欧洲私人信贷监测（英）2025

Investment Rating - The report indicates a strong performance in the European direct lending market, with record-breaking volumes and deal counts in 2025, suggesting a positive investment outlook for this sector [5]. Core Insights - European direct lending reached a total estimated volume of €41.4 billion across 160 transactions in 2025, surpassing the previous year's figures [5]. - M&A activity saw a decline, with acquisition-related funding dropping to €22.1 billion from €23.8 billion in 2024, indicating a slowdown in this area [5]. - Refinancings and recapitalizations were significant contributors to the market, accounting for €18.3 billion in 2025, up from €14.2 billion in 2024, marking the highest volume since tracking began [5]. - The lower mid-market segment dominated, with 56% of deals sized between €100-349 million, and 75% of all deals being under €500 million [5]. - Average spreads for direct lending tightened significantly, with over a third of buyouts priced below 500 bps in 2025, a notable change from previous years [32][40]. Summary by Sections Direct Lending Volume & Counts - The total estimated volume and deal count for direct lending in 2025 set new records, with a significant increase compared to 2024 [5][11]. - The last quarter of 2025 saw a notable uptick in deal activity, contributing to the overall annual growth [8][20]. Refinancing and Recapitalization - Refinancing and recapitalization activities surged, with recap deals representing the highest share of transactions since tracking began [14][79]. - The volume of refinancing from broadly syndicated loans to direct lending decreased significantly in Q4 2025, indicating a shift in market dynamics [5][67]. Market Characteristics - The share of non-sponsored deals remained stable, close to the five-year average, while the number of non-sponsored transactions funded by direct lenders hit a low since Q3 2024 [73][76]. - France emerged as the leading country for direct lending loans, capturing 24% of the market share, while the UK maintained a strong presence in non-sponsored transactions [88][95]. Sector Distribution - Technology, Professional & Business Services, and Healthcare sectors accounted for over half of all direct lending deals in 2025, highlighting sectoral preferences among lenders [97]. Leverage Trends - The leverage gap between broadly syndicated loans and direct lending transactions has narrowed, reflecting changing market conditions and borrower profiles [100]. Distressed Situations - An increase in debt-for-equity swaps and distressed situations was noted, indicating a growing trend in the direct lending market [108]. Fundraising Trends - Direct lending remains the largest type of private capital fundraising in Europe, despite a general decline in AUM in 2025 [116][119].