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

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.

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

In a recent interview on the Alt Goes Mainstream podcast, Oaktree co-CEO Armen Panossian outlined the firm's defensive positioning ahead of an expected uptick in private credit defaults, warning that the 2018-2021 vintage of leveraged buyouts represents the market's soft underbelly as weak credits face a "day of reckoning" in 2027—while simultaneously highlighting asset-backed finance as a multi-trillion dollar opportunity created by banking sector retreat.

Vista's $100B software factory bets AI is "food not threat"—building GenAI transformation capability to capture middle market opportunity.

The distinction between public and private markets—liquid vs. illiquid, transparent vs. opaque, accessible vs. exclusive—collapsed in 2025. Apollo's Scott Kleinman called it "irreversible." Goldman Sachs' Marc Nachmann described a "continuum" replacing the old binary. J.P. Morgan declared private markets "essential infrastructure." Infrastructure to trade private assets like public securities is now being built. Retail investors are gaining access to asset classes once reserv

ING built Europe's largest evergreen alternatives platform by treating private markets as "slow money" requiring human-centric design.

In a recent Alt Goes Mainstream The DNA podcast interview, Ken Wong—Partner and Head of Asia Pacific Infrastructure at EQT—makes the case that applying private equity operational playbooks to infrastructure assets in developed Asia generates equity-like returns in a market that remains dramatically underpenetrated relative to Western counterparts.

In a recent Alt Goes Mainstream's The DNA podcast series, Jean Salata—Chairperson of EQT Asia and founder of the former Baring Private Equity Asia—argues that Asian private markets offer superior risk-adjusted returns due to market inefficiency, underpenetration, and multi-decade growth tailwinds that developed markets can no longer match.

The Alternative Credit Council's "Private Credit in Asia 2.0" report forecasts Asia-Pacific private credit assets under management will grow from US$59 billion in 2024 to US$92 billion by 2027, representing a 16% compound annual growth rate that outpaces global averages.

As artificial intelligence reshapes the global economy, institutional investors face a critical question: how to capture the AI opportunity without betting on which software company will emerge victorious. Alexey Teplukhin, Managing Director at Blue Owl Capital, argues the answer lies in owning the physical infrastructure rather than picking winners—data centers representing the "airports of information" that every competitor must use.

Private credit is evolving far beyond direct lending into a $14 trillion opportunity as banks retreat from traditional lending activities, yet most wealth channel investors remain underexposed and undereducated about the asset class. Robert Stark, CEO of Nomura Capital Management and Head of Investment Management in the Americas for Nomura Group, recently discussed building a private credit business from scratch within the century-old Japanese financial institution.

PwC's Asset and Wealth Management Revolution 2025 report projects private markets will capture more than half of total industry revenues by 2030, cementing their position as the sector's most profitable engine. While alternative AUM is expected to reach $34 trillion with private markets specifically hitting $26.6 trillion, the report warns that rising competition will put growing pressure on the standout fees and margins that have defined the asset class.