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<p>Middle market direct lending Looking ahead, we expect the more recent stability in rates to cause the bid-ask spread between buyers and sellers of middle market companies to tighten, which should increase deal activity. Direct Lending usually refers to first lien loans as well as unitranche loans that combine different debt classes or liens into a single loan. Apr 19, 2024 · The middle market represents a significant cross-section of the US economy, accounting for one-third of private sector GDP, $13 trillion in revenue and 50 million workers employed. Single-Source Direct Lending to the Middle Market Comvest Credit Partners provides flexible financing solutions to middle-market companies throughout North America. TPG Angelo Gordon’s flexible product suite allows for tailored financing solutions for leveraged buyouts, recapitalizations, add-on acquisitions Mar 31, 2025 · The CDLI was the first published index tracking the direct lending market and currently covers ~19,000 directly originated middle market loans totaling $465 billion. Through our middle market direct lending business, TPG Twin Brook Capital Partners, we provide cash-flow based financing solutions for the middle market private equity community in North America. 1 trillion in direct lending assets, Cliffwater found that the average total fees and The growth of middle market corporate direct lending within institutional portfolios and investment vehicles has extended the valuation discussion to this asset class. At that time, regional U. Private loans to performing middle market companies. We offer the right mix of capital and experience to partner with middle market companies. Clark discusses how new lending structures, a modulating market, and growing interest from investors have created tailwinds for experienced lower Dec 17, 2024 · Despite the shift, many lenders argue that focusing on the middle market is easier said than done for large managers. Mar 7, 2024 · According to the London Stock Exchange, middle market lending volume for financial sponsor–backed companies fell 32% in 2023 from a year earlier. Our mission is to be a leading middle market direct lending firm with a singular objective of building valuable, long-term relationships with our investors, borrowers, private equity sponsors and management teams. middle-market companies. Direct Lending Details Oct 9, 2024 · Why LMM Direct Lending Is So Compelling: #1. Mar 24, 2022 · Direct lending has grown dramatically over the last 10 years and we believe will likely continue. ” Lower middle market direct lending has historically offered a conservative leverage profile as well as better pricing. Mar 28, 2024 · Providing investors with access to high-quality and diversified direct, middle-market lending opportunities. Since its … Read more Direct lending—private credit extended primarily to middle market companies—remains an attractive market that has. Investments in private debt, including leveraged loans, middle market loans, and mezzanine debt, second liens, are subject to various risk factors, including credit risk, liquidity risk and interest rate risk. UMM yields as represented by “Direct Lending Large Middle Market Term Loan ($100-$500M), 3 year-term. With over $29 billion of investment capacity, including more than $24 billion of assets under management, CBF primarily provides financing solutions to private equity-sponsored companies in a wide variety of industries. Significant Supply-Demand Imbalance 6 days ago · We believe middle market direct lending represents a large and attractive investment opportunity. Direct lending. Why now? Rapid deployment: Strong and growing borrower demand for non-bank financing allows for rapid and highly selective deployment; Income: Floating rate loans can deliver potentially higher income relative to similar public market debt in a rising interest rate environment We focus on providing direct loans to established U. With evolving bank regulation and because of their size, middle-market companies generally don't have access to the same depth of capital market solutions as larger companies. Represents yield for lower-middle-market deals, defined as those companies with less than $20. US Direct Lending: Cliffwater Direct Lending Index, Leveraged Loans: CS Leveraged Loan Index, US High Yield: Jan 16, 2024 · While other credit markets are experiencing an increase in loans with more “borrower friendly” terms, covenants are still prevalent among middle market loans. LMM as represented by “Direct Lending Middle Market - $0-$20mm of EBITDA. NXT Capital’s Direct Lending Group is a leading provider of cash flow-based financing solutions to private equity, sponsor-owned and other middle-market companies. Sourcing capabilities. While Direct Lending usually refers to first lien (including unitranche) loans, second lien and mezzanine lending similarly lend to middle market companies and have developed as a result of the May 13, 2021 · With an 18-year track record in middle-market direct lending – representing over 300 transactions and $11 billion in financings in many geographies – Oaktree believes it has developed the skill set needed to control risk at every stage in the lending process. 5 This growth has been due in part to the declining presence of banks in middle-market lending – a trend that began in the 1990s (see Figure 1). There is strong demand for private debt financing arising from middle market M & A activity and banks’ continued reluctance to hold middle market loans on their balance sheets. Middle market lending is a complex arena because middle market companies Aug 25, 2022 · Direct lending is a type of financing provided by non-bank capital providers which typically targets middle-market corporations. S. Direct Lending Definition: Direct lending funds provide loans to middle-market companies that are originated and held by the lender rather than broadly syndicated; they are typically illiquid, senior secured loans with 5-7-year maturities and floating coupon rates, and returns expectations are in the high single digits to low double digits. TPG Twin Brook Capital Partners is the middle market direct lending business of TPG, a leading global alternative asset management firm with $229 billion of assets under management. Direct lending Jan 31, 2024 · A stronger market tone at the end of the year lifted leverage levels across direct lending deals, with LSEG LPC reporting that total leverage for direct-lending middle-market LBOs increased slightly to 4. We think there are several misconceptions embedded in this view. The versatility to deploy capital across both middle-market and large-cap opportunities also allows lenders to adapt to market conditions and meet diverse Jan 31, 2024 · 1 Source: KBRA Direct Lending Deals. 22x across full year 2023, from 4. direct lending market had grown to around $800 billion, according to a Refinitiv estimate. Direct middle-market lending has grown from a source of financing for mid-market companies unable to raise funds elsewhere, becoming a serious and credible competitor to traditional, liquid markets. Aug 23, 2023 · As traditional bank lenders have receded from the middle market, private direct lending has stepped in to fill the void. What is direct lending? How does direct lending work? Lender Borrower Middle market companies often seek these direct loans to finance growth opportunities and day-to-day operations. middle-market businesses that are tailored to fit the specific needs and risks of each borrower. ” “As investors who may have only had direct lending expo - sure to the upper middle market become familiar with the lower middle market’s attractive credit return profiles, we are seeing an increase in allocations trickle down into the Apr 16, 2025 · This created a void in lending markets that direct lenders stepped in to fill. ” Last-12-month period from second quarter 2023 through first quarter 2024. Like other private assets, direct middle market corporate loans are generally non-traded and considered Level 3 assets for valuation purposes, meaning they require considerable SLR Capital Partners, LLC (“SLR”) is an independent boutique asset manager focused on direct lending with expertise across a range of primarily senior secured financing solutions for U. “Cov-lite” loans as a percentage of total middle market loan issuance has generally been below 10% since 2007. 4 By 2020, the total U. This website contains information about the First Eagle Funds (Ireland) ICAV, certain funds of which have been registered for marketing in Switzerland with the Swiss Financial Market Supervisory Authority (FINMA) pursuant to Article 120 Collective Investment Services Act (CISA) and are available for public distribution. As of June 30, 2022. 54%. ” UMM as represented by “Direct Lending Middle Market, >=$40mm of EBITDA. Middle-market loans are riskier than loans to large public firms and, as such, more costly in terms of risk-based capital. 6. Since inception, the CDLI has delivered an annualized total return of 9. We define middle market companies as both public and privately held companies with annual revenues of between $25 million and $500 million. The core middle market is extremely relationship-driven. The middle market is a segment of U. Jan 21, 2025 · The Growth of Private Credit—and Direct Lending—in Context As banks have gradually retreated from middle-market lending, and public capital markets have skewed larger and exhibited volatility, private credit has stepped in to fill the void. “When you get to the middle market, it's very difficult for some large European direct lending funds to access and originate,” said a middle market direct lender. businesses with annual revenues in the Feb 26, 2025 · While direct lending was traditionally tailored to middle market borrowers, it has grown to include large cap borrowers. The team focuses on providing tailored, cash-flow based financing solutions for the middle market private equity community in North America. Mar 17, 2025 · As allocators get more familiar with direct lending strategies, the lower middle market is in the spotlight for its attractive return potential, low leverage and enhanced lender protections. middle market companies. The Growth of Private Credit—and Direct Lending—in Context. As banks have gradually retreated from middle-market lending, and public Direct Lending One-Stop Financing Solutions. Aug 7, 2024 · Indeed, drawn to its potential diversification benefits, investors are therefore now approaching their allocations with a “Core and Satellite” framework: “core” being “middle market direct lending” (that is, relatively large loans to companies that are owned private equity sponsors); and “satellite” encompassing a wide range of Jan 21, 2025 · The Growth of Private Credit—and Direct Lending—in Context As banks have gradually retreated from middle-market lending, and public capital markets have skewed larger and exhibited volatility, private credit has stepped in to fill the void. These companies might use the funds for a range of purposes, including buyouts, working capital, M&A and recapitalizations. Feb 7, 2024 · Many traditional core middle market (EBITDA of $ 10MM to $ 75MM) direct lenders have recently moved up-market to finance companies in the lower end of the traditional syndicated loan market (EBITDA of $ 100MM to $ 300+MM). Mar 6, 2025 · Monroe Capital LLC is a premier asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, alternative credit, structured credit, real estate and equity. September/3Q 2023 Insights & Outlook U. The second middle market versus typical structures available in the upper end of the middle market is important. Crestline’s direct lending philosophy emphasizes creative “out of the box” thinking when originating loans to middle market companies. That said, leverage levels actually declined to 4. Cerberus Business Finance (“CBF”) is a leading agent, direct lender, and originator of senior secured loans for large U. 0 million in EBITDA. The lower levels of the middle market sit around 10 million dollars worth of EBITDA. Here’s how partnering with an all-in-one provider can help you overcome many of them. Our platform, longevity, and significant capital base provide borrowers with a long-term capital solution. 8x in 2022. This leaves opportunities for direct lenders specialising in the core middle market. In our latest edition of The TPG Take, we sit down with TPG Twin Brook’s Managing Partner Trevor Clark who shares his perspective on the environment for direct lending in the lower middle market. Direct lending is a complex asset class, featuring a growing number of unique loan structures, funding structures and transaction types. Less Competition, More Attractive Returns. Created to measure private loan performance and better understand its investment characteristics, the CDLI was reconstructed back to 2004. ” BSL yields as represented by “Large Corporate (Syndicated) Term Loan, 3-year term. NXT Capital’s Direct Lending Group is a leading provider of cash flow-based financing solutions to private equity, sponsor-owned and other middle-market companies across the United States and Canada. 4 Despite this, banks have largely withdrawn from the middle market as they have grown larger via consolidation and more constrained with their lending due to the flood of regulations post the Great Financial Crisis. All data other than the Cliffwater Direct Lending Index is sourced from Bloomberg. Mac Eochaidh: Then, as interest rates rose and equity markets stalled, investors increasingly turned to direct lending as a way to increase Experienced Lending Team with Advantage of Scale Experienced Team. Sponsored Deals. With the continued strength in demand for private credit and entry of new managers, investors should understand that not all direct lending within private credit is the same. Direct Lending is a type of Private Credit strategy that makes direct, illiquid loans to middle market companies. Initially, direct lenders focused on middle-market companies that were too small for public markets or had specialised needs. Fixed‐income investment options are subject to interest rate risk, and their value will decline as interest rates rise. Jan 10, 2025 · In 2015, they launched the Cliffwater Direct Lending Index (CDLI)—an index of private middle market loans. A provider of bespoke loans to private equity-backed European lower middle market companies since 2014, CESL offers senior and unitranche loans, with flexibility to provide junior financing, to businesses with €5-25 million of EBITDA. Aug 29, 2024 · We believe success in middle market direct lending requires two core areas of expertise: sourcing and due diligence. Our customized financing solutions and efficient transaction process provide greater flexibility and certainty for middle market companies. Meanwhile, this argument goes, the upper middle market ($50-$200 million EBITDA) has become commoditized, lacks investor protections, and is in direct competition with a resurging broadly syndicated loan market. We focus on lending in the upper middle market because: Mar 12, 2025 · M&A Loan Activity. Middle market direct loans are underwritten with a buy-and-hold perspective: investors expect to hold the investment until it’s repaid. two periods of significant rate increases in the last 15 years. . 7 trillion global market (per Preqin as of December 31, 2023) continues to expand alongside demand from new investors, we see a significant need to improve transparency and understanding of private credit market segmentation, particularly in corporate direct lending, which is the largest sub-component of the market. While M&A financing volume grew in 2024, it remained below 2019-2022 levels. As of October 2023. “Take a €20 million EBITDA company in Germany, for example. Unitranche loan activity, common in the upper end of the direct lending market, surged to $210 billion (from $94 billion in 2023), with large corporate unitranche volume growing to $154 billion, according to LSEG LPC. It was the first published index tracking the direct lending market. Source: National Center for The Middle Market, Year-End 2022. historically generated strong risk-adjusted returns. Despite lending to smaller companies, the lower middle market has several distinct virtues. Our seasoned team of investment professionals seek to find value others miss due to our specialized industry approach. These Sep 18, 2024 · As the US$1. With an average of 18 years experience among our senior team, Adams Street’s Private Credit team has successfully invested more than $11 billion in private equity-backed middle-market transactions across various cycles. 3x in 4Q23. banks that serviced middle-market companies began Dec 12, 2023 · Lower Middle Market Direct Lending Set to Outperform. The fiercely competitive dynamics of the Upper Middle Market are evident in borrowers’ frequent pursuit of “dual track” processes in both the public broadly syndicated loan (BSL) market and private markets (see Exhibit 1) in search of the most favorable terms, which has eroded the spread between new the GFC. Sep 4, 2024 · Figure 8: We believe having the ability to deploy across the large-cap and middle-market direct lending segments of the market offer the best risk-return balance and deployment opportunities. Origination in the middle market requires strong connectivity and direct relationships with a broad base of private equity sponsors, networks of Tree Line Capital Partners is a private credit asset management firm focused on direct lending to the lower middle market. Corporate Direct Lending. A Apr 19, 2024 · Direct Lending is a type of Private Credit strategy that makes direct, illiquid loans to middle market companies outside of the traditional banking system. Jun 8, 2022 · Direct lending to middle-market borrowers presents a variety of challenges. We would like to show you a description here but the site won’t allow us. As shown in Exhibit 3, over the last 20 years, non-bank lenders accounted for 79% of the leveraged loan market on average. Our Direct Lending strategy seeks to provide flexible financing solutions to the US middle market through privately originated and privately negotiated senior secured loans. Stated loan maturities of five to six years are most common in the middle market, and loans most often repay in the second or third years. For over 17 years, our experienced team has pursued a focused strategy of originating senior loans for lower middle market companies. 2 Source: Refinitiv LPC’s 3Q’23 Middle Market Sponsored Private Deal Analysis. Dec 1, 2024 · It is however very likely that FAS 166/167 had a negative effect on loans to middle-market firms as well. We offer bespoke capital structures, deep industry expertise, a relationship-oriented approach, and significant transaction experience. Blue Torch Capital is a US middle market direct lender providing bespoke credit solutions to stakeholders and management teams of companies requiring capital support for growth, acquisitions, operational challenges and financial distress. In the upper middle market, large investments and bank loans or individual financiers can fund the companies. In this guide you’ll learn about the various kinds of middle market financing, where the middle market lending industry is headed, and what kinds of companies qualify for middle market loans in the first place. and Canada. ” BSL as represented by “Syndicated Large Corporate. Further, sponsored middle market loan activity, while resilient during the past year, was heavily supported by demand for incremental or add-on financings, which represented almost 50% of new sponsored M&A financing activity. Since 2004, the firm has been successfully providing capital solutions to clients in the U. Nov 14, 2024 · In the 2024 edition of its annual fee survey of 66 of the largest middle-market direct lenders, managing $1. The upper middle market can reach high levels of EBITDA of around $75 million. 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