Deals Ahead: Positioning for M&A Recovery with Hayfin

LFI Levered Lines Podcast | Season 3, Episode 9

This week on Levered Lines, host Kerstin Kubanek and guest Mark Bickerstaffe examine the outlook for private credit in 2026, with a focus on M&A activity, valuations, and deal quality across European markets. They discuss the rebound in primary buyouts, disciplined leverage and loan‑to‑value levels in direct lending, and the growing role of refinancing and capital solutions where valuation gaps persist. The conversation also explores sector trends, including healthcare opportunities and the implications of AI for software portfolios and risk assessment.

Watch on YouTube:

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.

Mark Bickerstaffe, Co-Head of Direct Lending, Hayfin Capital Management:
Mark joined Hayfin in 2010 and is a Portfolio Manager and Co-Head of Direct Lending in the Private Credit Team, focusing on origination and investment opportunities in the UK.

Timestamps:

00:00 – Introduction
00:44 – M&A Activity Outlook 2026
03:59 – Valuations and Leverage Terms
07:38 – Healthcare Sector Trends
11:40 – AI Impact on Software Businesses
16:14 – Portfolio Performance and Market Trends
18:03 – Conclusion