Beechbrook

Established in 2008, Beechbrook is a leading European lower mid-market private credit manager with €1.9bn AUM.
Over the past 18 years, Beechbrook has built a differentiated lower mid-market direct lending platform, focused on businesses often underserved by banks and overlooked by larger alternative lenders due to their size or complexity. This positioning provides access to an attractive segment of the market where pricing, documentation and lender protections remain compelling.

In the last 12 months, Beechbrook has completed 13 small-cap transactions, deploying over €100m, demonstrating both the scale and repeatability of its model, as well as its ability to deploy across a diverse range of sectors and transaction types while maintaining consistent underwriting discipline.

This momentum builds on a well-established track record. To April 2026, Beechbrook has completed 118 lower mid-market investments across Europe, deploying over €1bn. The firm has also demonstrated strong exit capability, having realised c. 50% of assets, which have generated an aggregate money multiple over 1.5x. Furthermore, the firm’s ability to support operational expansion is highlighted by 40%+ growth in LTM EBITDA across the realised assets.

In 2025, the firm delivered seven further exits with a median mid-teen IRR and median money multiple over 1.5x. Notable examples include Clinique Matignon and Obsequio which both delivered strong financial returns, as well as tangible economic impact, including significant growth in workforce.

What distinguishes Beechbrook is not transaction volume, but its hands-on approach. The firm provides flexible, predominantly senior-secured capital to support acquisitions, growth, shareholder reorganisations and strategic development, while working closely with management teams to strengthen governance and reporting. This is reinforced by a dedicated Fund Performance Team ensuring proactive monitoring, early support and value preservation throughout the investment lifecycle.

Through disciplined origination, structuring and active portfolio management, Beechbrook has established a specialist and resilient lower mid-market lending platform.

Bright Capital

BRIGHT CAPITAL is the leading , lower-mid-market-focused direct lending manager in Europe with a dedicated focus on financing independent sponsor backed dynamic growth strategies across roll-ups and buy-and-builds, bridging the gap between bank type lending and mid-market to large cap private credit via its full-cycle capital solution ranging from as early as €5m to >€50m debt packages . We invest in sponsored and predominantly independent-sponsored businesses with EBITDA s between €2-10m initially and help them grow to >€10 -20m EBITDA over the holding period. By leveraging extensive financing expertise, flexible capital solutions (€5 to >50m), an unrivalled sourcing network, and high-quality relationships across sponsored and independent-sponsored situations, BRIGHT CAPITAL has been consistently recognised with a top ranked position within Debtwire’s Direct Lending League Tables for years. In 2025 alone, we closed nine transactions, putting us #1 in the total DACH region ranking. We are building a diversified, stable credit portfolio focused on capital preservation and underpinned by hands-on portfolio management which is also reflected in team growth comprising senior addition s in portfolio management and investor relations , alongside investment team expansion on the analyst and associate level , reinforcing our capacity to originate and execute unique opportunities and deepen relationships with investors and borrowers. Our track record, driven by disciplined deployment and strong downside protect ion, reflects our ability to deliver above-market returns for investors while acting as a long term, value-adding financing partner to borrowers.

CVI

Despite a challenging macroeconomic and geopolitical backdrop, CVI delivered another standout year, ranking No. 1 in Debtwire ’s European Small -Cap Direct Lending ranking for the second consecutive year. In 2025, CVI completed 25 deals recognized in Debtwir e’s Small-Cap rankings across four Central European countries (45 transactions in total).

CVI focused on complex, underserved situations where traditional lenders lacked flexibility particularly transactions involvi ng liquidity constraints, refinancing under tight timelines, and M&A f inancing. The firm worked closely with management teams to deliver bespoke financing solutions, enabling companies to execute strategic initiatives and pursue growth.

A representative example is CVI’s financing of Polish fintech SMEO, where CVI structured a multi tranche, long -term bond financing of up to EUR 10 million, supporting expansion and improving access to working capital for micro and small enterprises.

CVI also supported growth of the company specialized provider of large -scale cargo scanning and automatic inspection systems used to detect hazardous and illegal materials at borders and seaports. CVI structured a EUR 10 million bond program tranches, with target to fund projects and capital expenditures.

CVI also provided financing to CTL Logistics, one of the largest private rail freight operators in Central Europe, enabling t he company to refinance legacy debt and complete a long -term restructuring process (total transaction up to EUR 28m). The transaction optimized the company’s capital structure and unlocked capacity for further expansion, including in international markets.

CVI’s strength lies in its consistent execution and hands -on approach. Each investment is individually structured and actively managed throughout its lifecycle—critical in the small -cap segment, where flexibility and speed are key.

Currently CVI (with team of over 40 professionals) manages over EUR 1.1bn AuM and since inception has invested more than EUR 3.3 billion across more than 800 transactions, playing a key role in developing the private debt market in Central Europe. Moreover, CVI continues to strengthen its ESG framework by enhancing internal rating systems and policies, alongside initiatives such as the Pathfinder programme, supporting the development of future female professionals.

DunPort Capital

DunPort Capital Management is a leading Irish based alternative investment firm specializing in private debt investment strategies. Focused on providing flexible, tailored financing solutions to small and mid-sized enterprises, DunPort operates across key Western European markets including Ireland, the UK, Benelux and DACH. The firm is committed to delivering attractive risk-adjusted returns for its investors by leveraging deep market knowledge and expertise and a disciplined approach to investment. With a strong emphasis on supporting business growth and resilience, DunPort Capital Management plays a vital role in bridging the financing gap for companies in need of alternative funding solutions. As of 31 December 2025, DunPort has approximately €804m in assets under management.

Fiduciam

Small businesses are crucial to our economy, yet often overlooked by banks and major lenders.  Fiduciam stands out for its dedication to small companies, most of them family-owned, serving a broad spectrum of sectors across various European countries. This commitment has earned Fiduciam a top position in Debtwire's European Small-cap Direct Lender Ranking for four years now.

The financing needs of small companies can be as complex as those of large companies.  To enable solutions that are as comprehensive and competitive as those offered to large companies, Fiduciam uses advanced technology and maintains a strong local presence in its core lending markets, operating through its offices in the UK, Ireland, the Netherlands, Germany, Spain, and Luxembourg. Over two-thirds of Fiduciam's new lending comes from repeat borrowers, underscoring Fiduciam's strong franchise model.

Fiduciam enjoys the strong commitment of several prominent European institutional investors delivering on their commitment to also invest in small companies and entrepreneurs. Fiduciam’s small-cap focus is underpinned by strong credit discipline. Despite lending to borrowers often considered too small or complex by mainstream lenders, Fiduciam has maintained a low default rate of 2.6%. This demonstrates that small-cap lending, when supported by specialist underwriting, careful structuring and active loan management, can deliver both impact for SMEs and resilient credit outcomes.

A notable 2025 transaction was the refinancing of a major, family-owned, German retailer so that it could make an opportunistic acquisition in a neighbouring country.  Other ongoing lending relationships that stand out for their innovation are the financing of the transformation of a Dutch greenhouse complex into a facility for power generation and grid stabilization, a new UK EV concept (together with a Lithium producer), the manufacturing of “zero-bills” modular houses (guarantee of no energy bills for five years), with the manufacturing plants in the UK, Germany and Ireland.

Mount TFI

Towards the end of 2025 Mount TFI swiftly executed a financing deal with retail park investor (sponsor) needing flexible capital when timing was of essence.

An experienced developer (completed 35 projects), active in the market for 10 years obtained a building permit for retail park and signed an agreement with the general contractor. However, due to numerous other projects under development sponsor was short on equity capital needed to secure bank financing.

Simultaneously it signed a forward sale agreement with a real estate fund which put even more pressure in terms of the timely construction of the building.

Mount TFI gave priority to this deal and agreed with the sponsor to deliver financing within less than months’ time. The DD process was very intensive and within less than 3 weeks the project was presented in front of IC. In this sponsor-less transaction Mount provided junior financing carrying rich credit spread of approx. 12% with senior-debt-like security.

The deal fulfilled requirements of senior financing and from the perspective of Mount’s investors it was well-executed, risk-adjusted investment delivering consistent income and protecting capital.

• Cross collateralized (first-ranking mortgage on 2 properties envisaged for retail park development).
• Hard collateral representing 76% of our financing amount.
• Other security included: assignment of owner’s loans to the sponsor and loan from the sponsor to the SPV building the retail park, additionally voluntary submission to enforcement.
• Retail Park was rented out in 84% (incl. tenants like Lidl).
• PSPA with a buyer was signed.

Mount TFI is successfully sourcing deals from own pipeline since 8 years. All deals are
conservatively structured with strong security and risk controls. On this one Mount managed to provide 4 times faster execution than traditional banks.

Muzinich

Muzinich & Co. is a privately-owned, investment firm specialising in public and private corporate credit. Our business was founded on three key principles: to understand and manage risk better than our competitors, to navigate business cycles and find value in credit markets, and to deliver the best possible returns for our clients.
Our capabilities cover a wide range of global public and private credit markets, from investment-grade, emerging markets and syndicated loans to direct lending, parallel lending and aviation finance. Our private debt team comprises 54 investment professionals located in 12 offices across Europe, helping us stay close to our investments.
Founded in 2014, our European direct lending business focuses on the lower-middle market (companies with EBITDA of €5-25 million) where, as a trusted financing partner, we provide customised lending solutions that align with each borrower’s unique growth journey. This is an area we believe is underappreciated and under owned. Many companies in this segment are family and founder-owned businesses where the key stakeholders have a deep rooted and personal interest in ensuring the company is a success. They are often seeking funding for expansion or acquisition opportunities, not because they are distressed. They typically have solid balance sheets and resilient business models.
Having investment teams located in the local markets in which we invest sets us apart, as we are embedded in each region, speak the local language and have in-depth knowledge of local opportunities, company networks, regulations and practices. This makes us well placed to provide flexible financing solutions to support these ‘buy and build’ and organic growth strategies. It also enables us to better monitor our investments and build lasting relationships with the companies we lend to, many of whom are repeat borrowers.
Our approach is conservative with a focus on senior financing and low levered transactions. We are selective and only fund ~3% of the transactions presented to our investment committee.
During 2025, we completed 81 transactions in Europe. We have been particularly active in core European countries with 27 deals completed by our Paris-based team, 24 by the team in Milan, 11 by our Madrid-based team and 6 by our Frankfurt office. We were particularly active in business infrastructure, professional services sector, manufacturing, consumer goods and healthcare.