Ares secured pole position in the Full Year 2022 Western Europe Direct Lender Ranking, amassing 86 deals over the course of the year and cornering a 10.6% share of the market. Barings Direct Lending pulled into second place with 65 deals, while Apera rounded out the podium with participation in 43 transactions in the past year.

The large-cap rankings were led by Ares with 46 deals, followed by Blackstone Credit with 20 transactions and KKR Credit getting 19 deals over the line.

Barings Direct Lending dominated the mid-market space with 53 deals, followed by Ares and Tikehau IM with 37 and 36 deals, respectively.

The small-cap rankings ended on a photo finish, with Fiduciam taking the lead with 19 transactions, followed closely by Apera in second place with 18 deals and Cordet Direct Lending trailing in third with 14 deals.

Direct lending has yet again proved its mettle amid a wildly volatile backdrop across the debt markets. While syndication figures fell, the direct lending market again continued its rise, with almost 1,000 deals signed in 2022.

Fundraising has also managed to post impressive figures with EUR 35bn raised over the course of the year – almost equalling the EUR 36bn raised in 2021.

Amid the increased competition in the direct lending market, pricing has trended tighter, with the weighted average margin sitting just over 6% in 2022. Meanwhile, the weighted average leverage has been creeping upward and finished at 4.7x for the full year.

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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