Dallas-based Texas Capital Bancshares announced a new private credit strategy Monday with the launch of its Texas Capital Direct Lending (TCDL) platform, aimed at providing non-bank private capital to the middle market.
The new platform will target Texas-based middle market companies and private equity sponsors, Texas Capital said, with a focus on senior secured floating rate term loans.
The TCDL platform is slated to be an “integral part” of Texas Capital’s corporate & investment bank and will enable its clients and prospects “to access a wider array of capital solutions,” Texas Capital said.
A ‘seamless source of capital’ for borrowers
Combined with the broader Texas Capital platform, TCDL aims to provide a “seamless source of capital for its borrowers”—and intends to lend to middle market companies generating between $5 million and $50 million in EBITDA. The primary target will be on on companies between $10 million and $30 million in EBITDA, Texas Capital added.
Tim Laczkowski to lead the new platform
Texas Capital announced that Tim Laczkowski has joined the firm as a managing director, and will be responsible for leading the firm’s new direct lending business—overseeing fund management, underwriting, investment, and portfolio management for TCDL.
Dallas-based Laczkowski brings more than 20 years of debt and equity investing experience to Texas Capital. He previously served as founder and partner of Dallas-based PE firm Altacrest Capital.
“Adding a private capital funding option for middle market companies extends our reach as a full-service financial institution,” Laczkowski said in a statement. “It’s an honor to join Texas Capital to build out our direct lending platform and capabilities and to further differentiate ourselves in the market.”
Seeking to be the ‘first call’ for Texas middle market companies
Aiming to be the “first call” for middle market companies headquartered in Texas and beyond, Texas Capital said the new platform further extends the firm’s suite of financial and advisory solutions.
Texas Capital’s Head of Corporate & Investment Banking Daniel Hoverman called the launch “a significant milestone” for the firm, “as we will be able to provide clients with direct access to private credit funding while leveraging our industry expertise; breadth of product and services; and leading treasury, payments and investment banking capabilities.”
“We fundamentally believe that business owners should have access to Texas-based financing options,” he added. “We trust that the TCDL platform will provide a welcome resource for ambitious, growth-oriented companies in the middle market. Under Tim’s leadership, complemented by our robust private wealth, sponsors coverage and capital markets businesses, we are confident that Texas Capital can deliver our clients financing options to address an array of strategic challenges.”
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