BDC

The Private Debt Investor BDC ranking looks at the biggest managers of business development companies in North America, with rankings for both public and private BDCs.

Lower portfolio yields and rising non-accruals are largest threats to BDCs’ performance.

Agreement, expected to close by end of 2024, gives BP Partners benefit of Runway’s expertise in ‘growth lending’.

Payment-in-kind income as percentage of BDC interest and dividend has risen since 2021.

The partnership has $5bn in investable capital, and follows Oak Hill’s launch of a $1.5bn perpetual BDC.

The rise and rise of the business development company has been led by a generation of managers holding views shaped by the 2008-09 global financial crisis.

Interest rates are staying higher for longer, debt service is piling up and liquidity is falling at some business development companies. What could possibly go wrong?

No big ‘easing cycle’ expected; keep an eye on upcoming waves of maturities, reports say.