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Antares Capital

also referred to as: antares

13 statements across 2 episodes · 5 bullish · 0 bearish · 2 people on the record · first statement Oct 26, 2023 by Tim Lyne · said 19 times in 2 episodes since 2023 · across every show →

Mentions by year

brought up most by Tim Lyne (15), Ted Seides (3), John Graham (1)

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2025 1 mention in 1 episode
2023 18 mentions in 1 episode

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Everything said about Antares Capital, oldest first

Oct 26, 2023 bullish
Opinion
$100M EBITDA deals are now likely financed through private credit, not syndicated
“If a deal comes in our shop today, a hundred million dollar EBITDA company, there's a very good chance that's going to go private credit, not syndicated.”
Tim Lyne Oct 26, 2023 ▶ 15:07 Tim Lyne – Three Decades of Private Credit at Antares (EP.346)
Oct 26, 2023 positive
Assertion Not checkable as stated
Antares portfolio revenue and EBITDA continue growing despite higher interest rates
“If you look across the portfolio, revenue in EBITDA is still growing organically.”
Tim Lyne Oct 26, 2023 ▶ 34:09 Tim Lyne – Three Decades of Private Credit at Antares (EP.346)
Oct 26, 2023 neutral
Disclosure
Antares Capital currently finances approximately 480 companies
“So today, that portfolio, if you take all the companies that we finance today, it's about 480 companies.”
Tim Lyne Oct 26, 2023 ▶ 26:04 Tim Lyne – Three Decades of Private Credit at Antares (EP.346)
Oct 26, 2023
Insight
Asset managers benefit managing 10–15 large SMAs over 80 small ones
“So it probably is going to be better to have, in example, 10 to 15 really, really significant separately managed accounts versus trying to manage 80 small ones. To me, a small separately managed account is anything under three hundred million dollars.”
Tim Lyne Oct 26, 2023 ▶ 16:03 Tim Lyne – Three Decades of Private Credit at Antares (EP.346)
Oct 26, 2023 positive
Assertion Supported
Antares Capital grew from $12B balance sheet to $64B AUM under CPPIB
“So CPP bought, let's say, 12, thirteen billion dollar balance sheet. Today we manage sixty four billion.”
Tim Lyne Oct 26, 2023 ▶ 13:12 Tim Lyne – Three Decades of Private Credit at Antares (EP.346)
Oct 26, 2023 positive
Assertion Not checkable as stated
PE sponsors have not exploited looser private credit loan documentation against Antares
“The documents are certainly a little looser than they were 10 years ago, but we have not seen sponsors really take advantage of those.”
Tim Lyne Oct 26, 2023 ▶ 37:32 Tim Lyne – Three Decades of Private Credit at Antares (EP.346)
Oct 26, 2023
Assertion Not checkable as stated
Up to 20 PE sponsors contact Antares on a single auction deal
“If a deal is an auction deal, we may be seeing that from as little as two or three sponsors to as much as 20 sponsors. Maybe contacting us on that one deal.”
Tim Lyne Oct 26, 2023 ▶ 19:26 Tim Lyne – Three Decades of Private Credit at Antares (EP.346)
Oct 26, 2023
Assertion Supported
Unitranche deal sizes grew from $300M in 2016 to multi-billion today
“In 2000, let's say, 16, a three or a four hundred million dollar unit tranche was a pretty decent sized deal. By 2019, that was six hundred million dollars, and as you know today, it's multi-billion dollar unit tranches.”
Tim Lyne Oct 26, 2023 ▶ 14:24 Tim Lyne – Three Decades of Private Credit at Antares (EP.346)
Oct 26, 2023 positive
Insight
Antares gains a diligence edge by evaluating deals alongside multiple PE sponsors
“What we may gain is if we're going to be seeing the deal from more sponsors, so maybe some of our competitors are seeing it from four or five, and we're seeing it from eight. And a couple of the ones that we're seeing it from have operating partners that bring…”
Tim Lyne Oct 26, 2023 ▶ 22:44 Tim Lyne – Three Decades of Private Credit at Antares (EP.346)
Oct 26, 2023
Assertion Partly supported
MassMutual initially backed Antares Capital with $1 billion
“He set up a meeting, and within a month, we started Antares Capital. So it was a very, very quick process with MassMutual in terms of getting it approved, and they initially backed us with a billion dollars, and we owned the company with them.”
Tim Lyne Oct 26, 2023 ▶ 7:49 Tim Lyne – Three Decades of Private Credit at Antares (EP.346)
Oct 26, 2023
Disclosure
Antares plans fundraising expansion in Europe, Asia, and wealth channels
“We're going to expand our fundraising, adding people in Europe, adding folks down the road in Asia, entering the high net worth sector.”
Tim Lyne Oct 26, 2023 ▶ 38:12 Tim Lyne – Three Decades of Private Credit at Antares (EP.346)
Oct 26, 2023 neutral
Disclosure
Healthcare, software, and business services make up 50% of Antares' portfolio
“Our largest industries are healthcare software and business services. They're about 50% of our portfolio.”
Tim Lyne Oct 26, 2023 ▶ 25:55 Tim Lyne – Three Decades of Private Credit at Antares (EP.346)
Oct 13, 2025
Assertion Supported
CPPIB Retains Majority Ownership of Antares Capital Acquired From GE
“We have the Antares platform within our credit investments, and this was acquisition from GE about 10 years ago, and that fit right in where we are the majority owner of it, where we had a real understanding of the market, and it's very synergistic with our in…”
John Graham Oct 13, 2025 ▶ 21:06 John Graham – Evolution of the Canadian Model at CPPIB (EP.465)
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