Globally, the private credit market is set to grow to US$2.8 trillion by 2028. Europe is expected to follow a similar trajectory, and sentiment remains positive despite headwinds for M&A activity in 2024, as European economies experience disinflationary trends and rate cuts occur in 2025. As the direct lending market matures, it is expected that market will continue to expand into new areas, including asset-backed finance structures and more bespoke deals. Our group of leading GPs will discuss what to expect in the evolving landscape of private credit.

• What are the key considerations for private credit managers in a challenging and shifting macroeconomic environment?
• Private credit vs banks: is private credit increasingly competing with the broadly syndicated market, or has there been increased collaboration, with hybrid structures on the rise?
• What are the next growth opportunities and capabilities in private credit as managers diversify and expand their platforms beyond direct lending, such as special situations, asset-backed lending, and NAV lending?
• Will there be more consolidation in the European direct lending market in 2025?

The European private credit middle market has captured the attention of lenders and sponsors alike, as muted deal flow and M&A activity and the resurgence of the BSL market has prompted a shift from the large-cap into the mid-cap. What does the increased competition within the middle-market mean for Europe’s players? Our panel of mid-market GPs will discuss the opportunity set and challenges on the horizon.

• What are the key trends that will dominate the mid-market over the next 12 months, and how has the landscape shifted?
• Where are mid-market lenders finding the best opportunities?
• How has increased competition in the middle market affected pricing and deal terms?
• For those looking to enter the mid-market, what are the challenges and barriers to entry in Europe?

In line with the rise of private credit, the number of private credit restructurings are also increasing, and the influence of credit funds on restructuring outcomes is becoming more prevalent in Europe. As private credit continues to grow and more market participants join, it is expected that more deals may be on the horizon. Our panel of experts and managers will discuss the future of restructurings in the asset class, distressed opportunities and LMEs.

• What are some of the macroeconomic trends impacting the growth of private credit restructurings in the Europe?
• What are some of the impacts of recent key restructuring decisions?
• Out of court restructurings, LMEs and distressed opportunities- are these on the rise in Europe in 2025?
• What is the outlook for 2025 and beyond?

Southern Europe is increasingly touted as an attractive region for direct lending, with private credit deal volumes in Spain and Italy remaining strong despite M&A slowdowns across Europe in 2024, particularly in the lower-mid market. Direct lenders see opportunities for expansion in the region with its large number of SMEs, and as the traditionally dominating banks scale down activity and the number of bank consolidations increase. Our panel of regional experts will discuss:

• What are some of the broader trends and shifts in the private credit sector within Southern Europe?
• What does the deal pipeline look like in Southern Europe for direct lenders, and are there any particular sectors that are of interest?
• What are the key issues for issuers and investors in the region?
• What are the differences in the direct lending deal pipelines in Italy and Spain?

The rapid growth of private credit has meant that the investor base is broadening beyond institutional investors, as private credit managers innovate product offerings for wealth investors. Whilst it remains an emerging trend in Europe compared to the US, retail investors are now able to access private markets more easily under the ELTIF 2.0 framework, and with continued retrenchment in lending by European banks, it is expected that momentum in the market will only increase. Our panel of experts will discuss:

• What is prompting the increased demand for semi-liquid funds and the democratization of private credit?
• What is being offered, such as terms, fee discounts and co investments to get LPs through the door?
• How is the rise of retail investors impacting the dynamic between GPs and LPs?
• ELTIF 2.0- what are they key changes, strategies and challenges?

Whilst still a relatively nascent asset class, the CEEMEA mid-market lending space is seen as highly promising for growth, with strategic partnerships between sovereign wealth funds and banks with global private credit managers on the rise. Our session will explore the opportunities on the horizon and how to best tap into the market.

Institutional investors remain committed to private credit and allocations to direct lending are expected to remain strong in 2025. However, investors are becoming increasingly risk-averse, choosing to make larger allocations to fewer managers, instead opting for large, more established firms. As LPs become more familiar with the asset class, they are also looking beyond the direct lending space into more niche segments of the market, such as asset-based financing, opportunistic credit and secondaries. Our panel of top allocators will discuss issues that are top of mind during their search for meaningful alpha.

• Why does private credit remain an investable opportunity for LPs, and how is the changing landscape of private credit impacting LPs?
• What are some challenges and risks LPs may face when investing in the asset class, given macro-economic and political uncertainties in 2025?
• As LPs become more selective when it comes to manager selection, will this lead to further consolidation amongst GPs in the European market?
• What is prompting LP allocations beyond direct lending, and what are some of the most interesting strategies LPs are looking at?