Wall Street banks are turning to private-credit channels to raise roughly $1bn in financing for Novacap Investments Inc’s acquisition of Integral Ad Science Holding Corp, after attempts to secure funding from leveraged loan investors faltered.
The deal architecture is being orchestrated by RBC Capital Markets, which canvassed the syndicated-loan market but found limited appetite due to concerns about the impact of artificial intelligence disruption in digital advertising.
Integral Ad is a provider of measurement and verification for digital advertising which recorded $154.4m in revenue at the end of Q3 2025, up 15.6% year-on-year. Founded in 2009, the company went public in 2021.
In September, RBC and Barclays announced that it had agreed to buy the company from Vista Equity Partners, committing $1bn alongside a $150m revolving credit facility. The purchase is expected to close by the end of 2025.
