European Private Credit League Tables 9M'26

The European private credit market kept growing through a volatile first half. Octus data reveals a market of resilience: direct lending activity in the European private market shows strong portfolio fundamentals despite rising covenant tensions and idiosyncratic distress.

Direct lenders report solid portfolio fundamentals—averaging ~3x interest coverage—despite Q2 PIK usage creeping to 16.7% (“bad PIK” up to 8.1%). This is driving stricter terms on new deals around PIK limits and IP carve-outs.

Ares once again topped the League Tables with 51 deals completed and a 7.6% market share. Muzinich and CVC Credit followed closely, closing 27 deals (4.0% market share) and 26 deals (3.9% market share), respectively.

Complete the form to unlock the full report, including:

• Market Share Analysis: Rankings across total engagements and M&A activity
• Strategic Segments: Top-performing lenders across Mid-Market vs Large-Cap
• Sector and sub-region Insights: Direct lender activity across major sectors and European sub-regions

Complete the form to unlock the full report, including:

• Market Share Analysis: Rankings across total engagements and M&A activity
• Strategic Segments: Top-performing lenders across Mid-Market vs Large-Cap
• Sector and sub-region Insights: Direct lender activity across major sectors and European sub-regions