Private credit is changing fast, and liquidity features such as evergreen structures are shaping how managers build and run their strategies. In our recent webinar with IFI Global, the discussion focused on how US general partners (“GPs”) are refining their approaches as they expand into Europe. The session offered a clear view of the themes influencing manager decisions, investor expectations, and the operational demands behind this growing asset class.
The rise of evergreen credit structures
A central theme from the webinar was the shift towards evergreen private credit funds. The discussion noted a marked increase in managers seeking support for secondaries and evergreen vehicles. Research shared during the session confirmed that most GPs surveyed are already using these structures or intend to launch them soon. This momentum reflects the search for predictable liquidity and recurring capital intake.
Evergreen funds, however, rely on precise operational management. The webinar emphasised that these vehicles need experienced back-office teams to handle subscriptions, redemptions, and day-to-day liquidity. Loan servicing sits at the heart of the middle office and is closely followed by cash management. Several GPs involved in the research commented that they want more integrated providers to reduce errors and achieve quicker valuation cycles. These practical considerations are becoming decisive for managers weighing up the launch of evergreen products.
“We've seen a significant uptick in the number of secondaries and evergreen funds that are coming to us looking for services to provide more transparency and better manage cash across those asset classes.” - Donald Shannon, Private Credit Head of Sales for the Americas
Direct lending leads private credit growth
Within the wide private credit category, direct lending continues to attract interest. The session highlighted the draw of tailored loan terms and covenants that strengthen the appeal for institutional and private wealth investors. Venture credit is also gaining traction as new entrants explore lending to high-growth businesses.
Competition has increased sharply. The US market has seen more than 500 new private credit managers in the past two years, with the asset class now exceeding 1.5 trillion dollars. As a result, many GPs are looking to Europe, where yields on comparable loans often sit 25 to 50 basis points above US levels. This differential is encouraging managers to study European markets earlier in their fund cycles than in the past.
Transparency becomes a central expectation
The October market wobble prompted closer examination across the industry. The webinar described it as a moment that drew attention to the importance of credit work and loan selection. Limited partners (“LPs”) are now requesting deeper detail on underlying loans before committing capital. They want clarity on asset quality, covenant strength, and the level of diligence applied by fund managers. This increased scrutiny aims to keep default levels manageable as the market expands.
European opportunities for US managers
The discussion explored how US GPs are approaching Europe. Although regulatory obligations in Europe can be complex, the return uplift in many markets makes the journey worthwhile. Luxembourg remains the location of choice for illiquid private credit funds, while Ireland is preferred for more liquid structures. We continue to support clients in both jurisdictions and have more than 50 specialists servicing private credit strategies across fund and loan administration.
Looking ahead to 2026
Despite questions about default rates, the overall outlook expressed during the webinar remains confident. We are seeing a growing demand for administration across new and established managers, with no sign of slowdown. The focus for the next two years will be on sustaining returns, keeping defaults contained and supporting managers with reliable systems across multiple jurisdictions.
Watch the full webinar for insights
The full webinar expands on these topics and provides further insight into how US GPs are shaping their European plans. The recording is now available to watch.
What you'll discover
- The European markets attracting the most US private credit interest
- Why allocations continue to rise despite higher operating costs
- How LPs assess fund selection and review disclosures
- Private credit strategies gaining traction with European family offices
- Why family offices are moving quickly to secure high-rate opportunities
- How US managers are structuring operations for European expansion
Plus: Live Q&A covering operational costs, partner selection, and regulatory navigation.
The panel also addresses practical questions from managers currently planning their European expansion, including operational setup costs, Alternative Investment Fund Managers Directive considerations, and partner selection criteria.
Complete the form below to watch the recording. Join industry leaders as they map out private credit's European opportunity.
