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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
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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