Featured
Latest Insights and Market Research
SBIC Distinctions Relative to BDCs and Other Private Credit Vehicles
White Wolf LMMA's analysis of how SBIC funds differ structurally from BDCs and private credit vehicles across leverage, permissible exposures, borrower size, and valuation transparency.
The Performance of Small Business Investment Companies
Published in the Financial Analysts Journal (Brown, Hu, Robinson & Volckmann, Jan 2026), this first large-sample analysis of SBIC returns finds that SBICs outperform comparable non-SBIC peers by ~2–3% in IRR and ~0.3x–0.7x in MOIC across vintages 2000–2020, with average net IRR of 15.9% and average net MOIC of 2.2x.
SBIC Program Investment Performance Report — September 30, 2024
The SBA's latest performance report shows the SBIC Private Credit Portfolio exceeded Cambridge median Net IRR and Net TVPI in all 9 vintage years from 2013–2021.
The Performance of Small Business Investment Companies
A data-driven analysis of SBIC fund performance, leverage, and benchmarking that shows SBICs have generally outperformed comparable non-SBIC peers and public market benchmarks across vintages 2000–2020.