What Is a Business Development Company (BDC)? A Retail Investor's Guide to Publicly Traded Private Credit
A Business Development Company, or BDC, is a publicly traded fund that lends to and invests in private middle-market companies (mostly), pays out at least 90% of its taxable income as dividends, and...
What Is a Registered Investment Advisor (RIA), and How Do RIAs Access Alternative Investments?
TL;DR: A Registered Investment Advisor (RIA) is a firm or person registered with the SEC or a state regulator that is legally bound to a fiduciary standard, meaning the advisor must act in your best
How to Build an Illiquidity Budget Before Committing to Alternative Investments
TL;DR: Before you wire a dollar into a private equity fund, a venture vehicle, or an evergreen private credit product, size an illiquidity budget first. Cambridge Associates' framework is a useful
Linqto Review 2026: What Happened
TL;DR: Linqto marketed itself as the easy way to own SpaceX, Ripple, and Anthropic before they went public. In March 2025 it froze customer redemptions, an internal probe found that many customers
KKR Closes $19.2B Infrastructure Fund V: What Core+ Infrastructure Means for Alt Investors
KKR closed its $19.2 billion Global Infrastructure Investors V on August 3, 2026 — the firm's largest infrastructure fund ever. The fund targets Core+ assets: stable infrastructure with modest growth
How to Evaluate a Private Credit Manager Before Committing Capital: A Due Diligence Checklist
Private credit defaults hit a record 9.2% in 2025, with small-company loans defaulting at 15.8%. Yet first-lien senior secured lenders recovered at or near par in most cases. The spread between good a
Manulife Comvest Hits $5.4B Record Close: What It Tells You About the Private Credit Cycle
Manulife Comvest Credit Partners closed Comvest Credit Partners VII at $5.4 billion on August 3 — the largest fundraise in the platform's 20-year history. The record close arrives as private credit de
Core+ Infrastructure: The Alternative Investment Playing Defense While Generating 10-12% Returns
Core+ infrastructure raised $250 billion globally in 2025 and is tracking to exceed that in 2026. KKR's $19.2 billion Global Infrastructure Investors V — closed August 3 — is the latest evidence that
Real Estate Secondaries: The $20B Market LPs Are Using to Generate Liquidity Right Now
Real estate secondary transactions reached $20.3-25.1 billion in 2025 — up 25% per year since 2019 — and GP-led transactions now account for 72% of volume. Real estate LP positions are trading at 71%
GP Stakes Investing: How Blue Owl, Petershill, and Wafra Buy Into PE Managers
By Jeff Barnes, MBA | Angel Investors Network | August 3, 2026
Interval Fund vs Closed-End Fund: Which Belongs in Your Alternative Portfolio?
Interval funds and closed-end funds both give retail investors access to illiquid alternatives — private credit, real estate, infrastructure. But they are structurally different. Interval funds trade
GTCR's $1.25B Capital Solutions Fund: Why Minority Structured Equity Is Having a Moment
TL;DR: GTCR, a Chicago-based private equity firm managing $45 billion in equity capital, closed its inaugural Capital Solutions Fund at $1.25 billion, targeting minority structured equity and debt pos
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
Volatility Is Not the Enemy. Unstructured Exposure Is.
According to Cboe's VIX historical data, implied volatility has consistently exceeded realized volatility over long periods — a structural dynamic that sophisticated investors use as a framework for p
How Christopher Cole Turned Volatility Into an Asset Class
According to Cboe Global Markets, zero-days-to-expiration options represented over 61% of all SPX options volume in 2025 — a structural shift that makes Christopher Cole's volatility research more rel
Private Credit in 2026: The $1.7 Trillion Market Accredited Investors Can Now Access
Global private credit assets under management have reached approximately $1.7 trillion in 2026, up from $250 billion in 2012, according to Preqin's 2026 Global Private Debt Report — a 15%+ annualized
Private Equity Isn't the Advantage. Knowing How to Underwrite It Is.
According to Bain & Company's 2026 Private Equity GP Outlook , distributions to LPs have remained tight and purchase price multiples are expected to plateau, meaning investors can no longer rely
Infrastructure Secondaries: The $25B Market Accredited Investors Are Overlooking
Infrastructure secondary deal volume hit $25 billion in 2025, more than doubling from $11 billion in 2023. Buyers acquire existing stakes in private infrastructure funds at discounts to net asset
Interval Funds Explained: Quarterly Redemption Windows, the 5% Cap, and What Advisors Won't Tell You
Interval funds are closed-end investment vehicles that allow redemptions only during quarterly windows, capped at 5% of net asset value per quarter under SEC Rule 23c-3. That structure works smoothly
Partners Group: Inside the $186B Platform Giving Accredited Investors Access to Buyouts and Infrastructure
According to Institutional Real Estate Inc. , Partners Group closed its infrastructure secondaries program at $5.5 billion in July 2026 — the largest dedicated infrastructure secondaries fundraise eve