You could consider private debt if you are looking to raise working capital for business growth (see growth finance), infrastructure, real estate development or a buyout.The tighter regulatory capital requirements that followed the 2008 global financial crisis forced banks to cut back on lending to businesses. Non-bank lenders stepped in to plug the gap by providing direct lending to fast-growing, medium-sized and large businesses. Direct lending comes under the umbrella of private debt (also known as private credit), which includes mezzanine finance and special situations.Defining termsThe term ‘direct lending’ is sometimes used interchangeably with ‘private lending’, ‘private debt’ or ‘private credit’ but we see direct lending it a subset of ‘private debt’.