves on the Board of Visitors at The Children’s Hospital of Philadelphia, on the PEN America Board and on the Dean’s Council at the Harvard Kennedy School.
Nicholas Marshi is a co-founder and Chief Investment Officer (CIO) of BDC Investment Advisors (BDCIA) www.bdcia.com – a California Registered Investment Advisor. BDCIA specializes in the Business Development Company (“BDC”) sector – investing in both common stocks and bonds. BDCIA’s principal activity is managing an investment fund: BDC Fund II, which was launched in 2009. Mr Marshi is responsible for the firm’s investment management. Mr Marshi is also the editor of the BDC Reporter (see below), the leading online publication dedicated to the BDC sector, as well as the BDC Credit Reporter.
Previously Mr. Marshi-with Mr. Hansen- was a founder and principal of Southland Capital Partners (“SCP”), a Los Angeles based private equity firm. SCP was established in 1998 in Los Angeles in order to acquire controlling interests in middle market companies in the Southern California region. Prior to forming SCP, Mr. Marshi managed Kensington Capital Corporation, another private-equity investment firm, with a similar focus. In addition, Mr. Marshi was the head of the Los Angeles office of Kleinwort Benson, a British merchant bank, from 1987-1990 and was involved in leading investment banking, lending and principal investing activities. Before joining Kleinwort’s Mr. Marshi held various positions with Citibank at locations worldwide including Athens, Dubai, Puerto Rico and London. Mr. Marshi is a graduate of Tufts University (B.A.) and Harvard University (M.A.).
Rajneesh Vig, Managing Director, is a member of BlackRock’s Global Credit Platform and Chairman and CEO of BlackRock-TCP Capital Corp (NASDAQ: TCPC). He is Co-Head of US Private Capital and is the Investment Committee Chair for BlackRock’s US Private Capital (USPC) business.
Prior to joining BlackRock, Mr. Vig was a Managing Partner at Tennenbaum Capital Partners (TCP), where he was also Chairman of the Investment Committee and a member of the Management Committee. TCP with its more than $9 billion in committed capital was acquired by BlackRock in 2018. Prior to TCP, Mr. Vig held roles within Investment Banking, Debt Capital Markets and the Structured Solutions Group at Deutsche Bank Securities from 1999 through 2006.
He currently chairs the US Private Capital Investment Committee, is a member of the Credit Oversight Committee and serves on the Board of Directors of TCPC, 36th Street Capital and Edmentum. He also serves on the Board of Trustees of Connecticut College.
Mr. Vig earned a B.A. in Economics from Connecticut College and an M.B.A from New York University.
Owl Rock, together with its subsidiaries, is a division of Blue Owl Capital Inc. (NYSE: OWL) and a New York-based alternative asset manager with approximately $34.6 billion of assets under management as of June 30, 2021. Owl Rock manages multiple investment funds and products including business development companies. Owl Rock is comprised of a team of seasoned investment professionals with significant and diverse experience from some of the world’s leading investment firms and financial institutions. Owl Rock’s relationship-oriented approach to investing seeks to provide companies with sizeable commitments to facilitate transactions and support their growth needs with certainty, speed and transparency throughout the entire investment process.
Erik Bissonnette, Managing Director, Co-Head of Technology Investing
Erik Bissonnette is a Managing Director of Blue Owl, Portfolio Manager of Owl Rock Technology Finance Corp., and is a member of the Adviser’s Investment Committee.
Prior to joining Owl Rock in 2018, Mr. Bissonnette was a Managing Director and Head of Technology Leveraged Finance at Capital Source from 2009 to 2017. In this capacity he was responsible for investing the firm’s capital in senior and junior debt facilities used to support private equity and venture capital transactions. Preceding Capital Source, Mr. Bissonnette worked in private equity at ABS Capital Partners. Prior to that, Mr. Bissonnette worked in investment banking as an Associate at Wachovia Securities and an Analyst at Banc of America Securities.
Erik received a B.A. in Economics with a double major in English from Wake Forest University.
Founded in 2004, Ares Capital Corporation (NASDAQ: ARCC) is a leading specialty finance company focused on providing direct loans and other investments in private middle market companies in the United States. Ares Capital’s objective is to source and invest in high-quality borrowers that need capital to achieve their business goals, which often leads to economic growth and employment. Ares Capital believes its loans and other investments in these companies can generate attractive levels of current income and potential capital appreciation for investors. Ares Capital, through its investment manager, utilizes its extensive, direct origination capabilities and incumbent borrower relationships to source and underwrite predominantly senior secured loans but also subordinated debt and equity investments. Ares Capital has elected to be regulated as a business development company (“BDC”) and is the largest BDC by market capitalization as of September 30, 2021. Ares Capital is externally managed by a subsidiary of Ares Management Corporation (NYSE: ARES), a publicly traded, leading global alternative investment manager. For more information about Ares Capital, visit www.arescapitalcorp.com.
Mr. Goldstein is a Partner and Co-Head of the Ares Credit Group. He serves on the Ares Executive Management Committee. He additionally serves as Co-President of ARCC and Vice President and interested trustee of CION Ares Diversified Credit Fund. He is a member of the Ares Credit Group’s U.S. Direct Lending, Pathfinder Fund, Pathfinder Core Fund and Commercial Finance Investment Committees and the Ivy Hill Asset Management Investment Committee. Prior to joining Ares Management in May 2005, Mr. Goldstein worked at Credit Suisse First Boston, where he was a Managing Director in the Financial Sponsors Group. At CSFB, Mr. Goldstein was responsible for providing investment banking services to private equity funds and hedge funds with a focus on M&A and restructurings as well as capital raisings, including high yield, bank debt, mezzanine debt, and IPOs. Mr. Goldstein joined CSFB in 2000 at the completion of the merger with Donaldson, Lufkin & Jenrette. From 1998 to 2000, Mr. Goldstein was at Indosuez Capital, where he was a member of the Investment Committee and a Principal, responsible for originating, structuring and executing leveraged transactions across a broad range of products and asset classes. From 1993 to 1998, Mr. Goldstein worked at Bankers Trust. He also serves on the Board of Managers of Ivy Hill Asset Management GP, LLC. Mr. Goldstein graduated summa cum laude from the State University of New York at Binghamton with a B.S. in Accounting and received an M.B.A. from Columbia University’s Graduate School of Business.
SPEARHEAD is a boutique financial services firm focused on providing customized solutions for Ultra High-Net Worth Individuals, Family Offices, and Asset Management firms. We strive to provide long-term value to clients on an after income tax and estate tax basis by combining balance sheet risk management techniques together with investment management strategies.
James Hickey serves as the Managing Director of Alternative Strategies for Spearhead.
Prior to this role, Mr. Hickey served as Chief Investment Strategist for Avantax, an independent broker-dealer & registered investment advisor with over $80B in assets. In this role, Mr. Hickey oversaw investment strategy, home office portfolios, and market research.
Prior to Avantax, Mr. Hickey served as Vice President and Portfolio Manager for FDO Partners (“FDO”), a $3B quant investment firm founded by Harvard Business School Professor Ken Froot. In this role, Mr. Hickey oversaw FDO’s alternative investing.
Prior to FDO, Mr. Hickey served as the Managing Director and CIO of the RiverRock Group and as President of RiverRock Securities, LLC, a licensed broker-dealer..
Previously, Mr. Hickey served as Vice President of Mergers and Acquisitions for Aveta, the largest privately held Medicare Advantage health insurance company in the United States. Mr. Hickey also co-founded the health insurance company Touchstone Health Partnership, which he grew from concept to $50mil in revenue. In addition, Mr. Hickey served as a management consultant at Computer Sciences Corp. where he focused on insurance and healthcare.
Mr. Hickey received his MBA with honors from The Wharton School, University of Pennsylvania, and his bachelor’s degree with high honors from Harvard University.
Mr. Hickey holds the Chartered Financial Analyst (CFA) designation and the FINRA Series 7, 24, 27, 66 and 79 registrations.
Casey Alexander is a Managing Director – Research Analyst with Compass Point covering the Business Development Companies, which he has been following since 2009. He also covers The Golf Equipment Industry since 1996 and the Specialty Insurance industry. Prior to joining Compass Point in 2016 he was the Director of Research, a Special Situations Analyst, and a member of the Gilford Securities Board of Directors. Prior to joining Gilford Securities Inc. Mr.Alexander spent eight years with PaineWebber Inc. During his tenure at PaineWebber, Mr.Alexander filled multiple roles including Head of Over-the-Counter Marketing, Divisional Sales Manager and Branch Manager. Mr. Alexander successfully completed the PaineWebber Equity Institute portfolio management program. Mr. Alexander has also been employed by Prudential Securities and E.F. Hutton during his 40-year career in the securities business. Mr. Alexander is a tournament golfer and has been ranked as one of the top amateur tournament golfers during his career.
Terri Jordan is a Branch Chief in the Chief Counsel’s Office of the Division of Investment Management at the U.S. Securities and Exchange Commission. Previously, she was a Senior Counsel in the Rulemaking Office of the Division of Investment Management, where she participated in policy initiatives on a variety of issues concerning the investment management industry. Prior to joining the SEC, Ms. Jordan was Counsel at Eversheds Sutherland (US) LLP, where she focused her practice on issues related to business development companies and small business investment companies.
Chuck Jaffe is a syndicated financial columnist and the host of “Money Life with Chuck Jaffe,” a one-hour weekday financial talk show (moneylifeshow.com).
Chuck’s work has been syndicated since 1995, first while based at the Boston Globe and then from MarketWatch.com; he also writes for the Wall Street Journal and elsewhere. A past president of the Society of American Business Editors &and Writers, Chuck has been a frequent guest on CNBC, Nightly Business Report, Fox Business News, National Public Radio and more, and is the author of three books: “Getting Started In Finding a Financial Advisor,” “The Right Way to Hire Financial Help” and “Chuck Jaffe’s Lifetime Guide to Mutual Funds.”
In what is jokingly referred to as “spare time,” Chuck is very involved in the sport of lacrosse as a broadcaster, referee, coach, league owner and player. He lives on Boston’s South Shore with a golden retriever who sleeps under the desk while Chuck is working and whose flatulence issues sometimes explain Chuck’s demeanor.
You can follow him on Twitter @ChuckJaffe, @MoneyLifeShow and, depending on your sporting interests, @BostonBoxLax.
Andy Hall, Managing Director, Nasdaq New Listings
Andy has been with Nasdaq Listing Services since 2004, and has had various positions in the areas of Issuer Services & Market Intelligence. Andy has been on the New Listings team since 2007, and works with companies that are considering a Nasdaq listing. Andy has worked with companies that are moving from being a private to a public company in an IPO, and public companies that trade on the NYSE, NYSE American, TSX or OTC and are considering transferring, dual listing or uplisting to Nasdaq. Andy is a graduate of George Washington University in Washington, DC.
Capital Southwest (NASDAQ: CSWC) is an internally-managed, credit-focused BDC that is an active lender to middle market companies across the capital structure. CSWC provides flexible capital that fills financing needs that traditional first lien senior lenders are unwilling to meet. In particular, CSWC is well-positioned to finance lower middle market businesses with $3 to $25 million of EBITDA.
CSWC manages investable capital of approximately $1.2 billion. As of September 30 2021, CSWC had funded over $1.7 billion in new credit investments, including the capital invested in its I-45 Senior Loan Fund.
The Company is managed by an investment team with decades of experience working with one another.
The firm and all of its employees are located in Dallas, Texas
Mr. Sarner joined Capital Southwest in the Summer of 2015 and brings over 20 years of financial, treasury & BDC experience. Before joining the Company, he spent 15 years at American Capital, Ltd. in a variety of financial roles, most recently as Senior Vice President, Treasury. Michael is the Chief Financial Officer at Capital Southwest and is responsible for initiatives related to the refocus of its BDC activities. Mr. Sarner received a B.B.A. in Business Administration/Accounting from James Madison University, an M.B.A. in Finance from George Washington University’s School of Business and Public Management and is a Certified Public Accountant. Mr. Sarner now lives in Dallas with his wife and three sons.
Disclosure: Views and opinions expressed are for informational and educational purposes only as of the date of production/writing/speaking and may change without notice at any time based on a multitude of factors. Speaker’s/presenter’s/author’s opinions are their own and may not necessarily represent the opinions of AICA, its Board, or its staff. Materials may contain “forward-looking” information that is not purely historical in nature, such as projections, forecasts, market return estimates, proposed or expected portfolio composition, and other items. Listed closed-end funds and business development companies trade on exchanges at prices that may be above or below their NAVs. There is no guarantee that an investor will be able to sell shares at a price greater than or equal to the purchase price or that a closed-end fund’s discount will narrow. Non-listed closed-end funds and business development companies do not offer investors daily liquidity but rather offer liquidity on a monthly, quarterly or semi-annual basis, often on a small percentage of shares. Closed-end funds often use leverage, which can increase the fund’s volatility (i.e., risk). Actual distribution amounts may vary with fund performance and other conditions. Past performance is no guarantee of future results. This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. Closed-end funds frequently trade at a discount to their net asset value (NAV).