Europe

Economic growth may not be as rapid as the US, but spreads and credit docs may compensate.

PEI Group’s quarterly fund performance reports analyse the state of private markets through the lens of our proprietary data to bring you market insights enriched by our reporting and editorial expertise.

Fund allocators such as Goldman Sachs’ external investing group and Allianz Global Investors are putting more focus on rising private debt GP consolidation.

The deal is the second between the two firms to provide liquidity to Eurazeo’s LPs while maintaining continuity for borrowers.

‘Europe has always offered a spread pick-up,’ says Taj Sidhu, partner and head of European and Asian private credit at Carlyle.

Facing an uncertain outlook, Christophe Murciani, head of real estate debt at LBP AM European Private Markets, explains why he and his team are adopting a granular approach to real estate debt opportunities in the mid-market.

Investor appetite for real estate credit is growing as attractive attachment points and diversification opportunities mark out the asset class from other areas of private debt.

Collateralised loan obligations are resilient in the face of pressure and offer opportunities should infrastructure spending or merger activity soar in upcoming quarters.

Credit secondaries ranked second only to PE in deal volume across both LP-led and GP-led transactions in 2025.

The move completes the integration of Alcentra and Benefit Street Partners, both of which are part of Franklin Templeton’s alternative credit platform.