Between the years of 2005 and 2007, Proventus carried out an in-depth analysis of the European credit markets and the banking system. Proventus observed that the over-reliance on bank funding in Europe was not sustainable. Bank balance sheets in relation to GDP had ballooned in recent years and the overall debt levels in Europe were far beyond sound levels.

At the same time, the Northern European private equity market was becoming increasingly over-established and acquisition prices were at historically high levels. Previous experience in private debt investing, coupled with the observation that credit and banking markets were set to change structurally, positioned Proventus to launch a strategy of reducing equity investments and focus increasingly on credit. In 2007, Proventus carried out its last equity investment and a decision was made to focus 100% on credit investments.