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.