As the world descends on Milan and Cortina d'Ampezzo for the Winter Olympics, some private credit professionals might be thinking about staying. Not just for the mountain views or the great food, but for the growing opportunities in the country’s debt market.
Italy’s share of European private credit deal count has climbed sharply, rising from 2.35% in Q3 23 to 8.83% by Q4 25, while its share of private credit LBOs has grown even faster — from 1.69% to 14.47% over the same period, according to 9fin data. Despite quarter-to-quarter volatility, the direction of travel is clear: Italy has shifted from a peripheral market to one that direct lenders must pay attention to.
"Since the pandemic, the footprint of private credit shops in Italy has expanded from a niche alternative to a systemic pillar of the financial ecosystem," one market participant told 9fin. "Given the structural advantages of flexibility and speed over the bureaucratic inertia of traditional lending, this upward trajectory is likely to persist as the primary engine for mid-market growth."
That surge is prompting lenders to open offices, hire relationship managers, and in some cases relocate entire teams to Italy. But the Italian opportunity comes with...
