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Taking the Credit — Investors struggle to put their war chests to work in European defence

Market Wraps

Taking the Credit — Investors struggle to put their war chests to work in European defence

Jin Ni and Ryan Hesketh25 Sept 2026 | Europe | 8 minute read

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Taking the Credit — If you can’t beat EM, join EM

Market Wraps

Private Credit

Taking the Credit — If you can’t beat EM, join EM

LPs are rethinking their private credit portfolios as geopolitical headwinds and wobbles in US private credit raise new questions about concentration risk in more mature, or ‘developed’ markets. As a result, investors are giving emerging markets a closer look.

Taking the Credit — Private credit flirts with preferred equity as exits stutter

Once reserved for distress, preferred equity has become an “acceptable liquidity solution” for a market struggling with exits, Paul Hastings’ global finance partner Jennifer Passagne told 9fin. And it seems that dealmakers agree. They’ve seen the number of deals featuring pref equity at least double over the past 12 months, according to 9fin sources.

Taking the Credit — Seeing what you want to see

Is it a bat or a butterfly? As ever, it depends who you ask. Private credit has become a financial markets edition of the Rorschach test: for every declaration of health and explanation of a maturing asset class undergoing growing pains, there are fresh cockroaches unearthing themselves and further regulatory interventions warning of echoes with the 2008 GFC.

The Unicrunch — Slow markets, more secondaries

The booming credit secondaries market, which has held the spotlight throughout 2026 due to growing liquidity needs across private credit and BDCs, looks set to keep growing.

Taking the Credit — Private credit’s big spring clean

There's plenty of headlines about how non-traded BDCs have been dealing with redemptions, but what might be overlooked is how continuation funds are providing investors in traditional closed-end funds with an orderly exit.

Taking the Credit — Fundraising numbers don’t lie

9fin | Ask anyone working in private credit about recent headlines, and you’ll likely get a chuckle, a grimace and the impression that some news coverage is more akin to ‘the boy who cried private credit crisis’ than reality.

10 Apr 2026

| Europe

Taking the Credit — Investors struggle to put their war chests to work in European defence

Related Posts

Taking the Credit — If you can’t beat EM, join EM

Taking the Credit — Private credit flirts with preferred equity as exits stutter

Taking the Credit — Seeing what you want to see

The Unicrunch — Slow markets, more secondaries

Taking the Credit — Private credit’s big spring clean

Taking the Credit — Fundraising numbers don’t lie