Resilient private credit fills a growing need across U.S. and Europe

The U.S. and European private credit markets have been a significant success story of asset management for the last decade. Beginning as a source of financing for mid-market companies unable to raise funds elsewhere, private credit has grown into a serious and credible competitor to both traditional, liquid markets (i.e., broadly syndicated loans and high yield corporate bonds), something seemingly fanciful only a few years ago. Now, private credit players are regularly financing the entirety of multibillion-dollar debt structures.

Randy Schwimmer, Co-Head of Senior Lending at Churchill, and Mattis Poetter, Partner and Co-CIO at Arcmont, analyze why private credit has continued to take market share from banks, and the key trends driving the opportunity in the U.S. and European markets.