The BF.Private Debt Market Sentiment Index stands at 59.7 points during the second half of 2026 and thus remains well above the neutral score of 50. This means that sentiment on the international private debt market has barely shifted since the survey for the first half-year, which returned a score of 60.1 points. The so-called expectation gap, meaning the difference between the forward-looking component and the retrospective component of the survey, signals a cautiously positive outlook.
The results reveal a gradual improvement of the financing conditions in favour of lenders, whereas the first half-year had still been defined by tendencies that were tentatively borrower-friendly. The general partners surveyed expect this trend to continue for another six months. The leverage profiles reported for the corporate direct lending, real estate debt and infrastructure debt sub-segments represents mostly moderate levels. This means that the risk-return profile has generally stayed attractive from the lenders’ point of view.
Fundraising, While Still Robust, Is Normalising
Fundraising remains a key pillar of the positive market sentiment. Although the fundraising dynamic has somewhat slowed in the months since the first survey, the environment remained generally constructive. A growing share of the respondents reporting stable fundraising conditions while responses reporting significant deterioration are still the exception.
In a parallel development, the trend in capital commitments by institutional investors has proven to be resilient, albeit on a lower level. An increase in commitments by limited partners was reported by 59 percent of the respondents (H1: 64 percent). For the next six months, a majority of 62 percent also anticipates a further increase in capital commitments (H1: 71 percent). Re-ups of existing commitments remain an important stabilising anchor. Close to 87 percent of the survey participants reported re-up rates of over 40 percent in the corporate direct lending segment. This compares to re-up rates of 80 percent in real estate debt and of 78 percent in infrastructure debt.
