What Is First-Loss Capital? Junior Tranches Explained
First-loss capital is the layer of a structured deal that absorbs every dollar of loss before senior investors take any hit. In a standard collateralized loan obligation (CLO), that layer is the unrat
September 16, 2026
What Is a Management Fee Waiver in Private Equity?
A management fee waiver is an election a private equity general partner makes to forgo its annual management fee — typically 2% of committed capital — in exchange for an increased profits interest in
September 16, 2026
EquityZen vs. Hiive: Pre-IPO Secondary Markets in 2026
The pre-IPO secondary market hit a consolidation turning point in early 2026: Morgan Stanley closed its acquisition of EquityZen on January 27, 2026 and immediately cut buyer-side fees from 5% to 2.5%
September 16, 2026
Family Office Direct Deals: What 2026 Filings Reveal
Seventy percent of family offices made at least one direct private investment in the past year, per Citi Private Bank's 2025 Global Family Office Report. In June 2026 alone, Dakota Marketplace tracked
September 16, 2026
Realty Income and KKR: The Capped IRR Equity Play
On September 14, 2026, Realty Income Corporation (NYSE: O) and KKR (NYSE: KKR) announced a new euro-denominated joint venture in which KKR-advised accounts will invest €528 million (approximately $609
September 16, 2026
Hines Rialto Closes 1.1B Office Credit Fund
Hines and Rialto Capital closed their co-general partnership fund, Hines Rialto Credit Partners, at $1.1 billion in investor commitments on September 15, 2026, attracting 126 investors at a $100,000 m
September 16, 2026
The LP Side Letter Playbook for $250K Investors
Most accredited investors assume side letters are reserved for pension funds writing $50 million checks. That assumption costs you real rights. ILPA Principles 3.0, published in June 2019, explicitly
September 16, 2026
Radical Ventures Launches Record AI Fund in Canada
Toronto-based Radical Ventures completed a first close of more than $1 billion USD ($1.4 billion CAD) for its new Radical Breakouts Fund on September 15, 2026, making it the largest venture capital fu
September 16, 2026
Why Democratized Private Markets Can Hurt Retail Investors
Interval fund assets grew at a 39% annualized rate over the past decade, reaching $80.76 billion across roughly 100 funds, according to Morningstar research. The industry pitch is straightforward: ins
September 16, 2026
Valinor VBDC: BDC Tokenization or Public Market Wrapper?
Valinor Digital launched the Valinor BDC Exposure Fund (ticker: VBDC) on September 11, 2026, as the fourth tokenized fund on Superstate's FundOS infrastructure, built on Ethereum. The Defiant's report
September 15, 2026
How to Vet a Search Fund Operator Before You Write a Check
The 2024 Stanford GSB Search Fund Study (Case E-870) tracked 681 core U.S. and Canadian search funds since 1984 and found an aggregate IRR of 35.1% and a 4.5x return on investment. Those headline numb
September 15, 2026
What Is an Annex Fund in Private Equity?
An annex fund is a supplemental vehicle a private equity general partner (GP) raises after closing the main fund's investment period. It injects follow-on capital into companies already in that existi
September 15, 2026