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David Miller, Global Head of Private Credit and Equity at Morgan Stanley Investment Management, joins Lisa Lee on the Credit Exchange Podcast to discuss the Firm’s private equity and credit business and his outlook for the sector in 2026.
In his current role, David leads integrated private equity and private credit platforms, enabling Morgan Stanley to offer a full spectrum of capital solutions—from traditional buyouts to direct lending and hybrid capital structures. He notes that combining both strategies under one platform strengthens industry expertise, enhances deal sourcing, and allows for more tailored capital solutions. David also underscores Morgan Stanley’s advantage as part of a global investment bank, where close collaboration with investment banking and capital markets teams plays a key role.
Looking ahead, David anticipates a multiyear increase in middle‑market M&A as aging private‑equity portfolios come to market. He sees continued strength in private credit fundamentals, including low defaults, and expects AI‑related infrastructure investment to drive substantial financing needs—making 2026 a particularly active year.
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