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Corporate direct lending is the core strategy within private debt. It is responsible for most of the asset class’s growth over the last decade. Private debt AuM has grown globally, likely surpassing the USD 1 trillion mark several years ago.[4]

Numerous trends have driven the growth of the direct lending market in the US and Europe:

 Bank constraints: After the GFC, banks were subject to regulatory reforms that required them to hold greater levels of capital reserves. Subsequently, banks had to deleverage their balance sheets and deploy their capital more deliberately. The general trend for banks was to focus on large corporate and investment-grade lending, creating a vacuum in financing for middle-market companies.