Key Takeaways
- • CIFC Asset Management's U.S. lower middle market direct lending strategy is now available on iCapital Marketplace, extending access to wealth management clients through a major wealth platform.
- • CIFC manages more than $47 billion in assets under management (AUM as of August 31, 2026, including committed capital) and serves over 500 institutional investors globally, with more than 200 professionals in the U.S. and Europe.
- • The strategy lends senior secured, floating-rate loans to U.S. companies with $50 million to $500 million in revenue, focusing on capital preservation and current income.
- • CIFC states the portfolio has included no cov-lite loans and emphasizes financial covenants and cash-pay interest as core lender protections.
- • CIFC argues the lower middle market offers better lender protections and tighter structures than upper-market direct lending, where capital concentration has tightened spreads.
Summary
CIFC Asset Management LLC and its affiliates announced that their direct lending strategy, which lends to U.S. lower middle market companies, is now available on iCapital Marketplace, according to a Business Wire release dated September 16, 2026. CIFC describes itself as an alternative credit specialist founded in 2005, offering investment solutions across CLOs, corporate, structured and opportunistic credit, as well as direct lending. The firm reports more than $47 billion in AUM, a figure it notes is as of August 31, 2026, includes committed capital, and is an estimate subject to change.
CIFC Chief Executive Officer Steve Vaccaro said advisors need tools and expertise to evaluate private credit opportunities and to explain differences across strategies, and framed the iCapital listing as a step toward connecting wealth investors with a differentiated segment of private credit with greater efficiency, transparency and institutional support.
The lower middle market direct lending strategy targets senior secured, floating-rate loans to U.S. companies with $50 million to $500 million in revenue. Homyar Choksi, Senior Managing Director and Direct Lending Chief Investment Officer, said manager selection has become more important for wealth managers, arguing the lower middle market rewards sourcing reach, long-standing relationships, underwriting discipline and active portfolio management. He contrasted this with the upper end of the market, where growing capital concentration has contributed to tighter spreads and weaker lender protections.
CIFC says the portfolio seeks financial covenants and cash-pay interest and has included no cov-lite loans, a stance the firm links to stress seen in more crowded areas of private credit, where higher leverage, weaker documentation and greater reliance on non-cash income have emerged. The release does not disclose fund size, return figures or the specific terms of the iCapital arrangement.
CIFC Chief Executive Officer Steve Vaccaro said advisors need tools and expertise to evaluate private credit opportunities and to explain differences across strategies, and framed the iCapital listing as a step toward connecting wealth investors with a differentiated segment of private credit with greater efficiency, transparency and institutional support.
The lower middle market direct lending strategy targets senior secured, floating-rate loans to U.S. companies with $50 million to $500 million in revenue. Homyar Choksi, Senior Managing Director and Direct Lending Chief Investment Officer, said manager selection has become more important for wealth managers, arguing the lower middle market rewards sourcing reach, long-standing relationships, underwriting discipline and active portfolio management. He contrasted this with the upper end of the market, where growing capital concentration has contributed to tighter spreads and weaker lender protections.
CIFC says the portfolio seeks financial covenants and cash-pay interest and has included no cov-lite loans, a stance the firm links to stress seen in more crowded areas of private credit, where higher leverage, weaker documentation and greater reliance on non-cash income have emerged. The release does not disclose fund size, return figures or the specific terms of the iCapital arrangement.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.