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Claire Coe Smith
While dealflow remains strong, lenders are cautious as we head towards the end of the year.
The retrenchment of banks is proving a boon for private debt markets, especially in Poland.
SMEs are increasingly keen to work with private lenders, with Spain a standout market.
Record deal levels in Europe point to a market that is rising to the macroeconomic challenges.
European debt activity is consolidating around non-cyclical sectors, as lenders seek out stable revenues.
The European private debt market was busier than ever in H1, despite the macroeconomic challenges.
Private debt proved its resilience in the first half, compared with the increasingly volatile public markets.
Sweden and Denmark continued to be the main drivers of dealflow in the first half.
Debt is proving an attractive option for tech firms that are being frozen out of the equity markets.
Fundraising took a hit in the first half but credit is expected to rebound fast as managers adapt to more challenging circumstances.