(Opalesque) In December 2018, the SEC announced two enforcement actions involving business development companies (BDCs) – one against Fifth Street Management, LLC, the former external registered investment adviser to two BDCs, and the other against KCAP Financial, Inc., an internally managed BDC. While the two actions involve wholly separate issues, they do demonstrate the SEC Division of Enforcement staff’s continuing focus on the ever-growing BDC industry and provide some helpful takeaways for BDCs and their advisers.
Hedge fund marketing blurs the line on BDCs
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