Simpson Thacher represented Alternative Credit Income Fund (“ACIF”) and BC Partners Lending Corporation (“BCPL”) in connection with the previously-announced merger of ACIF with and into BCPL, with BCPL continuing as the surviving company. The merger became effective on September 29, 2026. Based on September 26, 2026 financial data, the combined company has a net asset value in excess of $223 million.
In connection with the merger, former ACIF shareholders will receive 0.4571 BCPL shares for each ACIF Class A share, 0.4647 BCPL shares for each ACIF Class C share, 0.4568 BCPL shares for each ACIF Class I share, 0.4579 BCPL shares for each ACIF Class L share and 0.4567 BCPL shares for each ACIF Class W share.
BCPL is a non-diversified, closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940, as amended. BCPL makes investments that generate current income and, to a lesser extent, capital appreciation, primarily in the form of debt investments. BCPL’s investment activities are managed by its investment adviser, BC Partners Advisors L.P.
ACIF was a continuously offered, diversified, closed-end management investment company that was operated as an interval fund. ACIF focused on current income and capital preservation with a portfolio that consisted of at least 80% of its assets allocated to fixed-income and fixed-income related securities. ACIF’s investment activities were managed by its investment adviser, Sierra Crest Investment Management LLC.
The Simpson Thacher team included Jonathan Corsico, Erin Harvey, Nathan Gonzalez and Stillman Hanson (M&A); Steven Grigoriou, Melissa Tuarez Herr, Andy Madore and Geneviève Roots (Registered Funds); Jonathan Goldstein, Brian Mendick and Tova Pfeffer (Tax); and Kelly Karapetyan (Antitrust).