After a long drought, The Carlyle Group successfully took its non-traded BDC to the public markets. TCG BDC, Inc. trades on the NASDAQ exchange under the ticker symbol TGBD. We explored its short history in a write-up of TCG BDC.
Many IPOs could soon follow, as non-traded BDCs typically have a short leash before they are expected to go public. As non-traded BDCs, their investors can only liquidate a portion of their holdings during planned liquidity events. Typically, non-traded BDCs only allow up to 5% of their shares outstanding to be redeemed each quarter.
The Carlyle Group’s successful IPO may open the door to more IPOs in the coming weeks and months. We’ll be keeping an eye out for any new BDC launches, and will write them up promptly after they work through the IPO process. We’ve also updated the list of BDC stocks to reflect TCG BDC’s move to the NASDAQ exchange.
For full context, see the prospectus for the offering.