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Mid-Market
With private equity investment activity picking up, lenders reveal to Jon Yarker what they need to see from these sponsors to partake in deals.
The big challenge facing smaller companies is the ongoing reduction in bank lending and the lack of viable alternatives, says Theo Dickens, managing partner at Prefequity.
M&A activity looks set to finally rebound in 2024, with lenders reporting a strong start to the year.
Lenders to sponsors face declining odds and a rise in creditor-on-creditor violence, says Greg Racz, president and co-founder, and Daniel Leger, managing director at MGG Investment Group.
Mid-market lending came in for scrutiny at Private Debt Investor’s Europe Summit in London, with investors raking over what defines the sector and where it needs to look next.
M&A activity will pick up as borrowers and lenders gain confidence from a more stabilised rate environment, says the firm's head of European mid-market private debt.
There are some common misconceptions associated with lower mid-market lending, says DunPort Capital Management’s Ross Morrow.
Direct lending deals are getting bigger – but arguably, the most compelling relative value still lies in the traditional or ‘true’ mid-market, say Barings’ Tyler Gately and Stuart Mathieson.
Stressed investments that don’t require restructuring can prove a rich source of performance, says Adam Phillips from RBC BlueBay Asset Management.
Default rates are starting to increase in the upper mid-market, making credit terms more important than ever, says TPG Twin Brook Capital Partners’ Kim Trick.