The UK lending market has undergone a quiet transformation in recent years. While banks once held an unshakable grip on corporate lending, today the landscape looks very different. Private credit and asset based lending have emerged as dynamic, scalable, and increasingly sophisticated alternatives - attracting the attention of family offices, institutional investors, and specialist managers alike. In a world where yield is harder to come by, and traditional underwriting models remain constrained, these strategies offer compelling opportunities to deploy capital with control and purpose.

Private credit refers broadly to debt financing provided outside of the traditional banking system. It includes direct lending, mezzanine finance, and structured credit. Asset based lending, a subset of this, involves loans secured against tangible or predictable cash-flowing assets - receivables, inventory, plant and machinery, or even less conventional collateral in some cases. What unites these strategies is their flexibility. They allow lenders to tailor structures around borrower needs, while still maintaining a strong security position. For family offices and alternative managers seeking real economy exposure with defined downside protection, this has clear appeal.

The demand side is equally strong. Across the UK, non-bank lenders - ranging from fintech platforms to specialist SME lenders - are growing in number and ambition. Many have carved out niches in underserved sectors, or operate with a risk appetite that enables them to move faster than traditional banks. As these firms scale, they require dependable sources of funding. Private credit and asset based lending provide that capital, often in a way that aligns more closely with entrepreneurial growth models than traditional loan structures.

End clients benefit too. With more capital providers in the market, borrowers enjoy greater choice, more bespoke terms, and often quicker decisions. The presence of private capital has improved access to finance for many UK businesses, particularly those who might not meet the rigid criteria of high street lenders. This creates a virtuous circle: growing demand supports the expansion of alternative lenders, which in turn attracts more institutional and private capital to the asset class.

From an investment perspective, private credit and asset based lending offer a differentiated return profile. They are income-generating strategies with downside protection, and - when executed well - can perform independently of broader equity or fixed income markets. For family offices with a long-term horizon and an appetite for private market exposure, these investments provide both diversification and control. In addition, they offer the opportunity to support real businesses in sectors such as manufacturing, logistics, technology, and professional services - aligning financial return with broader investment themes.

The growth of this space has led to increasing competition for talent. Firms require individuals who understand not only credit risk, but the commercial dynamics of the sectors they lend into. They need professionals who can originate, underwrite, and manage relationships - often in fast-moving, entrepreneurial environments. Whether at the lender or investor level, there is strong demand for candidates who bring both rigour and adaptability. Understanding regulatory frameworks, platform partnerships, legal structuring, and borrower psychology is no longer optional. It is essential.

Fram’s Debt & Capital Solutions practice was established to support precisely this market. We work with non-bank lenders, private credit funds, and institutional capital providers across the UK. Our clients span a range of sectors and strategies, but all share a need for high-calibre professionals who can operate confidently in a complex and growing asset class. With a consultative approach and deep market knowledge, we help clients define their hiring strategies, access hard-to-reach talent, and build teams capable of originating and managing sophisticated lending solutions.

As private credit and asset based lending continue to expand, the importance of experienced, commercially aware professionals will only increase. The sector’s future will be shaped not only by capital flows, but by the quality of the people deploying that capital. For firms looking to scale, and for family offices seeking expert partners in this space, attracting and retaining the right talent is as strategic a decision as any investment.