Caution: Don’t Take Credit Just Because It’s Available

Ron Kahn of Lincoln International

During the last few weeks, three finance companies successfully completed the IPO process to become publicly traded business development companies (BDCs), committed to lending to the middle market. The fundraises promise to add to a large, growing war chest of capital available to finance mid-market buyouts.

The three IPOs compare to just two IPOs during the preceding 18 months. In addition, seasoned BDCs continue to rack up record add-on equity offerings with one company raising over $400 million last week alone. Big-name private equity groups have also ...

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