Phoenix Merchant Partners and Texas Capital Alternative Asset Management Announce Strategic Relationship to Serve the Core Middle Market

Rhea-AI Summary

Phoenix Merchant Partners and Texas Capital Alternative Asset Management, a subsidiary of Texas Capital Bancshares (NASDAQ: TCBI), formed a strategic relationship to provide customized capital and direct lending to core middle-market companies.

Phoenix will launch Spurstone Credit, a perpetual-life, non-traded closed-end credit fund in Q3 2026, targeting senior secured financing for businesses with $100 million–$1 billion in revenue. Spurstone, headquartered in Dallas, has early interest from anchor institutional investors and will be advised by Phoenix-sponsored Ryestone Advisors, with TCAAM as a minority economic investor.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Positive

• Strategic relationship combines Texas Capital’s banking coverage with Phoenix’s structuring and portfolio expertise
• Launch of Spurstone Credit perpetual-life closed-end fund planned for Q3 2026
• Focus on senior secured financing for middle-market firms with $100M–$1B in revenue
• Early interest from a sophisticated group of anchor institutional investors
• TCAAM to hold a minority economic interest in Spurstone’s investment adviser

Negative

• None.

News Market Reaction – TCBI

+0.53%

+0.53% News Effect

On the day this news was published, TCBI gained 0.53%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

What This Means

This announcement highlights a new Spurstone Credit platform targeting borrowers with $100 million–$...

Analysis

This announcement highlights a new Spurstone Credit platform targeting borrowers with $100 million–$1 billion in revenue, expanding TCBI’s private credit reach. Past news has often seen mild gains; investors may watch fund scaling and recent insider net selling as key risks.

Key Figures

Target borrower revenue (low end): $100 million Target borrower revenue (high end): $1 billion Launch timing: Q3 2026

3 metrics

Target borrower revenue (low end) $100 million Annual revenues for core middle‑market businesses targeted by Spurstone Credit

Target borrower revenue (high end) $1 billion Annual revenues for core middle‑market businesses targeted by Spurstone Credit

Launch timing Q3 2026 Planned launch quarter for Spurstone Credit vehicle

Historical Context

5 past events · Latest: May 05 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 05	Community grants	Positive	+1.1%	Foundation granted $200,000 to three Texas nonprofits through Honors Awards program.
Apr 23	Leadership changes	Positive	+1.0%	Strategic executive appointments to support next phase of growth at Texas Capital.
Apr 23	Quarterly earnings	Positive	+1.0%	Strong Q1 2026 results with higher net income and new common dividend.
Apr 15	Client financing deal	Positive	+0.0%	Led $135 million syndicated credit facility for JPalmer Collective’s growth plans.
Apr 09	Earnings date announcement	Neutral	-0.6%	Announced date and call details for release of Q1 2026 operating results.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent news, including earnings and strategic updates, has typically led to small positive moves, with only one mild negative reaction.

Regulatory & Risk Context

Short Interest: 8.09%

Short Interest

8.09% of float

0% 15% 30%+

low as of 2026-06-15 Days to cover: 6.78

Reported short interest reflects relatively low short positioning, suggesting limited short‑squeeze risk and generally moderate volatility driven more by fundamentals and news flow than by crowded bearish bets.

Key Terms

non-traded closed-end credit fund, senior secured financing, registered investment adviser

3 terms

non-traded closed-end credit fund financial

"a perpetual-life, non-traded closed-end credit fund backed by institutional anchor investors"

A non-traded closed-end credit fund is a pooled investment that borrows money from or lends to companies and other borrowers, sells a fixed number of shares that are not listed on a public exchange, and holds those loan and bond investments for income. Think of it as a locked box of private loans: it can provide steady interest payments but is harder to buy or sell and has less-transparent pricing, so investors should weigh illiquidity and valuation risk against potential yields.

senior secured financing financial

"focus primarily on delivering senior secured financing solutions to core middle-market businesses"

A senior secured financing is a loan or debt that has first priority to be repaid and is backed by specific assets as collateral, so lenders can seize or sell those assets if the borrower defaults. For investors this matters because it alters risk and return: these loans are generally safer than unsecured or junior debt, often carry lower interest, and are more likely to recover value in a bankruptcy—think of it as a mortgage on a house versus an unsecured credit card balance.

registered investment adviser regulatory

"advised by a newly formed, Phoenix-sponsored registered investment adviser, Ryestone Advisors LLC"

A registered investment adviser (RIA) is a firm or individual legally registered with regulators to give personalized investment advice and manage clients' money, with a duty to put clients’ interests ahead of their own. Think of an RIA as a licensed financial guide who must disclose fees, conflicts and how they are paid; that transparency and legal duty matter to investors because it reduces the risk of hidden costs or biased recommendations.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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.

(www.phoenix-merchant.com)

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.

(www.texascapital.com)

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

View original content to download multimedia:https://www.prnewswire.com/news-releases/phoenix-merchant-partners-and-texas-capital-alternative-asset-management-announce-strategic-relationship-to-serve-the-core-middle-market-302814419.html

SOURCE Phoenix Merchant Partners

FAQ

What did Texas Capital (NASDAQ: TCBI) announce with Phoenix Merchant Partners on June 30, 2026?

Texas Capital and Phoenix announced a strategic relationship to offer customized capital solutions and direct lending to core middle-market companies. According to Texas Capital, the partnership integrates its corporate and investment banking network with Phoenix’s structuring, underwriting, and multi-cycle portfolio management expertise.

What is Spurstone Credit and when will it launch for Texas Capital (TCBI) investors?

Spurstone Credit is a perpetual-life, non-traded closed-end credit fund sponsored by Phoenix Merchant Partners. According to Phoenix, Spurstone is expected to launch in the third quarter of 2026 and will be headquartered in Dallas, focusing on senior secured financing for middle-market borrowers.

Which companies will Spurstone Credit target for financing under the Texas Capital (TCBI) partnership?

Spurstone Credit will target core middle-market businesses with annual revenue between $100 million and $1 billion. According to Phoenix, these firms are often non-sponsored, family-owned, or founder-led and currently underserved in private credit, needing flexible, non-dilutive senior capital.

How does the Phoenix and Texas Capital (TCBI) relationship aim to address the middle-market liquidity gap?

The relationship aims to bridge a structural liquidity gap for non-sponsored and founder-led mid-market enterprises. According to Phoenix and Texas Capital, Spurstone will provide flexible senior secured capital for organic growth, strategic acquisitions, and balance sheet optimization across diverse industries.

What role will Ryestone Advisors play in the Spurstone Credit structure for Texas Capital (TCBI)?

Ryestone Advisors will act as the investment adviser to Spurstone Credit as a Phoenix-sponsored registered adviser. According to Phoenix, Ryestone is applying for SEC registration, and Texas Capital Alternative Asset Management will hold a minority economic interest in Spurstone’s investment adviser.

How might Spurstone Credit benefit Texas Capital (TCBI) and Phoenix in sourcing private credit opportunities?

Spurstone Credit is expected to leverage Texas Capital’s coverage network and Phoenix’s proprietary origination capabilities. According to Phoenix, working with TCAAM provides access to high-quality founder-owned businesses in Texas and major economic centers like California, New York, and Illinois.