Recurring Capital Partners

RCP sources primarily through its investment team's operating and equity-investing networks. Bradley McBride and other managing directors have spent decades inside family-office direct-investment groups, technology private equity, and investment banking. The firm also relies on a portfolio of 70-plus active and exited founder relationships, many of which generate referrals within the B2B SaaS community. No evidence suggests RCP maintains a formal intermediary-sourced or broker-dealer program.

The firm writes growth term loans of $1 million to $20 million, often structured as subordinate debt that sits behind existing bank credit lines. The loans carry flexible covenants and require no personal guarantees or institutional equity backers, which allows founding teams to avoid dilution, board seats, or preferential return structures while layering RCP's debt alongside senior bank facilities. The firm has demonstrated a consistent practice of making follow-on investments to portfolio companies as they scale.

The firm's website and published materials emphasize non-dilutive debt financing and explicitly state that the model does not require institutional equity investors on the cap table. RCP's marketing — "the cost of equity can be more than twice the cost of RCP debt" — suggests a straight-debt structure, but the specifics of any warrant coverage or success fees are not publicly detailed and are likely negotiated bilaterally with each borrower.

Brian Henley, the founding managing partner, leads the investment team alongside managing directors Bradley McBride, Matt Stewart, and Chico Korth. McBride runs underwriting and deal execution, Stewart oversees operations and portfolio management, and Korth manages investor relations and capital raising. The compact senior team suggests that credit approval and commitment decisions rest with this group.

The firm's public disclosures describe direct debt deployment — "RCP has deployed $325+ million across 70+ B2B SaaS companies" — but do not specify whether this capital comes from a single balance sheet, a committed fund structure, or separately managed accounts. Chico Korth's investor-relations role and the lack of a disclosed registered fund suggest that RCP raises capital from institutional limited partners, but the firm's regulatory and fund-formation posture is not publicly detailed.

RCP's portfolio page documents exits via strategic sale, private-equity recapitalization, bank refinancing, and sponsor-to-sponsor transaction. Examples include the July 2025 sale of Consent Management Platform to Didomi, the May 2025 sale of an unnamed company to UKG, and a recapitalization by Mountaingate Capital in March 2025. The variety of exit paths suggests RCP's debt is structured to accommodate the liquidity event that best suits the sponsor and founder, rather than forcing a refinancing.

RCP explicitly states no institutional equity requirement — meaning it will lend to bootstrapped companies without a sponsor — but its portfolio page shows multiple companies where a subsequent exit was a recapitalization by private equity firms such as Riverside Company, Nexa Equity, and Radian Capital. This suggests RCP is comfortable lending into sponsor-backed capital structures as well, and that equity sponsors view RCP's debt as acquisition-friendly.