Macquarie Group’s Bill Eckmann on the evolution of U.S. and European direct lending markets
INTERVIEWSERIES
Bill Eckmann, Head of US Direct Lending, Macquarie Group
July 2026
Podcast
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In this exclusive interview, Bill discusses how direct lending markets have evolved over the past decade and the key differences between the U.S. and European markets. He explains the structural factors institutional investors should consider when allocating across regions, how to assess risk through a full credit cycle, and whether the fundamentals that have underpinned the growth of the asset class remain intact. Bill also shares his perspectives on the key questions investors should ask when evaluating direct lending managers with cross-regional capabilities.
Watch the full interview where we ask Bill:
How has the direct lending market evolved over the past decade, and how do the US and European markets differ today?
How should institutional investors think about risk in direct lending through a full credit cycle, rather than through reported default rates alone?
Direct lending has grown rapidly over the past decade. Do the fundamentals that drove that growth still hold?
Where are the pressure points for direct lending across the industry?
What questions should institutional investors be asking when evaluating a direct lending manager, particularly one with cross-regional capability?
Bill Eckmann, Head of US Direct Lending, Macquarie Group
Bill joined Macquarie in 2014 taking on leadership of the Principal Finance team in 2019. He sits on the investment committee for Macquarie’s Direct Lending Funds (US and European) and on Macquarie’s Americas management committee.
Prior to joining Macquarie, Bill spent more than eight years as a founding senior member of Solar Capital Partners, an investment firm where he focused on making debt and equity investments in middle-market companies. Two investment vehicles of Solar Capital went public during his tenure.
Bill previously held roles at private equity firm Frontenac Company and at Credit Suisse First Boston. Bill has been appointed to a variety of boards during his career, including as Executive Chairman of DS Waters.
Bill holds a B.S. in finance and business economics and public policy from the Kelley School of Business at Indiana University and graduated with highest distinction.
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