Blazehill Capital
A private credit fund writing hybrid asset-based and cashflow facilities from £10m to £150m, aimed at businesses turning over £100m and upwards.
What they do
Blazehill Capital lends structured secured facilities that blend a borrowing base across every asset class with a cashflow tranche on top, for owner-managed, sponsor-backed and listed borrowers. Two funds of £250m each stand behind it, with over £350m committed. Diligence is done in-house by the deal teams rather than outsourced, which is what allows the fund to price complexity at speed, and returns can be structured as cash or payment-in-kind. The team lends in Britain principally, with European and US capability.
Where they fit in a lower-mid-market raise
Where a business is asset-rich and the blended quantum available from a hybrid facility beats what a bank and an asset-based lender would offer separately, this fund can do in one instrument what would otherwise need a club and an intercreditor deed. That matters most at the top of a £3–15m raise and above, particularly around a carve-out, a buyout or a refinancing with a hard deadline.
Where they are not the fit
The floor is £10m and the typical borrower turns over more than £100m, so most of a lower-mid-market requirement sits below what this fund writes. Pricing is fund pricing, meaningfully above bank asset-based lending, which is the cost of the flexibility and the speed. A clean, bankable credit should test the banks first.
Published terms
- Pricing
- Not published
- Speed to terms
- Not published
- Sponsored or sponsorless
- Both - privately owned (owner-managed), sponsor-backed and listed businesses
- Where they lend
- Primary, plus European and US capability; multi-jurisdictional
- How they decide
- In-house agile deal teams (financial/commercial/legal diligence in-house), flat decision-making; private credit fund (InterVest-backed); delegated authority not published
- Covenants
- Springing covenant, tested only when a trigger is hit
As published by the lender and last reviewed June 2026. Terms quoted on a deal are set by the credit, not by a published band.
What rules a deal out
Stated limits, taken from Blazehill Capital’s own published criteria. A limit is where a lender starts from, not where it always ends: several of these move on a strong enough credit.
- ~£10m minimum facility; target borrowers typically £100m+ revenue
How they sit against the category
- Its published ceiling of £150m is among the 4 highest of the 46 private-credit funds here.
- Like 31 of the 46, it publishes no indicative price — a margin comes from a conversation, not a page.
Counted across the 46 private-credit & direct-lending funds in this directory, on what each one publishes. What a lender discloses and what it will do are different things.
Questions this page answers
How large a facility does Blazehill Capital write?
Published facilities run £10m to £150m. A band is what a lender states it will do, not what it will do on a given credit.
Does Blazehill Capital lend to companies without a private-equity sponsor?
Yes. Blazehill Capital lends to owner-managed and sponsor-backed borrowers alike, so a company with no private-equity backer is not out of scope on that ground.
Where does Blazehill Capital lend?
Primary, plus European and US capability; multi-jurisdictional.
What covenants does Blazehill Capital set?
Springing covenant, tested only when a trigger is hit. A covenant package is negotiated on the facility; the published style is where the negotiation starts.
What does Blazehill Capital lend?
The published product set is structured secured / hybrid abl + cashflow term facilities.
On the record
November 2025: £200m total committed facilities for Ascona Group (UK forecourts) — Blazehill £130m incl. committed undrawn acquisition facility, alongside HSBC UK; refinance + buy-and-build.
2024: Further InterVest backing takes total committed funds to £350m; closed Fund II at £250m (Browne Jacobson counsel.
2021: Launched with ~£1bn lending-book ambition.
Sources: blazehill.com
This profile is a curated reference note drawn from public sources, not financial advice or a recommendation. Appetite and terms change; a lender's fit for a given credit is established by approaching it, not inferred from a page.