# MidCap Financial

MidCap Financial 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:** 2008
- **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 is an SEC-registered investment adviser in Bethesda, MD, registered since 2016. The firm manages $7.3 billion in assets, with $4.8 billion on a discretionary basis. It has 360 employees and 122 investment advisers.

## Sectors

- Private Credit
- Healthcare Services
- Industrial Tech
- Energy Transition & Renewables
- Enterprise Software

## Offices

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

## People

- Howard Widra — Executive Chairman
- Sandy N. Brown — Chief Executive Officer

## Questions

### How is MidCap Financial related to Apollo Global Management?

MidCap is a majority-owned portfolio company of Apollo, acquired in 2011. It functions as Apollo's principal direct-origination lending platform for middle-market and healthcare borrowers. MidCap retains its own brand, origination teams, and underwriting committee, while its capital base draws heavily on Apollo's insurance subsidiaries, notably Athene.

### Does MidCap raise blind-pool funds or invest off a permanent balance sheet?

MidCap invests from a permanent-capital base rather than from closed-end drawdown funds. Most of its capital comes from Apollo's insurance-company balance sheets and long-dated separately managed accounts. This lets MidCap hold loans to maturity without the forced-refinancing pressure that closed-end private-credit funds face.

### Does MidCap lend to non-sponsored companies?

Yes. While the majority of MidCap's middle-market direct-lending volume involves sponsor-backed companies, the firm also writes directly to family-owned and independent businesses, particularly in healthcare and life sciences. Its life-sciences practice, in particular, lends directly to venture-backed biotech and medical-device companies without sponsor intermediaries.

### What distinguishes MidCap from other middle-market direct lenders?

The primary distinction is funding architecture. Most middle-market direct lenders raise closed-end blind-pool funds with finite lives and must return capital to limited partners within a decade. MidCap sources its capital from Apollo's permanent insurance balance sheet, principally through Athene. This allows MidCap to price and structure loans with hold-to-maturity underwriting rather than exit-driven underwriting, often resulting in tighter covenant packages.

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

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