BC Partners Credit launched GP and NAV-based financing strategies, with Tom Glover serving as operating advisor. The strategy will address the private equity industry’s growing demand for non-dilutive debt and preferred equity capital to drive value creation at both the GP and fund levels.
“I am delighted to be partnering with the highly talented and entrepreneurial team at BCP Credit, as the strategic fund financing space is experiencing an explosion in creativity and activity,” Glover said. “Private equity firms are increasingly seeking flexible, non-dilutive capital to support the value creation process in the mid and late stages of a fund’s lifecycle. These strategies uniquely fill that need, delivering portfolio-based NAV loans and preferred equity investments to private equity funds across the risk/return spectrum.
“Likewise, GPs have never had greater need for flexible, non-dilutive debt and preferred equity capital to fund growth, GP co-investment commitments and to address succession planning. BC Partners Credit is emerging as a leader in this space.”
“I am really excited that Tom has joined as an operating advisor to focus on this incredibly strategic space for us,” Ted Goldthorpe, head of BC Partners Credit, said. “He brings a wealth of experience in the NAV and GP financing spaces. With his excellent strategic connections developed over an extensive career within the U.S. private equity market, Tom is already establishing our collective team as an innovative leader and trusted partner in the partnership finance space.
“These NAV and GP financing capabilities further broaden BCP Credit’s offerings to private equity GPs. We look forward to deploying a portion of BCP Credit’s diverse pool of c. $4.2 billion AUM, including Portman Ridge Finance Corporation (Nasdaq: PTMN), across the risk/return spectrum in these attractive strategies.”
Glover was previously at Investec, where he led U.S. fund finance. Glover also spent 15 years at BMO Capital Markets, where he helped build the financial sponsors group as a senior member responsible for originating and structuring leveraged finance, mergers and acquisitions, and equity raising transactions with large cap and middle-market private equity sponsors. Glover has more than 30 years of investment banking experience, having held leadership positions in leveraged finance and capital markets at Merrill Lynch, Deutsche Bank and Goldman Sachs. He started his career at Donaldson, Lufkin & Jenrette.
