Who We Are

Over $17.6 billion of our capital is available to support corporate borrower debt financing needs for acquisitions, leveraged buyouts, recapitalizations, refinancings and growth investments.  Our expertise in underwriting senior secured unitranche debt, combined with the flexibility to invest across the capital structure, allows us to meet the unique needs of our portfolio companies. Our fully committed financing solutions and efficient transaction process provide the certainty and flexibility required in today’s competitive M&A market.

In December 2023, we launched our Net Asset Value Lending initiative, providing fund-level financing solutions to private equity clients.  NAV Lending is a natural extension of our core direct lending and PE Fund Solutions platforms, allowing us to further build out our suite of flexible and value-added financing capabilities provided to the private equity community.

We manage capital for a diversified group of institutional and high-net-worth investors, consistently producing attractive, risk-adjusted returns across multiple economic and interest rate cycles.  Our platform’s scale, fund financing structures and a seasoned, cohesive investment team further enhance the value we provide to our clients.

Core Direct Lending Offering
  • Primarily invest in directly originated senior secured unitranche loans
     
  • Investee profile: predominately sponsor-backed companies in the US middle market 

  • Additional capability to offer junior debt, structured equity and equity co-investments
Experienced & Cohesive Team
  • 16 managing directors with an average of more than 24 years of experience

  • Select team members working together since 2004

  • 80+ professionals
Scaled Direct Lending Platform
  • Established middle market private credit asset manager

  • $28+ billion in gross commitments across 650+ transactions

  • $17.6+ billion of capital available for investment 
Compelling Investment Opportunity
  • Incremental yield with diligent focus on downside risk mitigation

  • Floating-rate exposure and diversification

  • Strong, long-term track record of attractive risk-adjusted returns

  • Consistent cash distributions
Long-Term Offering, with Stable Business Model
  • Perpetual fund structures with ability to continuously raise capital

  • Highly diversified portfolios of primarily senior secured loans

  • Extremely well-matched asset duration and funding sources
Robust Suite of Private Equity Fund Solutions
  • Fund-level financing secured by the NAV of private equity funds

  • Equity co-investments

  • Primary and secondary LP investments

Corporate Direct Lending

We offer the right mix of capital and experience to partner with middle market companies. Our customized financing solutions and efficient transaction process provide greater flexibility and certainty for middle market companies.

  • Segment Focus: Direct lending in the core US middle market

  • Sector Expertise: Deep, thematic areas of focus, including software, healthcare, digital infrastructure & services, franchising

  • Sponsor-Centric: Deal flow historically driven from sponsor-backed borrowers; proven ability to lend to non-sponsor companies

  • Capital Structure Flexibility: Senior secured unitranche bias, with the ability to participate throughout the capital structure, including junior debt, structured equity and equity co-investments

  • Valuation-Based Philosophy:  Investment decisions supported by robust fundamental and valuation analysis

  • Asset Selection Mentality: Focus on executing transactions with the strongest risk-adjusted returns

Private Equity Fund Solutions

We partner with private equity sponsors in a variety of ways to help support their capital needs.

  • NAV Lending:  Provide financing to private equity funds seeking to raise capital based upon fund net asset value

  • Equity Co-Investments:  Invest alongside leading PE sponsors, often where we have a LP relationship or in connection with a private credit financing 

  • Primary and Secondary Fund Investments: Through a strategic partnership with a top-tier private equity fund-of-funds manager, we have the ability to make LP commitments and purchase secondary LP interests in private equity funds, including investing in continuation vehicles 

 

Transactions by Industry

Enterprise Software
Tech-Enabled Services
Digital Infrastructure and Services
Healthcare
Franchising
Services

Our Perspectives

NAV Lending: Funding Flexibility
August 2024
Direct Lending Outlook High Return Potential, More Deal Activity
March 2024
Offense or Defense? Direct Lending Can Play Both
September 2023
Private Credit’s Rise Continues—But Not Because of SVB
August 2023
Private Market Talks: Driving Alpha
March 2023
Opportunities Remain for Well-Positioned Lenders
September 2022
Technology Set to Weather the Storm
June 2022
Middle Market Direct Lending’s Illiquidity Premium Shines in Current Market
June 2021
COVID-19: The Growth Opportunities and Challenges
September 2020
The Risks and Rewards of Targeting Tech
September 2019