European direct lenders are viewing the turmoil in the global banking system as an opportunity to accelerate taking market share from banks on new loan underwrites to back leveraged buyouts. Until early March, before the collapse of US lenders Silicon Valley Bank and Signature Bank, and Credit Suisse's takeover by UBS, both bankers and direct lending fund managers had been preparing to pitch debt packages for a number of M&A situations after seeing an uptick in activity among sponsors preparing exit processes. However, the lack of M&A activity is a problem. “There have been an absence of good assets coming to market as sellers feel that they won’t be able to get the best price,” said Simon Fulbrook, a Private Equity partner in London.