European Private Credit | i3 Webinar with Pemberton Asset Management

Growth of European Private Credit


The global private credit market is broad and deep, but there are regional differences between the various private credit markets.

In this webinar co-hosted with Pemberton Asset Management’s Symon Drake-Brockman, we delve into the unique characteristics of the European private credit market and assess how the pandemic has affected the sector, what the deal flow is going to look like in the coming months and how direct lending is quickly becoming a dominant strategy in this market.

Transcript (with timings)

2:09 – Differences between European vs other private credit markets

4:10 – 40% of the private credit financing in Europe now comes through institutional fund platforms, with the top 10 managers in Europe accounting for 60-65% of the activity

6:09 – Creditor protection and legal processes across Europe have improved in the past 10 years

10:02 – Europe is still in the process of moving to non-banking providers, and in the early stages of sector consolidation

11:53 – Huge growth opportunities for lenders over next 5 years

13:34 – Has the pandemic affected the growth of the market?

16:07 – Different sectors have been financed over the last 2 years

17:11 – Research study by Saïd Business School-University of Oxford

19:48 – A structural change in the European banking system is underway, although some countries are still lagging

21:41 – Recovery rates in private markets are more attractive than public markets

22:15 – The relationship between private equity and private credit has evolved

25:27 – How much dry powder is there in the marketplace?

27:03 – Volumes between 2019 and 2021 have changed significantly

29:45 – Interest rates and inflation are affecting yield and markets are looking elsewhere

33:06 – Other (non-direct lending) opportunities in the private credit sector

36:03 – Spreads in the private lending market



Symon Drake-Brockman, Managing Partner, Pemberton Asset Management


Wouter Klijn, Director of Content, Investment Innovation Institute [i3]