36th Street Capital was formed in 2014 by co-founders Mark Horan and Kiran Kapur. Long time acquaintances, both built successful careers in blue chip financial and Fortune 500 institutions before coming together in the spring of 2014 to discuss business opportunities.
It was at this meeting that both realized that Mark's network of alternative capital sources were a good potential match for the funding Kiran was seeking to address disruption in commercial credit markets, specifically relating to equipment financing. Recognizing that there had been a systemic shift in the risk appetite of traditional players, the two set out as market makers connecting money supply with demand for equipment financing to “storied” credits. Over the balance of 2014 and into 2015, they shifted their focus into finding a permanent capital partner to fund balance sheet investment in transactions that were originated and underwritten using the same successful techniques employed in prior specialty finance businesses led by Kiran.
After receiving several term sheets from a variety of firms, 36th Street Capital formed a joint venture with Tennenbaum Capital Partners in the fall of 2015. After a successful launch, the firm is now actively sourcing, underwriting and funding transactions.