Lender Firm of the Year
Ares European Direct Lending
Ares European Direct Lending (“EDL”) believes the EDL strategy’s scaled capital, together with its extensive 15-year+ track record, makes Ares a reliable and credible financing partner. We believe our ability to hold large commitments whilst maintaining portfolio diversification, including followon capital, offers significant differentiation. As evidenced by the investment team’s extensive network of longstanding relationships developed over decades, Ares EDL believes that borrowers recognize the value of this deliverability from a long-term cycle-tested partner, particularly during times of market dislocation and macroeconomic uncertainty.
As of March 31, 2023, the Investment Team of 85 professionals (the “team”), of which 44 are based in London, had reviewed more than 9,000 opportunities and closed 334 primary transactions (~4% completion rate), of which over 200 for UK-headquartered companies, since the inception of the business in 2007. Ares EDL believes that the wealth of historical information across all opportunities reviewed since inception represents a meaningful differentiation in the marketplace, as does the investment team’s focus on maintaining discipline on pricing and terms and remaining highly selective.
Hayfin Capital Management
Since 2009, Hayfin Capital Management has established itself as a market leader in European private debt, with one of the largest and most experienced investment teams in Europe.
Hayfin has invested €35 billion of capital across more than 470 predominantly European portfolio companies since inception and, in the past year, remained one of Europe’s best scaled and most active private credit investment firms. From Q3 2022 to Q2 2023 inclusive, Hayfin invested €1.1bn across 9 sponsor-backed financings in the UK and €2.8bn across 25 sponsor-backed deals globally via its three flagship private credit investment strategies (Direct Lending, Special Opportunities and Tactical Solutions).
The firm grew its AUM to €29bn in 2022, with private credit strategies accounting for the substantial majority. Hayfin is the 137th largest investment manager globally by AUM, per Pensions & Investments’ Largest Money Managers Survey 2022, with a 12% increase in AUM from 2021.
As well as strengthening its access to capital, Hayfin further bolstered its origination and underwriting capabilities in the past year, growing its team to over 200 people across 12 offices, including 60 private credit investment specialists.
HSBC Bank
Despite the backdrop of war in Europe, soaring inflation, a spate of interest rate rises and reduced deal volumes, in the LTM, HSBC continued its commitment of supporting the UK mid-market.
Highlights include:
- Completed 105 UK transactions (LBOs, refinancings, recaps, P2Ps, bolt-ons) deploying an additional £1.3bn of new lending.
- Market leader by deal volume, occupying a c.53% market share in the senior debt market according to Houlihan Lokey and a c.23% market share with DC Advisory’s data.
- Acquired SVB UK, extending our reach with leveraged debt and Fund Finance products.
- Continued success of the HSBC Debt Fund with 16 additional completions in the LTM, with funds deployed on these transactions amounting £340.0m on a combined basis. The Debt Fund allows us to increase our ticket size up to £90m with a one-stop-shop solution, avoids the need for cumbersome club deals and provides a cheaper alternative to Unitranche.
- HSBC successfully launched its first full Sustainability Linked Loan on a Mid-Market transaction, supporting Inflexion backed Medik-8, demonstrating our commitment to supporting customers with their ESG ambitions.
- 63% of new hires in the HSBC leverage finance team were BAME and/or female; 30% of workforce are female and 21% are from BAME backgrounds.