Baker Tilly Advisory Group, LP
Baker Tilly is one of the largest U.S. accounting and advisory organizations, providing tax, business-advisory, and assurance services to businesses, individuals, and institutions. Headquartered in Chicago, Illinois, it operates through an alternative-practice structure: Baker Tilly Advisory Group, LP provides advisory and tax services, while the licensed CPA firm Baker Tilly US, LLP provides audit and attest services. In 2024 it received a strategic investment led by Hellman & Friedman with Valeas Capital Partners, described as the largest private-equity investment in the U.S. accounting profession to that point.
Company profile compiled from public sources (company filings, rating-agency reports, and press releases) — distinct from the SEC Schedule-of-Investments pricing data below.
Lenders
Baker Tilly Advisory Group, LP is held by 4 BDC lenders in our parsed SEC filings: BXSL, GBDC, NMFC, OBDC.
Cross-lender loan pricing
Each row is one debt tranche at the BDC’s most recent filing that holds this borrower, widest spread first. Mark is the position’s fair value as a percent of par (100 = par). Spread is shown in basis points over the benchmark in the Rate column, normalized from each filing’s as-reported units — rows quoting different benchmarks are still not directly comparable. Compare like-for-like: a second-lien tranche, a different vintage, or an older filing should price wider even when the credit view is identical — check the Type and Filing columns before reading a gap as disagreement. Source: SEC EDGAR (public).
| BDC | Type | Rate | Cash spread (bps) | Mark (% of par) | Fair Value | Maturity | Filing |
|---|---|---|---|---|---|---|---|
| BXSL | 1L Sr Secured | SOFR | 475 | 100.0 | $53M | 2031-06-03 | 2026-08-06 |
| GBDC | 1L Sr Secured | SOFR | 475 | 101.0 | $4M | 2031-06 | 2026-08-03 |
| NMFC | 1L Sr Secured | SOFR | 475 | 98.9 | $15M | 2031-06 | 2026-08-03 |
| OBDC | 1L Sr Secured | SOFR | 475 | 100.0 | $81M | 2031-06 | 2026-08-05 |
| BXSL | 1L Sr Secured | SOFR | 425 | 100.0 | $729K | 2031-06-03 | 2026-08-06 |
| BXSL | 1L Sr Secured | SOFR | 425 | 100.0 | $4M | 2031-06-03 | 2026-08-06 |
| GBDC | 1L Sr Secured | SOFR | 425 | 99.6 | $999K | 2031-06 | 2026-08-03 |
| GBDC | 1L Sr Secured | SOFR | 425 | 99.6 | $6M | 2031-06 | 2026-08-03 |
| NMFC | 1L Sr Secured | SOFR | 425 | 98.4 | $6M | 2031-06 | 2026-08-03 |
| NMFC | 1L Sr Secured | SOFR | 425 | 98.3 | $1M | 2031-06 | 2026-08-03 |
| NMFC | 1L Sr Secured | SOFR | 425 | 98.5 | $1M | 2031-06 | 2026-08-03 |
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith by each BDC’s board, so figures are estimates as of the filing date and are not directly comparable across managers. Informational only; not investment advice or a valuation.
Ownership & deal activity
Ownership and acquisition events compiled from public sources and audited against the linked source. Each event links to its source; “(reported)” marks a lower-confidence item. Verify anything material against the original source.
- mergerBaker Tilly Advisory Group, LP and Moss Adams combine in ~$7B merger; H&F and Valeas make additional equity investmentsAnnounced April 21, 2025 and expected to close in early June 2025, Baker Tilly and Moss Adams agreed to combine in a deal valued at ~$7B; Moss Adams' advisory, tax, and consulting businesses merged into Baker Tilly Advisory Group, LP (BTAG), with H&F and Valeas making additional equity investments while firm principals retained majority ownership, creating the sixth-largest U.S. advisory CPA firm.
- sponsor changeHellman & Friedman and Valeas Capital Partners acquire majority stake in Baker Tilly US; Baker Tilly Advisory Group, LP created as non-attest entityAnnounced February 5, 2024, H&F and Valeas acquired just over 50% of Baker Tilly US (reported ~$1B equity, with >$900M from H&F); as part of the restructuring Baker Tilly Advisory Group, LP was created to house advisory, tax, and non-attest services, marking the largest PE investment in the U.S. CPA sector to date.
- recapitalizationBlackstone leads $1.45B private credit financing for Baker Tilly–Moss Adams mergerConcurrent with the Baker Tilly–Moss Adams combination closing in June 2025, Blackstone led a $1.45B private credit financing facility for BTAG, with existing BDC lenders (Blue Owl Capital Corp., Golub Capital BDC, Stone Point Credit Income Fund, and others) participating to fund the merger and refinance existing debt.
Headlines mentioning Baker Tilly Advisory Group, LP
Reading this table
When two business development companies lend to the same borrower, comparing how each marks the loan is a starting question, not a verdict. In plain English: a wider spread (e.g. S+575 vs S+525) or a lower mark (e.g. 96 vs 100 cents on the dollar) can mean that lender is pricing in more risk — but marks can also differ for reasons other than a credit view: a different tranche (second lien should price wider than first lien on the same company), a different vintage or entry point, an older filing date, or each manager’s own fair-value methodology. Compare like-for-like — check the Type and Filing columns before reading a gap as disagreement. Each row is one debt position at one BDC’s most recent filing. Source: SEC EDGAR Schedule of Investments (public).
Want to read these numbers like an analyst? Free Oxford Ledge lessons: reading a BDC’s Schedule of Investments, key credit metrics, and the Five Cs of credit analysis.