SteepRock Capital

SteepRock originates senior secured, first-lien loans to lower-middle-market businesses. The firm underwrites against tangible collateral including accounts receivable, inventory, equipment, and real estate. Loan sizes typically range from $5 million to $30 million, structured for companies with $10 million to $100 million in annual revenue.

SteepRock sources directly through relationships with regional banks, restructuring advisors, turnaround consultants, and independent sponsors. The firm avoids loan syndicators and investment banks for origination, preferring to underwrite and negotiate terms directly with borrowers. This approach allows SteepRock to build loan documentation with tighter covenant protections.

SteepRock Capital is structured as an asset manager raising committed credit funds from institutional limited partners. Its investor base includes endowments, fund-of-funds, and family offices. The firm does not publicly identify as a single-family office or as the manager of a single family's capital.

SteepRock's lending activity concentrates on the US Midwest and Southeast, regions where bank consolidation has reduced traditional credit availability for small and mid-sized companies. The firm selectively evaluates transactions across other US markets when the collateral pool and sponsor quality meet underwriting thresholds.

SteepRock participates in special situations including debtor-in-possession financings and bridge lending, but avoids control-oriented distressed equity investments. The firm's credit committee, staffed with restructuring professionals, evaluates these opportunities solely through a senior-creditor recovery lens, prioritizing collateral coverage and priming rights.