Phoenix Merchant Partners, an independent alternative asset manager, and Texas Capital Alternative Asset Management (TCAAM), a wholly owned subsidiary of Texas Capital Bancshares, formed a strategic relationship to provide customized capital solutions and direct lending to the core middle market across a diverse range of industries.

The relationship integrates the corporate and investment banking coverage network of Texas Capital with the structuring, underwriting and multi-cycle portfolio management expertise of Phoenix. Capitalizing on this powerful combination, Phoenix will launch its first vehicle, Spurstone Credit, in Q3/26. Structured as a perpetual-life, non-traded closed-end credit fund, Spurstone will be headquartered in Dallas, Texas.

Spurstone has already attracted interest from a group of anchor institutional investors. The vehicle’s investment mandate will focus primarily on delivering senior secured financing solutions to core middle-market businesses with annual revenues between $100 million and $1 billion that are currently underserved in private credit.

“As the only full-service financial services firm headquartered in Texas, we continuously look for ways to serve the needs of companies and their owners, both in Texas and in our industries of focus across the country. Working with Phoenix expands and accelerates our ability to offer proprietary private credit financing solutions to deserving clients. The Phoenix team shares our disciplined approach to asset structuring, capital preservation and portfolio management, as well as our passion for providing exceptional client service and delivering comprehensive solutions,” Daniel Hoverman, head of corporate and investment banking at Texas Capital and president of TCAAM, said.

The vehicle’s strategy is designed to address a critical structural liquidity gap for non-sponsored, family-owned and founder-led mid-market enterprises requiring flexible, non-dilutive senior capital to fund organic growth, strategic acquisitions and balance sheet optimizations.

“Proprietary origination remains the single biggest differentiator in the private credit landscape,” Art Mbanefo, founder and CEO of Phoenix, said. “Working with TCAAM unlocks unparalleled access to high-quality, founder-owned businesses across Texas and other economic centers like California, New York and Illinois. Together, we are bridging the liquidity gap for exceptional middle-market companies.”

Spurstone will be advised by a newly formed, Phoenix-sponsored registered investment adviser, Ryestone Advisors, which is currently applying for registration with the U.S. Securities and Exchange Commission. TCAAM will be a minority economic investor in Spurstone’s investment adviser.

CHARLESTON, W.Va (WCHS) — As the conversation around two large transmission lines being built through parts West Virginia continues, the biggest question remaining is, will ratepayers be impacted?

The Valley North project is on the table and it would span from Putnam County to Frederick County, Maryland, totaling to 260 miles. Two new substations would also be built, one in Hardy County and the other in Frederick County Maryland.

According to the project website, these lines would strengthen the grid to deliver more reliable and affordable electricity to homes, hospitals, schools and businesses.

Energy Efficent West Virginia policy director, Emmett Pepper said, building these lines will not strengthen the power that we get at home.

“We have some of the least reliable electricity in the country here in West Virginia. That’s not because of the large transmission lines that we see their tower above us. It’s because of the local distribution lines, the ones that come close to our homes. While there can be some small amount of benefit potentially from the big transmission lines going in, it is the local lines that are the problem and that is not being addressed by this,” he said.

Lawmakers we spoke with earlier this month said between both transmission line projects, West Virginia could have to front the bill for anywhere between $440 million to $900 million.

“This is going to be more cost for rate payers and will not fix our problems here. There are other places in the region that have issues with transmission, but that’s not our issue,” Pepper said.

He said he’d like to see state leaders take action to ensure these costs don’t fall back on ratepayers.

“I think we need to have a rate payers’ bill of rights that would actually protect people and have a plan for how we’re going to deal with this so that it has less of an impact on rate payers,” he said.

Multiple open houses are scheduled for this project in West Virginia:

-Berkeley County, WV: July 7, 2026 | 4:00 – 7:30 p.m. Holiday Inn Martinsburg Foxcroft Ballroom

– Hampshire County, WV: July 8, 2026 | 4:00 – 7:30 p.m Bottling Works Event Center

– Tucker County, WV:July 8, 2026 | 4:00 – 7:30 p.m.Tucker County High School

– Hardy County, WV: July 9, 2026 | 4:00 – 7:30 p.m. Misty Mountain Event Barn

– Barbour County, WV: July 15, 2026 | 4:00 – 7:30 p.m. Philippi Middle School

– Lewis County, WV: July 16, 2026 | 4:00 – 7:30 p.m. Robert L. Bland Middle School

– Upshur County, WV: July 16, 2026 | 4:00 – 7:30 p.m. The Event Center at Brushy Fork

– Harrison County, WV: July 21, 2026 | 4:00 – 7:30 p.m. South Harrison High School

– Preston County, WV: July 21, 2026 | 4:00 – 7:30 p.m. Craig Civic Center

– Calhoun County, WV: July 22, 2026 | 4:00 – 7:30 p.m. Calhoun County Middle-High School

– Gilmer County, WV: July 22, 2026 | 4:00 – 7:30 p.m. Glenville State University Waco Center

– Braxton County, WV: July 23, 2026 | 4:00 – 7:30 p.m. Days Inn Flatwood Conference Center

– Grant County, WV: July 23, 2026 | 4:00 – 7:30 p.m. Landes Arts Center

– Kanawha County, WV: July 28, 2026 | 4:00 – 7:30 p.m. Sissonville Middle School

– Roane County, WV: July 28, 2026 | 4:00 – 7:30 p.m. Spencer Armory

– Jackson County, WV: July 29, 2026 | 4:00 – 7:30 p.m. Greene Center

– Putnam County, WV: July 29, 2026 | 4:00 – 7:30 p.m. Poca High School