Thought leadership and market perspectives on SBIC investing and the lower middle market.
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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.
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.
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.
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