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How direct lending is opening up new opportunities for private debt investment

04/01/2017

The evolution of Europe’s lending landscape over the past two decades has created opportunities for institutional investors to expand their presence in private corporate loans. The post-financial crisis shift by borrowers, from traditional bank funding towards alternative lenders, has been particularly rapid in mid-market direct lending.

A significant influx of institutional capital into direct lending strategies over recent years has increased competition among lenders in parts of the market, leading to pressure on transaction structures and margins, and heightening the prospect of mispricing risk. At the same time, certain areas of direct lending remain underserved and offer attractive value in comparison. This paper explores where and how such investment opportunities exist today.

The value of investments will fluctuate, which will cause prices to fall as well as rise and investors may not get back the original amount they invested.

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