Consolidation beginning in private debt as clouds gather

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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