This week commentary, we take a look at large sponsored financings led by direct lenders. After Ares underwrote Thoma Bravo’s $1 billion Qlik deal in 2016, market observers thought this might lead to a wave of similar mega-buyouts led by the non-banks.
Private credit providers have raised record funds in a variety of vehicles, allowing them to compete against banks in the business of underwriting larger leveraged loans.

▶︎ Read Aug 5 2019 newsletter: here