Key Differences between the U.S. and European Private Credit Markets
Despite continued macroeconomic complexity, cross-border M&A between the U.S. and Europe remains active — but the financing markets on either side of the Atlantic differ structurally. Market maturity, bank participation, structuring differences, nuanced terms/economics, and diligence standards can each have a meaningful impact on execution in a cross-border transaction.
Private Equity Professional recently published an article authored by Configure Managing Director David Fleming covering the structural differences between U.S. and European financing markets, and how sponsors engaging in cross-border M&A who thoughtfully run competitive processes across both markets can often achieve stronger structures and better outcomes.
Read the full article at https://peprofessional.com/2026/02/a-tale-of-two-credit-cultures-key-differences-between-u-s-and-european-private-credit-markets/
About David Fleming
Based in New York City, David joined Configure in 2025 as Managing Director. He brings nearly two decades of experience supporting the debt financing and M&A needs of private equity sponsors and private companies, with a special focus on supporting cross-border transactions between the US and European markets.
During his career to date, David has advised clients in structuring and executing more than $7bn in financings comprising super senior, senior, stretch senior, unitranche, and subordinated debt from the bank and private capital markets.
Before joining Configure, David was a Managing Director at Deloitte Corporate Finance, where he led the U.S. Cross Border Debt & Capital Advisory Business out of New York City. He began his career at Deloitte in the UK, within the Corporate Finance Advisory department.
David holds a bachelor’s degree in Business Economics from the University of Liverpool. He is a FINRA General Securities Principal and holds the Series 7, 24, 63, and 79 licenses.