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Direct lending deals are getting bigger – but arguably, the most compelling relative value still lies in the traditional or ‘true’ mid-market, say Barings’ Tyler Gately and Stuart Mathieson.
Stressed investments that don’t require restructuring can prove a rich source of performance, says Adam Phillips from RBC BlueBay Asset Management.
Default rates are starting to increase in the upper mid-market, making credit terms more important than ever, says TPG Twin Brook Capital Partners’ Kim Trick.
Platform deal volumes may still be down, but portfolio-based activity is keeping lenders busy, say Churchill Asset Management’s Jason Strife and Mat Linett.
Two businesspeople shaking hands
Tree Line’s 'underwriting discipline' attracted the insurance giant in its pursuit of exposure to mid-market direct lending.
As syndicated markets open back up, David Mechlin and Kevin Lawi of the Credit Investments Group in UBS Asset Management (formerly known as Credit Suisse Asset Management) believe that private credit will continue to play a major role for years to come.
The reopening of syndicated loan markets is creating huge opportunities for junior debt lenders, says Park Square’s Robin Doumar.
Strategic value and rapid growth in Europe mean that private debt is now a highly significant asset class, says Arrow Global Group’s Zach Lewy.
Higher returns and a broad opportunity set are bolstering the outlook for private debt in Europe, says Pemberton Asset Management’s Robert Wartchow, but a consistent, credit first investment approach is critical.
A flexible offering and established track record remain key in the European lower mid-market, say Investec’s Helen Lucas, Alexandre Neiss and Kai Stengel.
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