Antares Capital

Antares Capital

Antares Capital was founded in 1996 as Heller Financial's middle-market lending unit, spinning out as an independent firm in 2005 when GE Capital acquired Heller. David Brackett, a veteran of the original Heller operation, became CEO in 2020 after the firm's acquisition by Canada Pension Plan Investment Board (CPP Investments) in 2015 gave it permanent capital backing. That ownership structure — a major pension plan as sole limited partner for much of its capital — is rare among private-credit managers and informs Antares's hold-to-maturity lending posture. Antares originates, structures, and holds senior secured loans to private equity-backed companies in the U.S. and Canada, with a growing presence in Europe out of its London office. The firm writes first-lien, second-lien, and unitranche loans, typically to companies with $20 million to $500 million in enterprise value. Confirmed portfolio companies include Lightyear Capital-backed HealthEdge, Vista Equity Partners-backed Finastra, and Audax Private Equity-backed Corza Medical. Sectors run across healthcare, technology, business services, and industrial manufacturing. Unlike broadly syndicated loan managers, Antares holds the majority of its loans on its own balance sheet or within captive vehicles, giving sponsors certainty of close — a structural advantage in deal auctions. Antares runs approximately $60 billion to $70 billion in assets under management, with roughly 270 investment professionals across six offices. In April 2024, the firm closed its third senior loan fund, Antares Senior Loan Fund III, at $7.5 billion, exceeding its $6 billion target (per the firm, April 2024). The firm also manages the Antares Asset Funding platform, a series of CLOs, and the Antares Capital Partners Fund, a drawdown vehicle for limited partners. Philanthropic activity runs through the Antares Charitable Foundation, which funds education and healthcare access in Chicago and portfolio-company communities. Antares's structural differentiator is its balance-sheet partnership with CPP Investments. While most direct lenders raise blind-pool funds from multiple limited partners, Antares deploys off a capital base anchored by one of the world's largest pension funds. That alignment eliminates the fundraising cycle pressure that shapes many competitors' origination behavior and allows Antares to be a liquidity provider in cycles when other lenders retreat. The firm's succession clarified in 2020 when Brackett, a 25-year Antares veteran, took over from co-founder John Martin — signaling continuity in a business where relationship tenure with sponsors translates directly into deal flow.