The private credit market’s appetite for mergers and acquisitions (M&A) has continued apace in 2026. Despite negative headlines about the future of the asset class, deals have not been derailed.

The year kicked off with CVC buying global credit manager Marathon for $1.2bn (£885m) as it continued to expand its presence in the US. The combination of CVC Credit and Marathon will increase CVC Credit’s fee-paying assets under management to approximately €61bn.

One of the biggest M&A deals of 2026 followed in February, when US asset manager Nuveen agreed to acquire UK-based Schroders for £9.9bn, creating a private markets franchise worth $414bn. The combined entity ranks among the world’s largest asset managers, with nearly $2.5tn in assets under management.

Bridgepoint announced in June that it will buy Kayne Anderson Real Estate for around $1.4bn, increasing its real estate exposure, particularly in the US. The combined business will manage approximately $117bn in assets across private equity, credit, infrastructure, real estate and secondaries.

Canadian insurer Sun Life paid C$829m (£441.3m) in March this year for the remaining 49 per cent stake in $50bn alternative credit manager Crescent Capital Group, as part of plans to expand its private debt expertise. It follows Sun Life acquiring a 51 per cent stake in the private credit manager for C$450m in 2021.

In April, US financial advisory and asset management firm Lazard announced the acquisition of global private markets adviser Campbell Lutyens in a $575m deal, combining the business with its existing private capital advisory platform to form a new unit, Lazard CL. Lazard said the combined businesses will generate approximately $500m in estimated revenue by 2027.

Meanwhile, La Banque Postale revealed its plans in May to merge its two asset management companies to create a €72bn asset manager, signalling a push into private markets. LFDE Investment Managers will be formed from the combination of LBP AM’s private markets and broader asset management capabilities and the equity expertise of La Financière de l’Échiquier.

More recently, in July, PGIM agreed to acquire the remaining 25 per cent stake in Deerpath Capital, having taken an initial 75 per cent stake in the US lower middle market direct lender in 2023. Following regulatory approval, Deerpath’s business will combine with PGIM’s existing core middle market and large-cap lending operations to create a platform that will manage around $16bn (£12bn) of assets.

This year, Janus Henderson continued to expand its alternatives presence in Europe and Germany with the acquisition of Rantum Capital, a German private debt and private equity manager, in June. The transaction is intended to strengthen Janus Henderson’s pan-European private credit platform and expand its reach among German institutional investors.