MidCap Financial
MidCap Financial is a private, middle-market direct lender offering senior debt solutions — asset-based, leveraged finance, life sciences, real estate, and fund finance — to U.S., Canadian, and European borrowers, managed as Apollo's primary origination platform.
- Company typePrivate
- Founded2008
- HeadquartersBethesda, United States
- Headcount251–500
- GTM typeB2B
- OfferingServices
What MidCap Financial does
MidCap Financial is a private, middle-market specialty finance company founded in 2008 and headquartered in Bethesda, Maryland. The firm provides senior debt capital directly to U.S. and European middle-market borrowers through five integrated product lines: Asset Based Lending ($10M–$500M+ senior secured facilities), Financial Sponsors & Leveraged Finance (up to $750M for companies with $10M–$125M EBITDA), Life Sciences & Technology Venture Finance ($5M–$200M+ senior secured term loans), Real Estate Lending (first mortgage bridge financing of $10M+), and Fund Finance ($20M–$200M NAV and management-company financings). Loans are originated through in-house teams in Bethesda, New York, Chicago, Los Angeles, and Dublin, and serviced internally across the life of each facility. By 2025 the platform managed $61B of committed capital and had executed 1,254+ transactions across 560+ borrower relationships.
MidCap Financial firmographics
Firmographics- Name
- MidCap Financial
- Legal name
- MidCap Financial Services, LLC
- Website
- http://www.midcapfinancial.com
- Company type
- Private
- Founded year
- 2008
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- MidCap Financial is a private, middle-market direct lender offering senior debt solutions — asset-based, leveraged finance, life sciences, real estate, and fund finance — to U.S., Canadian, and European borrowers, managed as Apollo's primary origination platform.
- Ownership category
- akta.pro rank
MidCap Financial industry classification
Industry- Product category
- Middle-Market Specialty Finance
- NAICS
- Credit Intermediation and Related Activities (522)
- SIC
- Miscellaneous Business Credit Institution (6159), Asset-Backed Securities (6189)
- akta.pro primary industry
- Middle-Market Lending (FSANADAI)
- akta.pro secondary industries
- Senior Secured Direct Lending (FSANADAA), Large-Cap / Sponsor Finance Direct Lending (FSANADAJ), Specialty Finance / Structured Credit (FSANADAE), Debt & Capital Advisory (Debt Raising, Refinancing, Private Credit) (BPAHAOAD)
Keywords
Where MidCap Financial is headquartered
LocationHeadquarters
- HQ city
- Bethesda
- HQ country
- United States
- HQ region
- North America
Offices5 records
Markets served
MidCap Financial business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Interest Income from Lending: MidCap Financial generates primary revenue through interest income on loans provided to middle-market companies. This includes term loans, revolving credit facilities, and asset-based lending arrangements.
- Loan Origination and Arrangement Fees: Fees earned from arranging and originating financing transactions, including administrative agent fees, syndication fees, and commitment fees.
- Unsecured Notes Issuance: The company issues unsecured term debt through MidCap Financial Issuer Trust to qualified institutional buyers, generating proceeds to support lending activities.
- Investment Management Fees: Managed by Apollo Capital Management, L.P. pursuant to an investment management agreement, generating fee income from the $37 billion platform.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Monthly | Asset Based Lending: $10 million to $500+ million senior secured facilities |
| Other | Monthly | Financial Sponsors & Leveraged Finance: up to $750 million for companies with EBITDA of $10M to $125M |
| Other | Monthly | Life Sciences & Technology: $5 million to $200+ million senior secured term loans |
| Other | Monthly | Real Estate Lending: first mortgage bridge financing of $10 million and above |
| Other | Monthly | Fund Finance: deal sizes typically ranging from $20 million to $200 million |
Go-to-market motion2 records
Distribution channels1 record
Marketing channels4 records
MidCap Financial product offering
Product offeringCore offering
MidCap Financial is a middle-market-focused specialty finance firm that directly originates and services senior debt capital solutions for companies across all industries. The company offers five integrated lending product lines — Asset Based Lending, Financial Sponsors & Leveraged Finance, Life Sciences & Technology Venture Finance, Real Estate Lending, and Fund Finance — with deal sizes ranging from $5 million to $750 million. Loans are managed and serviced in-house by dedicated portfolio management teams, with $61 billion in committed capital backing the platform.
Product overview
MidCap Financial is a specialty finance company offering a unified platform of five integrated debt capital solutions: Asset Based Lending, Financial Sponsors & Leveraged Finance, Life Sciences & Technology Venture Finance, Real Estate Lending, and Fund Finance. With $61B+ in committed capital and operations since 2008, the company provides flexible debt capital to middle-market companies across diverse industries. Each solution targets different market segments and deal structures, from senior secured asset-based facilities to venture debt for life sciences, all serviced in-house with dedicated teams.
Differentiator
Problem solved
Functional benefit
Products and services
- Asset Based Lending Provides senior secured asset-based facilities ranging from $10 million to $500+ million, offering certainty, flexibility, and stability as a long-term debt capital partner with expertise across 16 industries including aerospace, automotive, healthcare services, and manufacturing. Targets middle-market companies needing working capital, acquisition financing, and refinancing solutions.
- Financial Sponsors & Leveraged Finance Delivers cash flow loans tailored to each situation, providing debt capital up to $750 million to companies with EBITDA typically of $10 million to $125 million. Specializes in first lien, unitranche, and ARR loans for leveraged buyouts, add-on acquisitions, refinancings, and recapitalizations. Serves PE sponsors and their portfolio companies in the U.S., Canada, and Europe.
- Life Sciences & Technology Venture Finance Provides flexible growth debt capital for innovative technologies and life science products, offering senior secured term loans ranging from $5 million to $200+ million with minimal dilution. Serves emerging and commercial-stage medical device, healthcare IT, diagnostics, biotech, pharma, enterprise software, networking, and hardware companies.
- Real Estate Lending Offers first mortgage bridge financing of $10 million and above for acquisition, repositioning, renovation, and refinancing of all types of real estate including hotels, retail, multifamily, office, industrial, and healthcare properties. Serves real estate developers, operators, and sponsors.
- Fund Finance Provides portfolio-based NAV financings and management company level solutions ranging from $20 million to $200 million, supporting value creation, portfolio management, and strategic objectives for private equity sponsors and institutional investors.
Quantifiable outcome
- Reduced annual cash interest expense by up to $3.5 million for Cerus Corporation through refinancing structure
- +2 more outcomes
Companies that use MidCap Financial
Customer profileNamed customers16 records
Segments6 records
Ideal customer profiles4 records
MidCap Financial technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature3 records
MidCap Financial partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered minor.
- Blueprint Healthcare Real Estate AdvisorsminorBlueprint Healthcare Real Estate Advisors acquired MidCap Financial's FHA/HUD lending platform, including an experienced HUD lending team. The acquisition expected to close around April 1, 2026, positions Blueprint to offer FHA/HUD lending solutions in seniors housing and skilled nursing sectors.
- KBRA (Kroll Bond Rating Agency)minorKBRA assigned issuer rating of A- with Stable Outlook to MidCap Financial Issuer Trust, a wholly-owned subsidiary serving as guarantor of debt. This rating supports investor confidence in MidCap's creditworthiness and capital markets activities.
- Moody's RatingsminorMoody's assigned Baa2 rating to MidCap Financial, supporting investment grade status achieved in January 2026. This rating reflects the company's stable permanent capital and diversified funding structure.
Scale indicators10 records
Recent moves9 records
Expansion highlights6 records
MidCap Financial competitors and assessment
Company assessmentDirect peers
- Monroe Capital: Monroe Capital is a middle-market direct lender and BDC sponsor providing senior secured, unitranche, and asset-based loans. Comparable scale, sponsor focus, and product overlap with MidCap.
- Bain Capital Credit: Bain Capital Credit provides middle-market direct lending, unitranche, and asset-based facilities, often to Bain Capital's own sponsor portfolio and third-party sponsors. Comparable sponsor coverage and product breadth.
- Sixth Street: Sixth Street is a global private credit and direct lending platform offering senior, mezzanine, and structured finance to middle-market borrowers. Comparable multi-product credit platform and sponsor coverage.
- Antares Capital: Antares Capital is a middle-market direct lender focused on sponsor-backed leveraged finance, unitranche, and asset-based lending. Highly comparable middle-market sponsor coverage and product set to MidCap Financial.
- HPS Investment Partners: HPS (now part of Blackstone) is a leading private credit manager offering direct lending, mezzanine, and asset-based facilities to middle-market companies. Comparable business segments and deal-size range.
- Nuveen Churchill Direct Lending: Churchill (Nuveen) is a private credit manager providing senior debt and unitranche financings to U.S. middle-market companies, with deep PE-sponsor relationships. Closely comparable direct-lending model and ticket size.
- Golub Capital: Golub Capital is one of the largest direct lenders to the U.S. middle market, providing first lien, unitranche, and asset-based facilities to PE-sponsored and non-sponsored borrowers. Highly comparable business model, ticket size, and sponsor coverage to MidCap Financial.
- Blue Owl Capital (Owl Rock): Blue Owl's Direct Lending platform (formerly Owl Rock) underwrites senior secured loans to upper-middle-market companies, often PE-sponsored. Highly comparable product mix and target borrower profile.
- Madison Dearborn Capital Finance: Madison Dearborn Capital Finance provides senior debt and unitranche financings to middle-market companies, often PE-backed. Highly comparable business model and middle-market positioning.
Broad incumbents
- Ares Capital Corporation: Ares Capital is the largest publicly traded BDC and a major direct lender to middle-market borrowers across senior debt, unitranche, and asset-based structures. Broader incumbent with a much larger balance sheet but operates in the same middle-market direct-lending space.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
MidCap Financial social profiles
Digital presenceMidCap Financial financial estimates
Financial estimateRevenue estimate
Valuation estimate
MidCap Financial leadership team
Management profileNumber of profiles
Profiles12 records
MidCap Financial subsidiaries and ownership
Company hierarchySubsidiaries2 records
MidCap Financial funding detail
Funding detailFunding overview
Funding rounds4 records
Investors11 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
MidCap Financial M&A and investment
M&A and investmentM&A
Investments71 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about MidCap Financial
What does MidCap Financial do?
MidCap Financial is a middle-market-focused specialty finance firm that directly originates and services senior debt capital solutions for companies across all industries. The company offers five integrated lending product lines — Asset Based Lending, Financial Sponsors & Leveraged Finance, Life Sciences & Technology Venture Finance, Real Estate Lending, and Fund Finance — with deal sizes ranging from $5 million to $750 million. Loans are managed and serviced in-house by dedicated portfolio management teams, with $61 billion in committed capital backing the platform.
Is MidCap Financial a public or private company?
MidCap Financial is a private company. It is classified as private equity controlled and is currently operating.
When was MidCap Financial founded?
MidCap Financial was founded in 2008. It employs 251 to 500 people.
Where is MidCap Financial based?
MidCap Financial is headquartered in Bethesda, United States, in the North America region.
How does MidCap Financial make money?
Four revenue lines are on record. Interest Income from Lending is the primary driver. The others are loan Origination and Arrangement Fees, unsecured Notes Issuance and investment Management Fees.
Who are MidCap Financial's main competitors?
Direct peers on record are Monroe Capital, Bain Capital Credit, Sixth Street, Antares Capital, HPS Investment Partners, Nuveen Churchill Direct Lending, Golub Capital, Blue Owl Capital (Owl Rock) and Madison Dearborn Capital Finance. Ares Capital Corporation is listed as a broad incumbent.
Does MidCap Financial have an API?
No public API is recorded for MidCap Financial.
What industry is MidCap Financial in?
MidCap Financial's product category is Middle-Market Specialty Finance. Its primary akta.pro industry code is FSANADAI, Middle-Market Lending, with a secondary code of FSANADAA, Senior Secured Direct Lending. Its NAICS code is 522 and its SIC code is 6159.