Participating Preferred Stock Explained: How It Affects Your Angel Returns at Exit
Participating preferred stock lets investors collect their liquidation preference AND a pro-rata share of remaining exit proceeds. Non-participating preferred forces a choice: take the preference or
August 2, 2026
Opportunity Zones in 2026: What Investors Need to Know Before the Clock Runs Out
The Opportunity Zone program is now permanent. The One Big Beautiful Bill Act, signed in July 2025, eliminated the sunset risk that had been hanging over OZ investing for years. But December 31, 2026
August 2, 2026
How to Build an Angel Investing Portfolio: The Math Behind Diversification
Angel investing returns follow a power law. The top 1% of deals return 50x or more. The bottom third are total losses. This means diversification is not optional — it is the mechanism that makes
August 2, 2026
Simile Raises $200M at $2B Valuation: Behavioral AI's Signal to Accredited Investors
Simile raised a $200 million Series B at a $2 billion valuation, just five months after a $100 million Series A. The Stanford spinout's behavioral AI platform grew revenue 5x since February 2026. For
August 2, 2026
Lincoln Property Crosses $2 Billion in 2026 Capital: Family Offices Are Back in CRE
Lincoln Property Company crossed $2 billion in capital formation in 2026, driven substantially by family office partnerships. The anchor investors — connected to Pilot Flying J and Endeavor Energy
August 2, 2026
Ares Management Q2 2026: $52 Billion in Direct Lending — What It Means for Accredited Investors
Ares Management closed $8.2 billion in new U.S. direct lending commitments in Q2 2026 alone, bringing its trailing 12-month total to $52.3 billion. That number tells you where institutional capital
August 2, 2026
Private Equity Secondaries Hit Record $121B in H1 2026: What LPs Need to Know
The private equity secondaries market closed H1 2026 at $121 billion in volume — a record first half. GP-led secondaries hit $65 billion, up 35% year-over-year. The full year is tracking to $250-260
August 2, 2026
SEC's First Rule 18f-4 Enforcement: What Every ETF Investor Needs to Know
The SEC just issued its first-ever enforcement action under Rule 18f-4 — the derivatives risk management rule for investment companies. The target was Simplify Asset Management. The penalty was
August 2, 2026
Wind Point Partners Fund XI Closes at $3.2B: Inside the Mid-Market Buyout Playbook
TL;DR: Wind Point Partners closed Fund XI at $3.2 billion — the largest fund in the Chicago firm's 42-year history — oversubscribed, with capital from 65+ institutions across 17 countries. The fund ta
August 1, 2026
Collateralized Fund Obligations: How Wall Street Is Securitizing Private Markets
TL;DR: A Collateralized Fund Obligation (CFO) is a securitization backed by a pool of private fund LP stakes, not individual loans. Churchill Asset Management and Seviora closed a $400 million CFO in
August 1, 2026
Dimension Capital's $800M Fund III: The AI-Biotech Bet Attracting Serious LP Capital
TL;DR: Dimension Capital closed an $800 million Fund III on July 23, 2026, 60% larger than its prior $500 million fund raised just 18 months earlier. The firm's $30 million seed check in Chai Discover
August 1, 2026
SEC's Blue-Sky Reform: How Eliminating 53-State Review Could Unlock REITs and BDCs
TL;DR: A coalition of 17 industry organizations filed comments on July 28, 2026 urging the SEC to preempt state blue-sky registration requirements for SEC-registered nontraded REIT and BDC offerings.
August 1, 2026