2015 will have a new name to the non-traded business development company (BDC) space. NorthStar Corporate Income, Inc. (Corporate Income) announced today that it filed paperwork with the SEC proposing its $1 billion public offering.
Corporate Income plans to operate as a public, non-traded BDC externally managed by affiliates of its co-sponsors, NorthStar Asset Management Group Inc. and Och-Ziff Capital Management Group LLC (Och-Ziff).
As of December 1, 2014, Och-Ziff managed approximately $47.1 billion in assets. Founded in 1994 by Daniel Och, it’s considered one of the largest institutional alternative asset managers in the world.
Corporate Income will originate or acquire senior and subordinated debt from a wide variety of small and middle-market U.S. companies.
The initial public offering will commence once the SEC has completed its customary review process.