The LFI Levered Lines Podcast

In this episode of the LFI Levered Lines Podcast, the discussion explores how private credit managers are navigating structural change, platform consolidation, and emerging risk as markets evolve. Kerstin Kubanek speaks with Allison Davi about the rationale behind integrating Alcentra into Benefit Street Partners, building a global private credit platform, and sharpening strategic focus across Europe and the US. They also examine investor concerns around AI, software exposure, and semi liquid products, separating headline noise from fundamental credit risk. Tune in for clear insights into how private credit is repositioning for the next phase of growth and risk management. 

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. 

An In-depth discussion with Carlyle Partner, Lauren BasmadjianThis week on Levered Lines, host Steve Miller speaks with Carlyle’s Lauren Basmadjian to explore major themes shaping global liquid credit and CLO markets as 2026 unfolds. They examine platform evolution at Carlyle following substantial reinvestment reset activity and discuss expectations for deal flow amid heightened geopolitical uncertainty and a growing roster of large-scale transactions emerging in the pipeline. The dialogue highlights shifting dynamics between private credit and syndicated markets, relative funding costs, and how borrower migration continues to influence liquidity and capital availability. Additional focus areas include CLO spread behavior, discount-driven portfolio construction opportunities, transatlantic corporate performance trends, and differences in restructuring frameworks driving divergence in default rates. Key topics span the impact of software sector volatility, AI-driven competitive pressures and operational adoption inside investment teams, elevated but stable default environments aided by LME activity, steering committee participation strategy, covenant erosion, and guidance for early-career professionals navigating a rapidly evolving credit landscape.

This week on Levered Lines, host Krista Giovacco speaks with Brian Garfield and Lucas Weiss from Lincoln International's Portfolio Valuation and Opinions Practice to discuss private credit market dynamics heading into 2026. They discuss deal making momentum with transaction multiples exceeding 2021 peak levels and the outlook for continued M&A activity alongside robust refinancing volume. The conversation covers portfolio company fundamental performance with over half growing EBITDA, borrower-friendly market conditions driven by substantial private credit dry powder, spread compression trends, and junior debt capital stack normalization. Key themes include the impact of withdrawn leverage lending guidelines on bank and direct lender competition, AI's potential influence on software underwriting dynamics, management team optimism with 8-10% growth projections, tactical positioning in subordinated debt markets, and challenges addressing underperforming companies and aged portfolio exits in sponsor funds.

Join Dagmara Michalczuk at the European Private Credit Conference on Direct Lending23 February 2026 | The Landmark Hotel | London, U.K.Dagmara will be speaking at this event. Register here: https://hubs.la/Q042jP1D0
This week on Levered Lines, host Kerstin Kubanek speaks with Dagmara Michalczuk, Co-Chief Investment Officer at Tetragon Credit Partners, ahead of the Deal Catalyst European Direct Lending Conference. They discuss CLO market dynamics in 2026, including spread compression reaching post-financial crisis tights and the outlook for refinancing and reset activity. The conversation covers CLO equity arbitrage opportunities, tactical positioning strategies, loan repricing trends, and portfolio quality amid micro cycles in the market. Key themes include sector-specific concerns around software and AI disruption, chemicals, autos, building products, as well as evolving restructuring trends, liability management exercises, cross-border litigation developments, and challenges in manager selection.

This week on Levered Lines, host Krista Giovacco speaks with Kyle Brown, CEO of Trinity Capital, about the outlook for private credit in 2026. They discuss Trinity’s internally managed BDC model, record investment activity, and why lower middle‑market lending continues to generate attractive returns. The conversation covers underwriting discipline, loss mitigation, liquidity concerns in private credit, and valuation transparency, as well as key growth themes including AI, robotics, reshoring‑driven CapEx, data centers, and energy. 

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. 

This week, host Andrew Hedlund sits down with Jess Larsen of Briarcliffe Credit Partners  to break down the shifting dynamics in private credit as 2026 gets underway. They unpack the impact of slowing U.S. growth, Europe’s accelerating investment cycle, and the rising demand from LPs for diversification. The discussion covers direct lending pressure points, the resurgence of specialty finance and ABL, and why Europe’s market inefficiencies are creating new opportunities for investors. Tune in for the insights you need to navigate private credit in 2026.