This article is part of our new service, 9fin Private Credit. If you're interested in a free trial, contact subscriptions@9fin.com

“Depth of market is absolutely a concern,” a source recently told 9fin, “pretty much anywhere in the world, besides private credit at the moment.” 

And we’d be inclined to say that he’s read the room right. The capital’s there, the pressures to deliver a return are there, the risk appetite can best be described as starving hungry. 

And in Europe, the proposed debt packages backing the take private of online advertiser Adevinta (talked at €4.5bn) and the sale of UK business software provider IRIS Software (as much as £1.5bn) are testing the depth of that market.