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Who We Are

Over $25.5 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 addition, our Fund & Manager Finance platform provides loans to the management companies of high-quality private equity sponsors, as well as NAV loans to their funds. Fund & Manager Finance is a natural extension of our core direct lending platform, 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 and manager financing structures and a seasoned, cohesive investment team further enhance the value we provide to our clients.

Corporate Capital Solutions


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


We provide flexible, scalable capital solutions for growing technology businesses.

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  • Ownership Agnostic: Founder-led, non-sponsor, VC and sponsor-backed

  • Sector Expertise: Software, tech-enabled services, and HCIT

  • Multi-stage: Early growth ($20M+ ARR) through IPO

  • Flexible Solutions: Secured credit, junior preferred capital, minority growth equity, and secondary transactions

  • Scale: $10-50M equity/hybrid capital; $40-300M credit

  • Capital Structures: Recurring revenue and cash flow underwriting, with PIK and interest-only optionality

  • AB Platform: Investment overlap with AB's public equities strategies

 

Private Equity Fund Solutions

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

  • Fund Finance: Financing to private equity funds seeking to raise accretive capital based upon fund net asset value (NAV Lending)
 
  • Manager Finance: Loans to private equity management companies leveraging management fee streams, carry, and/or GP commitments
  • 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


 

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
  • 20+ managing directors with an average of 22.8 years of experience
     
  • Select team members working together since 2004

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

  • Over $38 billion in gross commitments across 800+ transactions

  • Over $25.5 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 financing (NAV Loans) for private equity funds

  • Loans to management companies of private equity sponsors

  • Equity co-investments

  • Primary and secondary LP investments
 

Transactions by Industry

Enterprise Software
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Tech-Enabled Services
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Growth Stage Capital
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Digital Infrastructure and Services
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Healthcare
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Franchising
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Services
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Other Transactions

Our Perspectives

AB NAVigator: Your Guide to Market Trends in Fund and Manager Finance
July 2026
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AB NAVigator: Your Guide to Market Trends in Fund and Manager Finance
April 2026
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AB NAVigator: Your Guide to Market Trends in Fund and Manager Finance
January 2026
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Sunset over downtown Seattle and the Rainier Tower and Rainier Square.
Nav Lending: Funding Flexibility
August 2024
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Direct Lending Outlook High Return Potential, More Deal Activity
March 2024
READ BLOG
Offense or Defense? Direct Lending Can Play Both
September 2023
READ BLOG
Private Credit’s Rise Continues—But Not Because of SVB
August 2023
READ ARTICLE
Private Market Talks: Driving Alpha
March 2023
PLAY PODCAST
Opportunities Remain for Well-Positioned Lenders
September 2022
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Technology Set to Weather the Storm
June 2022
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The Risks and Rewards of Targeting Tech
September 2019
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Middle Market Direct Lending’s Illiquidity Premium Shines in Current Market
June 2021
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COVID-19: The Growth Opportunities and Challenges
September 2020
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More Perspectives

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