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

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 ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access:

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: or find out more online here.