Antares Capital

What Antares Capital does

Antares Capital is a privately held alternative credit manager founded in 1996 and headquartered in Chicago, operating a diversified credit platform across private credit, liquid credit, and liquidity solutions. The firm specializes in the direct origination of senior secured, primarily first-lien floating-rate loans to private-equity-sponsored U.S. and Canadian middle-market companies, typically acting as lead lender on more than 90% of transactions and serving as financing partner for 470+ borrower relationships. Capital is accessed through multiple institutional vehicles including the closed-end Senior Loan Fund series (~$3B in 2020, ~$6B in 2023, and ~$8.5B in 2026), a public non-trated Antares BDC (ABDC, launched 2025 with $1.4B+ in investible capital), private credit CLOs, rated feeder funds, collateralized fund obligations, and separately managed accounts, with additional adjacent strategies spanning syndicated loans, high-yield bonds, CLO equity, and private credit secondaries.

The platform is anchored by The Canadian Pension Plan Investment Board (CPPIB), which acquired Antares through its 2015 purchase of GE's sponsor finance business and provides long-duration capital alongside minority partner Northleaf Capital Partners. Antares reports approximately $90 billion in capital under management and administration as of December 31, 2025, invests over $30 billion alongside investors via its affiliated balance sheet, and operates offices in Chicago, New York, Los Angeles, Atlanta, Toronto, and London. The firm maintains ~400 PE sponsor relationships and has achieved a 0.07% average annual historical loss rate on its directly originated loan book since 2007, supported by a co-head origination structure in New York and Chicago, a centralized Investment Committee, and dedicated restructuring expertise.

Revenue is generated primarily through management fees and performance fees on the AUM base, with pricing not publicly disclosed and products custom-structured for institutional and insurance-balance-sheet investors including public and corporate pension funds, endowments, sovereign wealth funds, foundations, family offices, and insurance companies. GTM motion combines an enterprise field-sales model for direct sponsor and borrower origination with an institutional investor-distribution arm offering private credit exposure through commingled funds, SMAs, CLOs, and rated feeders, with broader advisor reach via the Schwab Alternative Investment OneSource platform.

Name

Antares Capital

Legal name

Antares Capital LP

Website

https://antares.com

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

251–500 employees

Short description

Antares Capital is a Chicago-based private alternative credit manager originating senior secured, first-lien floating-rate loans to PE-backed U.S. and Canadian middle-market companies, serving institutional and insurance investors via closed-end funds, CLOs, BDCs, and SMAs, and managing approximately $90 billion in AUM.

Ownership category

akta.pro rank

Product category

Alternative Credit Management

NAICS

Other Nondepository Credit Intermediation (52229), Portfolio Management and Investment Advice (523940)

SIC

Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Senior Secured Direct Lending (FSANADAA)

akta.pro secondary industry

Structured Credit (CDO/CLO Tranches, Credit Opportunities) (FSAAAHAH)

Keywords

• Private credit lending
• Middle market financing
• Direct lending
• Senior secured loans
• Alternative credit management

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Private Credit Management: Management fees and performance fees from managing private credit funds and portfolios. Revenue generated from originating and managing diversified portfolios of senior secured loans to middle-market companies.

Go-to-market motion2 records

Distribution channels6 records

Marketing channels5 records

Core offering

Antares Capital is a diversified alternative credit manager that directly originates and manages senior secured, primarily first-lien floating-rate loans to sponsor-backed middle-market companies in the U.S. and Canada. The firm operates three core strategies — Private Credit (direct origination), Liquid Credit (broadly syndicated loans, high yield bonds, CLO equity), and Liquidity Solutions (private credit secondaries) — distributed through closed-end funds, CLOs, separately managed accounts, the public non-traded Antares BDC, and rated feeder vehicles to institutional investors, insurance companies, and financial advisors.

Product overview

Antares Capital operates as a diversified alternative credit platform offering three core strategies: Private Credit (direct origination of senior secured loans to middle-market companies), Liquid Credit (investments in syndicated loans, high yield bonds, and CLO equity), and Liquidity Solutions (private credit secondaries). The platform provides access through multiple vehicle types including closed-end Senior Loan Fund series, the public non-traded Antares BDC, Private Credit CLOs, Rated Feeder Funds, and Separately Managed Accounts. Insurance-focused solutions include Collateralized Fund Obligations and Collateralized Loan Obligations. All strategies are backed by CPPIB and leverage 400+ private equity sponsor relationships.

Differentiator

Problem solved

Functional benefit

Brands

• Antares BDC (ABDC): A public, non-traded private credit fund launched in 2025 with $1.4B+ in investible capital, offering continuous access to diversified portfolios of middle-market loans.

Products and services

• Private Credit Direct origination and management of senior secured, primarily first-lien floating-rate loans to sponsor-backed middle-market companies in the U.S. and Canada. Delivered to institutional investors, insurance companies, and other partners through the firm's commingled funds, CLOs, SMAs, and the Antares BDC.
• Liquid Credit Investment in syndicated loans, high yield bonds, and CLO equity, applying disciplined underwriting and platform insights to identify opportunity and manage risk across market cycles.
• Liquidity Solutions Flexible capital solutions across private credit secondaries, including LP- and GP-led secondary transactions, providing liquidity across private credit portfolios for investors.
• Senior Loan Fund III Closed-end commingled private credit fund providing diversified exposure to directly originated middle-market loans, focused on contractual income, capital preservation, and downside protection for institutional investors.
• Antares BDC (ABDC) Public, non-traded business development company offering continuous access to diversified portfolios of middle-market loans in a perpetual format.
• Private Credit CLOs Securitized vehicles backed by diversified portfolios of directly originated private credit assets, issued to institutional investors.
• Rated Feeder Funds Capital-efficient vehicles providing rated exposure to private credit strategies for insurance and other liability-driven investors, supporting capital efficiency through alignment with regulatory and rating frameworks.
• Separately Managed Accounts (SMAs) Customized vehicles designed to meet investors' specific investment objectives and allocation requirements with tailored portfolios, reporting, and liquidity features.
• Collateralized Loan Obligations (CLOs) Structured exposure to diversified loan portfolios through actively managed vehicles, offering scalable, tranche-based access across the capital structure.
• Collateralized Fund Obligations Securitized exposure to private credit funds through rated tranches, designed to provide diversification, structural protections, and alignment with insurance capital considerations.

Quantifiable outcome

• 0.07% average annual historical loss rate since 2007
• +2 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Ascot Group LimitedstrategicStrategic or Co-development Partner · 1 July 2025Ascot Group and Antares announced a casualty sidecar partnership, expanding Antares' presence in insurance solutions.

Scale indicators10 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Golub Capital: Direct, focused middle-market direct lender with similar PE-sponsor-backed senior secured loan origination franchise. Closest comparable on core business model (unitranche, first-lien loans to sponsor-backed companies), though generally considered a tier-two manager relative to Antares.
• HPS Investment Partners: Leading large-cap and middle-market direct lender founded 2007, now affiliated with Mitsubishi UFJ. Closely comparable on senior secured direct lending franchise model and PE-sponsor relationship-led origination.
• Sixth Street: Global private credit and direct lending manager with strong insurance-balance-sheet capital relationships. Direct competitor in senior-secured sponsor-backed lending and adjacencies such as rated feeder structures.

Broad incumbents

• Ares Capital Corporation: Largest publicly traded BDC and broader Ares Credit franchise, including direct lending, liquid credit, and asset-based finance. Directly comparable middle-market sponsor-backed lending focus; trades publicly and competes for the same sponsor relationships.
• Blackstone Credit: Blackstone's flagship private credit platform, the largest in the industry by AUM. Competes across direct lending, CLOs, and liquid credit, with materially greater scale and balance sheet than Antares.
• KKR Credit: KKR's global credit franchise spanning private credit (direct lending), liquid credit, real estate credit, and special situations. Has participated alongside Antares in several recent consortium deals (e.g., Medallia).
• Apollo Credit: Apollo Global Management's credit business, one of the largest alternative credit platforms globally with direct lending, asset-backed, and hybrid value strategies. Has partnered with Antares (e.g., GoodLife Group). Subsumes Athene capital base for insurance balance sheet.
• Bain Capital Credit: Bain Capital's flagship private credit platform offering direct lending, CLOs, structured credit, and special situations. Direct competitor in middle-market sponsor-backed lending.
• TPG Capital: TPG's broader alternative asset management platform, including TPG Credit (direct lending, specialty lending). Competes for sponsor relationships in middle-market lending.
• Oaktree Capital Management: Specialist alternative credit manager (now part of Franklin Templeton) with deep expertise in distressed and high-yield credit. Competes with Antares in the liquid credit and broader private credit arenas.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@Antares_Capital
• LinkedInlinkedin.com/company/antares-capital-lp
• Xx.com/antarescapital

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

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

M&A

Investments13 records

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

Frequently asked questions about Antares Capital