Everything must change for everything to remain the same. This saying appears to be substantiated by the fact that corporate lending now represents one of the evolutionary frontiers of hedge funds. Hedge funds are back doing the same business as the first bankers in history. Actually, this should not come as too much as a surprise, because through the extension of loans hedge funds provide companies with venture capital. Moreover, hedge funds can be considered as spin-offs of investment bank units and as such they also originate corporate loans, also called direct lending or private lending.