Alternative Lender Deal Tracker
Direct lenders’ first real test
- 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.