Private Equity Lenders 2026: 60 Unitranche and Middle Market Lenders

60private equity lendersin Private Equity List

40in the US9 in the UK

S+450–525unitranche price$20–100M EBITDA, Oct 2025

$18Blargest new lending fundAres Capital Europe VI

United States	40
United Kingdom	9
Luxembourg	2
Canada	2

Source: Private Equity List database

57 lenders

$100M+	21	36.8%
$10–50M	18	31.6%
$50–100M	16	28.1%
$5–10M	2	3.5%

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, 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 is known for pioneering it.
Middle market: Houlihan Lokey calls companies with under $20M of EBITDA the lower middle market and $20–100M the core. Capital Southwest lends down to $3M of EBITDA; Deerpath lends $25–150M per borrower.

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

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 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, 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

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 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 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.
• 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 launched Deerpath Fund VII in December 2025, recorded at $2B. It lends cash-flow senior debt to the lower middle market.
• 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 closed its second SBIC fund at $286M in February 2026. An SBIC is licensed and partly financed by the US Small Business Administration.
• 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, backed by Blackstone, raised $52M for its second private credit fund in October 2026. It does senior secured lending in India.

Private equity lenders to know: unitranche and sponsor finance

Lender	Headquarters	Cheque size	What it provides
Golub Capital	New York	$100M+	Known for pioneering unitranche; loans and multi-currency facilities to sponsor-backed companies
Antares Capital	Chicago	$100M+	Senior secured loans, mezzanine and structured equity; lead lender in over 90% of its deals
Churchill Asset Management	New York	$100M+	First lien, unitranche, second lien and mezzanine for US middle-market PE firms
Audax Private Debt	New York	$100M+	Senior secured debt up to $350M and junior debt up to $150M per company
Blue Owl Capital	New York	$100M+	Loans and equity-linked capital to PE-backed and non-sponsored companies
HPS Investment Partners	New York	$10–50M	Leveraged loans, senior secured debt and mezzanine
Monroe Capital	Chicago	$50–100M	Direct lending to companies of private equity and independent sponsors
Deerpath Capital	New York	$50–100M	Cash-flow senior debt for the lower middle market, $25–150M per borrower
Main Street Capital	Houston	$10–50M	First lien, unitranche and senior loans to companies owned by PE funds
Gladstone Capital	McLean	$50–100M	Mostly unitranche facilities, working with private equity sponsors
Capital Southwest	Dallas	$10–50M	Nasdaq-listed lender to businesses with $3–12M of EBITDA
Brightwood Capital Advisors	New York	$10–50M	First and second lien term loans, unitranche and mezzanine
Arcmont Asset Management	London	$100M+	An early mover in European private credit; direct lending and capital solutions
Hayfin Capital Management	London	$100M+	Direct lending and special opportunities across Europe
Pemberton Capital Advisors	London	$100M+	Debt for buyouts, growth and add-on acquisitions in Europe
Park Square Capital	London	$100M+	Senior and subordinated debt and mid-market loans with blue-chip sponsors
Kartesia	Leudelange	$50–100M	Private corporate lending to European companies
Metrics Credit Partners	Sydney	$10–50M	Leveraged and acquisition finance; one of Asia's largest specialist private debt investors

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 and Monroe are in Chicago.

Lender	City	Cheque size	What it lends
Golub Capital	New York	$100M+	Unitranche and other loans to sponsor-backed companies
Churchill Asset Management	New York	$100M+	First lien, unitranche, second lien and mezzanine for PE-backed companies
Antares Capital	Chicago	$100M+	Senior secured loans, mezzanine and structured equity
Audax Private Debt	New York	$100M+	Senior secured debt up to $350M, junior debt up to $150M
Monroe Capital	Chicago	$50–100M	Direct lending to PE-owned and independent-sponsor companies
LBC Credit Partners	Miami	$50–100M	Senior secured loans and subordinated debt
Crestline Investors	Fort Worth	$10–50M	Senior debt to lower-middle and middle-market companies
Blue Torch Capital	New York	$50–100M	Middle-market direct lending, bespoke credits
Lafayette Square	Miami	$10–50M	Middle-market loans with operating support
Comvest Partners	West Palm Beach	$10–50M	Direct lending and equity across the capital structure
Cerberus Capital Management	New York	$50–100M	Middle-market direct lending in the US and Canada
Prospect Capital Management	New York	$100M+	First lien and senior secured loans, incl. to independent sponsors
MidCap Financial	Bethesda	$100M+	Financial sponsors and leveraged finance, plus asset-based lending
Benefit Street Partners	New York	$100M+	Direct lending, structured and liquid credit
SLR Capital Partners	New York	$50–100M	Senior secured direct lending, cash flow and asset-based
PennantPark	New York	$50–100M	Middle-market credit
Saratoga Investment Corp	New York	$50–100M	Private credit and special situations, middle market
Crescent Capital Group	Los Angeles	$100M+	Corporate credit, working with financial sponsors
The TCW Group	Los Angeles	—	Senior secured, directly originated loans
Blue Owl Capital	New York	$100M+	Loans to PE-backed and non-sponsored companies
HPS Investment Partners	New York	$10–50M	Leveraged loans, senior secured debt and mezzanine
Sixth Street	San Francisco	$100M+	Direct lending next to other credit strategies
Bain Capital Credit	Boston	$10–50M	Private lending next to leveraged loans and bonds
Investcorp	New York	$50–100M	Middle-market direct lending, CLOs and syndicated loans

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.

Lender	City	Cheque size	What it lends
Deerpath Capital	New York	$50–100M	Cash-flow senior debt, $25–150M per borrower
Tree Line Capital Partners	San Francisco	$50–100M	Direct lending to the lower middle market
Brightwood Capital Advisors	New York	$10–50M	First and second lien, unitranche and mezzanine
Capital Southwest	Dallas	$10–50M	Loans to businesses with $3–12M of EBITDA
Main Street Capital	Houston	$10–50M	First lien and unitranche to PE-owned companies
Gladstone Capital	McLean	$50–100M	Mostly unitranche, lower middle market
Stellus Capital Management	Houston	$10–50M	Private credit for the lower middle market
Star Mountain Capital	New York	$100M+	Senior and junior debt, lower middle market
Apogem Capital	New York	$10–50M	Direct lending, incl. to independent sponsors
Breakaway Capital	Los Angeles	$5–10M	Senior, unitranche and mezzanine for small buyouts

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.

Lender	City	Cheque size	What it lends
Ares Management	Los Angeles	$100M+	Credit next to private equity, real estate and infrastructure
Blackstone	New York	$100M+	Credit next to private equity, real estate and infrastructure
Apollo Global Management	New York	$100M+	From investment-grade credit to private equity
KKR	New York	$100M+	Credit and insurance next to private equity
Oaktree Capital Management	Los Angeles	$50–100M	Credit specialist, also private equity and real estate
The Carlyle Group	Washington	$50–100M	Credit next to private equity

Private equity lenders in the United Kingdom

Nine lenders are based in London. Apera launched Private Debt Fund III and Park Square launched Partners V in 2025, recorded at $3.19B and $2.64B.

Lender	City	Cheque size	What it lends
Arcmont Asset Management	London	$100M+	European direct lending and capital solutions
Hayfin Capital Management	London	$100M+	Direct lending and special opportunities in Europe
Pemberton Capital Advisors	London	$100M+	Mid-market debt for buyouts and add-ons in Europe
Park Square Capital	London	$100M+	Senior and subordinated debt, mid-market direct loans
Apera Asset Management	London	$50–100M	Senior debt for mid-market firms, DACH to Benelux
Beechbrook Capital	London	$10–50M	Private debt to lower mid-market firms, €10–150M EV
Intermediate Capital Group (ICG)	London	$50–100M	Private debt and structured capital
M&G Investments	London	$10–50M	Leveraged loans and corporate direct lending
Bridgepoint	London	$5–10M	Private credit next to its buyout funds

Private equity lenders in continental Europe

Six lenders work from Luxembourg, Copenhagen, Madrid, Warsaw and Paris. Capital Four launched Private Debt V in 2025, recorded at $3B.

Lender	City	Cheque size	What it lends
Kartesia	Leudelange	$50–100M	Private corporate lending across Europe
Capital Four	Copenhagen	$10–50M	Corporate private debt from the Nordics
CVC	Luxembourg	$100M+	Credit next to buyouts and secondaries
Tresmares Capital	Madrid	$10–50M	Direct lending and fund financing, €4–75M per company
CVI	Warsaw	$10–50M	Senior, unitranche and mezzanine, €2–25M tickets
Eurazeo	Paris	—	Private debt through its Idinvest arm

Private equity lenders in Canada, Australia and Asia

Five lenders cover Canada, Australia, India and the rest of Asia. Metrics Credit Partners says it has completed over A$23B of direct lending.

Lender	City	Cheque size	What it lends
Fiera Private Debt	Laval	$10–50M	Senior secured loans for buyouts and acquisitions
Northleaf Capital Partners	Toronto	$10–50M	Mid-market private credit
Metrics Credit Partners	Sydney	$10–50M	Leveraged and acquisition finance in Australia
ASK Alternates	Mumbai	$100M+	Senior secured private credit in India
PAG	Hong Kong	—	Asian private credit, e.g. PAG Loan Fund V

Unitranche vs first lien, second lien and mezzanine

Source of prices and leverage: Houlihan Lokey, US Private Credit Market Newsletter, October 2025. Leverage is total debt to EBITDA.
Why sponsors pick unitranche: one lender group and one document mean a faster close. 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.

How to find private equity lenders for a deal

Start with the lenders: the debt funds list holds the credit funds in Private Equity List. Lenders that also buy companies sit in the private equity list.
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 lists each fund as it is announced.
Filter in search: in 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. Startups borrowing without a sponsor should read 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.