Voting Closed
To find out who won, book a table at the Debtwire Direct Lending Awards 2025 on Tuesday, 17 June at the Dorchester, London
Arcmont
Arcmont is a leading private credit firm, being one of the pioneers in the European direct lending space since 2011. Arcmont has raised €34 billion since inception and has committed €34 billion in over 430 deals across 18 European countries. Arcmont’s experienced team has close relationships with a large number of private equity and advisory firms, with its size, scale and Pan-European presence helping to meet the needs of medium and large sized businesses across Europe. In the last year, Arcmont has continued to have a robust pipeline, committing c.5bn across c.60 new transactions and working with over 35 sponsors.
A key highlight from 2024 was the final closing of Direct Lending Fund IV (DLF IV) with €10 billion of investable capital1. DLF IV represents one of the largest direct lending funds ever raised in Europe, and the final close size was at the high end of Arcmont’s original target range. This achievement demonstrates Arcmont’s significance and legacy as a leader in direct lending. In the last year Arcmont has also continued to demonstrate its position as a pioneer in the market. In June 2024, the firm received regulatory approval from the FCA to launch a Long-Term Asset Fund (‘LTAF’), the first offered by a specialist Private Debt asset manager. This approval exemplifies Arcmont’s focus on designing and delivering innovative solutions to make Private Debt accessible to a wider investor base.
In March 2025, the firm then became one of the first Private Debt firms of its size to launch an Impact Lending Strategy, securing two mandates totaling €475 million from APG, one of the world’s largest pension asset managers, and TIAA, one of the world’s largest institutional investors. This is a testament to the firm’s desire to contribute to achieving long-term performance while driving positive change.
1. Includes SMAs, available leverage and strategy co-investment commitments
Ares
Ares is a leading global alternative investment manager with ~$527bn AUM1, of which ~$75bn in European Direct Lending (“EDL”). Ares started its EDL business in 2007 gaining a first mover differentiation in a growing market that we believe benefits from the continued supply / demand imbalance in European credit. We seek to make self-originated debt investments in European companies to support growth, acquisitions, refinancings and the changing needs of our portfolio companies, while retaining control positions in the capital structure.
We maintain a flexible mandate but primarily focus on senior secured investments in companies operating in defensive industries. In 2024, Ares held the final closing of Ares Capital Europe VI with total LP commitments of €17.1bn2, representing a total capital pool for Ares’ EDL strategy of ~€30bn3. We believe this is the largest pool of capital within the EDL market and has helped position Ares as a lender of choice to sponsors targeting wellcapitalized direct lenders who can offer certainty of execution and flexibility to support future growth. We continue to leverage our demonstrated team capabilities with over 90 dedicated and experienced investment professionals, including ~20 portfolio management professionals, across six originating offices in Europe4. From inception in 2007 through March 31, 2025, the Ares EDL team has completed over 390 transactions and invested over €73 billion5 through Ares Capital Europe commingled funds and separately managed accounts.
1. As of March 31, 2025. AUM amounts include funds managed by Ivy Hill Asset Management, L.P., a wholly owned portfolio company of Ares Capital Corporation and registered investment adviser. Figures shown on an as combined basis for the closing of the acquisition of GCP International.
2. Includes €150 million GP Commitment
3. Includes related vehicles and anticipated leverage
4. As of March 26, 2025. Includes offers accepted.
5. Number of primary transactions completed by the Ares Europe Direct Lending Team from inception to March 31, 2025.
Muzinich
As a trusted financing partner to European lower middle market companies, we provide customised lending solutions that align with each borrower’s unique growth journey.
Our approach is defined by our close borrower collaboration via our on-the-ground network. This gives us the jurisdictional knowledge, language and relationships to provide strategic guidance as well as capital to help businesses scale effectively and profitably.
We lend to companies across sectors including services, healthcare, technology, consumer staples and media. These companies share attractive characteristics such as recurring revenue, strong cash flow and low capital intensity, making them well-suited for direct lending. Whether backing sponsor-led transactions or directly supporting founder-and family-owned businesses, we structure financing solutions that match the needs and ambitions of each company.
A core strength of our model is the ability to move quickly and decisively. Through unitranche debt structures we offer both speed and certainty of execution — a key differentiator in competitive or time-sensitive transactions. We actively support buy-and-build strategies and growth financings, building long-term partnerships that often result in repeat business, either through private equity sponsors or with companies directly.
One of our standout deals in 2024 was with an Irish professional services provider, where 2024’s lending activity was the continuation of an existing relationship. We provided two top up financings to support separate acquisitions as the company expands to provide a full-service renewable energy offering. These acquisitions have improved profitability, brought further cross-sell opportunities and resulted in a further top-up financing in 2025 for another acquisition.
Our track record is built on consistency, integrity and the success of our borrowers. Many of our relationships span multiple transactions and cycles — a testament to the trust we’ve earned as a reliable, thoughtful capital provider in the lower middle market.
Pemberton
Pemberton Asset Management is a leading European private credit manager. Built on more than a decade of experience and industry-leading credit expertise, we provide innovative, cycle-tested private credit solutions for LPs and GPs. Pemberton’s extensive origination network of ten European offices, local market and sector expertise are core characteristics of Pemberton’s value proposition. A substantial investment team, a broad and independent credit function and rigorous credit analysis inform our investment approach. We are committed to advancing responsible investing in private credit and fostering long-term value through transparent partnerships.
Pemberton’s Direct Lending strategies offer flexible, multi-product financing solutions to meet the growing needs of leading private equity sponsors and mid-market companies in Europe, as reflected by substantial deployment levels of €4.6bn across the three direct lending strategies1 in 2024. In our most recent Direct Lending fundraising cycle, Pemberton completed a total close of €8.4bn. The cycle includes the final close of Pemberton’s two senior loan funds2 at €6.1bn as well as the Strategic Credit Fund III with its final close at €2.3bn. The latest vintages across the three funds all exceeded the size of the previous funds, which evidences the growing investor appetite for the asset class and reinforces Pemberton’s position as a leading European private credit manager.
The three strategies, which primarily target asset-light, high-performing companies in the core mid-market—particularly within dynamic sectors like technology, outsourced business services, biotech, and life sciences—have benefited from sustained investor confidence and a strong re-up rate. The firm also broadened its investor base outside of Europe with 70 new clients from Asia, the Middle East and North America. Source: Pemberton Asset Management.
1. Pemberton’s Mid-Market, Strategic Credit and Senior Loan Strategies.
2. Includes the Mid-Market and Senior Loan Fund
Voting Closed
To find out who won, book a table at the Debtwire Direct Lending Awards 2025 on Tuesday, 17 June at the Dorchester, London