Private Credit

Deleveraging & the Emerging European Non-Bank Finance Industry

Overview

While the Goldilocks metaphor – the little girl who tasted porridge that was too hot and then too cold until finding one that was just right – is vastly overused, in the context of the European credit opportunity, it may be “just right.”   The significant capital that was raised shortly following the Global Financial Crisis was too early as banks were unable and/or unwilling to meaningfully dispose of assets.  With significant asset sales occurring today — €91 billion in European non-performing loan (“NPLs”) sales occurred in 2014 and €100 billion is estimated to transact in 2015 — the timing for investors who wait will likely be too late.

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