奥纬咨询：2026欧洲私募信贷新篇章：基础设施与资产基础融资何以成为战略焦点研究报告（英文版）（24页）.pdf

1、Private credits next act in EuropeWhy infrastructure and asset-based finance are in focus Oliver Wyman2Why read this report?Private credit players are looking to catch the next wave of growth in asset-based lending in Europe.Globally,asset-based financing has been the largest source of private credi

2、t industry growth recently:our new estimates are that assets under management at leading firms were up 38%in the five quarters ending in the third quarter of 2025,roughly twice as much as other categories of private credit.Investors we meet are also increasingly intrigued by private credit in Europe

3、:There was a 40%rise in private credit fundraising in the UK and continental Europe in 2025 according to Preqin,and our interviews speak to far greater appetite ahead.Our new estimates suggest asset-based finance is a 4.2 trillion category in Europe today,rivaling the US.Yet non-banks hold just 13%o

4、f the total,less than half of the 34%share in the US.Whats more,Europe looks set for several trillion euros of spending on digital and energy infrastructure.Meeting that demand will require funding from every corner of the financial system:public markets,banks,governments,and private capital,and we

5、see opportunities for private credit to gain share.Regulatory hurdles in securitization and Solvency II have limited the buildout of insurance buyers in the EU thus far,but changes in UK regulation and planned recalibration in the EU will ease some of these constraints though more will be required t

6、o help the European credit pipes to flow more cleanly.There has been a flurry of bank and private credit origination partnerships,particularly for infrastructure,reflecting the bank-led system and Europes many distinct,country-level markets.We explore how private credit 2.0 is playing out in Europe: