Nationally recognized for his broad knowledge of investment regulation and structuring, Steve Boehm is widely acknowledged as the preeminent authority on investment funds structured as business development companies (BDCs). Steve guides his clients in successfully navigating the intricate rules and regulations of the US Securities and Exchange Commission (SEC), especially the Investment Company Act of 1940. He and his team represent many of the nation’s largest BDCs, and he advises on a broad range of legal matters and transactions, including initial public offerings (IPOs).
Steve began his career at the SEC, serving in the Enforcement Division and on the Executive Staff, and that insider perspective and knowledge inform his work today. He advises clients on establishing and operating public and private open- and closed-end investment funds, and he also assists clients in developing structural alternatives for taking private equity investment opportunities to public investors. Steve is recognized as a leading authority on the organization and operation of Section 529 college tuition savings plans. He leads the Eversheds Sutherland (US) Capital Markets and Investments Team.
Awards and Rankings
“Our Eversheds Sutherland (US) team had success with high profile BDCs early on, such that we became the go-to law firm. Virtually everyone on Wall Street knows if you have a BDC problem, you come to us.”
Recognized by Chambers Global: World’s Leading Lawyers in the area of investment funds - registered funds (2020)
Recognized by Expert Guides in the area of investment funds (2016)
Recognized by The Legal 500 United States in the area of capital markets: equity offerings (2015-2019) and financial sevices: regulatory (2016-2019)
Recognized by Chambers USA: Guide to Leading Business Lawyers in the area of investment funds - registered funds (2008-present)
Recognized as “Lawyer of the Year” by The Best Lawyers in America in the area of private funds/hedge funds law (2016, 2018) and in the area of securities regulation (2020)
Named to TheBest Lawyers in America in the areas of corporate law (2005-2020), mutual funds law (2005-2020), private funds law (2005-2014), securities law (2005-2011), private funds/hedge funds (2012-2020), securities/capital markets (2012-2020), and securities regulation (2012-2020)
Selected for inclusion in Washington, DC, Super Lawyers (2007-2016, 2018-2019)
Named among Washington’s “Top 10 Dealmakers” by Legal Times magazine (2006)
Experience
“The most significant work I’ve done is being a leader in the BDC community. I’ve helped rationalize the way they’re regulated by the SEC and helped the BDC industry grow exponentially since 1994. At the same time, I’ve helped develop our BDC expertise from its infancy to its current status as a world-class practice-we are the nation’s go-to firm in this space.”
Experience
Served as counsel to Triangle Capital Corporation in its multi-segment disposition to Benefit Street Partners and Barings BDC.
Serves as counsel to the Independent Directors of Goldman Sachs Middle Market Lending Corp.
Represented Oxford Lane Capital Corp. in its $300 million at-the-market offering of common stock.
Represented Runway Growth Credit Fund Inc. in its $275 million initial private placement offering for this private BDC.
Multimedia
COVID-19 and beyond - BDC industry updates (April 15, 2020)
We invite you to join Eversheds Sutherland as we discuss the latest regulatory and legislative developments for BDCs and the current industry environment, including:The SEC’s recent exemptive ...
Quick Call: BDCs and COVID-19 (March 24, 2020)
We invite you to join Eversheds Sutherland and the Small Business Investor Alliance (SBIA) as we discuss how BDCs are responding to the effects of COVID-19, including:the latest guidance from ...
Video: 2019 BDC Roundtable (September 2019)
The 2019 BDC Roundtable was held on September 4-5 at the JW Marriott Washington DC Hotel. With more than 300 attendees, the Roundtable brought together industry executives, inside and outside ...
Quick call: BDC year-end round-up (December 19, 2018)
Eversheds Sutherland Partners Steve Boehm and Cynthia Krus hosted a “BDC year-end round-up” quick call on December 19, 2018. The call covered topics of interest to BDCs, including:two recent SEC ...
Video: 2018 BDC Roundtable (September 2018)
The 2018 BDC Roundtable was held on September 5-6 at the Renaissance Washington DC Hotel. With more than 300 registrants, the roundtable brought together industry executives, inside and outside ...
Videocast - The Small Business Credit Availability Act: an overview (March 30, 2018)
On March 23, 2018, Congress passed long-sought legislation, the Small Business Credit Availability Act, as part of its omnibus spending bill. The Small Business Credit Availability Act includes ...
Webcast: BDC Directors Training Series (May 24, 2017)
On May 24, 2017, Eversheds Sutherland (US) LLP presents the second part of our BDC Directors Training Series. The BDC Directors Training Series consists of complimentary webcasts focused on practical ...
Webcast: BDC Directors Training Series (January 26, 2017)
Sutherland attorneys Cynthia Krus, Lisa Morgan, and Terri Jordan, present the first session in their BDC Directors Training Series. The call will include:What is expected of a BDC ...
Podcast: Quick Call: BDC Industry Update (November 17, 2016)
Sutherland attorneys Cynthia Krus, Harry Pangas, David Roby, and William Watts present their bi-monthly roundup of recent BDC industry developments. The call will include:The new Form ADV ...
Podcast: Quick Call: BDC Industry Update - Insurance Coverage Trends (June 1, 2016)
Guest speakers from Willis Towers Watson and Travelers Insurance join the Sutherland BDC team to address the topic of insurance coverage trends for business development companies (BDCs), including, ...
News
In the News
BDCs feel squeeze on liquidity as SEC rejects plea for relief (February 6, 2020)
Creditflux
Eversheds Sutherland Partner Steve Boehm is quoted in this article by Creditflux about business development companies missing out on exemptive relief from the acquired fund fees and expenses (AFFE) ...
Regulator deals BDCs a blow on AFFE exemption (January 23, 2020)
Reuters
Eversheds Sutherland Partner Steve Boehm is quoted in this Reuters article on the recent decision by the Securities and Exchange Commission (SEC) to decline Business Development Companies (BDCs) ...
SEC reforms open door to BDC market shakeup (July 11, 2019)
Reuters
Eversheds Sutherland Partner Steve Boehm is quoted in this Reuters article discussing the US Securities and Exchange Commission's (SEC) recent reform proposal to relax the 3% rule for fund of funds ...
BDC Leverage Reform Grows Divide between Large and Small Players (May 20, 2019)
Reuters
Eversheds Sutherland Partner Steve Boehm is quoted in this Reuters article discussing a recent legislative change that is expected to grow the bifurcation between larger and smaller Business ...
BDCs: Navigating Uncertain Markets (April 3, 2015)
Law360
Sutherland’s videocast on “BDCs: Navigating Uncertain Markets” is featured in Law360. In the video, Partner Steve Boehm illuminates several options that these hybrid investment companies may have to ...
Social Media: A Cautionary Tale (January 2012)
Across many areas of government, officials face a challenge when it comes to maintaining pace with social media that continues to develop at light speed. This situation is familiar to the regulators ...
Press Releases
24 Eversheds Sutherland Practice Areas, 63 Attorneys Named Among Nation’s Best in 2020 Chambers USA (April 23, 2020)
Eversheds Sutherland is pleased to announce that 24 practices and 63 attorneys have earned recognition in the 2020 edition of Chambers USA: America’s Leading Lawyers for Business. Chambers USA, a ...
Nine Eversheds Sutherland US Attorneys, Three US Practices Recognized in 2020 Edition of Chambers Global (February 13, 2020)
Eversheds Sutherland is pleased to announce that nine attorneys and three practices earned recognition in the 2020 edition of Chambers Global: World’s Leading Lawyers for Business. Chambers Global is ...
Eversheds Sutherland Advises Goldman Sachs Middle Market Lending Corp. in $1 Billion Merger Agreement with Goldman Sachs BDC, Inc. (December 13, 2019)
Eversheds Sutherland is pleased to announce that it represented Goldman Sachs Middle Market Lending Corp. (MMLC) in a merger agreement with Goldman Sachs BDC, Inc. (GSBD). GSBD and MMLC are ...
Eversheds Sutherland Launches BDCESSENTIALS Mobile App (July 30, 2019)
Eversheds Sutherland today announced the launch of the BDCESSENTIALS app, a dynamic information hub for the business development company (BDC) industry. Geared toward BDC and private equity ...
19 Eversheds Sutherland Practice Areas, 87 Attorneys Named Among Nation’s Best in 2019 Legal 500 United States (June 10, 2019)
Eversheds Sutherland is pleased to announce that 19 practice areas and 87 attorneys have been recognized in the 2019 edition of The Legal 500 United States, a comprehensive survey of legal service ...
19 Eversheds Sutherland Practice Areas, 55 Attorneys Named Among Nation’s Best in 2019 Chambers USA (April 25, 2019)
Eversheds Sutherland is pleased to announce that 19 practices and 55 attorneys have earned recognition in the 2019 edition of Chambers USA: America’s Leading Lawyers for Business. Chambers USA, a ...
16 Eversheds Sutherland Attorneys Named 2019 Washington DC Super Lawyers and Rising Stars (April 19, 2019)
WASHINGTON-Eversheds Sutherland is pleased to announce that 10 of its attorneys based in Washington DC have been selected as top attorneys in the District of Columbia by Super Lawyers . Additionally, ...
18 Eversheds Sutherland Practice Areas, 68 Attorneys Named Among Nation’s Best in 2018 Legal 500 United States (May 30, 2018)
Eversheds Sutherland (US) LLP is pleased to announce that 18 practice areas and 68 attorneys have been recognized in the 2018 edition of The Legal 500 United States, a comprehensive survey of legal ...
19 Eversheds Sutherland Practice Areas, 59 Attorneys Named Among Nation’s Best in 2018 Chambers USA (May 3, 2018)
Eversheds Sutherland (US) LLP is pleased to announce that 19 practices and 59 attorneys have earned recognition in the 2018 edition of Chambers USA: America’s Leading Lawyers for Business. Chambers ...
16 Eversheds Sutherland (US) Attorneys Named 2018 Washington DC Super Lawyers and Rising Stars (April 23, 2018)
WASHINGTON-Eversheds Sutherland (US) LLP is pleased to announce that 10 of its attorneys based in Washington DC have been selected as top attorneys in the District of Columbia by Super Lawyers . ...
Presentations
“One could argue that BDCs are the solution in this current environment when banks don’t have the money to lend to the middle market. BDCs provide capital. Logically, this industry should be much bigger.”
Presentations
Podcast: Quick Call: BDC Industry Update (November 17, 2016)
Sutherland attorneys Cynthia Krus, Harry Pangas, David Roby, and William Watts present their bi-monthly roundup of recent BDC industry developments. The call will include:The new Form ADV ...
Podcast: Quick Call: BDC Industry Update (November 17, 2015)
Please join Sutherland’s BDC Team for our bi-monthly roundup of recent BDC industry developments, including SEC staff positions and interpretations and other updates of interest. The call will ...
Chair, BDC Roundtable (2002-2015)
Capital Roundtable (February 26, 2015)
Sutherland is a proud Marquee sponsor of the 2015 Capital Roundtable held February 26, 2015, in New York, NY. Sutherland Partners Cynthia Krus and Steve Boehm moderate panels “Maximizing Yield -- ...
Update on BDC Industry (September 12, 2012)
Sutherland 2012 BDC Roundtable
Sutherland attorneys Steve B. Boehm, Cynthia M. Krus, John J. Mahon, Harry S. Pangas, John H. Walsh, Scott M. Hobby, Neil S. Lang and Deborah G. Heilizer are speaking at the 2012 BDC Roundtable on ...
National Society of Compliance Professionals National Membership Meeting (September 11, 2012)
National Society of Compliance Professionals
Capital Roundtable - Capital Raising Requirements of BDCs (May 3, 2012)
Capital Roundtable
Sutherland Corporate Practice Group Partners Steven B. Boehm, Cynthia M. Krus, John J. Mahon and Harry S. Pangas and are speaking at the Capital Roundtable, May 3, 2012 in New York, New York. A ...
BDC Compliance: Understanding the Regulatory Perspective (November 2, 2011)
BDC Quick Call
On Wednesday, November 2, 2011, Sutherland's BDC and Alternative Assets Practice Team hosted a Quick Call BDC Compliance: Understanding the Regulatory Perspective. They were joined by John H. ...
BDCs: Understanding Business Development Companies (October 16, 2011 - October 18, 2011)
REISA 2011 Annual Conference
Sutherland Partner Steven B. Boehm is speaking at the REISA 2011 Annual Conference, October 16-18, 2011, at the Mirage Resort and Casino in Las Vegas, Nevada. Steve is moderating a panel entitled ...
The ABCs of BDCs (July 27, 2011)
Steven B. Boehm and Cynthia M. Krus
Publications
“Few rigid legal guidelines exist relating to the preparation of minutes from board of directors and board committee meetings. The task is as much art as science, but following some basic principles can promote the goals of corporate boards while limiting their exposure to liability.”
Legal Alerts
Federal Reserve’s updated Main Street Lending Program: BDCs could get call from the bullpen (May 11, 2020)
As previously detailed in a prior Eversheds Sutherland legal alert (the Prior Alert), on April 9, 2020, the Federal Reserve unveiled the “Main Street Lending Program” (Program) which will make loans ...
Dividends payable partly in stock may provide capital flexibility to BDCs (Updated May 5, 2020)
The COVID-19 pandemic has caused a significant disruption in the capital markets. As a result, business development companies (BDCs) may be seeking to conserve cash in order to preserve flexibility ...
The SEC proposed amendments to modernize fund valuation practices (April 30, 2020)
Overview On April 21, 2020, the Securities and Exchange Commission (SEC) announced the proposal of new Rule 2a-5 (the Proposed Rule) under the Investment Company Act of 1940, as amended (the 1940 ...
PPP Reboot - Additional funding accompanied by additional guidance (April 28, 2020)
On Friday, April 24, 2020, President Trump signed into law the Paycheck Protection Program and Health Care Enhancement Act (the Act), which amends the Coronavirus Aid, Relief, and Economic Security ...
SEC proposes amendments to modernize MD&A disclosure requirements (April 21, 2020)
On January 30, 2020, the United States Securities and Exchange Commission (the SEC) proposed amendments (the Proposed Amendments) to Item 303 of Regulation S-K, Management’s Discussion & Analysis of ...
In harmony at last: SEC passes securities offering reform for BDCs and registered closed-end funds (April 17, 2020)
On April 8, 2020, the Securities and Exchange Commission (the SEC) voted, at its first virtual meeting, to adopt rule amendments to implement certain provisions of the Small Business Credit ...
Should BDCs be part of the “Main Street Lending Program”? (April 13, 2020)
On March 27, 2020, the President signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act in response to the COVID-19 emergency. Title IV of the CARES Act directs the Federal ...
A primer on the PPP - What, Where, Why and How (April 10, 2020)
On March 27, 2020, Congress passed, and President Trump signed, the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) in response to the COVID-19 emergency. Specifically, the CARES ...
SEC provides immediate temporary flexibility to BDCs regarding asset coverage and co-investment in response to COVID-19 pandemic (April 9, 2020)
On April 8, 2020, the staff of the Division of Investment Management of the US Securities and Exchange Commission (Commission) issued an exemptive order (the Order) under the Investment Company Act ...
Could BDCs and SBICs become guaranteed lenders to small businesses under the CARES Act? (March 29, 2020)
On March 27, 2020, Congress passed, and President Trump signed, the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) in response to the COVID-19 emergency. Specifically, the CARES ...
Articles
Spring Surprise: Long-Awaited BDC Legislation Enacted (Summer 2018)
The Investment Lawyer
Washington is full of the unexpected these days. For the asset-management industry, this was demonstrated by Congress’ passage on March 23, 2018, of long awaited business development company (BDC) ...
The Emerging Popularity of Interval Funds (May 30, 2017)
Law360
In the past few months, there has been a considerable upsurge in interest in interval funds by money managers in light of the investor demand and appetite for them. In their article of Law360, ...
Riding the Business Development Company Strategic Transaction Wave: Beware of the Regulatory Rip Currents (June 2016)
The Investment Lawyer
Given the recent turmoil in the business development company (BDC) space, even the largest BDCs have not been immune to the appeal of potentially accretive acquisitions. It is likely that many BDCs ...
Is the SEC Poised to Broaden Co-Investment Relief? (March 24, 2016)
Law360
The U.S. Securities and Exchange Commission (SEC) Division of Investment Management recently issued a notice with regard to the application for co-investment relief filed by Apollo Investment Corp. ...
Bridging Turbulent Waters: BDCs Overcome Difficult Co-Investment Issues (April 2015)
The Investment Lawyer
As private investment funds reassess their participation in the capital markets, business development companies (BDCs) have emerged as viable alternative investment vehicles for those seeking to ...
Will The Volcker Rule Make BDCs More Popular? (April 30, 2014)
Law360
A seemingly unknown investment vehicle until about 10 years ago, business development companies (BDCs) are becoming more attractive and are beginning to make waves in the financing world, ...
Commented - Overlooked Dividend Plays (March 30, 2012)
Financial Advisor
Preparing Corporate Minutes: Time Well Spent (February 14, 2012)
Reprinted with permission from Securities and M&A Law360
Partner Steven B. Boehm and Associate Vlad M. Bulkin, both members of Sutherland’s Corporate Practice Group, co-authored the article Preparing Corporate Minutes: Time Well Spent, which appeared in ...
Social Media: A Cautionary Tale (January 2012)
The Investment Lawyer
Across many areas of government, officials face a challenge when it comes to maintaining pace with social media that continues to develop at light speed. This situation is familiar to the regulators ...
Keeping it in the Family: Dodd-Frank Exempts Family Offices from the Advisers Act (March 2011)
The Investment Lawyer
