North American-focused direct lending funds’ dry power has increased over the years. It was $159.4 billion at the end of January vs. $25.9 billion at the end of 2015.
Senior debt funds had the largest amount of dry powder, about $75 billion or 47% of January’s total. Blended /opportunistic accounted for 9% of the dry powder followed by unitranche, and junior/subordinated debt funds, which each had about 2%.
