We’ve been delivering private credit solutions for over 30 years. As one of its earliest leaders, we helped shape the private credit industry, demonstrating how credit discipline, relationships, and experience go hand in hand with strong client outcomes and risk-adjusted returns across market cycles.
“Private credit continues to grow as investors increasingly view it as a core alternatives allocation. We believe direct lending has been resilient and consistent across market cycles.”
The Opportunity
An asset class offering attractive risk-adjusted return potential and differentiated portfolio exposure.
01
Consistent Risk-Adjusted Performance Across Cycles
Private credit continues to offer a meaningful yield premium with lower return volatility relative to many traditional fixed income and public credit asset classes, supporting its role as a core income allocation.
02
Short Duration, Inflation Resilience
Direct loans typically feature short duration and floating-rate structures, positioning private credit to remain resilient and provide positive inflation beta should inflation reaccelerate due to tariffs.1
03
Relative Value Income
Direct lending has demonstrated consistent risk-adjusted returns across varying interest rate environments, supported by contractual income, senior positioning, and disciplined underwriting.
Compared to other asset classes with similar expected returns, private credit has a lower risk profile.2
Antares’ Perspective
The Antares Advantage
Antares believes that the combination of its patient, proactive investment management strategy and experienced credit advisory group has enabled Antares to achieve better-than-market loss performance.
Antares takes meaningful principal risk alongside investors, aligning interests from origination through realization. Backed by The Canadian Pension Plan Investment Board (CPPIB), one of the world’s leading pension funds, the Antares investment portfolio provides scale, stability, and a long-term capital alignment.
A Scaled Platform
A scaled sourcing platform and long-term private equity sponsor relationships allow Antares to see significant deal flow and be selective when building portfolios.
Deep sponsor relationships and a lead-lender vantage point give us the visibility and influence to shape terms and outcomes as a direct investor.
Proprietary access to repeat borrowers and trusted sponsors ensures a consistent pipeline of well-underwritten opportunities.
Built for Resilience
With exposure diversified across borrowers, sponsors, and 27 industries, our portfolio is designed to limit concentration risk while maintaining disciplined exposure to the areas of the market we know best.12
Access
Investors can access Antares’ private credit strategy through a range of vehicles and customized solutions.
Closed-End Funds (Senior Loan Fund (SLF) series)
Commingled private credit funds providing diversified exposure to directly originated middle market loans, focused on contractual income, capital preservation, and downside protection.
Perpetual Vehicles
Typically structured as BDCs, offering continuous access to diversified portfolios of middle-market loans. Through our public BDC, investors can access this strategy in a perpetual format.
Private Credit CLOs
Securitized vehicles backed by diversified portfolios of directly originated private credit assets.
Rated Feeder Funds
Capital-efficient vehicles designed to provide rated exposure to private credit strategies for insurance and other liability-driven investors.
CLO Equity Funds
Capital-efficient vehicles designed to provide rated exposure to private credit strategies for insurance and other liability-driven investors.
Separately Managed Accounts (SMAs)
Customized vehicles designed to meet investors’ specific investment objectives and allocation requirements with tailored portfolios, reporting and liquidity features.
Our Team
Seasoned Team, Integrated Platform
Antares Capital Advisers Investment Committee
A highly seasoned team of credit investors focused on constructing diverse, high-quality portfolios with a focus on long-term risk-adjusted returns.13
Deputy Chief Investment Officer
26 years in the industry22 years with Antares and its predecessors
Co-Head of Originations
23 years in the industry24 years with Antares and its predecessors
Senior Managing Director
37 years in the industry37 years with Antares and its predecessors
Chief Investment Officer
40 years in the industry30 years with Antares and its predecessors
Chief Executive Officer
38 years in the industry30 years with Antares and its predecessors
President of Antares Capital Advisers
27 years in the industry10 years with Antares and its predecessors
Head of Capital Markets
28 years in the industry21 years with Antares and its predecessorsCredit Advisory Group
A dedicated team focused on proactive downside management and maximizing recoveries. Integrated with underwriting and originations, the group helps identify issues early and pursue restructuring strategies designed to protect capital.14
Senior Managing Director
37 years in the industry37 years with Antares and its predecessors
Managing Director
28 years in the industry24 years with Antares and its predecessors
Senior Vice President
23 years in the industry19 years with Antares and its predecessors
Managing Director
33 years in the industry18 years with Antares and its predecessors
Managing Director
24 years in the industry18 years with Antares and its predecessors
Senior Vice President
16 years in the industry12 years with Antares and its predecessors
Vice President
13 years in the industry10 years with Antares and its predecessors
Vice President
12 years in the industry10 years with Antares and its predecessors
Explore Private Credit
The commentary within this section represents Antares’ beliefs. Diversification does not assure a profit or protect against loss in a declining market.
1 Cliffwater “Stagflation” paper, May 13, 2022, where private debt expected inflation beta shown to be 0.91.
2 Cliffwater LLC – 2025 Asset Allocation Report, January 29th, 2025, and October 15th 2025 Webinar updates where available. Reprinted here with permission. Returns for Diversified Private Equity, Energy Funds, Infrastructure, Private Debt, Private RE Partnerships, Private Real Estate (UL) are lagged by one quarter. **10-year risk values are adjusted for smoothing where appropriate Source: Bloomberg, Morningstar, Russell, NCREIF, FTSE NAREIT, Cambridge, Cliffwater, MSCI, HFRI, Alerian. There can be no assurance that any expected rates of return or risk will be achieved. Expected rates of return and risk may be based upon assumptions regarding future events and conditions that prove to be inaccurate. Expected rates of return and risk should not be relied upon as an indication of future performance and should not form the primary basis for an investment decision. The index returns are provided for information only. Reference to an index does not imply that a portfolio will achieve returns, volatility, or other results similar to the index. Includes buyout private equity fundraising and compares US middle market CLO issuance, public equity BDCs and private debt funds.
3 LSEG LPC August 2025.
4 Pitchbook Q3 25 US PE Breakdown report October 10th, 2025.
5 Pitchbook LCD Maturity Breakdown July 18th, 2025.
6 Source: Antares analysis of Pitchbook LCD, Preqin and U.S. Census data. Middle market in this context is defined as companies with EV <$5B and companies with revenues $5M – 2.5B.
7 CUMA figure noted here relates to the Private Credit and Liquid Credit Strategies.
8 Based on a unique count of investors across Antares’ Private Credit and Liquid Credit existing funds, SMAs, contract investor programs, and collateralized loan obligations (“CLOs”) as of December 31, 2025.
9 Lead Lender role includes transactions where Antares was lead-left arranger, right-lead arranger and/or admin agent. Based on origination deal count between 2016 – 2025.
10 Represents the average based on deal count from 2016 – 2025.
11 “Loss Rate” is the quotient of (i) cumulative Realized Losses divided by (ii) cumulative Invested Capital, annualized by dividing such result by the number of years since 2007, as of December 31, 2025. Note: Loss performance pertains only to Antares Core Business Loans and Private Credit Composite Loans; Gains or losses associated with investments other than such loan positions, including without limitation, equity investment in borrowers (or their affiliates) other than equity positions received as part of a debt-to-equity conversion, and unrealized loans, are excluded.
12 Note: As of December 31, 2025. Industry Diversity is based on Moody’s Industry Classification.
13 Note: As of December 31, 2025. There can be no assurance that any particular individual will be involved in the management of any particular portfolio for any given period of time, if at all. Any particular portfolio may exhibit different characteristics and pursue different investment objective. Please note, Steve Rubinstein is a non-voting rotational member of Antares Capital Advisers Investment Committee.
14 Note: As of December 31, 2025. There can be no assurance that any particular individual will be involved in the management of any particular portfolio for any given period of time, if at all.
15 The transactions shown on this page are representative of credit facilities provided by Antares Capital LP’s lending platform and are not exhaustive of Antares Capital LP’s portfolio. Criteria for displaying credit facility information on this page includes the following selection criteria which may be modified or waived from time to time: (i) Antares Capital LP must be an agent or arranger on the credit facility, (ii) the transaction must be for (a) a new platform, (b) a refinancing or recapitalization of a prior Antares Capital LP credit facility, or (c) a material add-on to the borrower’s business, and (iii) the sponsor has consented to the publication of such information. The information shown on this page should not be used as a basis for investment decisions nor should it be considered an indication of the performance of Antares Capital LP’s portfolio. Past performance is not indicative of future results.
Past performance is not a reliable indicator of future performance and future results may vary materially.
Capital under management & administration (CUMA): includes, without duplication, Antares Holdings (an affiliated, non-discretionary portfolio, also referred to as the “Platform Balance Sheet”), third-party managed vehicles, and contract investor programs and is calculated as the sum of: (i) for CLOs and the Platform Balance Sheet, the sum of total outstanding principal balance of loans and loan commitments, equity-related investments, cash, restricted cash and cash equivalents; excludes CLO structured financings in place for accounts included in (iii) below; (ii) for BDCs, third-party net subscriptions and target operating leverage; (iii) for actively investing advised accounts and contract investor programs, the total equity commitments and, with respect to actively investing advised accounts, maximum leverage limits per the applicable limited partnership agreement or other governing document of such accounts; and (iv) for advised accounts or contract investor programs that are no longer investing, total outstanding principal balance of loans and loan commitments held by such vehicles. For purposes of the foregoing clauses (ii) and (iii), the target operating leverage and maximum leverage limits, respectively, included herein may be different from the actual amount of leverage applied in the case of any given account. Contract investor programs are not advised clients and are either self-directed or managed by a third party. For the avoidance of doubt, CUMA is not intended to be the same as (and is calculated differently as compared to) Antares Capital Advisers LLC’s, Antares Capital Credit Advisers LLC’s, Antares Liquid Credit Strategies LLC’s, or Antares Liquidity Solutions LLC’s regulatory assets under management, as reported under Item 5.F on Part 1 of Form ADV. Please contact Antares with any questions.
Antares Historical Default Rate & Loss Performance Disclosures.
