Claire Coe Smith
Fundraising and deal volumes are down but there were clear signs of a rebound in Q4 2023.
Sweden accounts for almost half of the deals done across the region.
The European mid-market is proving fertile ground for more complex capital solutions.
The only major European market that saw deal volumes rebound past 2021 levels.
Fundraising and deal volumes show signs of picking up after falling sharply in 2023.
Europe’s largest direct lending market has decreased by 43% in volume over the past two years.
With just five funds that focus on the German private credit market raised since 2019, GPs need to choose the right niche.
In Spain and Italy, private credit deal volumes were not hit as hard by the downturn in larger M&A across Europe.
The Netherlands is the engine of growth in Benelux private credit.
Less intense competition in markets such as Poland, the Baltics and Romania can result in better risk-adjusted returns.