How iCapital's Feeder Fund Model Actually Works: The Blackstone SP X Access Fund Explained
On August 10, 2026, a fund called iCapital-Blackstone SP X US Access Fund, L.P. filed an amended notice with the SEC. The number that jumps out: $154,045,000 in cumulative amount sold, spread across...
August 18, 2026
Private Credit Just Raised $119 Billion in One Quarter. BDC Defaults Just Hit a Record Too.
Private credit funds raised $119 billion in the second quarter of 2026 alone, the fastest single-quarter pace on record, at the same time loan defaults inside the funds that hold this debt hit their...
August 18, 2026
Non-Accrual Loans: The One BDC Metric You Should Check Before Yield or NAV
The median non-accrual ratio across the 20 largest business development companies climbed to 2.8% in the second quarter of 2026, up from 2.0% at the end of the first quarter. That is a 0.8 percentage...
August 18, 2026
Homestead Capital Launches Agricultural Private Credit: What It Means for Your Portfolio
Homestead Capital just drew a line between owning farmland and lending against it. The San Francisco investment manager announced the first close of its inaugural agricultural private-credit fund on...
August 18, 2026
The Solo GP Edge in a Consensus-Heavy Market
The market loves committees. LPs are often told to trust big teams, long bios, and layered decision-making because it feels safer. More partners. More opinions. More process. More consensus. Sounds re
August 18, 2026
The Co-Investment Squeeze: Why LP Optionality Is Rewriting Fundraising Math
Most fund managers still treat co-investment like a side conversation. It is not. It is becoming part of the main fundraising equation. That matters because LPs are not just underwriting your track re
August 18, 2026
Operational DD Starts Before the PPM
Most fund managers think due diligence begins when the private placement memorandum hits an investor’s inbox. It doesn’t. Operational due diligence often starts the moment your process becomes visible
August 18, 2026
Your Portfolio Construction Story Needs to Survive an Allocation Committee
Your Portfolio Construction Story Needs to Survive an Allocation Committee Most emerging managers think portfolio construction is a math problem. It is not. It is a translation problem. You may have a
August 18, 2026
The Case for Pre-Wired LP Objection Maps
The Case for Pre-Wired LP Objection Maps A lot of managers think objection handling starts when the LP raises a concern in the meeting. It does not. By the time an investor says, “Help me understand t
August 18, 2026
The Risk Memo Every Emerging Manager Should Write Before Launch
The Risk Memo Every Emerging Manager Should Write Before Launch Most emerging managers spend pre-launch time tightening the upside story. That is fine. It is not enough. Before the deck gets polished,
August 18, 2026
DPI Is the New Trust Signal for Emerging Managers
DPI Is the New Trust Signal for Emerging Managers For a long time, emerging managers could get away with selling upside. A sharp deck. A smart thesis. A few paper marks. A clean story about total...
August 18, 2026
The LP Universe Problem: Why Most Emerging Managers Pitch People Who Could Never Back Them
The LP Universe Problem: Why Most Emerging Managers Pitch People Who Could Never Back Them Most emerging managers think their raise is struggling because LPs are cold, distracted, or impossible to...
August 18, 2026