MidCap Financial, a credit solutions firm focused on serving the middle market, today announced it has raised more than $800 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 December 31, 2020 has provided management or other services for approximately $29.8 billion of commitments, of which $5 billion is managed by MidCap Financial Services Capital Management LLC, a registered investment officer.
Steve Curwin, CEO of MidCap Financial Services, said, "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, stated, "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 $800 million equity raise follows MidCap's more than $2 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.
About MidCap Financial
MidCap Financial is a middle market-focused, specialty finance firm that provides senior debt solutions to companies across all industries. We provide a broad array of products intended to finance growth and manage working capital. As of December 31, 2020, MidCap Financial provides management or other services for over $29.8 billion of commitments, of which $5 billion is managed by MidCap Financial Services Capital Management LLC, a registered investment advisor. At MidCap Financial, our years of experience, strong balance sheet, and flexibility make us the lender of choice for companies across all stages of growth and complexity. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management, Inc., pursuant to an investment management agreement. Loans made or arranged pursuant to a California Finance Lenders Law License.
Apollo is a leading global investment manager with offices in New York, Los Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong, Shanghai and Tokyo, among others. Apollo had assets under management of approximately $455 billion as of December 31, 2020 in credit, private equity and real assets funds. For more information about Apollo, please visit www.apollo.com.