85 credit managers financed a sponsor's borrower for the first time; S•••• P•••• C•••••• M••••••••• L• arrived on G•••••••• C•••••• P•••••••

Of 3,835 new sponsor and lender pairs on the tape in the window, 85 carry a sponsor a document named on the deal; the other 3,750 rest on the Form D signer consensus or a portfolio-name carry and are not counted here. The stated ones: S•••• P•••• C•••••• M••••••••• L• on G•••••••• C•••••• P••••••• (1 borrower, $17M held); C•••••• P••••••• on S••• C•••• C•••••• (1 borrower, undisclosed held); BMO on V•••• S••••• C•••••• L•• (1 borrower, undisclosed held); T•••• C•••••• on G••• O••• C•••••• (1 borrower, undisclosed held); A••••• F•••••• G•••• on L•••••••• M••••••••• C•••••• L•• (1 borrower, undisclosed held); O••••• B••• on L•••••••• C•••••• (1 borrower, undisclosed held).

A lender's first loan to a sponsor's portfolio company is the start of a relationship that usually repeats: sponsors reuse lenders that clear a deal. For a competing lender it is a relationship being formed without them; for the sponsor's next borrower it is who is already in the file.

Occurred

Sep 15, 2026

Window

Oct 27, 2021 to Sep 15, 2026

First detected

Sep 15, 2026, 7:01 PM UTC

Last confirmed

Sep 22, 2026, 1:01 PM UTC

• lender
  S•••• P•••• C•••••• M••••••••• L•
• sponsor financed
  G•••••••• C•••••• P•••••••
• lender
  C•••••• P•••••••
• sponsor financed
  S••• C•••• C••••••
• lender
  B••
• sponsor financed
  V•••• S••••• C•••••• L••
• lender

• event
  ••• Locked
  BDC schedule of investmentsMar 11, 2026pc_pub_event.event_id=74d557ae-ea30-68be-32a6-735a00698ee2
• event
  ••• Locked
  BDC schedule of investmentsSep 9, 2026pc_pub_event.event_id=ba7fa57f-40a4-ebe7-857c-c56b38ed284b
• event
  ••• Locked
  BDC schedule of investmentsAug 11, 2026pc_pub_event.event_id=d213d093-0254-37cc-942c-2b92ed9a75a0
• event
  ••• Locked
  BDC schedule of investmentsSep 9, 2026pc_pub_event.event_id=096f90a1-afd1-e380-4cb0-881bb7db1ea9
• event
  ••• Locked
  BDC schedule of investmentsSep 3, 2026pc_pub_event.event_id=912e8eb4-5f6e-660e-cfff-e1fcc0a127f5
• event
  ••• Locked
  BDC schedule of investmentsSep 3, 2026pc_pub_event.event_id=bb369d3c-1b2d-cc38-af49-cecad1357e02
• event
  ••• Locked
  BDC schedule of investmentsSep 3, 2026

lenders

204

sponsors

671

all new pairs

3,835

stated sponsor

85

inferred sponsor

3,750

Detector

PC_NEW_SPONSOR_LENDER v1

Kind

FACT: observed in a filing or announcement; the statement is the source's

Query

pc_pub_event NEW_SPONSOR_LENDER_RELATIONSHIP where detail->>'weakest_basis' = 'deal_party', last 400 days

Coverage

A sponsor is counted as a fact only where a document named it on the deal (basis deal_party). The Form D signer consensus and the portfolio-name carry are inferences and are counted separately. Principal is a lower bound: it is the sum of the pieces held by BDCs that file an XBRL schedule of investments, so any part of the loan held by a bank, a private credit fund or an insurer is not counted.