Alternative Lender Deal Tracker

Direct lenders’ first real test

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Key findings

  • The 88 deals in Q1 2020 is a small increase from the 82 deals in Q1 2019. It’s worth noting Q1 typically sees lower deal numbers during the year (especially when compared with the bumper 146 deals in Q4 2019).

  • Looking into the detail, there was a surge in TMT Direct Lending deals with 24 in Q1 2020 compared with 14 in Q1 2019.

  • An interesting trend also exists in the purpose of Direct Lending deals. LBOs in Q1 2020 were up 23% to 48 Direct Lending deals in Q1 2020 compared with 39 Direct Lending deals in Q1 2019. This is offset by a material decrease in refinancing from 18 Direct Lending deals in Q1 2019 versus 7 in Q1 2020.


Insights into the Deloitte Alternative Lender Deal Tracker

Currently covers 55 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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