How Credit Sets the Buyout Cycle
Feb 19, 2026•by Viktor Schoppe
What You Need To Know
Credit, not sentiment, is setting the buyout cycle: with cheap, abundant debt gone, leverage and deal sizes have structurally reset lower, so buyout activity won’t truly rebound until spreads tighten and financing reopens.
Signage outside Blackstone offices in New York. PHOTO: KM/AP
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