Alternative Credit: Structuring in a Constrained Environment

Traditional bank lending in European mid-markets has retrenched materially since 2022, and the vacuum has been filled by an increasingly diverse set of alternative credit providers — from established direct lenders to family-office-backed vehicles and specialist trade financiers.

For borrowers, this is both an opportunity and a complication. The opportunity is structural: capital is available for credible mid-market operators, often on terms that reflect a maturing understanding of sector-specific risk. The complication is navigational: with meaningfully more counterparties, the burden of counterparty selection, term negotiation, and structural discipline sits more heavily on the borrower.

Pleion's credit advisory work sits precisely in this navigational space. We help clients structure conversations, benchmark terms, and select partners aligned with their long-term operational trajectory — not simply the cheapest available capital.