BC Partners became the external manager of KCAP for $25m.

BC Partners became the external manager of KCAP Financial, a business development company specializing in investments in debt securities portfolio, asset manager affiliates, and CLO fund securities, for $25m. Under the terms of the agreement, if the new advisory agreement is approved by stockholders and the other conditions to closing are satisfied, stockholders will receive a direct cash payment from an affiliate of BC Partners of $25m, or approximately $0.67 per share. “BC Partners has more than $24bn in assets under management, and an excellent investment track record spanning more than three decades,” said Chris Lacovara, Chairman of KCAP. “We are looking forward to partnering with the BC Partners’ credit platform to leverage its scale and enhance our current sourcing capabilities. We believe that BC Partners’ management of KCAP will enable us to maximize long-term value for our shareholders,”