Private Credit Solutions market update - 2026

Despite continued macro volatility, transaction volumes (by count) increased in 2025 compared with 2024.

Activity was concentrated in disposals of largely non-performing consumer portfolios, both secured and unsecured, in Spain, Italy and Greece. This contrasts with 2024, which was characterised by fewer, larger disposals of performing non-core portfolios.

Looking ahead to 2026, discussions with market participants point to rising portfolio stress and higher senior financing costs, particularly for leveraged transactions. While this will increase pressure on back books, it is also likely to generate new flows of non‑core assets for sale, consistent with previous cycles.