Thornburg Investment Management and Bow River Capital have formed a joint venture to provide flexible private credit solutions to lower and mid-market businesses.

The partnership is set to be completed by the end of the year, pending customary closing conditions.

Thornburg is a global investment firm which oversees $46bn (£35.16bn) in client assets, while Bow River Capital is an alternative asset manager with $3.6bn in assets under management.

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Thornburg specialises in offering mutual funds, closed-end funds, institutional accounts, separate accounts and UCITS funds for non-US investors. Meanwhile, Bow River Capital is focused on investing in the lower and middle market in five asset classes: defence technology, private credit, private equity, real estate, and software growth equity.

“We are excited to partner with Bow River and expand our income capabilities by offering clients a private credit solution with rigorous underwriting and portfolio management,” said Thornburg’s chief executive Mark Zinkula.

“Bow River’s extensive experience and sourcing advantages tap into the growing lower- to middle-market segment across mountain states, the Midwest and Southwest.”

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“Thornburg is a world-class organization, and this partnership will allow us to expand our efforts to provide customized financing solutions to US lower- and middle-market companies that face challenges securing financing through traditional bank lending,” said Bow River Capital’s founder and chief executive Blair Richardson.

“We look forward to a productive partnership that will benefit investors as well as business owners.”

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