Deloitte Private Debt Deal Tracker: Evolución del mercado español | 2025 (SpainCap (ex-ASCRI))
Largest segment
Business, Infrastructure & Professional Services (41%)
Largest Sector by Deal Volume in 2025 p.8
Summary
- In 2025, Spain registered a record high of 71 private debt transactions, consolidating its leading position in Southern Europe.p.4
- Over 60% of private debt deals in 2025 occurred in an M&A context, with LBOs concentrating 41% of all operations.p.8
- Unitranche debt structures dominated 2025 transactions with a 44% share, outperforming Senior debt structures at 37%.p.8
- Sponsorless transactions in Spain accounted for 29% of historical deals between 2017 and 2025, doubling the European average of 15%.p.19
- Spanish private debt fund managers raised c. €1,400M in 2025, making it the second-highest annual fundraising total on record.p.21
Key insights
- Spain accumulated 345 private debt transactions between 2017 and 2025, maintaining a clear lead over Italy in Southern Europe.p.4
- International direct lending funds represent the majority of both deal volume and capital provided in Spain.p.4
- Companies with an EBITDA under €20M accounted for 64% of private debt transactions in Spain.p.17
- In Spain, 59% of private debt transactions feature leverage levels under 4.0x EBITDA.p.17
- Spanish private debt managers have raised more than €9,000M across over 30 investment vehicles since 2013.p.21
- European credit committees are increasingly assessing AI defensibility risks when evaluating software and technology sector borrowers.p.12
Topics and entities
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