Nicholas Marshi
Debt, value, non-investment grade debt, registered investment advisor

New BDC TPG Specialty: Buy Or Hold?

Another day, another Business Development Company ("BDC") comes to market. We're exaggerating, but there is no doubt that the BDC format is becoming increasingly popular, with both new players going public and existing BDCs raising add-on capital almost constantly. On Thursday, March 20, 2014, the "new" BDC being launched was TPG Specialty Lending, which came to market at a $16.0 price and will use the ticker TSLX. The new BDC is sponsored and managed by TPG Capital, a Private Equity/Asset Manager behemoth with $55bn of assets under management. We are initiating coverage, which means that we'll be following the ups and downs of the company's stock performance every day, and its periodic filings, press releases and presentations.

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