Over the past decade, private debt has emerged as a mature asset class within global financial markets. It encompasses a range of non-listed loans, such as direct lending, mezzanine, venture, and distressed debt, originating from non-bank sources.
This market has grown rapidly, particularly in Europe, as regulatory changes and shifting risk appetites have encouraged borrowers to seek alternative financing. The aftermath of the Global Financial Crisis (GFC) was a turning point as banks tightened lending standards, paving the way for private lenders to fill the gap.
