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
Private Equity Fundraising Data 2026: What the Numbers Reveal About the Drought
Global private equity fundraising closed 2025 at $616 billion, down from a 2021 peak of $1.8 trillion. Buyout funds alone raised $395 billion, a 16% drop from the year before. The money that did come...
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
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
Lex Markets Is Dead: What Its Collapse Teaches About Platform-Dependent Liquidity in Fractional Real Estate
Lex Markets built a genuinely novel structure: SEC-qualified Regulation A+ shares in single buildings, trading on a Nasdaq-powered exchange, for a $250 minimum, open to any investor regardless of...
August 26, 2026
FGV Capital's Oversubscribed $35M Fund II Tests an Inverted VC Model
FGV Capital, the venture firm formerly known as Fiat Ventures, closed an oversubscribed $35M Fund II against a $25M target, pushing total assets under management past $60M. The firm's pitch to LPs...
August 26, 2026
Operational Due Diligence: What LPs Actually Check Before Wiring Capital to an Emerging Manager
Operational risk, not bad stock picks, causes roughly half of all fund failures according to a landmark 100-fund study by Capco. In 2026, 87% of institutional LPs surveyed by Altss said they had...
August 26, 2026
How to Vet a Fund Manager's Track Record Before You Commit Capital
A single markup on one thinly traded holding once inflated a private equity fund's reported IRR from 3.8% to 38.3% in one quarter, and the SEC made the manager pay for it. That case is your reminder...
August 26, 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
CLO ETFs Cross a New Threshold: Guggenheim's Entry and a $30B AAA Fund Explained
The CLO ETF market has grown from $6.3 billion in December 2023 to more than $50 billion by mid-2026, and Janus Henderson's AAA CLO ETF (JAAA) alone crossed $30 billion in assets in August 2026. Gugge
August 25, 2026
Excuse Rights in Private Equity Explained: When an LP Can Opt Out of a Deal and Why GPs Hate Them
An excuse right is a clause in a private equity fund's limited partnership agreement that lets a specific limited partner (LP) sit out one deal, without penalty, when that deal conflicts with the LP's
August 25, 2026