Distress takes the fundraising limelight

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Q1 2025 saw a reversal in fortunes, with direct lending making a slow start to the year.

In recent years it’s almost felt as if direct lending has been the only game in town. Whenever Private Debt Investor collects global fundraising data, we always break it down by target strategy. Over the years, we’ve found direct lending to be the most favoured strategy, typically with around 40-45 percent of the fundraising total. Last year, its share soared to a remarkable 62 percent.