Alternative Lender Deal Tracker

Deal numbers continue to surge in record-breaking run

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Q1 2021 key findings

  • The record-breaking run of deals seen in the last quarter of 2020 has continued on into the first quarter of 2021, with 160 alternative lending deals closed in Europe, the highest recorded number of deals in a single quarter.

  • The UK debt markets remained the most active lending space in Europe in Q1 of 2021, with 42% of all closed deals taking place there.

  • Though an increase of 32% and 45% on last quarter’s deal count in France and Germany respectively will be welcome news for borrowers based in the continent, after a difficult second half of 2020 saw sluggish recovery and stifled deal numbers.

  • By sector, TMT deals remained top of the tables following on from an incredibly strong 2020 and accounted for 22% of all deals completed so far this quarter, with the usual suspects of Healthcare and Business Services close behind at 20% and 18% apiece.

  • In terms of structure, 70% of the quarter’s 160 deals were Unitranche facilities compared to only 59% in Q4 of 2020, with the majority of the increase coming at the expense of senior facilities.

  • By deal purpose, LBO and bolt-on activity remained strong, demonstrating borrowers’ ambition to capitalise on inorganic growth opportunities using readily available credit.

  • The deal flow remained strong into the start of 2021, and judging by activity in April and May we expect this to continue into Q2 of 2021.


Insights into the Deloitte Alternative Lender Deal Tracker

Currently covers 64 leading Alternative Lenders. Only UK and European deals are included in the survey.

Total deals completed
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Euro deals completed
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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.

How much funding has been raised by which Direct Lending managers?

Global
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Global Direct Lending fundraising by quarter



Cumulative number of deals per country

Largest geographic markets
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