What JB Capital does

JB Capital is a Bellevue, Washington-based alternative credit manager founded in 2003 by Jeremy Hill, providing private debt capital to US lower middle market companies that fall outside the scope of traditional banks and large institutional asset managers. The firm originates senior, mezzanine, preferred, and uni-tranche loans directly to companies with at least $5 million in annual revenue, with typical investment sizes of $1M-$10M and 1-3 year terms. It distinguishes itself through a private equity-style approach, attending board meetings and providing operational guidance alongside capital, and through institutional underwriting standards applied to each transaction.

The firm operates multiple pooled investment vehicles for its investor base, including the Merchant Banking Fund (launched 2019 with a $100 million target raise), the Merchant Banking Income Fund (MBIF) and its 2023 successor MBIF II, a Corporate Credit Fund, a Real Estate Credit Fund branded RELIF, and a multifamily and industrial Subordinate Debt Fund. Revenue is generated through recurring interest income on privately originated credits, management fees on the fund vehicles distributed directly and through Registered Investment Advisors on major custodian platforms, and transaction fees from capital markets advisory mandates. The firm also offers a Juniper Square investor portal and maintains offices in Bellevue, Lake Oswego, and Scottsdale.

JB Capital runs with a small team of 1-10 employees, leaning on senior leadership experience (the founder has structured over $1 billion in private credit deals across 20+ years) and a distributed channel strategy rather than headcount scale. As of April 2026 the firm expanded beyond its core US private credit franchise by acting as a lead bookrunner on TSK's €150 million IPO on the Spanish stock exchange alongside Banco Santander, CaixaBank, Banca March, and Alantra, signaling an emerging institutional capital markets capability.

Name

JB Capital

Legal name

JB Capital Management

Website

https://jb-capital.com

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

1–10 employees

Short description

JB Capital is a Bellevue, Washington-based alternative credit manager founded in 2003 that originates senior, mezzanine, and preferred debt of $1M-$10M to US lower middle market companies underserved by banks, distributing exposure through multiple private credit funds to HNW individuals, family offices, and institutional investors.

Ownership category

akta.pro rank

Product category

Alternative Credit Management

NAICS

Credit Intermediation and Related Activities (522), Portfolio Management and Investment Advice (523940)

SIC

Miscellaneous Business Credit Institution (6159), Investment Advice (6282)

akta.pro primary industry

Private Credit / Direct Lending (FSAAAHAG)

akta.pro secondary industry

Private Credit — Real Estate Debt (Bridge, Mezz, CMBS-like) (FSAHAJAI)

Keywords

• Private credit lending
• Alternative credit management
• Middle market financing
• Direct lending funds
• Mezzanine debt solutions

Headquarters

HQ city

Bellevue

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Private Lending: JB Capital generates primary revenue through interest payments on privately originated credit instruments including senior loans, mezzanine debt, and preferred equity structures. The firm provides capital to lower middle market companies with typical investment sizes between $1M and $10M.
2. Fund Management Fees: The firm manages multiple investment funds including the Merchant Banking Fund, Merchant Banking Income Fund (MBIF), and Real Estate Credit Fund, generating management fees from these pooled investment vehicles.
3. Capital Markets Advisory: JB Capital earns fees as a lead manager/bookrunner on IPOs and capital markets transactions, such as the TSK €150M IPO in Spain.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

JB Capital is an alternative credit manager that originates private debt and equity instruments (senior, mezzanine, preferred, uni-tranche) directly to US-based lower middle market companies with $5M+ revenue, typically deploying $1M-$10M per transaction with 1-3 year terms. The firm manages investment funds (Merchant Banking Fund, Merchant Banking Income Fund, Real Estate Credit Fund, Subordinate Debt Fund) that provide investors with direct access to these privately originated credits, delivering consistent monthly income through institutional underwriting.

Product overview

JB Capital operates as an alternative credit manager offering a platform of private credit investment funds and borrower financing solutions. The core products include the Merchant Banking Fund (minimum $100M fund with flexible capital structures), the Merchant Banking Income Fund (MBIF) delivering 18.66% annualized returns, and Merchant Banking Income Fund II as a follow-on vehicle. Additional offerings include the Corporate Credit Fund and Real Estate Credit Fund for investors, plus Corporate Credit and RELIF financing solutions for borrowers. The firm also launched a multifamily and industrial-focused Subordinate Debt Fund. All products focus on the underserved lower middle market with 1-3 year investment horizons and various debt structures including senior, mezzanine, preferred and uni-tranche.

Differentiator

Problem solved

Functional benefit

Products and services

• Merchant Banking Fund A private credit fund (minimum $100M target) offering flexible capital structures (senior, mezzanine, preferred, uni-tranche) to middle-market companies with 1-3 year investment terms and active portfolio company participation.
• Merchant Banking Income Fund (MBIF) A non-control credit investment fund targeting companies with strong business models and experienced management teams, delivering current income and short to mid-term capital appreciation with low correlation to traditional markets.
• Merchant Banking Income Fund II Follow-on merchant banking income fund providing consistent monthly income through privately originated credits with institutional underwriting and transparent reporting.
• Real Estate Credit Fund

Quantifiable outcome

• MBIF achieved 18.66% annualized unlevered return in 2021 with 4.92% return in December alone (strongest month since inception)
• +2 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators12 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Golub Capital: One of the leading direct lenders to the US lower middle market, Golub Capital runs Senior Loan and mezzanine funds with similar check sizes and bespoke structures to JB Capital's strategy. It is a closely comparable direct peer.
• Praesidian Capital: Praesidian is a lower-middle-market private credit manager that originates senior and mezzanine loans to companies in the $5M-$25M EBITDA range — closely mirroring JB Capital's borrower profile, check sizes, and direct-origination approach.
• Capitala Finance: Capitala is a lower-middle-market direct lender providing senior, mezzanine, and unitranche loans — a near-direct comparable to JB Capital's corporate credit offerings.
• WhiteHorse Capital: WhiteHorse Capital provides bespoke senior and unitranche loans to lower middle market companies, with check sizes (typically $10M-$50M) overlapping JB Capital's $1M-$10M range and a directly comparable direct-origination model.
• PennantPark Floating Rate Capital: PennantPark is a publicly traded BDC that originates senior secured loans to middle-market companies, offering a benchmark for what a scaled direct lender looks like in JB Capital's competitive set.
• Stellus Capital Investment: Stellus is a BDC that provides senior and second-lien loans to middle-market borrowers, overlapping JB Capital's direct lending focus and income-oriented investor thesis.

Broad incumbents

• Ares Management Credit Group: Ares is a global alternative asset manager with a massive Direct Lending franchise (Ares Capital Corp) serving a wider borrower base. It competes with JB Capital in the LMM segment and is a broad incumbent benchmark.
• Blue Owl Capital (Owl Rock): Blue Owl's Direct Lending platform, built on Owl Rock, is a large-scale competitor in direct lending to private equity-backed companies — overlapping with JB Capital's core middle-market focus at the upper end of the segment.
• Apollo Credit (Apollo Global Management): Apollo runs one of the largest alternative credit platforms globally (Athene, Apollo Investment Corp), with direct lending activities competing against JB Capital for institutional allocations and high-net-worth credit investments.
• HPS Investment Partners: HPS is a Blackstone-affiliated private credit manager with multi-strategy credit funds serving middle-market borrowers — a broad incumbent competitor to JB Capital's portfolio companies for growth and acquisition financing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments6 records

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

Frequently asked questions about JB Capital