New York Capital Roundtable

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In recent weeks, at least eight firms, including KKR, Apollo Management, Blackstone Group, Gleacher Partners and Evercore Partners have announced plans to launch public mezzanine funds through business development companies or BDCs. Apollo is the only one who has sold shares to the public to date, raising almost a billion dollars in early April. But if all of them were successfully launched, it would add nearly six billion dollars to this market segment, and potentially more if they leveraged their funds.

David Gladstone is the pioneer of the publicly traded BDC structure and as Chairman and CEO, employed his first BDC fund at Allied Capital over 20 years ago. Through this structure, he realized that being able to access the public markets was infinitely a better structure than being beholden to LPs and enabled Allied Capital to provide long-term funding to the companies in which Allied invested. After raising several BDC’s at Allied Capital, Mr. Gladstone went on to raise $150 million for a then small investment banking boutique called American Capital Strategies, which is now the second largest publicly-traded BDC (behind Allied Capital) in the U.S. at almost $2 billion under management. His last BDC is called Gladstone Capital, which is the company he runs today, which he started with a $140 million IPO.

In his New York Capital Roundtable presentation, Mr. Gladstone will address the following --
	•	What is a BDC
	•	Who are the new entrants to the sector
	•	Other publicly traded BDC’s in the sector and how they differ
	•	Why this structure is better than a private fund for both debt and equity
	•	How you can raise a BDC
	•	Pitfalls in raising a BDC fund
	•	Some of the risks associated with the BDC structure
	•	Track records of the BDC funds that Mr. Gladstone has managed and how he was able to achieve such successful returns

Thu, September 23:

Bela Szigethy, Managing General Partner
Riverside Company

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