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.

Brookfield Asset Management (NYSE: BAM) reported record second quarter 2026 results featuring $1.494 billion in fee revenues and $808 million in fee related earnings, up 20% year over year. The headline fundraising number of $77 billion in a single quarter is staggering, but it obscures a compositional shift that matters more than the total: $45 billion of that capital, nearly 60%, flowed through Brookfield Wealth Solutions.

Blue Owl Capital Inc. (NYSE: OWL) reported second quarter 2026 results with GAAP revenue of $753.1 million, beating consensus estimates by roughly 10%. Fee related earnings grew 9% year over year to $392.2 million, while distributable earnings rose 9% to $351.2 million. The firm reached $319 billion in AUM, a five fold increase since its public listing five years ago, with $225 billion locked in permanent capital structures and $31.1 billion in AUM not yet paying fees represe

Ares Management Corporation (NYSE: ARES) reported second quarter 2026 results with fee related earnings up 20% year over year to $491 million, realized income up 31% to $522 million, and after tax realized income per share of $1.29, missing the $1.30 consensus by a single penny. The firm posted record quarterly fundraising of $36 billion in gross inflows across approximately 90 different funds and vehicles, deployed $36 billion across its platform despite a sluggish sponsor M

KKR reported record second quarter 2026 results with fee-related earnings per share up 34% year-over-year to $1.32, total operating earnings per share up 27% to $1.68, and adjusted net income per share up 38% to $1.63, beating the $1.43 consensus. The firm delivered its largest monetization quarter ever with $848 million of realized performance income and surpassed its three-year $300 billion fundraising target six months early.

The private credit market looks stable at index level, but underneath, dispersion between higher and lower quality borrowers is widening to levels that signal real stress ahead. Danielle Poli, Managing Director and Co-Portfolio Manager of Oaktree's Global Credit strategy, makes this case in a conversation on Alt Goes Mainstream.

The firms best positioned for private equity's next decade are those that chose returns over AUM growth and built the operational infrastructure to deliver on that choice. Andrew Sillitoe and Mitch Truwit, Co-CEOs of Apax, make this case in a conversation on Alt Goes Mainstream.

The next generation of trillion dollar wealth managers will reach scale through a multi-brand architecture that institutionalizes operations while preserving the advisor independence that makes the RIA model work.

The principles that turned Blackstone into Europe's largest commercial real estate owner over 15 years are now driving its private wealth business past $300 billion in AUM. Farhad Karim, Chief Operating Officer of Blackstone Private Wealth, argues this in a conversation on Alt Goes Mainstream. Karim, who previously served as Chairman and COO of Blackstone Europe, frames the wealth buildout as a repeat of the European real estate playbook: show up locally, deliver performance

The long-term value creation in AI will concentrate in the application layer, specifically in enterprise software companies that own workflow context, not in the semiconductor or cloud infrastructure layers that have absorbed most of the capital so far. Monti Saroya, Co-Head of Vista Equity Partners' flagship fund, argues this in a conversation on Alt Goes Mainstream. Saroya draws a direct parallel to the internet era: chips and cloud providers captured early returns, but the

BlackRock's integrated GIP-HPS platform is producing private markets deal flow that standalone firms cannot match, with $15B in Q2 inflows and $10B in insurance debt mandates.

Blackstone reported Q2 2026 results that on the surface read as another blowout quarter for the world's largest alternative asset manager: distributable earnings up 26% year over year to $2 billion, fee related earnings up 22%, and record assets under management of $1.35 trillion on nearly $70 billion of quarterly inflows. But the headline growth rates obscure the deeper transformation underway. Blackstone is rapidly evolving from a diversified alternatives platform into the

Private credit's real advantage over liquid markets is not yield, it's alignment, argues Oak Hill Advisors BDC chief Eric Muller in a new Alt Goes Mainstream interview recorded live from iCapital Connect in Phoenix. Because every lender enters a private deal at the same time on the same basis, restructurings move faster and recoveries run higher, free of the intercreditor fights and crossholder disputes that bleed value in public markets.

The line between public and private ownership, long treated as the starting gate for equity investors, has quietly become a checkpoint instead of a starting line. Morningstar's analysis of SpaceX's IPO shows why.

Access Is Now Table Stakes. The Manager's Edge in Private Wealth Runs Through Servicing and Firm DNA

What's New Michael Comparato, Senior Managing Director and Head of Real Estate at Benefit Street Partners, argues commercial real estate credit is structurally separable from direct lending because the asset class already absorbed its correction in a conversation with Michael Sidgmore on Alt Goes Mainstream. Multifamily values have fallen roughly 25 to 30 percent and office valuations 50 to 80 percent, leaving today's 65 to 70 LTV loans with a roughly 55 to 60 percent peak-to

Kunal Shah, Managing Director, Head of Private Asset Research and Model Portfolios at iCapital, argues that evergreen fund structures are a game changer for the wealth channel and the foundational piece enabling model portfolios

Semiliquid funds are nearing $600 billion in assets, but Q1 2026's $1.8 billion direct lending exodus was the category's first real liquidity test. The next phase of growth will be won on fee transparency, leverage and PIK quality, and 401(k) plumbing, not distribution.