For years now, the big fund managers have been getting bigger and the direct lending market has becoming tightly competitive, dominated by a handful of major players. This is expected to continue in 2026, perhaps even stepping up a gear, but we’ve also seen smaller managers break through as the market becomes more divided.
Specialisation and mega deals set to define market in 2026
Firms are bifurcating towards either serving large private equity-backed deals or looking at more niche specialist concerns in order to stand out in a competitive market.
