Direct lending

Asset-based lending and term lending are coming together to meet challenges for a wide range of companies under pressure, argues Richard Gumbrecht.

The firm also reported a high re-up rate for its latest flagship European credit vehicle.

Continuation vehicles backed by Pantheon will acquire a total of roughly $2bn of private credit investments.

The investor is also moving into other new areas of illiquid credit, including infrastructure and real estate financing, says founder and CEO Antoine Prudent.

Despite discussions of declining investor demand for liquidity, both funds saw requests for double-digit amounts of shares to be tendered

The manager, which operates in the lower mid-market, in early June wrapped up one of the year’s stand-out private credit fundraisings to date.

Managers are looking to where there’s an apparent need for capital, including opportunistic credit.

Lenders must embed adaptation and resilience readiness into standard credit assessment, writes Ravi Singh, senior manager at Institutional Investors Group on Climate Change.

Grier Eliasek of Prospect Capital says a bifurcation in direct lending approaches has led to a proliferation in mid-market opportunities in the US, benefiting firms with the right resources.

Scaled lenders backed by institutional capital are positioned to succeed in the next cycle as sponsors prioritise certainty of execution, say Churchill Asset Management’s Derek Fricke and Jill White.