Aequum Capital

What Aequum Capital does

Aequum Capital Financial LLC is a Chicago-based specialty finance lender founded in late 2022 that provides senior asset-based and cash-flow debt facilities of up to $35 million (and beyond) to middle-market businesses across the United States. The firm targets borrowers that fall between traditional bank capabilities and larger private credit markets, including companies in workout or turnaround situations, those facing liquidity or covenant pressure, sponsor-backed acquisitions, growth-stage businesses, and companies with seasonal working capital needs. Pricing is quote-based with loan sizes of $5-$35M+, tenors of 1-3 years, spreads of SOFR + 4.5% to 7.0%, and origination fees of 1.00% to 1.50%.

The core product portfolio spans six structured facility types: Asset-Based Revolving Credit secured by receivables and inventory, Hard Asset-Backed Facilities covering both machinery/equipment and real estate (65-80% LTV, 5-20 year terms), Stretch ABLs and Structured Overadvances that hybridize asset-based and cash-flow lending, Cash-Flow Supported Special-Situation Term Loans, and Carve-Out Financings for complex capital structures. All operations are supported by a proprietary cloud-based lending platform that handles underwriting, funding, servicing, and portfolio management, contributing to a reported 45-day average close and a 100% term sheet-to-fund conversion rate in 2025.

Aequum generates revenue primarily through net interest income on its loan portfolio and origination/advisory fees at loan closing. Capital is sourced from a $140 million warehouse line of credit led by Texas Capital Bank with Wells Fargo, Bank OZK, and M&T Bank, a separate $250 million debt facility from Wells Fargo closed in September 2025, and equity backing from Castlelake, LP. The go-to-market is relationship-driven direct origination supported by referral channels from banks, turnaround consultants, lawyers, and private equity sponsors. In 2024, the firm closed $152 million in new loan commitments and was recognized as a top 10 non-bank asset-based lender in the $5-$50 million space in both 2024 and 2025.

Name

Aequum Capital

Legal name

Aequum Capital Financial LLC

Website

https://aequumcapital.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

Aequum Capital is a Chicago-based specialty finance lender providing senior asset-based and cash-flow debt facilities of up to $35 million to middle-market businesses across the United States, targeting turnaround, liquidity-challenge, sponsor-backed acquisition, and growth situations.

Ownership category

akta.pro rank

Product category

Specialty Finance / Asset-Based Lending

NAICS

Credit Intermediation and Related Activities (522), Sales Financing (52222)

SIC

Short-Term Business Credit Institutions (6153), Finance Lessors (6172)

akta.pro primary industry

Asset-Based Lending (ABL) (FSANADAD)

akta.pro secondary industries

Middle-Market Lending (FSANADAI), Direct Lending — Asset-Based Lending (ABL) (FSAHAJAE), SME Term Loans & Growth Capital (FSAKAGAB)

Keywords

• Asset-based lending
• Specialty finance
• Private credit
• Middle market lending
• Cash flow lending

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Interest Income: Aequum Capital generates revenue primarily through interest income on senior asset-based and cash-flow debt facilities extended to borrowers. Loans range from $5-35M+ with tenors of 1-3 years at SOFR + 4.5% to 7.0% spread.
2. Origination and Advisory Fees: The firm charges origination fees of 1.00% to 1.50% on loan facilities, providing upfront fee income at loan closing. Additional fees may be generated through advisory and structuring services for complex transactions.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Aequum Capital is a specialty finance lender that originates senior asset-based and cash-flow debt facilities of up to $35 million+ for U.S. middle-market businesses. Facilities are typically priced at SOFR + 4.5%–7.0% spread with 1.00%–1.50% origination fees and 1–3 year tenors, and span revolving ABLs secured by receivables and inventory, hard-asset loans backed by equipment and real estate, stretch ABLs, cash-flow term loans, and carve-out financings. The firm positions itself as the first-call capital provider for borrowers in growth, turnaround, refinancing, or seasonal situations where traditional banks are unable to deliver flexible solutions.

Product overview

Aequum Capital is a specialty finance lender offering a unified platform of senior secured structured loan products for middle-market businesses in the United States. The core product portfolio spans six distinct facility types: Asset-Based Revolving Credit (secured by A/R and inventory), Hard Asset-Backed Facilities (covering both machinery/equipment and real estate), Stretch ABLs and Structured Overadvances (hybrid structures combining asset-based and cash-flow lending), Cash-Flow Supported Special-Situation Term Loans, and Carve-Out Financings for complex capital structures. All facilities are supported by the company's proprietary technology platform, which enables efficient underwriting, funding, servicing, and portfolio management.

Differentiator

Problem solved

Functional benefit

Products and services

• Asset-Based Revolving Credit Facility (A/R and Inventory) Senior secured revolving credit facility backed by a borrower's accounts receivable and inventory, with the borrowing base recalculated regularly so companies can draw based on eligible asset values. Designed for middle-market businesses needing working capital, growth capital, or liquidity support where banks are unable to deliver flexibility.
• Hard Asset-Backed Facility (Machinery and Equipment) Loans secured by operational equipment such as manufacturing machinery, vehicles, or industrial tools, with advance rates based on Net Orderly Liquidation Value and amortization mirroring equipment useful life. Offered to middle-market borrowers with tangible operating assets.
• Hard Asset-Backed Facility (Real Estate) Loans backed by owned commercial property such as plants, warehouses, or offices, with advance rates of 65–80% of appraised value and terms of 5–20 years. Provides real-estate-secured liquidity to middle-market borrowers alongside ABL or cash-flow facilities.
• Stretch ABL and Structured Overadvance Facility Flexible financing that allows companies to borrow beyond standard collateral support by combining asset-based loans with cash-flow loans, supporting businesses with strong assets but unstable cash flow, or vice versa. Tailored for borrowers whose needs fall outside rigid bank ABL advance formulas.
• Cash-Flow Supported Special-Situation and Term Loan Term loans secured primarily by projected or recurring cash flow rather than hard assets, supporting growth capital, acquisition financing, or working capital needs. Includes special-situation loans for turnarounds, restructuring, or opportunistic transactions where traditional lenders will not engage.
• Carve-Out Financing and Complex Capital Structure Financing for companies selling or separating a specific business unit, asset group, or division from a parent organization, supporting strategic separation, restructuring, or layered debt arrangements. Targets complex mid-market carve-out scenarios where speed and structuring flexibility are required.

Quantifiable outcome

• Average 45-days to close
• +3 more outcomes

Named customers15 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Helios Strategic Advisors, LLCminorImplementation/ SI/ Consulting Partner · 3 April 2024Helios Strategic Advisors, LLC advised on the $45MM credit facility for a Midwest manufacturing and distribution company, serving as financial advisor on the transaction.

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• LQD Business Finance: Middle-market ABL lender focused on $5-50M facilities. Highly comparable to Aequum — same size band, similar ABL/cash-flow hybrid structures, and Aequum's CEO and COO are both former LQD executives.
• SLR Business Credit: Provides asset-based and cash-flow senior secured loans in the $5-50M middle-market segment, with a heavy focus on turnaround and special-situation lending — directly overlapping Aequum's core proposition.
• Crystal Financial (Crédit Agricole CIB): Middle-market ABL and special situations lender owned by Crédit Agricole CIB; competes for similar $5-50M facilities, second-lien and stretch structures, and turnaround transactions.
• MB Business Capital: Provides senior secured asset-based and cash-flow loans in the $5-50M middle-market space, including turnaround and special-situation transactions — a direct competitive overlap with Aequum's playbook.

Broad incumbents

• White Oak Credit Services: Diversified private credit platform with ABL, equipment financing, and real estate lending. Aequum's Controller previously served as Assistant Controller of White Oak Credit Services, and the firm is a meaningful incumbent in middle-market ABL.
• Pathward / Crestmark Bank: Provides asset-based lending, factoring, and specialty finance solutions to small/middle-market businesses; Aequum's Executive Director spent 16 years in sales at Pathward/Crestmark, and the bank serves similar borrowers.
• HTLF Specialized Industries: Middle-market ABL and factoring arm of Heartland Financial; Aequum Partner Geno Ruggles was previously VP of Underwriting at HTLF Specialized Industries, and the two firms compete for similar middle-market ABL deals.
• Twin Brook Capital Partners: Middle-market direct lender providing senior secured loans, including ABL structures. Aequum's Associate Director previously coordinated operations for direct lending transactions at Twin Brook.
• Wells Fargo Capital Finance: Large incumbent ABL and asset-based finance platform; a direct competitor for middle-market deals while also being one of Aequum's largest warehouse lenders — illustrates the dual bank/competitor dynamic in the space.

Emerging players

• SouthStar Capital: Specialty finance firm providing working capital and asset-based lending to small/middle-market businesses; Aequum's Business Development Officer was previously VP at SouthStar, and the firm competes in overlapping deal flow.

Market position

Weaknesses5 records

Competitive moat4 records

Key highlights6 records

Customer concentration

• Xtwitter.com/aequumcapital
• Facebookfacebook.com/aequumcapital
• LinkedInlinkedin.com/company/aequum-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds4 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Aequum Capital