Direct lending

The vehicle is the manager’s largest credit fund, and with leverage is over three times its target.

How sector specialists are taking on the generalists as mid-market direct lending competition heats up.

The rising costs of labour, energy and raw materials are putting pressure on private debt funds and creating uncertainty in the mid-market.

Direct lenders have a chance to pick up market share across Europe as dislocation hits and banks retrench, argues Jaime Prieto of Kartesia.

Tom Stein, head of private debt Americas, and Chris Bone, head of private debt Europe, at Partners Group discuss the opportunities and challenges facing direct lenders in Europe and the US.

It’s a part of the market that keeps on finding ways to grow further. Three partners of Latham & Watkins explore what the year ahead holds for direct lending

The firm recorded net investment income of $137.9m in Q4, the highest of any quarter in 2021.

The events of the past two years have raised awareness about the importance of a disciplined approach and strong balance sheets, so despite the ongoing pandemic and concerns about certain macroeconomic issues, many direct lenders and middle market companies have headed into 2022 in good shape, says Drew Guyette, chief credit officer and senior partner at Twin Brook Capital Partners.

Attractive and uncorrelated returns make speciality finance an increasingly compelling part of the evolving private credit market, says Ivan Zinn, founding partner and chief investment officer at Atalaya Capital Management.