spawns Business development companies (BDCs) are unique entities aiming to fill the financing gap for businesses struggling to acquire bank or public financing. Therefore, BDCs typically concentrate on the smaller and middle-market companies (often lower middle-market). The business model is pretty simple to understand - gather financing sources (mainly equity) and deploy the capital to generate favourable investment spreads. Most BDCs are externally managed. There aren't many internally managed ones; t ...