By 2002 the share of US leveraged loans by institutional investors had surpassed 60%; it took Europe twelve more years to reach the same point.
Institutional Investors’ Share of the Primary Market

Source: S&P Capital IQ; 2009 date not meaningful
Latest news
Software, consumer-related direct lending deals fell in H1'26
August 13, 2026
The software and technology sector, the second-most-active sector in 2025 at 17% of total deal activity, slid to fifth place in the first half of 2026.
Unconquered Territory
August 12, 2026
With most of the map still unexplored, there’s room for a sequel.