Coverage, charts, video and research on Private Markets for universal owners.
Infrastructure debt has emerged as a distinct asset class within private markets, offering institutional investors contracted cash flows, inflation protection, and diversification. We explain the mechanics, risk profile, and allocation strategy.
Cap rates remain central to institutional real estate underwriting. This article explains how long-term capital allocators interpret, benchmark, and deploy this metric across geographies.
The NCREIF Index remains the institutional real estate market's primary performance metric. We explain its construction, governance, use cases, and why asset owners rely on it for private real estate decisions.
GP-led secondaries have grown into a $100+ billion market segment, reshaping how large pension funds and endowments manage private equity exposure. We explain the mechanics, risks, and implications for long-term allocators.
Institutional allocators must distinguish between brownfield and greenfield infrastructure investment strategies. Each presents distinct risk-return profiles, capital efficiency metrics, and governance considerations for long-term portfolio construction.
Subscription credit facilities have become standard infrastructure for institutional private equity allocators, enabling funds to manage cash flow timing mismatches and reduce idle capital drag. We examine how they work, who uses them, and what fiduciaries need to know.
Distressed debt has become a core allocation for large institutional investors seeking illiquidity premiums and recovery upside. We explain the mechanics, governance structures, and portfolio role for sovereign wealth funds and pension funds.
The average large public pension fund now allocates 11–15% of assets to private markets. Understanding how pension funds access, structure and manage these allocations reveals the mechanics behind one of the most important capital flows in institutional investing.
The fund finance market — covering subscription lines, NAV loans, hybrid facilities and GP financing — is estimated at approximately US$1 trillion. It has become a standard part of private markets investing that every institutional LP should understand.
Evergreen and semi-liquid structures have grown from under US$10 billion in annual flows in 2020 to a projected US$74 billion in 2025. Asset owners use them to access private markets without the pacing constraints of traditional closed-end funds.
NAV lending — borrowing against a fund's net asset value — has grown from a niche tool to a mainstream part of private equity finance. Asset owners increasingly encounter it as a structural feature inside their PE allocations.
Why estimates of the private credit market vary so widely, what is actually being measured, and why asset owners keep allocating to it.
Research, charts, video and podcast analysis for the institutions investing at the scale of the world.
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