阿波罗全球管理：2025欧洲私人信贷市场的崛起潜力与结构性机遇研究报告（英文版）（12页）.pdf

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1、1The information herein is provided for educational and discussion purposes only and should not be construed as financial or investment advice,nor should any information in this document be relied on when making an investment decision.Opinions and views expressed reflect the current opinions and vie

2、ws of the authors and Apollo Analysts as of the date hereof and are subject to change.Please see the end of this document for important disclosure information.June 2025 Tristram Leach,Partner,Co-Head of European CreditJim Vanek,Partner,Co-Head of Global Performing CreditAkila Grewal,Partner,Global H

3、ead of ProductRob Bittencourt,Partner,Co-Head of Opportunistic CreditTal Barak Harif,Principal,Head Credit WriterThe Continental Shift:Europes Private Credit MomentKEY TAKEAWAYS We believe European private credit is a fast-growing market with the potential to rival its US counterpart,offering scale,

4、attractive risk-adjusted returns,and geographic diversification.European companies remain heavily reliant on banks for financing relative to the US.With non-bank lending share in Europe and the UK at just 12%versus 75%in the USthe region is ripe for private credit expansion,especially in direct lend

5、ing.Accelerated EU policy initiatives like the Savings and Investments Union,combined with Basel III regulatory implementation,are pushing assets out of banks and into alternative capital channels,creating a supportive environment for private credit.Geopolitical and macro shifts are expected to driv

6、e higher growth in Europe,fueled by fiscal easing and increased spending in areas like infrastructure and defense.In addition,growing concerns about the erosion of“American exceptionalism”may position Europe as a credible alternative to the US as a destination for cross-border capital flows.European