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Partial List of
BDCs at a Crossroads --
Opportunities & Challenges
Of Navigating a BDC in Today’s Credit Cycle
Best Practices for Launching & Managing
Chairman & CEO
OFS Capital Corp.
Sutherland Asbill & Brennan LLP
Ernst & Young
VRC I Valuation Research
Thursday, March 3, 2016
8:00 am – 5:00 pm
New York City
INSIGHTS FROM 20 EXPERT SPEAKERS!
Marilyn S. Adler, Medley Management Inc.
Jeff Arricale, Lord Abbett & Co. LLC
Steven B. Boehm, Sutherland Asbill & Brennan LLP
Richard P. Buckanavage, Harvest Capital Credit Corp.
Michael L. Butler, Garrison Investment Group LP
Dean Crowe, Sierra Income Corp.
John D. Czapla, VRC | Valuation Research Corporation
Jeffrey A. Dombcik, Triangle Capital Corp.
Jens J. Ernberg, Credit Suisse Group
Sean Hickham, CNL Financial Group
Cynthia M. Krus, Sutherland Asbill & Brennan LLP
Allen G. Laufenberg, Keefe Bruyette & Woods Inc.
David Miyazaki, Confluence Investment Management LLC
Meghan Neenan, Fitch Ratings Inc.
Brett T. Palmer, Small Business Investor Alliance
Mark S. O'Keeffe, Muzinich & Co. Inc.
Finian O'Shea, Wells Fargo Securities LLC
Michael A. Reisner, CION Investment Corp.
Paul Saint-Pierre, W. P. Carey Inc.
Eyal Seinfeld, Ernst & Young LLP
Arthur A. Spivey, U. S. Small Business Administration
Sajal K. Srivastava, TriplePoint Capital/TriplePoint Venture Growth BDC
Richard G. Wheelahan, Capitala Investment Advisors LLC
SPECIAL HALF-DAY PRE-CONFERENCE WORKSHOP
Wednesday, March 2, 2016
2:00 pm – 4:30 pm
Networking Cocktail Reception
Thursday, March 3, 2016
5:00 pm to 7:00 pm
The world of business development companies is at an inflection point.
Buoyed by an improving economy, BDCs enjoyed meteoric growth rates in recent years that produced a wave of IPOs.
But over the last 18 months powerful new headwinds have led to most public BDCs trading at a discount to NAV. This has dampened the growth of the sector.
As a result, several players are looking for alternative ways of raising capital and more are contemplating launching non-listed BDCs that can continuously offer shares at NAV.
You’ll come away from this Capital Roundtable conference understanding how BDC managers can successfully launch traded and non-traded BDCs and navigate the challenges of the current stage of the credit cycle.
The industry was also challenged in 2014 when S&P, Russell, and MSCI dropped BDCs from their respective indexes.
Since then, further declines in trading have been exacerbated by various investor concerns, some of which are warranted, while others are simply misperceptions.
All the same, market participants are confident that BDCs are here to stay.
Middle-market private companies count on them to provide much-needed debt and equity capital. This need will continue to grow as commercial banks further reduce their lending capacity to this middle-market segment because of pressure from their banking regulators.
Together with these concerns, there are misperceptions. For example, some investors believe that BDCs are akin to high yield bond funds and hence are exposed to interest rate risk and higher credit risk.
The reality is that most BDCs invest in loans which are floating rate instruments and are higher in the capital structure than high yield bonds and generally less risky.
Other investors perceive that investing in BDCs equates to significant exposure to declining energy prices. It’s true that a few BDCs have exposure to the oil and gas sector, but for most, that exposure is manageable.
What’s more, shareholder activists are pressing BDCs to make changes. Some observers believe that these activists are helping to drive productive reforms, while others have expressed concerns that activists have short term goals in mind. With many BDCs trading below NAV, investors have stepped up their scrutiny, and the trend does not seem to be abating.
Some critics accuse externally managed BDCs of growing assets at the expense of their shareholders. Others are calling for share repurchases, lower fees, or even change in corporate governance. The lack of growth in the BDC sector is also giving rise to speculation regarding consolidation.
Considering all these challenges, you'll benefit from the 360º view our panelists will take when you attend The Capital Roundtable’s annual conference on “Best Practices for Launching & Managing Business Development Companies,” being held in New York City, Thursday, March 3rd.
Here are just a few of the themes we will uncover and discuss at this conference --
At this conference, you'll meet and hear from over 20 senior BDC experts who will guide you through today's trends and investment possibilities.
Here Are Four Reasons Why You Should Join Us
Register Now to Meet Bilal Rashid
& More Than 20 BDC Experts
Chairing our conference is Bilal Rashid, chairman and CEO of OFS Capital Corporation, a publicly-traded BDC, and president of OFS Capital Management LLC, which is OFS Capital Corporation’s external manager, with approximately $1.7 billion under management.
He joined OFS Capital Management in 2008. Previously, he was a managing director in the global markets and investment banking division at Merrill Lynch. Bilal has more than 20 years of experience in investing, investment banking, debt capital markets, and corporate and structured credit.
Bilal earned a BS in Electrical Engineering from Carnegie Mellon University and an MBA from Columbia University.
Register Now to Gain Insight
On the Best Practices That Ensure Success
Bilal and our 20 other knowledgeable panelists and speakers will address such questions
Three More Reasons Why You Should Join Us
We encourage you also to Register Now to attend our pre-conference workshop on Wednesday afternoon, March 2.
Register Now to Form Valuable Contacts
With Colleagues & Professionals
This Capital Roundtable conference is the ideal place to expand your network and open up pathways to future deals. The day’s agenda includes ample time to let you --
Keep in mind this conference is certain to fill up quickly, so you’ll want to register as soon as possible to assure yourself a seat. To avoid disappointment, please contact Mary Regan today to confirm your attendance at 212-832-7300 ext. 0 or firstname.lastname@example.org.
Click Below to Learn More
Designed to Meet the Needs of GPs, LPs, & Managers of Buyout, Growth Equity, Mezzanine, BDC, and Lending Funds, as Well as Independent Sponsors, Operating Partners, Portfolio Company Managers, and the Bankers, Lawyers, Accountants,
& Other Advisors Who Support Them.
We look forward to having you join us on Thursday, March 3.
This conference is being produced by The Capital Roundtable, America’s leading conference organization focusing on “need-to-know” information for professionals in the middle-market private equity community. For more information about The Capital Roundtable’s 30 annual conferences and other events and programs, please visit www.capitalroundtable.com.
Speaking & Business Development Opportunities
We offer excellent speaking, marketing, and business development opportunities to reach the middle‑market private equity community. For more details, please contact Maria Magro or Claire Notton at 212-832-7300 or by email at email@example.com or firstname.lastname@example.org.
Have a Question?
Please contact Mary Regan at email@example.com or 212-832-7300 ext. 0.
Who We Are
This Capital Roundtable conference, held 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 launching and managing a BDC.
You’ll gain valuable insights from --
Space at this conference is limited, so register as soon as possible to assure yourself a seat. To avoid disappointment, please contact Mary Regan today to confirm your attendance at 212-832-7300 ext. 0 or firstname.lastname@example.org.
EXCLUSIVE LOW RATE FOR ASSET & FUND REPRESENTATIVES
As a courtesy from our sponsors, we’re offering a special low registration rate exclusively for asset & fund managers.
To register at this special rate, just call our registrar, Mary Regan, at 212-832-7300 ext. 102.
Please note that The Capital Roundtable limits the number of registrants from a single firm to three.
You can pay by credit card (using the links above) or by check. Mail your check and business card to: The Capital Roundtable, 747 Third Avenue, Suite 200, New York, NY 10017.
Have a special question? Please contact Mary Regan at email@example.com or 212-832-7300 ext 0.
From time to time, for reasons beyond Capital Roundtable's control, program schedules and speakers become subject to change. We make every effort to announce substantive changes by email to registrants at least 48 hours in advance.
Details provided upon registration
Can't attend but want to hear the program? You can buy the audio package along with the handouts. Purchase the audio package online now.
We offer excellent marketing and business development opportunities to reach the middle‑market private equity community. For more details, please contact Claire Notton at 212-832-7300 ext.117, or by email at firstname.lastname@example.org.
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