Business finance

Over the past year, I’ve had several conversations with London-listed investment trusts that have one thing in common: they’re reassessing their banking relationships. 

Not because the underlying portfolios are weak. Quite the opposite. Many are backed by transparent, mark-to-market portfolios of listed assets with strong diversification and liquidity characteristics. But as larger banks rebalance their balance sheets and refocus their strategies, smaller and mid-sized trusts can find themselves deprioritised. 

As we look ahead to 2026, the most important question isn’t whether markets will “bounce back”. The more relevant question is whether we’ve adjusted our expectations to reflect the environment we’re now operating in.

Earlier this month, Mohith Sondhi, Managing Director, Debit Finance, had the privilege of joining a panel at the BVCA Summit to discuss how today’s macroeconomic environment is reshaping private equity fund finance. The conversation, led by Dana Haimoff of JPMorgan Asset Management, brought together perspectives from sponsors, lenders, and advisors on how our industry is adapting to persistent inflation, stubbornly high interest rates, and ongoing liquidity pressures.

When a hotel owner told us, “My bank has decided they’re not lending to hotels right now. Can you help?” – we didn’t just listen. We acted.

In his latest piece for The Independent, Ben Barbanel, Head of Debt Finance at OakNorth, explores what that moment revealed about the disconnect between banks and growing businesses, and why blending advanced tech with human judgment is essential for delivering truly personalised banking.

Since launching in 2015, we’ve navigated our fair share of volatility – from Brexit, global pandemic, inflation and interest rate spikes, and shifting political landscapes. Each of these events brought fresh challenges for businesses across the UK.

But through every cycle, one thing has remained constant: OakNorth’s commitment to supporting lower mid-market businesses (with £1m-£100m in turnover) with the funding they need to seize opportunity, even in uncertain times.

For ambitious UK businesses, breaking into the US market can be game-changing. With a population of over 340 million and accounting for around a quarter of global GDP in 2024, the United States represents an incredibly attractive growth opportunity — one defined by scale, innovation, and potential reach.