Season’s Greetings

On behalf of our 4,700 colleagues across Western Europe and our 25 best-in-class asset management and servicing platforms, we wish all our investors, clients and partners a safe and joyful festive season.

As 2025 draws to a close and we celebrate 20 years of Arrow, we reflect with pride on a year of achievement and progress. From our beginnings to our position today as a leading European investment manager, our journey has been defined by disciplined investing, deep local expertise and a commitment to value creation.

This year, we continued to strengthen our leadership across Europe’s asset-backed mid-market through strong performance, strategic expansion and record fundraising. We were delighted to have secured more than €4.2 billion in new institutional commitments for European Private Credit and Real Estate, reflecting investor confidence in our strategies. The high level of demand reflects our disciplined investment approach, ability to source opportunities locally and our established track record.

In March, we were delighted to be named Distressed Debt & Special Situations Investor of the Year, Europe, by Private Debt Investor, recognising our excellence in private credit. At the same time, we welcomed Enrico Sanna as CEO, Platforms, whose 30 years of leadership across private credit, real estate and financial services, including roles at The Office Group, Deutsche Bank and American Express, is enhancing our capabilities and accelerating growth across our core European markets.

Our commitment to excellence was recognised in May when our Tax Team won Tolley’s Best In-House Tax Team Award 2025, celebrating the energy, expertise and innovation that define Arrow’s culture. In the same spirit, we were delighted to see our Fund CFO, Meera Savjani, named a 2025 Pioneer in Private Markets, recognising her as one of just 32 leaders shaping the finance function across global private capital. Since joining Arrow in 2023, Meera’s leadership and insight have helped drive our ambition to become Europe’s leading alternative investment manager. This recognition reflects the talent, drive and collaboration that define Arrow every day.

In Germany, we extended our real estate footprint with the acquisition of Ziegert Group’s platform assets, one of Berlin’s leading residential real estate firms. This acquisition builds on our 2024 Interboden acquisition, strengthening our presence in Europe’s largest economy and deepening our ability to originate, finance and manage high-quality residential assets. As a new cycle of real estate distress takes hold across Germany, our local platform is already seeing a strong and growing pipeline of opportunities, underpinned by structural shifts in financing and asset repricing. This positions us to deploy capital with precision and scale as market dislocation unfolds.

In June, we expanded into France, becoming the majority shareholder in iQera, a leading European credit management services provider headquartered in Paris. iQera brings more than 2,300 employees and deep expertise in both debt purchasing and servicing, combining human and artificial intelligence to optimise portfolio performance and client experience. This addition gives us direct access to the French market, further extending our presence across Western Europe and strengthening our position as a pan-European manager.

In Portugal, our long-term hospitality investment vision reached an exciting milestone with the announcement of the Portugal Invitational, the first-ever PGA TOUR Champions event to be held in Europe. This landmark tournament will showcase the Algarve’s world-class appeal and the strength of our growing portfolio of Southern European lifestyle destinations. Alongside Vilamoura, our flagship investments in the region now include Palmares Ocean Living & Golf and Monte Rei in the Algarve, as well as Purobeach Resort in Santa Ponsa, Mallorca. These premium assets reflect Arrow’s commitment to creating enduring, income-generating destinations that combine economic, cultural and social value.

This year was also one of celebration. On 15 September, we marked 20 years of Arrow Global, a milestone that offered a moment to reflect on our journey and the institutional partnerships that have shaped our success.

The anniversary set the tone for our annual investor conference in Madrid in October, where we welcomed investors from across our global network to reflect on two decades of progress and to look ahead to future opportunities. As Founder, CEO & CIO Zach Lewy said: “As we celebrate our 20th anniversary, we have strengthened our position as a pan-European investment manager, combining strong execution with disciplined, asset-backed strategies.” The day’s discussions, culminating in a session with strategist and author Hamilton Helmer on his influential 7 Powers framework for durable competitive advantage, captured the essence of Arrow’s journey: building enduring structural resilience.

Further extending our global reach, we opened a new office in the United Arab Emirates, (UAE) reinforcing our commitment to the Middle East, one of our largest and fastest-growing funding markets. Led by Hani Kabbabe, our UAE presence strengthens partnerships with the region’s sovereign wealth funds, pension funds and family offices, providing direct access to differentiated European private credit and real estate opportunities.

These achievements culminated in November when Arrow won ‘Distressed Debt Manager of the Year’ and ‘Real Estate Debt Manager of the Year’ at the 2025 Alternative Credit Investor Awards, a double win that reflects the strength of our credit and lending strategies, and uniquely integrated, locally grounded business model.

As we look ahead to 2026, private credit will continue its transformation from a cyclical opportunity into a structural pillar of European finance. Regulatory change and capital constraints are creating a widening gap in traditional lending markets, one that private credit is increasingly stepping in to fill. We firmly believe the most compelling opportunities lie in granular, operationally complex asset-backed transactions, where speed, precision and local expertise drive value. These are the areas where we excel and continue to build our future.

As we close this milestone year, we extend our heartfelt thanks to our investors, clients and partners for their continued trust and collaboration, and to our colleagues across Europe for their hard work, dedication and commitment to excellence. Together, we look forward to building on this momentum in 2026 and beyond.

Wishing you and your families a prosperous and joyful festive season.

The Arrow Team