For private credit lenders · Private launch
State your mandate once. See only what fits.
Broker deals are screened against the mandate you reviewed. The ones that fit reach your inbox with the reason attached, and you reply from email.
U.S. direct lending
Confirmed by the lender before it is used for matching
- Check size
- $15–40M
- Structure
- Senior / unitranche
- Min. EBITDA
- $5.0M · $4.0M by exception
- Max leverage
- 3.5× · 3.75× by exception
- Ownership
- Non-sponsored
- Geography
- United States
Prefers
- Founder-owned
- Residential services
- Recurring revenue
Will not do
- Oil & gas
- Restaurants
- Turnarounds
Why lenders join
Less noise. More of the right deals.
- 01
Fewer irrelevant deals
Hard conflicts on size, structure, ownership and sector are removed before anything reaches you.
- 02
Deals you would otherwise miss
A broker who has never called you can still find you when the credit fits your mandate.
- 03
Stop repeating your mandate
Say it once, in your words. Every deal on the network is screened against the current version.
What reaches your inbox
The credit, against your mandate. Reply from email.
Each deal shows where it fits your mandate and where it stretches, so you can decide on a first read. A pass with a reason tells us whether it was the deal or the mandate.
HVAC services · $25.0M unitranche
Shared by a broker who approved you as a recipient.
| Parameter | This credit | Your mandate | Read |
|---|---|---|---|
| Facility size | $25.0M | $15–40M | Within range |
| Structure | Unitranche | Senior / unitranche | Aligned |
| Ownership | Founder-owned | Non-sponsored | Aligned |
| Sector | Residential HVAC services | Residential services | Stated preference |
| EBITDA | $6.7M | $5.0M minimum | Above minimum |
| Leverage | 3.7× requested | 3.5× · 3.75× by exception | Exception to confirm |
Why it fits
Facility size sits inside the $15–40M range. Founder-owned residential services is a stated preference, and EBITDA clears the $5.0M minimum.
Where it stretches
Requested leverage of 3.7× is above the 3.5× maximum and inside the 3.75× exception range. Confirm the exception and current hold appetite.
- Broker approves
- Lender opts in
- Introduction
Who sees your name
No one, until you reply Interest.
A broker whose deal fits sees an unnamed description of your mandate with the reason for the match. Your name, title, firm and contact details are released only when you opt in to that deal.
- No one can browse the network
- Released to that broker only, for that deal only
- Before a matchNothing
There is no directory and no search. Your mandate is not visible to anyone.
- When a deal fitsNon-sponsored direct lender · $15–40M
The broker sees a description by type, with the reason for the fit. No name, title or firm.
- After you reply InterestYour name, title, firm and contact details
Released to that broker, for that deal. Then the introduction is made.
How a deal reaches you
From the broker's brief to your inbox.
Stage 1 of 5 · Market
Most deals are widely shopped by the time you see them.
Teasers go to long lists built from memory. Most of what reaches you was never a fit.
- 01Non-sponsored direct lender · $15–40MAppetite unknown
- 02Lower middle market credit fund · $10–50MAppetite unknown
- 03Junior capital provider · Mezzanine onlyAppetite unknown
- 04Generalist middle market BDC · $20–75MAppetite unknown
- 05Large cap private credit fund · $75M+Appetite unknown
What you actually do
About 10 minutes with Reid. Then you review it.
Reid is Ninth Wave's AI analyst. One written conversation captures how you invest today.
- Type or dictate, at your own pace
- Upload existing investment criteria
- Nothing is used for matching until you confirm it
ReidI would like to understand the mandate as you apply it today, including where the written parameters differ from the practical ones. Where does EBITDA begin to work?
You$5 million is the floor. We have gone to $4 million for the right founder-owned services business with recurring revenue.
ReidI will record $5.0M as the minimum and $4.0M as an exception case. How do you think about leverage in that situation?
You3.5× is the cap on non-sponsored. We will go to 3.75× by exception if the cash conversion is there.
ReidI will record 3.5× as the maximum and 3.75× as an exception. The draft mandate comes to you for review before it is used.
The terms
Plain answers before you ask.
- Who sends deals
- Investment banks, debt advisors and placement agents. Each is reviewed before any deal is matched or shared.
- Your mandate stays current
- Update it whenever appetite changes. Every deal on the network is screened against the current version.
- Cost
- No platform fee during the founding cohort. Future pricing will be announced before it applies.
About 10 minutes. Nothing is used until you confirm it.
Join as a lenderWho is behind it
Built by a credit investor. Run personally.
Charlie Madden spent more than a decade at Barclays and Colbeck Capital, across leveraged finance syndication and special situations credit underwriting.
Lender mandates are nuanced and change with the portfolio. Deal information arrives in inconsistent formats. Ninth Wave organizes both so a broker can choose the first calls well, without giving up control of the relationship. Founding participants work directly with Charlie.
- Leveraged finance
- Barclays
- Special situations
- Colbeck Capital
- In credit markets
- 10+ years
Sample output
The lender mandate tear sheet.
A one page record of confirmed investment parameters, underwriting posture and current appetite. A separate illustrative example from the one above.
Illustrative. The sample contains no live lender, borrower or sponsor information.
Frequently asked
What lenders ask first.
How is AI used?
Reid helps refine your mandate in written chat. You can type or dictate an editable draft. You review and correct that draft before it is activated. AI supports information capture and matching; it does not approve investments or make introductions without permission.
How do I build my profile?
Open your private workspace and tell Reid how you invest in chat. Work at your own pace, upload investment criteria, and review your mandate before confirming it for matching.
How visible am I to brokers?
A broker sees an unnamed description of your mandate and the match rationale in a ranked result. Your name, title, firm and contact information are released only after the broker approves outreach and you reply Interest on that specific opportunity.
What happens when I pass on a deal?
You can give an optional reason. The broker sees that a recipient passed, but not your identity or private reason. Passing does not change your mandate. You can separately choose to share an exact question with the broker.
Can I update my preferences later?
Yes. Current deployment appetite, preferred check size, and active themes can be updated from the platform. A material change such as a new fund or strategy can be handled through a shorter follow-up conversation.
Who is behind Ninth Wave?
Ninth Wave was founded by Charlie Madden after more than a decade at Barclays and Colbeck Capital, working across leveraged finance syndication and special situations credit underwriting. Founding participants work directly with Charlie.
Request access
Request lender access.
Access is reviewed. Nothing is matched against your mandate until you have read and confirmed it. The network is new, so expect few deals at first, each screened to your mandate.
- 01Verify your email and set a password
- 02Network access is reviewed
- 03State your mandate to Reid
- 04Review and confirm it before it is used for matching
Placing a deal instead? Go to the broker page