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Higher returns and a broad opportunity set are bolstering the outlook for private debt in Europe, says Pemberton Asset Management’s Robert Wartchow, but a consistent, credit first investment approach is critical.

A flexible offering and established track record remain key in the European lower mid-market, say Investec’s Helen Lucas, Alexandre Neiss and Kai Stengel.

Amid challenging market conditions, private credit is an efficient way to deliver capital to firms, say Blackstone’s Michael Zawadzki and Brad Marshall in this episode of the Private Debt Investor Podcast.

Whether it’s corporate credit, asset-based loans or real estate debt, opportunistic investing requires flexibility to identify the best rewards, say Sculptor Capital Management’s Brett Klein and Udai Bishnoi.

The European NPL market opportunity set is growing for those with experience and established bank relationships, says Paul Burdell, co-founder and CEO of LCM Partners.

Collateralised loan obligations are back in favour in financial restructurings, helped by their dominance in leveraged credits and greater flexibility in documentation, say Nick Charlwood, John Goldfinch and Tim Watson, partners at Allen & Overy.

Continuing bank retrenchment and an underserved lower mid-market have tilted the playing field in favour of a growth-orientated approach to opportunistic credit, says Ian Jackson, head of Permira Strategic Opportunities.

Opportunistic credit involves bespoke financing across a broad set of market environments, says Bryan High, head of global private finance and capital solutions at Barings.

Opportunistic credit funds are gearing up for a busy year as increased interest rates start to bite, says Alter Domus group sector head of debt capital markets Greg Myers.

Whether it is to support founders seeking the next phase of growth or to address liquidity needs, opportunistic credit is a growing focus for private credit, says Guillermo Ferre, head of Spain and Italy at Kartesia.