Nordic Private Debt: Key Takeaways from Lincoln’s Breakfast
| In October 2025, Lincoln International and Snellman Attorneys co-hosted the Annual Nordic Private Debt Breakfast, which gathered industry leaders, clients and colleagues for a morning of in-depth discussions and valuable networking. Honored panelists shared their perspectives on the latest financing trends shaping the Nordic region, including during an engaging Q&A session.
Lincoln’s team of experts in the Nordic private markets have highlighted below the most important takeaways for investors, general partners (GPs) and sponsors from our panel discussion and breakfast |
Summary
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Lincoln International’s experts share four key takeaways from our Annual Nordic Private Debt Breakfast for investors navigating trend shifts.
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Markets are years ahead of fundamentals
Today’s financial markets are pricing in a recovery- and technology-fueled productivity growth that the underlying economy has yet to earn. Equity valuations are buoyed by optimism that may take several years to play out. For investors and lenders, a pragmatic approach is crucial rather than pessimism. In a cycle defined by uncertainty and divergence, the essential differentiators will be discipline, selectivity and patience. |
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Europe is quietly gaining momentum
Europe may lack the AI megastars of the U.S., but structural reform, fiscal expansion and defense-driven investment are all gathering pace. In the Nordics, a rebound in confidence among “Thule families”—the middle-class backbone of the economy—is set to drive renewed demand over the next year, with corporate investment likely to follow. |
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Private credit is entering a phase of scale, creativity and collaboration
Global investors are shifting more capital from the U.S. to Europe, fuelling record fundraises but also increasing the concentration of capital among the largest GPs. For lenders, today’s competitive edge lies not in pricing, but rather structure, flexibility and partnership. Nordic markets, known for their relationship-driven culture, benefit from deep trust and open dialogue between sponsors and lenders, which is a real advantage in a more selective market. |
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Continuation vehicles are here to stay, if used correctly
Once a niche liquidity solution, continuation vehicles (CVs) have become a mainstream feature of private equity. When deployed responsibly, CVs enable GPs to keep backing winners, but transparent and market-validated valuations remain essential for securing lender support. |
European nations, particularly Sweden and its Nordic neighbors, face bright prospects in the years ahead, driven by relative political stability, structural reforms and fiscal stimulus.
As Nordic markets continue earn international recognition for their strategically positioned assets, Lincoln’s team of regional experts are well-placed to guide clients to success. Drawing on a proven record of M&A execution and deep industry expertise, our financial advisors help navigate cross-border and domestic transactions at every stage of the credit cycle.
Contributors
I build trust with clients by putting their interests first at all times.
Aude Doyen
Managing Director & Co-Head of Capital Advisory, Europe
London
