How I Invest with David Weisburd

E212: Unlocking $175M: Raising Venture & Private Equity Capital with SBICs

Listen Later
How do you use the SBIC program to access long-dated, low-cost leverage—without blowing up risk?
In this episode, I speak with Eric Rosiak, CEO & CIO of Amplify Community Investment Partners, about the mechanics of SBICs, the new accrual debenture license for venture and growth, what top LPs look for, and how policy changes could expand the opportunity set. We dig into eligibility tests, realistic fund sizes, diligence standards (they’re no joke), and why some large platforms now run SBIC sleeves alongside billion-dollar flagships.
Highlights:
  • How SBIC leverage works — ~$175M, interest-only over 10 years, priced roughly ~1% over the long-dated Treasuries.
  • The 3-prong eligibility test: size (NAICS/employees) or financial thresholds (net worth & income).
  • The new accrual debenture license for venture/growth, with Pelion Ventures as first licensee.
  • Who’s investing: insurers, foundations, funds-of-funds, plus selective endowments.
  • Program changes: leverage and family-of-funds caps, and likely increases under upcoming legislation.
  • Big platforms entering via SBIC sleeves (Oaktree, Barings, EIP).
  • Strong historical returns: ~16-17% IRR and ~2.3× MOIC.
  • Rigorous SBA and GP diligence process.
    • -Tactical advice: structuring LP agreements early to preserve SBIC optionality.
    Guest Bio:

    Eric Rosiak is the Chief Executive Officer & Chief Investment Officer at Amplify Community Investment Partners, where he focuses on community and economic development strategies and raises capital for SBICs/RBICs and affordable housing funds. He previously held roles at Bank of America, Ocean Tomo, Performance Trust, FBR, and B. Riley, and holds CPA and multiple FINRA licenses.

    Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at [email protected].

    #VentureCapital #VC #Startups #OpenLP #AssetManagement

    Stay Connected:

    X / Twitter:

    David Weisburd: @dweisburd

    LinkedIn:

    David Weisburd: https://www.linkedin.com/in/dweisburd/
    Eric Rosiak: https://www.linkedin.com/in/ericrosiak/

    Links:

    Amplify Community Investment Partners: https://www.amplifycip.com/

    Questions or topics you want us to discuss on How I Invest? Email us at [email protected].
    (0:00) Introduction
    (1:33) Understanding the SBIC program and investment criteria
    (3:15) Target companies and institutional investor types in SBICs
    (5:46) The role of leverage in SBIC fund performance and growth trends
    (9:54) Personal and institutional criteria for investing in SBIC funds
    (14:36) SBA's criteria and the process for accessing SBIC funds
    (19:20) Challenges for spinouts and first-time SBIC fund managers
    (22:56) Legislative efforts to impact SBIC investments
    (26:39) Lessons learned and advice for SBIC industry newcomers
    (30:02) The significance of leadership in SBIC success
    (30:52) Closing remarks
    ...more
    View all episodesView all episodes
    Download on the App Store
    How I Invest with David WeisburdBy David Weisburd
    • 4.2
    • 4.2
    • 4.2
    • 4.2
    • 4.2

    4.2

    57 ratings

    More shows like How I Invest with David Weisburd

    View all
    Motley Fool Money by The Motley Fool

    Motley Fool Money

    3,224 Listeners

    We Study Billionaires - The Investor’s Podcast Network by The Investor's Podcast Network

    We Study Billionaires - The Investor’s Podcast Network

    3,392 Listeners

    This Week in Startups by Jason Calacanis

    This Week in Startups

    1,289 Listeners

    The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch by Harry Stebbings

    The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

    531 Listeners

    Masters in Business by Bloomberg

    Masters in Business

    2,169 Listeners

    The Meb Faber Show - Better Investing by The Idea Farm

    The Meb Faber Show - Better Investing

    936 Listeners

    Capital Allocators – Inside the Institutional Investment Industry by Ted Seides – Allocator and Asset Management Expert

    Capital Allocators – Inside the Institutional Investment Industry

    793 Listeners

    The Acquirers Podcast by Tobias Carlisle

    The Acquirers Podcast

    300 Listeners

    Value Investing with Legends by Columbia Business School

    Value Investing with Legends

    210 Listeners

    Excess Returns by Excess Returns

    Excess Returns

    81 Listeners

    All-In with Chamath, Jason, Sacks & Friedberg by All-In Podcast, LLC

    All-In with Chamath, Jason, Sacks & Friedberg

    9,830 Listeners

    The Memo by Howard Marks by Oaktree Capital Management

    The Memo by Howard Marks

    431 Listeners

    Barron's Live by Barron's Live

    Barron's Live

    208 Listeners

    BG2Pod with Brad Gerstner and Bill Gurley by BG2Pod

    BG2Pod with Brad Gerstner and Bill Gurley

    502 Listeners

    Wake Up to Wealth by Brandon Brittingham

    Wake Up to Wealth

    36 Listeners