EUROPEAN Private Credit Monitor December 2025 Key Takeaways MONTHLY EUROPEAN PRIVATE CREDIT MONITOR | PERMISSION TO REPRINT OR DISTRIBUTE ANY CONTENT PG 2 FROM THIS PRESENTATION REQUIRES THE PRIOR WRITTEN APPROVAL OF PITCHBOOK DATA, INC. • European direct lending broke records in 2025 – Year-end data shows that the total estimated volume and deal flow in this market — at €41.4 billion and 160 transactions — surpassed 2024 levels. • M&A activity in 2025 was disappointing after a strong start to the year – Ac ...