Griffin Capital’s non-traded business development company (BDC), Griffin-Benefit Street Partners BDC Corp. (GB-BDC), recently broke escrow with $2.5 million in equity capital raised.
“We are pleased to break escrow and initiate our investment strategy for GB-BDC,” said David Rupert, President of Griffin Capital and CEO of GB-BDC.
Publicly registered GB-BDC will initially invest in income-oriented private and public company debt. Benefit Street Partners L.L.C. (BSP), the credit arm of Providence Equity a global private equity firm with over $40 billion in assets under management, acts as the BDC’s sub-adviser.
“Benefit Street Partners identified a group of initial investments that we believe will be a good foundation for the BDC’s portfolio. We look forward to working with our broker-dealer partners and their financial advisors to raise capital to grow GB-BDC,” commented Rupert.
Richard Byrne, President of BSP added, “GB-BDC is our first investment platform available to individual investors. We are optimistic about middle market lending opportunities in the U.S., a number of which we anticipate will be in the media and communications sectors where we have solid experience. We are also very pleased to be executing this strategy with the team at Griffin Capital.”
Also, GB-BDC’s Board of Directors declared an initial distribution rate of $.002055 per day per share that begins May 7, 2015 and is equivalent to an annual rate of 7.5%.