AI shockwaves expose concentration risk in tech‑led direct lending
Technology companies have consistently accounted for more than one-third of direct lending issuance over the past three years. In 2025 alone, the sector raised USD 127bn out of USD 370bn in total issuance. Healthcare ranked a distant second, accounting for just 13% of volume, or USD 47.1bn, underscoring technology’s dominant position in the direct lending market.
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