17
Jun
Keynote interview: Pressure points in Europe’s private credit market
Europe’s private credit market is entering a stress test in 2026. Despite record fundraising levels, direct lenders face significant strain from maturing credit cycles. Heavy exposure to certain sectors, now under pressure from fast-moving AI disruption and oil price increases, is challenging private credit. Previous expectations for a rebound in M&A and LBO activity have tempered, with direct lenders now contending with rising credit stress, early loan deterioration, falling valuations and tighter lending standards. This keynote interview will explore the macro forces and credit dynamics shaping Europe’s private credit landscape.
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SpeakersElias Lambrianos Managing Editor, EMEA Debtwire
Vivek Paul, FIA Managing Director, Head of Portfolio Research & UK Chief Investment Strategist BlackRock Investment Institute (BII)
François Lacoste Managing Partner - Private Debt Eurazeo
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Vivek Paul, FIA, Managing Director, is Head of Portfolio Research and UK Chief Investment Strategist for the BlackRock Investment Institute (BII). The BII leverages BlackRock’s expertise and produces proprietary research to provide insights on the global economy, markets, geopolitics and long-term asset allocation – all to help clients and portfolio managers navigate financial markets. Mr Paul leads BII's Portfolio Research group, which is responsible for developing the core principles and intellectual property that underpin BlackRock's approach to portfolio design, such as capital market assumptions and optimization tools. Vivek is part of BII's Global Leadership team.
Prior to joining BlackRock in 2013, Mr. Paul worked at Towers Watson as an investment consultant, where he specialized in advising pension funds and corporate clients on liability hedging derivative arrangements, financial modelling and investment strategy. He began his career at Hewitt Associates in 2005. Mr. Paul earned an MMath degree in Mathematics from the University of Warwick in 2005, with first class honours. He earned an MSc in Actuarial Finance from Imperial College, London, in 2008 and is a Fellow of the Institute of Actuaries
François Lacoste is Managing Partner in charge of the Debt activity.
Prior to joining the Group in 2008, he worked in the Acquisition & Leverage Finance business at Fortis Bank, in France and Belgium, after having launched the Acquisition Finance department in France. He began his career in the Acquisition Finance department of Banque Worms (Deutsche Bank group).
François holds a degree from Paris-Dauphine University (Master II degree in Banking and Finance).