Macquarie Group’s Bill Eckmann on the evolution of U.S. and European direct lending markets

<p>Bill Eckmann, Head of US Direct Lending, Macquarie Group | Bill discusses how direct lending markets have evolved over the past decade and the key differences between the U.S. and European markets. He explains the structural factors institutional investors should consider when allocating across regions, how to assess risk through a full credit cycle, and whether the fundamentals that have underpinned the growth of the asset class remain intact. Bill also shares his perspectives on the key questions investors should ask when evaluating direct lending managers with cross-regional capabilities.</p><p>Listen to the full interview where we ask Bill:</p><p>- How has the direct lending market evolved over the past decade, and how do the US and European markets differ today? </p><p>- How should institutional investors think about risk in direct lending through a full credit cycle, rather than through reported default rates alone? </p><p>- Direct lending has grown rapidly over the past decade. Do the fundamentals that drove that growth still hold?</p><p>- Where are the pressure points for direct lending across the industry?</p><p>- What questions should institutional investors be asking when evaluating a direct lending manager, particularly one with cross-regional capability? </p><p><br></p><p>Disclaimer</p><p>The views and opinions expressed in this recording are those of the individual contributors and their respective organisations at the time of recording. They do not necessarily reflect those of Global Investment Institute (GII). These views are not intended to be, and should not be construed as, investment advice or research. They are subject to change without notice, and no representation is made as to their ongoing accuracy or reliability. Forecasts, forward looking statements, or opinions are inherently uncertain and based on assumptions, risks, and external factors which may change over time. The individuals interviewed have no obligation to update any statements made.</p><p>International investments carry additional risks, including potential loss of capital, currency fluctuations, differences in accounting standards, and economic or political instability.</p><p>All information contained in this recording is general in nature and does not take into account the financial objectives, situation, or needs of any individual or organisation. It should not be used as the sole basis for making investment decisions. GII strongly recommends seeking independent, fee-for-service financial advice before acting on any information contained herein.</p><p>Contributors, guest speakers or interviewees may hold personal or professional financial interests in the investments discussed. The editorial team has assessed that these interests have not influenced the content of this recording.</p><p>All content featured in this recording is protected by copyright. No part may be reproduced, distributed, or transmitted in any form without prior written permission from the Global Investment Institute.</p>