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By Silas Brown
17 Dec 2020
No two crises are the same, and to expect financial instruments to behave in the same way in each one would be unfair and naïve. But having proved their mettle in the 2008 crisis, the Schuldschein and USPP markets seemed well placed to thrive in 2020. Not so. Instead, it was the turn of direct lending to shine. Silas Brown reports.
When the coronavirus hit Europe the direct lending community was ready armed and primed for action.
For almost a decade, direct lending funds in Europe have been building up their firepower, ramping up fundraising and poaching senior staff from investment banks and private equity houses. There are now 244 Europe-focused private debt funds with a total of $174bn raised, according to Preqin, while there are 469 North America funds with a $208.5bn total.