Enhanced Capital today marked 25 years since President and CEO Michael Korengold joined the firm, a milestone that reflects the firm’s growth alongside the evolution of the community development and private credit markets, as well as its longstanding focus on segments where access to capital remains limited.

Since 1999, Enhanced Capital has grown its platform alongside, and often ahead of, a rapidly changing investment landscape. When Korengold joined the firm in 2001, incentive-based financing - tax credits, public policy-driven structures, and capital directed at overlooked areas - occupied a niche corner of the private markets ecosystem. Over the following two decades, that segment has become a more established part of the market, and private credit as a whole has expanded to exceed $1.7 trillion in global assets under management.[1] 

Within that segment, Enhanced Capital has been a consistent presence and helped pioneer the use of public policy incentives as tools for directing private capital into areas where access remains limited and traditional lenders often overlook - from New Markets and Historic Tax Credits to the transferable credits introduced under the Inflation Reduction Act. As of December 31, 2025, the firm has raised $6.9 billion, including proprietary assets and assets managed by affiliates, and financed over 1,000 projects and businesses across 40 states, Washington D.C., and Puerto Rico.

Korengold joined Enhanced Capital as Senior Vice President and General Counsel and was appointed President and CEO in 2003. Over more than two decades in that role, he has helped guide the firm through five distinct credit cycles - the dot-com contraction, the post-September 11 freeze, the Global Financial Crisis, a decade of near-zero rates, and today's higher-for-longer environment - while maintaining a consistent emphasis on disciplined underwriting and aligning private capital with public policy initiatives. That kind of institutional continuity is increasingly rare. Most of today's dominant private credit platforms were founded after the Global Financial Crisis or built their current scale in its aftermath. Incentive markets have scaled and institutionalized during that time, but firms with Enhanced Capital’s depth of experience in this segment remain few.

That scarcity reflects a persistent structural reality. While significant capital has flowed into private credit broadly, the markets where Enhanced Capital operates remain underleveraged. The firm's work spans two strategies: Project Finance, where incentive-eligible projects are financed through lending and tax credit investments; and Small Business Lending, where capital reaches lower-middle market borrowers seeking up to $50 million in distressed or rural areas where larger platforms have little incentive to serve. Banks have retreated from both segments. The biggest private credit names have not moved in to fill the gap. Enhanced Capital has stayed deliberate in this focus, even as the broader market has evolved.

“Enhanced Capital has always been guided by the idea that investment capital can help strengthen communities while delivering strong outcomes for investors,” said Korengold. “I’m grateful to have spent the past 25 years working alongside a team that is deeply committed to that mission.”

Looking ahead, Enhanced Capital continues to focus on policy-driven investment opportunities, where access to capital remains constrained despite broader market growth. The expansion of incentive frameworks around energy transition, infrastructure, and community development has created new avenues for the kind of structured, policy-driven private credit - and, as Korengold marks 25 years with the firm, Enhanced Capital looks forward to building on that foundation.

[1]  Preqin. 2025 Global Report: Private Debt. Preqin Ltd., Dec. 2024, www.preqin.com/insights/global-reports/2025-private-debt. Accessed 7 May 2026.