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.

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.

Marc Nachmann, global head of asset and wealth management at Goldman Sachs, sat down with CNBC's Leslie Picker at the firm's alternatives conference in New York to discuss how Goldman quietly built a $542 billion alternatives powerhouse over three decades—and why the coming credit cycle will create clear winners and losers in an asset class that has grown explosively during a period of relative calm.

Dominick Carlino, PGIM's Global Head of Alternative Investments, articulates how the convergence of insurance, asset management, and wealth distribution creates competitive advantages in an increasingly crowded marketplace where over 300 evergreen funds compete for shelf space and firms race to build or acquire private markets capabilities.

Steve Pagliuca, senior advisor at Bain Capital Private Equity and veteran of the largest leveraged buyout in history before the recent Electronic Arts deal, spoke with Bloomberg's Jonathan Ferro and Annmarie Hordern about why he dismisses concerns about private credit while warning that the national debt trajectory represents an existential fiscal challenge.

Henry Ward, CEO and co-founder of Carta, a technology company managing cap tables and equity for over 50,000 private companies representing trillions in institutional capital, spoke with Bloomberg's Barry Ritholtz about the structural transformation underway in private markets. Ward argues that congressional efforts to push companies toward public listings miss the point entirely—the future lies in creating safe retail access to private capital.

Private credit continues its explosive growth trajectory, but the industry now faces a critical inflection point around competitive positioning and return sustainability. Ken Kencel, President and CEO of Churchill Asset Management, a $57 billion private capital affiliate of Nuveen, offers a contrarian perspective on Bloomberg Talks.

Japan's private credit market is poised for explosive growth as the country experiences its busiest M&A year in three decades, with deal values doubling to $300 billion in 2025 and creating unprecedented demand for sophisticated financing structures that traditional banks cannot provide. Mark Glengarry, Senior Managing Director and Head of Asia-Pacific Private Credit Strategies at Blackstone, joined Bloomberg's Global Credit Forum in Tokyo.

Individual investors control approximately 50% of global wealth, yet their allocation to private assets remains minimal compared to institutions—creating what Kristen Olsen describes as "the great white space" in private markets. As Global Head of Alternatives for Wealth at Goldman Sachs, Olsen has spent 25 years navigating this frontier, witnessing what she calls an inflection point in recent years driven by unprecedented product innovation.