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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


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


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.


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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27th May 2021
1:00 pm - 5:00 pm
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Phone: 804-288-2482

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