Goldman Sachs has registered a specialty finance company that will be regulated as a business development company under the Investment Company Act. Business development companies are specifically exempt from the Volcker rule

According the SEC filing, the finance company, Liberty Harbor Capital, will invest primarily in U.S. middle-market companies that have been underserved in recent years by banks and have difficulty accessing the public debt markets. The focus will be on companies with earnings before interest expense, income tax expense, depreciation and amortization, or EBITDA, between $5 million and $75 million annually.

The filing noted that investments are typically expected to have maturities between three and ten years and generally range in size between $5 and $50 million, though this investment size may grow.

Goldman said as of February 28, 2013, they have invested approximately $72.7 million in eight companies. The investments have spanned across a variety of industries, including consumer-non-cyclical, industrial, technology, energy, financial and basic materials.