Dallas-based Texas Capital Bancshares has launched Texas Capital Direct Lending (TCDL), a new private credit platform aimed at providing non-bank capital to middle market companies in Texas. The platform will focus on senior secured floating rate term loans for companies generating between $5 million and $50 million in EBITDA, with a primary target on those between $10 million and $30 million.
TCDL will be an integral part of Texas Capital's corporate & investment bank, offering clients access to a wider range of capital solutions. The platform aims to be a seamless source of capital for borrowers, leveraging Texas Capital's industry expertise, product and service offerings, and treasury, payments, and investment banking capabilities.
Tim Laczkowski, a veteran with over 20 years of debt and equity investing experience, has joined Texas Capital as a managing director to lead the new direct lending business. He will oversee fund management, underwriting, investment, and portfolio management for TCDL.
The launch of TCDL marks a significant milestone for Texas Capital, as it seeks to be the first call for middle market companies in Texas and beyond. The firm believes that business owners should have access to Texas-based financing options and is confident that the new platform will provide a valuable resource for growth-oriented companies in the middle market.
Our Opinion:
The launch of Texas Capital's direct lending platform is extremely relevant to alternative lenders as it sets a new standard for ways they can interact and service the mid-market segment. It also has implications for their business models and strategies in terms of balancing the potential benefits of direct lending, including ease of access, customization, and competition, versus the potential downsides, like credit risk, regulatory uncertainty, and lack of personalized service.
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