Private Credit Takes Stock at IPEM Amid Resurgence in Bank Loans

For all the bravura talk of a golden age for private markets, the water-cooler chatter at this week’s International Private Equity Market conference was all about how direct lenders are going to navigate renewed competition from banks.

Optimism among the executives gathering against a backdrop of yachts in Cannes, France was tempered by a degree of caution, following the recent resurgence of their erstwhile rivals in the broadly syndicated loan market.

Fund managers still see plenty of opportunities for growth in bespoke financing, quirkier deals of no interest to banks, and lending to businesses outside of their core customer base ...