--- url: 'https://qubit.capital/blog/top-private-debt-firms' title: Top Private Debt Firms author: name: Sagar Agrawal url: 'https://qubit.capital/blog/author/sagar' date: '2026-09-11T13:10:22+05:30' modified: '2026-09-11T13:10:30+05:30' type: post categories: - Investor Mapping and Discovery image: 'https://qubit.capital/wp-content/uploads/2026/08/top-private-debt-firms.webp' published: true --- # Top Private Debt Firms Revenue is $5-50 million, one round is closed, and a private debt company’s term sheet now sits beside a dilutive offer. Venture debt, direct lending, and mezzanine debt get used interchangeably, but each underwrites differently and fits a different revenue band. Picking the wrong lender type here costs months in diligence before you learn you don’t qualify at your size. This list matches each private debt company to revenue and sector, names its lender type, and ranks who to approach first. Start with how the ranking was built, then the ranked firms and what debt actually costs against dilution at your stage. How we built this list We select on disclosed EBITDA and facility-size bands from public filings and PDI-tracked fundraising data, not lender marketing, matched closest to a $5-50M revenue company. The list excludes smaller venture debt lenders without public PDI 200 disclosure. Match the lender type to the runway problem first. A mezzanine check priced like direct-lending debt is the most common misstep founders make. | Firm | Typical check | Best for | Limitation | | --- | --- | --- | --- | | Apollo Global Management | Up to $750M per borrower, larger via jumbo unitranche alliance | Sponsor-backed borrowers with $10M-$125M EBITDA | Check sizes run well above what a $5-50M revenue SaaS company typically needs | | Ares Management | Sized for $10M-$250M EBITDA borrowers, not early-revenue SaaS | Scaled companies past a first equity raise needing senior secured or unitranche debt | EBITDA floor likely exceeds most $5-50M revenue SaaS companies | | HPS Investment Partners | Several hundred million to $3B+ per facility | Late-stage, PE-backed borrowers with $75M-$350M EBITDA | Deal sizes sit well above a $5-50M revenue SaaS raise | | Blue Owl Capital | $20 million to $250 million per investment | Upper-middle-market borrowers, $125M+ revenue | Heavy covenant package, no published closing timeline | | KKR | Upper-middle-market borrowers, $100M+ EBITDA | Larger, sponsor-backed companies past early SaaS scale | EBITDA screen puts most $5-50M revenue firms out of range | | Golub Capital | Buy-and-hold positions up to $800 million; syndicated facilities up to $2 billion | PE-sponsor-backed buyouts and add-ons, not standalone growth rounds | No mezzanine, venture debt or ABL product named on its sponsor finance page | | Carlyle | $25M-$100M EBITDA, sponsor-backed borrowers | Later-stage, sponsor-backed companies needing scale | Screens on EBITDA, not revenue; unsponsored founders may not qualify | | Oaktree Capital Management | First-lien loans up to $200 million, recent precedent | Profitable middle-market companies, $100M-$750M enterprise value | Smaller loans carry maintenance covenants, amortization, cash sweeps | | Blackstone Credit | No stated minimum; BXSL portfolio averages ~$44M per borrower (our estimate) | Later-stage, EBITDA-positive borrowers above the $100M EBITDA screen | EBITDA floor and check size price out most $5-50M revenue SaaS companies | | Antares Capital | Not disclosed; sized to $25M-$100M EBITDA borrowers | Private equity-backed companies, not founder-led equity raises | EBITDA floor excludes most sub-$25M EBITDA SaaS companies | | Crescent Capital Group | Not disclosed; sized to $5M-$50M EBITDA borrowers | Growth-stage SaaS above $5M EBITDA needing unitranche debt | Full pricing and covenant terms not public | Table of Contents - [The 11 Top Private Debt Firms](#the-11-top-private-debt-firms) - [Why Firm Size Isn't the Whole Story](#why-firm-size-isn-t-the-whole-story) - [How to use this list](#how-to-use-this-list) [Venture Debt, Direct Lending, or Mezzanine: Which One Fits Your Revenue Size?](#venture-debt-direct-lending-or-mezzanine-which-one-fits-your-revenue-size) - [The Covenant Term Founders Price in Too Late](#the-covenant-term-founders-price-in-too-late) - [Conclusion](#conclusion) ## The 11 Top Private Debt Firms ![Apollo Global Management logo](data:image/png;base64,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)1. Apollo Global ManagementTypical checkUp to $750M per borrower, larger via jumbo unitranche allianceBest forSponsor-backed borrowers with $10M-$125M EBITDALimitationCheck sizes run well above what a $5-50M revenue SaaS company typically needs Apollo Global Management runs the largest credit platform on this list. Its Credit segment alone holds [$834 billion in assets under management](https://www.sec.gov/Archives/edgar/data/0001858681/000185868126000026/apo-20260331.htm) as of March 2026. Total assets under management crossed [$1.05 trillion in the second quarter of 2026](https://ir.apollo.com/news-events/press-releases/detail/640/apollo-reports-second-quarter-2026-results), with $74 billion of origination in the same period. The firm pulled in [$298 billion of total inflows](https://www.sec.gov/Archives/edgar/data/0001858681/000185868126000036/agmearningsrelease2q2026.htm) over the twelve months to June 2026. Sixty billion of that landed in the second quarter alone. [MidCap Financial](https://www.midcapfinancial.com/solutions/financial-sponsors-leveraged-finance/), Apollo’s direct origination arm, lends up to $750 million per borrower. It can go larger still through a jumbo unitranche alliance with Apollo itself. Borrowers there typically carry $10 million to $125 million in EBITDA. That band sits well above where most $5-50 million revenue SaaS companies operate. Apollo fits founders who have already scaled past venture debt. It works best alongside a private equity sponsor, not as a standalone lender to an early-scale SaaS company. What we seeApollo’s MidCap-originated loans often carry a liquidity-tested revenue covenant on top of monthly reporting. One borrower’s [SEC filing](https://www.sec.gov/Archives/edgar/data/1611115/000161111525000017/omda-20250630.htm) shows the covenant triggers once liquidity falls below 1.5 times the loan balance. That kind of trigger is easy to miss in a term sheet skim, and worth flagging before signing. ![Ares Management logo](data:image/png;base64,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)2. Ares ManagementTypical checkSized for $10M-$250M EBITDA borrowers, not early-revenue SaaSBest forScaled companies past a first equity raise needing senior secured or unitranche debtLimitationEBITDA floor likely exceeds most $5-50M revenue SaaS companies Ares Management holds the number one spot on the [PDI 200 ranking](https://www.privatedebtinvestor.com/pdi-200-hps-gains-ground-in-our-2025-ranking/). It raised $116.3 billion in private debt capital over the five years ending December 2024. The firm’s Ares Capital arm defines its middle-market borrowers by [EBITDA of $10 million to $250 million](https://www.sec.gov/Archives/edgar/data/1287750/000110465923049654/arcc-20220809x424b2.htm). That range sits above where most founders in this $5 to $50 million revenue band will land. Total assets under management reached [$644.3 billion in the first quarter of 2026](https://alternativecreditinvestor.com/2026/05/01/record-q1-fundraising-lifts-ares-to-644bn-aum/), up 18% year on year. Ares frames its underwriting as selective rather than volume-driven. Mitch Goldstein, Partner and Co-Head of the Ares Credit Group, put it this way in the firm’s [2026 private credit outlook](https://www.ares.com/us/news-and-insights/private-credit-outlook-2026-growth-and-maturity): “Maintaining discipline when it comes to credit selection is fundamental to our investment process. And the longevity of our success.” What we seeAres screens on EBITDA scale before deal type, so companies under it likely won’t get a serious look regardless of growth rate. Its instrument list covers senior secured through asset-based credit, but not revenue-based structures. ![HPS Investment Partners logo](data:image/png;base64,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)3. HPS Investment PartnersTypical checkSeveral hundred million to $3B+ per facilityBest forLate-stage, PE-backed borrowers with $75M-$350M EBITDALimitationDeal sizes sit well above a $5-50M revenue SaaS raise HPS Investment Partners became part of BlackRock when [the acquisition closed](https://ir.blackrock.com/news-and-events/press-releases/press-releases-details/2025/BlackRock-Completes-Acquisition-of-HPS-Investment-Partners/default.aspx) on July 1, 2025, in a $12 billion all-stock deal. The deal folded HPS into BlackRock’s new Private Financing Solutions unit, adding [$148 billion in HPS client assets](https://www.blackrock.com/corporate/newsroom/press-releases/article/corporate-one/press-releases/blackrock-agrees-to-acquire-hps). HPS closed [Specialty Loan Fund VI](https://www.prnewswire.com/news-releases/hps-investment-partners-raises-over-21-billion-for-specialty-loan-fund-vi-302180278.html) at $21.1 billion of investable capital in June 2024. That fund targets private equity-backed borrowers with EBITDA between $75 million and $350 million, per [a staff review of the fund](https://data.treasury.ri.gov/dataset/d6468d04-20a1-4dc0-ad50-725fce1659a6/resource/e5aaf509-a327-405b-8994-521c6144ba86/download/1a-hps-slf-vi-l-staff-memo-final.pdf). That scale sits well above what a $5-50 million revenue SaaS company typically needs, so HPS tends to enter later, larger raises. HPS also led a facility for Hellman & Friedman-backed Cordis, priced between [SOFR plus 450 and 500 basis points](https://octus.com/resources/articles/hps-to-lead-over-500m-private-credit-deal-to-refi-cordis-existing-bsl-debt/). What we seeHPS deals move through a “cradle to grave” model, where the same team sources, underwrites and monitors the loan to exit. Diligence leans on a third-party quality of earnings review and monthly financial projections rather than a single audited statement. Founders should expect call protection built into pricing, even when an arrangement fee isn’t published upfront. ![Blue Owl Capital logo](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAADAAAAAwCAYAAABXAvmHAAAHgUlEQVRogb3aeZAddREH8M/sLiEcZiEhCAZELneUSwoxQRBQjqjwh1zZwRLB0qIUUQq5LSj9B5RSS4NaiCigUjKLJinCJVKilspZIlHA2UBAInKIgQQMJCSb5x89L2+Pd2Zf/Fa9yps3v+3p/nX/ur/dk8T/E2nWg5nYDTuiD69hOZ5V5G90KjLpqoKNkGZTMAcn4zDsiq3L56/DCjyKxbhNkb/QrujNb0Ca7YWLhPLbjbozgg3CC8mo3/6CK1XcYjhf10r85jUgzT6A+Tiw/OUl/AF/xDNi96fjPfgQ3q0WVt/CNxT5680esfkMSLPZ+AkGsBYL8R0VjxjO3xyzdmAwkSQ7Yh7Oxe54E1/D5YrGntg8BqTZzshxOFbjcsxvtZvl387G93GQ8MSZijxvtLynG/rWwWeE8iMiFL7ZlvJQ5A/gs3gSb8EF0mxWo+WT90A6mJD0i9itiAxzM/bG/fgkXsTrinx9c1lZr8hOfThTeK4HF+LH5e9v4lVFXumSAdk0XIt9xY5vg3eUD/4Pnhdn4B/iAN+hYpnhUKCUsROOwdHC8G0xFXugFy/jX6UBD+BzinyN8ofJohd7iQwyHjuUH3gvTsI5EtdIB68lWY1T8CXs30Sf6eWHyGQbQ78bBqzBz8XuHoL3ifR4C54VXp6G/bCP2NUrSGYL75whvLYOf8cS/FvUiLfhY9gCv8JSLMPGUOxeFopQWoij8DCO21hRI01ujyPFbr+/fHal/Hcpvo3FVF5UDI2UMvfHPZiBTynyG8Y/thseqOKDpWJw0xg6MDxUEXG8UJrdjytwmgiFP+HzinxJHZnVak2DjNmdNJpmU0W22QpPYFHDtUX+HM4T3noMZzVQHrYvZW4QNWECulUHZgsqAAsU+bKmq4t8Bc7HGYr8r01W7isy0muCekzA5EMoHezFJwRRe05U4NYo8mcaKRVys6n4cHn1pDi8E9CFM5Dsh+PKi9tVKo+WCiQ4AE8o8tWbIPhIca7grtJrE9CNEDoVO2MlbjRcZhDeiqsEQesMQR0uEel3uSZenZwH0mxPnFhe/QYPjro7F4diD2n2ssqGxYZvrowXUUfmzoI/VbnU1Yr8b42WT9YDJ4oq/AZ+Vi3vJV4pP7NwjaTnfGm2Qx0ZVcW3kGZH4EY1rw3h6mYKbHohC/5yh2hW7sGJinzVxvsDWY/E6fi66H/XiwK3CPeKKjwiwmQffEQc2hnl77/EuYr8+c1lwKdxjaimZyry6+us6REk7as4WPAmokdYpUb++kfdI2jJSYr8pVZqbNoZSLPtROrsxZ+FJyaiyDfgLmm2RJC2eSK395eKV7EW/xSFqx/PqlTqZp3uGBDpbU75/SZF/mLT1UErvivNfipazHeJzLWFOCfLBPG7XnRiqwwPbWggbQw6NyDNthK0YapWtGE84ow8aGy2qsqdJXYf2h6rbEoWmqNWYBYo8qc2QUY9zBQhRHijLXTmgXSwT8R+v05oA9WsdZTwWqHIXx23YjeRkdaI4tUWOvRAsj8+Wl7cLqZp7eIYEeO3iu5sPPYVZ2KFaD/bQqchdCp2UqUNRT7SYn0gzbZU66xewONj7g8MTlEzapmoEW2hfQPSbG+cUF6Npw2tcCCOKL/fPmH2mSS7iOkcPKTI/9uu4E48cBL2VJ82NMZA1iM8N0P0ugvqrDpUjGPW4vcd6NSmAUGwsvLqPvyu7Sck9lMjfHeqGNvABO8/QRTFYTzUtmzte+B4ccjWi9hf1WJ9qdxgdUC1i+iJr6szcT5YLbzu6GS0TjsGjKUNSzSiDXWRHKHmuUXCe6NlTxFjyOnicP+ifdmBdjxwlJj1QN6SNtSU2wEXl8otx/fqTJmPFdkJFqpUGjX3DdHcgIm0YWFbUtOsD+eIRn9EKP/IuDW74suieD2NH4zq5tpGKw8cInpTOqMN8/CFUv6d+NGYu2m2DS4r5a/DVc26rmZobMBA1ieGT9N0QhvS7FjRxPSLrHKZIn9l1P0txbT59PKXBbiuY81LNOZCiQNEl8ToaUMzpNkx4uXErmIIe9GY0ImdvxAXYIo41JfW4UVto74B7zwlwcfFZGH8tKGO4oN9JCfjSry9/JtLVCwepfwsfEXs/BSR0c5uOQTbJAN6etunDWm2I76Is0XYrMAlVG4wPFQpU+XRuFRQ8UTM+M9S5A9PRvnGBsQr0d01ow1ptrVgmOeJoW4vnsKFVBaS9Emzg0QhO7k0br0Yu1+syJ+crPL1DQhXD5ZX9+K3G+/FmHymmNmcJmpEdbZ/lwiRp0mOF5lormhUiEQwHz9U5Cu7oXx9A2q0YQSLqEyRZgcgFaTr8PL7luX6lbhNHMjTBC0YELWDmD7cGspXHla01+u2i7FjlTTbXrzuP0y4+zFx4GaK4W09g18VoTZd8H1i1PIc7hbviu9T5Gu7qXgV4xWaq0Yb+sRwthWmlZ/14kXcEvwad1NZqhhq/mZykqgZMDAvEX3pUrHb24od7VV7HVQpFV0jdn6F4DmPl4o/iuVt9wpdwNgQGsimSvSL5mOG2NmpomJXlV8tZjkvU1mJ1xRDLf9TxubC/wDRZS7BmquRMQAAAABJRU5ErkJggg==)4. Blue Owl CapitalTypical check$20 million to $250 million per investmentBest forUpper-middle-market borrowers, $125M+ revenueLimitationHeavy covenant package, no published closing timeline Blue Owl Capital originates loans through [four named credit strategies](https://www.blueowl.com/credit), from senior secured first-lien debt to opportunistic credit. Its middle-market band starts at $25 million of EBITDA or $125 million of revenue, per [Blue Owl Capital Corporation’s own criteria](https://www.blueowlcapitalcorporation.com/about-blue-owl-capital-corp). That puts most $5 million to $50 million revenue SaaS companies below its usual entry point. It sold $1.4 billion of direct lending assets in [a February 2026 sale](https://www.blueowlcapitalcorporation.com/investors/news-events/press-releases/detail/89/certain-blue-owl-bdcs-to-sell-1-4-billion-of-assets-to), trimming software exposure. Executives told [CNBC](https://www.cnbc.com/2026/02/20/blue-owl-software-lending-private-credit-concerns.html) in February that its underwriting bar for new software loans has only gotten tighter. New commitments in the third quarter of [2025 priced at a 9.0% average rate](https://www.sec.gov/Archives/edgar/data/1655888/000119312525267192/d83755dex991.htm), roughly SOFR plus 500 basis points. What we seeDeal teams should expect a financial maintenance covenant on top of a full set of negative covenants, not just an incurrence test. Blue Owl doesn’t publish a term-sheet-to-close timeline, so build in buffer before assuming a signing date. Underwriting includes onsite visits and management meetings alongside the sponsor, not just a document review. ![KKR logo](data:image/png;base64,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)5. KKRTypical checkUpper-middle-market borrowers, $100M+ EBITDABest forLarger, sponsor-backed companies past early SaaS scaleLimitationEBITDA screen puts most $5-50M revenue firms out of range KKR raised $28 billion in capital in the first quarter of 2026, with $15 billion flowing into credit, per [its Q1 earnings](https://commercialobserver.com/2026/05/kkr-first-quarter-2026-earnings/). The firm carried $758 billion in assets under management and $125 billion in uncalled commitments, per its [first-quarter filing](https://www.stocktitan.net/sec-filings/KKR/8-k-kkr-co-inc-reports-material-event-77e0b43d20f9.html). About 85% of KKR’s US direct lending sits with issuers of $100 million or more in EBITDA, per [its direct lending data](https://www.kkr.com/insights/under-the-hood-private-credit). Most companies with $5 million to $50 million in revenue sit well under that line. KKR closed a $2.5 billion Asia private credit fund in January 2026, targeting senior and unitranche lending, per [its Asia fundraise announcement](https://www.businesswire.com/news/home/20260114119847/en/KKR-Completes-US$2.5-Billion-Asia-Private-Credit-Fundraise). Its most recent marquee deal was [a $550 million anchor financing](https://www.bloomberg.com/news/articles/2025-12-22/kkr-s-private-credit-deal-with-utility-giant-acwa-marks-debut-in-saudi-arabia) for ACWA Power’s Rabigh 3 desalination project in Saudi Arabia. What we seeKKR’s process runs on committee cadence, not founder timelines. Term sheets arrive already priced off broad benchmarks like SOFR plus a spread. Founders below the EBITDA screen usually get routed to a smaller fund, not a KKR deal team. ![Golub Capital logo](data:image/png;base64,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)6. Golub CapitalTypical checkBuy-and-hold positions up to $800 million; syndicated facilities up to $2 billionBest forPE-sponsor-backed buyouts and add-ons, not standalone growth roundsLimitationNo mezzanine, venture debt or ABL product named on its sponsor finance page Golub Capital lends mostly to private-equity-backed companies through its [Sponsor Finance and Direct Lending groups](https://golubcapital.com/for-sponsors/sponsor-finance/), not through standalone growth checks. Its flagship product is the GOLD facility, short for Golub Capital One-Loan Debt. It typically bundles a revolver, a term loan and a delayed draw term loan into a single facility. In 2026 the firm led an $831 million unitranche facility for Monomoy Capital Partners’ [buyout of Jiffy Lube from Shell USA](https://golubcapital.com/news-insights/golub-capital-leads-unitranche-facility-for-monomoy-capital-partners-buyout-of-jiffy-lube-from-shell/). Golub acted as administrative agent and joint lead arranger on the deal. Golub Capital BDC’s weighted average rate on new investments was 8.9% in the [quarter ended September 30, 2025](https://golubcapitalbdc.com/wp-content/uploads/2025/11/GBDC-FY-2025-Q4-Earnings-Presentation.pdf). That was down 30 basis points from the prior quarter as new-issue spreads and SOFR both eased. David Golub, the firm’s president, treats covenants as an early-warning system rather than paperwork. In a conversation with [Proskauer Rose’s Private Market Talks podcast](https://www.proskauer.com/podcast/private-market-talks-private-credit-with-golub-capitals-david-golub), he said: “As a lender, it’s good to have covenants. It gives you an earlier seat at the table. It gives you an ability to work with sponsors before problems are really severe and you can very often figure out good solutions.” What we seeGolub’s covenant philosophy reads more collaborative than most direct lenders. Deal sizes here point to established, sponsor-backed borrowers. A founder-led company without a private equity sponsor already in place is unlikely to see this checkbook, whatever its revenue. ![Carlyle logo](data:image/png;base64,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)7. CarlyleTypical check$25M-$100M EBITDA, sponsor-backed borrowersBest forLater-stage, sponsor-backed companies needing scaleLimitationScreens on EBITDA, not revenue; unsponsored founders may not qualify Carlyle runs one of the largest private credit platforms in the market. It held $485 billion in total assets under management as of mid-2026. Its credit strategies deployed $7 billion of that in a single quarter, per [Carlyle’s second quarter 2026 results](https://www.carlyle.com/media-room/news-release-archive/carlyle-reports-second-quarter-2026-financial-results). Its core direct lending screen targets sponsor-backed companies with $25 million to $100 million of EBITDA, per [Carlyle Secured Lending’s 2025 prospectus](https://www.sec.gov/Archives/edgar/data/1544206/000119312525224171/d942184d424b2.htm). Founders without a private equity sponsor typically fall outside that screen. In April 2026 it closed $1.5 billion for a new [asset-backed credit strategy](https://www.privateequitywire.co.uk/carlyle-secures-1-5bn-first-close-for-asset-backed-credit-strategy/), moving past sponsor-backed lending alone. Its Global Credit platform led a [$270 million unitranche loan to Dexian](https://www.carlyle.com/media-room/news-release-archive/carlyle-provides-270-million-unitranche-term-loan-dexian) in April 2025, refinancing an existing facility. Jason Thomas and Mark Jenkins, its heads of research and global credit, wrote in Carlyle’s [2026 credit outlook](https://www.carlyle.com/global-insights/research/2026-credit-outlook): “As some direct lenders step back, newly originated loans may carry fatter coupons, lower use, and stronger covenants.” What we seeSpreads on Carlyle’s new loans widened by roughly 50 basis points in early 2026, per [Carlyle Secured Lending’s Q1 2026 earnings call](https://www.fool.com/earnings/call-transcripts/2026/05/11/carlyle-secured-lending-cgbd-q1-2026-transcript/). Pricing on a term sheet from this platform can shift quarter to quarter. Check the coupon and covenant language against the quarter it was issued, not last year’s deal. ![Oaktree Capital Management logo](data:image/png;base64,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)8. Oaktree Capital ManagementTypical checkFirst-lien loans up to $200 million, recent precedentBest forProfitable middle-market companies, $100M-$750M enterprise valueLimitationSmaller loans carry maintenance covenants, amortization, cash sweeps Oaktree Capital Management runs one of the largest direct lending platforms in the market. It built that scale through distressed-credit funds and a dedicated middle-market lending arm. In October 2025 it opened the [Oaktree Direct Lending Evergreen Fund](https://alternativecreditinvestor.com/2025/10/23/oaktree-raises-2-35bn-for-new-direct-lending-strategy/), a new vehicle for senior secured loans to sponsor-backed middle-market borrowers, closing its first round near $2.35 billion. Its business development company, [Oaktree Specialty Lending Corp](https://www.sec.gov/Archives/edgar/data/1414932/000141493225000022/ocsl-20250930.htm), screens borrowers by enterprise value rather than a fixed ARR floor, targeting companies worth $100 million to $750 million. For a $5-50 million revenue SaaS company, the entry gate is cash flow and asset value, not top-line size alone. Pricing has moved higher this year. In its [fiscal Q3 2026 results](https://www.stocktitan.net/news/OCSL/oaktree-specialty-lending-corporation-announces-third-fiscal-quarter-rq5pc1dxayfn.html) the BDC reported a 10.0% weighted average yield on new debt. That’s up from 9.2% the prior quarter. Covenant terms vary sharply by deal size. Larger software loans run covenant-lite. Smaller and mid-sized loans carry EBITDA- or ARR-based maintenance covenants. One recent first-lien loan also added mandatory amortization and cash flow sweeps. What we seeThe covenant package is where the size of the check matters most. A large, covenant-lite software loan and a smaller ARR-covenant loan can come from the same lender on very different terms. Founders should ask which bucket their deal falls into before comparing headline pricing across lenders. ![Blackstone Credit logo](data:image/png;base64,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)9. Blackstone CreditTypical checkNo stated minimum; BXSL portfolio averages ~$44M per borrower (our estimate)Best forLater-stage, EBITDA-positive borrowers above the $100M EBITDA screenLimitationEBITDA floor and check size price out most $5-50M revenue SaaS companies Blackstone Credit is the credit and insurance arm of Blackstone, the largest alternative asset manager in the world. It manages [$443.0 billion in credit assets as of the end of 2025](https://www.blackstone.com/news/press/blackstone-reports-fourth-quarter-and-full-year-2025-earnings/), up 18% year over year. Its flagship listed vehicle, BXSL, only funds companies with [more than $100 million of EBITDA](https://s29.q4cdn.com/231559957/files/doc_presentations/2026/06/BXSL-1Q26-Investor-Presentation.pdf). That floor puts most $5-50 million revenue SaaS companies out of range. BXSL held [$13.9 billion across 316 portfolio companies as of March 2026](https://www.bxsl.com/press-releases/article/blackstone-secured-lending-fund-reports-first-quarter-2026-results/). That works out to roughly $44 million per borrower on average, our estimate, not a stated check size. Weighted average yield on that book was 9.3% in the first quarter of 2026, down from 10.2% a year earlier. Nearly all of the deals it leads include [protections against asset stripping](https://www.blackstone.com/insights/article/private-credit-beyond-the-noise/). Roughly 40% of broadly syndicated loans carry comparable terms. In June 2026 the firm launched [SablePointe Credit Strategies](https://www.businesswire.com/news/home/20260615324926/en/Blackstone-Launches-SablePointe-Credit-Strategies-to-Expand-Origination-Capabilities-Across-Asset-Based-Lending-and-Specialty-Credit-Markets), a new platform for asset-based lending and specialty credit. What we seeFounders reading a Blackstone-led term sheet should expect covenant language written by a lender that negotiates its own documents, not one buying into syndicate boilerplate. That usually means tighter restrictions on IP transfers and collateral release, not looser ones. Read the add-back cap definition closely before assuming it matches an earlier term sheet. ![Antares Capital logo](data:image/png;base64,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)10. Antares CapitalTypical checkNot disclosed; sized to $25M-$100M EBITDA borrowersBest forPrivate equity-backed companies, not founder-led equity raisesLimitationEBITDA floor excludes most sub-$25M EBITDA SaaS companies Antares Capital lends almost exclusively to private equity-backed borrowers, not to founders raising a primary equity round. The firm now oversees roughly $90 billion in capital under management and administration, according to [Antares’ own fund-close summary](https://www.antares.com/our-perspectives/media/antares-capital-closes-8-5-billion-senior-loan-fund-iii/). It originates about $21 billion a year and holds lead-lender status on [more than 90% of its deals](https://www.antares.com/what-we-do/our-business). Antares underwrites sponsor-backed borrowers with $25 million to $100 million of EBITDA, per [a pension fund’s due-diligence review of the strategy](https://data.treasury.ri.gov/dataset/6bb32e18-bae3-429d-b8e9-ddbdc7bc8309/resource/747e6b37-98fd-4a8d-a9f1-a713e48ea465/download/1b-cliffwater-risic-antares-slf-iii-11-18-2024.pdf). It also served as [administrative agent on the financing](https://www.weil.com/articles/weil-advises-antares-capital-in-financing-for-reverence-capitals-investment-in-eide-bailly) for Reverence Capital’s 2026 purchase of Eide Bailly, though terms weren’t disclosed. CEO [Timothy Lyne](https://www.businesswire.com/news/home/20260512052297/en/Antares-Capital-Closes-$8.5-Billion-Senior-Loan-Fund-III) frames the moment directly: “With nearly 30 years of experience, we understand how periods of dislocation tend to separate platforms with true scale, access and experience from the broader market.” What we seeAntares is built for sponsor-backed deals, so a founder-led company without a private equity sponsor may not fit its screen at all. Term sheets at this scale often lean on EBITDA covenants, not revenue covenants. That changes what a CFO needs to model before signing. ![Crescent Capital Group logo](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAEAAAABACAMAAACdt4HsAAAAIVBMVEVHcEwNR4oNR4oNR4oNR4oNR4oNR4oNR4oNR4oNR4oNR4omhytHAAAACnRSTlMAldLFZeusMxMjzJp75wAAAOhJREFUWIXtldsShSAIRb1r/P8Hl4FFoTNnhvPUsF+ccLMQM3POZDKZviYfSmr3Y0slhljSJozVlxCi52YEwKFYyRRhKKSHLeVrpgx4aBfgiGIImMJdq2Y+AR6jAPUGQG5vAM6f5eGlSIDuGADIEkAEkU8ETPI8+AZ0qNtkPnbRx8IAkATg3BoRHIs7x8YAeeLdZg3QenEpDAApCp9fLKCjsSoHFAnIbZF/NExJ3D2ptuig90BJj3oT3wqQ3WrmV/0LoG5Bu4nq16g+SNqjrP2Y1J+z9kJRXmnqS1V9rRNA+2MxmUymL2gHfOYxCVmivyUAAAAASUVORK5CYII=)11. Crescent Capital GroupTypical checkNot disclosed; sized to $5M-$50M EBITDA borrowersBest forGrowth-stage SaaS above $5M EBITDA needing unitranche debtLimitationFull pricing and covenant terms not public Crescent Capital Group closed the largest fund in its history in June 2026. The fourth direct lending fund raised [more than $5.5 billion in equity commitments](https://www.businesswire.com/news/home/20260603336403/en/Crescent-Capital-Group-Closes-Largest-Fund-in-Firms-History-with-Fourth-U.S.-Direct-Lending-Fund-Raising-$10.8-Billion-in-Investable-Capital), with $10.8 billion in total investable capital. President and CEO Chris Wright said the fundraise reflects demand for lower middle market direct lending: “We believe the strong demand for the fund underscores the compelling opportunity set in lower middle market direct lending and our longstanding focus on generating risk-adjusted returns across market cycles over the past 30 years.” Fund IV targets companies with $5 million to $50 million of EBITDA. That screen widened from $5 million to $35 million in the prior fund. The direct lending team has committed more than $17.0 billion to over 285 companies since 2005. In January 2026, Crescent [closed the largest credit secondaries vehicle raised to date](https://www.bloomberg.com/news/articles/2026-01-20/crescent-collects-3-2-billion-in-largest-credit-secondary-fund), a $3.2 billion deal. The vehicle lets Crescent hold existing loans longer instead of exiting them. What we seeCrescent’s public numbers are fund-level and BDC-level, not deal-level, so exact pricing on a given facility takes direct negotiation to see. Founders should read the covenant package as closely as the rate. A quoted spread over SOFR looks simple until maintenance covenants and prepayment terms show up later in the term sheet. ## Why Firm Size Isn’t the Whole Story Founders raising a first private debt round often assume the biggest lender by assets under management will always offer the best terms. Firm size alone doesn’t reliably predict covenant flexibility in any private debt term sheet. Underwriting speed and covenant behavior vary more between lending platforms than deal size does, more than headline brand recognition ever really suggests. One lender frames covenants as an early seat at the table, a framing that stands out against covenant language tightening across markets. Across Qubit’s fundraising-advisory engagements, growth-financing advisory engagements, founders consistently underweight covenant flexibility (EBITDA cushion, equity-cure rights) relative to headline interest rate when comparing private debt term sheets. Approach order should follow covenant fit and underwriting speed, not AUM or brand recognition alone, before any term sheet gets fully signed. Before comparing individual lenders, it helps to understand [how private debt works as a financing strategy](https://qubit.capital/blog/private-debt-explained), since the structure of the instrument shapes which covenants a lender will insist on far more than the size of its fund does. ## How to use this list ### Venture Debt, Direct Lending, or Mezzanine: Which One Fits Your Revenue Size? Venture debt lenders underwrite against your last equity round, not your cash flow. They want a recent raise from a name investor and enough runway to cover debt service. Direct lenders underwrite against recurring revenue itself. They look for $10 million or more in annual revenue and a repeatable sales motion, not just investor backing. Mezzanine debt sits above both in cost and below both in dilution risk. It shows up once a company has real EBITDA, not just revenue growth. ### The Covenant Term Founders Price in Too Late A minimum revenue covenant sounds harmless until growth slows for one quarter. Miss it and the lender can call the loan or reprice it overnight. Warrant coverage is the other one. It’s a small equity kicker attached to the debt, usually 1-3% of the company. Founders often treat it as an afterthought during term sheet review. Qubit’s advisory work on debt term sheets flags one pattern: founders negotiate the interest rate hard and skip the covenant package entirely. Because so much of this hinges on who already sits on your cap table, it helps to know which sponsors lenders recognize; our rundown of the [top private equity firms backing startups](https://qubit.capital/blog/top-private-equity-firms) shows which equity partners tend to carry weight when a credit committee reviews your file. Because each lender type anchors its underwriting to a different measure of your business, it helps to understand [how private companies are valued](https://qubit.capital/blog/private-company-valuation-methods) before you compare term sheets, since the valuation method a lender applies shapes both your borrowing capacity and the covenants attached to it. ## Conclusion Choosing the right private debt firm starts with matching lender type, whether venture debt, direct lending. Mezzanine, to your revenue size and runway need. Fund size and reputation matter less than fit. A firm built for $50 million facilities won’t structure well for a $5 million balance sheet, and the reverse is true too. Start with firms whose disclosed EBITDA or facility bands sit closest to your current revenue. Get the covenant terms reviewed by counsel before you sign anything. Get a tailored private debt shortlist and a term sheet review before you approach lenders. Qubit Capital’s [fundraising advisory](https://qubit.capital/startup-services/fundraising-assistance) helps growth-stage SaaS founders match lender type to their capital stack and prepare for underwriting.