With bidders including Apollo Global Management reportedly lining up to buy UK high street retailer Boots for a sum expected to be around £6 billion ($7.5 billion; €7.1 billion), some of the attention has focused on the role of private debt. A few years back, it would have been too much of a stretch for private debt firms to have any involvement in such transactions – but as the asset class has grown in popularity, and fund sizes have become increasingly larger, they are now able to muscle their way into deals of considerable heft.
Why taking on the banks is a big deal
Having carved out much of the mid-market, some private debt firms have their eyes on more substantial prizes. But do investors have cause for concern?
