GrowthCap is pleased to announce The Top Private Credit Firms of 2025. Following a period of rapid expansion, the private credit industry continues to evolve and extend optimal financing solutions to companies across the globe. Now exceeding $2 trillion in size and with expectations for continued growth, private credit stands as the alternative asset class of the decade that institutional investors are eager to get right.
From the company borrower’s perspective, choosing among private credit firms can be challenging, as each may offer similar structures and terms. However, there can be meaningful differences in how a firm approaches its role as a capital partner, particularly over the long term and as management teams face hardships amid unpredictable and sometimes volatile economic environments.
We evaluated nominated firms based on their partnership approach and their ability to provide effective solutions and capabilities to portfolio companies. We considered experience, demonstrated success, team caliber, and organizational strength, among other factors. Collectively, the firms recognized this year are best of breed and exemplify institutionalized expertise in the craft of private credit investing.
Please join us in recognizing and celebrating the achievements of The Top Private Credit Firms of 2025.
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 Capital’s sponsor finance expertise also forms the foundation of its Broadly Syndicated Loan and Credit Opportunities investment programs. The firm nurtures long-term, win-win partnerships that inspire repeat business from private equity sponsors and investors.
As of July 1, 2025, Golub Capital had over 1,000 employees and over $80 billion in capital under management, a gross measure of invested capital including leverage. The firm has offices in North America, Europe, Asia, and the Middle East.
“We are honored to be recognized by GrowthCap as one of the Top Private Credit Firms of 2025. This recognition reflects the dedication of our team and the trust placed in us by our sponsor and investor partners. We are thankful for your continued support. Our mission remains clear: to be the best in sponsor finance by delivering consistent, reliable results.” — David Golub, President
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 $62 billion in assets under management across a broad platform of alternative and fixed income strategies. The firm has a 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 over 100 investment professionals with an average of 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 320 employees, with over 10 offices across the globe.
“I am proud of the GoldenTree team for the way they bring discipline, creativity, and partnership to everything we do. This recognition underscores the strength of our people and our approach to building lasting value for companies and investors alike.” — Lee Kruter, Partner, Head of Performing Credit
Deutsche Bank Private Credit & Infrastructure (“DB PCI”) provides financing, structuring, and risk management solutions across four product verticals: Corporate Direct Lending & Growth Debt, Fund Finance, Digital Infrastructure & Appraisable Assets, and Infrastructure & Energy. These four synergistic businesses encapsulate a wide variety of financing solutions, offering flexibility across the capital structure as well as accommodating unique requests, terms, or product structures.
The current leadership team has been at the helm since 2015, growing to more than 80 full-time employees in New York and Jacksonville. The group is led by market veterans with over 20 years of experience, who have worked together for nearly 15 years across disciplines and market cycles.
DB PCI is armed with the resources and connections of a global investment bank, enabling it to offer turnkey access to all institutional products—including leveraged finance, ABS, rates, advisory, and others—to fulfill end-to-end client needs. DB PCI deploys bank capital—not driven by fundraising cycles—which enhances flexibility to address client needs in all market conditions. The firm’s clients are at the heart of everything it does, and it strives to improve the quality of its support for the companies, projects, private equity sponsors, and credit funds that sustain its business each and every day.
DB PCI’s goal is to be the one-stop shop for virtually every step of the financing process, which entails leveraging platform depth by collaborating with other teams across the Investment Bank, Private Bank, and Corporate Bank throughout the lifetime of the investment beyond financing.
“We are honored to be recognized by GrowthCap as a Top Private Credit Firm of 2025, an achievement enabled by our team’s dedication to fulfilling bespoke client needs with creativity, depth, and diligence. Consistency of delivery to our clients continues to underpin our franchise, and we look forward to furthering our commitment to deliver holistic financing solutions that align with our clients’ unique objectives. I would like to extend my deepest gratitude to our internal collaborators, borrowers, and private equity partners for their longstanding trust and support, which is instrumental to our success.” — Fredric Rosenberg, Head of Deutsche Bank U.S. Private Credit & Infrastructure (“DB PCI”)
TPG Twin Brook is the middle-market direct lending business of TPG, a leading global alternative asset management firm with $261 billion in 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 has approximately 125 dedicated professionals and is managed by a highly experienced team averaging more than 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 involving companies that typically have EBITDA between $3 million and $50 million, with an emphasis on companies with $25 million of EBITDA and below.
“We appreciate being recognized once again by GrowthCap as one of the Top Private Credit Firms, a reflection of our distinct role in the lower middle market. Through disciplined sourcing, comprehensive underwriting, and a collaborative approach, we’ve built strong, trusted relationships with private equity sponsors. We’re grateful for the ongoing confidence our partners and investors continue to place in us and look forward to building on this momentum in the years ahead.” — Trevor Clark, Founder and Managing Partner
Founded in 2005, Magnetar is a multi-strategy alternative investment manager that employs a broad array of alternative credit and fixed income, systematic investing, and venture investment strategies. The firm invests across asset classes and capital structures in both public and private markets, employing a combination of fundamental and quantitative analyses.
Magnetar’s Alternative Credit & Fixed Income (“ACFI”) business, which manages approximately $20 billion as of August 31, 2025, seeks to achieve consistently attractive risk-adjusted returns by investing across a range of private and public credit markets, primarily within the U.S. and Europe. The ACFI business generally takes a multi-strategy credit approach across several focus areas, including: Specialty Finance, investing growth or replacement capital in sectors such as auto finance, film finance, and AI infrastructure; Structured Solutions, investing in SRT transactions that reduce banks’ regulatory capital obligations to support their core lending businesses; and Opportunistic Markets, allocating capital to traditional strategies such as CLOs and convertible arbitrage—particularly during periods of market dislocation when shifts in liquidity render these opportunities more attractive.
“We’re honored to be recognized among GrowthCap’s Top Private Credit Firms of 2025. At Magnetar, we’ve built our Alternative Credit & Fixed Income platform to navigate complex markets with discipline and creativity, deploying capital across private and public credit opportunities where we see the most compelling risk-adjusted returns. This recognition reflects our team’s deep expertise, our collaborative approach with portfolio companies and investors, and our commitment to delivering durable value across market cycles.” — Dave Snyderman, Managing Partner and Global Head of Alternative Credit & Fixed Income
Monroe Capital LLC (“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. 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. The firm is headquartered in Chicago and has 12 locations throughout the United States, the Middle East, Asia, and Australia.
“We’re proud to be recognized once again as a Top Private Credit Firm by GrowthCap. This honor reflects the strength of our investment approach and the dedication of our team to delivering strong risk-adjusted returns. We remain focused on identifying attractive opportunities, achieving consistent performance, and maintaining trusted relationships with our investors and partners.” — Zia Uddin, President
Thoma Bravo is one of the world’s largest software-focused investors, with more than $181 billion in assets under management as of June 30, 2025. Through its private equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. It has acquired or invested in approximately 555 software and technology companies representing over $285 billion of value, including control and non-control investments. Thoma Bravo’s investment philosophy is centered around working collaboratively with existing management teams to 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. The firm has offices in Chicago, London, Miami, New York, Dallas, and San Francisco.
Thoma Bravo Credit emerged as a natural extension of the firm’s expertise and strategic approach to software investing and its vast network scale. Together with the firm’s investors, Thoma Bravo Credit has invested over $25 billion across more than 100 transactions since its inception in 2017.
“We’re honored to be named by GrowthCap as one of the Top Private Credit Firms. This recognition is a strong validation of our disciplined approach, investor alignment, and consistent performance since the inception of Thoma Bravo Credit. It reflects the strength of our team, our exceptional origination and execution capabilities, and our differentiated approach to investing. We’re excited to continue expanding our platform and creating more compelling outcomes for our investors and borrowers in the years ahead.” — Jeff Levin, Partner and Head of Thoma Bravo Credit
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 strong returns. Centerbridge applies this approach to its growing private credit platform, which today includes insurance solutions, performing and opportunistic credit, asset finance and real estate credit, and direct lending through Overland Advantage, a business development company focused on providing lending solutions to privately owned businesses in the U.S. middle market. As a result, the firm today is a leader in offering private credit solutions to a broad range of companies.
“As we celebrate our 20th anniversary, Centerbridge is honored by GrowthCap’s recognition in private credit. Our commitment to a flexible investment strategy, combined with our One Team model and extensive experience, has earned the trust of borrowers, bankers, and investors. Our approach fosters long-lasting relationships, a vibrant sourcing pipeline, and positions us as a solutions provider for a diverse range of businesses.” — Jeff Aronson, Co-Founder and Managing Principal
Based in New York, Audax Private Debt is a leading debt capital partner to North American middle market companies. Independently owned and operated since 2000, the firm provides customized financing solutions across the capital structure—including first lien and stretch senior, unitranche, second lien, subordinated debt, and equity co-investments. As of June 30, 2025, Audax Private Debt has approximately $26 billion in assets under management and has invested more than $48 billion across over 1,300 investments with 300 private equity sponsors.
A key differentiator for Audax Private Debt is its leadership depth and tenure. The firm’s Managing Directors average approximately 15 years at the firm, while senior leadership has around 35 years of industry experience and more than two decades working together—fostering a culture of collaboration, consistency, and disciplined underwriting.
“Receiving this recognition from GrowthCap in our 25th year is especially meaningful. For a quarter century, Audax Private Debt has focused on the core middle market, prioritizing capital preservation with a credit-first, relationship-driven mindset. Our team’s dedication and long-standing partnerships with private equity sponsors and investors remain the foundation of our business.” — Kevin Magid, President
Prospect Capital Management is an SEC-registered investment adviser that was founded in 1988 (along with its predecessors). Prospect invests across the United States in diversified portfolios by industry, company, and situation, and its proprietary underwriting process and metrics have been developed over more than 35 years and through multiple economic cycles. The firm has over 140 employees and $10 billion of assets under management.
With a buy-and-hold mentality, Prospect’s objectives are to preserve capital by making credit- and equity-focused investments at reasonable multiples of recurring cash flow, earn attractive current cash yields, and achieve long-term capital appreciation while delivering consistent low-volatility returns.
“We are proud of our long history of providing important capital to U.S. middle market businesses while delivering to our shareholders consistent returns. We are a trusted and valued adviser to thousands of management teams, private equity sponsors, entrepreneurs, financial institutions, and other intermediaries. We are among the leading providers of capital to the middle market. Thank you to GrowthCap for recognizing our longstanding approach and dedication.” — John Barry, CEO
Brinley Partners is an alternative investment firm that delivers tailored private credit solutions to high-performing middle market, upper middle market, and large-cap companies across North America. Founded in 2021 by a team of former institutional investors, Brinley brings an allocator mindset to its approach, driven by long-term relationships and prioritizing downside protection.
The firm directly originates performing credit, targeting resilient, market-leading businesses in defensive sectors.
Headquartered in New York with a team of approximately 20 professionals across investments, finance, operations, legal, and business development, Brinley currently manages approximately $9.8 billion in assets.
“We are honored to be recognized as one of GrowthCap’s Top Private Credit Firms of 2025. Brinley was founded on a focused and disciplined approach to private credit, grounded in deep experience and thoughtful execution. We continue to combine institutional rigor with agility and selectivity—an approach that we believe will create enduring partnerships across market cycles.” — Kerry Dolan, Founder & Managing Partner
Founded in 2007, Deerpath Capital Management, LP is a leading provider of customized, cash-flow-based senior debt financing for lower middle market companies across a diverse range of industries and transaction types. With a disciplined focus on this segment for nearly two decades, Deerpath’s mission has been to be the premier direct lending firm in the middle market by building valuable, long-term relationships with investors, borrowers, private equity sponsors, and management teams. Through this consistent approach and the scale and depth of its origination platform, the firm has invested more than $14 billion of capital across over 1,100 transactions.
Deerpath currently manages approximately $9 billion in assets and has direct origination and execution capabilities throughout the United States in New York, Boston, Chicago, Fort Lauderdale, and Los Angeles. Additionally, Deerpath maintains offices in London, Seoul, Tokyo, and Australia to provide dedicated support to investors outside of the U.S.
“We are honored to be recognized as one of GrowthCap’s Top Private Credit Firms. For nearly two decades, our team’s disciplined underwriting, consistent risk-adjusted returns, and durable partnerships with investors, sponsors, and portfolio companies have defined Deerpath’s commitment to being a leading direct lender in the middle market. This recognition reflects the strength of that commitment and the collective dedication of our team.” — Tas Hasan, Co-Founder and Managing Partner
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 $14 billion of capital through five senior credit funds (and numerous separate accounts), two BDCs, and other related vehicles. The team currently manages over $7 billion in direct lending assets under management (as of September 30, 2025).
Kayne Anderson Private Credit’s cycle-tested investment philosophy emphasizes capital preservation by investing in established middle market companies exhibiting strong business value attributes and 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. Its 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 Credit Firms of 2025 for our contributions in the middle market space. We believe our credit philosophy, combined with underwriting discipline and a differentiated network of sponsors, allows us to invest in only the most compelling risk-reward opportunities. Furthermore, our value lending philosophy better positions our portfolios to withstand economic setbacks and provides superior risk-adjusted returns.” – Doug Goodwillie and Ken Leonard, Co-Heads of Kayne Anderson Private Credit
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 September 30, 2025, PineBridge managed $215.1 billion across global asset classes for sophisticated investors worldwide.
The PineBridge Private Credit business, part of PineBridge’s integrated $61.3 billion global credit platform, was established in 2017 with the joining of its key founding partners and today consists of 35 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 $6.1 billion of capital across four funds and 11 separately managed account programs across a diversified global investor base (as of October 24, 2025).
“We are delighted to be recognized as one of GrowthCap’s Top Private Credit Firms of 2025, 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 approximately $4.5 billion in assets under management (committed capital, including debt facilities, as of September 30, 2025) through funds and SMAs for some of the world’s most sophisticated investors, including individuals, family offices, insurance companies, wealth managers, endowments and foundations, and public and corporate pension plans. The firm is purpose-built to capitalize on the inefficiencies within the lower middle market, focusing on generating systematic alpha and low market-correlated returns in alignment with its investors.
Star Mountain is 100% employee-owned, and all employees share in the investment profits across more than 100 team members and senior advisors/operating partners.
The firm’s specialty is helping grow privately-owned businesses, both organically and through acquisitions, with at least $15 million in annual revenues and under $50 million of EBITDA. Since its inception, Star Mountain has closed more than 350 direct investments and over 40 secondary or fund investments.
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