# MidCap Financial Services

MidCap Financial Services is an Asset Manager based in Bethesda, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Bethesda, United States
- **Region:** North America
- **Address:** Bethesda, MD, United States
- **Founded:** 2010
- **Assets under management:** Undisclosed
- **Website:** midcapfinancial.com
- **LinkedIn:** https://www.linkedin.com/company/midcap-financial

## Regulatory record

- **CRD number:** 285820
- **SEC file number:** 801-108694
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/285820

## About

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.

## Sectors

- Private Credit
- Healthcare Services
- Enterprise Software
- Industrial Tech

## Offices

- Chicago, IL
- Los Angeles, CA
- New York, NY
- London, UK

## People

- Tim Conway — Chairman & Chief Executive Officer
- Bill Rinne — President
- Randy Schwimmer — Vice Chairman

## 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.

### 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.

### 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.

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- [Microwave Ventures](https://altss.com/profile/microwave-ventures)

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Last updated: 2026-06-03T20:00:00.000Z

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