Private Credit in 2026

Strategic evolution for private credit in 2025 sets the stage for an anticipated fundraising recovery in 2026

• Our forecasts suggest private credit fundraising will accelerate in 2026, with data for 2025 suggesting investor demand may be firming up

• Europe has significantly closed the gap with the US in terms of investor sentiment, a trend reflected in the increase in Europe-focused funds’ share of total fundraising

• New sources of deal flow are opening up for private credit

• Fees for recent-vintage private credit funds have increased, with optimism returning among some GPs for an improving fundraising environment