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Eric Muller of Oak Hill Advisors discusses the constraints holding banks back from competing with private credit, increased regulatory scrutiny, the clampdown on 'season and sell' structures, the quest for a $10bn unitranche, and private lenders taking the keys to struggling companies.
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- Regulation and organizational constraints hinder banks from effectively competing with established private credit firms.
- Increased regulation and potential legal challenges may impact the viability of tax-minimizing 'season and sell' strategies, affecting smaller private credit funds more than larger firms.
Deep dives
Growing Opportunity in Private Credit
The private credit market has experienced significant growth, with projections suggesting it will surpass the loan market in size within the next five years. Large players in the industry, such as Blue Owl and Oak Hill Advisors, have an advantage in capital raising due to their established reputations and ability to tap into the wealth channel. However, the market is also seeing new entrants every day, indicating a competitive landscape with opportunities for smaller players focused on middle market and lower middle market deals.
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