A 39-year pioneer in private markets, investing across credit, private equity, and real estate.

July 1, 2026

Prospect Capital Management is a leading alternative investment manager with a 39-year track record and more than $9.4 billion in assets under management. The firm invests across credit, private equity, and real estate, and over its history it has invested $22.9 billion across 1,193 investments. Prospect has a platform built to give advisors and their clients diversified access to alternatives. The firm is a leading provider of capital to middle-market and lower middle-market companies.

The firm traces its roots to 1988, when a group of senior professionals from Merrill Lynch’s merchant bank and high-yield bond groups set out on their own. What followed was a long run of industry firsts. Prospect and its predecessors launched the first levered closed-end high-yield bond fund in 1988, the first levered bank loan fund in 1989, and the first high-yield bridge loan fund that same year. The 1988 NYSE IPO of Prospect High Income Shares launched what would become the firm’s middle-market lending franchise.

Prospect’s leadership team has demonstrated remarkable continuity. The same senior management team has guided the firm for more than 26 years, an unusual span in an industry where leadership often turns over with the market cycle, and has weathered more market cycles together than many competitors. Prospect today employs more than 140 professionals and operates with what it calls a “buy-and-hold mentality,” focused on long-term value for investors, portfolio companies, shareholders, and employees. Across its strategies, the firm seeks to deliver attractive current cash yields, achieve consistent low-volatility returns, and preserve capital.

A platform of investment vehicles

Prospect gives investors access to its strategies through a suite of distinct vehicles, each with its own mandate.

Prospect Capital Corporation (NASDAQ: PSEC) is a leading publicly traded business development company. It provides debt and equity to U.S. middle-market businesses across a range of industries and seeks to deliver steady, attractive returns to shareholders.

Prospect Floating Rate and Alternative Income Fund, Inc. (PFLOAT) is a leading non-traded business development company that invests primarily in the debt of privately owned U.S. middle-market companies. The fund seeks to provide income largely through senior and secured floating-rate credits while building a portfolio that spans a broad range of economic sectors.

Prospect Credit REIT, LLC (PCRED) is the firm’s dedicated non-traded REIT, investing in U.S. real estate credit. (1) PCRED targets preferred equity, mezzanine loans and senior mortgage investments secured by multifamily assets.

Prospect Enhanced Yield Fund (PENF) is a closed-end, 1940 Act interval fund that seeks income and long-term appreciation through non-mortgage structured credit. The fund’s targeted structured credit instruments include asset backed securities (“ABS”), collateralized loan obligations (“CLOs”), and other securitized debt investments representing interests in cashflows from various assets, such as loans, leases, and warehouse facilities.

Across these vehicles, Prospect concentrates on four areas: middle-market lending, lower middle-market financing, commercial real estate with a focus on multifamily and other residential property, and structured credit through CLOs.

What sets the firm apart

Prospect describes itself as a true pioneer in private credit, and it points to its record of firsts and the longevity of its team as the evidence. When asked what RIAs consistently value about their relationships with Prospect, the firm named three things: hands-on support from its team, transparency, and strategies that complement what clients already hold rather than duplicate it.

Prospect’s work has drawn outside recognition. GrowthCap named Prospect to its Top Private Credit Firms list for 2025, (2) and Mergers & Acquisitions recognized the firm among its Best Places to Work in Private Equity for 2024. (3) In 2023, Capital Finance International named Prospect the Best Middle-Market Lending Investor, Best Real Estate Investor, and Best CLO Closed-End Fund Investor in the United States. (4)

Leadership

John Francis Barry III, Chairman and Chief Executive Officer. Mr. Barry is Chairman and CEO of Prospect Capital Corporation (“PSEC”) and the managing member of Prospect Management Group GP LLC (“PMG”), the general partner of Prospect Capital Management LP. Mr. Barry is Chairman of PSEC’s Investment Committee and has been an officer of PSEC since 2004. Mr. Barry has been an officer of PMG since 1990, and the managing member of PMG since 1998, when he purchased PMG. Earlier in his career, Barry managed the Corporate Finance Department at L.F. Rothschild & Company, worked as an investment banker at Merrill Lynch, and practiced law at Davis Polk & Wardwell. He earned his J.D. cum laude from Harvard Law School, where he was an officer of the Harvard Law Review, and his Bachelor of Arts magna cum laude from Princeton University, where he was a University Scholar.

Grier Eliasek, President and Chief Operating Officer. Mr. Eliasek is President and COO of Prospect Capital Corporation, a Managing Director of Prospect Capital Management and Prospect Administration. He also serves on the Board of Directors for Prospect Capital Corporation.. He leads the firm’s investment professionals in the origination and assessment of investments. Prior to joining Prospect, Mr. Eliasek served as a consultant with Bain & Company.

He holds an MBA from Harvard Business School and a B.S. in Chemical Engineering with Highest Distinction from the University of Virginia, where he was a Jefferson Scholar and a Rodman Scholar.

Working with Prospect

RIAs can access Prospect’s offerings through major custodians, including Schwab and Fidelity, and through alternative investment platforms such as iCapital, SEI, Subscribe, and AIX. The firm supports advisors and their clients with fully staffed sales and administrative teams, regular webinars, and frequent updates.

Looking ahead, Prospect is watching two areas closely. The first is the use of artificial intelligence to optimize its portfolio companies. The second is the role of hard assets as a complement to traditional portfolios, which the firm sees as a way to guard against obsolescence.

Learn more

To learn more about Prospect Capital Management and its offerings, reach out to Matt Krugman at mkrugman@prospectcap.com or visit prospectcap.com.

(1) There is no guarantee that PCRED will be able to qualify as a REIT.

(2) Awarded by GrowthCap in November 2025, based in part on information submitted as of June 2025. Prospect has provided compensation to GrowthCap for the ability to communicate the results of these awards. The awards described above may not be representative of any one investor’s experience with Prospect and should not be viewed as indicative of future performance.

(3) Awarded by Mergers & Acquisitions, published by Middle Market Information LLC, in September 2024, based in part on information submitted as of June 2024. Prospect has provided compensation to Middle Market Information LLC for the ability to communicate the results of these awards. The awards described above may not be representative of any one investor’s experience with Prospect and should not be viewed as indicative of future performance.

(4) Awarded by Capital Finance International (“CFI”) in March 2023, based in part on information submitted as of September 30, 2022 and December 31, 2022. Prospect has provided compensation to CFI for the ability to communicate the results of these awards. The awards described above may not be representative of any one investor’s experience with Prospect and should not be viewed as indicative of future performance.

Past performance is not indicative of future results

Prospect Capital Management L.P. (“Prospect”) is an SEC registered investment adviser that was founded in 1988 (along with its predecessors). Prospect invests across the United States in diversified portfolios by industry, company, and situation, and its proprietary underwriting process and metrics have been developed over more than 30 years and through multiple economic cycles. Prospect has over 140 employees and $9.4 billion** of assets under management as of March 31, 2026. With a buy-and-hold mentality, Prospect’s objectives are to preserve capital by making credit and equity-focused investments at reasonable multiples of recurring cash flow, earn attractive current cash yields and long-term capital appreciation while achieving consistent low-volatility returns. For more information, call 212.448.0702 or visit prospectcap.com

**The $9.4 billion of Assets Under Management (“AUM”) refers to the assets managed by Prospect and its affiliated registered investment advisors. AUM equals the sum of: (i) the gross assets of (a) Prospect Capital Corporation (“PSEC”), Priority Income Fund, Inc. (“PRIS”), Prospect Floating Rate and Alternative Income Fund, Inc. (“PFLOAT”), Prospect Credit REIT, LLC (“PCRED”), and Prospect Enhanced Yield Fund (“PENF”), and (b) pooled investment vehicles with respect to discrete assets for which Prospect has non-discretionary authority, (ii) any amounts available to be borrowed under certain credit facilities of the investment companies, (iii) total managed assets for real estate and structured credit investments, and (iv) uncalled capital commitments. Prospect’s AUM measure includes assets under management for which Prospect charges either nominal or zero fees. Prospect’s definition of AUM is not based on any definition of assets under management contained in any management agreements of the investment companies Prospect manages. Given the differences in the investment strategies and structures among other investment advisors, Prospect’s calculation of AUM may differ from the calculations employed by other investment managers and, as a result, this measure may not be directly comparable to similar measures presented by other investment managers. Prospect’s calculation also differs from the manner in which Prospect and its affiliates registered with the SEC report “Regulatory Assets Under Management” ($6.9 billion) on Form ADV.

This information is educational in nature and does not constitute an offer to sell or the solicitation of an offer to buy any securities. Prospect is not adopting, making a recommendation for or endorsing any investment strategy or particular security. All opinions are subject to change without notice, and you should always obtain current information and perform due diligence before participating in any investment. All investing is subject to risk, including the possible loss of principal. Prospect cannot guarantee that the information herein is accurate, complete or timely. We make no representation or warranty in respect of any information derived from the third-party sources which has not been independently verified. Prospect and its affiliates do not provide tax, legal or accounting advice. This material is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.