Family Offices Aren't Smart Money Anymore, They're the New Retail
The conventional wisdom treats family office capital as patient, sophisticated "smart money" that belongs at the top of any cap table. Here is my read: for a large and fast-growing share of family...
Private Credit Is Not Dying. It Is Consolidating
Golub Capital calls the private credit stress a Darwinian moment, and fresh bank capital deploying into the dislocation backs the read.
SPAC Revival 2026: Off Life Support Isn't the Same as Back
SPACs raised $25.8 billion in 2025, roughly three times 2024's total.
BDC Discounts to NAV Are Flashing a Warning the Market Won't Ignore
TL;DR: A meaningful slice of publicly traded business development companies are trading well below their stated net asset value right now, and the gap is not random noise. The median price-to-forward-NAV ratio for BDCs...
The Private Credit Illiquidity Premium Is Quietly Disappearing
Private credit's central sales pitch has a quiet problem, and the legal industry noticed before most advisors did. A Dechert analysis published on Mondaq August 17, 2026 documents how business...
Foreign LPs Are Now the Majority Check-Writers in Seed-Stage India Funds. Here Is the Data.
TL;DR: Aum Ventures closed the first tranche of its India Innovation Fund II at roughly ₹225 crore (about $23.6 million), and more than 65% of that money came from foreign limited partners in the US,...
The 2026 BDC Debt Issuance Wave: What Apollo, Kayne Anderson, and Blackstone's Deals Reveal About Private Credit Leverage
Apollo Debt Solutions BDC closed a $514.9 million CLO securitization on August 6, 2026 , and it's not an outlier. Kayne Anderson BDC (NYSE: KBDC) just booked $138.7 million in new Q2 private credit...
Meridiem Capital Rebuilds to $1.6B: What Hedge Fund Seeding Means After a Major LP Exit
TL;DR: Hedgeweek reported that Meridiem Capital has rebuilt its asset base to $1.6 billion after Schonfeld Strategic Advisors deepened its backing in 2026. The fund went from near-zero assets to $1.6
How Multi-Strategy Hedge Funds Seed External Managers: A Guide for Accredited Investors
TL;DR: Hedgeweek reported July 27 that Meridiem Capital rebuilt from near-zero to $1.6 billion in assets after Millennium Management withdrew its $1.5 billion seed investment. Schonfeld Strategic Advi
Private Credit Raised $16 Billion in Q2. Only Half of It Found a Home
Direct lending funds raised $16.25 billion in Q2 2026, up from just $1.3 billion in Q1, according to a Reuters report citing Preqin data . But the money isn't finding a home fast enough. That...
Three PE Funds Closed Oversubscribed This Week. Here's Who Actually Benefits
Three private equity firms announced oversubscribed, hard-capped fund closes within 48 hours of each other this week, according to Connect Money . I don't think that's a coincidence, and I don't...
TeraWulf's $19 Billion Anthropic Lease: What the Bitcoin-Miner-to-AI Pivot Really Signals
According to TeraWulf's 8-K filing , the Bitcoin miner signed a 20-year lease with Anthropic PBC worth roughly $19 billion, turning a coal-country power site in Hawesville, Kentucky into what will...
The Concentration Trap: How AI Mega-Rounds Turned 'Diversified' VC Into a Single Bet
Global venture capital hit a record $510 billion in the first half of 2026. OpenAI and Anthropic alone absorbed roughly 43% of it, about $217 billion between two companies, according to Crunchbase's...
Q2 2026 Venture Capital Recap: AI Took 81% of Deals — What Accredited Investors Should Do Now
Q2 2026 Venture Capital Recap: AI Took 81% of Deals — What Accredited Investors Should Do Now Q2 2026 Venture Capital Recap: AI Took 81% of Deals — What Accredited Investors Should Do Now By Jeff Barn
H1 2026 Private Markets Recap: What the Numbers Actually Say
$412 billion in H1 2025. VC deal value hit a record on the back of AI mega-rounds — OpenAI's $122 billion Series D alone represented 41% of Q1 global VC. Five mega-firms captured 73% of
Private Equity Returns in 2025-2026: What Cambridge Associates and Cliffwater Data Actually Show
PE Returns 2025-2026: What the Benchmark Data Shows The Cambridge Associates US PE Index returned 3.9% net in the first half of 2025, while private credit, tracked by the Cliffwater Direct Lending Ind
Liquid Alternatives: How to Get Hedge Fund Strategies Without the Lock-Up or the $5M Minimum
UCITS liquid alternatives pulled in €26.4 billion in net inflows in 2025 , proving the market has already decided that daily-liquidity hedge fund replication is a legitimate asset class. The only ques
UK PE Is Having a Record Exit Year. But Everyone Is Selling to Each Other.
UK private equity exits reached £20.9 billion ($28B) across 131 deals in the first four months of 2026, putting the market on track for a record year. According to PitchBook's analyst note, "UK Exit M
AI Ate 81% of Venture Capital in Q1 2026. Here's What That Means for Your Portfolio
TL;DR Global venture capital hit a record $297 billion in Q1 2026, per the PitchBook-NVCA Venture Monitor . AI companies captured $240 billion of that, or 81% of all capital deployed in a single qu...
Down Rounds in 2026: What the Data Says and How Investors Should React
According to PitchBook's analysis , nearly 30 percent of all US venture capital deals in 2024 were flat or down rounds — the highest rate in a decade — with AI mega-rounds masking a broad-based valuat