Wells Fargo and Centerbridge Partners' Overland Advantage Deploys $4.8 Billion in Direct Lending

Wells Fargo and Centerbridge Partners have deployed $4.8 billion through their joint platform, Overland Advantage, since its launch last year. The duo is targeting middle-market companies not backed by buyout funds, a segment with surprisingly thin competition. By leveraging Wells Fargo's commercial banking ties and focusing on business owners new to private credit, Overland is gaining a foothold in the direct lending landscape. The partnership is a sign of the evolving credit market, where banks are linking up with private credit shops to reach borrowers they can't serve on their own.