Private Debt Intelligence – 1/6/2025

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THE LEAD|January 9, 2025
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Direct lending the driver of private debt growth in Europe

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Read more in Preqin’s ‘2025 Global Report: Private Debt’.

Since the Global Financial Crisis, direct lending AUM has grown at a faster rate than other private debt strategies in Europe, such that it now comprises more than two-thirds of private debt AUM (67.3%). Higher risk and more specialized strategies, such as mezzanine and distressed debt, have declined as a proportion of AUM, with mezzanine falling from 72.0% in 2008 to just 8.5% in 2024. However, AUM in Europe-focused mezzanine funds has increased over that period, from $26.5bn in 2008 to $40.6bn as of March 2024, highlighting how changes in banking regulation since GFC created the opportunity for private debt funds to fill a market gap in Europe.

Contact: William Bennett-Lynch
william.bennett-lynch@preqin.com

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