The determinants of success in an evergreen fund sit in cash flow planning, valuation rigour and the connection between the investment team and the sales organisation, with deal quality contributing less than portfolio construction. Mike Trihy, Head of Portfolio Management for the Venture Growth Evergreen strategy at Wellington Management, argues this in a conversation on Alt Goes Mainstream.

Minority stake investments in middle market managers produce alignment when the proceeds fund the general partner's own commitments rather than cashing out the founders, and the data on post sale performance supports the distinction. Anthony Maniscalco, Managing Partner and Business Head of Investcorp Strategic Capital Group, argues this in a conversation on Alt Goes Mainstream.

In a perpetual secondaries fund, discount is only captured at the moment of execution, so a strategy built on deeply discounted assets becomes dependent on subscription pace holding up. Jake Elmhirst, Partner and Head of Private Wealth Secondaries Solutions at Coller Capital, argues this in a conversation on Alt Goes Mainstream. When flows slow or turn negative, acquisition pace slows and discount capture slows with it, which makes returns dependent on fundraising conditions.

Capital that never has to be returned is what secures allocations from oversubscribed managers, and its second use is the discipline to hold a private markets weighting flat when a theme gets crowded. Maggie Fanari, CEO of J. Rothschild Capital Management, investment manager for RIT Capital Partners, argues this in a conversation on Alt Goes Mainstream.

A fund wrapper that forces a manager to invest differently than it has for decades should be rejected, even when the commercial case for it is strong. Dave Donahoo, Head of Private Markets for Americas Wealth Management at Franklin Templeton, argues this in a conversation on Alt Goes Mainstream.

When a life insurer fails, the losses do not stop at the insurer, and in most of the country they do not stop at the insurance industry either. A Capitol Forum conference call with Andrew Granato of the University of Texas School of Law and Pranjal Drall of Yale lays out the mechanics behind their 60 page paper on how private equity ownership of life insurers converts private investment risk into a public liability.

Under current United States capital rules, a bank that lends to a private credit fund can hold materially less capital than the same bank lending directly to that fund's borrower. A White & Case alert on the migration of corporate lending from banks to private credit traces how this inversion arose and why the regulatory fix now in front of the agencies may not close it.

Nick Nemeth of Mispriced Assets argues in a conversation with Jack Farley on Monetary Matters that the standard defense of private credit, that the banks are not holding the paper, is technically true and analytically useless. Roughly a trillion dollars of private credit has migrated onto insurance balance sheets totaling about ten trillion dollars, an asset base he sizes at roughly 150 percent of the Federal Reserve's. The comparison he reaches for is not 2008 but 1929, on t

PitchBook and Morningstar's Q2 2026 US Evergreen Fund Landscape names redemptions as the defining event of the quarter, and the reported total of $607.2 billion in US evergreen fund assets looks like continued expansion only if you ignore how that number was assembled. The prior quarter's 2025 figure of $534.6 billion has been restated to $590.8 billion, a $56.2 billion upward revision driven by newly captured non 40 Act funds, delayed reporting catching up, and expanded cove

PitchBook's Q2 2026 Healthcare Services Report shows healthcare services deal count down 18.5% year over year in the second quarter, with weakness spreading across three of the four segments the firm tracks. The headline decline understates what actually happened. Deal value across the first half fell only 7.3%, which means fewer but larger transactions carried the period, anchored by KKR's $3.4 billion IPO of Global Medical Response and Knox Lane's $416 million take private

Lazard's interim 2026 secondary market report puts first half volume at roughly $124 billion, up 28 percent year over year and a first half record, with trailing twelve month volume through June reaching $260 billion, double the 2021 level. The headline reads as uniform expansion. The composition does not. GP led and LP led activity split almost evenly at 49 and 51 percent, new deal launches moderated in the middle of the first half as software valuations softened, and roughl

Schroders Capital's Private Markets Investment Outlook for Q3 2026, subtitled Recovery Redefined, argues that the recovery arriving in private markets is not the one most portfolios were positioned for.

The CFA Institute's Private Credit: Market Structure, Fund Design, and Retail Access sizes global private credit at $2.6 trillion and makes an argument the industry has largely avoided stating plainly.

Evercore's H1 2026 Secondary Market Review records $121 billion of first half volume, up 19 percent year on year and on track for a full year in the $250 billion to $260 billion range.

Rede Partners' Private Credit Market Intelligence Report 2026, built on responses from 50 institutional LPs surveyed between February and May 2026, shows an asset class that keeps growing while its own investors grow more sceptical of its core product.

A new analysis of 168 business development companies by Federal Reserve Bank of Boston economists finds that the share of BDC loans on payment in kind rose from roughly 6 percent in early 2022 to about 10 percent by the first quarter of 2026, while lending spreads moved the other way and compressed by close to a full percentage point. The headline PIK number understates the story because the increase is not concentrated in a handful of distressed sectors. It appears across ne

Gurjit Jagpal, Brian Ruane and Carolyn Weinberg of BNY argue that private markets have reached a structural inflection point where the binding constraint is no longer capital formation but the operational machinery underneath it, in a paper published August 6 titled A New Architecture: Accelerating Private Market Growth. Their case is that AUM has expanded while the systems supporting it have not, leaving asset servicing, cash movement, collateral pledging and ownership recor

Carlyle Group's Q2 results tell two stories. The surface narrative is a clean earnings beat, with distributable earnings of $472 million and record fee related earnings comfortably clearing consensus.

TPG reported second quarter 2026 results that beat consensus estimates and sent shares up 5.5%, with fee related earnings surging 43% year over year to $315 million on $628 million of fee related revenue.

Apollo Global Management (NYSE: APO) delivered record Q2 2026 results across both Asset Management and Retirement Services, though adjusted earnings per share of $2.11 came in below the Street's $2.18 consensus, masking what was structurally a breakout quarter.