Bow River Capital, a Denver-based alternative asset manager, has announced the acquisition of Park Cities Asset Management’s asset-based financing business, a Dallas-based investment firm specializing in capital solutions for the lower middle market. The transaction marks a strategic expansion of Bow River’s private credit capabilities, reinforcing its commitment to delivering differentiated yield opportunities through non-traditional lending strategies.
The acquisition brings a 12-person team and a focused strategy centered on privately negotiated, non-traded loans with typical maturities of 2–3 years. These loans are designed to generate attractive yields through asset-based finance, a segment increasingly sought after by institutional investors for its risk-adjusted return profile and structural protections.
Founded in 2018 by J. Andrew (Andy) Thomas and Alex Dunev, Park Cities has built a reputation for providing flexible, secured financing solutions across the capital structure. The firm has deployed over $2 billion across more than 50 portfolio companies, spanning a diverse range of industries. It has also returned over $150 million to investors, underscoring its disciplined approach to credit underwriting and portfolio management.
The integration of Park Cities’ asset-based lending business aligns with Bow River’s broader strategy to scale its private credit platform and offer customized financing solutions to underserved segments of the market. The combined capabilities will enable Bow River to deepen its reach into the lower middle market and provide borrowers with tailored capital structures that support growth, liquidity, and operational flexibility.
KEY QUOTES:
“We were attracted to the Park Cities team because of their deep sector expertise, strong track record and like-minded culture. 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.”
Bow River Capital Founder & Chief Executive Officer Blair Richardson
“We’re excited to join Bow River’s platform. 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.”
Park Cities Managing Partner Andy Thomas
“We’re incredibly proud of the platform we’ve built over the past seven years and deeply appreciative of the investors, team members, and partners who have supported our journey. This acquisition allows us to scale our impact while staying true to our core values, and we look forward to building the future of private credit together with Bow River.”
Park Cities Managing Partner Alex Dunev
