AI infrastructure bets drive venture debt toward record levels

European venture debt markets are experiencing significant growth, with over €21 billion invested during the year and projections indicating totals approximately 60% higher than the prior year, positioning 2026 for its strongest annual performance on record according to PitchBook data.
However, this expansion masks a narrowing of opportunities across the sector. The number of completed deals has declined substantially to 237 transactions at the current pace, compared with 707 deals in the