US sponsored middle market direct lending volume
reached US$71bn in 2020

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According to Refinitiv LPC data, the US direct lending middle market totaled US$71bn in loan volume last year, 18% lower than 2019’s US$87bn level. Despite the lower number, the direct lending market held up better than its syndicated counterpart, where non-sponsored volume dropped 27% to US$65bn, while the sponsored syndicated market drooped an even higher 35%, to total just US$36bn last year.