Examining trends in private credit and broadly syndicated loans across the US and Europe

The 2025 Credit Markets Outlook is published in association with SRS Acquiom.

This report, now in its second year and drawing on fresh survey data, examines the current state of play in the credit markets and the evolution that has taken place in the last year. We surveyed 150 Europe- and U.S.-based senior lending professionals at alternative asset management firms with AUM up to $2 billion in Q2 2025. Learn more about:

• An almost unanimous 99% of respondents have exposure to direct lending strategies, and over a third (35%) identify it as the largest part of their private credit allocation.
• The market is bracing for impact from regulators. Over a third of managers (37%) identify rising regulatory scrutiny as the single greatest potential hurdle to the sustained growth of the private credit market.
• Competitive pressure is the dominant concern for the BSL market, with 30% of respondents citing it as the single biggest impact shaping this market, a considerable rise from last year’s survey. This reflects the intense battle for mandates with private credit.