Search Fund LP Investing: What the 2026 Stanford Data Says About Returns, Risk, and the Operator Bet
Search fund LP investing delivers headline returns that most private equity funds cannot match on paper. The 2026 Stanford Graduate School of Business Search Fund Study reports a 33.9% aggregate...
August 27, 2026
UC Asset LP Gets SEC Green Light for $5M Cannabis Property Offering: What the 8% Yield Claim Actually Means
On August 24, 2026, the SEC issued its notice of qualification for UC Asset LP's Regulation A offering circular, clearing the Atlanta-based cannabis real estate partnership to sell up to $5...
August 27, 2026
When the Same Investors Keep Setting the Price: A Warning on Rapid Private Valuation Step-Ups
The Short Version: Three deals from August 2026 share the same structure: a late-stage private company or fund takes on a massive follow-on raise weeks or months after a prior round, at a sharply...
August 27, 2026
Kalshi's SEC Form D Reveals $1.12 Billion Raised, 71 Investors, and Why You Probably Can't Get In at the Primary Level
On August 25, 2026, Kalshi Inc. filed a Form D with the SEC revealing it has sold $1,120,010,122 of a $1,499,997,894 private offering, with 71 investors in and roughly $380 million still...
August 27, 2026
StepStone Closes $1.7 Billion Infrastructure Secondaries Fund and What It Tells Accredited Investors About Private Markets
On August 26, 2026, StepStone Group (Nasdaq: STEP) announced the final close of its StepStone Secondaries Infrastructure Fund (SSIF) at $1.7 billion in total capital commitments, making it the...
August 27, 2026
Tax Equity Investing: How Accredited Investors Earn Returns from Federal Renewable Energy Tax Credits
Tax equity investing is how the U.S. renewable energy industry actually gets built. Instead of earning yield from electricity revenues, accredited and institutional investors supply capital to...
August 27, 2026
ESOP Seller Notes: The Private Credit Opportunity Hidden Inside Employee Buyouts
Most accredited investors know ESOPs as a feel-good exit strategy for retiring business owners. What far fewer know is that ESOP transactions generate a real, if niche, private credit opportunity:...
August 27, 2026
The Emerging Manager Premium Is a Myth: What the Return Data Actually Shows
LPs have repeated the same pitch for a decade: back the hungry Fund I manager, because emerging managers outperform. The data does not back that up. Kaplan and Schoar's landmark study found that...
August 26, 2026
CardinalStone's $76M First Close: What Nigerian Pension Money Signals About Frontier PE
CardinalStone Capital Advisers, a Lagos-based private equity firm, has closed $76M of its $120M target for a second West African SME growth fund, and the list of new backers matters more than the...
August 26, 2026
Why Private Equity Secondaries Trade at a Discount to NAV (And When That Discount Disappears)
Private equity secondaries priced at an average of 87% of NAV (net asset value, the fund's reported value of its holdings) through 2025 and into the first half of 2026. That single number hides a...
August 26, 2026
Boyne Capital's 90-Day Close Signals a Flight to Proven Buyout Operators
Boyne Capital closed its third flagship fund, BCM Fund III, at a $355 million LP hard cap in just 90 days, 29% above its $275 million target. More than 10% of that capital came from Boyne's own...
August 26, 2026
Tokenized Treasury Funds Explained: How On-Chain T-Bill Products Actually Work
Tokenized Treasury funds have grown from almost nothing in 2023 to roughly $9.2 billion in assets by early 2026, with estimates running to $11-15 billion by mid-year. The headline fact you need...
August 26, 2026