Consolidation beginning in private debt as clouds gather

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By Silas Brown
10 Feb 2020

Reports from Pitchbook and Preqin have found an increased concentration of capital in private debt funds. This is giving larger asset managers a whip hand in dealmaking, while smaller funds struggle to raise and deploy capital, and investors seek the safety of big players ahead of an expected downturn.

For companies, especially mid-market firms, raising finance from private debt funds has developed into a serious alternative to bank loans or public bonds. Over 450 private debt funds have been launched globally, and they have around $812bn of assets under management, according to Preqin, the private equity research ...

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