BC Partners to Acquire Investcorp BDC at Discount to Net Asset Value

✦ Meridian Analysis

BC Partners has signed an agreement to acquire Investcorp Credit Management BDC through its listed vehicle BCP Investment Corporation. The deal values the Investcorp fund at a 10 % discount to net asset value, while BCP Investment Corporation is priced at 100 % of its net asset value, according to Bloomberg. The transaction follows a strategic review launched by Investcorp’s BDC in March after a rise in troubled investments, a falling net asset value and the suspension of future dividends, which saw the shares tumble almost 80 % year‑to‑date. BC Partners, which manages more than $40 bn in assets and runs a credit platform of over $10 bn. The acquisition arrives as consolidation accelerates in the $1.8 trn private credit market, where weaker valuations and redemption pressures are prompting managers to explore strategic alternatives. Ares Capital recently agreed to acquire Apollo Global Management’s MidCap Financial Investment Corporation in a $2.6 bn transaction. Deal terms such as the exact purchase price, the financing structure and the identity of financial advisers have not been disclosed. Information on regulatory clearances, the expected closing timetable and any contingent earn‑out or rollover provisions remains absent, leaving those details to be confirmed in forthcoming filings.

The Meridian Weekly