CVC Credit Perspectives - Q4 2025
In our latest quarterly CVC Credit Perspectives report, the CVC Credit team reflects on the factors and trends that have shaped the liquid and private credit markets.
- Credit Market Resilience: Credit delivered another year of positive returns despite elevated headline risk, with spreads continuing to tighten across both U.S. and European markets.
- Tight Spreads, Rising Dispersion: Liquid credit spreads remain near historic tights, even amid strong issuance, while dispersion has increased meaningfully as the credit cycle matures, reinforcing the importance of bottom-up credit selection.
- Private Credit Embedded and Enduring: Private credit continued to scale, underpinned by record fundraising, limited net supply and sustained demand for flexible capital solutions, with fundamentals remaining broadly resilient.
Find out more:
CVC acquires leading US credit manager Marathon Asset Management (“Marathon”)
CVC Credit supports the acquisition of Rentokil Workwear France by H.I.G. Capital
CVC Credit provides financing to CapVest-backed Novus Foods through its Capital Solutions strategy
CVC Credit provides debt facilities to smartTrade through its European Direct Lending strategy
CVC Credit provides debt facilities to American Heart of Poland through its Capital Solutions strategy
CVC Credit provides debt facilities for the joint acquisition of Immedica Pharma by KKR and Impilo
CVC Credit supports Cinven in its acquisition of a majority stake in idealista