After two years of slowdown, the private debt market in France is experiencing a significant rebound in 2025. Over the course of a year, capital raised by private debt funds (corporate and infrastructure) has increased by 74%. This momentum is confirmed by the ninth edition of the annual study on private debt fund activity, jointly conducted by France Invest and Deloitte.
Analysis and insights by the experts at AURIS Finance, a specialist M&A advisory firm.
How is the private debt market performing in France in 2025? Following two years of decline, loans granted by investment funds to companies—primarily to finance acquisitions or refinancing—are on the rise once again.
In a context of high interest rates and tightening bank lending conditions, private debt plays a crucial role in corporate financing. It enables the funding of transactions that banks, constrained by regulatory requirements, are no longer able to support on their own.
France Invest and Deloitte have published the results of the 9th edition of their study on private debt fund activity in France, highlighting a strong rebound in both fundraising and investment activity in 2025:
- Capital raised reached €14.8 billion, compared with €8.5 billion in 2024, representing an increase of +74%
- Invested amounts totalled €15.9 billion, up +25%
- The number of transactions reached 379, an increase of +20% year-on-year
France: Europe’s Second Largest Market
A closer look reveals that corporate debt is driving the majority of the momentum, well ahead of infrastructure debt. French funds successfully raised €11.4 billion, marking a sharp increase year-on-year.
This strong performance can be explained by longer holding periods for private equity assets and renewed appetite from institutional investors. Mega-funds, such as Ardian and Tikehau Capital, illustrate this consolidation around major players, which alone account for 64% of total fundraising.
Corporate Debt: The Market Driver
These figures confirm France’s attractiveness within Europe, positioning it in 2025 as the second-largest market behind the United Kingdom, accounting for 22% of transactions completed in the first half of 2025.
Corporate debt alone represents 80% of the market. By contrast, infrastructure debt (financing projects such as wind farms, motorways, or data centres) shows more moderate growth, with €3.4 billion raised (up 13% year-on-year) and €1.1 billion invested across 37 projects.
Strong Growth in Refinancing
Another key finding of the study is the growing importance of refinancing transactions (i.e. early repayment of existing debt in favour of longer maturities), which have become the primary driver of the market. They account for 42% of invested amounts in 2025, compared with 23% the previous year.
Technology and Industry Leading
The average ticket size stands at €43 million, stable compared with previous years. From a sector perspective, industry (excluding manufacturing) leads with a quarter of all transactions, followed by services and technology.
Nevertheless, sector diversification remains significant, with strong representation from healthcare, financial services, and transport.
Finally, in 2025, 57% of transactions incorporate ESG-linked features with interest rate adjustments, compared with 53% in 2024.
Our Experts by Your Side
In a period still marked by constrained financing conditions, private debt funds play a structuring role in corporate development. The experts at AURIS Finance are AURIS Finance sector-focused specialists and support you in identifying the most suitable financial partner for your projects.
For further insights into private debt trends and European investment dynamics, you may consult Invest Europe and European Investment Bank.
To discuss your financing strategy or transaction, please contact us directly via AURIS Finance contact page.
