MidCap Financial, a credit solutions firm focused on serving the middle market, has raised more than USD800 million of new equity from a diverse group of global investors that included Apollo clients, including Athene, as well as pensions, sovereign wealth funds and other leading institutions.
Proceeds from the raise will be used to fund business growth and for general corporate purposes. MidCap primarily focuses on senior debt solutions to companies across all industries, and as of 31 December, 2020 has provided management or other services for approximately USD29.8 billion of commitments, of which USD5 billion is managed by MidCap Financial Services Capital Management LLC, a registered investment officer.
Steve Curwin, CEO of MidCap Financial Services, says: “We are gratified by the support of existing and new equity investors, and believe these commitments will enhance our competitive advantages in the market. We view completion of the raise as a testament to the performance of MidCap over the last decade and, importantly, through the current pandemic period.”
Howard Widra, Senior Partner of Apollo Global Management, says: “The need for creative and flexible private credit providers has never been greater. MidCap operates from a unique and robust platform to fill that need, and the demand for this new round of capital underscores the strength of the MidCap platform. Most importantly, this capital will further augment MidCap’s resources to serve clients across the broad-spectrum middle market.”
The USD800 million equity raise follows MidCap’s more than USD2 billion capital raise in 2016, which included commitments from Athene, Apollo and a number of Apollo LPs. Today, MidCap’s strategic relationship with Apollo provides the company with market-leading industry expertise, enhanced market and fundraising reach and financing synergies.