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First Eagle Alternative Capital BDC, Inc. specializing in direct and fund of fund investments. The fund seeks to invest in debt and equity securities of middle market companies. It seeks to invest in PIPES, growth, mezzanine, loan, acquisition, market or product expansion, recapitalization, mature, and change of control transactions in both sponsored and unsponsored issuers. The fund does not intend to invest in start-up companies, operationally distressed situations, or companies with speculative business plans. The fund invests primarily in debt securities, including unsecured subordinated or mezzanine debt and second lien secured debt, which may include an associated equity component such as warrants, preferred stock, options to buy minority interest, and other similar securities. Its investments may also include high-yield bonds, private equity investments, securities of public companies that are broadly traded, and securities of non-United States companies. It seeks to invest in outsourced business services, healthcare, financials, retailing, media, and consumer discretionary. The fund may make direct equity investments, including equity investments into or through funds, and also selectively invest in syndicated first lien secured loans, including unitranche investments. It seeks to invest between $10 million and $35 million of capital per transaction in companies with annual revenues ranging from $25 million to $500 million and annual EBITDA between $5 million and $25 million. The fund prefers to be a lead or sole investor in a transaction.
Pivotal Pipeline | TScan Therapeutics advances TCR-T therapies for solid tumors and hematological malignancies, with key milestones expected by 2025's end |
Financial Fortitude | Strong cash position projected to last into Q1 2027, providing flexibility for clinical advancement despite current negative EPS forecasts |
Market Challenges | Explore TScan's stock performance amidst biotech volatility, with a 65% decline over six months despite a robust development pipeline |
Analyst Outlook | Barclays Capital maintains a $3 price target, down from $14, reflecting the dynamic nature of TScan's market position in cancer therapeutics |