Denver’s Bow River Capital Acquires Dallas-Based Park Cities’ Asset-Based Lending Business

Denver-based alternative asset manager Bow River Capital has acquired the asset-based financing business of Dallas-based Park Cities Asset Management, expanding its private credit capabilities with a seasoned team and an established lower-middle-market strategy.

Park Cities, founded in 2018 by Andy Thomas and Alex Dunev, focuses on originating privately negotiated, secured loans—typically two- to three-year terms—designed to generate strong yields across the capital structure. Since its inception, the firm has deployed over $2 billion across more than 50 portfolio companies and returned $150 million to investors.

The acquisition includes Park Cities’ 12-person team, which now joins Bow River to help scale its private credit platform.

“We’re excited to join Bow River’s platform,” said Thomas, Park Cities’ managing partner. “Their commitment to long‑term partnerships and scale will allow us to accelerate the growth of our lending strategy and deepen service to our investors and lending partners.”

For Bow River, it’s a move that aligns with the firm’s broader vision.

“We were attracted to the Park Cities team because of their deep sector expertise, strong track record, and like-minded culture,” said Blair Richardson, founder and CEO of Bow River Capital. “This acquisition rounds out Bow River’s private credit offering and is an important milestone in our vision of building a comprehensive, multi-asset alternative investment manager focused on the Rodeo Region.”

Dunev added that joining forces gives Park Cities new reach without losing identity.

“This acquisition allows us to scale our impact while staying true to our core values,” he said. “We look forward to building the future of private credit together with Bow River.”