The hardest risks in digital infra are increasingly landing with private credit. Development risks, junior exposure, new AI offtakers and power components don’t always fit the mandates, or balance sheets, of traditional lenders. At the same time, the sheer scale of capital required is testing the depth of the European market, with banks facing concentration and balance sheet constraints and institutional pools far smaller than those in the US. Private credit has been proven to provide the flexibility and specialist underwriting these situations require; but how much complexity can the spreads absorb, and what happens when market capacity begins to run out? This session will explore:

• Is private credit winning market share or primarily absorbing unwanted bank exposure?
• Development, acquisition finance, Holdco and junior, refinancing bridges – which risks are private credit now owning? And where does it offer the greatest value?
• How do risk, return, tenor and documentation differ across infrastructure debt, high-yield private credit and asset-backed or structured credit?
• What separates an attractive complexity premium from underpriced risk?
• How could significant risk transfer change the relationship between banks and alternative lenders?
• How deep is the European financing market? And if domestic capacity is exhausted, will more European deals migrate to US?
• What are the credible exit and takeout routes for shorter-dated private credit? And can lenders rely on European markets?