“There's no question that in some parts of the market, leverage has stretched significantly, and that's a real issue for some of those portfolios that we see out there,” said Alex Garnier, founding partner at NorthWall Capital.In this episode Garnier joins Rachel Lewis, Mergermarket’s co-head of news, to discuss the growth of specialist credit in Europe.NorthWall is an alternative private credit lender that specializes in financing situational complexity. In this Dealcast, listeners get a look inside NorthWall’s strategy, which employs a different approach to provide different returns compared to traditional private direct lending.But what makes a situation complex? This episode discusses factors like market conditions, a complicated carveout, or a tight transaction timeline. Garnier and Lewis also tackle the current uncertainty in the market which has led banks and direct lenders to retreat and how that presents opportunities to be selective with underserved segments.

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