BlackRock TCP Capital Corp.

BCP Investment Corporation (BCIC) operates as a business development company, primarily focused on providing capital solutions to middle-market businesses. The firm engages in a diverse array of financing strategies, including various forms of debt such as unitranche loans (even those designated "last out"), first and second lien debt, and subordinated or mezzanine financing. Additionally, BCIC undertakes equity co-investments and direct buyouts. Beyond its core investment activities, the company strategically acquires complementary businesses to enhance its operations. BCIC's investment focus spans a broad spectrum of industries. Key sectors include healthcare, logistics and distribution, manufacturing, industrial and environmental services, media and telecommunications, real estate, education, automotive, agriculture, aerospace and defense, packaging, electronics, financial services, consumer goods (both durable and non-durable), business services, utilities, insurance, and the food and beverage industry. Typically, the firm commits between $1 million and $20 million to its portfolio companies. Specific investment ranges and maturities are as follows: Senior Secured Term Loans: $2 million to $20 million, with maturities of five to seven years. Second Lien Term Loans: $5 million to $15 million, maturing in six to eight years. Senior Unsecured Loans: $5 million to $23 million, with terms of six to eight years. Mezzanine Loans: $5 million to $15 million, maturing in seven to ten years. Equity Investments: $1 million to $5 million. The firm generally seeks companies generating EBITDA between $5 million and $25 million. However, for its debt investments, BCIC broadens its scope to include middle-market firms with EBITDA ranging from $10 million to $50 million, or those carrying total debt between $25 million and $150 million (or both criteria). BCIC is flexible in its equity participation, taking minority, majority, or even controlling stakes, frequently partnering alongside private equity sponsors.

Prospect Capital Corporation operates as a Business Development Company (BDC), providing capital solutions primarily to middle-market private companies. It offers a comprehensive suite of financing solutions across various business stages, including mature entities, later-stage and emerging growth firms, and those undergoing leveraged buyouts, refinancing, acquisitions, recapitalizations, or turnarounds. The firm also allocates capital for growth initiatives, development projects, capital expenditures, and actively participates in marketplace lending and bridge transactions. Its investment approach is highly diversified, encompassing a broad range of debt instruments such as secured, senior, unitranche, first-lien, second-lien, and private debt, alongside mezzanine debt and equity investments in privately held and smaller publicly traded enterprises. The company also invests in specialized areas like subordinated debt tranches of collateralized loan obligations (CLOs) and cash flow term loans. A significant portion of its activities involves real estate investments, particularly within the multi-family residential asset class. Prospect Capital's capital deployment supports various scenarios, including debt financings for private equity sponsors, corporate acquisitions, dividend recapitalizations, growth funding, bridge loans, and real estate financings. It specifically targets small to medium-sized private companies, distinguishing itself from those focusing on larger public corporations. Geographically, the firm primarily invests in companies located in the United States and Canada. While maintaining a broad industry focus, with pronounced expertise in the energy and industrial sectors, its investment scope encompasses a vast range of industries such as aerospace and defense, chemicals, consumer services, electronics, financial services, healthcare, information technology, manufacturing, media, and utilities, among many others. This extensive list also includes conglomerate services, ecological, machinery, pharmaceuticals, retail, software, specialty minerals, textiles and leather, transportation, oil and gas production, coal production, materials, industrials, consumer discretionary, pipeline, storage, power generation and distribution, renewable and clean energy, oilfield services, food and beverage, education, business services, and other select sectors. For individual transactions, the fund typically commits between $10 million and $500 million. It seeks companies with an EBITDA ranging from $5 million to $150 million, sales values between $25 million and $500 million, and enterprise values from $5 million to $1,000 million. For larger opportunities, Prospect Capital actively participates in co-investments. Furthermore, it pursues opportunities for control-oriented acquisitions by deploying capital across various tiers of a company's capital structure and engages in flexible deal structures, including sole, agented, club, or syndicated transactions, often focusing on both primary origination and secondary loan portfolios.

FS KKR Capital Corp. operates as a Business Development Company (BDC) with a primary investment focus on debt instruments. The firm delivers bespoke financing options specifically tailored for privately held, mid-sized American enterprises. Its investment portfolio predominantly comprises senior secured debt, though it also allocates a smaller portion to subordinated debt issued by these same private U.S. middle-market firms. The company acquires stakes in these loans either by participating in secondary market transactions or by directly providing capital to target companies as primary market investments. Its debt investment spectrum further includes first-lien and second-lien senior secured loans, alongside, to a lesser degree, subordinated or mezzanine loans. As part of its debt financing arrangements, the firm frequently obtains equity participation, such as warrants or options, serving as supplementary compensation. Beyond debt, FS KKR may also acquire non-controlling stakes in common or preferred equity of its target companies, either alongside a debt investment or through co-investment partnerships with financial sponsors. Furthermore, when opportunities arise, the fund is open to investing in corporate bonds and comparable fixed-income instruments. The fund explicitly avoids investments in nascent start-ups, companies undergoing turnaround situations, or those presenting speculative business models. Its focus remains squarely on established small to mid-sized enterprises located within the United States, specifically targeting firms with annual revenues ranging from $10 million to $2.5 billion. For private upper middle-market companies, FS KKR emphasizes comprehensive "one-stop" credit solutions, targeting those with annual EBITDA between $50 million and $100 million at the time of investment. When divesting from its securities, the company typically utilizes privately negotiated over-the-counter sales. For less liquid or illiquid holdings, alternative exit strategies include debt repayment, an initial public offering (IPO) of the underlying company, a merger, an outright sale, or a recapitalization event.

Sixth Street Specialty Lending, Inc.TSLX · Asset ManagementDallas, United States

75% matchPublic

Sixth Street Specialty Lending, Inc. (TSLX) functions as a specialized Business Development Company. It provides a wide array of financing solutions, including various forms of debt such as senior secured loans (encompassing first-lien, second-lien, and unitranche facilities), unsecured loans, and mezzanine debt. The firm also strategically allocates capital to corporate bonds, equity securities, structured products, non-control structured equity, and common equity, frequently engaging in co-investments. These financial commitments primarily aim to facilitate corporate endeavors like organic expansion, strategic acquisitions, market or product diversification, restructuring initiatives, recapitalizations, and refinancing. Its investment focus covers a broad range of sectors, including business services, software and technology, healthcare, energy, consumer and retail, manufacturing, industrials, royalty-generating enterprises, education, and specialty finance. The company primarily targets middle-market companies, with a strong emphasis on those situated within the United States. Prospective portfolio companies typically exhibit an enterprise value between $50 million and more than $1 billion, alongside EBITDA figures ranging from $10 million to $250 million. Individual transaction sizes generally range from $15 million to $350 million. Sixth Street Specialty Lending is adept at investing across the entire capital structure, possesses the capacity to arrange syndicated transactions totaling up to $500 million, and can maintain significant ownership stakes within its credit exposures.

Great Elm Capital Corp. functions as a business development company (BDC) primarily specializing in providing capital to mid-market enterprises. The firm's investment strategy focuses on acquiring debt instruments, including loans and mezzanine financing, from these middle-market entities. It tends to favor allocating its resources to companies operating in sectors such as media, commercial services and supplies, healthcare, telecommunication services, and communications equipment. Furthermore, while predominantly focused on debt, the BDC also undertakes equity investments, generally committing between $3 million and $10 million to businesses that report annual revenues ranging from $3 million to $75 million.

TriplePoint Venture Growth BDC Corp. (TPVG) functions as a business development company, primarily concentrating its investments on growth-stage enterprises backed by venture capital. The firm's core offering involves providing debt financing solutions to companies within the venture growth ecosystem. These solutions encompass a diverse range of products, such as growth capital loans, customized and secured credit facilities, equipment financing, and revolving lines of credit. Additionally, TPVG engages in direct equity investments. Its investment strategy targets companies operating in key sectors, including e-commerce, entertainment, technology, and life sciences. Within the technology sphere, the areas of specific interest are broad, covering cybersecurity, wireless communication equipment, network systems and software, business application software, conferencing solutions, big data analytics, cloud computing, data storage, electronics, energy efficiency, hardware, information services, internet and media, networking, semiconductors, various software categories (including Software-as-a-Service), and other related technological subsectors. For life sciences, TPVG focuses on biotechnology, biofuels/biomass, diagnostic testing and bioinformatics, drug delivery systems, drug discovery, healthcare information systems, healthcare services, medical/surgical/therapeutic devices, pharmaceuticals, and other related fields. The size of TPVG's investments varies based on the type of financing: growth capital loans typically range from $5 million to $50 million, equipment financings are between $5 million and $25 million, and revolving loans generally fall between $1 million and $25 million. Direct equity investments, conversely, are usually from $0.1 million to $5 million, and are structured to not exceed 5% of the portfolio company's total equity. The debt financing instruments are commonly structured as lines of credit, and the company also employs warrants and secured loans in its funding approach. TPVG aims to achieve targeted returns of 10% to 18%. A distinctive aspect of its investment policy is that it does not seek board representation in the companies it finances.