Bow River Capital, a Denver-based alternative asset manager, has acquired the asset-based financing business of Dallas-based Park Cities Asset Management ("Park Cities"), an asset manager focused on providing capital solutions to the lower middle market.

The acquisition expands Bow River's capabilities in private credit with the addition of a 12-person team and strategy focused on originating privately negotiated, non-traded loans typically with 2-3 year terms, targeting attractive yields in asset-based finance.

Founded in 2018 by J. Andrew ("Andy") Thomas and Alex Dunev, Park Cities provides flexible, secured financing solutions across the capital structure to lower middle market companies across a variety of sectors. Since its founding, Park Cities has deployed more than $2 billion across more than 50 portfolio companies and distributed over $150 million to investors.

"We were attracted to the Park Cities team because of their deep sector expertise, strong track record and like-minded culture," said Bow River Capital Founder & Chief Executive Officer Blair Richardson. "This acquisition rounds out Bow River's private credit offering and is an important milestone in our vision of building a comprehensive, multi-asset alternative investment manager focused on the Rodeo Region."

"We're excited to join Bow River's platform," said Park Cities Managing Partner Andy Thomas. "Their commitment to long-term partnerships and scale will allow us to accelerate the growth of our lending strategy and deepen service to our investors and lending partners."

"We're incredibly proud of the platform we've built over the past seven years and deeply appreciative of the investors, team members, and partners who have supported our journey. This acquisition allows us to scale our impact while staying true to our core values, and we look forward to building the future of private credit together with Bow River," said Park Cities Managing Partner Alex Dunev.