In the first two months of 2025, banks increasingly replaced private debt with syndicated loans, reversing last year’s trend. The share of direct lending to private equity-backed businesses dropped to roughly 24% of the total loan volumes in the first two months of 2025, from a peak of 68% in the fourth quarter of 2022.
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Private credit eases off mega loan deals as banks regain ground
“Firms like Blackstone can be full capital solutions providers and go down-market or upmarket,” said Brad Marshall.
