1、Infrastructure LendingSurvey Report 2026Contents02 Executive introduction05 Viewpoint Winds of change regulation and private credit Cato Holmsen,Global Head of Capital Markets at Ocorian08 Findings at a glance10 Our findings:The detail19 About OcorianExecutive introduction2In 2026,European infrastru

2、cture lending is at an unusual point in its development.Alongside banks and bonds,private credit as an asset class is now mainstream in the sector,attracting large pools of institutional capital on the promise of stable cash flows,downside protection and long-duration yield.Yet its rise has brought

3、greater scrutiny.Public and private markets alike are asking harder questions about whether the wider private credit market has become too crowded,whether underwriting discipline is slipping,and whether todays structures can withstand a more volatile world.The narrative in much of the financial pres

4、s articulates scepticism,reports on private credit stress,and makes dark warnings about a coming crisis.Infrastructure is inherently a long-term investment,with long-term borrowing needs to match.That makes it a good candidate for bank lenders and debt investors including in private funds.Moreover,i

5、t has a very different flavour to,for example,motor finance,where private credit problems have already arisen in the U.S.But it is still right to ask questions.This is an asset class built on long-term certainty,but certainty is in shorter supply than at any point in recent years.Europe faces a more

6、 fragmented geopolitical landscape,with war in Ukraine and the Middle East,shaky alliances,higher defence spending,supply chain reconfiguration,energy security concerns and the chill of economic nationalism among its trading partners all this influences capital allocation too.At the same time,higher