直接贷款人更像银行还是保持距离的投资者？

摘要

Using novel data on loans to private equity (PE) sponsored firms, I examine whether direct lenders lend more like banks or arm’s-length investors. Financial covenants are ubiquitous in direct lending. Borrowers face more covenants, and violate them more often, than in bank loans. Direct lenders actively intervene post-violation, prompting firms to adopt conservative policies. During the COVID pandemic, they showed greater flexibility than banks, facilitated by more frequent PE sponsor equity injections. Prior sponsor relationships also predict higher credit supply for distressed borrowers. Overall, similar to banks, direct lenders engage in active monitoring and relationship lending.