Private credit is no longer an alternative reserved for institutions.
As of 2026, the market has steadily increased to more than $2 trillion in
assets under management (AUM) globally, which are expected to reach $3.4
trillion by 2030, according to PwC findings. Europe alone accounts for around
$400 billion of the market—approximately
one-fifth of global private credit assets.The expansion has been driven by growing demand from both investors and
borrowers. As banks tighten lending standards, private lenders are increasingly
stepping in to finance businesses that struggle to access traditional credit.
The ECB's latest Survey on the Access to Finance of Enterprises
(SAFE) discovered that a net 42% of euro area companies reported higher bank
loan interest rates in the second quarter of 2026, up from 26% in the previous
quarter. Among SMEs, the figure rose from 24% to 43%, while the SME financing
gap indicator widened from a net 3% to 5%. The question is no longer whether private credit deserves a place in a
portfolio, but how much of a portfolio it should occupy.