NXT Capital

What NXT Capital does

NXT Capital is a U.S. middle-market direct lender founded in 2010 by Robert E. Radway and headquartered in Chicago, Illinois. The firm originates senior secured, stretch senior, and unitranche loans to private equity sponsor-backed and other middle-market companies with EBITDA between $5 million and $50 million, typically acting as Joint Lead Arranger, Joint Bookrunner, and Administrative Agent on transactions in the $30–150 million range. Since inception, NXT Capital has closed more than 540 transactions representing $27+ billion in total loan commitments and maintains a sponsor coverage network spanning 20+ private equity firms across the U.S. The company operates two primary product lines—Direct Lending and a dedicated Healthcare Financing vertical—and runs an investor solutions platform through SEC-registered NXT Capital Investment Advisers, LLC, which manages co-mingled funds, separately managed accounts, single-investor programs, strategic partnerships, and CLOs.

NXT Capital generates revenue through three streams: (1) interest income on directly originated and balance-sheet loans; (2) arrangement, structuring, and closing fees on new loan facilities; and (3) management and performance fees on third-party capital vehicles. Since August 2018, the firm has operated as a wholly-owned subsidiary of ORIX Corporation USA, the U.S. and Latin America arm of Tokyo-based ORIX Corporation (NYSE: IX, TSE: 8591). The platform manages over $11 billion in assets and commitments—including ~$5.8B in strategic partnerships, ~$2.8B in co-mingled funds, and ~$2.5B in parent-invested or expected capital—and maintains regional offices in Dallas, New York, Atlanta, Los Angeles, Nashville, and Phoenix.

Leadership transitioned in late 2021 with the retirement of founder Robert Radway; Co-Heads Ted Denniston and Joe Lazewski now jointly oversee the platform, with Head of Capital Markets Heath Fuller, Chief Risk Officer Stacia Kopplin, and CCO Brian Franc serving on the Credit and Investment Committees. In June 2024, NXT Capital expanded its LP distribution through a strategic partnership with Cresset Partners, the private investment arm of $50B wealth manager Cresset Capital. The firm does not publicly disclose revenue.

Name

NXT Capital

Legal name

NXT Capital, LLC

Website

https://nxtcapital.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

51–100 employees

Short description

NXT Capital is a U.S. middle-market direct lender providing senior secured and unitranche loans to private equity sponsor-backed companies with $5–50M EBITDA. A wholly-owned ORIX Corporation USA subsidiary, the firm manages $11+ billion in assets and commitments across 540+ transactions since 2010.

Ownership category

akta.pro rank

Product category

Middle Market Direct Lending

NAICS

Other Financial Vehicles (52599), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Miscellaneous Business Credit Institution (6159), Finance Services (6199)

akta.pro primary industry

Middle-Market Lending (FSANADAI)

akta.pro secondary industries

Senior Secured Direct Lending (FSANADAA), Private Credit / Direct Lending (FSAAAHAG)

Keywords

• Middle market lending
• Direct lending services
• Private credit funds
• Senior credit facilities
• PE-backed financing

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Direct Lending Interest Income: NXT Capital generates revenue primarily through interest income on senior secured loans, stretch senior loans, and unitranche loans extended to middle-market companies. The firm originates and underwrites loans directly, earning interest spreads over the life of the loans.
2. Loan Arrangement and Structuring Fees: Revenue is generated through arrangement fees, structuring fees, and closing fees charged to borrowers in connection with new loan facilities. NXT Capital acts as Joint Lead Arranger, Joint Bookrunner, and Administrative Agent on transactions.
3. Asset Management and CLO Fees: NXT Capital manages capital for third parties through its asset management platform including levered and unlevered funds, separately managed accounts (SMAs), and CLOs. Revenue is earned through management fees and performance fees from these vehicles. The firm has issued multiple CLOs including NXT Capital CLO 2017-1 ($406 million), NXT Capital CLO 2015-1 ($408 million), and NXT Capital CLO 2014-1 ($357 million).

Go-to-market motion2 records

Distribution channels1 record

Marketing channels6 records

Core offering

NXT Capital's Direct Lending Group provides cash flow-based financing solutions—including senior secured term loans, stretch senior loans, unitranche loans, and revolving credit facilities—to private equity sponsor-owned and other middle-market companies with EBITDA between $5 million and $50 million. It also operates a dedicated healthcare financing vertical and an asset management platform (via NXT Capital Investment Advisers, LLC) that manages senior loan funds, separately managed accounts, and CLOs for institutional investors.

Product overview

NXT Capital is a direct lender offering a focused portfolio of middle-market financing solutions. The company operates two primary product lines—Direct Lending and Healthcare Financing Solutions—providing cash flow-based senior credit facilities including term loans, revolving credit, and unitranche financing to private equity-sponsored and other middle-market companies with EBITDA between $5 million and $50 million. The company also offers investor solutions through its registered investment adviser subsidiary, including managed funds and CLOs.

Differentiator

Problem solved

Functional benefit

Brands

• NXT Capital Direct Lending Group: Provider of cash flow-based financing solutions to private equity, sponsor-owned and other middle-market companies
• NXT Capital Senior Loan Fund

Products and services

• Direct Lending NXT Capital's Direct Lending Group provides cash flow-based financing solutions to private equity sponsor-owned and other middle-market companies with EBITDA between $5 million and $50 million. The offering includes senior secured term loans, stretch senior loans, unitranche loans, and revolving credit facilities, with NXT Capital acting as Joint Lead Arranger, Joint Bookrunner, and Administrative Agent on transactions.
• Healthcare Financing Solutions Specialized financing solutions for healthcare companies, forming a dedicated healthcare vertical within NXT Capital's structured financing offerings. Targets healthcare service companies including behavioral health, therapy services, and other healthcare providers, often PE sponsor-backed.
• Investor Solutions (Asset Management Platform)
• NXT Capital Senior Loan Fund VI (SLF VI Levered) Private debt fund providing senior secured loan exposure to middle and lower middle-market companies, with approximately $1 billion in fund capacity from equity commitments combined with expected leverage. Closed in March 2021.
• NXT Capital Senior Loan Fund V (Fund V) Private debt fund investing in senior secured loans, including straight senior, stretch senior, and unitranche loans made primarily to private equity-sponsored middle-market companies. Closed in November 2017 with approximately $1.2 billion in available capital including leverage.
• NXT Capital Collateralized Loan Obligations (CLOs) Series of CLOs (NXT Capital CLO 2014-1, 2015-1, 2017-1) secured by middle-market senior secured loans originated and underwritten by NXT Capital's Corporate Finance Group. The 2017-1 issuance was the firm's fifth CLO at $406 million.

Quantifiable outcome

• Over $27 billion in total loan commitments closed since inception in 2010
• +2 more outcomes

Named customers11 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

24 partnerships are on record, tiered strategic, core and key.

• Cresset PartnersstrategicGTM or Marketing Partner · 24 June 2024NXT Capital entered into a strategic investment partnership with Cresset Partners, the private investment arm of Cresset Capital, a $50 billion wealth management and multi-family office platform. The partnership provides NXT Capital with access to Cresset's investor network and wealth management clients seeking private credit allocation.
• CenterOak PartnerscoreChannel Partner/ Reseller/ DistributorCenterOak Partners is a Dallas, Texas based private equity firm managing $2.5 billion of equity capital commitments. NXT Capital has worked with CenterOak on multiple transactions including Grismer Tire & Auto Service acquisition. CenterOak represents an ongoing deal flow relationship as a key PE sponsor client.
• Align Capital PartnerscoreChannel Partner/ Reseller/ DistributorAlign Capital Partners is a private equity firm with a focus on control-oriented investments in middle market companies. NXT Capital has supported multiple Align Capital Partners transactions including ISPN Network Services refinancing. An ongoing sponsor relationship generating recurring deal flow.
• LKCM Headwater InvestmentskeyChannel Partner/ Reseller/ DistributorLKCM Headwater Investments is affiliated with Luther King Capital Management, an SEC-registered investment firm with over $29 billion of AUM. NXT Capital provided financing for Relevant Industrial acquisition and refinancing. Relationship with LKCM provides access to their private investment partnerships.
• Hidden Harbor Capital PartnerskeyChannel Partner/ Reseller/ DistributorHidden Harbor Capital Partners is a private equity firm with over $1.9 billion AUM, investing out of its third fund. NXT Capital supported Quaker Valley Foods acquisition. PE sponsor client relationship.
• Ascend Capital PartnerskeyChannel Partner/ Reseller/ DistributorAscend Capital Partners is a growth-oriented, healthcare-focused private equity partnership founded in 2019. NXT Capital supported Unison Therapy Services acquisition. Healthcare-focused PE sponsor relationship.
• Agellus CapitalkeyChannel Partner/ Reseller/ DistributorAgellus Capital was founded in 2024 and partners with founders and management teams in non-discretionary essential services businesses. NXT Capital supported CompassMSP acquisition. Emerging PE sponsor relationship.
• L Squared Capital PartnerskeyChannel Partner/ Reseller/ DistributorL Squared Capital Partners is a private equity firm with over $2 billion of equity commitments under management, headquartered in Newport Beach, CA. NXT Capital supported Netrio add-on acquisition and recapitalization. Technology-focused PE sponsor relationship.
• AEA InvestorskeyChannel Partner/ Reseller/ DistributorAEA Investors is a private equity firm. NXT Capital supported Magna5 majority investment transaction.
• Riverarch Equity PartnerskeyChannel Partner/ Reseller/ DistributorRiverarch Equity Partners is a private equity firm. NXT Capital supported Walex Products Company acquisition.
• Cressey & CompanykeyChannel Partner/ Reseller/ DistributorCressey & Company is a private equity firm focused on healthcare services. NXT Capital supported Paradigm Health partnership transaction.
• PfingstenkeyChannel Partner/ Reseller/ DistributorPfingsten is a private equity firm. NXT Capital supported American Cutting Edge acquisition.
• Incline Equity PartnerskeyChannel Partner/ Reseller/ DistributorIncline Equity Partners is a private equity firm. NXT Capital supported multiple transactions including Command Investigations and Advanced Solutions International acquisitions.
• The Riverside CompanykeyChannel Partner/ Reseller/ DistributorThe Riverside Company is a global private equity firm. NXT Capital supported Evive Brands add-on acquisition.
• Riata Capital GroupkeyChannel Partner/ Reseller/ DistributorRiata Capital Group is a private equity firm. NXT Capital supported Coeo Solutions acquisition.
• WestView Capital PartnerskeyChannel Partner/ Reseller/ DistributorWestView Capital Partners is a private equity firm. NXT Capital supported PharmaLink acquisition.
• Rainier PartnerskeyChannel Partner/ Reseller/ DistributorRainier Partners is a private equity firm. NXT Capital supported Welfare & Pension Administration Service investment.
• Broad Sky PartnerskeyChannel Partner/ Reseller/ DistributorBroad Sky Partners is a private equity firm. NXT Capital supported Frontline Managed Services acquisition.
• The Capstreet GroupkeyChannel Partner/ Reseller/ DistributorThe Capstreet Group is a private equity firm. NXT Capital supported The Colt Group add-on acquisition and refinancing.
• River Associates InvestmentskeyChannel Partner/ Reseller/ DistributorRiver Associates Investments is a private equity firm. NXT Capital supported ID Label acquisition.
• Thompson Street Capital PartnerskeyChannel Partner/ Reseller/ DistributorThompson Street Capital Partners is a private equity firm. NXT Capital supported ATIS acquisition.
• GHK Capital PartnerskeyChannel Partner/ Reseller/ DistributorGHK Capital Partners is a private equity firm. NXT Capital supported Horizon Group acquisition.
• Renovo Capital PartnerskeyChannel Partner/ Reseller/ DistributorRenovo Capital Partners is a private equity firm. NXT Capital supported Pavement Maintenance Group acquisition.
• Revelstoke Capital PartnerskeyChannel Partner/ Reseller/ DistributorRevelstoke Capital Partners is a private equity firm. NXT Capital supported MediQuant investment.

Scale indicators13 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Stellus Capital Investment: Stellus Capital is a BDC and middle-market direct lender focused on sponsor-backed senior loans in the lower middle market, directly comparable to NXT Capital's core origination profile.
• Varagon Capital Partners: Varagon is a middle-market direct lender providing senior debt to PE-sponsored borrowers across a similar EBITDA band. Comparable in fund structure (managed accounts, co-mingled funds) and PE sponsor distribution model.
• WhiteHorse Capital: WhiteHorse Capital manages direct lending funds focused on lower middle-market PE-sponsored borrowers, overlapping NXT's $5-50M EBITDA target segment with similar senior debt products.
• Twin Point Capital: Twin Point Capital is a lower middle-market direct lender backed by BC Partners, focused on senior loans to PE-sponsored companies with EBITDA in a similar $5-50M range to NXT.
• Crescent Capital Group: Crescent Capital is a middle-market direct lender (private credit arm of Sun Capital) with similar focus on senior secured loans to PE-backed companies in the U.S., comparable in fund structure and sponsor relationships.
• Antares Capital: Antares Capital is a major middle-market direct lender sponsored by Genstar/Apollo, providing senior credit facilities to PE-backed companies. Closely aligned with NXT in EBITDA range, deal size, and sponsor-driven origination model.
• Golub Capital: Golub Capital is one of the largest U.S. middle-market direct lenders, focused on senior secured loans to PE sponsor-backed companies. Directly comparable to NXT Capital in target borrower profile, product mix, and GTM through PE sponsor relationships.
• Madison Capital Funding: Madison Capital Funding is a direct lender specializing in senior secured loans to U.S. middle-market companies, often PE-sponsored. Highly comparable in target borrower size, product offering, and underwriting approach.
• Audax Group: Audax Group's private debt business provides middle-market direct lending solutions to PE sponsor-backed companies, overlapping with NXT's target borrower profile and structured financing offerings.

Broad incumbents

• PGIM Capital (Private Capital): PGIM Capital is the broader private capital arm of Prudential Financial, including middle-market direct lending activities that overlap with NXT's offerings but as part of a much larger, diversified platform with deeper balance sheet.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/NXTCapital
• LinkedInlinkedin.com/company/nxt-capital

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors2 records

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

M&A

Investments85 records

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

Frequently asked questions about NXT Capital