Key takeaways
- The short answer: the best-known mezzanine lenders are credit managers such as HPS Investment Partners, Audax Private Debt and Churchill Asset Management, plus specialists such as Northcreek Mezzanine and Nordic Mezzanine. Private Equity List lists 59 firms that provide mezzanine debt.
- Where they are: 25 of the 59 are in the US and 20 in Europe, 6 of them in the UK.
- Contacts: 58 of the 59 have investment-team contacts in their profiles, 535 people in total.
- Cheque size: the most common bracket is $10–50M (24 firms). 9 firms write $100M or more.
- Biggest funds: HPS Mezzanine Partners 2019 ($11B), Schroders Capital's Junior Infrastructure Debt Europe III ($2B) and Audax Mezzanine Fund V ($1.85B).
- What it is: mezzanine debt sits between the senior bank loan and the owners' equity. It is repaid after senior debt, so it costs more, and it often comes with warrants.
 United States | |
|---|---|
 United Kingdom | |
 France | |
 Canada | |
 Germany | |
 Croatia | |
 Mexico | |
 Hong Kong |
Source: Private Equity List database
| $10–50M | 24 | 40.7% |
|---|---|---|
| $1–5M | 11 | 18.6% |
| $50–100M | 10 | 16.9% |
| $100M+ | 9 | 15.3% |
| Under $1M | 3 | 5.1% |
| $5–10M | 2 | 3.4% |
Source: Private Equity List database
What is mezzanine financing: debt between the bank loan and equity
Mezzanine debt: a loan that ranks below senior debt and above equity. If the company fails, senior lenders are repaid first, mezzanine lenders next, owners last.
Also called: subordinated debt, junior debt or junior capital. Funds that do it are mezzanine funds or junior capital funds.
How it pays: cash interest, interest added to the loan instead of paid (PIK), and often warrants that give the lender a small equity stake.
Why borrowers take it: it fills the gap when the bank will not lend enough and the owners do not want to sell more of the company.
Biggest mezzanine and junior capital funds: HPS, Schroders and Audax
- HPS Investment Partners runs the largest mezzanine fund in Private Equity List, HPS Mezzanine Partners 2019, at about $11B. Mezzanine is one of its credit strategies, next to leveraged loans, high-yield bonds and asset-based leasing.
- Schroders Capital launched its third Junior Infrastructure Debt Europe fund in 2025, sized at $2B. The money goes into junior loans to European infrastructure.
- Audax Private Debt raised $1.85B for Audax Mezzanine Fund V. It lends senior and junior debt to middle-market companies and co-invests equity.
- Sentinel Capital Partners runs Sentinel Junior Capital II ($835M) next to its buyout funds.
- Churchill Asset Management raised $737M for Junior Capital Opportunities Fund II. It finances US middle-market private equity deals with first lien, unitranche, second lien and mezzanine loans.
- ActoMezz, co-managed by Andera Partners in Paris, raised $562M for Acto Mezzanine IV. It provides mezzanine and minority equity to small and mid-sized companies.
- Northcreek Mezzanine in Cincinnati launched Fund V in December 2024, recorded at $250M. It is a Small Business Investment Company (SBIC), a fund licensed and partly financed by the US Small Business Administration.
Mezzanine lenders to know in the US and Europe
| Firm | Headquarters | Cheque size | What it provides |
|---|---|---|---|
| HPS Investment Partners | New York | $10–50M | Mezzanine, leveraged loans and other credit across the capital structure |
| Audax Private Debt | New York | $100M+ | Senior secured and junior debt to middle-market companies |
| Churchill Asset Management | New York | $100M+ | First lien, unitranche, second lien and mezzanine loans for private equity deals |
| Antares Capital | Chicago | $100M+ | Senior secured loans, mezzanine debt and structured equity |
| Star Mountain Capital | New York | $100M+ | Senior and junior debt to lower middle-market companies |
| Brightwood Capital Advisors | New York | $10–50M | First and second lien loans, unitranche and mezzanine |
| Capital Southwest | Dallas | $10–50M | First lien, second lien and subordinated debt, listed on Nasdaq as a BDC |
| Charter Capital Partners | Grand Rapids | $100M+ | Junior capital for lower middle-market companies in the Great Lakes region |
| Northcreek Mezzanine | Cincinnati | $50–100M | Mezzanine for lower middle-market companies, as an SBIC |
| Source Capital | Atlanta | $10–50M | Flexible debt and equity for lower middle-market companies |
| Park Square Capital | London | $100M+ | Senior and subordinated debt to European and US companies |
| Nordic Mezzanine | London | $50–100M | Mezzanine for buyouts, growth and restructurings, backed by Nordic institutions |
| Indigo Capital | London | $1–5M | Mezzanine and junior capital for privately owned European companies |
| CAPZA | Paris | $1–5M | Growth capital, mezzanine and senior loans for small and mid-caps |
| Siparex | Paris | $10–50M | Equity and mezzanine for French and European companies |
| VR Equitypartner | Frankfurt | $1–5M | Majority and minority stakes plus mezzanine, owned by DZ BANK |
 Polaris Private Equity | Copenhagen | $50–100M | Junior capital and minority stakes through its Flexible Capital strategy |
 CVI | Warsaw | $10–50M | Senior, junior, unitranche and mezzanine debt in Central Europe |
Mezzanine debt vs senior debt vs equity
Senior debt: secured on the company's assets and repaid first. It is the cheapest money, and banks and direct lenders provide it.
Mezzanine debt: usually unsecured or second in line on the assets. It costs more than senior debt and less than equity, and the lender may get warrants.
Equity: repaid last and only if there is value left. It is the most expensive money, because owners give up part of the company.
Unitranche: one loan that blends senior and junior debt into a single facility. Churchill, Brightwood and CVI offer it alongside mezzanine.
When companies use mezzanine financing
Buyouts: a private equity firm adds mezzanine on top of the bank loan to pay for an acquisition with less equity. Nordic Mezzanine runs dedicated mezzanine funds for buyouts.
Growth and acquisitions: a profitable company borrows to expand without selling shares. Indigo Capital and ActoMezz back privately owned companies this way.
Recapitalisations: owners take money out or refinance existing debt while keeping control.
Real estate and infrastructure: mezzanine loans sit behind the mortgage or project loan. Harbor Group International lends mezzanine to real estate sponsors; Schroders Capital lends junior infrastructure debt.
How to find mezzanine lenders for a deal
Start with the debt funds: the debt funds list holds credit managers that write mezzanine next to senior loans. The wider market is covered in our guide to private credit funds and firms.
Add private equity firms: 37 of the 59 mezzanine lenders are tagged as private equity, not debt funds, so search the private equity list too.
Filter by cheque and region: in search, filter by cheque size, sector and headquarters. A $5M mezzanine loan and a $100M one come from different firms.
Check who just raised: a fund that closed recently has money to deploy. The new funds tracker lists each fund as it is announced.
Reach the team: profiles list partners and investment staff with their roles. CSV export comes with the Pro+ plan.
Find mezzanine lenders
Debt funds and private equity firms that write mezzanine, with investment-team contacts and cheque sizes.
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