Fidus Capital
- Company typePrivate
- Founded2007
- HeadquartersEvanston, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
Fidus Capital firmographics
Firmographics- Name
- Fidus Capital
- Legal name
- Fidus Investment Advisors, LLC
- Website
- https://fiduscapital.com
- Company type
- Private
- Founded year
- 2007
- Headcount range
- 11–50 employees
- Ownership category
- akta.pro rank
Fidus Capital industry classification
Industry- Product category
- Private Credit / Lower Middle-Market Lending
- NAICS
- Credit Intermediation and Related Activities (522), Open-End Investment Funds (525910)
- SIC
- Miscellaneous Business Credit Institution (6159)
- akta.pro primary industry
- Large-Cap / Sponsor Finance Direct Lending (FSANADAJ)
- akta.pro secondary industries
- Mezzanine / Subordinated Debt (FSANADAC), Private Credit / Direct Lending (FSAAAHAG)
Keywords
Where Fidus Capital is headquartered
LocationHeadquarters
- HQ city
- Evanston
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
Fidus Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Debt investment income (interest & fees): Primary revenue stream: Fidus provides First Lien, Unitranche, Second Lien, and Mezzanine debt facilities ranging from $5M to $100M against cash flow, ARR, or asset-based collateral. Returns are generated through interest income, OID, and structuring/commitment fees across the portfolio.
- Equity co-investments: Alongside debt facilities, Fidus takes preferred stock and common equity co-investments in portfolio companies, generating returns through capital appreciation, dividends, and exit proceeds.
- Management & incentive fees on private funds / BDC: Fidus invests from a permanent capital base that includes a publicly traded business development company (NASDAQ: FDUS) and private funds, earning management fees and incentive fees on assets under management (currently $1.2B+ AUM, $3.5B+ capital deployed).
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | — | Bespoke, quote-based financing facilities ranging from $5M to $100M across senior debt, mezzanine, and equity |
Go-to-market motion2 records
Distribution channels2 records
Marketing channels4 records
Fidus Capital product offering
Product offeringCore offering
Fidus Capital provides bespoke debt and equity financing solutions of up to $100 million to lower middle-market companies in the U.S. and Canada, deploying a permanent capital base (a NASDAQ-listed BDC plus private funds) through Cash Flow, ARR-based, and Asset-Based lending structures. Investment structures span First Lien, Unitranche, Second Lien, Mezzanine debt, and Equity co-investments, tailored for change-of-control, growth, add-on acquisitions, refinancings, and dividend recapitalizations.
Product overview
Fidus Capital operates as a single integrated private capital platform — rather than a discrete software product, it is a unified lower middle market financing business that deploys a permanent capital base (a NASDAQ-listed BDC plus private funds) through three coordinated "tailored solutions" (Cash Flow Lending, ARR Lending, and Asset Based Lending) and five "investment structures" (First Lien Debt, Unitranche Debt, Second Lien Debt, Mezzanine Debt, and Equity Co-Investments). The Cash Flow, ARR, and Asset Backed offerings describe how facility size and pricing are calibrated to the borrower's economics, while First Lien, Unitranche, Second Lien, Mezzanine, and Equity Co-Investments describe the legal/security structure layered on top — together they form the firm's single, configurable $5 million to $100 million credit and equity offering for U.S. and Canadian lower middle market companies.
Differentiator
Problem solved
Functional benefit
Products and services
- Flexible Financing Solutions Customized financing packages of up to $100 million provided to financial sponsors, management teams, and business owners to meet the specific needs of clients and their lower middle-market companies.
- Cash Flow Lending Cash flow-based credit facilities sized up to $100 million for lower middle-market companies, with structure and pricing calibrated to borrower EBITDA.
- ARR Lending Annual Recurring Revenue (ARR)-based credit facilities for SaaS, software, and recurring-revenue businesses (greater than $8M ARR threshold).
- Asset Based Lending Asset-backed credit facilities structured against the collateral base of lower middle-market borrowers.
- First Lien Debt Senior-secured first lien debt investments in lower middle-market companies.
- Unitranche Debt Unitranche debt facilities combining senior and subordinated debt into a single, flexible structure for lower middle-market borrowers.
- Second Lien Debt Second lien debt investments providing junior-secured capital to lower middle-market companies.
- Mezzanine Debt Mezzanine debt with embedded equity-linked features for lower middle-market borrowers.
- Equity Co-Investments Preferred stock, common equity, and equity co-investments provided alongside the firm's debt capital.
- Permanent Capital Platform (NASDAQ:FDUS BDC and Private Funds) Fidus invests from a permanent capital base that includes a public Business Development Company (NASDAQ:FDUS) and private funds, providing stable, long-term capital to lower middle-market clients.
Quantifiable outcome
- $1.2B+ in assets under management
- +4 more outcomes
Companies that use Fidus Capital
Customer profileNamed customers15 records
Segments5 records
Ideal customer profiles2 records
Fidus Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Fidus Capital partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Fidus Partners, LLCcoreFidus Partners, LLC is a co-founded, closely affiliated investment banking firm. Several Fidus Capital leaders — including John Ross (Chairman), John Grigg, Tom Lauer, Will Brown, and Matt Culbertson — previously held roles at Fidus Partners, and several current Fidus employees (e.g., John Ross, John Grigg, Richey Reneberg) use @fiduspartners.com email addresses, indicating ongoing operational and personnel ties between the two firms. Fidus Partners is also a key M&A advisory relationship for sponsor clients of Fidus Capital.
Scale indicators7 records
Recent moves6 records
Expansion highlights6 records
Fidus Capital competitors and assessment
Company assessmentDirect peers
- Hercules Capital: Publicly listed specialty finance company providing senior secured debt to venture-growth and technology/life-sciences lower middle-market companies — directly comparable to Fidus's ARR lending and software/tech-enabled services vertical focus.
- Capitala Finance: Lower middle-market lender providing senior, subordinated, and unitranche debt plus equity to U.S. businesses — directly comparable to Fidus on structures and lower middle-market sponsor focus.
- Main Street Capital: Publicly listed lower middle-market lender and BDC that provides first lien, mezzanine, and equity co-investments to U.S. companies — directly comparable to Fidus on customer (lower middle market), structures (debt + equity), and verticalized origination model.
- WhiteHorse Finance: Externally managed BDC that originates senior secured first lien debt to U.S. middle-market PE-sponsored companies — comparable to Fidus on sponsor-driven first lien origination and lower middle-market ticket size.
- New Mountain Finance Corporation: Publicly listed BDC that provides senior and junior debt plus equity to U.S. middle-market companies in defensive, growth-oriented verticals (similar vertical focus to Fidus's healthcare, business services, and software & tech-enabled services).
- PennantPark Floating Rate Capital: Publicly listed BIC that invests in senior secured loans to U.S. middle-market companies — overlaps with Fidus on first lien and unitranche lending to PE-sponsored lower middle-market borrowers.
- TriplePoint Capital: Specialty finance firm providing venture debt and equipment financing to venture-backed technology and life-sciences companies — comparable to Fidus on technology / recurring revenue underwriting and growth-stage structured capital.
- Oaktree Specialty Lending (Oaktree Capital BDC): Publicly listed BDC backed by Oaktree Capital that originates senior and junior debt to U.S. middle-market PE-sponsored companies — comparable to Fidus on customer type, deal size, and sponsor-driven origination model.
- Golub Capital: Direct lender focused on unitranche and one-stop financings to U.S. middle-market companies sponsored by private equity; among the most direct lower middle-market one-stop debt providers and a natural comp to Fidus's unitranche and equity co-invest offerings.
Broad incumbents
- BlackRock Capital Investment Corporation: Publicly listed BDC managed by BlackRock that invests in senior and junior debt to U.S. middle-market companies — a scaled, incumbent comparable to Fidus on customer and structure, though part of a much broader credit franchise.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks7 records
Key highlights7 records
Customer concentration
Fidus Capital social profiles
Digital presenceFidus Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Fidus Capital leadership team
Management profileNumber of profiles
Profiles15 records
Fidus Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Fidus Capital M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Fidus Capital
What does Fidus Capital do?
Fidus Capital provides bespoke debt and equity financing solutions of up to $100 million to lower middle-market companies in the U.S. and Canada, deploying a permanent capital base (a NASDAQ-listed BDC plus private funds) through Cash Flow, ARR-based, and Asset-Based lending structures. Investment structures span First Lien, Unitranche, Second Lien, Mezzanine debt, and Equity co-investments, tailored for change-of-control, growth, add-on acquisitions, refinancings, and dividend recapitalizations.
Is Fidus Capital a public or private company?
Fidus Capital is a private company. It is classified as management employee owned.
When was Fidus Capital founded?
Fidus Capital was founded in 2007. It employs 11 to 50 people.
Where is Fidus Capital based?
Fidus Capital is headquartered in Evanston, United States, in the North America region.
How does Fidus Capital make money?
Three revenue lines are on record. Debt investment income (interest & fees) is the primary driver. The others are equity co-investments and management & incentive fees on private funds / BDC.
Who are Fidus Capital's main competitors?
Direct peers on record are Hercules Capital, Capitala Finance, Main Street Capital, WhiteHorse Finance, New Mountain Finance Corporation, PennantPark Floating Rate Capital, TriplePoint Capital, Oaktree Specialty Lending (Oaktree Capital BDC) and Golub Capital. BlackRock Capital Investment Corporation is listed as a broad incumbent.
Does Fidus Capital have an API?
No public API is recorded for Fidus Capital.
What industry is Fidus Capital in?
Fidus Capital's product category is Private Credit / Lower Middle-Market Lending. Its primary akta.pro industry code is FSANADAJ, Large-Cap / Sponsor Finance Direct Lending, with a secondary code of FSANADAC, Mezzanine / Subordinated Debt. Its NAICS code is 522 and its SIC code is 6159.