Answers · Glossary · live dataset

What is direct lending?

Direct lending is private credit in which a fund originates and holds a loan itself — usually senior secured or unitranche to a middle-market company — rather than buying it in a syndication. The lender negotiates terms with the borrower or sponsor and typically keeps the loan to maturity. TerraNova classifies 484 of its 912 active funds as direct lenders.

Figures from the researched book · updated Sep 14, 2026 · refreshed daily · rendered Sep 15, 2026