Fears have been voiced that direct lending may be becoming overly competitive, with new players forcing their way in and putting pressure on incumbents. But if investors are worried about this, it is not coming through in the data.
The latest PDI fundraising figures, measured at the end of the third quarter, show senior debt – which is primarily associated with direct lending strategies – accounting for 40 percent of the private debt capital raised globally so far this year and 31 percent of funds closed.
