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Time
1pm – 1:15pm Attendee Login and Network at Virtual Tables
1:15pm – 1:30pm Welcome by John Cole Scott – AICA’s Founder & Executive Chairman & “ABCs of BDCs’ Session” Presentation slides in PDF format

1:30pm – 2:30pm Panel #1: “Traditional BDC Managers: Competition for Credit Platforms”
Review of this quarter’s earnings season and how BDC portfolio companies are handling the COVID recovery. How can BDCs benefit from inflationary pressures?

Moderator: Kenneth Burdon, Counsel, Investment Management – Skadden, Arps, Slate, Meagher & Flom LLP

Presenters:

Matt Pendo, President & Chief Operating Officer – Oaktree OCSL

Katie McGlynn, Director – BlackRock TCPC

Allison Rudary, Head of CGBD Shareholder Relations – Carlyle CGBD

Krishna Thiyagarajan, Partner, Co-Chief Risk Officer and Portfolio Manager – SLR Sponsor Finance.

2:30pm – 2:45pm Networking Break
2:45pm – 3:35pm Panel #2: “Assessing Risk & Opportunity in Public BDCs”
Looking at best practices and how BDCs are often structured differently from each other from the Service Provider’s perspective. A look at potential improvements for gaining more institutional investment ownership in the BDC sector.

Moderator:  Mike Taggart, CFA – Taggart Fund Intelligence

Presenters:

Mitchel Penn, Managing Director of Equity Research – CFA Oppenheminer

Kabir Caprihan, CFA – JP Morgan

Matthew Giordano, Deputy Lead Partner – Public Investment Management, KPMG

Kaitlin Bottock, Branch Chief, Chief Counsel’s Office of the SEC’s Division of Investment Management

3:35pm – 3:50pm Networking Break
3:50pm – 4:30pm Panel #3: “Institutional Investor Fireside Chat”
Join AICA’s Founder John Cole Scott, who as CIO of CEF Advisors is the portfolio consultant for SmartTrust UITs: CEFA Select BDC UIT Series 21. John and David will have a thorough and timely conversation on business development company analysis and how a firm like Confluence Investment works to create investment opportunities for their clients in a retail investor driven sector. This extended conversation should help educate financial advisors and institutional investors of how to research and manage risk in the BDC sector.

Presenters:

John Cole Scott, AICA’s Founder & Executive Chairman, CIO – Closed-End Fund Advisors

David B. Miyazaki, CFA – Confluence Investment Management

4:30pm Event Closing Remarks – John Cole Scott – AICA’s Founder & Executive Chairman
4:30pm – 5:00pm Post Event Networking with Speakers, Sponsors, Members and Fellow Attendees

What are Business Development Companies (BDCs)?

  • BDCs are closed-end funds that provide small, growing companies access to capital.
  • BDCs were created by Congress in 1980 to provide an opportunity for individual non-accredited investors to participate in private investments
  • BDCs (just like traditional closed-end funds) offer
    • 1940 Act Investment Company status/regulation
    • Fixed-Capital
    • Active Management
    • Daily Liquidity
  • Tax-advantaged and earnings are passed through to investors in the form of dividends and distributions (similar to REITs and MLPs)
  • BDCs leverage is limited to 200% (*150%) asset coverage = total assets / total debt or “one turn” of leverage, excluding SBIC facilities (BDCs).
  • BDCs typically have a higher fee structure w/ carry

 

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Details

Date:
May 27
Time:
1:00 pm - 5:00 pm