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The Journal of Alternative Investments

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Article

BDCs: The Most Important Commercial Lenders You’ve Never Heard About

Andrea Beltratti and Jonathan Bock
The Journal of Alternative Investments Spring 2018, 20 (4) 8-20; DOI: https://doi.org/10.3905/jai.2018.20.4.008
Andrea Beltratti
is a full professor of finance at Bocconi University, and chairman of Eurizon Capital in Milan, Italy
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Jonathan Bock
is a managing director covering business development companies at Wells Fargo Securities, LLC, in Charlotte, North Carolina
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Abstract

A business development company (BDC) is a closed-end mutual fund, the main purpose of which is to extend direct loans to small- and medium-sized enterprises. Most BDCs are traded in official secondary markets and therefore, provide investors with the possibility to invest, in a liquid way, into relatively illiquid assets. The authors first review the main characteristics of BDCs as financial intermediaries, looking at their relevance in financial markets, their typical operations, organizational structure, and governance, and also in comparison to banks. They then view BDCs from the lens of financial investors and compare their returns with those offered by other asset classes.

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The Journal of Alternative Investments: 20 (4)
The Journal of Alternative Investments
Vol. 20, Issue 4
Spring 2018
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BDCs: The Most Important Commercial Lenders You’ve Never Heard About
Andrea Beltratti, Jonathan Bock
The Journal of Alternative Investments Mar 2018, 20 (4) 8-20; DOI: 10.3905/jai.2018.20.4.008

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BDCs: The Most Important Commercial Lenders You’ve Never Heard About
Andrea Beltratti, Jonathan Bock
The Journal of Alternative Investments Mar 2018, 20 (4) 8-20; DOI: 10.3905/jai.2018.20.4.008
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  • Article
    • Abstract
    • THE BDC MODEL
    • COMPARING BDCs AND COMMERCIAL BANKS
    • THE FINANCIAL INVESTOR PERSPECTIVE: BDCs’ PERFORMANCE AND VALUATION
    • CONCLUSION
    • ENDNOTES
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  • Editor’s Letter
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  • Practical Applications of Value Investing for Commodities
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