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MidCap Financial Services
MidCap Financial Services LLC is an SEC-registered investment adviser in Bethesda, MD, registered since 2016. The firm manages $7.3 billion in assets, with...
MidCap Financial Services
MidCap Financial Services LLC is an SEC-registered investment adviser in Bethesda, MD, registered since 2016. The firm manages $7.3 billion in assets, with $4.8 billion managed on a discretionary basis. It has 360 employees and 122 investment advisers.
General information
Firm type
Asset Manager
Year founded
2010
Location
Region
North America
Country
United States
City
Bethesda
Corporate office
Bethesda, MD, United States
Additional offices
Chicago, IL · Los Angeles, CA · New York, NY · London, UK
Principals
Tim Conway
Chairman & Chief Executive Officer
Bill Rinne
President
Randy Schwimmer
Vice Chairman
Sector focus
Frequently asked questions
Who runs investment decisions at MidCap Financial?
Investment decisions are made by an internal investment committee led by Chairman and CEO Tim Conway and President Bill Rinne. Both are founding partners and former Merrill Lynch Capital Healthcare executives. The firm operates its own underwriting process independently from parent company Apollo Global Management, which acquired MidCap in 2014.
How does MidCap Financial source proprietary deal flow?
MidCap sources primarily through direct relationships with private equity sponsors in the lower-middle and core-middle market. The firm's senior deal-makers are organized around dedicated sponsor coverage across its Bethesda, Chicago, Los Angeles, and New York offices. It competes less on auction processes and more on providing certainty of close to sponsors who value speed and reliability.
Is MidCap Financial structured as a single family office or does it operate more like a venture firm?
Neither. MidCap is an institutional direct lender — a specialty finance company that makes senior secured loans to middle-market companies, primarily in healthcare and software. It has operated as a portfolio company within Apollo Global Management's credit division since 2014.
Does MidCap Financial participate in fund commitments or only direct deals?
MidCap is a direct deal-only platform. It originates, underwrites, and holds senior secured loans on its own balance sheet rather than committing capital to third-party managed funds. This balance-sheet model allows the firm to offer bespoke financing solutions without syndication.
What investment stages does MidCap Financial typically target?
MidCap targets later-stage private companies that are generating revenue and cash flow — typically sponsor-backed buyout candidates or founder-owned companies seeking growth or acquisition financing. It does not provide venture-stage or seed capital.
Which sectors does MidCap Financial explicitly avoid?
MidCap has historically avoided cyclical sectors such as energy exploration, retail, and hospitality. The firm's core competency is in healthcare, software, and asset-light business services. It does not originate real estate or project finance loans.
How is MidCap Financial related to Apollo Global Management?
Apollo acquired MidCap Financial in 2014 and operates it as a standalone subsidiary within Apollo's private credit platform. MidCap retains its own underwriting team, investment committee, and brand identity. Apollo provides permanent capital to fund MidCap's loan portfolio, creating a structure where MidCap holds loans long-term rather than warehousing them for distribution.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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