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For Launching & Managing SBIC Funds

Thu, Mar 19 @ 8:00 am - 5:00 pm

SBIC Program Faces Potential Changes --
What’s in Store for Licensing,
Fundraising, & Compliance??

Best Practices for Launching & Managing SBIC Funds


For almost a year, the U.S. Small Business Administration has had no CEO.

Private equity and venture capital firms had all been nervously studying their tea leaves.

Then, in the waning weeks of 2019, the U. S. Senate – with bipartisan support — took action. As a result, in January the Senate confirmed Jovita Carranza, formerly the U.S. Treasurer, to grab the reins as Administrator of the SBA, thanks in large part to her past success as the federal Treasurer and as the SBA’s Deputy Administrator.

Now the PE and VC communities are facing a new question — what does the confirmation of an experienced SBA executive mean for the SBA’s Small Business Investment Company (SBIC) program?

At the Capital Roundtable’s day-long March 19 conference in New York, speakers will dissect the consequences of this question in detail –

  • Will there be big changes in the licensing process?
  • Will the pace of SBIC fund approvals pick up?
  • Will a new management team invigorate the SBIC program?
  • Will the program become more transparent and accessible?
  • Will the new team change the view of the ideal investment candidates?
  • Will the SBA’s valuation rules become more streamlined?
  • Will GPs and LPs be impacted?
  • Will the Office of Investment & Innovation (which oversees the SBIC program) get more staffing?

Here are two examples of Ms. Carraza’s potential impact on key directions in SBIC licensing, fundraising, and compliance –

First — It’s likely that new technology for SBIC fund reporting will be high on her to-do list.  According to Joe Shepard, the SBA executive who oversees the SBIC program, that list includes –

  • new customer relationship management (CRM) software systems
  • investment and risk management tools,
  • an information portal, and
  • a data warehouse.

Second – Ben Cardin, the ranking member of the Senate’s small business committee, says he wants to elevate the SBIC program from being just “a good program to becoming a great program, a more inclusive program, that reaches underserved communities frozen out of the traditional venture capital markets.”

In a move widely viewed as a response to Mr. Cardin,  the SBA has begun giving “first priority” status to SBIC license applicants from “underlicensed” states with below median financing. And Ms. Carranza says she plans to “put particular emphasis on opening more doors for women and entrepreneurs in underserved communities, including military families and veterans.”

Besides the SBA’s shift to under-served populations and geographies, it’s also vital for new and existing SBICs to understand the whole picture.  For example, interest from limited partners — including new ones like family offices and state pension funds – is picking up.  California-based HCAP Partners, recently closed its oversubscribed fourth fund on $150 million with help from new LPs.

Chaired by

Andrew Panzo, NewSpring Capital

Andrew P. Panzo

General Partner
NewSpring Capital


Thursday, March 19, 2020

8:00am – 5:00pm


Midtown Manhattan, NY


Winston & Strawn Logo
CohnReznick logo

Register now to gain valuable insights as 20-plus speakers
assess the outlook for SBIC funds at The Capital Roundtable’s all-day conference on Best Practices for Launching & Managing SBIC Funds on Thursday, March 19, in New York City. 

Key Reasons to Attend

Three Key Reasons Why You Should Join Us


  1. Hear from firms that have recently closed on new SBIC funds what lessons they learned about how to navigate the licensing process
  2. Learn from new types of LPs (e.g., family offices) that want to invest in SBICs in 2020 and beyond
  3. Understand how best to manage SBICs in 2020’s uncertain election-year economic environment
Key Points Being Covered
  • How to streamline your SBA approval and how much time to allot
  • What to emphasize in your SBIC application in addition to returns
  • How to attract LPs to your first-time or follow-on SBIC fund
  • How to help your investors navigate slowdowns at the SBA
  • The changing information needs of LPs subject to the Community Reinvestment Act
  • The most important differences between SBIC and non-SBIC funds
  • How to operate a family of funds with one or two SBICs
  • How to employ external consultants in an SBIC structure
  • How SBICs can participate in the Opportunity Zone program
  • How SBICs and lenders are adjusting amid rising worries of an economic slowdown
  • The sectors SBICs are still interested in — and the ones they’re avoiding
  • SBIC investments in CBD-related companies
  • For follow-on funds, how to know if the SBIC is still right for you
  • Mistakes that are particularly harmful during the SBIC application process
  • Primary areas of focus in SBA examinations
  • Cash flow needs for servicing SBA debentures
  • Valuation rules and limits on what SBICs can invest in
Chairperson Info

Andrew Panzo is a general partner of NewSpring Capital, a leading provider of private equity capital, managing approximately $1.8 billion across four distinct strategies, and a general partner of the firm’s dedicated mezzanine funds.  He joined NewSpring in 2003 and was one of the founding partners of NewSpring Mezzanine.

Mr. Panzo has over 30 years of experience in investment banking, venture capital, and operational management.  From 2000 to 2001, he was chairman and CEO of Stonepath Group, a publicly traded, third-party logistics company.  As CEO, he was responsible for executing a strategic consolidation of the non-asset based logistics industry.

Prior to Stonepath, Mr. Panzo was CEO of Net Value Holdings Inc., an internet incubator.  From 1996 to 2000, he was also CEO of Inc., a provider of promotion management services and a NetValue portfolio company.  From 1992 to 1996, Mr. Panzo was CEO of American Maple Leaf Corp., a merchant bank affiliated with Canadian Maple Leaf Corp.

Mr. Panzo earned an MBA in finance from Temple University and a BS in finance from the University of Connecticut.

Who We Are

This Capital Roundtable conference in midtown, New York City, is all-business, all-targeted, all-designed to be a completely focused day of practical information and revealing insights about SBIC funds. You’ll gain valuable insights from —

  • Three informative panel discussions
  • Two revealing keynote presentations
  • Real-world perspectives from company investors
  • Industry outlooks from noted sector experts
  • War stories and lessons learned from experienced hands

Chaired by
  • Andrew P. Panzo, General Partner, NewSpring Capital
Hosted by
  • Burt Alimansky, Chairman & CEO, The Capital Roundtable
Preliminary Speaker List
  • Christopher G. Aroh, Partner, CohnReznick LLP
  • Steven A. Axel, Managing Partner, Southfield Mezzanine Capital
  • Michael F. Donoghue, General Partner, Spring Capital Partners LP
  • Casey Hammontree, Partner, Resolute Capital Partners
  • Mike Kubacki, Chief Financial Officer, NewSpring Capital
  • Raymond Li, Vice President, Santander Bank NA
  • Olga Loy, Partner, Winston & Strawn LLP
  • Anthony A. Moretti, SBIC Investment Officer, TD Bank NA
  • David R. Murav, Vice President, LaSalle Capital
  • Michael K. Painter, Managing Partner, Plexus Capital LLC
  • Brett T. Palmer, President, Small Business Investor Alliance
  • Moritz Poehl, Managing Partner, Everside Capital Partners LLC
  • Alan Roth, Partner, Winston & Strawn LLP
  • Peter E. Rothschild, Managing Partner, RF Investment Partners LLC
  • Art Spivey, Chief of Licensing, U.S. Small Business Administration
  • Henri Steenkamp, Chief Financial Officer & CCO, Saratoga Investment Corp.
  • Mark Tyson, Managing Director, LBC Small Cap
  • Anne Vazquez, Partner, NewSpring Capital
  • Jonathan Wilson, Assistant Portfolio Mgr.–Alt. Investments, Kemper Corp.
7:30am – 8:30am

Networking & Registration & Breakfast

8:30am – 9:00am

Welcoming Remarks & Audience Self-Introductions

9:00am – 9:30am

Conference Chair’s Introduction —

  • Andrew P. Panzo, General Partner, NewSpring Capital
9:30am – 10:30am

First Panel
What Are the Consequences for SBICs if the Economy Shifts? What Can SBIC Managers Do to Plan Ahead?

Moderator: Anne Vazquez, General Partner, NewSpring Capital


  • Michael Donoghue, General Partner, Spring Capital
  • Michael Painter, Managing Partner, Plexus Capital
  • Peter Rothschild, Co-Founder and Managing Partner, RF Investment Partners LLC
10:30am – 11:15am

Networking & Coffee

11:15am – 12:15pm

Morning Keynote Interview–
The SBIC Program’s Licensing Process from A-to-Z – An Interview with Art Spivey

Moderator: Alan Roth, Partner, Winston & Strawn

Panelist: Art Spivey, Chief of Licensing, Licensing Department, Investment Division, U.S. Small Business Administration

12:15pm – 1:15pm

Networking & Luncheon

1:15pm – 2:00pm

First Conversation–
SBIC Fund Operations: Tax, Reporting and Examination Requirements

Moderator: Olga Loy, Partner, Winston & Strawn


  • Michael Kubacki, Chief Financial Officer, NewSpring Capital
  • Mark Tyson, Managing Director, LBC Small Cap
2:00pm – 2:45pm

Afternoon Conversation –
Navigating SBIC Rules & Regulations – How to Contend with Constraints Like Deal Size & Prohibited Investments

Moderator: Chris Aroh, Partner, CohnReznick


  • David Murav, Principal, LaSalle Capital
  • Steven Axel, Managing Partner, Southfield Mezzanine Capital LP
2:45pm – 3:00pm

Networking & Dessert

3:00pm – 3:30pm

Afternoon Keynote

  • Brett Palmer, President, SBIA
3:30pm – 4:30pm

Second Panel
Focus on Fundraising – Best Practices from Successful SBICs on Timing, Sources, & Potential LPs

  • Raymond Li, Vice President, Santander
  • Anthony Moretti, SBIC Investment Officer, TD Bank
  • Moritz Poehl, Managing Partner, Everside Capital Partners
  • Jonathan Wilson, Kemper

Networking & Adjournment

Space at this conference is limited, so register as soon as possible to assure yourself a seat. To avoid disappointment, please contact Chris Agar today to confirm your attendance at 212-832-7300 ext. 0 or

Please note that Capital Roundtable limits the number of registrants from a single firm to three.

Best Rate – Early Registration

Save $300 off the standard fee of $1,495 when you register by Friday, January 31. Just $1,195.

Incentive Registration

Save $200 of the standard fee! Register by Friday, February 21, and the fee for the conference is $1,295.

Conference Rate

$1,495 increasing to $1,595 day of conference, space permitting.

Group Rate

$1095 each until Friday, February 21, when you register two or more people to attend from the same company. This rate increases to $1295 each after Friday, February 21.

You can pay by credit card (using the links above or below) or by check. Mail your check and business card to: New York Business Roundtable Inc., 747 Third Avenue, Suite 200, New York, NY 10017.

Can’t attend but want to hear the program? You can buy the audio package along with the handounts.

This event is sponsored by:

Marquee Sponsor:

Winston & Strawn Logo

Contributing Sponsor:

CohnReznick logo

Association Partners:

Data Partners:

Past Attendees 

Accord Financial Inc.

Alitus Partners

Arbor Private Investment Co.

Argentum Group


Boathouse Capital

Brookside Mezzanine Partners

Capital Dynamics

CapX Partners

Clearlake Capital Group


Commerce Street Capital

Community Finance Advisors

Convergent Capital

CrossBay Capital Partners

Energy Impact Partners

Everside Capital Partners

GarMark Partners

GLC Advisors

Global Bankers Capital


Ironwood Capital

J. P. Morgan Chase

JGM Group Inc.


Long Point Capital

McGuire Woods

Mizzen Capital

Multiplier Capital

New Mountain Capital

NewSpring Capital

Oaktree Capital Management

Patriot Capital

PEF Services

Pinnacle Commercial Capital

RCap Equity

Renovus Capital Partners

RF Investment Partners

RFE Investment Partners

Rockbridge Growth Equity

Seacoast Capital

Sidereal Capital Group

Small Business Investor Alliance

Star Mountain Capital

TresVista Financial Services

U.S. Small Business Administration

Union Partners

Westminster Capital

Winston & Strawn

Zook Dinon PA


Thu, Mar 19
8:00 am - 5:00 pm
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Contact Us

747 Third Avenue | Suite 200 | New York City | 10017