The growth of private credit in Europe is no longer limited to raising capital. As this asset class matures and becomes more complex, the issue of human resources is becoming central. The expansion of assets under management, the increasing sophistication of strategies, and the diversification of investors are strengthening the demand for highly specialized profiles.

Evolving Investment Models

The emergence of new structures, such as open-ended funds, is profoundly transforming the private credit landscape. At the same time, the gradual arrival of retail investors and the continued withdrawal of traditional banks are creating new opportunities throughout the value chain: origination, fundraising, distribution, and portfolio management.

While this dynamic opens up new avenues for growth, it also fuels increased pressure on recruitment, particularly for professionals with proven experience in European and international markets.

Oaktree Strengthens Its Teams in a More Competitive Market

Oaktree Capital Management clearly illustrates this trend. The asset manager recently strengthened its private credit teams to support the evolving market. James Greenwood joins the firm as a senior advisor, bringing with him his experience as global head of private credit at Permira. Kieran Thind joins the European Private Debt division as senior vice president, after holding leadership positions at ICG, where he focused on senior debt transactions for institutional investors in Europe and the United States.

According to Oaktree, European private credit retains structural growth potential, despite the changing environment. After several years of rapid expansion, the market is now characterized by more intense competition, tighter risk-adjusted returns, and a gradual harmonization of documentation standards between the mid-market and high-yield segments.

A persistent dependence on banks, but growing needs for private capital

While direct financing is increasingly emerging as a credible alternative to bank loans, Europe remains largely dependent on traditional institutions. This situation is expected to change, however. The rise in mergers and acquisitions activity and the substantial cash reserves held by sponsors should sustain increased demand for private capital over the long term.

Oaktree had already anticipated this trend by strengthening its European operations, notably with the 2025 recruitment of Jens Bauer as portfolio manager and Alessandro Nuti as managing director based in London.

A wave of recruitment across the sector

The moves are not limited to Oaktree. Lloyd Morrish-Thomas joined the firm’s Asset-Based Finance team after a stint at Morgan Stanley, while James Lindsay joined the Capital Formation team as managing director from Natixis, where he led relationships with pension funds and insurers in the UK.

In the rest of the European market, CVC Credit has recruited Deniz Yesil as a director, following his experience in leveraged finance at Commerzbank. Meanwhile, the Ontario Teachers’ Pension Plan (OTPP) continues to strengthen its private credit team, notably with the arrival of Sogo Akintaro, formerly of HPS Investment Partners.

Impact lending and specialized strategies are gaining ground.

Impact lending strategies are also attracting new talent. Colesco has appointed Daan Van Kassel as head of circular lending. He takes the helm of the €240 million impact fund dedicated to circular and climate credit, after having led Polestar Capital’s circular debt fund.

Similarly, Sona Asset Management has appointed Henrik Johnsson as its CEO. A former senior executive at Deutsche Bank, where he held key positions within the European investment bank for nearly 17 years, he also chaired Deutsche Numis after its acquisition in 2023.

Arcmont strengthens its impact finance expertise

Finally, Arcmont continues to expand its capabilities with the arrival of Alexander Waller as a partner and head of social impact finance strategy. He previously worked at PATRIZIA, where he oversaw infrastructure debt. Imo Skrzypczyk also joins Arcmont as a partner in the Finance Solutions team, after co-leading European real estate at Tyrus Capital.

Conclusion

The rise of European private credit is not only reshaping capital flows: it is fundamentally reshaping the talent market. In a more competitive and structured environment, the ability to attract and retain experienced professionals is becoming a major strategic lever for industry players.