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KBRA Acquires Direct Lending Deals to Enter Booming Private Credit Market

September 19, 2022, 07:14 AM
Filed Under: Private Equity News

KBRA Analytics, an affiliate of Kroll Bond Rating Agency, has acquired Direct Lending Deals (DLD), a digital information service that provides investors and originators with the latest deal data, news, and analysis in direct lending. The deal, which closed on August 31 for an undisclosed sum, allows KBRA Analytics to cover the direct lending sector, a fast-growing market estimated at $1 trillion in assets.

Founded in 2019, Chicago-based DLD focuses on private equity-driven financing in the lower and middle markets, as well as private jumbo loans sized at $1 billion or more. DLD taps long-term relationships across the market’s key investors and originators to deliver insightful analysis across structures, fundraising, business development companies (BDC), and people shaping the market. The online platform, which provides industry rankings to users and other data reports, was introduced in 2021.

Kelly Thompson, founder of DLD, has been writing about changes to leveraged finance for over 20 years. In 2013, she created the market’s first BDC database and spearheaded BDC news reporting among financial journalists. DLD recently hired Rachel McGovern, editor and European bureau chief based in Dublin, Ireland, to launch coverage of the European direct lending market, which is tracking the same growth trajectory as the U.S. market.

“I’m excited to take DLD to the next level with the team at KBRA Analytics,” Thompson said. “The senior executives at KBRA are a tour de force with a track record of success. We share the same vision for growth opportunities in private credit.”

“Given the expansion of the private credit space, DLD and KBRA Analytics are a perfect team to provide the market with superior data and news coverage,” said Jim Nadler, KBRA’s President and CEO. “We will leverage Kelly Thompson’s deep knowledge to continue providing the market with unparalleled services.”

DLD joins the KBRA Analytics platform, which offers advanced analytics across the financial institution, corporate and structured finance markets, among other areas.

KBRA is backed by Parthenon Capital which acquired the business in late 2021 for $900 million.

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