Deep Dive Into BDC's: What's the Real Story on Business Development Corps?

Wednesday, 4:00 pm - 7:00 pm
Location: Intercontinental Hotel Century City
2151 Avenue of the Stars
Los Angeles, CA 90067

Andrew Kerai, CFAPortfolio Manager & Senior Credit Strategist, RiverNorth Capital Management

Kathleen Barchick, CFA Senior Managing Director , Cliffwater
Jason BreauxManaging Director, Crescent Capital Group, LP
Carey Davidson - Managing Director & Head of Capital Markets, Monroe Capital LLC.

Time: 4:00 pm - 4:30 pm: Registration/Networking
4:30 pm - 6:00 pm: Panel Discussion
6:00 pm - 7:00 pm: Networking/Cocktails
Dress: Business Casual
Add to Calendar 08/07/2019 4:00 PM 08/07/2019 7:00 PM America/Los_Angeles Deep Dive into bdc's: What's the real story on business development corps? Intercontiental Hotel Century City 2151 Avenue of Stars, Los Angeles, CA 90067 CFALA false MM/DD/YYYY

Part 4 of 6 in our Wealth Management Excellence Series. If you would like to attend the entire series at a discounted rate, click here.
As the landscape of non-traded credit opportunities has continued to grow, Business Development Companies (BDCs) have evolved into an asset class increasingly held by institutional and retail investors. BDCs were created in 1980 by Congress to encourage the flow of capital to private U.S. businesses, and have grown significantly over the past decade as an increasing amount of capital issued to small and mid-sized companies has shifted outside of the banking system. The majority of BDCs predominately originate and hold middle market corporate loans, which are typically floating-rate, senior secured assets, although some also have unsecured loans and equity exposure in their portfolios. BDCs, like REITs and other investment companies, are required to distribute at least 90% of taxable income as distributions, which makes these vehicles compelling income products for investors. Please join us as we explore the structures of BDCs (both public and private), asses the quality of the manager and the portfolios of various BDC vehicles, and weigh in on the pros and cons of investing in this asset class.

Andrew Kerai, CFA | Andrew Kerai joined RiverNorth in 2015 and serves as Portfolio Manager and Senior Credit Strategist. Andrew works with the firm's marketplace lending investment team in analyzing credit performance and portfolio positioning within the strategy. He is responsible for conducting research across credit markets, including the analysis of factors impacting both corporate and consumer credit.

Prior to joining RiverNorth, Andrew was Lead Portfolio Manager of an actively managed open-end mutual fund which invested in the equity securities of publicly-traded credit-focused investment funds, including business development companies (BDCs). Andrew was also an equity research analyst covering consumer and commercial lenders, credit card issuers, middle market commercial lenders, debt recovery companies and business development companies. He began his investment career as a portfolio analyst within high yield bonds and leveraged loans at Prudential Investments.

Andrew graduated Summa Cum Laude from American University with a dual major in international finance and accounting. He is a CFA Charterholder. Back To Top ^^


Kathleen Barchick, CFA | Kathleen Barchick is a Senior Managing Director of Cliffwater LLC. Kathy is responsible for portfolio advisory work in all alternative investment strategies. Prior to forming Cliffwater in 2004, Kathy was a Managing Director and principal of Wilshire Associates. From 1994 to 2004 she was a senior consultant working with high profile and complex public funds, corporate plans and endowments/foundations on their investment strategies and implementation. Previous experience includes working as an acquisition officer for the US Air Force where she was responsible for purchasing spacecraft and satellites and as a team manager for the Department of Defense Logistics Agency where she was responsible for assessing contractor performance for US Air Force radar systems.

Kathy earned a BS in Operations Research from the United States Air Force Academy, and an MBA from the University of Southern California. Kathy holds the Chartered Financial Analyst® designation and is a member of the CFA Institute and the Los Angeles Society of Financial Analysts. Back To Top ^^

Jason Breaux | Jason Breaux is a Managing Director of Crescent Capital Group LP focusing on private credit. He is also the CEO of Cresset Capital BDC, Inc. Prior to joining the team in 2000, he worked at Robertson Stephens where he served in the Mergers and Acquisitions Group. Prior to that, he worked in the Corporate Finance Division of Salomon Brothers specializing in capital raising assignments.

Mr. Breaux received an MBA from the Darden School of Business at the University of Virginia and an AB from Georgetown University. Back To Top ^^

Carey Davidson | Carey Davidson is Managing Director and Head of Capital Markets of Monroe Capital. In March of 2019, Monroe Capital announced that Davidson was elected Partner. Prior to her current position, Davidson held various roles at different firms, including Vice President at The Carlyle Group, Senior Vice President at Churchill Financial, and Assistant Vice President at GE Antares Capital. 

Davidson was a Mergers & Acquisitions “Most Influential Women in Mid-Market M&A” recipient in 2018. She received a B.A. at the University of Wisconsin and an M.B.A. at the University of Chicago Booth School of Business. Back To Top ^^

As a participant in the CFA Institute Approved-Provider Program, the CFA Society of Los Angeles has determined that this program qualifies for 1.5 credit hours. If you are a CFA Institute member, CE credit for your participation in this program will be automatically recorded in your CE Diary.
Sponsored By:





Registration Fees (Limited Space Available)
$25 (Member) | $50 (Non-Member)

Part 4 of 6 in our Wealth Management Excellence Series. If you would like to attend the entire series at a discounted rate, click here.

Parking Information
Valet Parking: $20
Payment Information
We accept the following:

If you prefer to pay by check please email and request to pay by check. Your registration will be completed manually and you will receive an email confirmation.

Mail Check To:

CFA Society of Los Angeles, 520 S. Grand Ave, Suite 655, Los Angeles CA 90071.

*Credit card payments will only be accepted through the secure online registration, and not by phone or email.

Cancellations must be received in writing by 9:00 am the day prior to the event to receive a refund. No phone cancellations are accepted. Please fax to the CFALA office at (213) 613-1233 or e-mail Member “no-shows” will be billed the difference between the member fee and the non-member fee for the event which is posted on the CFALA website.
Series Chair:
Yves-Marc Courtines, CFA
Event Chair:
Arun Bharath, CFA




YouTube Facebook Twitter Instagram LinkedIn