Private credit (PC) has undergone a significant expansion over the last decade, bridging the gap between traditional lenders and SMEs in the credit ecosystem. As global monetary policy tightens and disruptions in the banking system persist, PC continues to increase its share of the total credit market. PC offers attractive opportunities for investors while providing borrowers with flexible deal structuring options. Amidst macroeconomic challenges, PC remains resilient, offering a positive alternative to the uncertain private equity market. In the slide below, we touch on some key drivers that will fuel the European PC market in the coming years.