# Kayne Anderson BDC

Kayne Anderson BDC is a Business Development Company based in Los Angeles, United States.

## Overview

- **Organization type:** Business Development Company
- **Headquarters:** Los Angeles, United States
- **Region:** North America
- **Address:** Los Angeles, CA, United States
- **Founded:** 2018
- **Assets under management:** $2B - $3B (Altss estimate)
- **Website:** kayne.com

## Regulatory record

- **Reports private funds:** No

## About

Kayne Anderson BDC, Inc. launched in 2018 as the publicly traded business development company arm of Kayne Anderson Capital Advisors, the Los Angeles-based investment firm founded in 1984 by Ric Kayne and the late John Anderson. The BDC was purpose-built to extend Kayne Anderson's four-decade middle-market direct-lending practice to a broader investor base through a New York Stock Exchange listing. Co-Chairman Michael Levitt and CEO Doug Goodwillie, both veterans of Kayne Anderson's private credit operations, lead the vehicle. The BDC deploys capital primarily in first-lien senior secured loans to US middle-market companies with EBITDA between $10 million and $100 million. Its portfolio spans enterprise software, healthcare services, and industrial technology, with confirmed positions including Granicus, a digital government solutions provider, and Mission Veterinary Partners. The firm also holds debt in niche manufacturing and business-services companies, often acting as lead arranger or co-lead on club deals alongside peers like Golub Capital and Owl Rock. Geographic concentration is domestic, with portfolio companies across the Sun Belt and Midwest. As a publicly traded entity, Kayne Anderson BDC discloses its portfolio quarterly, showing a diversified book of roughly 40-45 positions. The vehicle benefits from the parent firm's 140-person investment organization and offices in Los Angeles, Houston, and Boca Raton. In addition to its core BDC, Kayne Anderson operates a private BDC for qualified purchasers and affiliated interval funds, offering multiple feeder structures into the same underlying credit strategy. May 2024: The BDC amended its senior secured revolving credit facility, extending its maturity and adding new lenders (per the firm, May 2024). The structural differentiator is the pairing of a liquid BDC wrapper with a deeply illiquid underlying asset class. Unlike private credit funds with multi-year lockups, Kayne Anderson BDC provides daily liquidity via the NYSE, while the manager's scale and origination network — built through decades of direct lending — supports deal flow that smaller BDCs cannot replicate.

## Sectors

- Private Credit
- Enterprise Software
- Healthcare Services
- Industrial Tech

## People

- Michael Levitt — Co-Chairman
- Doug Goodwillie — Co-Chairman and Chief Executive Officer
- Kenneth Leonard — Chief Financial Officer

## Questions

### Who runs investment decisions at Kayne Anderson BDC?

Michael Levitt serves as Co-Chairman alongside CEO Doug Goodwillie, who leads portfolio and investment decisions for the BDC. The firm's investment committee and origination teams draw on Kayne Anderson's broader 140-professional platform, relying on the same credit analysis infrastructure used for its institutional private credit funds.

### How does Kayne Anderson BDC source deal flow?

The BDC sources primarily through the parent firm's 40-year direct-lending network, which includes relationships with private equity sponsors, investment banks, and company management teams. Because Kayne Anderson often acts as lead arranger, it writes terms directly rather than relying on broadly syndicated bank deals.

### Is Kayne Anderson BDC structured as a BDC or a traditional credit fund?

It is a business development company listed on the NYSE under the ticker KBDC. The BDC structure requires it to distribute at least 90% of taxable income to shareholders and to invest at least 70% of assets in eligible portfolio companies, making the vehicle's holdings transparent through quarterly filings.

### How is Kayne Anderson BDC related to the parent company?

Kayne Anderson BDC, Inc. is externally managed by Kayne Anderson BDC Advisor, LLC, a subsidiary of Kayne Anderson Capital Advisors, the Los Angeles-based investment firm founded in 1984. The parent also manages private credit funds, energy infrastructure strategies, and real estate vehicles, with the BDC representing the public-market access point for its middle-market credit expertise.

### What is Kayne Anderson BDC's posture on co-investments alongside external GPs?

The BDC regularly co-invests with other institutional managers, including Golub Capital and Owl Rock, as part of club-structured deals. In many transactions, Kayne Anderson acts as co-lead or lead arranger, giving it direct influence over documentation and covenants.

## Related profiles

- [Lexicon Pharmaceuticals](https://altss.com/profile/lexicon-pharmaceuticals-inc)
- [HIVE Digital Technologies](https://altss.com/profile/hive-digital-technologies-ltd)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/kayne-anderson-bdc-inc

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