After years reporting on Europe’s public equity and bond markets, Kerstin Kubanek was ready for a different kind of challenge. She found it in private credit. “I became interested in private credit because it’s an asset class that isn’t standardized yet,” she says. “Every transaction requires a deep dive to understand how it was structured.”

Today, Kerstin is a senior reporter leading European private credit news coverage at LevFin Insights. She joined the organization in early 2023, following roles covering Europe’s direct lending market at Octus/Reorg and Refinitiv/LPC. Her wider career has included reporting for international news organizations such as Yahoo Finance and CNBC in both the UK and Germany.

Finding the stories behind private credit transactions

Despite private credit’s rapid growth, Kerstin believes much of the market remains poorly understood, even by experienced participants. That opacity is part of what makes the beat so compelling.

As Kerstin puts it: “Every day I learn something new about how the market actually works.”

Her role spans deal reporting, analysis and interviews across the market. “I source and cover private credit deal news, write insight pieces and conduct Q&A interviews with fund managers,” she explains. “I also get to speak to some of the most interesting market participants, from credit fund managers and debt advisers to lawyers, and create content for our subscribers.”

The most rewarding moments come when that reporting proves useful. “It’s really rewarding when readers reach out to say that they found my reports helpful and informative,” she reflects. Through her feature writing, she also helps bring greater attention to the expertise and products available across the wider Fitch group of companies.

Reporting on a rapidly growing private credit market

“What excites me today is the rapid growth and expansion of private credit across Europe,” Kerstin says. New structures and specialist markets are broadening the asset class while also increasing its complexity.

One project she is particularly proud of is the launch of LFI Levered Lines. “We created the podcast to feature experts from across the global credit industry, bringing informed market perspectives to a wider audience and making a complex field more accessible,” she explains.

The skills needed for a career in credit

That complexity also shapes her advice to aspiring credit professionals. Her advice is straightforward: “You need patience and perseverance to succeed in private credit. The market is unique, and every transaction is different. You also have to be prepared to change your perspective, as new information emerges. Nothing is set in stone, and you have to be flexible in your approach when it comes to credit.”

Kerstin believes the profession will increasingly reward curiosity, resilience and unconventional thinking. “You need to think outside the box and stay curious about the market,” she argues. “Resilience matters too, especially when market shocks make people nervous. But it is crucial to stay calm when that happens.”

Understanding the forces shaping credit markets

Technical knowledge alone is not enough. “Credit is complex, and you have to look beyond the transaction itself,” Kerstin says. “Macroeconomics, geopolitics and global central bank policy all matter. Staying up to date with the news and keeping the conversation going with influential market participants is key.”

How AI is changing credit work

Technology is also changing how the work gets done. “Processing credit data can be challenging and time-consuming so AI can shorten and optimize processes and unlock resources at a larger scale, and I’m very grateful for that development,” Kerstin says.

Looking ahead, she expects the technology and the market to evolve together. “AI and technology will play a bigger role,” she notes. “At the same time, credit markets will become even more complex, with more innovative structures and niche markets.” That combination is likely to place an even greater premium on distinctly human qualities: asking the right questions, challenging assumptions and staying calm enough to see beyond the immediate market noise.