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Pioneers in NAV financing
We provide purpose-built NAV and GP financing solutions for private equity investors and their portfolio investments across North America and Europe.
Who We Are
Since 2013, we have been at the forefront of providing tailored fund financing solutions to middle-market sponsors, specializing in NAV financing, and GP & management company financing solutions.
Our Story
Our Solutions
As pioneers of NAV financing, we bring deep expertise, certainty of execution and a long-term partnership orientation to solutions that evolve with your needs.
Core Stats
2013
Founded
$1.9B+
Capital Deployed
135+
Transactions Closed
4
Funds Raised
2013
Founded
$2.0B+
Capital Deployed
60+
Unique Sponsors
4
Funds Raised
Our People
Deep fund finance expertise guided by a highly experienced leadership team
The Hark Capital team blends innovation with decades of industry experience — grounded in collaboration, and driven by integrity and excellence.
Doug Cruikshank
Founder & Managing Partner
Doug Cruikshank
Founder & Managing Partner

Doug Cruikshank is the Founder and Managing Partner of Hark Capital. Prior to founding the firm, he was a Managing Director at Barclays and Lehman Brothers, advising financial sponsor clients. Earlier in his career, he worked in leveraged finance, bank lending, and private placements at Credit Suisse and J.P. Morgan.

Doug began his career at Manufacturers Hanover Trust Company and holds an A.B. from Princeton University and an M.B.A. from the Kellogg School of Management at Northwestern University.

Rafael Castro
Partner
Rafael Castro
Partner

Rafael Castro is a Partner at Hark Capital and has been with the firm since its inception. He leads the origination, execution, and portfolio management of the firm’s investments.

Prior to Hark, Rafael was a Managing Director at Velocity Capital Advisors and previously spent four years at Ableco Finance, managing a $450 million special situations loan portfolio. He also held roles at CIBC World Markets and J.P. Morgan’s LabMorgan group.

Rafael holds an A.B. from Harvard University and an M.B.A. from Columbia Business School.

Rich Davis
Partner
Rich Davis
Partner

Rich Davis is a Partner at Hark Capital and has been with the firm since its inception. He focuses on the origination, execution, and portfolio management of investments.

Previously, Rich was a Vice President at GarMark Partners, helping deploy a $330 million fund across private debt and equity. He also held roles at Wind Point Partners and RBC Capital Markets.

Rich holds a B.S. from the University of Illinois, an M.B.A. from the University of Chicago, and is a CFA charterholder.

Ben Lee
Principal
Ben Lee
Principal

Ben Lee is a Principal at Hark Capital and joined the firm in 2024. He is responsible for the origination, execution, and portfolio management of investments.

Prior to Hark, Ben was a Director at Silicon Valley Bank and a founding member of the Structured Fund Solutions business, a multi-billion-dollar asset-backed fund financing platform. Earlier in his career, he held roles at Macquarie Group in fund finance in both New York and Sydney.

Ben holds a BCom (Finance) and a B.A. (Economics) from the University of Sydney.

Peter Wright
Director
Peter Wright
Director

Peter Wright is a Director at Hark Capital and joined the firm in 2024. He is responsible for investment origination.

Prior to Hark, Peter was a Vice President at Devon Park Advisors, leading origination, execution, and syndication across a range of secondaries transactions, including LP interest acquisitions, GP-led restructurings, and strategic equity placements. Previously, he was a Senior Associate at Campbell Lutyens and an Associate at Stellex Capital Management.

Peter holds a B.B.A. from Howard University and an M.B.A. from the University of Chicago.

Diane Moore
Vice President
Diane Moore
Vice President

Diane Moore is a Vice President at Hark Capital and has been with the firm since 2020. She is responsible for execution and portfolio monitoring of Hark Capital’s investments.

Prior to joining Hark Capital, Diane worked on the Exchange-Traded Funds and Product teams at Aberdeen Standard Investments.

Diane holds a B.A. from Haverford College.

Will Randell
Vice President
Will Randell
Vice President

Will Randell is a Vice President at Hark Capital and has been with the firm since 2022. He is responsible for execution and portfolio monitoring of Hark Capital’s investments.

Prior to joining Hark Capital, Will was an Associate in the Financial Institutions Group at U.S. Bank.

Will holds a B.A. from Dartmouth College.

Salonee Ferrao
Senior Analyst
Salonee Ferrao
Senior Analyst

Salonee Ferrao is a Senior Analyst at Hark Capital and has been with the firm since 2024. She is responsible for execution and portfolio monitoring of Hark Capital’s investments.

Prior to joining Hark, Salonee was an Analyst at DC Advisory, where she worked primarily in the Technology, Media, and Telecommunications group.

Salonee holds a B.S. from the NYU Stern School of Business.

Andrew Dunn
Analyst
Andrew Dunn
Analyst

Andrew Dunn is an Analyst at Hark Capital and joined the firm in 2024. He is responsible for execution and portfolio monitoring of Hark Capital’s investments.

Prior to joining Hark, Andrew was an Investment Banking Analyst at PEI Global Partners.

Andrew holds a B.S. from Georgetown University.

Alex Bockler
Chief Financial Officer
Alex Bockler
Chief Financial Officer

Alex Bockler is the Chief Financial Officer of Hark Capital. He is responsible for finance, accounting, tax, and operations across the Hark funds.

Prior to joining Hark, Alex supported the platform while at Aberdeen Standard Investments. Earlier in his career, he was a Senior Associate in the Private Bank at J.P. Morgan in New York, where he led audits and operations for a range of investment products, including direct private equity funds, fund of funds, and hedge funds. He began his career at BNY Mellon as an accountant for publicly traded 1940 Act funds.

Alex holds a B.S. from La Salle University.

‍

Ronak Patel
Controller
Ronak Patel
Controller

Ronak Patel is the Controller at Hark Capital and joined the firm in 2023. He is responsible for finance, accounting, tax, and operations across the Hark funds.

Prior to Hark, Ronak was the Controller at Monachil Capital Partners, where he oversaw finance and operations for the firm’s private debt and ’40 Act funds. Before that, he served as Head of Finance at Antler’s U.S. venture fund. Earlier in his career, he held roles at The Beekman Group and SS&C Technologies.

Ronak holds an M.S. in Accounting and a B.B.A. in Finance from Pace University.

Caitlin Hilmer
Executive Assistant
Caitlin Hilmer
Executive Assistant

Caitlin Hilmer is an Executive Assistant at Hark Capital and has been with the firm since 2023. She is responsible for administrative support, coordinating travel, managing team calendars, and assisting with various operational functions.

Prior to joining Hark, Caitlin managed one of the highest-producing dental practices in Wisconsin for a growing dental services organization, where she developed strong operational and team management skills. Earlier in her career, she was a board-certified veterinary technician, providing care across large, small, and exotic animal practices.

Doug Cruikshank
Founder & Managing Partner
Doug Cruikshank
Founder & Managing Partner

Doug Cruikshank is the Founder and Managing Partner of Hark Capital. Prior to founding the firm, he was a Managing Director at Barclays and Lehman Brothers, advising financial sponsor clients. Earlier in his career, he worked in leveraged finance, bank lending, and private placements at Credit Suisse and J.P. Morgan.

Doug began his career at Manufacturers Hanover Trust Company and holds an A.B. from Princeton University and an M.B.A. from the Kellogg School of Management at Northwestern University.

Rafael Castro
Partner
Rafael Castro
Partner

Rafael Castro is a Partner at Hark Capital and has been with the firm since its inception. He leads the origination, execution, and portfolio management of the firm’s investments.

Prior to Hark, Rafael was a Managing Director at Velocity Capital Advisors and previously spent four years at Ableco Finance, managing a $450 million special situations loan portfolio. He also held roles at CIBC World Markets and J.P. Morgan’s LabMorgan group.

Rafael holds an A.B. from Harvard University and an M.B.A. from Columbia Business School.

Rich Davis
Partner
Rich Davis
Partner

Rich Davis is a Partner at Hark Capital and has been with the firm since its inception. He focuses on the origination, execution, and portfolio management of investments.

Previously, Rich was a Vice President at GarMark Partners, helping deploy a $330 million fund across private debt and equity. He also held roles at Wind Point Partners and RBC Capital Markets.

Rich holds a B.S. from the University of Illinois, an M.B.A. from the University of Chicago, and is a CFA charterholder.

Ben Lee
Principal
Ben Lee
Principal

Ben Lee is a Principal at Hark Capital and joined the firm in 2024. He is responsible for the origination, execution, and portfolio management of investments.

Prior to Hark, Ben was a Director at Silicon Valley Bank and a founding member of the Structured Fund Solutions business, a multi-billion-dollar asset-backed fund financing platform. Earlier in his career, he held roles at Macquarie Group in fund finance in both New York and Sydney.

Ben holds a BCom (Finance) and a B.A. (Economics) from the University of Sydney.

Peter Wright
Director
Peter Wright
Director

Peter Wright is a Director at Hark Capital and joined the firm in 2024. He is responsible for investment origination.

Prior to Hark, Peter was a Vice President at Devon Park Advisors, leading origination, execution, and syndication across a range of secondaries transactions, including LP interest acquisitions, GP-led restructurings, and strategic equity placements. Previously, he was a Senior Associate at Campbell Lutyens and an Associate at Stellex Capital Management.

Peter holds a B.B.A. from Howard University and an M.B.A. from the University of Chicago.

Diane Moore
Vice President
Diane Moore
Vice President

Diane Moore is a Vice President at Hark Capital and has been with the firm since 2020. She is responsible for execution and portfolio monitoring of Hark Capital’s investments.

Prior to joining Hark Capital, Diane worked on the Exchange-Traded Funds and Product teams at Aberdeen Standard Investments.

Diane holds a B.A. from Haverford College.

Will Randell
Vice President
Will Randell
Vice President

Will Randell is a Vice President at Hark Capital and has been with the firm since 2022. He is responsible for execution and portfolio monitoring of Hark Capital’s investments.

Prior to joining Hark Capital, Will was an Associate in the Financial Institutions Group at U.S. Bank.

Will holds a B.A. from Dartmouth College.

Salonee Ferrao
Senior Analyst
Salonee Ferrao
Senior Analyst

Salonee Ferrao is a Senior Analyst at Hark Capital and has been with the firm since 2024. She is responsible for execution and portfolio monitoring of Hark Capital’s investments.

Prior to joining Hark, Salonee was an Analyst at DC Advisory, where she worked primarily in the Technology, Media, and Telecommunications group.

Salonee holds a B.S. from the NYU Stern School of Business.

Andrew Dunn
Analyst
Andrew Dunn
Analyst

Andrew Dunn is an Analyst at Hark Capital and joined the firm in 2024. He is responsible for execution and portfolio monitoring of Hark Capital’s investments.

Prior to joining Hark, Andrew was an Investment Banking Analyst at PEI Global Partners.

Andrew holds a B.S. from Georgetown University.

Alex Bockler
Chief Financial Officer
Alex Bockler
Chief Financial Officer

Alex Bockler is the Chief Financial Officer of Hark Capital. He is responsible for finance, accounting, tax, and operations across the Hark funds.

Prior to joining Hark, Alex supported the platform while at Aberdeen Standard Investments. Earlier in his career, he was a Senior Associate in the Private Bank at J.P. Morgan in New York, where he led audits and operations for a range of investment products, including direct private equity funds, fund of funds, and hedge funds. He began his career at BNY Mellon as an accountant for publicly traded 1940 Act funds.

Alex holds a B.S. from La Salle University.

‍

Ronak Patel
Controller
Ronak Patel
Controller

Ronak Patel is the Controller at Hark Capital and joined the firm in 2023. He is responsible for finance, accounting, tax, and operations across the Hark funds.

Prior to Hark, Ronak was the Controller at Monachil Capital Partners, where he oversaw finance and operations for the firm’s private debt and ’40 Act funds. Before that, he served as Head of Finance at Antler’s U.S. venture fund. Earlier in his career, he held roles at The Beekman Group and SS&C Technologies.

Ronak holds an M.S. in Accounting and a B.B.A. in Finance from Pace University.

Caitlin Hilmer
Executive Assistant
Caitlin Hilmer
Executive Assistant

Caitlin Hilmer is an Executive Assistant at Hark Capital and has been with the firm since 2023. She is responsible for administrative support, coordinating travel, managing team calendars, and assisting with various operational functions.

Prior to joining Hark, Caitlin managed one of the highest-producing dental practices in Wisconsin for a growing dental services organization, where she developed strong operational and team management skills. Earlier in her career, she was a board-certified veterinary technician, providing care across large, small, and exotic animal practices.

Our Solutions
Purpose-built financing for private markets
NAV-Based Loans
Flexible, non-dilutive capital backed by the unrealized value of underlying portfolio investments.

Designed to support a broad range of fund- and portfolio-level objectives, including follow-on investments, liquidity management, capital structure optimization, and other strategic initiatives.
01
GP & Management Company Financing
Customized financing solutions backed by management fees, GP commitments, and carried interest.

Enables GP co-investments, succession planning, and seed capital to launch new strategies or expand the franchise.
02
Customized Solutions
Bespoke financing structures supported by uncalled capital, concentrated portfolios, or portfolios of limited partnership interests.

Includes solutions for single-asset or multi-asset continuation vehicles, preferred equity financing, and capital tailored for family offices and ultra-high-net-worth investors.
03
Explore Our Solutions
Recent Transactions
Some of our recent transactions
$50 Million
NAV Facility
NAV Facility
$50 million NAV facility for a middle-market private equity firm focused on healthcare investments to finance the acquisition of a portfolio company.
View All
$65 Million
NAV Facility
NAV Facility
$65 million NAV facility for a middle-market private equity firm focused on consumer investments to refinance portfolio company leverage and provide operating capital.
View All
$85 Million
NAV Facility
NAV Facility
$85 million NAV facility to a private credit manager specializing in mezzanine credit investments to refinance portfolio company leverage and provide working capital.
View All
$50 Million
Management Company Facility
Management Company Facility
$50 million management company facility to a middle-market private equity firm focused on industrial investments to fund GP commitments and facilitate an ownership transition.
View All
$30 Million
NAV Facility
NAV Facility
$30 million NAV facility to a venture capital fund of fund investor to fund investment activity.
View All
News & Insights
News & Insights
Explore More News & Insights
News
Hark Capital provides $57.5 million NAV facility to Insignia Capital Group
Hark Capital, through its managed funds, announced the closing of a $57.5 million NAV facility, providing flexible capital to support portfolio-level liquidity, follow-on investments, and ongoing value creation initiatives.
December 2025
News
Doug Cruikshank on the Evolution of Fund Finance
Doug Cruikshank joins The Credit Clubhouse to discuss how fund finance has matured, the rise of NAV lending, and the market forces shaping today’s private equity landscape.
November 2025
News
Hark Capital Provides $50 Million NAV Facility to Pharos Capital Group
Hark Capital, through its managed funds, today announced the closing of a $50 million NAV facility with Pharos IV-A, L.P., a middle-market private equity fund focused on healthcare companies that aim to improve the patient experience of care, increase access to care within underserved communities, and reduce the total cost of healthcare.
July 2025
Insights
Q2 2025 NAV Lending Overview
A rebound in portfolio company performance and stabilizing valuations in Q2 2025 drove renewed NAV lending activity, as sponsors sought capital for follow-ons and liquidity events amid gradually improving market confidence.
July 2025
News
Fusion Connect Secures $85M Term Loan From Hark Capital to Fuel Strategic Growth
Fusion Connect, a proven leader in cloud communications services, announces that the company has entered into a new NAV-based loan agreement with Hark Capital, providing Fusion Connect with a term loan of $85 million.
May 2025
Insights
Q1 2025 NAV Lending Overview
Challenging market conditions in Q1 2025 have increased reliance on NAV lending for growth and stabilization as sponsors face tariff impacts, higher input costs, and tightening capital availability.
April 2025
Insights
Hark Capital on Bridging the Equity Gap
In a cash constrained environment, NAV lending is increasingly proving itself as a vital component of fund performance, argues Doug Cruikshank, managing partner and founder of Hark Capita
January 2025
News
Hark Capital Provides $65 Million Facility to Portfolio Companies Managed by WM Partners
Hark Capital, through its managed funds, has announced the closing of a $65 million financing arrangement with portfolio companies managed by WM Partners, a middle-market private equity sponsor focused on buyout investments in the health and wellness sector
January 2025
Insights
FY2024 NAV Lending Overview – A Year in Review: ‘All That Glitters Is Not Gold’
Despite dry powder exceeding $1T, a decline as a percentage of AUM and projected future losses highlight the rising need for NAV facilities to support and defend portfolio company value.
January 2025
Insights
Q3 2024 NAV Lending Market Overview
Private equity exits in 2024 hit their lowest in over a decade, driving demand for NAV lending as sponsors navigate a market with fewer exits and limited liquidity options.
October 2024
Explore More Insights & Resources
Partner with us
Whether you're seeking additional capital at the fund, manager, or portfolio level, we’re here to help. Let’s connect and explore a solution tailored to your needs.
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Hark Capital is a part of P10. P10 (NYSE: PX) is a leading private markets solutions provider with over $40 billion in assets under management as of September 30, 2025. P10 invests across private equity, private credit, and venture capital in access-constrained strategies, with a focus on the middle and lower-middle market. P10’s products have a global investor base and aim to deliver compelling risk-adjusted returns. For additional information, please visit www.p10alts.com.
© 2025 Hark Capital Advisors, LLC.
Past performance is not necessarily indicative, or a guarantee, of future results. There can be no assurance that a fund will achieve comparable results as any prior investments or prior investment funds of Hark Capital and/or RCP Advisors. Information on this site is for informational purposes only and is not to be construed as an offer to sell or the solicitation of an offer to buy any security.
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