Goldman’s Ingrassia Sees Chance for Record M&A Volume in 2026

Goldman Sachs' co-chair of global M&A, Tim Ingrassia, projects a potential record M&A volume in 2026, contingent on sustained market momentum and improving conditions that would release a backlog of transactions. This optimistic outlook, shared at Goldman's EMEA Credit and Leveraged Finance Conference, suggests a significant increase in dealmaking activity in the coming years.

Analysis

Tim Ingrassia, Goldman Sachs Group Inc.'s co-chair of global mergers and acquisitions, has projected a potential all-time high for M&A volume in 2026. This forecast, delivered at the firm's EMEA Credit and Leveraged Finance Conference, is contingent upon the continuation of current market momentum and broader improvements in market conditions. The key driver for this potential surge is the expected release of a substantial backlog of transactions, indicating significant pent-up demand for dealmaking. The context of a credit and leveraged finance conference suggests that an improving financing environment is viewed as a critical enabler for this optimistic outlook, which would directly benefit top-tier advisory firms like Goldman Sachs.

Key Decisions for Investors

• Given that a surge in dealmaking would directly benefit advisory leaders, investors should assess their exposure to investment banks like Goldman Sachs that have a strong M&A franchise.
• The forecast's dependence on improving market conditions means investors should monitor the health of credit and leveraged finance markets as key validation points for this M&A outlook.
• As this is a long-term forecast for 2026, consider this a strategic theme for portfolio positioning rather than an immediate trading signal, focusing on potential acquisition targets and the financial firms that facilitate such transactions.