Direct Lending
Business Development Companies: Venture Capital for Retail Investors
A. Joseph Warburton, 76(1): 59-108 (Winter 2020-2021)
Business development companies (“BDCs”) offer retail investors the allure of becoming venture capitalists, funding emerging enterprises with the help of professional asset managers. BDCs are investment companies that finance businesses traditionally locked out of conventional capital markets. Nearly forty years old, the BDC has remained virtually unexplored by academic researchers.