The new vehicle, slated for a third-quarter 2026 launch, targets businesses with annual revenues ranging from $100 million to $1 billion. By combining the investment banking network of Texas Capital with the underwriting expertise of Phoenix, the initiative aims to offer non-dilutive capital for organic growth and strategic acquisitions. Spurstone Credit has already secured backing from a group of institutional anchor investors, signaling strong initial demand for its specialized lending mandate.
Phoenix Merchant Partners and Texas Capital Forge Private Credit Alliance
Dallas-based Phoenix Merchant Partners and Texas Capital Alternative Asset Management are launching a strategic partnership to provide senior secured financing to the core middle market. The collaboration centers on the upcoming debut of Spurstone Credit, a perpetual-life fund designed to address liquidity gaps for founder-led and non-sponsored enterprises.
Daniel Hoverman, head of corporate and investment banking at Texas Capital, noted that the partnership enhances the firm’s ability to deploy proprietary credit solutions to underserved companies. For Phoenix, the deal provides a critical pipeline for deal origination. According to Art Mbanefo, founder and CEO of Phoenix, the alliance unlocks access to high-quality businesses across key economic hubs including Texas, California, New York, and Illinois. The fund will be advised by Ryestone Advisors LLC, a newly formed entity currently seeking registration with the U.S. Securities and Exchange Commission, with TCAAM serving as a minority economic investor.
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