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American Capital Strategies (ACAS)
The largest BDC
in terms of asset size, American
offers senior debt, mezzanine debt and equity to fund growth,
acquisitions, recapitalizations and securitizations. American invests
from $5 million to $800 million per company. American stumbled in 2008
and is currently attempting to renegotiate its debt.
Apollo Investment (AINV)
Apollo Investment, managed by private
equity firm Apollo Management, offers $20
million to $150 million mezzanine and senior secured loans.
Apollo may also take equity positions, and may invest in public
companies.
Ares
Capital (ARCC)
Externally managed by Ares Capital
Management LLC, Ares offers $10 million to
$50 million senior and senior subordinated debt, and mezzanine
debt, which sometimes includes an equity component, to middle market
companies.
BlackRock Kelso Capital (BKCC)
Externally managed by BlackRock Kelso
Capital Advisors, BlackRock provides debt and equity in the $10
million to $50 million range in the form of senior and junior secured
and unsecured debt securities and loans, each of which may include an
equity component, to middle-market companies. May also make direct
investments.
Compass Diversified
Holdings (CODI)
Not a BDC, Compass operates like a private
equity investor, acquiring controlling interests in profitable
small to middle market businesses with revenues of $10 million to $40
million operating in attractive niche industries .
Equus Total Return (EQS)
Invests
$4 million to $12 million in companies with revenues in the $10 million
to $100 million range. Investments include stock, convertible debt
and debt combined with warrants or options.
Gladstone Capital (GLAD)
Externally managed by Gladstone Management
Corporation, GLAD offers debt securities consisting
primarily of senior term loans, second lien loans, and senior
subordinate loans in the $3 million to $15 million range to small and
medium sized businesses.
Gladstone
Investment (GAIN)
Externally managed by Gladstone Management
Corporation, GAIN makes
debt and equity investments in small and mid-sized private businesses to
facilitate acquisitions, changes in control and recapitalizations.
Gladstone Investment makes riskier loans than Gladstone Capital. Also
Gladstone Capital may take direct equity positions in its client
companies.
GSC Investment (GNV)
Invests
primarily in first and second lien term and mezzanine debt of private
U.S. middle-market companies. May also invest in distressed debt. GSC is
currently in default on some or all of its debt agreements.
Hercules Technology
Growth Capital (HTGC)
Provides debt and equity growth
capital to technology and life science companies at all stages of
development, mostly privately held start-ups backed by leading venture
capital and private equity firms.
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KKR Financial Holdings
(KFN)
Managed by a unit of private equity
superstar Kohlberg Kravis Roberts & Co., KKR Financial invests in
secured and unsecured corporate loans, including mezzanine loans,
high-yield corporate bonds, asset-backed securities, and debt and equity
securities.
Kohlberg Capital
(KCAP)
Originates, structures, finances and manages term loans, mezzanine
investments and equity securities in middle market companies. Its
Katonah Debt Advisors unit manages CLO funds that invest in syndicated
corporate term loans, high-yield bonds and other credit instruments.
Main Street Capital
(MAIN)
Provides
$2 million to $15 million of long-term debt and equity capital to lower
middle market companies with revenues in the $10 million to $100 million
range.
MCG Capital (MCGC)
Offers
capital and advisory services to middle market companies with revenues
in the $20 million to $200 million range.
MVC Capital (MVC)
Provides long-term equity and debt
investment capital to fund growth, acquisitions and recapitalizations of
small and middle-market companies. Investments may be stock, convertible
securities, warrants, and senior or subordinated loans.
NGP Capital Resources
Company (NGPC)
Externally managed by NGP Investment Advisor, LP, NGPC provides
$10 million to $100 million senior secured and mezzanine loans to small
and mid-size energy related private companies. It may also take equity
positions in client firms.
PennantPark Investment
(PNNT)
Invests
$15 million to $50 million in stock, warrants, options, subordinated
loans, mezzanine loans, and senior secured loans of middle-market
private companies.
Prospect Capital
(PSEC)
Lends to and invests in private and micro-cap public businesses.
Prospect offers private mezzanine debt, senior secured debt, senior
unsecured debt, publicly traded high-yield debt, bridge loans and
private equity. Acquired Patriot Capital Funding in December 2009.
Technology Investment Capital
(TICC)
Offers
financing up to $30 million to small- and mid-sized established firms in
technology-related businesses.
Tortoise Capital
Resources (TTO)
Invests
$5 million to $30 million in equity and debt of
privately held and
micro-cap companies operating in the energy infrastructure industry such
as pipeline operators.
Triangle Capital (TCAP)
Offers
customized financing in the $5 million to $15 million range to lower
middle market companies with revenues from $20 million to $75 million.
Also may take equity positions.
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