France Épargne Corporate
Private credit for companies
France Épargne Corporate connects companies seeking to finance €20m or more with the private debt funds whose ticket size, instruments and sectors match their case. Private debt funds invested €14,849m in 342 corporate debt transactions in France in 2025.
Corporate private debt in France in 2025
- €14.8bn
- invested in corporate debt by private debt funds in France in 2025 (342 transactions)
- €11.4bn
- raised by French corporate debt funds in 2025 (+108% year on year)
- 54%
- of the amounts invested in France in 2025 came from foreign funds (24% of transactions)
Instruments
Private debt instruments
Unitranche
106 transactions in France in 2025 for a total of €8,362m (56% of amounts).
Senior debt
190 transactions in France in 2025 for a total of €5,149m (35% of amounts).
Mezzanine and subordinated debt
68 transactions in France in 2025 for a total of €1,338m (9% of amounts).
PIK
23 transactions in France in 2025 (22 in 2024).
Private debt without a private equity fund
27% of corporate private debt transactions in France in 2025.
Asset-based financing
27 transactions in France in 2025 for a total of €94m.
Market
The French private debt market in 2025
| Debt type | Transactions 2025 | Amounts 2025 | Share of 2025 amounts | Amounts 2024 |
|---|---|---|---|---|
| Unitranche | 106 | €8,362m | 56% | €6,836m |
| Senior debt | 190 | €5,149m | 35% | €3,623m |
| Mezzanine and subordinated debt | 68 | €1,338m | 9% | €1,169m |
A transaction counts in several rows when it combines several types of debt.
| Transaction type | Transactions 2025 | Amounts 2025 | Share of 2025 amounts | Amounts 2024 |
|---|---|---|---|---|
| Refinancing | 94 | €6,275m | 42% | €2,641m |
| Buyouts | 123 | €5,138m | 34% | €5,314m |
| External growth | 70 | €2,658m | 18% | €3,131m |
| Organic growth | 28 | €686m | 5% | €500m |
| Asset finance | 27 | €94m | 1% | €42m |
| Total | 342 | €14,849m | 100% | €11,628m |
Scope: corporate debt excluding infrastructure, activity in France of French and foreign funds.
| Fund origin | Share of transactions | Share of amounts |
|---|---|---|
| French funds | 76% | 46% |
| Foreign funds | 24% | 54% |
Foreign fund: an international firm with an office in France or a team dedicated to transactions in France.
Questions
Frequently asked questions
- How much did private debt funds invest in corporate debt in France in 2025?
- Private debt funds invested €14,849m in 342 corporate debt transactions in France in 2025. The 2024 total was €11,628m across 276 transactions.
- What share of corporate private debt does unitranche represent?
- Unitranche accounted for 56% of the amounts invested in France in 2025. Its average share between 2020 and 2024 was 49%.
- What share of private debt in France comes from foreign funds?
- Foreign funds completed 24% of the transactions and provided 54% of the amounts invested in corporate debt in France in 2025.
- What share of private debt transactions includes ESG indicators?
- 57% of the corporate debt transactions completed in France in 2025 include ESG indicators linked to a change in the interest rate.
- From what amount can a company request an introduction for private debt?
- France Épargne Corporate introduces companies whose financing need reaches €20m or more to private debt funds.
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