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Bain Capital Specialty Finance

Overview

Middle Market Direct Lending (Senior Secured). Bain Capital Specialty Finance seeks to provide strong risk-adjusted returns and current income to investors by investing primarily in middle-market companies with between $10 million and $150 million in “EBITDA”. They intend to focus on senior investments with a first or second lien on collateral and strong structures and documentation intended to protect the lender. The prospectus allows the fund to invest in mezzanine debt and other junior investments, but they have repeatedly emphasized that they will stay with senior debt investments. Leverage is expected to be utilized to help the BDC meet its investment objective. Any such leverage, if incurred, would be expected to increase the total capital available for investment by the BDC.

The Opportunity

The industry research team includes 29 investment professionals organized across 14 industry groups effectively covering the business universe across the capital structure. The average Bain Capital Credit industry expert has covered his or her relevant industry for over 13 years. Bain Capital Credit believes that this organizational structure is a key advantage in evaluating middle market opportunities because Bain Capital Credit typically has resident knowledge of an industry niche, a competitor, customer, or supplier relating to the potential portfolio company. This insight positions Bain Capital Credit’s Private Credit Group to evaluate risk effectively and efficiently across a fundamentally broader set of opportunities than a traditional single product middle market fund staffed only by generalists. They believe their industry team structure not only contributes to superior investment decisions and a broader opportunity set, but it also allows them generally to bring certainty to the transaction process – a critical attribute which makes Bain Capital Credit an attractive partner to sponsors, management teams, advisors and other lenders.

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