Fundraising and deal-making have dropped sharply at European private debt funds, new data shows. Faisal Ramzan, a partner at law firm Proskauer Rose who advises private credit funds, said he was not seeing default. "There's plenty of dry powder," said Fidelity International's head of private credit strategies Michael Curtis, referring to capital raised already. Joanna Layton, managing director of European private credit at Alcentra, one of Europe's largest private debt managers, added there was "no rush" to deploy capital. High rates have also made private credit less appealing to institutional investors, analysts said.

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Persons: Henry Nicholls, Francesco Sandrini, BoE, Andrew Cruickshank, Cruickshank, Pictet, Patrick Marshall, Faisal Ramzan, Proskauer Rose, Michael Curtis, Joanna Layton, Mark Brenke, Ardian, Chris Sier, Sier, Dhara Ranasinghe, Catherine Evans Organizations: City, REUTERS, Reuters Graphics Reuters, The Bank of, European Central Bank, Graphics, Deloitte, Fitch, Federated Hermes, Fidelity International, ClearGlass, Thomson Locations: London's, London, Britain, The Bank of England