Driven by consolidation and regulation in the banking sector, rising private equity activity, demand from mid-size enterprises and investors seeking alternatives to low-yielding public debt instruments, direct lenders have enjoyed strong growth since the global financial crisis. Symon Drake-Brockman uses the findings of the European Direct Lending – Review and Outlook Report by Saïd Business School, Oxford University, published in February 2021, and his own perspective to explain why these tailwinds are likely to persist.