A veteran team of senior professionals from Merrill Lynch, who previously managed the merchant bank and high yield bond groups, founded Prospect Capital’s predecessors in 1988. Over the past 37 years, Prospect has strategically scaled its platform and focuses on investments in credit, private equity, and real estate. Prospect has a history of innovation and industry firsts, including conceiving, launching, and managing the first levered closed-end high yield bond fund (1988), first levered bank loan fund (1989), the first high yield bridge loan fund (1989), and first and only multi-line business development company (2004). Prospect has $11.3 billion of AUM.