Macro & Market Views

Quarterly Views from First Eagle Direct Lending Team: 3Q26

Quarterly Views from First Eagle Direct Lending Team: 3Q26

Napier Park Global Capital

The Lower Middle Market Holds Its Ground

US direct lending volumes declined year over year through September amid a broader slowdown. Napier Park Chief Investment Officer of Direct Lending Michelle Handy explains why lower middle market direct lending has remained resilient and the importance of selectivity when we evaluate opportunities across industries and subsectors.