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Insight2016-08-01T14:51:33-04:00

Christian Munafo on the Mid-2025 Economy

June 18th, 2025|Comments Off on Christian Munafo on the Mid-2025 Economy

Christian Munafo, Chief Investment Officer, Liberty Street Advisors, Inc., and Portfolio Manager of The Private Shares Fund, explores the current investment landscape for closed-end funds: capital raising, M&As, IPOs, tariffs and more. “I think the tariff dynamics in April put a bit of a shock to the system and slowed things down temporarily, but ...

Mark Gatto on Private Alts

June 17th, 2025|Comments Off on Mark Gatto on Private Alts

Mark Gatto, Co-Founder and Co-CEO of CION Investments, joins Jane King to discuss private alternative investments and how they differ from conventional investments such as stocks and bonds, which are traded on public exchanges. “Private assets … function outside of that marketplace and are relatively illiquid,” ...

Bonus NAVigator: Oppenheimer’s Penn is watching how credit losses weigh on BDCs

June 13th, 2025|Comments Off on Bonus NAVigator: Oppenheimer’s Penn is watching how credit losses weigh on BDCs

Mitchel Penn, Managing Director at Oppenheimer & Co. — interviewed at the Active Investment Company Alliance BDC Forum in New York on Wednesday — says that credit losses for business development companies during the first quarter of 2025 were more than...

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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).
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Disclaimer Statement

Active Investment Company Alliance The Active Investment Company Alliance (“AICA”) is a trade association committed to educating and engaging investment professionals and investors about closed-end management companies: listed and non-listed closed-end funds, business development companies, interval funds and tender offer funds. The alliance supports transparency and, therefore, does not allow any agent, employee or representative to personally solicit any investment or accept any monies to be invested in a particular fund or security.

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