Feb. 8 at 12:53 PM
The real scandal here is when they foisted (merged in) the privately held (mostly by GS employees) illiquid Middle Market fund into
$GSBD. These private investor’s wanted out so rather than liquidate and redeem everyone, they merged the illiquid fund into the public fund on 10/12/2020. THE RELENTLESS SELLING BEGAN ON THAT DATE. The price then was
$15.11. Now, with the relentless selling we stand at
$12.62, down 16%.
As a point of reference, the Bain BDC
$BCSF is up 80% since that date.
The GSBD guys operate on the caveat emptor side of the
$GS business. This is a very poorly managed entity. These guys couldn’t kick a tire down a hill.