MasterClassTM

Capital Roundtable

Marquee Sponsor

Contributing Sponsors

Association Partners

Data Partners

Partial List of
Past Attendees

ACA Compliance Group LLC

Amalgamated Capital

American Capital Ltd.

Audax Group

Auriga Capital Management LLC

Auriga Holdings LLC

Bank of Ireland

Black Diamond Capital Management LLC

Bloomberg LP

Blue Sky MLS Inc.

BNP Paribas

BNP Paribas Private Capital Group

Brean Capital LLC

Capitala Investment Advisors LLC

CapitalSouth Partners Funds LLC

Capitol Acquisition Corp. II

Carlyle GMS Finance Inc.

CarVal Investors LLC

Caspian Private Equity LLC

Citigroup Inc.

Consumer Growth Partners LLC

Cortland Capital Market Services LLC

Credit Suisse

Credit Suisse Securities (USA) LLC

D. Aaron Asset Management LLC

Dechert LLP

EisnerAmper LLP

Equalitas Capital

Equus Total Return Inc.

Ernst & Young LLP

Fidus Investment Corp.

Full Circle Capital Corp.

Gapstow Capital Partners

Gerson Lehrman Group Inc.

Gladstone Companies

Gladstone Investment Corp.

Grant Thornton LLP

Harris & Harris Group Inc.

Harvest Capital Credit Corp.

Haynes & Boone LLP

ICON Investments

Keefe Bruyette & Woods Inc.

King & Spalding LLP

Kiski Alpha Partners LLC

KPMG LLP

KSL Capital Partners LLC

Lincoln International LLC

McGladrey

McLarty Capital Partners

Medley Capital LLC

Mercer Capital

Milestone Partners

Monroe Capital LLC

Morgan Lewis & Bockius LLP

Murray Devine & Co. Inc.

MVC Capital Inc.

National Fund Advisors LLC

Nelson Mullins Riley & Scarborough LLP

New Mountain Capital LLC

NewSpring Capital

Old Hill Partners Inc.

Partners Group AG

Pepper Hamilton LLP

Perella Weinberg Partners LP

Robert W. Baird & Co. Inc.

Rothstein Kass & Co. PC

Saratoga Investment Corp.

Small Business Investor Alliance

State Street Corp.

State Street Global Svcs Alt. Investment Solutions

Stellus Capital Management LLC

Structural Capital

Sutherland Asbill & Brennan LLP

Technology Media Advisors LLC

THL Credit Inc.

VRC | Valuation Research Corporation

Wafra Capital Partners Inc.

Wells Fargo Securities LLC

Wood Creek Capital Management LLC

Wunderlich Securities Inc.

 

































 

 

BDCs at a Crossroads --

Opportunities & Challenges

Of Navigating a BDC in Today’s Credit Cycle

 

Best Practices for Launching & Managing
Business Development Companies

                     

CHAIRED BY

Bilal Rashid

Chairman & CEO

OFS Capital Corp.

 

MARQUEE SPONSOR

Sutherland Asbill & Brennan LLP

 

CONTRIBUTING SPONSORS

Ernst & Young

VRC I Valuation Research

 

FULL-DAY CONFERENCE

Thursday, March 3, 2016

8:00 am – 5:00 pm
New York City

 

REGISTER NOW

 

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


Faculty | Schedule | Registration | Location | Sponsorship | Audio Package |

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 --

  • Where are we in the credit cycle?
  • What industries and what part of the capital structure should we focus on -- or avoid -- if we’re headed toward a cyclical downturn?
  • The BDC sector is undergoing a period of change. Share issuance is down and shareholder activists are making noise. Investors are beginning to differentiate between BDC managers. Why are some investors putting pressure on BDCs, and how are they shaping the future of the sector?
  • With many BDCs trading below NAV, raising equity capital is difficult in the current environment. What do you need to consider when raising equity and what other options exist?
  • What are your best options for raising debt? What are the pros and cons of SBIC financing within the BDC structure?
  • Many investors equate high yield bond funds to BDCs and believe that BDCs are therefore exposed to very high credit risk and interest rate risk in the wake of a rising interest rate environment. Why do some investors have this perception and what is the reality?

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

  1. Learn about the views of top middle market managers about the landscape of middle-market lending and the credit environment, and how it’s impacting their management of BDCs.
  2. Learn about the key considerations of prominent institutional investors in the BDC space and understand how certain activist investors view the sector.
  3. Learn how to get an SBIC license and how to manage an SBIC, especially within a BDC structure.
  4. Learn why some BDC managers have launched non-traded BDCs and why this structure has become increasingly attractive for managers.

 

 

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

as --

  • How has the environment changed over the past several years for launching and managing a BDC?
  • What are some common misconceptions about BDCs and why do they exist?
  • How are some of the top managers allocating capital in the current credit and capital markets environment?  How are they financing their investment activities?
  • Are BDCs attractive investments today?
  • Will activist investors be a positive influence for shareholders over the long term?

Three More Reasons Why You Should Join Us

  1. Hear the forecast of the credit and the economic environment from top managers.
  2. Hear the forecast of key trends and issues facing BDCs from investors who are active in this market.
  3. Hear the forecast for BDC’s prospects in 2016 and the issues that may impact the management and launch of new funds.

     

    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 --

  • Meet fellow attendees and featured speakers
  • Enhance your personal database with valuable new connections
  • Share both ideas and business cards
  • Meet potential investment partners and clients

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 mregan@capitalroundtable.com.


 

 Who Should Attend

 

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.

 

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We look forward to having you join us on Thursday, March 3.

 

Conference Organizers

 

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.

 

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 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 mmagro@capitalroundtable.com or cnotton@capitalroundtable.com.

 

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Have a Question?

 

Please contact Mary Regan at mregan@capitalroundtable.com or 212-832-7300 ext. 0.

 

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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 --

  • Three informative panel discussions
  • Two provocative keynote presentations
  • Two conversations among industry leaders who have successfully launched BDCs
  • War stories and lessons learned from seasoned BDC managers
  • Intelligence from specialized experts including consultants, advisors, and BDC executives

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Faculty

Chaired By

  • Bilal Rashid, Bilal Rashid, OFS Capital Corp.

 

Hosted By

  • Burt Alimansky, Chairman & CEO, The Capital Roundtable

Speakers

  • Marilyn S. Adler, Managing Director & Head--Medley SBIC, Medley Management Inc.
  • Jeff Arricale, Investment Analyst, Lord Abbett & Co. LLC
  • Steven B. Boehm, Partner, Sutherland Asbill & Brennan LLP
  • Richard P. Buckanavage, President & CEO, Harvest Capital Credit Corp.
  • Michael L. Butler, General Counsel & CCO, Garrison Investment Group LP
  • Dean Crowe, Senior Portfolio Manager & COO, Sierra Income Corp.
  • John D. Czapla, Managing Director, VRC | Valuation Research Corporation
  • Jeffrey A. Dombcik, Managing Director, Triangle Capital Corp.
  • Jens J. Ernberg, Managing Director, Credit Suisse Group
  • Sean Hickham, S.V.P. -- Fund Management, CNL Financial Group
  • Cynthia M. Krus, Partner, Sutherland Asbill & Brennan LLP
  • Allen G. Laufenberg, Managing Dir.--Investment Banking, Keefe Bruyette & Woods Inc.
  • David Miyazaki, Senior Vice President & Portfolio Manager, Confluence Investment Management LLC
  • Meghan Neenan, Senior Dir.--Financial Institutions, Fitch Ratings Inc.
  • Brett T. Palmer, President, Small Business Investor Alliance
  • Mark S. O'Keeffe, Head--Private Placements, Muzinich & Co. Inc.
  • Finian O'Shea, Associate Analyst, Wells Fargo Securities LLC
  • Michael A. Reisner, Co-President & Co-CEO, CION Investment Corp.
  • Paul Saint-Pierre, CFO -- Carey Credit Income Fund, W. P. Carey Inc.
  • Eyal Seinfeld, Partner, Ernst & Young LLP
  • Arthur A. Spivey, Chief--Licensing, U. S. Small Business Administration
  • Sajal K. Srivastava, Chief Operating Officer, TriplePoint Capital/TriplePoint Venture Growth BDC
  • Richard G. Wheelahan, General Counsel & CCO, Capitala Investment Advisors LLC

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Schedule

 

07:30-08:15

Networking & Registration & Breakfast

08:15-09:00

Welcoming Remarks & Audience Self-Introductions

09:00-09:30

Conference Chairman’s Introduction

  • Bilal Rashid, Chairman & CEO, OFS Capital Corp.    

09:30-10:30

Panel 1 -- Launching & Managing a BDC -- What Strategies Are Successful in the Current Credit Environment?

10:30-11:15

Networking & Coffee

11:15-12:00

Morning Conversation -- Launching & Managing an SBIC Within a BDC -- What Is the Pathway to a License & How Do You Manage This Structure

12:00-12:30

Morning Keynote

12:30-01:30

Networking & Luncheon          

01:30-02:30

Panel 2 -- Investing by Using a Non-Traded BDC --
What Are the Benefits & Challenges of Launching & Managing This Alternative Structure                                             

02:30-02:45

Networking & Dessert

02:45-03:30

Afternoon Conversation -- An Evolving Environment -- Navigating the Regulatory & Legislative Landscape

03:30-04:30

Panel 3 -- Public BDC Arena -- Activism, Acquisition, & Asset Value

04:30 Networking & Adjournment

 

   

  


  

 

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Registration

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 mregan@capitalroundtable.com.

 

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.

 

Two representatives from the same firm can register together
for only $995
(a $2,000 savings)!  

 

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.

 

  • Best Rate -- Early Registration -- Save $400 off the standard fee of $1495 when you register by Friday, January 8. Just $1,095.

 

  • Incentive Registration -- save $200 off the standard fee!
    Register by Friday, January 29, and the fee for the conference is $1,295.

 

  • Conference Rate -- $1,495 increasing to $1,595 day of conference, space permitting.

 

  • Group Rate -- $995 each, when you register two or more people to attend from the same company.

 

Register Now

 

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 mregan@capitalroundtable.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.

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Location

  • Midtown, NYC

    Details provided upon registration

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Audio Package

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.

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Sponsorships

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 cnotton@capitalroundtable.com.

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