The US private credit market continues to grow in depth and complexity—fueled by demand from both asset originators seeking flexible capital and investors in search of yield outside traditional fixed income. From early-stage venture debt to large-scale asset-based lending (ABL), the landscape is crowded, but not always clear. That’s why we created the 2025 US Debt Investor Market Map—to bring visibility into the most active players shaping the market. 

This updated version reflects input from over 50 firms across the US who helped us expand and refine our list. Whether you’re raising a warehouse line, launching a new lending product, or just keeping tabs on capital sources, this map is designed to give you a snapshot of who’s doing what—and at what scale. 

Notable Trends in the US Market  

• Increasing crossover across venture debt and ABL: traditionally private debt firms specialized in either venture debt or ABL, but recently we have seen more firms do both. Examples include Cadma, SLR Partners, and SVB to name a few. 

• Greater willingness to start small and scale up deal size: multiple lenders in the “ABL (> $75m)” reached out to clarify that they could start well below that size. Likewise there were many lenders in the “ABL (< $75m)” category that stated they could scale well beyond that. The flexibility on deal size has become more popular as larger firms become more willing to cultivate smaller originators and smaller firms get access to more capital. 

• More diversity in the debt ecosystem: the common stereotype of the private credit market is that it is heavily concentrated at the top by a handful of firms. This map is a snapshot of the diversity of investors already in the market and shows how quickly the market has evolved to add more participants across the spectrum of different sub asset classes. We are bullish on the market continuing to expand to meet the needs of originators.

To simplify a complex space, we’ve broken the market into three categories: 

• Venture Debt: Investors funding early-stage and growth companies, often alongside equity rounds or as part of structured capital. 

• Asset-Based Lending (<$75M): Investors focusing on smaller ABL facilities, including warehouse lines and forward flow deals. 

• Asset-Based Lending (>$75M): Institutions participating in larger, structured transactions, typically with more complex underwriting and multi-party capital stacks. 

Each category includes a mix of direct lenders, asset managers, and specialty finance arms of global institutions. 

‍Want the Full Breakdown? 

The map above is just a snapshot. We’ve also built a deeper dive by region and strategy, including active investors in LATAM, Africa, and Asia – additional updates to these maps will be released in the coming week.   

Think your firm should be included? Or looking to get introduced to any of the investors listed? Reach out — we’d be happy to connect. 

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Want to learn more about how Cascade Debt helps connect businesses to debt financing sources, structure, and manage loans? Schedule a demo with our team.