The new era of the supersized loan

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A recent financing underlines the ever-larger amounts of capital that the biggest private debt managers are now able to deploy.

When Ares Management announced a loan to RSK Group, the UK-based environmental and engineering business, earlier this week, most of the attention was focused on the sustainability angle. It was the first time the manager had included ESG-linked terms in a direct loan and was hailed as the “largest private credit-backed sustainability-linked financing to date”.