GrowthCap is pleased to announce The Top Private Debt Firms of 2024. In an era when companies, primarily in the middle market, are focused on identifying capital providers who are flexible and can act quickly, it is important that they discern the best possible partner for the long run.
We evaluated the nominated private debt firms based on their partnership approach with companies, breadth of financing solutions, resources and capabilities, demonstrated success, firm evolution over time, organizational culture, and commitment to responsible investing, among other factors.
Estimated at $1.5 trillion at the start of 2024, the private debt market is anticipated to more than double by 2028. Given this near term robust growth and increasing availability of more flexible capital, the synergy between private equity and private debt will be even more pronounced. As a leading information source on private capital, GrowthCap shines a light on the best firms a company can partner with in order to optimize its capital stack.
Please join us in recognizing the achievements of The Top Private Debt Firms of 2024.
Golub Capital is a market-leading, award-winning direct lender and experienced private credit manager. The firm specializes in delivering reliable, creative and compelling financing solutions to companies backed by private equity sponsors. Golub’s sponsor finance expertise also forms the foundation of its Broadly Syndicated Loan and Credit Opportunities investment programs. Golub nurtures long-term, win-win partnerships that inspire repeat business from private equity sponsors and investors.
As of July 1, 2024, Golub Capital had over 950 employees and over $70 billion of capital under management, a gross measure of invested capital including leverage. The firm has offices in North America, Europe and Asia.
“Winning this recognition from GrowthCap while we celebrate Golub Capital’s 30th anniversary is particularly gratifying. We are very proud of all the win-win partnerships we’ve built with our private equity sponsor clients and with investors.” – David Golub, President
Churchill, an investment-specialist affiliate of Nuveen (the $1.2T asset manager of TIAA), is an award-winning U.S. middle market private capital manager offering clients customized solutions across the capital structure. The firm has an 18-year track record of disciplined investing throughout multiple economic cycles and is supported by nearly 200 professionals across five U.S. offices.
Over half of Churchill’s $50 billion in committed capital is dedicated to private debt strategies, including first lien, unitranche, second lien and mezzanine debt, in support of private equity backed middle market transactions. Sponsors turn to Churchill for its substantial hold sizes, speed, certainty of execution, and expertise developed by being both a private debt capital provider and an LP in over 310 private equity funds. Churchill’s differentiated sourcing approach and scaled platform with 475+ portfolio companies have provided fulsome deal flow and add-on investment opportunities, keeping the firm’s position steadily at the top of industry league tables.
Churchill and sister company Arcmont Asset Management now comprise Nuveen Private Capital, a $75 billion private capital platform and one of the largest private debt managers globally.
“We are honored to once again be named one of GrowthCap’s Top Private Debt Firms, a reflection of the strength and scale of our middle market private capital platform. Our commitment to serving as a trusted and active partner to our clients remains steadfast, especially in today’s complex economic landscape. I want to extend my sincere gratitude to our exceptional team, whose dedication has cemented Churchill’s position as a market-leading private debt platform.” – Ken Kencel, President & CEO
GoldenTree is an employee-owned, global asset management firm that specializes in opportunities across the credit universe in sectors such as high yield bonds, leveraged loans, private credit, distressed debt, structured credit, emerging markets, real estate, private equity and credit-themed equities. Founded in 2000 by Steven Tananbaum, GoldenTree is one of the largest independent global credit asset managers with over $56 billion in assets under management across a broad platform of alternative and fixed income strategies. The firm has a nearly 25-year track record of deploying capital across sector, industry and geography that has delivered attractive absolute and relative performance.
GoldenTree’s fundamental, value-based investment approach emphasizes a high margin of safety, attractive relative value, and a catalyst to drive total return. This process is executed by the firm’s investment team composed of nearly 100 investment professionals with an average 15 years of investment experience. The firm’s partnership structure, along with significant commitments to the firm’s strategies, creates a strong alignment of interests with its investors. GoldenTree has over 310 employees, with over 10 offices across the globe.
First Eagle Alternative Credit, LLC. (FEAC) is a credit-focused investment manager with $18 billion of assets under management, $5.4 billion of which is invested through its direct lending platform focused on private equity-backed US middle market companies across various industries. The bespoke senior-secured lending facilities the firm structures for its borrowers represent complete financing solutions, including revolvers, term loans, delayed draw term loans and follow-on debt raises to support incremental upsizes.
First Eagle’s discipline, flexibility and experience through numerous credit cycles have enabled it to be a steadfast partner to its private equity partners and portfolio companies across various market conditions. First Eagle’s seniority in the capital stack positions it to take advantage of the favorable industry tailwinds by displacing traditional banks, enabling it to deploy commitments with strong risk-adjusted returns while also mitigating downside risk for its investor base of institutions and individuals.
“We are excited to accept this award from GrowthCap Advisory for a second year in a row, it’s a testament to the efforts across our firm to serve as a disciplined, relationship-focused credit manager. For over 15 years we have sought to establish long-term partnerships with company management alongside their financial sponsors and to be prudent fiduciaries of our investors’ capital.” – Jim Fellows, Co-President
TPG Twin Brook Capital Partners is the middle market direct lending business of TPG, a leading global alternative asset management firm with $229 billion of assets under management. The team focuses on providing tailored, cash-flow based financing solutions for the middle market private equity community in North America. Based in Chicago, TPG Twin Brook Capital Partners has approximately 120 dedicated professionals and is managed by a highly experienced team, with an average of 20+ years of experience. Its flexible product suite allows for cash-flow based solutions for leveraged buyouts, recapitalizations, add-on acquisitions, growth capital, and other situations for companies that typically have EBITDA between $3 million and $50 million, with an emphasis on companies with $25 million of EBITDA and below.
“TPG Twin Brook’s disciplined approach to sourcing, underwriting, and portfolio management is what has consistently made us a lender of choice in the lower middle market. It has allowed us to deepen our long-standing partnership approach and establish our reputation as a multifaceted, reliable funding source for our sponsor partners. We believe our decades of experience in the lower middle market continues to differentiate our business, and we are grateful, as always, to our partners and investors for their confidence.” – Trevor Clark, Founder and Managing Partner
Fortress Investment Group LLC is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $48 billion of assets under management as of June 30, 2024, on behalf of approximately 2,000 institutional clients and private investors worldwide across a range of credit, real estate, private equity and permanent capital investment strategies. Central to its business and culture at every level is the idea that patience, discipline, and an uncompromising focus on investors will produce long-term value.
As one of the pioneers of private credit, Fortress has earned a reputation as a meticulous credit investor, active for more than 20 years across both direct lending and public credit markets. The firm has experience deploying capital through varied economic and credit cycles, and the flexibility to invest throughout the capital structure. With a fundamental-value and asset-based approach, Fortress is laser-focused on properly pricing, structuring, collateralizing and monitoring to maximize the value of credit investments.
“Over time, we’ve created a platform that we believe can weather various investment environments and provide consistent outcomes. Our culture and people are the foundation and the creative engine for everything we do.” – Joshua Pack, Co-Chief Executive Officer & Managing Partner
“Our capabilities and our collaborative process give us the ability to pivot between public and private markets, and across asset classes and geographies, to where we see the most compelling risk-adjusted opportunities.” – Drew McKnight, Co-Chief Executive Officer & Managing Partner
Monroe Capital LLC (including its subsidiaries and affiliates, together “Monroe”) is a premier asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, alternative credit solutions, structured credit, real estate and equity. As of October 1, 2024, the firm manages $19.4 billion of assets across 45+ investment vehicles. Since 2004, the firm has been successfully providing capital solutions to clients in the U.S. and Canada.
Monroe prides itself on being a value-added and user-friendly partner to business owners, management, and both private equity and independent sponsors. Monroe’s platform offers a wide variety of investment products for both institutional and high net worth investors with a focus on generating high quality “alpha” returns irrespective of business or economic cycles. Monroe has grown to more than 270 employees, including 110 investment professionals. The firm is headquartered in Chicago and maintains 10 offices throughout the United States and Asia.
“We are thrilled to celebrate our 20-year anniversary with this recognition by GrowthCap as a Top Private Debt Firm of 2024. Monroe is committed to delivering consistent, differentiated returns for our investors across business and economic cycles. This commitment has been central to our success and growth over the past 20 years. We are proud to have reached this important milestone and to have joined this elite group of long-standing firms. Our success and longevity have been made possible by our exceptional team and the trust we have built with our investors, private equity sponsors, and borrowers over the last two decades.” – Zia Uddin, President
Thoma Bravo is one of the world’s largest software-focused investors with more than $160 billion in assets under management as of June 30, 2024. Through its private equity, credit and growth equity strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Thoma Bravo’s investment philosophy is centered around working collaboratively with existing management teams to help drive operating results and innovation. Leveraging its deep sector knowledge and strategic and operational expertise, the firm executes through a partnership-driven approach supported by a set of management principles, operating metrics and business processes.
Thoma Bravo Credit emerged as a natural extension of the firm’s expertise in and strategic approach to private equity investing and its vast network scale, having acquired or invested in more than 490 software and technology companies representing over $265 billion of value (including control and non-control investments). The firm has offices in Chicago, London, Miami, New York and San Francisco.
“We are honored to receive this recognition, which is a testament to the strength and potential of our growing credit platform as well as our talented people. We continue to see tremendous opportunities for credit investing in the software sector, and Thoma Bravo’s longstanding and deep expertise in that space is a key differentiator for our strategy. Thank you to all our clients for their continued trust and partnership.” – Oliver Thym, Partner
Francisco Partners (“FP”) is a leading technology-focused investment firm with a proven reputation for delivering exceptional returns through a distinctly flexible approach. With a storied 25-year history, the firm is positioned as a partner of choice for publicly-traded, privately-held, family, and founder-led technology and technology-enabled companies seeking flexible capital solutions. Leveraging the deep sectoral expertise of the broader FP platform, Francisco Partners’ credit and structured solutions business provides a broad spectrum of capital – ranging from traditional credit financings to flexible growth structures – designed to meet the specific operating and financial objectives of its borrowers.
Through a unique platform-based approach, the dedicated credit and structured solutions team leverages the firm’s industry expertise to create bespoke solutions for technology businesses that are interested in a differentiated form of partnership. Given the common set of investing principles shared across the firm focused on value creation, Francisco Partners is able to support its portfolio companies with more than just capital as an engaged thought partner, which uniquely establishes alignment across the capital structure.
“Since we launched our credit business in 2018, FP Credit has been a partner of choice for technology-driven businesses seeking growth and strategic financing solutions. Our unique and flexible approach to each situation allows us to creatively structure credit and hybrid capital designed to meet the specific needs of our companies. Our team prides itself as a “one-stop” destination that focuses on partnership capital that aligns with the goals and expectations of existing management and owners. As the demand for our form of capital grows, we look forward to partnering with more innovative and important companies going forward.” – Scott Eisenberg, Partner & Head of Credit and Structured Solutions
Centerbridge Partners, L.P. is a private investment management firm with approximately $40 billion in capital under management and offices in New York and London as of September 30, 2024. The firm was founded in 2005 based on the complementary relationship between private equity, private credit and real estate, and has over time built a unified team to invest across asset classes, sectors and market cycles.
Centerbridge’s private credit strategy relies on its One Team model to drive a disciplined research process and the belief that a thorough understanding of a company and its industry is essential to generating both yield and absolute positive returns. Centerbridge continues to apply this approach to its expanded private credit platform, which today includes insurance solutions, performing credit and direct lending through Overland Advantage, a business development company launched in 2024 focused on providing lending solutions to privately-owned businesses in the US middle market. As a result, the firm today is a leader in offering private credit solutions to a broad range of borrowers, spanning performing businesses seeking growth capital to stressed businesses requiring rescue financing.
“Centerbridge’s extensive experience in the private credit markets and broad and deep structuring acumen, brought to bear through our culture of partnering with companies, has enabled us to earn the trust of borrowers, bankers, and, importantly, investors for delivering results, which drive long-lasting relationships and a vibrant sourcing pipeline.” – Jeff Aronson, Co-Founder and Managing Principal
Vista Credit Partners is a specialized lender that offers customized debt and structured equity financing solutions to enterprise software companies. An early mover in technology direct lending, Vista Credit Partners’ growing and flexible private credit platform offers a wide range of sponsored and non-sponsored products to meet a wide range of growth and financing needs.
One of Vista Credit Partners’ core offerings is its FounderDirect platform, its direct lending channel that offers less-dilutive strategic financing solutions to later-stage, founder-driven enterprise software companies. FounderDirect targets investments between $40 million and $400 million and has the ability to tailor and structure deals across the entire balance sheet from senior term loans to structured equity.
Vista Credit Partners was launched in 2013 as an extension of Vista Equity Partners’ broader investment platform. Vista’s lending arm offers connectivity to Vista’s broader software ecosystem, which can include light-touch operational support and access to subject matter expertise through Vista’s Value Creation team. Based in New York, Vista Credit Partners is comprised of a team of 24 investment professionals, all of whom specialize in software lending.
“Founders and business leaders demand flexible financing solutions that fit their individual growth needs, and they know the best place to find this flexibility is through working with a partner who understands the fundamental growth drivers of their business. With Vista Credit Partners, they can be confident that they are not only working with experienced software investors, but also a knowledgeable and committed strategic partner.” – David Flannery, President of Vista Credit Partners and Senior Managing Director at Vista
Kayne Anderson Private Credit, the direct lending arm of Kayne Anderson Capital Advisors, is a leading provider of debt capital to middle market companies. Since joining Kayne in 2011, the platform has deployed more than $12 billion of capital through five senior credit funds (and numerous separate accounts), two BDCs and other related vehicles. The team currently manages over $6 billion in direct lending AUM (as of 9/30/24).
Kayne Anderson Private Credit’s cycle-tested investment philosophy emphasizes capital preservation by investing in established middle market companies exhibiting strong business value attributes meeting long-developed, well-defined underwriting requirements. Investments are completed through secured debt instruments, structured with a full suite of covenants and other contractual rights and protections and an attractive yield, with a weighted average loan to value of approximately 50% across the portfolio.
Kayne Anderson Private Credit generates returns through directly sourced, underwritten, negotiated and monitored investments in stable, cash flow-generating middle market businesses that pay upfront transaction fees and floating-rate interest payments. Kayne Anderson Private Credit’s investment strategy has been developed and improved upon over the past 30-plus years by the investment team and fits within Kayne Anderson’s overall emphasis on preservation of capital, yield, and attractive risk-adjusted returns.
“We are honored to be recognized as one of GrowthCap’s Top Private Debt Firms of 2024, for our contributions in the middle market space. We believe our credit philosophy combined with underwriting discipline and a differentiated network of sponsors allow us to invest in only the most compelling risk-reward opportunities. Furthermore, our value lending philosophy better positions our portfolios to withstand economic set-backs and also provides for superior risk-adjusted returns.” – Doug Goodwillie and Ken Leonard, Co-Heads of Kayne Anderson Private Credit
400 Capital Management is an alternative asset manager led by a management team with over three decades of experience investing and trading in credit markets. Founded in 2008, the firm has grown into a recognized, market-proven, process-oriented platform with a demonstrated ability to consistently generate competitive returns, develop capital markets businesses, and create innovative solutions utilized throughout the market. The firm offers investors a global platform that accesses differentiated credit investment opportunities through total and absolute return strategies in flagship funds and customized portfolio solutions. As of October 1, 2024, the team consists of 69 professionals across offices in New York and London, who collectively manage $6.7 billion for global institutional investors.
“400 Capital strives to be the leading solution for institutional investors to access the large, idiosyncratic and return-rich opportunity in structured and securitized credit markets. We continually invest in a platform that offers best-in-class ideas, processes and investment options that align with investors’ objectives and consistently generate competitive returns.” – Chris Hentemann, Managing Partner and Chief Investment Officer
MGG Investment Group provides flexible capital solutions to middle-market companies across all industries. The firm strives to build lasting value, address immediate needs, and solve complex situations for companies while providing its investors with superior risk-adjusted returns. MGG’s extensive network and relationships provides it with a plethora of sourcing that enables the firm to be patient and maintain investing discipline across the capital structure and in all market environments. Founded in 2014, MGG is based in New York City with offices in Chicago, San Francisco, Dallas, and Atlanta.
“MGG has differentiated itself over the years by focusing on non-sponsored and opportunistic deals. We believe that we have been successful due to our dynamic sourcing efforts, flexible capital and creative thinking, active asset management, and our ability to offer ‘certainty to close.’ These principles will remain core to our approach as we continue to tackle new opportunities, find solutions, and deliver great outcomes to our investors and borrowers alike.” – Kevin Griffin, Chief Executive Officer and Chief Investment Officer
PineBridge Investments is a private, global asset manager focused on active, high-conviction investing. The firm draws on the collective power of its experts in each discipline, market, and region of the world through an open culture of collaboration designed to identify the best ideas. As of June 30, 2024, the firm managed $169.7 billion across global asset classes for sophisticated investors around the world.
The PineBridge Private Credit business, part of PineBridge’s integrated $85.9 billion global credit platform, was established in 2017 with the joining of its key founding partners, and today consists of 30 experienced professionals across the organization. The PineBridge Private Credit investment strategy provides senior secured loans to private equity sponsor-backed lower middle market companies primarily based in the United States. Since 2017, the Private Credit Team has raised over $5 billion of capital across three funds and ten separately managed account programs across a diversified global investor base.
“We are delighted to be recognized as one of GrowthCap’s Top Private Debt Firms of 2024, a testament to the hard work and dedication of our entire team in making PineBridge a leading provider of capital to the lower middle market. We’d like to thank our sponsors for viewing us as a trusted and active partner in bringing their deals over the finish line, as well as the other constituents we work with. We look forward to continuing to work together.” – Jim Fisher, Head of PineBridge Private Credit
Founded in 2010, Star Mountain is a specialized U.S. lower middle-market asset management firm focused on two investment strategies: 1) providing debt and equity capital to established, growing small and medium-sized companies; and 2) purchasing LP positions, generally at a discount, from other investors in lower middle-market funds. Star Mountain manages ~$4+ billion of AUM (committed capital including debt facilities as of September 30, 2024) through funds and SMAs for some of the world’s most sophisticated investors, including individuals, family offices, insurance companies, wealth managers, endowments / foundations, and public / corporate pension plans. The firm is purpose-built to capitalize on the inefficiencies within the lower middle-market focused on generating systematic alpha and low market correlated returns in an aligned manner with its investors.
Star Mountain is 100% employee-owned and 100% of employees share in the investment profits across 100+ team members and senior advisors / operating partners. Star Mountain’s specialty is helping grow privately-owned businesses, both organically and through acquisitions, that have at least $15 million of annual revenues and under $50 million of EBITDA. Star Mountain has closed 200+ direct investments and 40+ secondary / fund investments since its inception.
“Star Mountain is proud to once again be recognized as one of GrowthCap’s Top Private Debt Firms. We specialize in providing flexible capital solutions to established small and medium sized U.S. businesses and as we continue to increase our assets under management from our institutional and individual investor partners, we consistently invest in our team, our technology and our infrastructure to enhance our specialized investment capabilities. We value every stakeholder through our aligned business model by ensuring 100% of our U.S. full-time team shares in the investment profits and by supporting our community through the Star Mountain Charitable Foundation.” – Brett Hickey, Founder & CEO
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Disclaimer: The data provided in this publication is for informational purposes only and should not be construed as investment advice, endorsement, nor recommendation. GrowthCap believes the information in this publication to be accurate but does not verify its accuracy independently and does not warrant or guarantee that it is accurate or complete. GrowthCap has no obligation to provide any updates or changes to the information. No investment decisions should be made using this information.
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