Insurance Journal  Sep 5  Comment 
Lockton has named Tate McCoy CEO of its Mountain West operations. McCoy will lead more than 400 Lockton associates who serve clients from offices in Denver, Phoenix, Las Vegas and Seattle. He is responsible for new business development and advises...
Insurance Journal  Aug 31  Comment 
San Francisco, Calif.-based Woodruff Sawyer has named Jen Scales vice president and account executive in its employee benefits practice. Scales has more than 15 years of experience in the insurance industry, having spent time in business...
Insurance Journal  Aug 29  Comment 
AP Intego Insurance Group has named Pamela Victor director of West Coast operations. The company announced its plan to open a West Coast sales, service and business development office in the San Francisco Bay Area with Victor leading the new …
TechCrunch  Aug 23  Comment 
Build versus buy? Potential partner or potential disruptor? The option set for corporations to collaborate with startups used to be simpler.
Insurance Journal  Aug 22  Comment 
Sam Siddons and Craig Morelos have joined the property/casualty practice at EPIC Insurance Brokers and Consultants as principals, reporting to EPIC Managing Principal and Southwest Region Director KJ Wagner. Siddons will be responsible for new...
Yahoo  Aug 9  Comment 
The Orlando, Florida-based company said it had net income of 30 cents per share. Earnings, adjusted for investment costs, came to 39 cents per share. The business development company posted revenue of ...
Insurance Journal  Jun 21  Comment 
Capsicum Re, the London-based specialist reinsurance broker, announced that Grahame “Chily” Chilton will rejoin the business later this year. Chilton will work alongside CEO Rupert Swallow to drive global business development and help shape...
Insurance Journal  Jun 20  Comment 
San Francisco, Calif.-based Zenefits has named Issac Vaughn to its executive team as senior vice president of business operations. He reports to Jay Fulcher, chairman and CEO. Vaughn will work with the Zenefits’ customer experience, benefits...


A business development company (BDC) is a company that makes private equity investments, and is essentially a private equity firm that goes public and sells shares of itself. It is funded with the purpose of lending and investing in private companies. A business development company is similar to a Venture Capital (VC) firm, but a key difference is that BDCs allow retail investors to invest, via the BDC, in startup companies. Many BDCs are listed on the NYSE, AMEX, and Nasdaq (see the list below).

American BDCs are required to invest at least 70% of assets in private U.S. companies. Most BDCs have regulated investment company status, which means they must distribute at least 90% of their taxable income to shareholders each year. This also means a BDC can't put more than 5% of assets in any single investment or buy more than 10% of another company's voting stock, or put more than 25% of assets into a business they control or into businesses in the same industry.

The establishment of business development companies allowed retail investors to participate in and benefit from investing in private businesses by allowing them to buy shares of closed end funds that invested in these businesses. The term business development company was defined in the Investment Company Act of 1940, section 2(a)(48). To qualify as a BDC, a company must comply with Section 54 of this same act. The Investment Company Act set standards by which investment companies should be regulated, including mutual funds.

Examples of publicly-traded business development companies include:

External Resources

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