Capital and demand are plentiful in the AI buildout, and the ability to deliver projects is the scarce input. Brookfield Asset Management CEO Connor Teskey argues that large power buyers now favor a few scale operators who can secure land, grid access, and power.

Private credit BDCs hold $15.4 billion of loans maturing by June 2027, marked at 87% of par. PRISM Private Markets data shows 111 of the 598 borrowers already held below 80% of cost.

High-severity PIK flips at private credit BDCs fell to 47 borrowers in Q2 2026, from 100 at year-end 2025. PRISM Private Markets data shows reversions to cash pay outnumbering new flips for two straight quarters.

Software borrowers led all sectors in cash-to-PIK switches at private credit BDCs in Q2, with 28 names flipping. PRISM Private Markets data shows Exabeam and Diligent moving to PIK at several lenders at once ahead of Q3 filings.

Ares raised $31.0 billion in the quarter, more than half outside its Credit Group, even as credit deployment fell 33%. Michael Arougheti and Jarrod Phillips of Ares argue that several scaled businesses now carry the firm's growth rather than any single strategy.

Blue Owl's Real Assets AUM rose 27% to $94.9 billion while Credit fee-paying AUM held flat at $97.0 billion. Blue Owl Capital's latest earnings show its growth now runs through net lease, real estate credit and digital infrastructure rather than direct lending.

Blackstone's inflows topped $270 billion over twelve months, the highest in four years, as base management fees hit a record $2.0 billion. Steve Schwarzman and Jon Gray of Blackstone argue that higher rates and scarce capital are thinning the field in AI infrastructure, leaving the firm's scale as its edge.

TPG's fee-related earnings rose 43% to $321 million while realized performance allocations fell to $7 million. Jon Winkelried and Axel André of TPG argue that a broader fundraising base and rising management fees now drive the firm's growth without waiting on exits.

Private credit in the wealth channel is entering the correction hedge funds went through in the early 2000s. Shawn Lytle of Nomura Asset Management International argues that vehicle fit and diversification will decide the next phase.

Portfolios spread across regions can still depend on the same chips, energy, and policy. EQT argues that allocators should build portfolios around underlying dependencies such as energy source, technology position, and policy exposure.

Closed-end fundraising remains roughly half a trillion dollars below its peak, while evergreen, retail, and balance-sheet capital keep growing. McKinsey's Asset management 2026 report shows private markets demand moving into wrappers the old fundraising totals miss.

Software loan bids fell nearly 7 points in Q1 2026 while the rest of private credit held. The American Investment Council argues the stress was sector-specific and the broader asset class kept functioning.

Mega buyout funds post the lowest average returns in the buyout market and the tightest range of outcomes. Dawson Partners argues that for GP financing providers, consistency and franchise staying power count for more than headline IRR.

A shift in stock-bond correlation alone can raise a 60/40 portfolio's volatility by nearly 25%. Apollo's Christopher Lvoff and Lucy Xin argue that bonds and concentrated private equity both diversify less than investors assume, and make the case for hybrid capital.

Private credit funds still earn roughly 9% returns while software fears drive redemptions. Blackstone's Stephen Schwarzman argues the selloff is an overreaction that will look overdone within 1 to 2 years.

Blackstone works for all 6 hyperscalers through the world's largest data center business. Stephen Schwarzman argues that controlling private companies gives investors an earlier read on economic shifts than public data.

Evergreen structures call 100% of capital upfront, which pushes buyout managers to deploy on schedule. Bryn Gostin of Apollo argues that opportunistic buyouts belong in drawdown funds, with evergreens better suited to private credit and diversified secondaries.

Conflicts controls at many UK private market firms have not kept pace with the growth and complexity of their business models. The FCA's multi-firm review finds the weakest practice in continuation deals, gifts and entertainment, and information barriers.

Daily marks give a usable price for private credit that trades and a weak one for loans that don't. Monroe Capital's Ted Koenig and Fortress's Drew McKnight argue that Apollo's daily valuations say little about loans that rarely trade.

Blackstone's data center investments reached $200 billion as of July, and more of that AI exposure now reaches individual investors. President Jon Gray calls AI the most important work at the firm, while exits for assets that size remain unproven.