The LFI Levered Lines Podcast

Welcome to the LFI Levered Lines podcast!  In this episode, Steve Miller is joined by Chris Wood to discuss the evolving leveraged finance landscape, Huntington Bank’s growth strategy, and key trends shaping private equity and capital markets. They explore activity in the pro rata lending market, the challenges facing M&A, the changing role of direct lenders, and how banks are adapting to shif...

Welcome to the LFI Levered Lines podcast!  In this episode, Krista Giovacco speaks with Beverley Caen about how executive coaching is shaping outcomes in private credit, particularly during periods of leadership transition, private equity backing, and organizational change. They explore how coaching supports founders and executive teams as they prepare for investment, manage stakeholder expectatio...

Welcome to the LFI Levered Lines podcast!    In this episode, Kerstin Kubanek speaks with Paul Brodie about how AI is transforming the private credit landscape, from origination and underwriting to data collection and transparency. They explore how AI is already enhancing investment processes through cost optimization and improved decision-making, while also discussing key differences between the...

Welcome to the LFI Levered Lines Podcast!    In this episode, Steve Miller speaks with Bob Post of Blackstone Credit and Insurance about the evolving leveraged loan and CLO markets. They discuss Blackstone’s CLO growth strategy, market bifurcation, private credit dynamics, and the widening gap between stronger and weaker credits affecting pricing and liquidity.   They also cover capital flows betw...

This episode of the LFI Levered Lines Podcast explores how private credit is evolving through changing investor demand, liquidity solutions and greater use of technology as markets remain volatile. Kerstin Kubanek speaks with John Anderson about continued insurance capital interest in private credit through structured access vehicles, the rise of credit continuation vehicles as tools for liquidity...

In this episode of the LFI Levered Lines Podcast, the discussion explores how the loan market is evolving amid rapid growth, expanding private credit, and increasing demands on market infrastructure. Steve Miller speaks with Sean Griffin about key market‑wide themes including transparency in private credit, the role of data and digitization, and the challenges of scaling a trillion‑dollar trading...

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 Eur...

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 gap...

An In-depth discussion with Carlyle Partner, Lauren Basmadjian This 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 unce...

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...

Join Dagmara Michalczuk at the European Private Credit Conference on Direct Lending 23 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 L...

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 cr...

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 importan...

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...

Season 3, Episode 2 On this episode of LFI Levered Lines, host Steve Miller speaks with Joe Rotondo, Senior Portfolio Manager at Mid-Ocean Credit Partners, about the firm's defensive investment philosophy driving strong performance across their $5 billion CLO platform built over three and a half years. The conversation explores the anticipated resurgence of LBO and M&A-driven loan issuance, wi...

Season 3, Episode 1  On this episode of LFI Levered Lines, host Luke Millar is joined by Peter Urquhart, melanoma survivor and Global Senior Manager at LSEG, and Stephanie Kauffman, President and Chief Operating Officer of Melanoma Research Alliance, for an in-depth discussion of groundbreaking cancer research and the upcoming LFFM London event. The conversation examines Peter's personal journey t...

Season 2, Episode 9 On this episode of LFI Levered Lines, host Kerstin Kubanek is joined by Nick Baldwin from Lincoln International to examine the rising stress indicators in Europe's private credit market. The conversation explores the record 3.9% covenant default rate in Q3 2025, with 3.4% of companies on covenant holidays and a significant increase in firms with less than 10% covenant headroom....

Season 2, Episode 8  On this episode of LFI Levered Lines, host Matt Dickinson is joined by Tim Newey, Sarah Paterson, and Ryan Perkins for an expert panel discussion on the evolution and challenges of the UK’s Part 26A restructuring plan. The conversation explores landmark court decisions including Thames Water, Petrofac, Virgin Active, and Poundland, and their impact on negotiation requirements,...

Season 2, Episode 7  On this episode of LFI Levered Lines, host Krista Giovacco, Senior Editor at LevFin Insights, speaks with Tim Kleiman, Managing Director at Golub Capital, about the firm’s unique approach to philanthropy and impact investing. Tim discusses Golub Capital’s Nonprofit Board Fellows Network, which brings together 17 of the top 25 U.S. business schools to train the next generation...

Season 2, Episode 6   On this episode of LFI Levered Lines, host Steve Miller speaks with Soo Kim, Partner at Anchorage Capital Advisors leading the firm's global performing credit business and CLO platform, about Liability Management Transactions reshaping the leveraged loan market. Soo contrasts traditional payment defaults from prior cycles (2001, 2008-09, COVID-19) with today's "premeditated o...

Season 2, Episode 5  On this episode of LFI Levered Lines, host Steve Miller speaks with Chris Bonner, Partner and Head of LevFin Americas at Goldman Sachs, about the evolving leveraged finance landscape. Chris discusses sponsor M&A activity, the return of large public-to-private deals, and corporate carve-outs, with sectors like TMT (especially AI infrastructure), consumer retail, healthcare,...

Season 2, Episode 4  On this episode of LFI Levered Lines, host Tom Davidson speaks with Investcorp Global Co-Head of Liquid Credit Corey Geis about today’s US loan market, CLO mechanics, and navigating spread compression. Corey shares takeaways from bank credit training, global trading, and building Marble Point through its sale to Investcorp; the internal leadership handoff; and staying active w...

Season 2, Episode 3 On this episode of LFI Levered Lines, host Steve Miller speaks with Nassau Global Credit CIO Jonathan Insull about developing the next generation of loan market talent and evolving buy-side skills in a data-driven world. Jonathan shares lessons from bank credit training, restructurings, and early CLOs; the shift in bank-to-buy-side pipelines; and today’s hiring table stakes - c...

Season 2, Episode 2 On this episode of LFI Levered Lines, host Tom Davidson sits down with Aegon AM’s Jim Schaeffer, Global Head of Leveraged Finance, for a candid look at today’s bifurcated credit markets and the evolving playbook for liability management. Jim traces his path from distressed debt to leading global lev fin, and explains how a “downside-first” mindset and all-weather discipline sha...

Season 2, Episode 01 On this episode of LFI Levered Lines, host Kerstin Kubanek sits down with ARES Management’s Andrea Fernandez, Head of Product Management & Investor Relations, and Mike Dennis, Co-Head of European Credit, for a deep dive into the evolution of the European mid-market CLO space. Kerstin and her guests explore how the European direct lending market is catching up to the US, an...