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Private Placements Industry Forum Europe
September 2026
Hotel OkuraAmsterdam
The evolution of European private credit: A market coming of age

The European private credit market has experienced remarkable growth over the past decade, transforming from a niche investment strategy into a mainstream asset class that's attracting global attention. In a recent conversation with Colin McGinlay, Managing Director, Head of Corporate Private Placements, EMEA, MetLife Investment Management, who has witnessed this evolution firsthand over his 11-year tenure, we explored the drivers behind this surge and what the future holds for this dynamic sector at the Private Placements Industry Forum Europe.

European private credit: A market in constant motion

"The market's just going from strength to strength," Colin observes, reflecting on the dramatic changes he's witnessed since joining MetLife Investment Management. What started as a relatively straightforward landscape dominated by core corporate issuance has evolved into something far more diverse and exciting.

The transformation has been driven by the emergence of entirely new sectors entering the private credit space. Sports finance has become a significant player, with European sports clubs increasingly turning to private placements for funding. Asset managers have also discovered the benefits of this market, alongside universities and a growing roster of infrastructure projects that have always been present but have gained particular momentum in recent years.

Defining private credit in a diverse landscape

One of the most interesting aspects of today's private credit market is its definitional flexibility. As Colin notes with some amusement, "You can talk to everyone and they'll give you a different definition of what private credit is." This isn't necessarily a weakness – it's a reflection of the market's maturity and adaptability.

MetLife Investment Management focuses predominantly on the investment-grade private credit market, including some higher BB rated opportunities. This positioning allows them to participate in the market's growth while maintaining a disciplined approach to risk management.

From regional to global: The democratisation of private placements

The historical context of private placements reveals just how dramatically the market has evolved. What began 120-150 years ago as the exclusive domain of US life insurance companies has transformed into a truly global funding method. The debate that raged a decade ago about whether to call it "US private placements" or "global private placements" now seems quaint – the market clearly works for everyone, from the UK to Europe and beyond.

This globalisation has brought increased competition, but as Colin emphasizes, "New entrants are fantastic. It brings exciting new ideas to the market. It grows the market, and of course it increases competition, but we welcome that excitement."

The relationship advantage

One of private credit's most compelling characteristics is its relationship-driven nature. Unlike public markets that can open and close based on market conditions, the private placement market maintains consistent accessibility. This creates opportunities for deeper, more meaningful connections between investors and issuers.

"It's a real relationship market," Colin explains. "I just like the opportunities of meeting new issuers, meeting existing issuers, and really helping to put money to work." This relationship focus isn't just about deal-making – it's about understanding businesses, their challenges, and their growth trajectories in ways that public market investing simply cannot match.

Navigating tailwinds and headwinds

Like any investment market, private credit faces both opportunities and challenges. The primary tailwinds continue to be the fundamental health of the economy and the ongoing demand for credit solutions that traditional banking cannot always provide.

However, Colin acknowledges the headwinds that could impact the market: ongoing geopolitical tensions, potential trade disruptions, and the ever-present risk of economic downturn. "The real risk of the headwinds is a downturn, something that slows down activity," he notes.

Yet there's reason for optimism. The private credit market has demonstrated remarkable resilience, having "navigated its way through crisis before." This track record provides confidence that the market will continue to adapt and thrive regardless of external challenges.

The portfolio protection advantage

One of private credit's most attractive features for institutional investors is its role as a portfolio stabilizer. The investment-grade private credit market, in particular, offers structural protections that public bonds typically cannot match.

The key advantage lies in the "voice" that private credit investors maintain with their borrowers. Unlike public bondholders who often must wait passively for developments, private credit investors can engage early when issues arise. This proactive approach helps protect against losses and manage downside risk more effectively.

Looking ahead: Innovation and growth

The future of European private credit appears bright, driven by continuous innovation and market expansion. The emergence of unexpected sectors like sports finance demonstrates the market's ability to identify and serve new niches. As Colin reflects, if someone had asked him a decade ago whether European sports clubs would become significant borrowers in the private placement market, the answer might have been uncertain at best.

This unpredictability is actually a strength – it shows a market that's responsive to real economic needs and capable of evolving with changing circumstances. The private placement market's consistent availability, combined with its relationship-focused approach, positions it well to continue serving as a vital source of capital for European businesses across all sectors.

Conclusion

The European private credit market's journey from a specialised niche to a mainstream asset class reflects broader changes in how capital markets operate. With its emphasis on relationships, structural protections, and adaptability to new sectors, private credit has established itself as an essential component of the modern investment landscape.

As the market continues to mature and attract new participants, the focus remains on what has always driven its success: building lasting relationships, understanding borrower needs, and providing flexible capital solutions that traditional markets cannot always deliver. For investors seeking diversification and downside protection, and for borrowers needing reliable access to capital, the European private credit market offers compelling opportunities that are likely to grow stronger in the years ahead.

This interview was conducted at Private Placements Industry Forum Europe, where industry leaders gathered to discuss the latest trends and opportunities in private placement markets.

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