News & Analysis

The ascent of the non-sponsored market

With the sponsored buyout market facing challenges, non-sponsored dealflow is picking up. But are fund managers able to transition to what some see as a completely different business model?

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The dominance of the sponsor-led direct lending market in Europe has been pronounced. In the Q3 2022 version of Deloitte’s Alternative Lender Deal Tracker, sponsored deals account for no less than 89 percent of the market in the UK and 85 percent in the rest of Europe.

It wasn’t always this way.

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