LBOs and refinancing drive direct lending rebound in 3Q25
Direct lending volumes saw a substantial rise in 3Q25, climbing 26% quarter-on-quarter (QoQ) to USD 89.5bn from USD 71bn in 2Q25. Deal activity also increased, rising from 791 transactions in 2Q25 to 947 in 3Q25. The volume in 3Q25 was the second-highest quarter on record, narrowly trailing 2Q24’s USD 98.5bn, according to Debtwire data.
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