Large investors are committing billions of dollars to private credit funds as big institutions seek to profit from an exodus of smaller retail clients.
North American direct lending funds that seek to attract institutional clients raised at least $16bn in the second quarter, according to Preqin data analysed by the FT. These funds, which are a subset of the wider private credit market, underwrite bespoke loans to companies without a bank acting as an intermediary.
The three months to June 25 were the second-strongest quarter for fundraising by such “closed-end” funds — which raise money from investors only once and have a finite life — in four years.
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