If Your Service Providers Feel Generic, Your Fund Does Too
If Your Service Providers Feel Generic, Your Fund Does Too Most emerging managers think their fund will be judged on thesis, track record, and deck quality. That's only half true. The other half is...
The First Diligence Call Is About Risk Containment, Not Upside
The First Diligence Call Is About Risk Containment, Not Upside Most managers walk into the first diligence call ready to sell the dream. That is usually the wrong sequence. Serious LPs are not...
Moonfare Review 2026: Is This Private Equity Access Platform Worth Its Minimums and Fees?
Moonfare has crossed €4 billion in assets under management as of mid-2026, and the number that actually matters for most readers of this newsletter is $75,000. That's the reduced US minimum for a...
KKR's Crowe Advisory Deal Is Part of Private Equity's Quiet Takeover of Accounting Firms
KKR just closed an equity investment in Crowe Advisory that Crowe announced on August 7 and that press reports peg near $3 billion, and it is not an isolated deal. More than 35% of the top 30 U.S....
What Is a Feeder Fund? How Wealth Platforms Package Institutional Private Equity for You
A feeder fund is a legal pass-through: it pools money from many smaller investors and drops it into a larger institutional "master fund" as one single limited partner commitment. Platforms like...
Canyon Partners Just Closed a $570 Million Opportunistic Real Estate Fund. Here's What That Signals
Canyon Partners Real Estate closed its Canyon US Real Estate Opportunity Fund (CREOF) at roughly $570 million on August 10, 2026, beating its $500 million target by about 14%, according to the...
Why the GP-Led Continuation Vehicle Boom Should Worry LPs, Not Reassure Them
Hamilton Lane just led a $270 million single-asset continuation vehicle so Cynosure Partners could keep its decade-old stake in Savant Wealth Management, a firm that's now roughly 25 times larger...
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
CD&R's Fund XIII Offshore Filing: What a SICAV-RAIF Feeder Actually Does
On August 5, 2026, an entity called CD R Fund XIII Private Investors Offshore SICAV-RAIF S.C.Sp. filed a Form D with the SEC under Investment Company Act Section 3(c)(7). It's the offshore feeder...
Fund Extensions and Harvest Periods: What Happens When a PE Fund Outlives Its 10-Year Term
A fund extension is a clause in a private equity fund's limited partnership agreement (LPA) that lets the general partner (GP) keep operating the fund past its stated 10-year term, usually in one-year
Stop Selling Access. Start Selling Repeatability.
A lot of emerging managers still pitch the market like it is 2017. They talk about relationships. They talk about network. They talk about proprietary access like that phrase still carries a full pitch on its own.
What Happens When an LP Can't Meet a Capital Call: The Remedies Ladder, Consequences, and What to Do Before You Miss
TL;DR: When you miss a capital call in a private equity fund, the general partner does not negotiate. It enforces. Your Limited Partnership Agreement (LPA) gives the GP a tiered toolkit: penalty inter
If You Can't Explain Exit Pathways, You Can't Explain Risk
Most managers know how to sell the upside. They can talk about market size, tailwinds, multiple expansion, revenue growth, operational improvement, and why the entry price was attractive. Fine. That i
Operational Value Is the New Alpha Story in Private Equity Fundraising
Private equity fundraising got tighter, not because capital disappeared, but because generic strategy decks stopped working. LPs still want exposure. They still want managers with judgment. What they
Adams Street Just Raised $5 Billion for Secondaries. Here's What That Tells You About Private Equity's Exit Problem
Adams Street Partners just closed its eighth flagship secondaries vehicle, Global Secondary Fund 8, at $2.7 billion, and with $2.3 billion in related separately managed accounts stacked on top, the...
The Secondaries Boom Has a Pricing Problem Nobody Is Talking About
Everyone in private equity is celebrating the secondaries market right now, and I think that celebration is premature. The headline numbers look great: Adams Street closed a fund north of $5 billion,...
Citation Capital's $1.2B Inaugural Fund: What First-Time Fund Managers Actually Get Right
Citation Capital closed its inaugural Fund I oversubscribed at $1.2 billion in investable capital — ranking in the top 10 largest inaugural buyout funds of the last decade and becoming the largest fem
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
Adams Street Raises $5B+ for Secondaries: Why the Secondary Market Is the Smart LP Play in 2026
Adams Street Partners raised over $5 billion for its latest Secondaries Investment Program, including a $2.7 billion close on Global Secondary Fund 8 — 50% larger than its prior program. The secondary
NAV Loans in Private Equity: How GPs Borrow Against Fund Portfolios to Pay LPs
By Jeff Barnes, MBA | Angel Investors Network | August 3, 2026