DOCSLIB.ORG

10Th Annual BDC Roundtable

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
10Th Annual BDC Roundtable DISCUSS AND DISCOVER 10th Annual BDC Roundtable Wednesday, September 12, 2012 SUTHERLAND ASBILL & BRENNAN LLP www.sutherland.com AGENDA SUTHERLAND ASBILL & BRENNAN LLP www.sutherland.com RONALD REAGAN BUILDING AND INTERNATIONAL TRADE CENTER 1300 PENNSYLVANIA AVENUE, NW WASHINGTON, DC 20004 Wednesday, September 12, 2012 GENERAL MEETING AGENDA 8:00 a.m. – 8:30 a.m. Continental Breakfast 8:30 a.m. – 9:15 a.m. 2012 Regulatory, Legislative and Market Overview The BDC industry has continued to evolve along with the complex regulatory landscape. Our panel will discuss where we’ve been this year, how the unsettled economic climate has affected BDCs, what the markets may bring depending on the outcome of the 2012 elections, and what we can expect to achieve legislatively for BDCs and SBICs over the next 12 months. Panelists: Sam Anderson, Goldman Sachs Steve Boehm, Sutherland Cynthia Krus, Sutherland Brett Palmer, Small Business Investor Alliance 9:15 a.m. – 10:00 a.m. SEC Compliance and Enforcement Actions: Lessons Learned What do you need to know to prepare for an SEC examination? Our panel will provide the perspective of the SEC staff, enforcement attorneys and BDC chief compliance officers. The panel will also discuss recent trends in examinations and enforcement and how they may impact BDCs. Moderator: Deb Heilizer, Sutherland Panelists: Paula Bosco, New Mountain Finance Corporation Tod Reichert, MCG Capital Corporation Stephanie Paré Sullivan, THL Credit, Inc. John Walsh, Sutherland 10:00 a.m. – 10:45 a.m. Non-Traded BDCs: An Alternative Capital Raising Model Three sponsors of non-traded BDCs talk about why they started a non-traded BDC, their experiences in getting the venture off the ground, the lessons they learned along the away, and where they see the future of this increasingly popular alternative investment vehicle. Moderator: Harry Pangas, Sutherland Panelists: Tim Keating, Keating Capital, Inc. Joel Kress, CION Investment Corporation Seth Taube, Sierra Income Corporation 10:45 a.m. – 11:00 a.m. Break RONALD REAGAN BUILDING AND INTERNATIONAL TRADE CENTER 1300 PENNSYLVANIA AVENUE, NW WASHINGTON, DC 20004 Wednesday, September 12, 2012 11:00 a.m. – 11:45 a.m. A Dialogue with the Division Regulatory and disclosure, trends and comments Moderator: Steve Boehm, Sutherland Panelists: Dalia Blass, Division of Investment Management, U.S. Securities and Exchange Commission Jim Curtis, Division of Investment Management, U.S. Securities and Exchange Commission Cynthia Krus, Sutherland 11:45 a.m. – 1:15 p.m. Lunch Ten tables – ten topics. Join the table of your choice to discuss current developments, challenges and new ideas around one of these subject areas. Compliance Non-Traded BDCs Outsourcing Portfolio Investing Debt Financing Raising Equity Capital Exemptive Relief SBICs Managing the Board Tax Matters 1:15 p.m. – 2:15 p.m. Managing Through the Cycles: The C-Suite Perspective Senior BDC executives will discuss their greatest challenges within the model, how they have managed through the economic cycles, and the lessons they have learned from it all. Moderator: Steve Boehm, Sutherland Panelists: Bernard Berman, Fifth Street Finance Corporation Vincent Foster, Main Street Capital Corporation Robert Hamwee, New Mountain Finance Corporation Michael Reisner, CION Investment Corporation 2:15 p.m. – 3:00 p.m. Negotiating Service Provider Arrangements: Tips and Traps for the Unwary Our panel includes experienced representatives from several typical third- party service providers as well as Sutherland attorneys who routinely advise clients with respect to service provider arrangements. The panelists will discuss the services they provide to BDCs with a focus on the common elements of negotiating service provider arrangements. Moderator: Cynthia Krus, Partner, Sutherland Panelists: John Czapla, Valuation Research Corporation Scott Hobby, Sutherland Michael Monroe, U.S. Bancorp Fund Services Matthew Schott, Marsh FINPRO RONALD REAGAN BUILDING AND INTERNATIONAL TRADE CENTER 1300 PENNSYLVANIA AVENUE, NW WASHINGTON, DC 20004 Wednesday, September 12, 2012 3:00 p.m. – 3:45 p.m. Building Your Shareholder Base Those involved in the equity capital raising process discuss the art and science of cultivating and maintaining a shareholder base that will support the BDC - in good times and bad. Moderator: John Mahon, Sutherland Panelists: Larry Herman, Raymond James Jim Hunt, THL Credit, Inc. Troy Ward, Stifel Nicolaus 3:45 p.m. – 4:00 p.m. Closing Remarks SPEAKER BIOGRAPHIES SUTHERLAND ASBILL & BRENNAN LLP www.sutherland.com 10TH ANNUAL BDC ROUNDTABLE Wednesday, September 12, 2012 SPEAKER BIOGRAPHIES 2012 Regulatory, Legislative and Market Overview Sam Anderson, Vice President, Goldman Sachs Sam Anderson is a senior member of the Goldman Sachs Financial Institutions Group, which provides advisory and capital raising services to insurance, bank, asset management, financial technology and specialty finance companies. Sam leads the Business Development Company coverage effort and has played a leading role in many IPOs, convertible and secondary capital raises. Most recent transactions include the New Mountain Finance, Medley Capital and Oaktree Finance IPOs, as well as the Prospect Capital convertible. In addition, Sam has played a lead role in many of the largest mergers in the specialty finance industry including Sallie Mae’s acquisition of $26 billion of student loan assets from Student Loan Corp. Sam graduated from Bates College in 1999. Prior to joining Goldman Sachs in 2007, Sam worked at Banc of America Securities. Steve Boehm, Partner, Sutherland Asbill & Brennan LLP Steve Boehm leads the firm’s Capital Markets and Investments Team. He concentrates his practice in the corporate and securities area, with an emphasis on matters involving asset management arising under the jurisdiction of the U.S. Securities and Exchange Commission (SEC). He represents registered and unregistered investment funds and investment advisers on a broad range of regulatory and transactional matters. Steve is a nationally recognized authority on business development companies (BDCs), representing many of the nation’s largest BDCs. His practice also includes representing other types of public vehicles for private equity investing. Steve is also recognized as a leading authority on the organization and operation of Section 529 college tuition savings plans. Cynthia Krus, Partner, Sutherland Asbill & Brennan LLP Cynthia Krus, who serves as vice chair of Sutherland’s Corporate and Financial Services practices, has been involved in numerous public and private securities offerings and has advised clients in connection with a variety of corporate transactions including mergers and acquisitions, proxy contests, exchange and rights offerings, going-private transactions and reorganizations. She advises companies on the structure and formation of various entities and the establishment and operation of private and public equity, including business development companies (BDCs) and Small Business Investment Companies (SBICs). Cynthia counsels public companies in a broad range of corporate and securities matters, such as the Sarbanes-Oxley Act of 2002, corporate governance, disclosure, executive compensation and shareholder matters. Brett Palmer, President, Small Business Investor Alliance Brett Palmer was appointed as SBIA’s President in October 2008. He is responsible for the implementation of policies and programs established by the Board of Governors and for the overall management of SBIA staff, activities, and contracts. He is SBIA’s principal liaison with Congress, the Executive Branch, and industry organizations. Brett is also President of the SBIC Funding Corporation and Treasurer and Principal Coordinator of SBIA’s Political Action Committee. Brett has an extensive public policy and advocacy background, having worked with legislative and executive bodies at all levels of government. He most recently served as the Managing Director for the National Association of Insurance Commissioner’s (NAIC) Government Relations Office in Washington, D.C., where he oversaw and executed their state, federal, and international relations. Prior to joining the NAIC, Brett served as Assistant Secretary of Commerce for Legislative and Intergovernmental Affairs and as Deputy Assistant Secretary for Trade Legislation. He worked on Capitol Hill in a number of positions including for the Speaker of the House. 10TH ANNUAL BDC ROUNDTABLE Wednesday, September 12, 2012 SPEAKER BIOGRAPHIES SEC Compliance and Enforcement Actions: Lessons Learned Deb Heilizer, Partner, Sutherland Asbill & Brennan LLP Deb Heilizer, a member of Sutherland’s Securities Enforcement, Litigation and Regulation Team, focuses her practice on accounting and financial issues, regulatory enforcement, and litigation involving the U.S. Securities and Exchange Commission (SEC), self-regulatory organizations and private litigants. She also represents public companies and regulated entities, including broker-dealers, investment advisers and individuals in a wide range of securities matters, including state and federal regulatory matters, disclosure issues and compliance matters. Prior to joining the firm, Deb was in-house counsel at the retail brokerage division of a large financial institution, where she handled litigation and regulatory matters. For more than a decade, she also worked at the SEC’s Division of Enforcement conducting and supervising investigations involving potential violations of the federal securities laws.
Load more

Recommended publications
  • Sponsored: an Interview with David Gladstone, Founder of the Gladstone Companies
    Sponsored: An Interview with David Gladstone, Founder of The Gladstone Companies. https://thediwire.com/sponsored-an-interview-with-david-gladstone-founder-of-the-gladstone-companies/ October 12, 2020 The following interview was conducted by Brannon McPherson, managing director at Timbrel Capital LLC, and was published as part of Gladstone’s directory sponsorship package with The DI Wire. The DI Wire did not conduct or participate in the interview. David Gladstone is the founder of Gladstone Land Corporation (the “company”) (Nasdaq: LAND) and has served as chief executive officer and chairman of the board of directors since the company’s inception in 2003. He is also currently the president of Gladstone Land. Mr. Gladstone founded and has served as CEO and chairman of the company’s affiliate corporations, including Gladstone Capital Corporation (Nasdaq: GLAD), Gladstone Investment Corporation (Nasdaq: GAIN), and Gladstone Commercial Corporation (Nasdaq: GOOD), and Gladstone Management Corporation, which serves as the registered investment adviser to the company and each of the other aforementioned three investment funds (the “adviser”). Prior to founding the Gladstone family of companies in 2001, Mr. Gladstone served as either chairman or vice chairman of American Capital, Ltd., a publicly-traded LBO fund and mezzanine debt company, from 1997 to 2001. From 1974 to 1997, Mr. Gladstone held positions including chairman and CEO, with Allied Capital Corporation (NYSE: ALD), Allied Capital Corporation II, Allied Capital Lending Corporation and Allied Capital Advisors, Inc., a registered investment adviser that managed the Allied companies, the largest group of publicly-traded mezzanine debt funds in the U.S. From 1991 to 1997, Mr.
    [Show full text]
  • The Philadelphia Intellectual Property Law Association
    THE PHILADELPHIA INTELLECTUAL PROPERTY LAW ASSOCIATION Thursday, September 18, 2014 “Start-up, Investment Funding and IP: What is the Best Option for Your Company (or Your Client)?” Markley S. Roderick is a shareholder at Flaster/Greenberg PC concentrating his practice on the representation of entrepreneurs and their businesses. He represents companies across a wide range of industries, including technology, real estate, and healthcare. Expanding on his in-depth knowledge of capital raising and securities law, Mr. Roderick spearheads the firm’s Crowdfunding practice and is one of the leading Crowdfunding lawyers in the United States. He represents dozens of portals and other participants in the Crowdfunding industry, providing both technical knowledge and industry expertise. Additionally, he maintains a Crowdfunding blog at www.crowdfundattny.com, which contains news, updates and links to important information on the Crowdfunding industry. Paul Mitchell is Vice President, Commercial Loan Officer for First Cornerstone Bank in King of Prussia, PA. He has over 35 years’ experience financing growing businesses as a Commercial Banker and President of a regional mezzanine Fund, CoreStates Enterprise Fund (provided growth financing to Urban Outfitters). He also was President of his own Investment Banking firm raising Venture Capital and Private Equity funds for entrepreneurial companies. He has been a Commercial and Real Estate Lender with several Philadelphia area banks and served as Regional Associate for Allied Capital. Paul is a long time key member of the Greater Philadelphia Senior Executive Group (GPSEG) where he has served as Director, Treasurer, Chair of the Financial Executives Sub Group, Chair of the Golf Outing Committee, and an active participant in the Private Equity and Professional Services Sub Groups.
    [Show full text]
  • The Abcs of Bdcs Speakers
    Steven B. Boehm, Partner Cynthia M. Krus, Partner November 10, 2010 The ABCs of BDCs Speakers Steven B. Boehm Partner 202.383.0176 [email protected] Cynthia M. Krus Partner 202.383.0218 [email protected] 2 ©2010 Sutherland Asbill & Brennan LLP What is a Business Development Company? • Created by the Small Business Investment Incentive Act of 1980 (the “1980 Amendments”) as a result of a perceived crisis in the capital markets in the 1970s. • Private equity and venture capital firms believed the “small private investment company” exemption (Section 3(c)(1) of 1940 Act) limited their capacity to provide financing to small, growing businesses. • Regulated Investment Company (RIC) Status in 1990. • Publicly traded closed-end funds that: § Provide small, growing companies access to capital. § Enable private equity funds to access the public capital markets. § Enable retail investors to participate in the upside of pre-IPO investing with complete liquidity. • Hybrid between an operating company and an investment company. 3 ©2010 Sutherland Asbill & Brennan LLP What is a Business Development Company? (con’t) 4 ©2010 Sutherland Asbill & Brennan LLP What are the Benefits of the BDC as an Investment Vehicle? • Access to public capital markets • Shares are traded on exchanges or Nasdaq • Flow-through tax treatment • Reduced burden under 1940 Act • External model permits management fee and “carried interest” incentive fee structure • Publicly available financial information through quarterly reporting • Portfolio is typically diversified which reduces risk to investors associated with private equity investments • Restrictions on leverage/affiliated transactions 5 ©2010 Sutherland Asbill & Brennan LLP How Did the BDC Industry Develop? • Prior to 2003, the largest BDCs were primarily internally-managed.
    [Show full text]
  • Summer 2018 Market Pulse
    Summer 2018 Market Pulse Aerospace | Defense | Technology | Government Services Public Markets and Valuation Trends Fall Outlook Special Operation Forces (SOF) Update Notable Transactions Public Company Comparables and Recent M&A Transactions Representative ACP Transactions Larry A. Davis Philip J. McMann Mark Shaheen Partner Partner Managing Director (301) 231-6225 (301) 231-6202 (301) 222-8227 [email protected] [email protected] [email protected] 805 King Farm Boulevard, Suite 300 | Rockville, Maryland 20850 | P 301.231.6200 | F 301.231.7630 | aronsoncapitalpartners.com Summer 2018 Market Pulse Aerospace | Defense | Technology | Government Services Public Markets and Contractor Valuation Trends Federal contracting continues to LTM Contractor Returns outperform the broader market, 140 outpacing the S&P 500 by 5% to 20%. 2018 returns are supported by 120 a clearer budget outlook and favorable tax policies. 100 LTM 7/25/2018 Returns Defense Electronics continues to be Defense System/Electronics: 33.6% one of the most valuable industries Mid-Tier: 28.0% Indexed Performance Indexed 80 Aerospace: 20.1% as the Department of Defense Tier-1: 17.8% places significant premiums on S&P: 13.9% 60 high-tech, turnkey solutions to Jul-17 Nov-17 Mar-18 Jul-18 legacy systems. Mid-tier returns have been boosted LTM Contractor Multiples by: 20.0x • ICF (+60% LTM), who has seen 18.0x significant success internationally, 16.0x • CACI (+43% LTM), who beat 14.0x 12.0x analyst earnings expectations by LTM 7/25/2018 Multiples almost 50%, and, 10.0x 8.0x Defense System/Electronics : 17.6x Tier-1: 14.8x • Booz Allen (+31% LTM), who Enterprise EBITDA Value/LTM 6.0x Mid-Tier: 14.2x Aerospace: 13.0x expects to increase earnings by 4.0x over 25% in the next year Jul-17 Nov-17 Mar-18 Jul-18 Aerospace returns were elevated by the Farnborough Air Show where Boeing and Airbus saw a surge in demand for planes.
    [Show full text]
  • Diversity and Inclusion: the Business Case for Investors
    Diversity and Inclusion: The Business Case for Investors Moderator: Erin Shackelford, Trustee Leadership Forum for Retirement Security, Initiative for Responsible Investment, Harvard Kennedy School Presenters: Michael Garland, Assistant Comptroller for Corporate Governance and Responsible Investment, Office of the New York City Comptroller; William R. Atwood, Executive Director of the Illinois State Board of Investment; Erika Seth Davies, Director of External Affairs at ABFE; Renaye Manley, SEIU Capital Stewardship, and Jay Rehak, Trustee at the Chicago Teachers’ Pension Fund Agenda • Opening Remarks Erin Shackelford, Trustee Leadership Forum for Retirement Security, IRI, Harvard Kennedy School • Presentation: How Funds are Leading on Diverse Investments and Supporting Diverse Boards Michael Garland, Assistant Comptroller, Corporate Governance and Responsible Investment, Office of the New York City Comptroller William R. Atwood, Executive Director, Illinois State Board of Investment • Presentation: Partners for Change Erika Seth Davies, Director of External Affairs, AFBE: A Philanthropic Partnership for Black Communities Renaye Manley, Coordinator, SEIU Capital Stewardship Department • Trustee Voices: How Chicago Teachers Pension Fund Trustees Lead the Way on Diversity Jay Rehak, Trustee, Chicago Teachers Pension Fund • Questions and Comments • Next Steps: Resources for Talking About Diversity and Inclusion at Your Fund Erin Shackelford, Trustee Leadership Forum for Retirement Security, IRI, Harvard Kennedy School • Conclusion Shared Value is “creating economic value in a way that also creates value for society by addressing its needs and challenges.” Michael Porter, Harvard Business Review, January 2011 Approaches to Creating Shared Value Adapted from Values-Based Performance: Seven Strategies for Delivering Profits with Principles, by Ira Jackson and 3 Jane Nelson, December 2004 and The Inclusion Imperative: How Real Inclusion Creates Better Business and Builds Better Societies, by Stephen Frost, 2014 The Price of Unfairness “Unfairness costs U.S.
    [Show full text]
  • Buyouts Large Market Deal of the Year
    76799_Webvision ready 5/13/13 4:55 PM Page 1 YOUR SOURCE FOR LEVERAGED AND MANAGEMENT BUYOUTS www.buyoutsnews.com April 22, 2013 • Issue 9 Deal Of The Year AWARDS Awards 2013 CHS Capital Spawning Three PE Firms Dolan, Harvard’s Private Equity Chief, Resigns LargeNew Market Mountain Deal Capital,of the Year LLC New York City Makes Mammoth $1.1B In PE Commitments Ridgemont Raises $735M, First Fund Post-BofA Energy Future Proposes Chapter 11 Plan Foray Into Distressed Debt Pays Off For American Securities 76799_Webvision ready 5/13/13 4:53 PM Page 2 BUYOUTS | April 22, 2013 www.buyoutsnews.com LARGE MARKET DEAL OF THE YEAR New Mountain Capital LLC Deltek Showcases Buy-And-Grow Model SNAPSHOT: Firm : New Mountain Capital LLC Target : Deltek Inc. At the height of scrutiny around job cuts founded the company, kept 25 percent of Sale Price : $1.05B by private equity firms during the 2012 the company as part of New Mountain’s Hold Period : 7 years presidential election, New Mountain Capital model of teaming up with owners. Tapping Return Multiple : 5.3x on equity LLC sold Deltek Inc. for $1.05 billion after into its $1.5 billion New Mountain Fund II, adding 945 employees in about seven years the firm invested $75 million structured as WHY THE FIRM WON through a combination of organic growth debt and $105 million as common equity. AWARDS and acquisitions. Third-party debt amounted to less than 4x 2013 The deal delivered a big profit for the EBITDA. Although the company could have New York buyout shop.
    [Show full text]
  • Bi-Weekly Finanial Technology Sector Report
    Financial Technology Sector Summary Week of May 22, 2017 1 DEAL DASHBOARD Financial Technology (3) (1) (3) $11.9 Bn | 1,188 Deals Industry Stock Market Performance $75.9 Bn | 852 Deals LTM Financing Volume Last Twelve Months LTM M&A Volume 160 Select Recent Financing Transactions Select Recent M&A Transactions Company Amount ($MM) 150 Target Acquirer EV ($MM) 140 $130.0 $3,720.0 130 $120.0 NA 120 Z enith $63.0 110 M erchant NA Services 100 Wacai $42.0 NA 90 $42.0 NA 80 5/19/16 7/4/16 8/17/16 9/30/16 11/15/16 12/29/16 2/13/17 3/29/17 5/12/17 $37.0 NA Payments Exchanges Payments Financial Data, Content, Information Processors / $37.0 & Analytics Credit Bureaus NA Banking & Lending Online Broker Dealers Technology $25.0 NA Investment Services, Healthcare / Insurance Software, & Technology Technology S&P 500 (3) (3) Quarterly Financing Volume Quarterly M&A Volume $10 500 $30 219 250 205 196 188 $8 $8.9 400 $25 200 $24.9 299 298 316 $24.5 276 $20 $6 300 $20.8 $20.4 150 $15 $4 200 100 $10 $3.0 $2 $2.6 $2.6 100 $5 50 $0 0 $0 0 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Financing Volume ($Bn) Financing Deal Count M&A Volume ($Bn) M&A Deal Count Notes: Source: Capital IQ, CB Insights and GCA FinTech Database. Market Data as of 5/19/17. 1) Refer to footnotes on page 5 for index composition.
    [Show full text]
  • Agenda Item 6A
    Attachment 5, Page 1 of 56 CalPERS CIO Quarterly Performance Report Quarter Ending June 30, 2013 CalPERS CIO Quarterly Performance Report QUARTER ENDING JUNE 30, 2013 Attachment 5, Page 2 of 56 CalPERS CIO Quarterly Performance Report Quarter Ending June 30, 2013 Table of Contents Section I: Total Fund Total Fund Summary Section II: Public Equity Public Equity Summary Internal Equity Internal Domestic Equity Internal International Developed Equity Internal Emerging Market Equity External Equity External Domestic Traditional Equity External International Developed Traditional Equity External Emerging Market Equity Corporate Governance Emerging Manager Program Manager Developmental Program Emerging Manager Fund of Funds Section III: Private Equity Private Equity Summary & Performance by Strategy Private Equity Top 20 General Partners by Exposure Private Equity Performance by General Partners Attachment 5, Page 3 of 56 CalPERS CIO Quarterly Performance Report Quarter Ending June 30, 2013 Section IV: Income Global Income Summary & Domestic Income External International & External High Yield Section V: Real Assets Real Assets Summary & Real Estate Summary Real Estate Top 20 Partners by Exposure Real Estate Partners Performance by Strategy Forestland & Infrastructure Performance by Partners Section VI: Inflation Inflation Summary Section VII: Liquidity Liquidity Summary Section VIII: Absolute Return Strategies Absolute Return Equitization Strategy & Absolute Return Strategies Summary Direct Investments Fund of Funds Section IX: Total Fund Portfolios
    [Show full text]
  • The Largest Independent, Tech-Enabled Performance Marketing Firm Across Google, Facebook, and Amazon with More Than $2 Billion I
    The Largest Independent, Tech-enabled Performance Marketing Firm Across Google, Facebook, and Amazon with More than $2 billion in Digital Media Spend Under Management CG Petsky Prunier is pleased to announce it has advised Tinuiti, Inc., the largest independent performance marketing firm across Google, Facebook, and Amazon, on its investment from New Mountain Capital, a leading growth-oriented investment firm with $28 billion in assets under management. The partnership enables Tinuiti to accelerate its competitive advantage across the entire digital marketing and media landscape through further investment in talent, capabilities, and product, as well as international expansion. Tinuiti was previously a portfolio company of Mountaingate Capital. Tinuiti has more than $2 billion in digital media under management. With expert knowledge in search, social, Amazon and marketplaces, mobile apps, CRM and email marketing, and more, the company understands success requires both strategy and channel specialization and is relentlessly focused on how consumer attention evolves in today's digital, mobile, and, increasingly, eCommerce-first world. Each solution is delivered leveraging Tinuiti's performance planning framework, GAMMA, and is enabled by Mobius, a proprietary suite of marketing intelligence and media activation technology. Over the last several years, Tinuiti has executed on a strategic growth plan that has been fueled by organic investments in talent and technology, while also adding new capabilities and expertise through M&A. During this period, the company has achieved tremendous growth, expanding from 150 employees in 2017 to 700 employees in 2020. Tinuiti has been able to accomplish this expansion while driving an intense focus on customer satisfaction and client outcomes, as well as employee culture and opportunity.
    [Show full text]
  • Sec Oversight of Business Development Companies
    WALSH SEC OVERSIGHT OF BUSINESS DEVELOPMENT COMPANIES JOHN H. WALSH** Business Development Companies, or BDCs, are the public face of the venture capital business. The BDC is a specialized type of Investment Company that combines the economic functions of venture capital with public disclosure, market trading, and regulation by the Securities and Exchange Commission. This article examines the regulatory issues of concern to the SEC, in its oversight of BDCs, as revealed by the SEC’s enforcement activity. The article suggests that while the number of enforcement cases against BDCs has been relatively small, given the success of the business model, the cases reveal several continuing issues that warrant attention by every BDC. INTRODUCTION .................................................................................... 2 I. DEVELOPMENT OF THE SEC'S OVERSIGHT PROGRAM FOR BDCS ................................................................................................... 4 A. Early Oversight: BDC Enforcement in the 1990s ................... 4 B. The Classic BDC Case: The Rockies Fund ............................ 7 C. The 2008 BDC Sweep .......................................................... 11 II. RECENT CASES INVOLVING BDCS ......................................... 17 A. BDC Valuation and Disclosure ............................................. 17 1. Brantley Capital ................................................................ 17 2. iWorld Projects & Systems, Inc. ....................................... 19 3. Equus Total Return,
    [Show full text]
  • 1 Opus Small Cap Value Plus Etf — Fund Summary
    OPUS SMALL CAP VALUE PLUS ETF (OSCV) OPUS INTERNATIONAL SMALL/MID CAP ETF (OISC) each a series of ETF Series Solutions (each, a “Fund”, and together, the “Funds”) May 1, 2019 Supplement to the Prospectus and Statement of Additional Information (“SAI”) dated July 16, 2018 Effective immediately, Len Haussler and Adam Eagleston, the Funds’ portfolio managers, have joined Driehaus Capital Management LLC (“Driehaus”) as portfolio managers, and Driehaus has become the sub-adviser to the Funds. Messrs. Haussler and Eagleston will continue to be responsible for the day-to-day management of the Funds. All references in the Prospectus and SAI to Opus Capital Group, LLC, doing business as Opus Capital Management, as the Funds’ sub-adviser should be disregarded. The following information replaces the “Management— Investment Sub-Adviser” section on page 15 of the Prospectus: Investment Sub-Adviser Driehaus Capital Management LLC (“Driehaus” or the “Sub-Adviser”), a registered investment adviser founded in 1982, serves as investment sub-adviser to the Funds. As of March 31, 2019, the Sub-Adviser managed approximately $7.1 billion in assets. Driehaus is located at 25 East Erie Street, Chicago, Illinois 60611. Subject to the supervision and oversight of the Adviser and the Board, the Sub-Adviser provides to the Adviser investment analysis and recommendations on security selection and the rebalancing of each Fund. For the services it provides to the Funds, the Adviser pays Driehaus a management fee, which is calculated daily and paid monthly, at an annual rate based on the applicable Fund’s average daily net assets as set forth in the table below.
    [Show full text]
  • New Mountain Vantage Long Only UCITS Fund US Equity Long Only August 2020
    New Mountain Vantage Long Only UCITS Fund US Equity Long Only August 2020 Performance Returns The Manager The New Mountain Vantage Long Only UCITS Fund was up 3.47% for the month of August (USD Institutional Class A). Fund Attribution Top 5 Performers Position Gross Name Industry Commentary Size Attribution Consumer Reported strong Q2 earnings, and highlighted significant LKQ Corp 9.0% 1.04 Steven B. Klinsky is New Discretionary margin opportunities Mountain Capital’s Founder and Reported strong Q2 earnings, with secular payment Information CEO. Prior to founding New Mastercard Inc 3.4% 0.49 digitization trends accelerating. Also participated in broader Technology tech rally Mountain in 2000, Mr. Klinsky had Reported Q2 earnings beat with positive update on organic leadership roles at Forstmann Little growth, credit and share repurchases; management Athene Holding Ltd Financials 3.1% 0.38 reiterated long-term return targets well-above Street and Co and at Goldman Sachs in the expectations Leveraged Buyout Group. Mr. Klinsky Reported Q2 earnings beat driven by a faster recovery in Communication Alphabet Inc 3.3% 0.29 search advertising and slightly better-than-expected core received his B.A. in Economics and Political Services Google margins Philosophy from the University of Michigan, Consumer Reported positive monthly cadence for room night recovery his M.B.A from Harvard Business School and Booking Holdings Inc 2.1% 0.28 Discretionary and announced >$300M of aggregate cost savings his J.D from Harvard Law School. Bottom 5 Performers Position Gross Dan P. Riley is the Portfolio Name Industry Commentary Size Attribution Manager of the New Mountain Despite a positive earnings announcement, shares Communication Vantage and is a Managing Liberty Latin America Ltd 3.9% (0.30) underperformed in the wake of the company’s announced Services rights offering to fund the acquisition of Telefonica Costa Rica Director at New Mountain Capital.
    [Show full text]