European Direct Lender Rankings: 9M22

Report Data Insight 9 November

European Direct Lender Rankings: 9M22

Ares took first place in Debtwire Par’s 9M22 Western Europe Direct Lender Rankings having participated in 67 deals and amassing an 10.9% market share.

The next two places are hotly contested, with Barings Direct Lending  having secured second place from 49 deals, while Fiduciam placed third with 47 deals.

Ares topped the large-cap rankings with 42 deals, while Blackstone Credit and Pemberton placed second and third, respectively.

This left room in the mid-market race for Fiduciam to secure pole position with all of its 47 deals, followed by Apera  and Barings Direct Lending in joint second position.

Overall issuance has risen to impressive levels so far this year – standing at over EUR 50bn in 2022 to date – despite the difficulty experienced by the rest of the market.

As liquidity has dried up in the syndicated loan and bond markets, direct lending has provided an oasis of opportunity in the emergent desert.

The pricing of the asset class is highly attractive for investors hunting for yield, and the flexibility of financing means issuers are also very willing to participate. This has proved a powerful concoction and has left the direct lending market on track for yet another record-breaking year.

Meanwhile, fundraising has been struggling to keep up with the blistering pace set in 2021. A total of EUR 21bn has been raised in the first nine months of the year, leaving the EUR 36bn raised last year looking increasingly difficult to equal.

Direct Lender rankings highlight the key players in the private debt market. The report contains active direct lender fund rankings, along with market analysis.

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For more research, insights and analysis, click here

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