Insights

Private credit has outgrown direct lending, and the US tends to expose the stresses first. On non-sponsored lending, stablecoin rails, credit secondaries, Europe's widening map, and the butterfly nobody is watching.

As US private credit shows signs of strain, Europe — and France in particular — is following a markedly different path. Why the divergence is real, where it is overstated, and what a bifurcating market means for borrowers.

Private equity has entered a phase of selection, and the consequences are reshaping private debt. On the liquidity squeeze, the rise of sponsor less transactions, and what comes next.

Fund finance has acquired the scale of an established asset class without yet living through a full cycle. On its $1.2 trillion rise, the NAV question, and the changing role of the trustee.

Tariffs have dominated the headlines, but European private credit has adapted rather than frozen. On refinancings keeping capital moving, tightening spreads, and the sectors drawing capital.

Five observations from current processes in the European private credit market: dual-track financings, the return of structure, accumulating dry powder, and the growing weight of reputation.