Q2 European direct lending activity up 9%

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Despite the geopolitical and macroeconomic events of the first half of the year creating a volatile environment, the European private credit market continues to demonstrate robust resilience. Direct lending activity in the first half of 2026 climbed to 494 deals, representing a 4% increase year over year, while deal flow accelerated in the second quarter with 258 deals completed compared with 236 in the prior quarter.