Phoenix Merchant Partners and Texas Capital Alternative Asset Management Announce Strategic Relationship to Serve the Core Middle Market
Phoenix to launch Spurstone Credit, a perpetual-life, non-traded closed-end credit fund backed by institutional anchor investors
DALLAS, June 30, 2026 /PRNewswire/ -- Phoenix Merchant Partners, LP ("Phoenix"), an independent alternative asset manager, and Texas Capital Alternative Asset Management ("TCAAM"), a wholly owned subsidiary of Texas Capital Bancshares, Inc. (NASDAQ:TCBI), today announced a strategic relationship to provide customized capital solutions and direct lending to the core middle market across a diverse range of industries.
The strategic relationship integrates the corporate and investment banking coverage network of Texas Capital with the sophisticated structuring, disciplined underwriting, and multi-cycle portfolio management expertise of Phoenix. Capitalizing on this powerful combination, Phoenix will launch its first vehicle, Spurstone Credit ("Spurstone"), in the third quarter of 2026. Structured as a perpetual-life, non-traded closed-end credit fund, Spurstone will be headquartered in Dallas, Texas.
Demonstrating strong early market reception, Spurstone has already attracted interest from a sophisticated group of anchor institutional investors. The vehicle's investment mandate will focus primarily on delivering senior secured financing solutions to core middle-market businesses with annual revenues between $100 million and $1 billion that are currently underserved in private credit.
"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, both in Texas and in our industries of focus across the country. Working with Phoenix expands and accelerates our ability to offer proprietary private credit financing solutions to deserving clients. The Phoenix team shares our disciplined approach to asset structuring, capital preservation and portfolio management, as well as our passion for providing exceptional client service and delivering comprehensive solutions," said Daniel Hoverman, Head of Corporate & Investment Banking at Texas Capital and President of TCAAM.
The vehicle's strategy is designed to address a critical structural liquidity gap for non-sponsored, family-owned, and founder-led mid-market enterprises requiring flexible, non-dilutive senior capital to fund organic growth, strategic acquisitions, and balance sheet optimizations.
Art Mbanefo, Founder and CEO of Phoenix, stated: "Proprietary origination remains the single biggest differentiator in the private credit landscape. Working with TCAAM unlocks unparalleled access to high-quality, founder-owned businesses across Texas and other economic centers like California, New York, and Illinois. Together, we are bridging the liquidity gap for exceptional middle-market companies."
Spurstone will be advised by a newly formed, Phoenix-sponsored registered investment adviser, Ryestone Advisors LLC, which is currently applying for registration with the U.S. Securities and Exchange Commission. TCAAM will be a minority economic investor in Spurstone's investment adviser.
About Phoenix Merchant Partners
Phoenix Merchant Partners, LP is an independent alternative asset manager specializing in middle-market private credit, specialized finance, and non-correlated asset solutions. The firm applies an opportunistic, solutions-driven approach focused on structural downside protection, senior secured lending, and tailored capital solutions that address both sides of an enterprise's balance sheet.
About Texas Capital Alternative Asset Management & Texas Capital
Texas Capital Alternative Asset Management ("TCAAM"), a wholly owned subsidiary of Texas Capital Bancshares, Inc. (NASDAQ:TCBI), delivers sophisticated alternative asset management strategies designed to navigate complex market environments.
Texas Capital integrates sophisticated corporate banking, investment banking, and asset management capabilities to support clients across their entire corporate life cycle.
Media & Investor Relations Contacts
- Phoenix Merchant Partners Media Relations
- ASC Advisors, Taylor Ingraham
- Email:tingraham@ascadvisors.com | Phone: (203) 992-1230
- Texas Capital
- Media:julia.monter@texascapital.com
- Investors: jocelyn.kukulka@texascapital.com
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SOURCE Phoenix Merchant Partners