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Schorsch’s AR Global to sell BDC adviser to Benefit Street Partners

July 27, 2016

 

 


Schorsch’s AR Global to sell BDC adviser to Benefit Street Partners

While terms were not released, the price tag could be as much as $70 million

Jul 26, 2016 @ 3:17 pm | By Bruce Kelly | Investment News

AR Global, the alternative investment sponsor controlled by Nicholas Schorsch, said on Monday it had reached an agreement to sell the investment adviser of Business Development Corp. of America, a nontraded business development company it started, to Benefit Street Partners, the credit investment arm of Providence Equity Partners, a private equity firm.

Investment advisers to BDCs and nontraded REITs provide management services to those entities and collect fees for doing so.

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