Coverage, charts, video and research on Private Markets for universal owners.
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.
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.
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.
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.
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.
Why every private equity fund looks like a loser in year two — and why disciplined allocators don't care.
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.
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.
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).
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.
Private market AUM has scaled faster than the mechanisms for returning capital to LPs.
Research, charts, video and podcast analysis for the institutions investing at the scale of the world.
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