The Criterion by Coyote Wealth · 2026
Top Private Credit Funds 2026
Coyote Wealth's 2026 ranking of the top 10 private credit funds scores direct lenders on scale, trailing 24-month origination activity, team continuity, and borrower-reported conduct. Ares Management, Blue Owl Capital, and HPS Investment Partners lead the large-cap tier; Twin Brook, Monroe Capital, and Comvest lead the lower middle market.
By the Coyote Wealth Editorial Team — researchers and writers with experience across leading Wall Street financial institutions. Updated August 8, 2026.
Coyote Wealth data point
SOFR + 537 bps
Median all-in spread on LMM unitranche facilities (Coyote Wealth 2026 estimate)
Coyote Wealth's estimate is based on 45 practitioner-reported middle-market credit agreements executed between Q3 2025 and Q2 2026, weighted toward borrowers with $10M–$50M of EBITDA. Add 50–100 bps of original issue discount on first-lien unitranche and 25–50 bps of annual undrawn revolver commitment fee to reach a true all-in cost.
The 2026 Criterion ranking
Ares Management
Coyote Composite 4.78/5Focus: Direct lending, opportunistic and junior credit
HQ: Los Angeles, CA
- Segment:
- Upper middle market
One of the largest private credit platforms globally, able to hold facilities of $1B+ on its own balance sheet. Relevant to borrowers above roughly $50M of EBITDA.
Blue Owl Capital
Coyote Composite 4.71/5Focus: Diversified direct lending and GP capital solutions
HQ: New York, NY
- Segment:
- Upper middle market
Large-scale lender with substantial permanent capital from non-traded BDC vehicles, which supports certainty of funding on big commitments.
HPS Investment Partners
Coyote Composite 4.66/5Focus: Senior and junior private credit
HQ: New York, NY
- Segment:
- Large-cap
Known for complex, structured credit solutions and for competing with the broadly syndicated market on jumbo unitranche deals.
Golub Capital
Coyote Composite 4.62/5Focus: Sponsor-backed middle-market direct lending
HQ: New York, NY
- Segment:
- Middle market
Long-tenured sponsor lender with a reputation for repeatable process and high re-up rates from private equity clients.
Antares Capital
Coyote Composite 4.58/5Focus: Sponsor-backed senior debt
HQ: Chicago, IL
- Segment:
- Middle market
One of the most active middle-market agents by deal count, with deep sponsor coverage and a large administrative agency function.
Twin Brook Capital Partners
Coyote Composite 4.55/5Focus: Lower middle market senior debt
HQ: Chicago, IL
- Segment:
- $3M–$50M EBITDA
Purpose-built for the lower middle market, which matters because upper-market lenders often will not staff a $25M facility properly.
Monroe Capital
Coyote Composite 4.49/5Focus: LMM direct lending and opportunistic credit
HQ: Chicago, IL
- Segment:
- $3M–$35M EBITDA
Active LMM lender across sponsored and non-sponsored borrowers, including independent sponsor transactions.
Churchill Asset Management
Coyote Composite 4.44/5Focus: Middle-market senior lending and junior capital
HQ: New York, NY
- Segment:
- Middle market
Nuveen-affiliated platform combining senior lending with equity co-investment and a large LP-facing fund business.
Comvest Credit Partners
Coyote Composite 4.38/5Focus: Non-sponsored and asset-oriented lending
HQ: West Palm Beach, FL
- Segment:
- $10M–$100M facilities
Unusual willingness to lend to non-sponsored borrowers and to underwrite asset coverage rather than pure cash-flow multiples.
Blackstone Credit & Insurance (BXCI)
Coyote Composite 4.35/5Focus: Large-cap direct lending and asset-based finance
HQ: New York, NY
- Segment:
- Large-cap
Scale lender with insurance-linked permanent capital; competitive on price for the largest, most defensible credits.
Also active in middle-market private credit: Barings, PennantPark, Bain Capital Credit, Brightwood Capital, NXT Capital, Deerpath Capital, and dozens of LMM specialists. Inclusion is editorial and is not an endorsement, a recommendation, or a solicitation to invest.
How to read this ranking
Scale and rank are not the same thing. A borrower with $8M of EBITDA is better served by Twin Brook or Monroe Capital than by a large-cap lender that will not staff a $30M facility properly, even though the large-cap lender scores higher on absolute capability.
Use the Coyote Composite as a starting shortlist, then filter by the size band in each firm's entry. The full mechanics of pricing, covenants, and term-sheet comparison are covered in our companion guide.
Methodology and limitations
- Objective — disclosed scale (assets, facilities, or commitments) within the category's stated size band.
- Objective — activity over the trailing 24 months, measured by disclosed transactions or closings.
- Objective — tenure and team continuity, including whether the senior team has operated through a full cycle.
- Subjective — counterparty experience: responsiveness, certainty of close, and conduct during diligence.
- Subjective — terms and transparency relative to peers of similar size.
- The Coyote Composite is a 0–5 editorial score that weights the objective factors at 60% and the subjective factors at 40%. It is not a performance rating and does not predict returns.
- No firm paid for inclusion or position. Coyote Wealth does not manage money, administer funds, or sell financial products.
No firm paid for inclusion or placement. Coyote Wealth does not manage money, administer funds, or sell financial products. Figures are editorial estimates drawn from public disclosures and practitioner interviews, not audited data. Corrections: contact the editorial desk.
Frequently asked questions
What is a private credit fund?
A private credit fund is a pooled investment vehicle that originates loans directly to companies rather than buying publicly syndicated debt. Most middle-market private credit is first-lien unitranche debt held to maturity, priced at a floating spread over Term SOFR.
How much does private credit cost a borrower in 2026?
Coyote Wealth estimates a median all-in spread of SOFR plus 537 basis points on lower-middle-market unitranche facilities, plus 1–2 points of original issue discount, a 1%–2% closing fee, and 25–50 basis points on undrawn revolver commitments.
How much leverage will a private credit fund provide?
Typical middle-market unitranche facilities are sized at 4.0x–5.5x EBITDA for stable, sponsor-backed businesses. Lower-middle-market and non-sponsored borrowers usually see 3.0x–4.0x, and cyclical or customer-concentrated businesses see less.
What is the difference between private credit and a bank loan?
Banks underwrite to regulatory capital rules, often syndicate the loan, and generally require tighter covenants and lower leverage. Private credit funds hold the loan themselves, close faster, tolerate more leverage and complexity, and charge a higher spread for that flexibility.
Do I need a private equity sponsor to borrow from a private credit fund?
No, but the lender universe narrows substantially. Most large direct lenders focus on sponsor-backed transactions; non-sponsored founder-owned borrowers should approach lenders with explicit non-sponsored programs such as Comvest, Monroe Capital, or a lower-middle-market specialist.
Related Coyote Wealth research
This ranking is editorial and informational only. It is not investment advice, a recommendation of any lender or fund, or an offer or solicitation with respect to any security.
Coyote Wealth is not a registered investment adviser, broker-dealer, or financial planner. Rankings are editorially determined based on publicly available information and our team's professional judgment. Some firms may pay for sponsored placements, which are clearly labeled "Sponsored." Nothing on this site constitutes investment advice. We may receive compensation when you connect with a provider. See our Advertiser Disclosure.