Tosca Debt Capital
A Manchester-based structured debt fund backed by KKR, writing £10m to £30m of unitranche, senior and second lien for North of England mid-market businesses, sponsored and sponsorless alike.
What they do
Tosca Debt Capital lends from Manchester with a team of around ten dealmakers reporting to its own investment committee, funded by KKR's asset-based finance business and managed credit funds since 2023. Facilities are structured debt across unitranche, senior and second lien, for borrowers typically at £3m to £10m of EBITDA, funding acquisitions, buyouts, recapitalisations and growth. A separate £50m impact fund lends smaller amounts to Northern businesses. More than £500m has been deployed across some forty transactions.
Where they fit in a lower-mid-market raise
Regional lower-mid-market direct lending is thinly served, and a fund headquartered in Manchester with decision-makers in the room is a real advantage for a Northern business at the top of a £3–15m raise. Sponsorless deals are done alongside sponsor-backed ones, and speed and certainty on a regional transaction are what the team competes on.
Where they are not the fit
The floor of around £10m excludes most of a lower-mid-market raise, and the exact minimum is not published. Start-ups, speculative property development and distressed situations are outside the mandate. The KKR capital behind the fund skews towards sponsor-backed paper, so the durability of the sponsorless appetite is a fair question to put to the team.
Published terms
- Pricing
- Not published
- Speed to terms
- Not published
- EBITDA floor
- From about £3m
- Sponsored or sponsorless
- Both - explicitly sponsored AND sponsorless; KKR capital skews private-equity sponsored but sponsorless capability retained
- Where they lend
- Explicitly regional, North-of-England-rooted (Manchester HQ); £50m Impact Fund for smaller Northern businesses
- How they decide
- Partner-led Manchester team (~10 dealmakers) then an investment committee
- Security
- A debenture over the company
- Covenants
- A loose covenant package
As published by the lender and last reviewed July 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 Tosca Debt 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.
- No appetite in spec property dev or startups
How they sit against the category
- Its published ceiling is £30m; 15 of the 46 private-credit funds here go at least as high.
- 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 Tosca Debt Capital write?
Published facilities run £10m to £30m. It looks for EBITDA from about £3m. A band is what a lender states it will do, not what it will do on a given credit.
What security does Tosca Debt Capital take?
On the published terms, a debenture over the company. What a lender takes on a given facility is set in the documents, not by a published stance.
Does Tosca Debt Capital lend to companies without a private-equity sponsor?
Yes. Tosca Debt 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 Tosca Debt Capital lend?
Explicitly regional, North-of-England-rooted (Manchester HQ); £50m Impact Fund for smaller Northern businesses.
What covenants does Tosca Debt Capital set?
A loose covenant package. A covenant package is negotiated on the facility; the published style is where the negotiation starts.
On the record
January 2023: KKR takes strategic stake; £3bn five-year platform target; board + chairman appointments (Northern Financial Review / TheBusinessDesk.
Sources: tdcllp.co.uk · northernfinancialreview.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.