Encina Capital Partners

What Encina Capital Partners does

Encina Capital Partners is a U.S.-based specialty finance company founded in 2014 by Andrew Salter, a former 12-year partner at Oaktree Capital Management's Principal Group. The firm, headquartered in Nashville with primary offices in Norwalk (CT), Atlanta, New York City, and San Francisco, operates two core lending platforms: Encina Private Credit, which originates $15–$150 million first-out enterprise-value loans as part of unitranche solutions for PE-sponsored and non-sponsored middle-market borrowers, and Encina Lender Finance, a joint venture formed with an Oaktree affiliate in October 2020 that provides $50–$150 million unitranche and first-out credit facilities to specialty finance companies originating consumer and SMB collateral. Across both platforms, Encina has delivered more than $6 billion in aggregate commitments to over 200 borrowers, and Encina Private Credit surpassed $1 billion in assets under management in November 2025.

The firm's core technology is an integrated analytics stack designed for collateral analysis, structuring, and post-close surveillance of granular asset pools, with speed of decision-making (a stated 48-hour read on opportunities) cited as a key differentiator. Encina's revenue model is built on interest spreads earned on a buy-and-hold, patient-capital portfolio of senior-secured loans, supplemented by origination and structuring fees; pricing is bespoke for each transaction, with Private Credit targeting ≤6-year tenor, generally <2.5x EBITDA attachment, and <35% LTV, while Lender Finance structures facilities around granular collateral pools with eligibility prioritizing current balances or those ≤30 days past due. The firm's go-to-market is exclusively direct, relying on relationship origination with PE sponsors, direct lenders, ABF funds, and specialty finance originators across the U.S. and Canada. Distribution occurs via industry conferences, press releases, and a maintained LinkedIn presence; no broker or marketplace channels are used.

Encina's leadership draws heavily from GE Capital alumni — CIO Willie Brasser (34 years at GE, former Chief Risk Officer of GE Capital Americas), board member Paul Bossidy (former CEO of GE Commercial Equipment Financing, a $100B-AUM business), and COO Robert McMahon (GE Capital veteran) — providing deep institutional credit expertise that underpins the firm's non-bank, regulatory-flexible positioning. The firm partners programmatically with 15+ direct lenders established since Private Credit's late-2018 launch and benefits from non-bank status that exempts it from bank leveraged lending guidelines, allowing it to underwrite with less sensitivity to total leverage ratios and covenant-lite term loan restrictions. Encina previously launched and divested two platforms — Encina Business Credit (sold to Barings/Eclipse Business Capital in 2021) and Encina Equipment Finance (sold to Benefit Street Partners/Post Road Equipment Finance in 2021) — at premiums to book value, demonstrating a track record of capital-efficient platform creation and monetization now applied to its two remaining franchises.

Name

Encina Capital Partners

Legal name

Encina Capital Partners, LLC

Website

https://encinacapital.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

51–100 employees

Short description

Encina Capital Partners is a specialty finance company operating two lending platforms — Encina Private Credit ($15-150mm first-out loans to PE-sponsored and non-sponsored middle-market borrowers) and Encina Lender Finance ($50-150mm facilities to consumer/SMB specialty finance originators) — primarily serving U.S. and Canadian counterparties.

Ownership category

akta.pro rank

Product category

Specialty Finance / Private Credit Lending

NAICS

Other Nondepository Credit Intermediation (52229), Credit Intermediation and Related Activities (522)

SIC

Miscellaneous Business Credit Institution (6159), Short-Term Business Credit Institutions (6153)

akta.pro primary industry

Private Credit / Direct Lending (FSAAAHAG)

akta.pro secondary industries

Large-Cap / Sponsor Finance Direct Lending (FSANADAJ), Direct Lending — Asset-Based Lending (ABL) (FSAHAJAE)

Keywords

• Specialty finance
• Private credit lending
• Unitranche financing
• First-out loans
• Asset-based finance

Headquarters

HQ city

Nashville

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Lending: The company generates revenue primarily through interest income on its first-out enterprise-value loans and unitranche credit facilities provided to borrowers and specialty finance companies. As a specialty finance company, they earn interest spreads on their lending activities.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Encina Capital Partners, through its affiliates, directly originates and services specialized private credit solutions for middle-market companies and direct lenders in the U.S. and Canada. It operates two platforms: Encina Private Credit, which provides $15-$150 million first-out enterprise-value loans as part of unitranche solutions to PE-sponsored and non-sponsored borrowers, and Encina Lender Finance, which provides $50-$150 million unitranche and first-out/NAV credit facilities to specialty finance companies that originate consumer and SMB collateral.

Product overview

Encina Capital Partners operates two distinct specialty finance platforms. Encina Private Credit provides first-out enterprise-value loans ($15-$150 million) as part of unitranche solutions to middle-market borrowers. Encina Lender Finance provides $50-$150 million unitranche and first-out credit facilities to specialty finance companies originating consumer and SMB collateral. Both platforms focus on speed, flexibility, and partnership-oriented lending.

Differentiator

Problem solved

Functional benefit

Products and services

• Encina Private Credit Encina Private Credit partners with direct lenders to provide $15-$150 million first-out enterprise-value loans as part of unitranche solutions to PE-sponsored and non-sponsored middle-market borrowers for single deals and cross-collateralized portfolios. The platform offers first-out revolvers, term loans, and delayed draw term loans with EBITDA- and ARR-based underwriting, generally with ≤6 year tenor, <2.5x EBITDA attachment point, and <35% LTV. Minimum EBITDA thresholds are $15mm for PE-sponsored and $20mm for non-sponsored borrowers.
• Encina Lender Finance Encina Lender Finance provides $50-$150 million unitranche and first-out/NAV credit facilities to emerging and established specialty finance companies that originate granular pools of short-to-intermediate duration consumer and SMB collateral. The platform offers revolving lines of credit and term loans, typically with ≤4 year tenor, and eligibility prioritizes current or ≤30 DPD balances. Verticalized coverage spans consumer (unsecured installment/revolving, point-of-sale, secured vehicle finance, home improvement, rent-to-own, debt settlement, student lending) and commercial (SMB lending, merchant cash advance, equipment finance, corporate charge card, earned wage access, supply chain / trade finance) originators.

Quantifiable outcome

• 74% year-over-year new business volume growth in 2024
• +3 more outcomes

Named customers8 records

Segments5 records

Ideal customer profiles5 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.

• Cardo AIcoreTechnology or Integration · 12 February 2025Created partnership with Cardo AI to revolutionize asset-based finance market, delivering faster and more efficient funding solutions for originators and greater capital deployment opportunities for investors.

Scale indicators12 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Varagon Capital Partners: Direct lender providing first-lien and unitranche debt to U.S. middle-market companies, often through partnerships with direct lenders and PE sponsors — closely comparable to Encina Private Credit's first-out unitranche strategy.
• WhiteHorse Capital: Private credit manager focused on first-lien and unitranche loans to middle-market borrowers; comparable target market, structure, and partnership-driven origination model.
• Garrison Capital: Specialty finance company (formerly BDC) originating first-lien loans to U.S. middle-market companies — comparable deal size, structure, and PE-sponsored borrower focus.
• Crescent Capital Group: Middle-market direct lender offering first-lien, unitranche, and junior debt to PE-sponsored and non-sponsored borrowers — closely aligned with Encina Private Credit's mandate.
• Stellus Capital Investment: Specialty finance / BDC providing first-lien and unitranche loans to middle-market companies — overlapping borrower base and partnership-driven distribution.
• Trinity Capital: Specialty finance firm providing senior secured loans and equipment financing to growth-stage middle-market companies — closely comparable to Encina Lender Finance's lending-to-originators model.
• Arena Investors: Specialty finance platform providing structured capital to middle-market and special situations borrowers (Encina is also a financing partner to Arena); overlapping customer base and product structure.

Broad incumbents

• MidCap Financial: Large middle-market direct lender owned by Apollo; provides unitranche, senior secured, and asset-based loans — overlapping capability but at materially larger scale than Encina.
• Blue Owl Capital (Owl Rock): Large alternative asset manager with a major direct lending franchise offering unitranche and first-lien loans — overlapping market but with much broader product range and AUM.
• Oaktree Capital Management: JV partner in Encina Lender Finance and founder pedigree firm (Andrew Salter's prior employer); operates a much larger direct lending and special situations franchise — comparable capability, much greater scale.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/in/andrew-salter-378176

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors

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

M&A

Investments1 record

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

Frequently asked questions about Encina Capital Partners