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...The Palmer Square Capital BDC is the first of a bunch of BDC IPOs in the pipeline, helped by the ravenous demand for non-bank “private credit” that Alphaville has discussed ad nauseam....
...Some BDCs invest in the same deals, which means observers can compare and contrast the way different BDCs are marking the same loans....
...To understand how, consider a traditional, publicly listed BDC that wants to raise capital to expand....
...Importantly, leverage is capped at 2x, but most BDCs operate at 0.8-1.2x leverage....
...I’m surprised people invest in certain BDCs at all, which just appear to be consistently burning capital.” We compared 31 publicly traded BDCs on the five-year NAV test Morrow suggested....
...The ETF can purchase listed exposures, such as traded business development companies (BDCs) of private capital managers, which adds to acquired fund fees, Shapiro said....
...Activist investor Sparta Capital Management is calling on London-listed engineer Wood Group to consider a US listing to address the “continued underperformance of its shares”....
Energy watchdog’s forecast runs counter to sentiment among many carmakers struggling to sell battery-run vehicles
...Many Parisians intend to flee the city during the games, which start on July 26, as an expected 15mn people visit the capital, according to tourism officials....
...Along remarkably similar lines, one executive at a big BDC put this to us: You cannot run math resulting in a creditor losing a dollar....
...While the group has invested $3.5bn in more than 350 Chinese start-ups, it somehow hasn’t come under fire in Washington yet, even while rivals like Sequoia Capital and GGV Capital have faced scrutiny....
Good governance is not necessarily a guide to a company’s environmental credentials
...Bluebell Capital Partners, which has $120mn in assets, has put a binding resolution on the company’s annual proxy ballot that would amend the corporate bylaws to require an independent board chair....
Asset manager’s chief has become a popular target for criticism over its ESG investing stance
...The confusion comes from a nuance in data from firms that track private capital, like Preqin....
...Fink said the advances in the depth and sophistication of US capital and securities markets over the past 40 years had diminished the influence of the banking sector in capital allocation....
...Investors could hence starve the former of capital and provide it in spades to the latter, doing their bit for the planet while making outsize returns....
...The other factor is that fund flows into direct lending have been stable and growing, especially from high-net-worth investors putting money into semi-liquid BDCs [business development companies]....
...Two of the groups, Silicon Valley venture capital firms Sequoia Capital and GGV Capital, decided in 2023 to split their operations in response to the push for tech investors to disengage from China....
...Banks would also be able to apply a lower capital charge for holding it as Buidl would almost certainly be regarded as a security token....
...Trading on a total enterprise value 7.7 times forward ebitda on capital IQ data, the chain comes in at a sharp discount to the branded sportswear stablemates as well as US peer Planet Fitness....
...Among companies on the Prime section, JPX said 9 per cent of those that had not provided capital efficiency plans were considering doing so....
Latest loss of $8.5bn in Texas comes after asset manager tried to make inroads in the Republican state
...Higher rates should attract capital and push up a country’s currency. But rate differentials haven’t changed much in the past few months....
...Shah Capital now owns 6.7 per cent of Novavax, having first bought into the company in the last quarter of 2022....
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