Private credit is heating up—and Bow River Capital just staked a bigger claim.

The Denver-based alternative asset manager announced today that it has acquired the asset-based financing business of Dallas-based Park Cities Asset Management, a firm known for providing flexible capital to lower middle market companies.

The deal brings a 12-person team and a lending strategy centered on privately negotiated, non-traded loans—typically with 2-3 year terms and yield targets designed to stand out in today’s crowded credit market.

Why Bow River Wants In

For Bow River, the acquisition is more than just a capability add—it’s a strategic expansion of its private credit offering, rounding out a multi-asset alternative investment platform that already spans private equity, real estate, and software growth.

“We were attracted to the Park Cities team because of their deep sector expertise, strong track record and like-minded culture,” said Blair Richardson, Bow River Capital’s CEO. “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.”

That “Rodeo Region”—a Bow River-coined term—covers the U.S. Rocky Mountains and surrounding areas, where the firm sees outsized opportunities for alternative investing.

Park Cities’ Track Record

Founded in 2018 by Andy Thomas and Alex Dunev, Park Cities has carved out a niche in asset-based lending to lower middle market companies across multiple industries. Since inception, the firm has:

• Deployed more than $2 billion across 50+ portfolio companies
• Distributed $150 million to investors
• Built a reputation for flexible, secured financing solutions

The team’s expertise in structuring non-traditional loans has made it a go-to for borrowers overlooked by traditional banks but too sophisticated for basic credit facilities.

A Growing Trend in Private Credit

The Bow River–Park Cities deal underscores a broader industry trend: private credit is on the rise as traditional lenders pull back. Investors are increasingly turning to private credit for higher yields, while companies in the lower middle market seek customized capital solutions.

Competitors like Ares, Blackstone, and Owl Rock have been scaling similar platforms, suggesting Bow River’s move is as much about staying competitive as it is about diversification.

Park Cities’ Next Chapter

For Thomas and Dunev, joining Bow River’s platform means more capital, more reach, and more resources.

“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,” said Andy Thomas.

Dunev added that the acquisition enables Park Cities to scale its impact while sticking to its founding values: “We’re incredibly proud of the platform we’ve built over the past seven years. This acquisition allows us to scale our impact while staying true to our core values.”

Bottom Line

With private credit booming, Bow River’s acquisition of Park Cities’ asset-based finance business positions the firm to compete in one of the fastest-growing corners of alternative investing. For borrowers, it could mean more access to creative lending. For investors, it may open doors to attractive yields—at a time when traditional fixed income is looking thin.