Private credit is in an ordinary cycle that ends in consolidation. Managers with diversified funding will take share from those who cannot raise it. David Golub, Co-CEO at Golub Capital, argues this in a podcast interview on Alt Goes Mainstream. Four years of falling base rates, tighter spreads, and a normal credit cycle have cut returns and widened dispersion. Firms that lose access to capital will shrink, and the survivors get better spreads and terms. Allocators should und

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

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.

Stonepeak has grown from $10B to $76B in AUM by investing in infrastructure assets most people interact with daily but never think to invest in, from data center connectivity hubs to power generation to transport networks.

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

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.

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.