One of the main challenges that middle market lenders have faced this year is finding high quality deals. According to Refinitiv LPC’s 3Q23 Middle Market Outlook Survey’s preliminary results, 20% of lenders characterize the 2Q23 supply of deals as having poor quality, while 44% said that it was below average. This paints a more unfavorable picture than the prior quarter when a lower 13% said the supply was of poor quality and 37% described it as below average. With limited opportunities to put money to work into high quality deals, lenders said that when one hits the market, there is a lot of competitive pressures.
(Past performance is no guarantee of future results.)
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Private Credit Defaults 101: Back to School
As Labor Day approaches, the unofficial end of summer is upon us. But, before we get too sad, there is also the familiar back-to-school energy.