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Family Offices Exploring Direct Lending

Family Offices Exploring Direct Lending

High net worth individuals and family offices, in search of autonomy and flexibility, are increasingly managing their wealth internally rather than placing their money in funds managed by third parties. The collective size of family offices has surpassed that of hedge funds in the United States. Bloomberg estimates that hedge funds are currently managing approximatelyRead more about Family Offices Exploring Direct Lending[…]

A History of Lending: Part II- The Emergence of Modern Banking

A History of Lending: Part II- The Emergence of Modern Banking

By the late 16th and early 17th century, the traditional banking functions that we know today had developed.  The more standardized issuance of bank debt grew from the practice of goldsmiths owning private vaults where they would charge a fee to wealthy merchants for holding precious metals.  Eventually, the goldsmiths began to lend money outRead more about A History of Lending: Part II- The Emergence of Modern Banking[…]

Off the Mark: Business Development Companies’ Discrepancies in Fair Value Reporting of Loan Values

Off the Mark: Business Development Companies’ Discrepancies in Fair Value Reporting of Loan Values

Current SEC regulations require that companies use market values when appraising their assets to fair value. When market prices are not immediately apparent though, as in the case of BDC loans, determining a fair value becomes a less uniform process. While Accounting Series Releases 113 and 118 provide some guidance on marking illiquid assets toRead more about Off the Mark: Business Development Companies’ Discrepancies in Fair Value Reporting of Loan Values[…]

The Rise of Family Offices: Direct Investments

The Rise of Family Offices: Direct Investments

Single family offices currently account for more than $2.4 trillion in investable capital globally, making them sizable competition to the Private Equity and Hedge Fund industry.   As the number of high net worth individuals increases around the world, the family office industry continues to blossom, as does its investment strategy.  The current trend is aRead more about The Rise of Family Offices: Direct Investments[…]

Middle Market Loans: An Opportunity for Higher ROI

Middle Market Loans: An Opportunity for Higher ROI

  Middle market companies (with revenues between $50 million and $1 billion) and lower middle market companies (with revenues between $5 – $50 million) that are not able to access today’s high yield bond market are increasingly turning to smaller regional banks for their capital needs. When a bank is unable to provide adequate capital,Read more about Middle Market Loans: An Opportunity for Higher ROI[…]

The Cost of Accessing Middle Market Debt through Business Development Companies (BDCs)

The Cost of Accessing Middle Market Debt through Business Development Companies (BDCs)

By nature, private capital market investment management is simply not as cheap as the public side. Private market investments usually require additional time to be spent on diligence due to less publicly available information in the form of financial statements. The added time spent on investment management is a cost that can add up toRead more about The Cost of Accessing Middle Market Debt through Business Development Companies (BDCs)[…]

Self-Directed IRAs

Self-Directed IRAs

Despite existing since the traditional IRA was created in 1974, Self-Directed IRAs (SDIRAs) have received relatively little attention over the past few decades. While SDIRAs are functionally the same as traditional IRAs, SDIRAs provide access to significantly more types of investments and give investors the ability to invest in a wider variety of asset classes.Read more about Self-Directed IRAs[…]