US direct-lending activity falls even as private credit firms raise more cash

US Stock Market: Private credit lending slumps in Q2 despite rebound in fundraising

US private credit funds raised significant capital in the second quarter. Direct lending activity, however, saw a sharp decline during the same period. This divergence highlights investor capital outpacing available new lending opportunities. Private equity-backed lending experienced the most substantial decrease in deal volume. Investors now prioritize underwriting discipline and risk-adjusted returns over deployment speed.

US direct-lending activity falls even as private credit firms raise more cash

July 9 (Reuters) - Direct lending by U.S. private credit firms fell sharply in the second quarter even as fund-raising by such firms rebounded, underscoring the deviation between capital raised for the asset class and the deal flow to ​absorb it. North...

US private credit fundraising rebounds despite sharp fall in direct lending activity

Capital raising for North American private credit funds recovered strongly during the second quarter of 2026, even as direct lending activity slowed significantly, highlighting a growing gap between investor commitments and the pace at which managers are deploying capital, according to a report by Reuters. The report cites data from Preqin as showing that North America-focused closed-end direct lending funds raised $16.25bn during the quarter, a…