Oaktree Specialty Lending Corporation Direct Lending Approach
123
OAKTREE
OCSL Specialty Lending Corporation
Middle-Market Represents Significant Opportunity for Direct Lending
·
Nearly 200,000 middle-market businesses in the U.S.
Companies with annual revenues of $50 million to $1
billion or EBITDA of $10 million to $50 million
Represent one-third of private sector GDP and account
for nearly 48 million jobs¹
• Over the past five years, middle-market lending has
averaged $170 billion annually²; loans typically used to
finance leveraged buyouts, recapitalizations, capital
expenditures and acquisitions
Increasingly dominated by non-traditional lenders due to
secular shift of banks out of the market; banks account for
just 10% of middle-market loans today³
• Demand has attracted increased capital flows and
competition; yet market opportunity remains robust and
growing
• Large opportunity attracted many new market participants
without Oaktree's experience in direct lending and
investing across credit cycles
National Center for the Middle Market - Q2'17 Middle Market Indicator.
Thomson Reuters - Q3'17 Middle Market Lender Outlook
S&P LCD Leveraged Lending Review - Q2'17
11View entire presentation