Covenants

Of the attention-grabbing moments at this week’s DACH Forum, the suggestion that investors lean into risk raised the most eyebrows. We bring you a summary of the event’s major talking points.

Asset-based lending and term lending are coming together to meet challenges for a wide range of companies under pressure, argues Richard Gumbrecht.

Liquidity is not a great problem for established funds, but Corpay’s latest Lender Book Report finds emerging managers struggling to get what they require.

While some consider payment-in-kind’s origin to be a determinant of eventual outcomes, there are pitfalls in the prevailing logic.

The European mid-market remains in good health, benefiting from market dynamics that set it apart from the US, says Peter Arnold, head of European private markets at LBP AM European Private Markets.

If the customer/employee management platform defaults, more than $5bn of equity value would be at risk of being erased, report says.

Global headlines around US private credit have prompted many investors to ‘look more carefully’ at different market structures, managing director Yasuyuki Fujita tells PDI.

Attendees at our Europe Summit 2026 heard counter arguments to the popular narrative that private credit is in a state of decline.

A confluence of macroeconomic tailwinds and cleverly structured portfolios means that the European mid-market is well placed to endure a challenging credit cycle.