There are a lot of interesting dynamics going on in private equity right now. For example, there is a such a demand for fundraising, that PE firms are starting to say no to LPs during fund formation. But another trend has caught my attention. I’m working on the upcoming Mergers & Acquisitions October cover story on lending, and I’ve been thinking a lot about direct lending and what it means to private equity firms, investment banks, and other lenders.
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