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August 28, 2025
Cadwalader partner Bevis Metcalfe was quoted in a recent Alternative Credit Investor article discussing the intensifying competition in the global direct lending market.
Direct lending has become the largest subset of private credit, growing from just 9 percent of the sector in 2010 to 36 percent today. While investors and managers remain optimistic about its long-term prospects, rising competition, narrowing spreads and limited deal flow are reshaping the landscape.
Bevis emphasized that as more managers enter the market, long-term success will depend on fundamentals. “That all boils down to the credit basics and staying disciplined – in terms of structuring, documentation and underwriting,” he said. He noted that while discipline was less critical in the benign environment before 2022, it is now a defining factor for successful deployment.
The article also highlights how scale, selectivity and access to unique deal flow will determine which firms thrive as direct lending continues to expand – and which may falter under growing pressure on margins.
Read the full article here.
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