The Financial Stability Board's report on vulnerabilities in private credit, unpacked in EY's latest analysis, marks a shift from watching the market to testing it. Regulators have stopped asking whether private credit should keep growing. They are now asking whether firms can prove how it is valued, funded, and sold. The growth figures are the easy part of the story. The harder part is that a $2.3 trillion asset class has never run through a full credit cycle, and the data n

PitchBook's Q2 2026 Global Private Market Fundraising Report shows global private capital fundraising heading for a fifth straight annual decline. Managers raised $658.1 billion across 1,499 funds in the first half, and trailing 12 month capital is down 12.7% while fund count is down 37%. The gap between those two figures is the real story. Capital is not leaving the asset class so much as consolidating into fewer, larger vehicles run by established managers. Private debt is

The most important number in Moody's Analytics' mid year US credit risk outlook for 2026 to 2027 is not the falling default rate. It is the gap between public BDCs and the Baa rated corporates they are built to resemble, which widened to the largest on record in the second quarter

Canada barely borrows private credit, and it owns a great deal of it. Non bank lenders supply about 15% of the external funding of Canadian businesses, a share that has not moved in a decade, while Canadian institutions have quietly built roughly $500 billion of exposure to the asset class abroad.

Private equity's core promise held for roughly three decades and then broke. Steven Kaplan of the University of Chicago Booth School of Business, whose analysis of US buyout funds anchors a report on Bloomberg Television, finds outperformance against public markets running from the 1990s through 2018 and reversing from 2019. Two forces did it. Big tech pushed public market returns higher, and the prices paid during the boom made positions harder to exit. The result sits in in

Space companies raised more in six months than in all of last year, and the money went to production capacity rather than to technical novelty. First half investment reached $11.3 billion across 244 deals, above the $10.1 billion invested across 433 deals in 2025, according to PitchBook's 2026 Vertical Snapshot: Space Tech, published August 25 under the subtitle Capital moves to the factory floor.

European founders are raising larger rounds at lower prices, and their American counterparts are doing precisely the reverse. Median European deal value rose 25% year on year to EUR 2.5 million while the median European pre money valuation fell 5.4% to EUR 7.5 million, against US deal sizes down 13.5% and US valuations up 45%, according to PitchBook's Q2 2026 European VC Valuations Report, published August 20. That divergence repeats inside Europe itself. Pre seed and seed va

Fewer foodtech companies are raising money than at any point on record, and the ones that clear are commanding more. First half investment reached $3.6 billion across 359 deals, a pace that annualises to roughly $7.2 billion and would land 15.3% below last year's $8.5 billion, per PitchBook's H1 2026 Foodtech Report, published August 27. The correction that began three years ago has still not found a floor.

Strip out three transactions and mobility tech is shrinking, not growing. First half deal value came in at $32.1 billion, a 23% increase over the same period last year, but $16 billion of that arrived in a single Waymo round on February 2, with Saronic and Shield AI supplying most of the rest, according to PitchBook's H1 2026 Mobility Tech Report, published August 25. Deal count fell over the same period, to 218 from 250.

Private markets have never been larger and have rarely returned less cash. Global alternative assets under management reached $21.6 trillion, roughly four times the 2010 level, while the US distribution rate for private equity sits at 14% of beginning net asset value against a long run average of 24%, according to J.P. Morgan Asset Management's Guide to Alternatives for 3Q 2026.

Defence deal count nearly quintupled in a year while deal value did not come close to keeping up, which means sponsors are buying many more companies and paying far less for each.

Most of the companies funded at the peak of APAC's venture boom are still alive, and that turns out to be the least informative fact about them.

The economics of owning a company beat the economics of managing a fund, because ownership keeps 100% of the profit and never has to be re-raised. Henry Kravis, Co-Founder and Co-Executive Chairman of KKR, makes the case in a fireside chat at Columbia Business School.

Roughly 90 to 95% of the capital in a Blackstone data center goes into the ground only after one of the largest technology companies in the world has signed a 15-year lease. Jon Gray, President and Chief Operating Officer at Blackstone, describes the mechanic in an interview on The CEO Signal.

The operational improvement now required to generate private equity returns is most accessible in corporate carveouts, because the businesses have been systematically underinvested and the opportunities are identifiable to a buyer who has done it repeatedly.

The alternatives industry will follow the path of the mutual fund business, where beta gets established and the subsequent competition runs on specialisation and focus. Paul Desmarais III, Co Founder, Chairman and CEO of Sagard, argues this in a conversation on Alt Goes Mainstream.

The composition of the limited partner base inside an evergreen vehicle is turning into an item investors diligence directly, because the behaviour of other holders determines whether liquidity terms hold under stress. Kyle Kniffen, Managing Director and Global Head of Alternatives, Third Party Wealth at Goldman Sachs, argues this in a conversation on Alt Goes Mainstream.

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.