The Divergence Between the Average Debt Fund Size for First Time Managers and Experience Managers

Direct lending seems to dominate when you look at the different strategies. Special situations has also shown some interest, but by far direct lending seems to be where most of the interest is right now. The average fund size for an experienced manager that pink bars around 1.6 billion. And it's at an all time high,. whereas the inexperienced the new managers around 400 million range. 196 funds closed in 2022 versus 283 in the prior year. So we definitely see fewer funds, but bigger fewer funds.

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