Search Results
Report
Bank Lending to Private Equity and Private Credit Funds: Insights from Regulatory Data
In this note, we examine large banks’ lending to private equity (PE) and private credit (PC) funds. Using a manual matching algorithm, we estimate that large banks’ total loan commitments to PE/PC fund sponsors are approximately $300 billion, or 14 percent of their total loan commitments to non-bank financial institutions, as of 2023, up from around $10 billion, or about one percent, in 2013.
Working Paper
The Secondary Market for Syndicated Loans
We document an active secondary market for shares in syndicated term loans using confidential supervisory data. While most of the literature examines trades near origination, this paper is the first to study the secondary market throughout the life cycle of a syndicated term loan. We establish novel empirical facts about the post-origination trading of loan shares and identify key participants and their trading patterns. We characterize the determinants of an active secondary market, the turnover of lender shares, and the resulting credit exposure allocations. Increased non-bank participation ...