Parabellum: Latin for "Prepare for war"
As I've written previously, there will be many new entrants into venture debt origination given the meltdown at SVB.
Private funds have the best shot as many are already in Direct Lending (or have experienced Leveraged Finance desks like Marathon Asset Management who are moving into Direct Lending).
Other commercial banks are now long Direct Lending by purchasing the deposits (and receiving the associated loans, but not bonds) or they are hiring the bankers with the origination rolodexes.
https://www.reuters.com/business/finance/hsbc-hires-silicon-valley-bank-bankers-focus-tech-healthcare-2023-04-11/
Still, one has to wonder if the commercial banks who claim to want into this speciality type of Direct Lending are really geared up for the type of esoteric collateral they are going to be lending against. Should the loan turn into a NPL, the best Direct Lending funds have no fear of "loan-to-own" as they know all types of collateral. Contrast that with commercial banks who can barely maintain and liquidate a piece of resi real estate, let alone anything with even a bit of complexity.
The additional friction and overall bureaucracy of commercial banks is not a positive -- some of those bankers may regret moving their book to certain commercial banks who promise the moon to their new hires but are simply not as nimble as (and not as "commercial" as) their private credit fund competition.