Phoenix Merchant Partners, Texas Capital Form Private Credit Alliance
Phoenix Merchant Partners and Texas Capital Alternative Asset Management (TCAAM), a wholly owned subsidiary of Texas Capital Bancshares, have formed a strategic relationship to expand direct lending and customized capital solutions for middle-market companies across the United States.
The relationship combines Texas Capital’s corporate and investment banking platform with Phoenix’s expertise in structuring, underwriting and managing private credit investments across multiple market cycles.
As part of the collaboration, Phoenix plans to launch Spurstone Credit in the third quarter of 2026. The Dallas-based vehicle will be structured as a perpetual-life, non-traded closed-end credit fund focused primarily on providing senior secured financing to core middle-market businesses with annual revenues between $100 million and $1 billion.
The firms said the strategy targets an underserved segment of the private credit market, leveraging Texas Capital’s client relationships and Phoenix’s investment capabilities to originate proprietary lending opportunities.
“As the only full-service financial services firm headquartered in Texas, we continuously look for ways to serve the needs of companies and their owners,” said Daniel Hoverman, head of corporate and investment banking at Texas Capital and president of TCAAM. “Working with Phoenix expands and accelerates our ability to offer proprietary private credit financing solutions to deserving clients.”
Phoenix founder and chief executive officer Art Mbanefo said proprietary deal sourcing remains a key differentiator in private credit, adding that the relationship provides access to founder-owned businesses across Texas and other major economic markets, including California, New York and Illinois.
Spurstone will be managed by Ryestone Advisors, a newly formed Phoenix-sponsored registered investment advisor that is seeking registration with the U.S. Securities and Exchange Commission. TCAAM will hold a minority economic interest in the investment advisor.
