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Direct lending, a key but expensive source of credit for riskier European firms that banks often shy away from, is running out of steam, a fresh sign that aggressive interest rate rises may be starting to cause funding stress and exacerbate economic pain. Fundraising and deal-making have dropped sharply at European private debt funds, new data shows. The European private credit industry, which flourished after the 2008 financial crisis as capital-constrained banks cut lending, has raised 26.1 billion euros ($28.02 billion) of new investment so far in 2023, according to data provider Preqin.

City ofUnited kingdomNaomi rovnickCatherine evansPatrick marshallDhara ranasingheChiara eliseiAndrew cruickshankFaisal ramzanFrancesco sandriniMark brenkeProskauer roseJoanna laytonMichael curtisEuropean central bankFidelity international