Elevex Capital closes $1B forward flow agreement with TPG

Elevex Capital has closed a forward flow agreement with global alternative asset manager TPG that provides the independent equipment finance company with access to $1 billion in capital.

The agreement gives Elevex the capacity to originate and fund larger mid- and large-ticket equipment finance transactions while securing a consistent source of takeout capital, according to today’s release. The partnership supports scalable growth as traditional banks continue to pull back from equipment leasing.

Founded in 2025, Westlake, Ohio-based Elevex focuses on commercial equipment financing across multiple industries, using a technology-enabled origination platform to drive efficiency and liquidity, according to the release. The new facility positions the company to expand its role as a long-term capital partner to business owners and operators nationwide.

The agreement aligns with TPG’s asset-based finance strategy of working with established originators to provide dependable capital solutions while gaining access to equipment finance assets, according to the release. TPG also manages $286 billion in assets across private equity, credit, real estate and other strategies.

Elevex is backed by Houston-based private equity firm Sallyport, which believes the transaction validates Elevex’s platform and supports its ability to compete across small- to large-ticket financing, according to the release. Additionally, BayCrest Partners served as placement agent to Elevex on the transaction.

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