MIAMI, July 16, 2026 /PRNewswire/ — Canal Road Group (“CRG“) today announced an expansion of its strategic relationship with SMBC as the bank makes an equity commitment to CRG’s direct lending strategy that will unlock up to $225 million in additional investable capital. The commitment will increase CRG’s investment capacity to $2.3 billion, inclusive of financing, for its direct lending strategy. In connection with making the commitment, SMBC is also taking a passive minority stake in CRG.
The capital commitment enhances a relationship that already includes a $350 million asset-based lending facility, expandable to $500 million, which CRG utilizes as a financing facility for its private credit portfolio. In addition, the two firms expect to benefit from the breadth of their combined borrower and sponsor relationships, creating new opportunities across both platforms.
Since launching its private credit platform less than two years ago, CRG has deployed nearly $1.2 billion of commitments to corporate credit borrowers in the private market. SMBC’s commitment reflects an investment in the strength of the CRG platform, its team, and its prospects for continued growth. The team, led by Mike Damaso and Don Young, previously grew CBAM Partners to more than $15 billion in assets under management in less than six years before selling the business to Carlyle in 2022.
CRG commented: “SMBC has had the opportunity to observe our firm’s progress firsthand since we established our relationship in the fourth quarter of 2024. This commitment to our strategy demonstrates confidence in CRG’s sourcing and underwriting capabilities, the quality of our existing portfolio, and our ability to achieve the goals we have established for both the business and our limited partners. We value the relationship we have built with SMBC and appreciate the trust they have placed in our firm.”
About Canal Road Group
Canal Road Group (“CRG“) is an alternative asset management firm that provides tailored financing solutions to companies. The firm seeks to generate consistent, attractive risk-adjusted returns through a diversified portfolio focused primarily on senior secured investments. Guided by a commitment to fundamental research, disciplined risk management, and a broad, differentiated sourcing network, CRG approaches every investment with rigor and selectivity.
CRG was founded by Don Young and Mike Damaso, who previously led CBAM Partners, a credit platform that grew to approximately $15 billion in assets under management following its founding in 2016 and was acquired by Carlyle in 2022. At CRG, they are joined by a team that includes 14 former CBAM professionals.
CRG is headquartered in Miami, Florida. For more information, please visit www.canalroadgroup.com.
About SMBC Group
Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 150 offices and 120,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and ADRs on the New York (NYSE: SMFG) stock exchanges.
SOURCE Canal Road Group