Any discussion about European private debt inevitably comes with a certain amount of uncertainty: uncertainty about the cycle, uncertainty about politics and uncertainty about disruption. We have just come off the back of a record-breaking fundraising year, and are perhaps – depending on who you talk to – a year or so from the next crisis. But while it pays to be aware of the potential black swans and curve balls, it is hard to ignore how far the European market has come, its ability to weather volatility and its long-term prospects.