The inflation and interest rate storm raged well into the second half of 2023, although both are expected to ease in 2024. Attention will now turn to the maturity wall that is upon borrowers, with a significant ramp-up in debt refinancing activity expected between 2024 and 2026. 

Striking new deals will be challenging for some businesses in a high-interest environment, requiring the full spectrum of funding options to be considered. Outlook for dealmaking in M&A for 2024 and beyond is optimistic, however, debt capacity could be limited if financing costs remain elevated.

The 20th edition of AlixPartners' bi-annual Mid-Market Debt Report covers more than 75 bank and non-bank lenders active in the UK and European mid-market (debt transactions valued up to €400 million).


  • Suppressed M&A activity throughout 2023 led to reduced debt activity in this 12-month period. However, investor/borrower confidence could rise in 2024 due to slowing inflation and revised interest rate expectations.
  • The private credit market is growing, and banks are responding to lost market share by launching their own private credit funds or credit fund partnerships.
  • Private Equity focused attention on existing portfolios, rather than investing in new businesses, which contributed to the lowest level of LBO activity seen in this survey since 2014.
  • As debt maturities approach for many organisations, they must act early and thoroughly in building the case for any “ask”, considering the wide range of debt options available and their varied potential short- and medium-term financial impacts. 

Read the full report below: