
The latest trends across the mid-market lending space
The mid-market is known as a particularly resilient segment of the private credit industry, and investors and lenders alike are increasingly seeking out corners of the market perceived to be better protected from recent macroeconomic upheaval. In this special report, we examine the competitive dynamics at work in the direct lending space, why some investors are turning their attention to new strategies, and the impact that tariffs might have on mid-market companies in the months ahead.
FOR AND AGAINST DIRECT LENDING
MACROECONOMIC UNCERTAINTY
MORE FEATURES AND ANALYSIS
Taking the mid-market’s temperature
Private credit deals: No sponsor? No problem
PREVIOUS COVERAGE
Are the tides starting to turn for small and medium-sized businesses? The mid-market appears ready for a soft landing after a promising start to 2024. M&A looks finally set to rebound and lenders report a bullish sentiment. Private Debt Investor’s Mid-Market Lending Report pinpoints the sectors driving the sector in 2024.
Seven growth opportunities: The return of the mid-market
Three key trends in mid-market lending
Growth opportunities: NAV lending
Growth opportunities: Credit secondaries
Growth opportunities: Asset-based lending
Growth opportunities: Junior capital
Bain Capital on the importance of diversification in the core mid-market
Casting the net wider post-covid
Apera Asset Management on why it pays to think small in the mid-market
Dunport Capital Management dispels lower mid-market myths
Leveraging relationships in a competitive mid-market
Bridgepoint Credit: The tide is turning for new mid-market deals
What do lenders want from sponsors in the mid-market?
Adams Street Partners on the compelling opportunity in mid-market credit
Twin Brook Capital Partners: Capital structures remain key to recovery
Mid-market takeaways from PDI Europe
Churchill Asset Management: The portfolio effect
Barings: How and why direct lending business models are diverging
MGG Investment Group: Let the private credit Hunger Games begin
The UK mid-market proves its worth
MV Credit: Tough conditions shine light on performance
Prefequity: Filling the gap for lower mid-market structured capital
NXT Capital: When it comes to the mid-market, bigger is not always better
RBC BlueBay Asset Management: Capitalising on special situations in the mid-market
After defying expectations in the last two years, private debt’s most dynamic market could be expected to cool off in 2023 as the macroeconomic realities start to bite. But there’s overwhelming consensus that the current difficulties in both the banking industry and the deal market will play to the strengths of the mid-market. We consider the key trends driving the sector in 2023 and look at how fund managers are achieving double-digit returns despite the tough environment.
Mid-market lending: Private debt benefits as banks pull back
Mid-market lending trends: The return of distressed debt
Mid-market lending trends: The need to deal with inflation
Mid-market lending trends: Why flexibility is king
Mid-market lending trends: The changing M&A market
Mid-market lending trends: The growth of the lower mid-market
Mid-market lending trends: Sector specialism in North America
Mid-market lending trends: The continued growth of direct lending
Mid-market lending trends: Emerging markets in Europe
Mid-market lending trends: The Asian opportunity
Mid-market lending trends: Committing to DE&I
The mid-market proves its worth in a downturn, says Churchill
Barings: Higher base rates provide tailwinds for private debt
FC Capital: Australia’s investors migrate to private debt
Private debt set to prove its value, says Park Square
Why a flexible strategy is key in 2023, says Partners Group
Benefit Street Partners: Why private credit is the best option for mid-market buyers
Capital Four: Core factors for attractive returns in the lower mid-market
Twin Brook Capital Partners: In the face of uncertainty, relationships matter
MGG Investment Group: Closing the barn door after the horse bolts
Adams Street Partners: Shift to private debt represents ‘a step change’
Private debt markets have defied the doubters over the past 12 months and roared ahead in terms of both dealflow and fundraising. The mid-market has proved no exception. After an exceptionally strong end to 2021 we look at whether the optimism can continue into 2022 and ask if it’s better to take a sector-specific or generalist approach in this crucial market segment.
Five trends in the mid-market
Inflationary squeeze weighs on portfolios
Getting the mid-market mix right
The A-Z of Healthcare
Technology lending rides high
Adams Street: Disruption creates openings for private capital
Twin Brook: Another busy year in sight for the mid-market
A-Z of Healthcare: A-E
A-Z of Healthcare: F-K
Partners Group on finding opportunities on both sides of the Atlantic
Schroders on the opportunities for real estate debt
A-Z of Healthcare: L-P
A-Z of Healthcare: Q-U
Tree Line Capital Partners on navigating ARR lending
Monroe Capital: New year, new inflection point
A-Z of Healthcare: V-Z
Bridgepoint: Direct lenders offer stability in uncertain times
Churchill: Scale, execution and relationships emerge as key traits
Our annual Mid-Market Lending report is a valuable benchmark for how private debt is faring as we move into the second quarter. The good news is that with the European mid-market continuing to grow – one report even has it outpacing the US within a decade – everything points to another strong year for lending.
The mid-market: Back on the right track
Key trends in mid-market lending
Twin Brook: The deal pipeline is building
Northleaf: The growing market for specialty finance lending
How to stand out from the crowd in the European mid-market
MGG: What’s changed and what hasn’t in US mid-market lending
Capital Dynamics: The lower mid-market road less travelled
Barings: Riding the refinancing wave
China: Private debt land of opportunity?
Churchill: The big direct lending bounce back
Have fund managers really left the crisis behind?
SME lenders pin hopes on growth in 2021
A global economic downturn has been anticipated for quite some time now, but no one could have foreseen the single factor that would suddenly tip markets into meltdown mode – a virus.
Covid-19 is wreaking its havoc across the world in quite spectacular style. So, amid the growing turmoil, how will the mid-market lending space stand up?
Five fast themes on the coronavirus’s impact on mid-market direct lending
Twin Brook Capital Partners on managing for today and tomorrow
Tree Line Capital Partners: Prepare for the unexpected
Direct lending’s acid test
Churchill Asset Management: Business as usual for private credit and direct lenders?
Upside in a downturn
Kartesia on why Europe is ripe for a special situations uptick
EQT Partners on navigating the storm
Debt funds on thin ice?
Has return on capital subdued in Asia-Pacific?
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