Global private credit fundraising jumped by almost 60 per cent in the first quarter of 2025, according to a new report by JP Morgan.
However, this gain came entirely from Europe, the firm said, with North America moderating for the second quarter running.
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“On the capital raising front, global private credit fundraising jumped to $59bn (£44bn) in the first quarter of 2025, up from $37bn in the fourth quarter of 2024,” the report said.
“This gain came entirely from Europe, which raised a record $31bn. On the other hand, allocations to funds focused on North America moderated for the second consecutive quarter to $27bn.”
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Despite increased fundraising, data shows a “marginal” slowdown in returns in private credit markets.
“Returns in private credit markets have lagged those in public markets, albeit marginally. US private credit funds returned 8.3 per cent in 2024, compared with 8.7 per cent for high-yield bonds and 9.3 per cent for leveraged loans, according to Preqin data,” the report said.
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