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

Co-Investment

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.

Co-Investment

Select opportunities to deploy capital alongside Black Saddle on a deal-by-deal basis. Each co-investment is structured to align interests across the capital stack with full transparency into terms and underwriting.

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.

Co-Investment

Select opportunities to deploy capital alongside Black Saddle on a deal-by-deal basis. Each co-investment is structured to align interests across the capital stack with full transparency into terms and underwriting.

Strategy Overview

Investment Parameters

Deal Size & Structure

Senior-secured NAV loans and preferred equity in $10MM to $30MM facilities, lent to the fund, GP, or management company.

Terms & Pricing

Facilities 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

Representative transactions are shown for illustrative purposes only and do not represent all investments made by Black Saddle Capital Partners. Past performance is not indicative of future results.

Representative transactions are shown for illustrative purposes only and do not represent all investments made by Black Saddle Capital Partners. Past performance is not indicative of future 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.

$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.

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Flexible Capital for Lower-Middle Market Sponsors