私人债务如何帮助缩小欧洲的融资缺口

Possibilities and limitations for the use of private debtin restructurings >80% Introduction Dear Reader, Following our2025 Restructuring Report, which analyzed the “perfect storm” of economicheadwinds and tighter traditional financing facing European corporates, our 2026 edition delves The answer, as with most complex financial questions, is nuanced. European corporates continueto face a difficult environment when it comes to capital needs. Growth remains anemic acrossmost major economies, insolvency rates are rising sharply, geopolitical disruption has reached Private debt has grown rapidly as an asset class, with assets under management focused onEurope expanding 67% since 2020. Yet it remains a relatively small share of total corporate credit,and the question of whether private debt funds can truly fill the void left by banks — and under Our report explores the perceived strengths and limitations of private debt, the evolvingfinancing landscape, and the conditions under which collaboration between banks and private For this report, we surveyed more than 100 restructuring experts across Europe in early 2026to get their take and it is complemented byOliver Wymananalyses. We hope you find it an Sincerelyyours, Dr. Lutz JaedeHead of Restructuring,Europe Contents The rise of private debt13 Executive summary European corporates find themselves in an increasinglytough economic environment, facing both sloweconomic growth and ever tighter capital markets debt to expand as more corporates already look to itas an acceptable financing alternative source — withfuture importance that is forecasted to increase more That said, private debt still accounts for only 9% oftotal European corporate credit, despite the expandingneed for capital by European corporates as banks The growth of gross domestic product (GDP) across the27 European Union countries (EU-27) remains subdued,projected at around 1.4% in both 2025 and 2026 — withthe largest economy, Germany, only recently stabilizedafter two consecutive years of contraction. Among thebiggest challenges identified by our survey: geopolitical Despite the skepticism in Europe around private debt,it offers clear advantages in specific situations —particularly when banks are pulling back, in thecase The nature of financing needs has also changed.Unlike in our 2025 report, defensive measures likefootprint reorganisation, restructuring measures, andcompensation for losses where ranked highest in oursurvey — a clear signal that many companies are When banks and private debt funds worktogether,the primary benefits are shared risks and upsides(18%),acceleration of the restructuring process (16%), andimproved funding reliability (14%). However, thecombination destroys value most often whenthere This creates an opening for private debt funds, whichhave grown dramatically since the beginning of thedecade. European-focused assets under managementhave expanded 67% since 2020. More than 8 out of 10 Ultimately, the conclusion mirrors what this reporthas always found: No financing source — bank orprivate fund — will commit capital without a crediblerestructuring plan, a capable management team, Difficult times forEuropean corporates The hurdle of sluggish Europeangrowth After a sharp but uneven post-pandemic recovery, economic growth across the EU has settledinto a frustratingly slow rhythm. The EU-27 is forecast to grow at around 1.4% in both 2025 and2026 — a moderate improvement from the near-stagnation of 2023 and 2024, but well belowthe levels needed to drive meaningful corporate investment and transformation. Germany, long In % change from previousyear Industrial production across the EU-27 has flatlined relative to pre-pandemic levels, with Germanydipping sharply below both the world average and China. While global industrial output has Seasonally and calendar adjusted, rebased to January 2015 =100 A main driver of the European industrial base’s lack of competitiveness is the rising cost of energy.The steep rise in prices between 2020 and 2022 — with a shock in early 2022 after Russia’sinvasion of Ukraine and a cutoff of natural gas to Europe — has never been totally reversed,leaving the continent’s prices structurally elevated. The EU electricity price index hasgrown Rates on corporate borrowing across Europe have risen sharply since 2022 and remain significantlyabove the near-zero levels of the 2015-2021 period. While rates have begun to easemodestly,the EU average stands at around 3.57%, with peripheral economies such as Greece still facing Corporate executives more concerned thanever When we asked corporate executives to describe their company’s current situation, the resultswere sobering. In the 2026 survey, 38% of survey participants report that their revenue is notgrowing as desired, while a further 38% describe their earnings as significantly belowtarget Exhibit 5: Current corporate situation — survey results 2020-2026 Which statement best des