Private Markets
Continuation Vehicles in Private Equity, Explained
How continuation vehicles work, why they have become a mainstream private-equity exit route, and what asset owners should weigh before rolling or cashing out.
Topic
Private Markets
Coverage, charts, video and research on Private Markets for universal owners.
Latest in Private Markets
Private Markets
Co-Investment vs Direct Investment for Asset Owners
How large asset owners use co-investment and direct investment to cut private-market fees and take more control — and where each approach goes wrong.
Private Markets
Infrastructure as an Asset Class, Explained
Infrastructure has become a core institutional allocation, prized for stable, inflation-linked cash flows. A guide to how asset owners invest in it and what returns to expect.
Private Markets
Private Equity Secondaries, Explained
The market for second-hand private equity stakes set another record in 2025. How secondaries work, who sells, who buys, and why the market has become core institutional infrastructure.
Private Markets
The J-Curve in Private Equity, Explained
Why every private equity fund looks like a loser in year two — and why disciplined allocators don't care.
Private Markets
The Denominator Effect, Explained
Why falling public markets can leave pension funds and endowments 'overallocated' to private equity without buying a single new asset — and what allocators actually do about it.
Private Markets
What Is Private Credit? An Allocator's Guide
How non-bank lending became a multi-trillion-dollar asset class, why pensions and sovereign funds keep allocating to it, and where the risks sit.
Asset Owners
Private Markets Allocation for Asset Owners
Private markets, private equity, private credit, infrastructure and real estate, now anchor many institutional portfolios. Here is the case (illiquidity premium, diversification, access) and the cautions (denominator effect, fees, valuation and liquidity).
Institutional Investing
Sovereign AI and National Investment Strategy
Sovereign AI is the drive by nations to control their own AI compute, data and models. Sovereign wealth funds are now central financiers of it. Here is what the term means and what the build-out implies for long-term investors, with the usual caveats on fast-moving figures.
Chart of the Day
Private Markets' Liquidity Problem Is Not Fundraising. It Is Getting Cash Back.
Private market AUM has scaled faster than the mechanisms for returning capital to LPs.
Chart of the Day
The Alternatives Machine Is Still Getting Bigger
Private markets are becoming too large to be treated as "alternative" in the old sense.
UAO Research
Private Markets Meet the Liquidity Question
Record dry powder, a backed-up distribution cycle, and the denominator effect. Private markets meet the liquidity question.
The Daily Brief
The morning briefing for the people who allocate long-horizon capital.
Research, charts, video and podcast analysis for the institutions investing at the scale of the world.
Five minutes, five days a week. Complimentary — subscriptions are reviewed by our editorial desk, and you'll receive a notice once approved.
You’re on the list. Tomorrow’s brief will arrive in your inbox.
Please enter a valid email.