Direct lending funds stalk bigger targets but credit cycle will be vicious

Lending_Graphic_23March2017_Fotolia_230x150
By Jon Hay, Max Bower
23 Mar 2017

Europe’s vibrant direct lending market, in which specialist funds lend privately to companies, often without bank arrangers, is swallowing bigger and bigger deals. But the market is heading for trouble when the credit cycle turns, participants warn. Max Bower and Jon Hay report.

Direct lending, which includes unitranche financing, is a loose umbrella term for loans from funds to companies that tend to be smaller or higher risk than those that borrow in private placement markets.

Figures on the direct lending ...

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