Phoenix Merchant Partners and Texas Capital team up for middle-market credit fund

Phoenix Merchant Partners, LP and Texas Capital Alternative Asset Management (TCAAM), a subsidiary of Texas Capital Bancshares, Inc. (NASDAQ: TCBI), announced a strategic relationship to provide direct lending and capital solutions to core middle-market businesses.

As part of the arrangement, Phoenix plans to launch Spurstone Credit, a perpetual-life, non-traded closed-end credit fund, in the third quarter of 2026. The Dallas-based fund will focus on senior secured financing for businesses with annual revenues between $100 million and $1 billion that are non-sponsored, family-owned, or founder-led.

Spurstone will be advised by Ryestone Advisors LLC, a Phoenix-sponsored registered investment adviser currently seeking registration with the U.S. Securities and Exchange Commission. TCAAM will hold a minority economic interest in Spurstone's investment adviser.

The fund has attracted interest from institutional anchor investors ahead of its planned launch, according to the press release.

Daniel Hoverman, Head of Corporate & Investment Banking at Texas Capital and President of TCAAM, said the partnership "expands and accelerates our ability to offer proprietary private credit financing solutions to deserving clients."

Art Mbanefo, Founder and CEO of Phoenix, said the relationship with TCAAM provides "unparalleled access to high-quality, founder-owned businesses across Texas and other economic centers like California, New York, and Illinois."

The fund's strategy targets businesses seeking flexible, non-dilutive senior capital for organic growth, acquisitions, and balance sheet management.

You May Also Be Interested In

• Waymo Explores Split With Uber - FT
• Codexis (CDXS) files for 16.67M share offering by selling stockholders
• Tianci International sets up Zimbabwe unit for chromium operations