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European Overview: 2025 Review & 2026 Outlook

Our continental European & UK offices discuss the activity they saw across the credit spectrum in 2025, as well as their outlook for 2026 across the region.

Article

European Overview: 2025 Review & 2026 Outlook
Our continental European & UK offices discuss the activity they saw across the credit spectrum in 2025, as well as their outlook for 2026 across the region.

Article

European Overview: 2025 Review & 2026 Outlook
Our continental European & UK offices discuss the activity they saw across the credit spectrum in 2025, as well as their outlook for 2026 across the region.
Article
European Overview: 2025 Review & 2026 Outlook
Our continental European & UK offices discuss the activity they saw across the credit spectrum in 2025, as well as their outlook for 2026 across the region.

Josh Shipley, Executive Managing Director and Head of Private Credit for Europe comments; "In a year marked by ongoing economic and geopolitical uncertainty, our European Private Credit Platform saw relatively consistent levels of deal flow across the credit spectrum. The longer-term funding, and flexible solutions that Institutional lenders, like PGIM, are able to offer borrowers have proven valuable to companies looking to mitigate risk and diversify their capital structures.

Whilst we note that the volatility in the wider market environment is likely to persist, we anticipate that demand for institutional financing will remain robust and we hope to see positive momentum as European growth indicators improve."

KEY TAKEAWAYS

1
INFRASTRUCTURE
INVESTMENT
Increased infrastructure investment activity across a broad spectrum of categories is anticipated across Europe, notably in the areas of renewables and digital infrastructure
2
M&A
UPTICK
M&A activity is cautiously expected to increase across the region as borrowers seek to mitigate risk through longer-term funding and more flexible capital solution
3
SPORT
FINANCING
The sport sector is anticipated to have a larger appetite for alternative capital providers in 2026 as owners and leagues seek additional financing

REGIONAL PERSPECTIVES

"Across Europe, borrowers are increasingly recognising the value that institutional capital brings in terms of stability, flexibility, and diversification. With our pan‑European platform and deep, long‑standing borrower relationships, we deliver tailored financing solutions. We listen and provide financings that position our clients for long‑term, sustainable growth in a constantly evolving geopolitical economic environment."

Tan Vu, Managing Director, Frankfurt and Paris offices

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Meet the Teams

Joshua Shipley headshot
Joshua Shipley
Executive Managing Director
Tan Vu headshot
Tan Vu
Managing Director
Ed Jolly headshot
Ed Jolly
Managing Director
Donald Campbell headshot
Donald Campbell
Managing Director
Tolgar Sirvanci​ headshot
Tolgar Sirvanci​
Managing Director & Senior Credit Officer
Francesco Ascoli headshot
Francesco Ascoli
Managing Director
Elise Moulinier headshot
Elise Moulinier
Senior Principal
Thomas Krausser headshot
Thomas Krausser
Senior Principal
Jose Ortiz headshot
Jose Ortiz
Senior Principal
January 12, 2026
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