Private Debt in Europe

The Facts

alternative assets. intelligent data.

Private Debt in Europe

The private debt industry has undeniably seen growth in recent
years, with increased appetite for direct lending leading to the
strategy becoming a permanent part of the portfolios of many
institutional investors. Preqins Private Debt Online contains
detailed information on all aspects of the private debt industry
worldwide. Constantly updated by our team of dedicated research

analysts, the service features in-depth data on fundraising, fund

managers, institutional investors, net-to-investor fund performance
and much more. Here, we provide a snapshot of the European
private debt industry.

Fig. 1: Annual Europe-Focused Private Debt Fundraising,

2008 - 2015 YTD (As at 1 May 2015)

Fig. 2: Annual Europe-Focused Private Debt Fundraising by

Fund Type, 2008 - 2015 YTD (As at 1 May 2015)

40

For more information, please visit: www.preqin.com/privatedebt

100%

35

32
No. of Funds
Closed

30
24

25

22.0

20
16

19

17

16

15

18.2

17.8

Aggregate
Capital Raised
($bn)

12.7

10

7.3

9.1
6.1
4 3.5

Proportion of Aggregate Capital Raised

38

4%
2%

90%
80%

36%

48%

2008

2009

2010

2011

2012

2013

2014

3%
1%
5%

6%
18%

26%

37%

Venture Debt

31% 14%

47%

70%

Special Situations

60%
11%

50%

Mezzanine

26%

91%

40%

65%

Distressed Debt

37%

30%

40%

20%
10%

15%

0%

2%
11%

2%

4%

56%

48% 28%

Direct Lending

9%

7%

63%

7%

2008 2009 2010 2011 2012 2013 2014 2015

YTD

2015
YTD

Year of Final Close

Year of Final Close

Source: Preqin Private Debt Online

Source: Preqin Private Debt Online

Fig. 3: Five Largest Europe-Focused Private Debt Funds Currently in Market (As at 1 May 2015)
Fund

Firm

Fund Type

Target Size ($mn)

Status

Fortress Credit Opportunities Fund IV

Fortress Investment Group

Distressed Debt

4,000

Raising

Senior Debt Partners II

Intermediate Capital Group

Direct Lending

3,401

First Close

ICG Europe Fund VI

Intermediate Capital Group

Mezzanine

2,687

First Close

AXA Private Debt III

Ardian

Direct Lending

2,565

First Close

Park Square Capital Partners

Direct Lending

2,565

First Close

Park Square Capital Credit

Opportunities II Program

Source: Preqin Private Debt Online

Fig. 4: Private Debt Dry Powder by Primary Geographic

Focus, December 2003 - May 2015

Fig. 5: Breakdown of Institutional Investors in Private Debt by

Type

140

Private Sector Pension Funds

108.6

Public Pension Funds

14%

100

15%
Foundations

80

5%

60

52.5

40

Endowment Plans

6%

17%

20

North America

Europe

Asia

Dec-14

Dec-13

Dec-12

Dec-11

Dec-10

Dec-09

Dec-08

Dec-07

Dec-06

Dec-05

Dec-04

May-15

5.7
4.2

Rest of World
Source: Preqin Private Debt Online

Insurance Companies
Wealth Managers

6%

Dec-03

Dry Powder ($bn)

120

Family Offices

7%
12%
9%

9%

Fund of Funds Managers

Asset Managers
Other
Source: Preqin Private Debt Online