Updated:
Mizzen Capital
Marilyn Adler and Liddy Karter's Mizzen Capital is a women-owned SBIC deploying senior debt into U.S.
Mizzen Capital
Mizzen Capital primarily invests debt into U.S. based lower middle market companies. We tailor capital structures to fit company's needs and objectives. We prioritize transparency and aligned goals. Company Characteristics: Targeting lower middle market companies with EBITDA of $1M to $15M with under 4x leverage. Emphasis on business models with free cash flows, recurring revenues and lower capex and consistent historical financial performance. Strong, Experienced Management team with demonstrated commitment to success. Defensible industry leadership or distinguished market niche. Growing market with fundamental value proposition. Asset base or reliable cash flows to support loans. Located in the United States or its territories. Industries: Including but not limited to Manufacturing and Industrial, Business and Healthcare Services, IT and Software, and Alternative Energy.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Stamford
Corporate office
263 Tresser Blvd, 9th Floor Stamford CT 06901, USA
Additional offices
Philadelphia, PA · Baton Rouge, LA
Principals
Marilyn Adler
Managing Partner
Liddy Karter
Managing Partner
Annie Li
Managing Director
Sector focus
Frequently asked questions
Who runs investment decisions at Mizzen Capital?
Managing Partners Marilyn Adler and Liddy Karter oversee all investment activity. The firm's website lists a single Managing Director, Annie Li, alongside the two partners, suggesting a lean decision-making structure with senior-level involvement in each transaction.
What is Mizzen Capital's typical transaction structure?
Mizzen deploys senior secured first- and second-lien term loans, mezzanine debt with equity warrants, and occasional equity co-investments. The firm targets sub-4x leverage on companies with $1M–$15M in EBITDA, and deal size can reach $30M, with larger loans syndicated (per the firm's stated strategy).
How does Mizzen source its deal flow?
The firm participates in independent sponsor dealmaking forums, including the iGlobal Forum Independent Sponsor Dealmakers Meeting, where Managing Partner Marilyn Adler represented Mizzen in April 2026. Mizzen also connects to diverse ownership teams via its women-owned SBIC network, creating a pipeline distinct from broadly auctioned processes.
Does Mizzen Capital take equity positions?
Yes, but selectively. While the core product is senior secured debt, Mizzen's portfolio includes transactions tagged 'Term Loan and Equity' and 'Debt and Equity' — such as a $5.65M package to a Water Infrastructure Distributor and a $16M debt-and-equity investment in a Government IT Solutions Provider (per the Mizzen portfolio page, accessed May 2026).
Which sectors does Mizzen Capital explicitly target?
The firm names manufacturing, industrials, business services, healthcare services, IT, software, and energy transition as its sectors. Its disclosed portfolio tilts toward fragmented essential services — HVAC, plumbing, pest control, roofing, landscaping — and domestic manufacturing, with no consumer-tech or venture-stage exposure visible.
Is Mizzen Capital a single-family office or a fund manager?
Mizzen operates as an asset manager. The firm runs a commingled SBIC fund and deploys capital as a fiduciary to external clients, not as a vehicle for a single family's wealth. Its website indicates no family-office wealth origin.
Does Mizzen maintain philanthropic or impact-reporting structures?
Mizzen is a U.N. PRI signatory and publishes an annual impact report available on its website. The firm integrates ESG considerations into investment analysis and ownership practices, and frames its lending to small businesses as supporting the livelihoods of employees, suppliers, and communities across America.
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.
Need institutional-grade insight on asset managers?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: