When President Donald Trump announced a sweeping series of trade tariffs at the start of April, there followed an immediate rush to grasp how the new import taxes might impact private debt funds. Simon Fulbrook, a partner at law firm Goodwin, says: “We have a number of transactions effectively on hold as a result of parties waiting to understand what the impact of tariffs will be. Plus, we have seen some lenders voice higher pricing as a result or give indications that the lower pricing environment we have recently seen will no longer be possible. In venture debt and growth capital, and where financing is being done against annual recurring revenues rather than EBITDA, we have seen very little impact to date. Where things are really slowing down is in sectors like industrials or aviation, or where European businesses have clear US trading links. Logistics is starting to look difficult as well. Most companies are going to feel an impact. The question is how material it will be for the business. I would be surprised if anyone is inking deals in impacted sectors right now, given the uncertainty, unless there is an opportunity to acquire assets at lower valuations.” Read the Private Debt Investor article for more.