Ted Denniston, co-head of NXT Capital, a subsidiary of ORIX USA, reports “increased competition driving aggressive terms back into the upper middle-market.”
As for the lower middle-market, capital formation has been relatively less robust, says Denniston, who heads origination.
“Deal volume in this segment did not experience the same slowdown as the upper middle-market,” he says.
“Consequently, we have consistently deployed capital this year and enjoyed a steady deal flow with highly favorable terms.”