Private Credit Q1 2026: Preqin Quarterly Update

Economic uncertainty and growing investor caution weighed on private credit closed-end fundraising in the first quarter of 2026

• The shift towards evergreen vehicles has compounded concerns about fundraising for closed-end vehicles and has likely contributed to Europe-focused funds’ rising share of closed-end fundraising

• Investors seem to be taking a cautious position, focusing on manager track records and experience as they seek to navigate uncertain market conditions

• Some of that caution likely stems from worries about potential challenges to software-related lending from the continued advancement of AI