There was 4.1x more MM LBO volume
in the direct lending market vs. syndicated market in 2022

Chart

With very challenging conditions in the syndicated loan market, more and more sponsors turned to the direct lending market for funds in 2022. Even in the fourth quarter, when direct lending contracted, the ratio of direct to syndicated middle market sponsored loan volume soared to a high of 3.9 times, as the syndicated market retrenched even more.