European Direct Lending Perspectives: 1H20
How direct lending is adapting to a new world.
European direct lending fundraising figures plunged in Q2 2020 as COVID-19 shook the world economy. Managers raised just €2.6 billion across four funds, compared to €11.3 billion across seven in Q2 2019, according to Creditflux’s fund database. Though hardly unexpected given the circumstances, this marks a significant fall from the €21.5 billion raised in H1 2019, against €14.2 billion in H1 this year.
Fundraising for Q2 2020 was led by HPS’s European Asset Value Fund II, which held a final close on $1.5 billion (€1.38 billion). Some larger funds belatedly announced final closes towards the end of Q1, which helped prop up H1 figures; GSO European Senior Debt Fund II ($4.8 billion, or €4.44 billion) and Permira Credit Solutions IV (€3.48 billion) top the fundraising charts so far for 2020.
Despite the macroeconomic conditions, five direct lenders held first closes, a slight increase on the four held at the same time last year.
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