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

We are relationship-minded first. Our approach with sponsors and counterparties is collaborative in nature - seeking to structure creative, non-dilutive solutions and actually help our borrower-partners achieve their goals.

We recognize every situation is nuanced and that underlying investments & use of proceeds are unique in every transaction.

We offer a credit alternative to raising co-investment capital ("synthetic co-investment") that augments fund size and improves returns for all investors.

We are relationship-minded first. Our approach with sponsors and counterparties is collaborative in nature - seeking to structure creative, non-dilutive solutions and actually help our borrower-partners achieve their goals.

We recognize every situation is nuanced and that underlying investments & use of proceeds are unique in every transaction.

We offer a credit alternative to raising co-investment capital ("synthetic co-investment") that augments fund size and improves returns for all investors.

NAV Loans

Preferred Equity

Sponsor Finance

NAV Loans

Senior-secured loans against diversified fund portfolios based on net asset value (NAV), with conservative loan-to-value ratios and shorter maturities. Non-dilutive capital featuring flexible cash, PIK, or blended interest with amortization options tailored to the deal.

Preferred Equity

Improved flexibility for bespoke situations where a loan may not be the optimal fit. Accommodating solutions tailored to the opportunity.

Sponsor Finance

GP-level capital for acquisitions, follow-on investments, working capital, and commitment funding. We help sponsors accelerate growth across their portfolios without diluting existing LP relationships.

NAV Loans

Senior-secured loans against diversified fund portfolios based on net asset value (NAV), with conservative loan-to-value ratios and shorter maturities. Non-dilutive capital featuring flexible cash, PIK, or blended interest with amortization options tailored to the deal.

Preferred Equity

Improved flexibility for bespoke situations where a loan may not be the optimal fit. Accommodating solutions tailored to the opportunity.

Sponsor Finance

GP-level capital for acquisitions, follow-on investments, working capital, and commitment funding. We help sponsors accelerate growth across their portfolios without diluting existing LP relationships.

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.

Leadership

Leadership

The Team Behind Black Saddle

The Team Behind Black Saddle

Daniel Gillespie

Founder & Partner

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Tom Keegan

Partner

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Thomas Adamek

Partner

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Joe Freedman

Strategic Advisor

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Representative Transactions

Representative Transactions

Transactions shown are those of Black Saddle Capital Partners and its affiliates and are shown for illustrative purposes only. They are intended to be representative of Black Saddle’s current NAV lending strategy and were selected based on their consistency with that strategy and with the firm’s underwriting approach, and not on the basis of performance, return, outcome, or facility size. They do not represent all investments made by Black Saddle Capital Partners. Where a facility involved more than one lender, the total facility amount and the amount committed by Black Saddle and its affiliates are stated separately. No inference should be drawn that future transactions will have similar characteristics or achieve similar results.

Transactions shown are those of Black Saddle Capital Partners and its affiliates and are shown for illustrative purposes only. They are intended to be representative of Black Saddle’s current NAV lending strategy and were selected based on their consistency with that strategy and with the firm’s underwriting approach, and not on the basis of performance, return, outcome, or facility size. They do not represent all investments made by Black Saddle Capital Partners. Where a facility involved more than one lender, the total facility amount and the amount committed by Black Saddle and its affiliates are stated separately. No inference should be drawn that future transactions will have similar characteristics or achieve similar results.

$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.

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Flexible Capital for Lower-Middle Market Sponsors