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Mid-Market
Golub Capital’s Altman Index shows firm growth in the mid-market was led by healthcare, industrial and tech firms.
The partnership is yet another in a raft of link-ups between a bank and a private credit manager in the last year.
Investors prefer more targeted strategies to mainstream mid-market direct lending.
Case involving hedge funds lending to start-ups represents a blow to the SEC.
Manager splits the asset class into two verticals, with Singhal heading direct lending and Shtaingos leading securitised credit.
Private equity sponsors have the confidence to step back into the market after a sluggish 2023, say Bridgepoint Credit’s Paul Johnson and Andrew Cleland-Bogle.
Yields from private debt are currently at decade highs, potentially making this a very attractive vintage for the asset class, says Bill Sacher, partner and head of private credit at Adams Street Partners.
Sector focus is changing as lenders reassess the mid-market.
With low levels of leverage, enhanced structural protections and limited competition, the European lower mid-market is the place to be, say Apera Asset Management partners Klaus Petersen and David Wilmot.
Lenders are keen to diversify away from cashflow-based lending into more esoteric areas.