June 24, 2025MFA ReportBlog
New data: Private credit loans surge 400% across U.S. and Europe
All Industry Research
New data: Private credit loans surge 400% across U.S. and Europe
New loan-level data reveals how private credit is financing thousands of companies across key sectors and geographies
Key research findings
Over the sample period, the number of private credit loans grew by nearly 500% in the U.S., 285% in the UK, and 130% in the EU.
Median loan size remained relatively constant in the U.S. and EU, with the UK experiencing higher variance during this period.
Over 2,800 mid-cap companies in the U.S. and over 1,000 in Europe received private credit loans during the 21-month study period.
Private credit lending in the U.S. and Europe expanded nearly 400% in recent years, fueled by the industry’s unique position to provide needed financing to mid-cap companies — those with valuations between $2 billion and $10 billion.
Growth was strongest in the U.S., where the number of private credit loans increased almost 500% between August 2022 and April 2024, according to new data released by the MFA. Loan issuance rose 285% percent in the UK over the same period, followed by a 130% increase in the EU.
Globally, the mid-cap borrowers analyzed in the new survey represent more than $10 trillion in combined market value. They have increasingly turned to private credits funds, which offer flexible financing terms that enable businesses to innovate, build, hire, and expand.
This analysis uses unique, loan-level data provided by Debtwire to track how the private credit industry has evolved across jurisdictions, highlighting changes in scale, regional concentration, and borrower demographics.
United States
U.S. median loan size was between a band of $40 million and $80 million, as seen in Figure 1. Individual loans ranged from $56 thousand to $7.5 billion and supported a wide range of business activities, including payroll expenses, capital improvements, and acquisitions.
Meanwhile, the number of loans issued steadily increased. Figure 2 shows an upward trend in the number of loans issued per month across the five states with the highest private credit activity.
California led in borrower count, with over 400 companies receiving private credit loans. Figure 3 illustrates the distribution of borrowing companies across the states with the most private credit activity. These borrowers span several industries, including power generation, healthcare, hospitality, and fitness.
Europe
In Europe, the UK stands apart with more frequent and larger loans than EU countries. Figure 4 shows the monthly median loan size for both regions. Loan sizes in the EU remained relatively constant while the UK experienced higher variance, with a notable peak of a median loan size of $500 million in August 2023. In August 2023, three major technology companies underwent corporate restructuring, which included refinancing their corporate debt with private credit loans.
The number of loans issued also diverged across regions. Figure 5 shows the UK saw a consistent rise in issuance volume, while within the EU, only Germany and France, the two largest EU economies, registered modest growth. Most other EU countries saw flat or declining issuance activity.
Borrower trends follow a similar pattern. Figure 6 shows that around 350 companies in France and Germany received private credit loans. However, UK firms received a significantly higher number of loans overall. These borrowers span diverse sectors, including agriculture, entertainment, and healthcare, mirroring the industry breadth seen in the U.S.
Conclusion
The unique data provided by Debtwire show an evolving private credit landscape that is scaling to meet the diverse financing needs of mid-cap businesses in Europe and America. Thousands of companies across both sides of the Atlantic have tapped private loans to sustain operations, pursue growth, and navigate new challenges.
Europe’s more moderate pace of growth suggests potential for further development, particularly if regulatory conditions align to support greater capital market financing for businesses.
The trajectory of private credit is likely to remain a critical component of the broader financial system as mid-cap companies continue to play a key role in national economies, and as companies of all sizes embrace diversity of choice in funding.
