M&A Outlook and Valuations: Insights with Blackstone

LFI Levered Lines Podcast | S3E4

This week, host Kerstin Kubanek and Michael Carruthers of Blackstone delve into the outlook for private credit and M&A activity in 2026, exploring deal flow momentum, valuation resets, spread dynamics, sector trends, and geopolitical influences on financing. The conversation covers improving market conditions, margin pressures, the role of liquid versus private credit, and the growing importance of sectors such as software, business services, healthcare, and AI‑driven infrastructure. They also touch on retail investor access and evolving fund structures. Tune in for insights that will help you navigate the shifting private credit landscape in 2026.

Speakers:

Kerstin Kubanek, Senior Reporter, LevFin Insights:
Kerstin covers the European private credit market. She worked for a variety of international news outlets such as Yahoo Finance and CNBC, amongst others, in the UK and Germany.

Michael Carruthers, European Head of Private Credit, Blackstone Credit & Insurance:
Michael is involved in the origination, researching, structuring, and advising on investments across European private credit market.

Timestamps:

00:00 – Introduction
01:01 – M&A Outlook 2026
03:41 – Valuation Gap Closing
08:02 – Liberation Day Opportunities
11:18 – Good Neighborhoods Sector Strategy
14:19 – Retail Investors & Trends
18:11 – Conclusion & Key Takeaways