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European Mid-Market Monitor Q3 2025

  • 16th October 2025

As we close Q3 and look ahead to year-end, the European mid-market continues to demonstrate resilience despite broader macroeconomic challenges. M&A volumes in Europe remain steady, with over half of our introductions this quarter tied to sales processes, while refinancings, including Continuation Vehicles, continue to represent a prominent theme.

In our quarterly European Mid-Market Monitor, we provide insights into private credit and examine key Q3 trends in direct lending. This edition also includes a spotlight on the healthcare sector and regional insights into the French market — both notably active areas this year.

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