US PE

Lending
League
Tables
2017 Annual
 Contents Credits & Contact

PitchBook Data, Inc.

Introduction 2 John Gabbert Founder, CEO
Adley Bowden Vice President,
Market Development & Analysis
Most Active Lenders in US by Region 3-5

Lenders by PE Deal Type 6-7 Content

Garrett James Black Senior

Lenders by Debt Type 8-11 Manager, Custom Research &
Publishing
Lenders by Industry 12-14 Henry Price Research Associate
Bryan Hanson Data Analyst II

Contact PitchBook
pitchbook.com

Research
reports@pitchbook.com

Click here for PitchBook’s report

methodologies.

Cover design by Hannah Davenport

Introduction
Early in each new year, we debut our annual US PE Lending rankings of investors and service
providers, cut by a wide variety of criteria, from geographic to transactional. As our data
collection scope spreads and our network of relationships proliferates, our annual tallies
have only grown and grown, commensurately with challenges in truly depicting private
markets’ activity with accuracy. When it comes to these particular Tables, especially the
annual edition, we recognize the scope of datasets involved is growing only more and more
comprehensive, and thus additional questions may arise. Accordingly, feel free to reach out to
our primary teams at survey@pitchbook.com if you have any questions about these rankings—
our methodology is available here. Each edition of these rankings only improves with open,
reasoned feedback, and so we appreciate your input. One last note—the first edition of these
rankings each year will always summarize full-year activity, but rest assured our quarterly
editions will follow, later this year.

2 P I TC H B O O K 2017 A N N UA L U S P E L E N D I N G L E AG U E TA B L E S Garrett James Black, Senior Manager

Custom Research & Publishing
 2017’s most active lenders to
US PE-backed companies
Antares Capital 159

Ares 150

Madison Capital Funding 115

Most
Jefferies Group 104

The Goldman Sachs Group 91

SunTrust Banks 75

Bank of America 70

Active
NewStar Financial 66

Credit Suisse 65

Twin Brook Capital Partners 65

Golub Capital 60

Lenders
BMO Financial Group 54

Barclays 50

J.P. Morgan 46

RBC 44

in US
Bank of Ireland 42

Crescent Direct Lending 41

Citigroup 40

Monroe Capital 39

Capital One 38

Citizens Bank 35

Deutsche Bank 35

BBVA Bank 34

NXT Capital 33

Morgan Stanley 32

Wells Fargo 31

PNC 28

Fifth Third Bank 25

Triangle Capital Corporation 24

Audax Group 24

AllianceBernstein Private Credit

22
Investors

Varagon Capital Partners 22

Barings 21

Kohlberg Kravis Roberts 21

Source: PitchBook

3 P I TC H B O O K 2017 A N N UA L U S P E L E N D I N G L E AG U E TA B L E S
 LE AG U E TAB LE S

2017 Lenders by US Region

Most active in Great Lakes Most active in Mid-Atlantic Most active in Southeast
Antares Capital 36 Antares Capital 27 Ares 31

Madison Capital Funding 31 Madison Capital Funding 27 Antares Capital 27

Ares 22 Ares 26 SunTrust Banks 21

NewStar Financial 19 Twin Brook Capital Partners 18 Madison Capital Funding 20

Jefferies Group 18 Jefferies Group 17 Jefferies Group 17

BMO Financial Group 18 SunTrust Banks 17 The Goldman Sachs Group 15

Golub Capital 15 The Goldman Sachs Group 16 Credit Suisse 13

Twin Brook Capital Partners 13 Bank of America 14 Twin Brook Capital Partners 11

RBC 11 Credit Suisse 12 Bank of America 11

Bank of Ireland 10 Golub Capital 12 NewStar Financial 10

First Midwest Bank 10 Capital One 10 Capital One 9

Crescent Direct Lending 10 Crescent Direct Lending 10 BBVA Bank 9

Bank of America 10 Triangle Capital Corporation 9 Monroe Capital 9

SunTrust Banks 9 NewStar Financial 9 Citizens Bank 8

J.P. Morgan 9 RBC 9 Barclays 8

The Goldman Sachs Group 9 Bank of Ireland 8 Citigroup 7

PNC 9 Audax Group 7 BMO Financial Group 7

Barclays 9 Barclays 6 Crescent Direct Lending 7

Deutsche Bank 8 BMO Financial Group 6 Wells Fargo 6

Monroe Capital 7 Deutsche Bank 6 J.P. Morgan 6

Citigroup 7 Barings 6 Bank of Ireland 6

Stifel Bank & Trust 7 CIT Group 5 Audax Group 6

NXT Capital 6 Morgan Stanley 5 Triangle Capital Corporation 5

Nomura Bank 6 Citigroup 5 Fifth Third Bank 5

Oxer Capital 6 J.P. Morgan 5 Deutsche Bank 5

MidCap Financial Services 6 Deerpath Capital Management 5 KeyBanc Capital Markets 5

Sumitomo Mitsui Banking Citizens Bank 5 The Carlyle Group 5

6
Corporation
Source: PitchBook
Monroe Capital 5
Audax Group 5
Source: PitchBook
Morgan Stanley 5

Guggenheim Partners 5

Source: PitchBook

4 P I TC H B O O K 2017 A N N UA L U S P E L E N D I N G L E AG U E TA B L E S
 LE AG U E TAB LE S

2017 Lenders by US Region, continued

Most active in South Most active in South, cont. Most active in Midwest
Ares 31 UBS 6 The Goldman Sachs Group 7

Antares Capital 25 Stellus Capital Management 6 Antares Capital 6

The Goldman Sachs Group 25 Barings 5 SunTrust Banks 5

Jefferies Group 18 Regions Financial 5 Bank of America 5

Source: PitchBook Source: PitchBook

NewStar Financial 16

Madison Capital Funding 15

SunTrust Banks 15 Most active in West Coast Most active in Mountain

Barclays 15
Ares 22 Jefferies Group 13
Bank of America 15
Antares Capital 17 Antares Capital 11
Credit Suisse 14
Madison Capital Funding 13 Ares 9
BBVA Bank 13 AllianceBernstein Private Credit
Jefferies Group 10 5
Investors
Golub Capital 12
Bank of America 10
Macquarie Group 5
BMO Financial Group 11
The Goldman Sachs Group 9
Barclays 5
J.P. Morgan 11
NewStar Financial 8
Credit Suisse 5
Citigroup 11
TCF Capital Funding 8
Golub Capital 5
RBC 11
BMO Financial Group 7 Source: PitchBook
Twin Brook Capital Partners 11
Credit Suisse 7
Fifth Third Bank 10 Most active in New England
SunTrust Banks 6
Wells Fargo 9 Antares Capital 10
Bank of Ireland 6
Morgan Stanley 9 Jefferies Group 9
NXT Capital 5
NXT Capital 9 Citizens Bank 9
Citizens Bank 5
PNC 8 The Goldman Sachs Group 7
Monroe Capital 5
Deutsche Bank 7 Credit Suisse 7
Golub Capital 5
BNP Paribas 7 Wells Fargo 6
J.P. Morgan 5
HSBC Holdings 7 Twin Brook Capital Partners 6
Macquarie Group 5
Cadence Bank 7 Source: PitchBook Golub Capital 6

AllianceBernstein Private Credit

7 J.P. Morgan 6
Investors

Texas Capital Bank 7 Bank of America 5

Capital One 6 Barclays 5

Bank of Ireland 5
Source: PitchBook

5 P I TC H B O O K 2017 A N N UA L U S P E L E N D I N G L E AG U E TA B L E S
 2017’s most active lenders to
US PE companies in buyouts

Antares Capital 68

Jefferies Group 57

The Goldman Sachs Group 54

Madison Capital Funding 49

Most
Ares 36

Golub Capital 36

Credit Suisse 33

Twin Brook Capital Partners 31

Active
Monroe Capital 27

Barclays 25

Bank of America 25

BMO Financial Group 25

Lenders
NewStar Financial 24

Bank of Ireland 22

RBC 21

Citizens Bank 20

by PE
Citigroup 20

SunTrust Banks 18

J.P. Morgan 18

Deutsche Bank 16

Deal
NXT Capital 16

Morgan Stanley 15

Crescent Direct Lending 15

Varagon Capital Partners 14

Type
Barings 14

AllianceBernstein Private Credit

14
Investors

Audax Group 14

PNC 13

TCF Capital Funding 12

Triangle Capital Corporation 11

HSBC Holdings 10

UBS 10

The Carlyle Group 10

Kohlberg Kravis Roberts 10

LBC Credit Partners 10

Source: PitchBook

6 P I TC H B O O K 2017 A N N UA L U S P E L E N D I N G L E AG U E TA B L E S
 LE AG U E TAB LE S

2017 Lenders by US PE Deal Type

Most active in secondary Most active in secondary Most active in add-ons, ctd.
buyouts buyouts, ctd.
Bank of America 11

Antares Capital 42 Macquarie Group 5 Citigroup 11

Jefferies Group 33 ORIX 5 Macquarie Group 9

Golub Capital 27 NXT Capital 5 Citizens Bank 9

The Goldman Sachs Group 25 KeyBanc Capital Markets 5 RBC 8

Ares 20 Nomura Bank 5 Ally Corporate Finance 7

Madison Capital Funding 18 Kohlberg Kravis Roberts 5 Fifth Third Bank 7

Credit Suisse 17 Sumitomo Mitsui Banking

5 ING Group 7
Corporation
Bank of Ireland 14 Source: PitchBook Capital One 6

Citizens Bank 13 PNC 6

SunTrust Banks 13 Most active in add-ons UBS 6

Twin Brook Capital Partners 13 Stellus Capital Management 6

Antares Capital 67
Bank of America 12 Deerpath Capital Management 6
Madison Capital Funding 42
Monroe Capital 11 Audax Group 6
Ares 40
Deutsche Bank 11 Kohlberg Kravis Roberts 6
Twin Brook Capital Partners 27
NewStar Financial 11 TCG BDC 5
NewStar Financial 25
Barclays 10 Regions Financial 5
Jefferies Group 23
Audax Group 10 Tecum Capital 5
BBVA Bank 20
PNC 9 Churchill Asset Management 5
The Goldman Sachs Group 19
BMO Financial Group 9 Guggenheim Partners 5
SunTrust Banks 18
Citigroup 9 Varagon Capital Partners 5
BMO Financial Group 17
J.P. Morgan 8 Sierra Income 5
Golub Capital 16
Barings 8 Franklin Synergy Bank 5
NXT Capital 15
AllianceBernstein Private Credit
7 Churchill Asset Management 5
Investors Barclays 14

Triangle Capital Corporation 7 Varagon Capital Partners 5

Crescent Direct Lending 13

RBC 7 Sierra Income 5

Bank of Ireland 13
Source: PitchBook
Churchill Asset Management 7 Credit Suisse 13

The Carlyle Group 6 J.P. Morgan 13

Varagon Capital Partners 6 Monroe Capital 12

Morgan Stanley 6

Source: PitchBook

7 P I TC H B O O K 2017 A N N UA L U S P E L E N D I N G L E AG U E TA B L E S
 2017’s most active lenders to
US PE companies in general
debt
Ares 100

Antares Capital 80

Most
SunTrust Banks 50

Madison Capital Funding 47

NewStar Financial 36

Active
Jefferies Group 33

Bank of America 32

The Goldman Sachs Group 29

Lenders
Twin Brook Capital Partners 28

BBVA Bank 27

Capital One 25

Credit Suisse 24

by Debt
BMO Financial Group 23

Barclays 20

J.P. Morgan 20

Type
Wells Fargo 19

Golub Capital 18

RBC 18

Bank of Ireland 17

Citigroup 17

Crescent Direct Lending 16

Deutsche Bank 15

NXT Capital 14

PNC 12

Fifth Third Bank 12

Triangle Capital Corporation 11

Citizens Bank 11

Morgan Stanley 11

CIT Group 10

Monroe Capital 10

ING Group 10

Source: PitchBook

8 P I TC H B O O K 2017 A N N UA L U S P E L E N D I N G L E AG U E TA B L E S
 LE AG U E TAB LE S

2017 Most Active Lenders by Debt Type

Most active in general debt, Most active in general debt, Most active in general debt,
ctd. ctd. ctd.

Audax Group 10 Sound Point Capital Management 5 Canadian Imperial Bank of

4
Commerce
MidCap Financial Services 9 Onex 5
BNP Paribas 4
Macquarie Group 9 New Mountain Finance 5
East West Bancorp 4
Sierra Income 9 Barings 5
ABN AMRO Bank 4
Invesco 9 Societe Generale 5
First Midwest Bank 4
Sumitomo Mitsui Banking HSBC Holdings 5
9 NF Investment 4
Corporation
Cadence Bank 4
Guggenheim Partners 8 Silicon Valley Bank 4
Harvest Capital Credit 4 Source: PitchBook
Churchill Asset Management 8
MJX Asset Management 4
Kohlberg Kravis Roberts 8
Most active in senior debt
Comvest Partners 4
Deerpath Capital Management 8
Antares Capital 143
Bank of Nova Scotia 4
UBS 8
Madison Capital Funding 104
KeyBanc Capital Markets 4
Ally Corporate Finance 8
Jefferies Group 94
Genworth Financial 4
Regions Financial 8
Ares 71
Eaton Vance 4
Stifel Bank & Trust 7
SunTrust Banks 70
Siena Lending Group 4
Stellus Capital Management 7
The Goldman Sachs Group 67
The Bank of Tokyo-Mitsubishi UFJ 4
Apollo Investment 7
Twin Brook Capital Partners 59
Prospect Capital 4
MB Business Capital 7
Bank of America 58
MUFG Union Bank 4
ORIX 7
Credit Suisse 49
Chase Bank 4
Mizuho Bank 6
Golub Capital 41
AllianceBernstein Private Credit The Carlyle Group 4
6
Investors Bank of Ireland 41
Crestline Denali Capital 4
Varagon Capital Partners 6
NewStar Financial 40
THL Credit 4
Nomura Bank 6
BMO Financial Group 38
KCAP Financial 4
PennantPark Floating Rate Capital 6
Capital One 37
TPG Specialty Lending 4
Texas Capital Bank 6
Barclays 37
Oak Hill Advisors 4
Bridge Bank 5
RBC 37
U.S. Bank 4
Benefit Street Partners 5
Crescent Direct Lending 34
Marquette Business Credit 4
TCG BDC 5
J.P. Morgan 33
GSO Capital Partners 4
The Blackstone Group 5
NXT Capital 30

Deutsche Bank 29

Citizens Bank 28

9 P I TC H B O O K 2017 A N N UA L U S P E L E N D I N G L E AG U E TA B L E S
 LE AG U E TAB LE S

Most Active Lenders by Debt Type, ctd.

Most active in senior debt, Most active in senior debt, Most active in senior debt,
ctd. ctd. ctd.

Citigroup 27 Nomura Bank 11 Oaktree Capital Management 6

Morgan Stanley 26 Mizuho Bank 10 UBS Securities 5

Monroe Capital 25 BBVA Bank 10 ABN AMRO Bank 5

Wells Fargo 24 Genworth Financial 9 Fifth Street 5

Fifth Third Bank 22 Abacus Finance Group 9 The Private Bank 5

Audax Group 20 MB Business Capital 9 Partners Group 5

Varagon Capital Partners 20 Societe Generale 9 KCAP Financial 5

Kohlberg Kravis Roberts 18 Sound Point Capital Management 9 Bridge Bank 5

PNC 17 GSO Capital Partners 9 Canadian Imperial Bank of

5
Commerce
UBS 17 LBC Credit Partners 9
AP Commercial 5

TCF Capital Funding 17 Avidbank 9

Crystal Financial 5
Sumitomo Mitsui Banking MJX Asset Management 8
17 Bain Capital Credit 5
Corporation
BNP Paribas 8
Churchill Asset Management 16 Norwest Mezzanine Partners 5

AllianceBernstein Private Credit Onex 7

16 Medley Capital 5
Investors
New Mountain Finance 7
PennantPark Floating Rate Capital 5
Barings 16
Cadence Bank 7 Source: PitchBook
Stifel Bank & Trust 15
Benefit Street Partners 7
Triangle Capital Corporation 15
Eaton Vance 7
Macquarie Group 15
THL Credit 7
MidCap Financial Services 14
U.S. Bank 6
Regions Financial 13
Byline Sponsor Finance Group 6
Guggenheim Partners 13
Chase Bank 6
ORIX 13
Prospect Capital 6
KeyBanc Capital Markets 12
Owl Rock Capital Partners 6
First Midwest Bank 12
Franklin Synergy Bank 6
Sierra Income 12
TCG BDC 6
Ally Corporate Finance 11
AEA Investors 6
The Carlyle Group 11
East West Bancorp 6
CIT Group 11
Invesco 6
HSBC Holdings 11
Maranon Capital 6
ING Group 11
Natixis 6

10 P I TC H B O O K 2017 A N N UA L U S P E L E N D I N G L E AG U E TA B L E S
 LE AG U E TAB LE S

Most Active Lenders by Debt Type, ctd.

Most active in revolvers Most active in revolvers, ctd. Most active in revolvers, ctd.
Antares Capital 95 Macquarie Group 11 Onex 5

Jefferies Group 74 Bank of Ireland 11 New Mountain Finance 5

SunTrust Banks 49 Regions Financial 10 Sierra Income 5

The Goldman Sachs Group 45 Audax Group 10 GSO Capital Partners 5

Credit Suisse 40 Churchill Asset Management 10 Natixis 5

Bank of America 39 NXT Capital 10 U.S. Bank 5

Source: PitchBook
RBC 30 KeyBanc Capital Markets 9

Barclays 29 PNC 9

Capital One 28 CIT Group 9

Ares 24 MJX Asset Management 8

J.P. Morgan 24 Genworth Financial 8

Citizens Bank 23 Triangle Capital Corporation 8

Morgan Stanley 22 Guggenheim Partners 8

Citigroup 21 Monroe Capital 8

Golub Capital 21 The Carlyle Group 8

Deutsche Bank 19 HSBC Holdings 8

BMO Financial Group 18 Mizuho Bank 7

Fifth Third Bank 17 Sound Point Capital Management 7

Madison Capital Funding 17 Nomura Bank 7

Varagon Capital Partners 16 Societe Generale 7

NewStar Financial 16 Ally Corporate Finance 6

Wells Fargo 14 Benefit Street Partners 6

UBS 14 THL Credit 6

Sumitomo Mitsui Banking Barings 6

14
Corporation
BNP Paribas 6
Kohlberg Kravis Roberts 13
ING Group 5
Stifel Bank & Trust 12

11 P I TC H B O O K 2017 A N N UA L U S P E L E N D I N G L E AG U E TA B L E S
 2017’s most active lenders in
B2B
Madison Capital Funding 27

Antares Capital 26

The Goldman Sachs Group 19

Ares 16

NewStar Financial 16

Jefferies Group 15

Most
Twin Brook Capital Partners 15

Monroe Capital 14

Crescent Direct Lending 13

Active
Bank of America 12

Credit Suisse 11

Varagon Capital Partners 9

Citizens Bank 9

Lenders
Barclays 9

TCF Capital Funding 8

Deutsche Bank 8

by
NXT Capital 7

Tecum Capital 7

Citigroup 7

Industry
Golub Capital 7

J.P. Morgan 7

BMO Financial Group 7

12 P I TC H B O O K 2017 A N N UA L U S P E L E N D I N G L E AG U E TA B L E S
 LE AG U E TAB LE S

Most Active Lenders by Industry

Most active in B2B, ctd. Most active in B2C Most active in healthcare
First Midwest Bank 6 Antares Capital 17 Antares Capital 18

PNC 6 The Goldman Sachs Group 13 Madison Capital Funding 14

Plexus Capital 6 Jefferies Group 11 Golub Capital 13

Bank of Ireland 6 Madison Capital Funding 9 Jefferies Group 13

RBC 5 Ares 9 Twin Brook Capital Partners 12

Guggenheim Partners 5 SunTrust Banks 7 Ares 9

Stellus Capital Management 5 NewStar Financial 7 The Goldman Sachs Group 9

Morgan Stanley 5 BMO Financial Group 7 J.P. Morgan 7

Byline Sponsor Finance Group 5 LBC Credit Partners 6 Bank of America 7

NewSpring Capital 5 Bank of Ireland 6 Monroe Capital 6

SunTrust Banks 5 Citigroup 6 Franklin Synergy Bank 6

Cadence Bank 5 Citizens Bank 6 Audax Group 6

GSO Capital Partners 5 Fifth Third Bank 6 BMO Financial Group 6

PNC Erieview Capital 5 RBC 6 AllianceBernstein Private Credit

6
Investors
Stifel Bank & Trust 4 KeyBanc Capital Markets 5
Barclays 6

LBC Credit Partners 4 Crescent Direct Lending 5

Credit Suisse 6

Maranon Capital 4 Bank of America 5

Capital One 5

ORIX 4 Golub Capital 5

Morgan Stanley 5
Sumitomo Mitsui Banking J.P. Morgan 5
4 Wells Fargo 4
Corporation
Triangle Capital Corporation 5
Barings 4 NXT Capital 4
Credit Suisse 4
Abacus Finance Group 4 Kohlberg Kravis Roberts 4
Varagon Capital Partners 4
Aldine Capital Partners 4 Deerpath Capital Management 4
UBS 4
Sierra Income 4 RBC 4
Centerfield Capital Partners 4
Audax Group 4 Crescent Direct Lending 4
PNC 4
Oxer Capital 4 MidCap Financial Services 4

Source: PitchBook Monroe Capital 4 Source: PitchBook

Barclays 4

Source: PitchBook

13 P I TC H B O O K 2017 A N N UA L U S P E L E N D I N G L E AG U E TA B L E S
 LE AG U E TAB LE S

Most Active Lenders by Industry, ctd.

Most active in IT Most active in financial Most active in energy
services
Jefferies Group 17
Jefferies Group 3
The Goldman Sachs Group 13 Madison Capital Funding 6
SunTrust Banks 2
Credit Suisse 11 Antares Capital 4
Credit Suisse 2
Antares Capital 10 NXT Capital 3
Barclays 2
Madison Capital Funding 10 Ares 3
CIT Group 2
Golub Capital 10 Golub Capital 3
Morgan Stanley 2
Ares 8 SunTrust Banks 3
Source: PitchBook

Macquarie Group 6 Jefferies Group 3

Twin Brook Capital Partners 3

Barclays 6
Most active in materials &
SunTrust Banks 5 Citizens Bank 2
sources
TPG Specialty Lending 5 Silicon Valley Bank 2
Jefferies Group 8
Barings 5 The Goldman Sachs Group 2
Bank of Ireland 7
BMO Financial Group 5 Barclays 2
BMO Financial Group 5
PNC 4 Monroe Capital 2
The Goldman Sachs Group 4
Webster Financial 4 RBC 2
Deutsche Bank 4
Source: PitchBook
UBS 4
Credit Suisse 4
AllianceBernstein Private Credit
4 Bank of America 4
Investors

Bank of America 4 Antares Capital 3

Citigroup 4 Ares 2

NewStar Financial 4 Twin Brook Capital Partners 2

Kohlberg Kravis Roberts 4 Madison Capital Funding 2

RBC 4 NXT Capital 2

Source: PitchBook
RBC 2

M&T Bank 2
Source: PitchBook

14 P I TC H B O O K 2017 A N N UA L U S P E L E N D I N G L E AG U E TA B L E S
Credits & Contact

PitchBook Data, Inc.

John Gabbert Founder, CEO
Adley Bowden Vice President, Market Development & Analysis

Content
Garrett James Black Senior Manager, Custom Research & Publishing
Henry Price Research Associate
Bryan Hanson Data Analyst II

Contact PitchBook
pitchbook.com

Research
reports@pitchbook.com

Editorial
editorial@pitchbook.com

Sales
sales@pitchbook.com

COPYRIGHT © 2018 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced
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cannot be guaranteed. Nothing herein should be construed as any past, current or future recommendation to
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