Calculating private credit volume in Europe is a bit dodgy. Even in the US, good numbers have only been available in the last couple years. We can however triangulate from other known metrics.
The par amount of all leveraged loans was €15 billion in 1998, per S&P/LCD. It grew to €20 billion in 2003, €140 billion before the GFC, shrank to €100 billion by 2015, and is now at a record €240 billion. Conservatively assuming one-third is held by non-banks, that puts it just under €100 billion.
That’s consistent with Preqin data. As our Chart of the Week highlights, assets under management for European direct lending is almost $160 billion, including about $50 billion of dry powder...
