MidCap Financial

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.

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

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

• Middle market lending
• Specialty finance
• Asset based lending
• Leveraged finance
• Venture debt financing

Headquarters

HQ city

Bethesda

HQ country

United States

HQ region

North America

Offices5 records

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 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.
2. Loan Origination and Arrangement Fees: Fees earned from arranging and originating financing transactions, including administrative agent fees, syndication fees, and commitment fees.
3. Unsecured Notes Issuance: The company issues unsecured term debt through MidCap Financial Issuer Trust to qualified institutional buyers, generating proceeds to support lending activities.
4. 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

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core 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

Named customers16 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Partnerships

Three partnerships are on record, tiered minor.

• Blueprint Healthcare Real Estate AdvisorsminorOthers · 25 March 2026Blueprint 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)minorOthersKBRA 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 RatingsminorOthersMoody'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

Direct 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

• LinkedInlinkedin.com/company/midcap-financial

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries2 records

Funding overview

Funding rounds4 records

Investors11 records

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

M&A

Investments71 records

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

Frequently asked questions about MidCap Financial