Doug Cannaliato, Antares Capital

Welcome to Lender Lens, our series for profiling leaders in the Lender community.

With private credit playing an increasingly important role in the financial system, we wanted to find out how lenders are navigating the evolving landscape and how they assess the market in the coming years.

Dealmaking has become more complex in today’s market — and private credit is adapting.

With the mid-market attracting so much attention, sponsors have more options than ever. What makes Antares stand out as a partner of choice?

It’s a fair question, especially in today’s market, where capital is abundant and new entrants continue to flow into the private credit space. What we consistently hear from sponsors is that Antares stands out for our reliability, our ability to execute with speed and thoughtfulness, and our deep industry market knowledge.

We have been focused on private credit for nearly 30 years and that longevity matters. Over time and through multiple credit cycles, we’ve built deep, trusted relationships with sponsors who know we show up consistently whether the market is strong or facing headwinds. Whether it’s a new platform LBO, an add-on, or a complex amendment, sponsors count on us to move quickly, think creatively, and deliver solutions.

That said, our relationships are built on more than just transactions. Many of our strongest partnerships go back to when these PE firms were first getting started. We’ve grown with them, supported them across multiple funds, and earned their trust along the way. That kind of long-term alignment is increasingly rare in today’s crowded and competitive space.

Another thing sponsors really value is industry knowledge. Those of us who have been in the market for decades have seen thousands of businesses over the years, across virtually every sector. Today, we have a portfolio approaching 500 borrowers, so we bring real-time market perspective and pattern recognition to our investment decisions and to support our sponsors – enabling them to make better, faster decisions.

So yes, sponsors have many options, but when they seek a partner who can scale with them, navigate complexity, and deliver with certainty, they turn to the relationships built on trust gained over decades. There are few firms who check all those boxes, and I believe Antares is at the top of that list. Not just because of our access to capital, but because of our experience, consistency, and the way we show up when it really counts.

The East Coast is home to a significant concentration of sponsors, but also very different sub-markets. Which cities or sectors are most exciting to you at the moment?

We don’t approach the market through a geographic lens. Instead, we blanket the U.S. market, which gives us access to a large and diverse funnel of deal flow. That breadth allows us to be highly selective in choosing the financing opportunities we ultimately pursue and underwrite.

From a sector standpoint, we are generalists. Our long track record has exposed us to nearly every major industry, so we are comfortable underwriting across a wide range of business models. That said, we continue to see strong and consistent opportunities in Business Services, Financial Services, Healthcare, and High Tech/Software. These sectors often feature recurring demand, differentiated products or services, attractive margins, and built-in diversity across revenue streams, all of which align with how we think about credit risk.

So, while we don’t chase regions or trends, we stay disciplined in backing companies with solid fundamentals and sustainable performance.

How do you balance being competitive in pricing and terms while still maintaining credit discipline?

At Antares, everything begins and ends with the credit decision. That’s our north star. We remain disciplined within our well-informed credit box and price risk accordingly. If the risk-return profile is out of balance, we are comfortable passing.

One of our key advantages is the scale and breadth of our deal flow. Our long-tenured team consistently sources a large and diverse pipeline. Additionally, our existing portfolio continues to generate opportunities through incremental financings, recapitalizations, and staples. This means we’re not dependent on pursuing every new deal in the market to be successful.

Ultimately, we are laser focused on building a high-quality portfolio, so while we are always looking to win attractive deals, we won’t compromise our credit standards to do so.

With such a large geographic remit, you must spend a lot of time on the road. What are your top tips for keeping business travel manageable?

I’ll share a piece of advice I got when I moved from an Antares’ Underwriting Team Leader role into Originations many years ago. One of the more seasoned Originators said, “You’re going to be out at a lot more lunches and dinners. When you’re out, always order the healthiest thing on the menu—even if it’s not your first choice. Because whatever it is, it’s still better than what you’d be eating back at your desk.”

I took that advice to heart. It’s simple, practical, and true. Traveling for work, or even just late nights entertaining locally, can be challenging, so giving yourself a little nod to healthy choices goes a long way in keeping your energy up and your humor intact.

Beyond your work at Antares, you’re a board member with Hope & Heroes. Can you share what inspired you to get involved?

As a child, I overcame leukemia. When I went into remission and started high school, I was eager to leave that chapter behind and focus on my future, free from uncontrollable distractions and without looking back. Around the time I was entering college, my childhood doctor, the former director of pediatric oncology at Columbia University Medical Center, founded Hope & Heroes, a charitable nonprofit that funds research, treatment, and care for children with cancer and blood disorders in the New York region.

I’m deeply grateful for the care I received as a child, and serving on the board of Hope & Heroes has given me the chance to give back to children and families facing the challenges of cancer in a meaningful way. Today, I’ve moved beyond simply “not looking back” to using my experiences to inspire hope and help ensure every child has access to the best possible care close to home.

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