Paul Hasting & Debtwire Middle Market Private Credit Forum 2017 | Debtwire | 20 July 2017 | Hotel Casa Del Mar , 1910 Ocean Way, Santa Monica, CA 90405, USA

Increased competition among middle market direct lenders has continued to be robust in 2017 as major asset managers, such as public and corporate pension funds and insurers, continue to put money to work. Could significantly tightening yields among first lien secured loans and unitranche loans be a deterrent for direct lending fund raising?

The increase in direct lending has created massive competition among lenders for credit opportunities. There has been a dramatic convergence between the middle and large cap markets, which the latter has historically demanded different credit and intercreditor terms. Private equity investors continue to seek large cap terms in middle market deals while a number of private debt investors are moving up market. Private debt investors are making single investments of up to US$1B and closing transactions that have historically been left solely to the large bank syndicated market. These various market convergences are expected to continue through 2017, putting a premium on investors’ ability to adapt accordingly in an increasingly competitive environment.

Ryan Chin
Managing Director, Business Development Officer

Natalie Marjancik
Managing Director
Lincoln International

Emily Lehrer
Associate Director
ICG Advisors

Rusty Parks
Managing Director
Guggenheim Partners

Phil Tseng
Managing Partner

Jennifer Yount
Partner

Paul Hastings