Thornburg Bow River Advisers Supports 5th Century Partners’ Refinancing of Perspecta

The private credit team provided funds supporting the refinancing of Perspecta, LLC

DENVER, CO, October 15, 2025 - Thornburg Bow River Advisers ("TBRA"), a provider of flexible capital solutions to lower and middle market companies, today announced that its private credit team has provided funds supporting the refinancing of Perspecta, LLC ("Perspecta"), a leader in provider data management and healthcare technology solutions. TBRA served as administrative agent on the credit facility, in partnership with Quilvest Capital Partners ("Quilvest").

Perspecta operates in the workers' compensation and group health space and provides service and technology-based solutions that help property and casualty insurance companies, health plans, managed care providers and third-party administrators manage their physician data and networks. The company's products are specifically designed to help these stakeholders maintain compliance with state and federal regulations, improve data management requirements and enhance cost containment. Perspecta's solutions create a transformative patient and user experience by providing accurate, reliable and transparent healthcare and provider information. Perspecta has been a portfolio company of 5th Century Partners ("5CP") since January 2023.

"TBRA's ability to deliver thoughtful, creative financing solutions made them a natural partner for this transaction," said Marques Torbert, Managing Partner at 5CP. "We are excited to partner with TBRA and look forward to working with the team to further Perspecta's mission."

Aaron Arnett, head of TBRA's private credit team, commented, "The Perspecta and 5CP teams have significant subject matter expertise in the group health and workers' compensation sectors. We are thrilled to partner with 5CP to support Perspecta's continued success and growth."

About Thornburg Bow River Advisers Thornburg Investment Management is a global investment firm, founded in 1982 and based in Santa Fe, New Mexico. Bow River Capital is a private alternative asset manager, founded in 2003 and based in Denver, Colorado. Through their strategic partnership, Thornburg Bow River Advisers, LLC, the Private Credit Team provides flexible capital solutions to businesses in the lower and middle market. By combining Bow River's and Thornburg's established network with the Private Credit Team's extensive investment experience, we believe we are well-positioned to support businesses and fund growth, recapitalizations and strategic acquisitions. We proactively seek long-term business partnerships that endure throughout economic cycles. For more information on Thornburg Bow River Advisers, please visit https://www.thornburg.com/bowriver/.

About Perspecta, LLC Perspecta is reimagining provider data management. Through deep domain expertise and a spirit of innovation, Perspecta accelerates the transformation of provider network management, delivering value to customers and the providers, consumers, and partners they serve. Perspecta's provider data management solutions create a better user experience and significant return on investment for health plans, workers' compensation, and provider organizations. With the industry's highest accuracy rating of more than 95%, Perspecta is the leading choice for provider network data and directory management. Learn more at https://www.goperspecta.net.

About 5th Century Partners 5th Century Partners is a purpose-driven private investment firm that invests in middle-market companies within healthcare, consumer and business services that are committed to driving economic value and social impact. The firm provides capital, operating expertise and strategic relationships that lead to sustainable growth, which in turn allows partner companies to realize their full potential and deliver positive outcomes to their stakeholders. Learn more at https://www.www.5cpartners.com.

About Quilvest Capital Partners Quilvest Capital Partners is a global investment platform with over 50 years of experience in private markets. Today, Quilvest manages over $7 billion in assets on behalf of family offices and international institutional investors. Within its Private Credit strategy, Quilvest specializes in providing a range of debt and equity solutions to lower middle-market businesses across a diverse set of industries and geographies. For more information: https://www.quilvestcapitalpartners.com.

Media Inquiries For Bow River Capital Deborah Kostroun [email protected]

Important Information
The views expressed are subject to change and do not necessarily reflect the views of Thornburg Investment Management, Inc. This information should not be relied upon as a recommendation or investment advice and is not intended to predict the performance of any investment or market.

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