Industry participants have long had differing perspectives on how the mid-market should be defined. When you are talking about it today, you are essentially referring to three markets: the lower, the core and the upper. The fact that these distinct categories have grown within a broader mid-market strategy speaks volumes to how crowded the asset class has become, as investor demand has driven up increased competition. Managers are now keen to differentiate from each other and, as a result, there are managers and investors going off the beaten track and stretching the definition of the traditional mid-market.
The mid-market lending report
Fork in the road for the mid-market
In response to investor demand and increasing competition, mid-market debt has grown well beyond its traditional definitions in both Europe and the US.
A dive into the downside
Andrea Tunick and Dan Green, directors at US mid-market structured finance provider NXT Capital, explain the need for proper due diligence in the late stages of the credit cycle.
Keeping a close eye on downside protection
Randy Schwimmer, a senior managing director with Churchill Asset Management, gives his perspective on downside protection in the evolving mid-market deal space.
Headwinds and tailwinds
Jaime Prieto, founding partner of European mid-market debt provider Kartesia, explains how the market has evolved in recent years and why sponsorless deals could yet be a major source of future growth.
