We recently discussed the ins and outs of private debt on the PitchBook Blog, including the concept’s definition: Any debt held by or extended to privately held companies, often involving a non-bank institution making a loan. We also highlighted the forms private debt can take, its prevalence in the private markets and a handful of private debt-related terms in our What is private debt? post.

So, which firms are providing companies with the capital they need through private debt? Here’s a look at 1Q 2019’s most active lenders to US PE-backed companies according to PitchBook’s recent US PE Lending League Tables report:

Antares Capital

Founded in 1996 and headquartered in Chicago, Antares Capital provides capital solutions to middle market, PE-backed companies. Acquired by GE Capital in 2005, the firm offers financial solutions for acquisition, restructuring, cross-border lending, leasing, recapitalization and leveraged buyout (LBO). Antares typically provides senior debt, junior capital, senior secured loans, second lien debt, mezzanine debt and structured equity.

Debt loans in 1Q 2019: 51
Preferred loan amount: >$25M
Preferred verticals: Agtech, edtech, life sciences, manufacturing
Geographic preferences: North America

Los Angeles-based Ares Management is a publicly traded, global alternative asset manager seeking to deliver performance to the investor base across investment groups and strategies, including credit, private equity and real estate.

Sponsored loans in 1Q 2019: 35
Preferred industries: Business products and services
Geographic preferences: Africa, Americas, Asia, Europe, Middle East, Oceania, United States

Barings is a money management firm based in Charlotte, North Carolina. Established in 1940, the firm provides services to asset manager clients, financial advisers, life insurance companies, government bodies, corporations, pension funds, charitable institutions, institutional investors as well as retail and private clients.

Sponsored loans in 1Q 2019: 33
Preferred commitment size: $5M-$30M
Preferred direct investment size: $5M-$50M
Geographic preferences: Africa, Americas, Asia, East Asia, Europe, Middle East, North America, Oceania, South Asia, Southeast Asia

Twin Brook

Chicago’s Twin Brook Capital Partners is a finance company that provides cashflow-based financing solutions for middle market, PE-backed companies. Their flexible suite of products allows for tailored financing solutions for LBOs, recapitalizations, add-on acquisitions, growth capital and more.

Sponsored loans in 1Q 2019: 22
Preferred loan amount: $25M-$100M
Preferred industries: Aerospace and defense, asset management, business equipment and supplies, communications and networking 
Geographic preferences: United States

Carlyle Group

The Carlyle Group is a private equity firm and business development company that originates, structures and acts as lead equity and debt investor in leveraged buyouts, management-led buyouts, strategic minority equity investments, equity private placements, consolidations, buildups and growth capital financing.

Sponsored loans in 1Q 2019: 21
Preferred investment amount: $5M-$1B
Preferred verticals: 3D printing, big data, cleantech, cybersecurity, edtech, fintech, impact investing, SaaS
Geographic preferences: Asia, Europe, Middle East, North America, South America, United States

MidCap Financial

Founded in 2008 and based in Bethesda, Maryland, MidCap Financial Services is a middle market focused specialty finance firm that provides senior debt and a range of many other debt solutions to companies across all industries. The firm offers leveraged loans, real estate loans, asset-based loans, lender loans and venture debt to its clients.

Sponsored loans in 1Q 2019: 20
Preferred loan amount: $5M-$750M
Preferred verticals: Fintech, life sciences
Geographic preferences: Canada, Europe, United States

NXT Capital is an independent commercial finance company based in Chicago. It provides financing solutions on a direct basis to clients with complex, time-sensitive needs and who require a custom, hassle-free solution from a reliable partner. Its asset management platform offers investors access to floating rate middle-market loans sourced almost exclusively in the primary market.

Sponsored loans in 1Q 2019: 19
Preferred verticals: Cleantech, cybersecurity, healthtech, life sciences, manufacturing, mobile
Geographic preferences: North America

BMO Financial Group

BMO Financial Group is a commercial banking institution established in 1817 and based in Toronto, Ontario. They provide a range of retail banking, wealth management and investment banking products and services through three operating groups: personal and commercial banking, wealth management and BMO Capital Markets.

Sponsored loans in 1Q 2019: 19
Preferred verticals: Cleantech, manufacturing
Geographic preferences: Americas, Asia, Canada, Europe, Middle East, Oceania

Madison Capital Funding

Madison Capital Funding is a leveraged financing firm in Chicago, Illinois. It provides cash flow-based leveraged finance products supporting acquisition, recapitalization and growth-oriented equity investments. It also offers senior loans, senior stretch loans, unitranche loans, mezzanine loans, equity co-investments and underwriting services.

Sponsored loans in 1Q 2019: 19
Preferred loan amount: <$200M
Preferred verticals: Cybersecurity, fintech, healthtech, internet of things, life sciences, manufacturing 
Geographic preferences: United States

Citizens Bank

Citizens Bank is an international commercial bank headquartered in Providence, Rhode Island. It offers a range of retail and commercial banking products and services individuals, small businesses, middle market companies, large corporations and institutions. The lending portfolio of the bank includes personal loans, home equity lines of credit, letters of credit, real estate loans, small business administration (SBA) loans, mortgages and more.

Sponsored loans in 1Q 2019: 17
Preferred loan amount: $5M-$100M
Preferred verticals: Cleantech, cybersecurity, manufacturing, healthtech
Geographic preferences: United States

To learn more about private debt, check out our Analyst Note about growth in private debt fundraising.

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