ZRG Partners

Larry Hartmann, ZRG Partners' founder and Chief Executive Officer, chairs the firm's credit committee. Hartmann has run the firm since its 2000 launch, building a middle-market lending practice that focuses on structuring bespoke term loans and unitranche facilities. Investment decisions are made internally by a small senior team rather than through a multi-layered approval process common at larger credit platforms.

ZRG sources loans primarily through regional and boutique investment banks, independent sponsors, and restructuring advisory networks. The firm does not rely on broad auction processes but instead cultivates repeat relationships with intermediaries who bring off-market or time-sensitive financing needs. This network-driven origination supports the firm's ability to provide fast commitment letters on complex credits.

ZRG Partners primarily raises capital on a deal-by-deal basis from a network of family offices and institutional co-investors, rather than operating out of a committed blind-pool fund. Each transaction is syndicated to a group of limited partners who evaluate the specific credit alongside ZRG's own underwriting. This structure aligns ZRG's fees and incentives directly with each deal's performance.

ZRG focuses on lower-middle-market to upper-middle-market companies with EBITDA typically between $5 million and $50 million. The firm provides loans for operational turnarounds, acquisition financing, growth capital, and sponsor-led recapitalizations. Stage flexibility allows ZRG to structure both transitional credits for companies in distress and growth-oriented facilities for performing businesses.

ZRG's underwriting prioritizes asset coverage and sustainable cash-flow generation over sponsor reputation or broad market comparables. The firm writes loans on credits that are often too small or complex for large direct-lending platforms. A lean credit committee and deal-by-deal funding allow ZRG to close transactions on compressed timelines without the internal bureaucracy of multi-strategy asset managers.