Flexible Capital for Lower-Middle Market Sponsors
Senior secured NAV loans and preferred equity for lower-middle market sponsors, structured collaboratively and underwritten with discipline.
Our Approach
Strategy Overview
Investment Parameters
Deal Size & Structure
Senior-secured NAV loans and preferred equity, lent to the fund, GP, or management company. Target facility sizes of $5MM to $30MM, with actual facility sizes and Black Saddle participations varying by transaction.
Terms & Pricing
Facilities typically carry 2–4 year maturities and 12–18% coupons with minimum MOICs, featuring flexible terms (Cash/PIK, delayed draws, etc.).
Borrower Profile
We partner with LMM sponsors under $1B AUM across buyout, growth, and specialty strategies, along with family offices and holding companies.
Use of Proceeds
Proceeds support platform and add-on acquisitions, portfolio company growth capital, GP-level needs and commitments, liquidity solutions, and balance sheet refinancings.
$30MM NAV Loan to LMM Buyout Fund
Business services/industrials sponsor pursuing value-oriented control equity investments. Its 8-person team has deployed capital across 15 platform companies and 50+ add-ons. Black Saddle and affiliates committed $6MM.
$62MM NAV Loan to Healthcare Sponsor/HoldCo
Family office-backed multi-billion-dollar holding company across financial services, healthcare, real estate, and technology. Its 14-person healthcare team has completed 8 deals and 150+ tuck-in acquisitions. Arranged and agented by Black Saddle, which committed $18.5MM with its affiliates.
$8MM NAV Loan to West Coast PE Sponsor
California-based sponsor whose fund portfolio spans seven assets against reported net asset value of approximately $263MM. Concentration anchored by a performing enterprise software platform with substantial recurring revenue. Arranged and agented by Black Saddle.
$5MM NAV Loan to Mid-Atlantic PE Sponsor
Maryland-based sponsor whose commingled fund holds thirteen portfolio companies. Facility includes an accordion feature and attaches at approximately 9% loan-to-value. Arranged and agented by Black Saddle as sole lender.









