Alternative Lender Deal Tracker Q3 2017

Analysis

The Deloitte Alternative Lender Deal Tracker Q3 2017

Market poised for institutional Direct Lending

The Deloitte Alternative Lender Deal Tracker now covers 60 leading Alternative Lenders, with whom we track primary mid-market deals across Europe.

The seventeenth issue covers data for the third quarter of 2017 that closed with 95 deals completing, representing a 15% increase in deal flow on a last 12 months basis in comparison with the previous year.

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Key highlights

  • A Deloitte survey of CFOs highlighted that Ireland has the highest proportion of CFOs planning to increase their capex due to projected Irish economic growth driven by robust domestic demand and a tightening labour market.
  • Significant increase in direct lending recorded with a 34% growth compared to Q3 in 2016. 95 deals completed in Q3 this year vs. 71 in Q3 last year.
  • The UK remains the biggest Direct Lending market, growing 35% for the last 12 months as compared to the previous year.
  • Within Europe the Business, Infrastructure & Professional Services (BIPS) industry continues to be the dominant user of Alternative Lending with 21% followed by Healthcare with 15%.
  • 2017 has been a strong bounce back for Direct Lending fundraising with $14.7bn raised to end of Q3 2017 in Europe.
  • The Eurozone economy continues to grow strongly, with 2.5% GDP increase in the last year, the fastest growth rate since the global financial crisis.
  • Institutional Investors are increasingly going direct, building their own in-house team.
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Insights into the Deloitte Alternative Lender Deal Tracker

Currently covers 58 leading Alternative Lenders. only primary mid-market UK and European deals are included in survey

600
Total deals completed
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300
Euro deals completed
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274
UK deals completed

* For the purpose of the deal tracker, we classify senior only deals with pricing L + 650bps or above as unitranche. Pricing below this hurdle is classified as senior debt.

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