Private‑Equity ‘Dequity’ Loans Hit $30B Amid Record Deal Drought
Hybrid “dequity” loans—part debt, part equity—have surged to $30 billion since 2023 as private‑equity firms grapple with the deepest exit drought since 2009. Direct‑lending arms at Ares, Neuberger Berman, KKR and others are offering these costly lifelines, a response to $3.2 trillion of unsold assets that threaten fund liquidity.