What's New Family offices are no longer passive fund investors but active deal partners appearing alongside sovereigns and pensions on major transactions, with secondaries emerging as the single most requested strategy across every geography from New York to Dubai to Tokyo. In a conversation on the Alt Goes Mainstream podcast , Sara Naison Tarajano, Partner and Global Head of Goldman Sachs Apex Family Office Coverage, revealed that corporates raising capital now treat the fam

The surplus of capital chasing private market deals is a mirage created by a temporary deal flow drought, not a structural imbalance. In a conversation at the Goldman Sachs Alternatives Summit on the Alt Goes Mainstream podcast, Jeff Fine, Global Co Head of Alternatives Capital Formation at Goldman Sachs Asset Management, argued that capital is consolidating rapidly among the top five to ten managers while mid market firms run on fumes from legacy fees.

The secondaries market has grown 100x from $2 billion in annual volume to over $200 billion, yet remains a tiny fraction of the multi trillion dollar private markets ecosystem it serves.

Only 40% of advisors discuss alts with clients while millennials already allocate 20% to the asset class.

Goldman's credit chief warns the cycle started three years ago and dispersion will finally separate disciplined platforms from the capital flood.

Goldman warns alt demand will outstrip origination supply in 3–5 years as retail, insurance, and institutional capital converge.

What's New The secondary markets have officially outgrown their "cottage industry" origins, with annual transaction volume surpassing $200B in 2025, up from just $9B during the 2008 financial crisis and roughly $1B a quarter century ago. In a wide ranging conversation on the Alt Goes Mainstream podcast , Lexington Partners' Taylor Robinson explained why four consecutive years of distribution slowdowns have transformed secondaries from a niche liquidity mechanism into essentia

What's New While most private equity firms chase thematic trends and rely on financial engineering, Brookfield has built a $12.5 billion PE franchise by running toward complexity and embedding operators directly into deal teams. In a recent Fund Shack  interview, David Nowak, President of Brookfield's Private Equity Group, explained how the firm's "pilot/co-pilot" model pairs investment professionals with career operators on every transaction, producing over 50% of returns fr

What's New Private capital's biggest trade group is abandoning defensive postures in favor of aggressive offense, reframing the industry not as Wall Street extraction but as Main Street job creation. In a recent Fund Shack  interview, Will Dunham, CEO of the American Investment Council, revealed how congressional education campaigns now lead with jobs data rather than returns, handing lawmakers lists of every PE backed company in their districts before asking for anything in

What's Happening Blackstone delivered its third quarter 2025 earnings amid its 40th anniversary celebration, with management declaring the long awaited "deal dam" is finally breaking as capital markets activity resurges and multiple secular growth engines accelerate simultaneously. The quarter demonstrated the firm's unique positioning at the intersection of cyclical recovery and structural transformation in alternatives, with private wealth, insurance, and institutional chan

ClearBridge Investments' 2026 infrastructure outlook highlights that listed infrastructure is benefiting from a convergence of structural tailwinds—AI driven power demand, decarbonization mandates, and aging network replacement—creating what the firm describes as unprecedented regulated earnings growth with visibility extending 7 to 10 years.

Recent bankruptcies like First Brands and Tricolor Food Group are likely "canaries in the coal mine" signaling broader underwriting problems across private credit markets. According to Morningstar's The Long View podcast, private market analyst Leyla Kunimoto argues that a decade of cheap money chasing deals has produced loosened covenants and compromised oversight, with stress now emerging as borrowers struggle under higher rates.

Private credit hits $3.5T but faces first stress test in 16 years as defaults rise and manager selectivity becomes critical.

BlackRock delivered record Q4 2025 results with EPS of $13.16 (beating estimates by 5.79%) and revenue of $7 billion (up 23% YoY), with private markets emerging as the central pillar of its forward strategy. The quarter marks the first full integration of GIP, HPS, and Preqin, positioning BlackRock as a top five alternatives platform with over $675 billion in client assets and a clear runway toward $400 billion in gross private markets fundraising by 2030.

What's New Blue Owl Capital has nearly doubled its assets under management from $160 billion to almost $300 billion since March 2024, with the wealth channel serving as a central driver of this expansion. In a recent Alt Goes Mainstream podcast interview , Sean Connor, President & CEO of Global Private Wealth at Blue Owl, revealed that the firm's evergreen fund flows have grown 2.5x over three years while simultaneously diversifying beyond direct lending into asset-based fina

What's New Bain & Company's Global Healthcare Private Equity Report 2026  reveals that global healthcare private equity delivered a record-breaking performance in 2025, with disclosed deal value exceeding an estimated $191 billion—surpassing the previous high set in 2021—while deal volume hit 445 buyouts, marking the second-highest annual total on record despite a second-quarter tariff-related pause. Why It Matters The record performance signals sustained investor confidenc

Private credit tops $1.7T globally, reshaping bank competition while supporting CRE valuations—but recession risks loom.

Secondaries, CRE debt, and infrastructure emerge as top picks as valuations reset and manager selection becomes critical.

What's New With Intelligence's Private Credit Outlook 2026  reveals that the asset class enters 2026 confronting its most challenging environment since the financial crisis, with cracks emerging in corporate credit evidenced by high-profile leveraged loan defaults, rising PIK usage now at 8% of BDC investment income, and a "true" default rate approaching 5% when selective defaults are included—setting the stage for over $100 billion in recently raised distressed and opportun

Private credit eyes LBO rebound as transparency demands intensify and mega-funds consolidate market share.