Far West Capital Management

Far West operates as a privately funded balance-sheet lender rather than a third-party LP fund. The principals provide equity capital alongside a commercial bank credit line, meaning the investment committee is risking its own money on every facility it approves. This structure eliminates the duration mismatch and redemption-risk constraints that shape typical private credit funds.

Concentration lies in manufacturing, staffing, government contracting, oilfield services, distribution, and technology services — sectors where receivables are easily verifiable and assignment can be perfected quickly. The firm generally avoids construction financing with progress-billing complexity, healthcare receivables with long adjudication cycles, and consumer-facing receivables.

Harmonson spent roughly a decade at First Capital, a firm that bought distressed asset pools and later grew a factoring platform. He subsequently ran the factoring division for a regional bank in the Southwest, developing expertise in structured working-capital products during a period when bank regulation was tightening post-2008. He launched Far West Capital in 2013 with that direct experience.

Occasionally the firm will co-lend alongside a regional bank when a facility exceeds its balance-sheet appetite. A 2023 partnership created a hybrid vehicle that allows the bank to use Far West's underwriting and monitoring infrastructure while extending additional credit to the borrower via a bank-funded layer, effectively structuring a senior-stretch participation.