# Private Equity Lenders 2026: 60 Unitranche and Middle Market Lenders

> Private Equity List lists 60 lenders that finance private equity deals, 40 of them in the US. Who they are, what unitranche debt costs and which lenders launched new funds.

Guides · 31 October 2026 · by Giorgio Fenancio · https://privateequitylist.com/intelligence/private-equity-lenders

**Key takeaways**

- **The short answer:** private equity lenders are direct lenders and credit funds that finance buyouts. Golub Capital, Antares Capital, Churchill, Blue Owl and HPS are among the best known in the US; Arcmont, Hayfin and Pemberton in Europe. Private Equity List lists 60 of them.
- **Where they are:** 40 are in the US and 9 in the UK. Six more sit in continental Europe, five in Canada, Australia and Asia.
- **What unitranche costs:** SOFR + 450–525 bps for companies with $20–100M of EBITDA, and SOFR + 500–550 bps below $20M, according to [Houlihan Lokey's October 2025 survey](https://cdn.hl.com/pdf/2025/us-private-credit-market-newsletter-oct-2025.pdf).
- **Prices are falling:** the median spread on new direct loans fell from 716 bps in March 2023 to 544 bps at the end of 2025, per McKinsey.
- **New money:** Ares Capital Europe VI, recorded at about $18B, is the largest lending fund these firms launched in 2025–2026. Crestline, Crescent, Apera and Capital Four each have a 2025 fund of $3B or more.
- **Why unitranche:** one loan replaces senior and junior debt. Lenders go to 5.25–6.25x EBITDA with it, against 3.75–4.75x for a first lien loan alone.

- **60**: private equity lenders (in Private Equity List)
- **40**: in the US (9 in the UK)
- **S+450–525**: unitranche price ($20–100M EBITDA, Oct 2025)
- **$18B**: largest new lending fund (Ares Capital Europe VI)

**Private equity lenders by headquarters**

| | Value |
|---|---:|
| United States | 40 |
| United Kingdom | 9 |
| Luxembourg | 2 |
| Canada | 2 |

Source: Private Equity List database

**Private equity lenders by cheque size**

| | Value |
|---|---:|
| $100M+ | 21 |
| $10–50M | 18 |
| $50–100M | 16 |
| $5–10M | 2 |

Source: Private Equity List database

**One lender each:** Denmark, Spain, Poland, France, Australia, India and Hong Kong.

## What a private equity lender does: sponsor finance and unitranche

**Private equity lender:** a credit fund or bank that lends to companies bought by private equity firms. The industry calls it sponsor finance, because the private equity firm is the deal's sponsor.\
**What the loan pays for:** the buyout itself, add-on acquisitions, refinancing and growth. [Pemberton](https://privateequitylist.com/investors/pemberton-capital-advisors), for example, finances buyouts, growth and add-ons across Europe.\
**Unitranche:** one loan in place of a senior loan plus a junior loan, with one price and one set of terms. [Golub Capital](https://privateequitylist.com/investors/golub-capital) is known for pioneering it.\
**Middle market:** [Houlihan Lokey](https://cdn.hl.com/pdf/2025/us-private-credit-market-newsletter-oct-2025.pdf) calls companies with under $20M of EBITDA the lower middle market and $20–100M the core. [Capital Southwest](https://privateequitylist.com/investors/capital-southwest-corporation) lends down to $3M of EBITDA; [Deerpath](https://privateequitylist.com/investors/deerpath-capital) lends $25–150M per borrower.

## How much private equity lenders charge: unitranche at SOFR + 450–550 bps

- **S+500–550**: unitranche, under $20M EBITDA (4.25–5.25x EBITDA leverage)
- **S+450–525**: unitranche, $20–100M EBITDA (5.25–6.25x EBITDA leverage)
- **S+450–500**: unitranche, over $100M EBITDA (5.25–6.75x EBITDA leverage)
- **11–15%**: all-in cost of subordinated debt (by borrower size)

**Median spread on new direct loans, basis points over the base rate**

| | Value |
|---|---:|
| Mar 2023 | 716 |
| End 2023 | 666 |
| End 2024 | 596 |
| End 2025 | 544 |

Source: McKinsey Global Private Markets Report 2026, via ABF Journal

**How the price works:** a margin over SOFR, the US base rate. S+500 means SOFR plus 5 percentage points, or 500 basis points (bps).\
**Upfront fee:** lenders also lend at a small discount, the OID. In [Houlihan Lokey's survey](https://cdn.hl.com/pdf/2025/us-private-credit-market-newsletter-oct-2025.pdf) it runs from 98.0 to 99.5 cents per dollar.\
**Smaller companies pay more:** unitranche below $20M of EBITDA costs S+500–550 bps, larger deals S+450–500 bps.\
**The trend:** the median spread fell every year from 2023 to 2025, [ABF Journal reports from McKinsey data](https://www.abfjournal.com/the-unit-economics-of-deal-origination-how-spread-compression-is-reshaping-middle-market-lending-platforms/), and best-in-class unitranche deals priced around 475 bps in mid-2025. Houlihan Lokey puts it down to fierce competition among direct lenders.

## Biggest new direct lending funds of 2025 and 2026: Ares, Crestline and Crescent

**Large direct lending and private debt funds of 2025–2026, size in $M**

| | Value |
|---|---:|
| Crestline Direct Lending Fund IV | $3,500M |
| Crescent European Specialty Lending III | $3,300M |
| Apera Private Debt Fund III | $3,190M |
| Capital Four Private Debt V | $3,000M |
| Monroe Capital Private Credit Fund V | $2,800M |
| Park Square Capital Partners V | $2,640M |
| Deerpath Fund VII | $2,000M |
| Arcmont Capital Solutions Fund II | $1,650M |
| Stellus Credit Fund IV | $1,500M |
| Kartesia Credit Opportunities VI | $1,430M |

Source: Private Equity List database, fund size as recorded

- **[Ares Management](https://privateequitylist.com/investors/ares-management)** launched Ares Capital Europe VI in January 2025, recorded at about $18B. It is the largest lending fund of 2025–2026 among the 60 lenders here, about five times the next one.
- **[Crestline Investors](https://privateequitylist.com/investors/crestline-investors)** launched Crestline Direct Lending Fund IV in May 2025, recorded at $3.5B. In August 2026 it also [closed its European Capital Solutions Fund II at $625M](https://vcwire.tech/2026/08/21/crestline-management-closes-crestline-european-capital-solutions-fund-ii-at-625m/).
- **[Monroe Capital](https://privateequitylist.com/investors/monroe-capital)** launched Private Credit Fund V in January 2026, recorded at $2.8B. Its loans go to companies owned by private equity firms and independent sponsors.
- **[Deerpath Capital](https://privateequitylist.com/investors/deerpath-capital)** launched Deerpath Fund VII in December 2025, recorded at $2B. It lends cash-flow senior debt to the lower middle market.
- **[Stellus Capital Management](https://privateequitylist.com/investors/stellus-capital-management)** in Houston launched Stellus Credit Fund IV in May 2026, recorded at $1.5B, for lower middle-market lending.
- **[Star Mountain Capital](https://privateequitylist.com/investors/star-mountain-capital)** [closed its second SBIC fund at $286M](https://vcwire.tech/2026/02/20/star-mountain-capital-closes-second-sbic-fund-at-286m/) in February 2026. An SBIC is licensed and partly financed by the US Small Business Administration.
- **[CVI](https://privateequitylist.com/investors/cvi)** in Warsaw launched CVI Private Debt Fund II in May 2026, recorded at $270M. Tickets run from €2M to €25M across Central Europe.
- **[ASK Alternates](https://privateequitylist.com/investors/ask-alternates)**, backed by Blackstone, [raised $52M for its second private credit fund](https://www.dealstreetasia.com/stories/ask-alternates-private-credit-497281) in October 2026. It does senior secured lending in India.

## Private equity lenders to know: unitranche and sponsor finance

<div class="intel__tablewrap">
<table class="intel__table">
<thead><tr><th>Lender</th><th>Headquarters</th><th>Cheque size</th><th>What it provides</th></tr></thead>
<tbody>
<tr><td><a href="https://privateequitylist.com/investors/golub-capital">Golub Capital</a></td><td>New York</td><td>$100M+</td><td>Known for pioneering unitranche; loans and multi-currency facilities to sponsor-backed companies</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/antares-capital">Antares Capital</a></td><td>Chicago</td><td>$100M+</td><td>Senior secured loans, mezzanine and structured equity; lead lender in over 90% of its deals</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/churchill-asset-management">Churchill Asset Management</a></td><td>New York</td><td>$100M+</td><td>First lien, unitranche, second lien and mezzanine for US middle-market PE firms</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/audax-private-debt">Audax Private Debt</a></td><td>New York</td><td>$100M+</td><td>Senior secured debt up to $350M and junior debt up to $150M per company</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/blue-owl-capital">Blue Owl Capital</a></td><td>New York</td><td>$100M+</td><td>Loans and equity-linked capital to PE-backed and non-sponsored companies</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/hps-investment-partners">HPS Investment Partners</a></td><td>New York</td><td>$10–50M</td><td>Leveraged loans, senior secured debt and mezzanine</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/monroe-capital">Monroe Capital</a></td><td>Chicago</td><td>$50–100M</td><td>Direct lending to companies of private equity and independent sponsors</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/deerpath-capital">Deerpath Capital</a></td><td>New York</td><td>$50–100M</td><td>Cash-flow senior debt for the lower middle market, $25–150M per borrower</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/main-street-capital">Main Street Capital</a></td><td>Houston</td><td>$10–50M</td><td>First lien, unitranche and senior loans to companies owned by PE funds</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/gladstone-capital">Gladstone Capital</a></td><td>McLean</td><td>$50–100M</td><td>Mostly unitranche facilities, working with private equity sponsors</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/capital-southwest-corporation">Capital Southwest</a></td><td>Dallas</td><td>$10–50M</td><td>Nasdaq-listed lender to businesses with $3–12M of EBITDA</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/brightwood-capital-advisors">Brightwood Capital Advisors</a></td><td>New York</td><td>$10–50M</td><td>First and second lien term loans, unitranche and mezzanine</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/arcmont-asset-management">Arcmont Asset Management</a></td><td>London</td><td>$100M+</td><td>An early mover in European private credit; direct lending and capital solutions</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/hayfin-capital-management-llp">Hayfin Capital Management</a></td><td>London</td><td>$100M+</td><td>Direct lending and special opportunities across Europe</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/pemberton-capital-advisors">Pemberton Capital Advisors</a></td><td>London</td><td>$100M+</td><td>Debt for buyouts, growth and add-on acquisitions in Europe</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/park-square-capital">Park Square Capital</a></td><td>London</td><td>$100M+</td><td>Senior and subordinated debt and mid-market loans with blue-chip sponsors</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/kartesia">Kartesia</a></td><td>Leudelange</td><td>$50–100M</td><td>Private corporate lending to European companies</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/metrics-credit-partners">Metrics Credit Partners</a></td><td>Sydney</td><td>$10–50M</td><td>Leveraged and acquisition finance; one of Asia's largest specialist private debt investors</td></tr>
</tbody>
</table>
</div>

## All 60 private equity lenders by region

Every lender below has a profile in Private Equity List with its partners and investment team.

### Middle market lenders in the United States

Twenty-four US lenders finance companies with roughly $20–100M of EBITDA and larger. Half of them are in New York; [Antares](https://privateequitylist.com/investors/antares-capital) and [Monroe](https://privateequitylist.com/investors/monroe-capital) are in Chicago.

<div class="intel__tablewrap">
<table class="intel__table">
<thead><tr><th>Lender</th><th>City</th><th>Cheque size</th><th>What it lends</th></tr></thead>
<tbody>
<tr><td><a href="https://privateequitylist.com/investors/golub-capital">Golub Capital</a></td><td>New York</td><td>$100M+</td><td>Unitranche and other loans to sponsor-backed companies</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/churchill-asset-management">Churchill Asset Management</a></td><td>New York</td><td>$100M+</td><td>First lien, unitranche, second lien and mezzanine for PE-backed companies</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/antares-capital">Antares Capital</a></td><td>Chicago</td><td>$100M+</td><td>Senior secured loans, mezzanine and structured equity</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/audax-private-debt">Audax Private Debt</a></td><td>New York</td><td>$100M+</td><td>Senior secured debt up to $350M, junior debt up to $150M</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/monroe-capital">Monroe Capital</a></td><td>Chicago</td><td>$50–100M</td><td>Direct lending to PE-owned and independent-sponsor companies</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/lbc-credit-partners">LBC Credit Partners</a></td><td>Miami</td><td>$50–100M</td><td>Senior secured loans and subordinated debt</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/crestline-investors">Crestline Investors</a></td><td>Fort Worth</td><td>$10–50M</td><td>Senior debt to lower-middle and middle-market companies</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/blue-torch-capital">Blue Torch Capital</a></td><td>New York</td><td>$50–100M</td><td>Middle-market direct lending, bespoke credits</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/lafayette-square">Lafayette Square</a></td><td>Miami</td><td>$10–50M</td><td>Middle-market loans with operating support</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/comvest-partners">Comvest Partners</a></td><td>West Palm Beach</td><td>$10–50M</td><td>Direct lending and equity across the capital structure</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/cerberus-capital-management">Cerberus Capital Management</a></td><td>New York</td><td>$50–100M</td><td>Middle-market direct lending in the US and Canada</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/prospect-capital-management">Prospect Capital Management</a></td><td>New York</td><td>$100M+</td><td>First lien and senior secured loans, incl. to independent sponsors</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/midcap-financial">MidCap Financial</a></td><td>Bethesda</td><td>$100M+</td><td>Financial sponsors and leveraged finance, plus asset-based lending</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/benefit-street-partners">Benefit Street Partners</a></td><td>New York</td><td>$100M+</td><td>Direct lending, structured and liquid credit</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/slr-capital-partners">SLR Capital Partners</a></td><td>New York</td><td>$50–100M</td><td>Senior secured direct lending, cash flow and asset-based</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/pennantpark">PennantPark</a></td><td>New York</td><td>$50–100M</td><td>Middle-market credit</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/saratoga-investment-corp">Saratoga Investment Corp</a></td><td>New York</td><td>$50–100M</td><td>Private credit and special situations, middle market</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/crescent-capital-group">Crescent Capital Group</a></td><td>Los Angeles</td><td>$100M+</td><td>Corporate credit, working with financial sponsors</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/the-tcw-group">The TCW Group</a></td><td>Los Angeles</td><td>—</td><td>Senior secured, directly originated loans</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/blue-owl-capital">Blue Owl Capital</a></td><td>New York</td><td>$100M+</td><td>Loans to PE-backed and non-sponsored companies</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/hps-investment-partners">HPS Investment Partners</a></td><td>New York</td><td>$10–50M</td><td>Leveraged loans, senior secured debt and mezzanine</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/sixth-street">Sixth Street</a></td><td>San Francisco</td><td>$100M+</td><td>Direct lending next to other credit strategies</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/bain-capital-credit">Bain Capital Credit</a></td><td>Boston</td><td>$10–50M</td><td>Private lending next to leveraged loans and bonds</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/investcorp">Investcorp</a></td><td>New York</td><td>$50–100M</td><td>Middle-market direct lending, CLOs and syndicated loans</td></tr>
</tbody>
</table>
</div>

### Lower middle market lenders in the United States

Ten US lenders focus on companies below about $20M of EBITDA. Here unitranche costs S+500–550 bps at 4.25–5.25x EBITDA, per [Houlihan Lokey](https://cdn.hl.com/pdf/2025/us-private-credit-market-newsletter-oct-2025.pdf).

<div class="intel__tablewrap">
<table class="intel__table">
<thead><tr><th>Lender</th><th>City</th><th>Cheque size</th><th>What it lends</th></tr></thead>
<tbody>
<tr><td><a href="https://privateequitylist.com/investors/deerpath-capital">Deerpath Capital</a></td><td>New York</td><td>$50–100M</td><td>Cash-flow senior debt, $25–150M per borrower</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/tree-line-capital-partners">Tree Line Capital Partners</a></td><td>San Francisco</td><td>$50–100M</td><td>Direct lending to the lower middle market</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/brightwood-capital-advisors">Brightwood Capital Advisors</a></td><td>New York</td><td>$10–50M</td><td>First and second lien, unitranche and mezzanine</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/capital-southwest-corporation">Capital Southwest</a></td><td>Dallas</td><td>$10–50M</td><td>Loans to businesses with $3–12M of EBITDA</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/main-street-capital">Main Street Capital</a></td><td>Houston</td><td>$10–50M</td><td>First lien and unitranche to PE-owned companies</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/gladstone-capital">Gladstone Capital</a></td><td>McLean</td><td>$50–100M</td><td>Mostly unitranche, lower middle market</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/stellus-capital-management">Stellus Capital Management</a></td><td>Houston</td><td>$10–50M</td><td>Private credit for the lower middle market</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/star-mountain-capital">Star Mountain Capital</a></td><td>New York</td><td>$100M+</td><td>Senior and junior debt, lower middle market</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/apogem-capital">Apogem Capital</a></td><td>New York</td><td>$10–50M</td><td>Direct lending, incl. to independent sponsors</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/breakaway-capital">Breakaway Capital</a></td><td>Los Angeles</td><td>$5–10M</td><td>Senior, unitranche and mezzanine for small buyouts</td></tr>
</tbody>
</table>
</div>

### Large credit platforms in the United States

Six multi-strategy managers run large credit businesses next to their private equity funds. Ares Management leads on new money with Ares Capital Europe VI.

<div class="intel__tablewrap">
<table class="intel__table">
<thead><tr><th>Lender</th><th>City</th><th>Cheque size</th><th>What it lends</th></tr></thead>
<tbody>
<tr><td><a href="https://privateequitylist.com/investors/ares-management">Ares Management</a></td><td>Los Angeles</td><td>$100M+</td><td>Credit next to private equity, real estate and infrastructure</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/blackstone">Blackstone</a></td><td>New York</td><td>$100M+</td><td>Credit next to private equity, real estate and infrastructure</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/apollo-global-management">Apollo Global Management</a></td><td>New York</td><td>$100M+</td><td>From investment-grade credit to private equity</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/kkr">KKR</a></td><td>New York</td><td>$100M+</td><td>Credit and insurance next to private equity</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/oaktree-capital-management">Oaktree Capital Management</a></td><td>Los Angeles</td><td>$50–100M</td><td>Credit specialist, also private equity and real estate</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/carlyle-group">The Carlyle Group</a></td><td>Washington</td><td>$50–100M</td><td>Credit next to private equity</td></tr>
</tbody>
</table>
</div>

### Private equity lenders in the United Kingdom

Nine lenders are based in London. [Apera](https://privateequitylist.com/investors/apera-asset-management) launched Private Debt Fund III and [Park Square](https://privateequitylist.com/investors/park-square-capital) launched Partners V in 2025, recorded at $3.19B and $2.64B.

<div class="intel__tablewrap">
<table class="intel__table">
<thead><tr><th>Lender</th><th>City</th><th>Cheque size</th><th>What it lends</th></tr></thead>
<tbody>
<tr><td><a href="https://privateequitylist.com/investors/arcmont-asset-management">Arcmont Asset Management</a></td><td>London</td><td>$100M+</td><td>European direct lending and capital solutions</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/hayfin-capital-management-llp">Hayfin Capital Management</a></td><td>London</td><td>$100M+</td><td>Direct lending and special opportunities in Europe</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/pemberton-capital-advisors">Pemberton Capital Advisors</a></td><td>London</td><td>$100M+</td><td>Mid-market debt for buyouts and add-ons in Europe</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/park-square-capital">Park Square Capital</a></td><td>London</td><td>$100M+</td><td>Senior and subordinated debt, mid-market direct loans</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/apera-asset-management">Apera Asset Management</a></td><td>London</td><td>$50–100M</td><td>Senior debt for mid-market firms, DACH to Benelux</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/beechbrook-capital">Beechbrook Capital</a></td><td>London</td><td>$10–50M</td><td>Private debt to lower mid-market firms, €10–150M EV</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/intermediate-capital-group-icg">Intermediate Capital Group (ICG)</a></td><td>London</td><td>$50–100M</td><td>Private debt and structured capital</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/mg-investments">M&amp;G Investments</a></td><td>London</td><td>$10–50M</td><td>Leveraged loans and corporate direct lending</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/bridgepoint">Bridgepoint</a></td><td>London</td><td>$5–10M</td><td>Private credit next to its buyout funds</td></tr>
</tbody>
</table>
</div>

### Private equity lenders in continental Europe

Six lenders work from Luxembourg, Copenhagen, Madrid, Warsaw and Paris. [Capital Four](https://privateequitylist.com/investors/capital-four) launched Private Debt V in 2025, recorded at $3B.

<div class="intel__tablewrap">
<table class="intel__table">
<thead><tr><th>Lender</th><th>City</th><th>Cheque size</th><th>What it lends</th></tr></thead>
<tbody>
<tr><td><a href="https://privateequitylist.com/investors/kartesia">Kartesia</a></td><td>Leudelange</td><td>$50–100M</td><td>Private corporate lending across Europe</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/capital-four">Capital Four</a></td><td>Copenhagen</td><td>$10–50M</td><td>Corporate private debt from the Nordics</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/cvc">CVC</a></td><td>Luxembourg</td><td>$100M+</td><td>Credit next to buyouts and secondaries</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/tresmares-capital">Tresmares Capital</a></td><td>Madrid</td><td>$10–50M</td><td>Direct lending and fund financing, €4–75M per company</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/cvi">CVI</a></td><td>Warsaw</td><td>$10–50M</td><td>Senior, unitranche and mezzanine, €2–25M tickets</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/eurazeo">Eurazeo</a></td><td>Paris</td><td>—</td><td>Private debt through its Idinvest arm</td></tr>
</tbody>
</table>
</div>

### Private equity lenders in Canada, Australia and Asia

Five lenders cover Canada, Australia, India and the rest of Asia. [Metrics Credit Partners](https://privateequitylist.com/investors/metrics-credit-partners) says it has completed over A$23B of direct lending.

<div class="intel__tablewrap">
<table class="intel__table">
<thead><tr><th>Lender</th><th>City</th><th>Cheque size</th><th>What it lends</th></tr></thead>
<tbody>
<tr><td><a href="https://privateequitylist.com/investors/fiera-private-debt">Fiera Private Debt</a></td><td>Laval</td><td>$10–50M</td><td>Senior secured loans for buyouts and acquisitions</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/northleaf-capital-partners-ltd">Northleaf Capital Partners</a></td><td>Toronto</td><td>$10–50M</td><td>Mid-market private credit</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/metrics-credit-partners">Metrics Credit Partners</a></td><td>Sydney</td><td>$10–50M</td><td>Leveraged and acquisition finance in Australia</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/ask-alternates">ASK Alternates</a></td><td>Mumbai</td><td>$100M+</td><td>Senior secured private credit in India</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/pag">PAG</a></td><td>Hong Kong</td><td>—</td><td>Asian private credit, e.g. PAG Loan Fund V</td></tr>
</tbody>
</table>
</div>

## Unitranche vs first lien, second lien and mezzanine

<div class="intel__tablewrap">
<table class="intel__table">
<thead><tr><th>Loan</th><th>Repaid</th><th>Price, $20–100M EBITDA</th><th>Leverage up to</th><th>Who provides it</th></tr></thead>
<tbody>
<tr><td>First lien</td><td>First, secured on the assets</td><td>S+425–500 bps</td><td>3.75–4.75x</td><td>Antares, Deerpath, Fiera Private Debt</td></tr>
<tr><td>Unitranche</td><td>One loan, senior and junior combined</td><td>S+450–525 bps</td><td>5.25–6.25x</td><td>Golub, Churchill, Main Street, Gladstone</td></tr>
<tr><td>Second lien</td><td>After the first lien</td><td>S+650–750 bps</td><td>5.25–6.25x</td><td>Brightwood, Churchill</td></tr>
<tr><td>Subordinated debt</td><td>After all secured debt</td><td>12–14% all-in</td><td>6.25–7.25x</td><td>Audax, HPS, CVI and other <a href="https://privateequitylist.com/intelligence/mezzanine-lenders-and-funds">mezzanine lenders</a></td></tr>
</tbody>
</table>
</div>

**Source of prices and leverage:** [Houlihan Lokey, US Private Credit Market Newsletter, October 2025](https://cdn.hl.com/pdf/2025/us-private-credit-market-newsletter-oct-2025.pdf). Leverage is total debt to EBITDA.\
**Why sponsors pick unitranche:** one lender group and one document mean a faster close. [Gladstone Capital](https://privateequitylist.com/investors/gladstone-capital) says it uses unitranche to speed up closing.\
**Where mezzanine fits:** it sits behind all of these and often comes with warrants. See our guide to [mezzanine lenders and funds](https://privateequitylist.com/intelligence/mezzanine-lenders-and-funds).

## How to find private equity lenders for a deal

**Start with the lenders:** the [debt funds list](https://privateequitylist.com/investors/debt-fund) holds the credit funds in Private Equity List. Lenders that also buy companies sit in the [private equity list](https://privateequitylist.com/investors/private-equity).\
**Match the borrower size:** below $20M of EBITDA, start with Deerpath, Tree Line, Gladstone or Capital Southwest. For larger deals and unitranche lenders, Golub, Antares, Churchill, Blue Owl and HPS.\
**Check who just raised:** a lender with a new fund has money to deploy. The [new funds tracker](https://privateequitylist.com/new-vc-funds) lists each fund as it is announced.\
**Filter in search:** in [search](https://privateequitylist.com/search), filter by type, country and cheque size, then open each profile for partners and investment staff.\
**Look beyond senior debt:** the wider market is in our guide to [private credit funds and firms](https://privateequitylist.com/intelligence/private-credit-funds-and-firms). Startups borrowing without a sponsor should read [venture debt lenders and funds](https://privateequitylist.com/intelligence/venture-debt-lenders-and-funds).

## Data and methodology

**The lenders:** 60 private equity lenders from the Private Equity List database, picked by reading each profile for lending to private equity-backed or middle-market companies: unitranche, first lien, senior secured loans or direct lending. Data as of 31 October 2026.\
**Headquarters and cheque sizes:** as recorded in each firm's profile. Three lenders without a credible cheque size show a dash and are left out of the cheque-size chart.\
**Funds:** fund names, launch dates and sizes come from the funds recorded in Private Equity List; closings with a news link come from our fund tracker.\
**Prices and spreads:** taken from Houlihan Lokey and McKinsey, linked where they appear in the text.

## FAQ

### What is a unitranche loan?

A unitranche loan combines senior and junior debt into one loan with one price and one lender group. For companies with $20–100M of EBITDA it priced at SOFR + 450–525 bps in October 2025, according to Houlihan Lokey. Golub Capital, Churchill, Main Street Capital and Gladstone Capital offer it.

### What is sponsor finance?

Sponsor finance is lending to companies owned or being bought by private equity firms, which are the deals' sponsors. The loans pay for buyouts, add-on acquisitions and refinancing. Private Equity List lists 60 lenders that do it, 40 of them in the US.

### Who are the largest private equity lenders?

Large credit platforms such as Ares, Blackstone, Apollo, KKR, Oaktree and Carlyle, and specialist direct lenders such as Golub Capital, Antares Capital, Churchill, Blue Owl and HPS. Ares Capital Europe VI, recorded at about $18B, is the largest fund launched in 2025–2026 by the lenders in Private Equity List.

### How much does unitranche debt cost?

In Houlihan Lokey's October 2025 survey, unitranche cost SOFR + 500–550 bps below $20M of EBITDA, SOFR + 450–525 bps for $20–100M and SOFR + 450–500 bps above $100M, with an upfront discount of 0.5–2 points. McKinsey data show the median spread on new direct loans fell to 544 bps at the end of 2025, from 716 bps in March 2023.

### What is the difference between TLA and TLB?

A term loan A is usually held by banks and repaid in instalments over its life. A term loan B is sold to institutional investors, repays little until maturity and pays a higher margin. In middle-market buyouts, a unitranche loan from direct lenders can take the place of both.