FRIDAY FLOW | Private capital keeps moving into the mainstream.
This week, one story in particular caught our attention.

@Jane Street is reportedly in discussions to move around $11bn of debt from the public markets into private credit, with PIMCO among the investors involved.
If completed, it would be a significant transaction — but perhaps the bigger story is what it says about the market.

Private credit is no longer simply filling gaps left by the banks. It is increasingly competing directly with the syndicated loan and public debt markets for some of the world’s largest and most sophisticated borrowers.
Elsewhere this week:

Apollo Global Management, Inc. Global Management’s £5.7bn agreed takeover of easyJet puts private capital behind one of Europe’s best-known airlines — with financing, operational transformation and the eventual capital structure all firmly in focus.
At the same time, private-credit lenders are becoming noticeably more selective. Greater scrutiny of PIK interest, amendments and so-called “shadow defaults” suggests the next phase of the market may be defined as much by underwriting discipline and workouts as by deployment.

And in Cyprus, another form of capital deployment is gathering momentum. TotalEnergies and Eni are progressing the Cronos gas development, while Meridiam has joined the Great Sea Interconnector project linking the region more closely with European energy infrastructure.

Our take?
The opportunity set is broadening — but so is the complexity.
Private credit, special situations, restructuring, energy and infrastructure capital are increasingly overlapping. For investors, the question is becoming less about whether capital is available and more about where risk is being correctly priced and where the next opportunities will emerge.

That is exactly the conversation we’ll be continuing at DDC’s forthcoming Athens Investor Summit & Credit and Special Situations Forum on 12–13 November, bringing together investors, banks, servicers, advisers and capital providers from across Greece, Cyprus, the Balkans and Southeast Europe.
Where would you be putting capital today?

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