Having just passed the mid-way point in 2025 we thought it would be a good time to take stock of the market trends we observed during the first half of the year. 

Key findings in our half year report examine:

• The split between new origination, extensions, joinders, amendments and other transactions
• Recent trends in loan pricing
• Prevalence of SMA deals and trends in HNW investor commitments
• Trends in overall deal size
• The split between bilateral and syndicated lending
• Fund finance product types, spanning subscription credit, NAV and hybrid lending
• Loan tenors
• Relative popularity of fund investment strategies