Industry Insights: Exclusive Interviews

Host Julie Miecamp opens the episode and sets up this week’s focus on how sponsor finance has shifted after two years of uneven activity. With sponsors returning to market and financing options expanding, she brings in Octus Leveraged Finance Editor Michael Haley to frame the themes that emerged in his conversation with this week’s guest.
The interview begins at (02:42), when Michael sits down with Tom Amster, Global Head of Financial Sponsor Coverage at Macquarie Capital. Tom explains why, from a financing perspective, the market is “absolutely back,” and how competition between private credit and the syndicated loan market is giving sponsors more flexibility than they have had in years. He breaks down the wave of repricings and dividend recaps earlier in the year, what tariff driven volatility briefly interrupted, and why activity accelerated through the summer.
At (07:00), Tom turns to sector activity, noting broad based recovery across technology, aerospace and defense, healthcare, and infrastructure including the growing importance of data centers. The conversation moves into the sponsor backed IPO window at (12:00), with Tom outlining how leverage expectations, valuation arbitrage, and pent up scale are shaping which companies come to market.
Beginning at (17:00) Michael and Tom widen the lens to fundraising trends and what Tom calls the decade of differentiation. They discuss why some private equity firms are raising larger funds than ever while others are shrinking targets, how limited partners are evaluating performance, and why continuation vehicles have become a durable part of the liquidity toolkit.
The episode closes around (24:00) with rapid fire insights from Tom on market indicators to watch, before Julie returns at (25:00) with closing remarks and a reminder to subscribe.

Host: Julie MiecampGuest Interviewer: Michael Haley, Leveraged Finance Editor, OctusGuest: Tom Amster, Global Head of Financial Sponsor Coverage, Macquarie CapitalProduced and edited by: Tanya Hubbard

Show Notes

Host Julie Miecamp opens the episode and sets up this week’s focus on how sponsor finance has shifted after two years of uneven activity. With sponsors returning to market and financing options expanding, she brings in Octus Leveraged Finance Editor Michael Haley to frame the themes that emerged in his conversation with this week’s guest.
The interview begins at (02:42), when Michael sits down with Tom Amster, Global Head of Financial Sponsor Coverage at Macquarie Capital. Tom explains why, from a financing perspective, the market is “absolutely back,” and how competition between private credit and the syndicated loan market is giving sponsors more flexibility than they have had in years. He breaks down the wave of repricings and dividend recaps earlier in the year, what tariff driven volatility briefly interrupted, and why activity accelerated through the summer.
At (07:00), Tom turns to sector activity, noting broad based recovery across technology, aerospace and defense, healthcare, and infrastructure including the growing importance of data centers. The conversation moves into the sponsor backed IPO window at (12:00), with Tom outlining how leverage expectations, valuation arbitrage, and pent up scale are shaping which companies come to market.
Beginning at (17:00) Michael and Tom widen the lens to fundraising trends and what Tom calls the decade of differentiation. They discuss why some private equity firms are raising larger funds than ever while others are shrinking targets, how limited partners are evaluating performance, and why continuation vehicles have become a durable part of the liquidity toolkit.
The episode closes around (24:00) with rapid fire insights from Tom on market indicators to watch, before Julie returns at (25:00) with closing remarks and a reminder to subscribe.
Host: Julie Miecamp
 Guest Interviewer: Michael Haley, Leveraged Finance Editor, Octus
 Guest: Tom Amster, Global Head of Financial Sponsor Coverage, Macquarie Capital
 Produced and edited by: Tanya Hubbard
  • (00:03) - Opening: Julie sets up the episode
  • (00:33) - Why Michael wanted this conversation
  • (02:44) - Introduction of guest Tom Amster
  • (03:09) - How private equity has changed over two decades
  • (04:41) - Private credit and syndicated loans compete for sponsor deals
  • (07:09) - Sector momentum and early signs of recovery
  • (12:48) - Sponsor backed IPOs reopen and why
  • (16:49) - The decade of differentiation in private equity
  • (19:09) - Continuation vehicles and liquidity options
  • (24:39) - Rapid fire Q&A
  • (25:29) - Closing and credits

What is Industry Insights: Exclusive Interviews?

Industry Insights sits down with the people who run the firms that move the credit market. Private credit, CLOs, restructuring, munis and everything in between. Every episode brings a new guest and a new interviewer from across Octus, talking through what they're seeing, what's changing and where they think it all goes next.