SILVER ROCK CAPITAL PARTNERS

Thesis

Silver Rock Capital Partners (SRCP) is an independent alternative credit asset manager founded in 2009 and headquartered in New York City. Evolving from Michael Milken's family office, SRCP opened to external investors in 2016. They employ a tactical allocation strategy, a barbell approach with plain vanilla direct lending on one end and distressed debt for control on the other, enabling them to navigate market volatility. SRCP targets companies in acute need of financing, especially those facing financial strain and constrained refinancing options, and exploits difficulties faced by private equity-owned businesses due to elevated interest rates and a slowing economy. They favor larger companies due to their resilience in downturns. The firm's investment focus includes corporate private financing and real asset lending, primarily targeting larger borrowers with investment sizes typically ranging from $100 million to $250 million. Investments are often in senior, corporate, and real asset categories for large, resilient businesses with at least $150 million in EBITDA and strong covenants. As of March 11, 2026, SRCP reported approximately $6.83 billion in AUM, with 18 active private funds totaling $2.51 billion in gross asset value. In April 2026, they closed over $4 billion for their latest Tactical Allocation Strategy vintage, bringing total AUM to approximately $7 billion as of December 2025. SRCP's investment activities and investor base are global, with capital for their latest fund committed by a diversified global institutional investor base spanning North America, EMEA, and Asia.

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• Series C+ investors based in New York, NY