Direct lending

Core managers extol the virtues of structural control, but upper mid-market peers say they lack differentiation.

The firm will focus on senior opportunities in the mid- and upper-mid-market as part of its plans to rapidly expand investments in Europe.

But revenue plunged 52% and earnings swung to a loss as higher interest rates weighed on its retirement services business.

Higher fees from diversification to Europe and alternative credit help boost platform and drive rise in fee-paying assets in Q3.

Significant risk transfer may be one of private credit’s top strategies, but BNP Paribas Asset Management Alts’ Deborah Shire says size is what gets you in the door.

Despite competition from various sources, direct lending has advantages in the senior debt market that others can’t replicate.

Fidelity Investments’ David Gaito and Therese Icuss explain why the mid-market space is so ripe with opportunity, as more lenders gravitate upwards.

European investor appetite is accelerating, strategies are diversifying and emerging managers are gaining ground as private credit enters a new phase of growth, says Michael Dempsey, JTC’s global head of private credit.

As investor demand for diversified portfolios, tailored bilateral structures and more defensive positioning grows, dispersion across private credit managers is becoming increasingly apparent, says James Reynolds, global co-head of private credit at Goldman Sachs Alternatives.

The cash-and-stock deal calls for holders of MidCap Financial Investment Corp to receive a 30% premium to the pre-deal price.