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The definitive source of private markets intelligence.
Low Loan-to-Values Shield Private Credit From the AI Selloff
Lenders to software companies are repaid in full if a third to 40% of entry value survives, because loan-to-values run near 30 to 40%. David Hirschmann of Permira Credit argues that AI threatens sponsors' exit multiples far more than lenders' recoveries.
13 hours ago2 min read
Endowments Are Taking AI Equity and Shunning AI Debt
Texas allocators want AI upside through equity and private infrastructure while pulling their diversifying capital out of loans that fund the buildout. TCU CIO Jason Safran argues that LPs should map how much AI credit risk hides in the parts of the portfolio meant to protect them.
13 hours ago2 min read
Portfolios Spread Across Regions Still Share the Same Shocks
Portfolios spread across regions can still depend on the same chips, energy, and policy. EQT argues that allocators should build portfolios around underlying dependencies such as energy source, technology position, and policy exposure.
Oct 252 min read
Private Credit's Q1 2026 Stress Stayed Inside Software Loans
Software loan bids fell nearly 7 points in Q1 2026 while the rest of private credit held. The American Investment Council argues the stress was sector-specific and the broader asset class kept functioning.
Oct 252 min read
Private Credit's Software Panic Will Look Overdone Within 2 Years
Private credit funds still earn roughly 9% returns while software fears drive redemptions. Blackstone's Stephen Schwarzman argues the selloff is an overreaction that will look overdone within 1 to 2 years.
Oct 252 min read
The AI Bet in Credit Is Bigger Than It Looks
AI-linked debt is about 6.3% of US investment grade by direct obligor, and far more once hyperscaler lease guarantees are counted. KKR's Christopher Sheldon and Tal Reback argue that concentration limits should be set on that lessee basis.
Oct 172 min read
Daily Prices on Private Credit Funds Rest on Stale Data
82% of private credit managers in a new ICI and PwC survey name delayed borrower financials as a main source of valuation lag, even as interval funds price daily. The survey of 39 firms finds daily NAVs rest on third-party pricing and market proxies between borrower reports.
Oct 172 min read
HPS's Kapnick: Private Credit's Next 30 Years Are Just Getting Started
What's New HPS Founding Partner and CEO Scott Kapnick used his Bloomberg Invest 2026 appearance to deliver a characteristically measured but emphatic message: private credit is not in a bubble, it is in the early innings of a structural multi decade expansion. Speaking days after HPS completed its integration into BlackRock, Kapnick framed the current moment of volatility not as a crisis signal but as the natural dispersion event that separates disciplined managers from oppo
Mar 43 min read
PE Dealmaking Roars Back After Three Year Slump
McKinsey's Global Private Markets Report 2026 reveals that private equity dealmaking returned with force in 2025, ending a prolonged downturn that had gripped the industry since 2022. Total PE deal value reached $2.6 trillion globally, up 19% over 2024, with buyout and growth transactions exceeding $500 million surging 44% to top $1 trillion. The year also produced the largest buyout in history: the $55 billion consortium takeover of Electronic Arts.
Feb 223 min read
AI and Mega-Funds Reshape Early-Stage Deals | PitchBook US Venture Capital Outlook
What's New PitchBook's 2026 US Venture Capital Outlook forecasts a counterintuitive surge in early-stage deal activity despite sluggish fundraising, driven by multistage firms deploying aggressive seed strategies and AI capturing an unprecedented 65% of total deal value. First-time financing activity through Q3 2025 was just 200 deals behind 2021's record pace, defying expectations for a liquidity-constrained market. Why It Matters The fundamental structure of venture dealm
Dec 31, 20252 min read
Private Markets Eclipse Public Listings | PitchBook EMEA Private Capital Outlook
PitchBook's 2026 EMEA Private Capital Outlook projects the ratio of PE-backed companies to public companies in Europe will hit a record 2.3x, up from 2.1x at end of 2025. Since 2014, PE-backed companies have doubled to roughly 13,800, while publicly listed firms have stagnated between 5,700 and 7,000 for two decades.
Dec 31, 20252 min read
The Great Competition Wars Have Begun | PitchBook AI Outlook
What's New PitchBook's 2026 Artificial Intelligence Outlook declares the start of "The Great Competition Wars," identifying sectors where AI will generate outsized returns and others where overheating will destroy value. Winners will pursue network effects, unique data moats, exceptional design, and creative distribution strategies—while undifferentiated startups face "disproportionate value destruction." Why It Matters We are in the early stages of a 50-year technological
Dec 31, 20252 min read
AI and Policy Reform Fuel Healthcare Renaissance | PitchBook Healthcare Outlook
What's New PitchBook's 2026 Healthcare Outlook calls this "one of the best investing opportunities we have seen in decades" across healthcare subsectors. AI is improving Phase I trial success rates from ~52% to ~80%, potentially more than doubling overall approval likelihood—with early-stage assets that have been "capital-deprived" offering the greatest return profiles. Why It Matters After pandemic-induced capital misallocation, healthcare is structurally de-risking. The r
Dec 31, 20252 min read
Vista's AI Playbook: Building the Software Transformation Factory
Vista's $100B software factory bets AI is "food not threat"—building GenAI transformation capability to capture middle market opportunity.
Dec 31, 20253 min read
2025 Private Markets & AI Year in Review: A $7 Trillion Opportunity Meets Its First Constraints
AI reshaped private markets in 2025—both as an investment thesis and an operating reality. The industry poured hundreds of billions into data center infrastructure while simultaneously racing to deploy AI tools across deal sourcing, due diligence, and portfolio operations. But the year also revealed that capital isn't the constraint—power is.
Dec 28, 202510 min read
2025 Private Credit Year in Review: A $2 Trillion Asset Class Faces Its First Real Test
Private credit crossed $2 trillion in AUM in 2025, cementing its status as the dominant force in alternative investments. But the year also brought the asset class's first real stress test since the 2008 financial crisis—exposing cracks that had been papered over during 16 years of benign conditions.
Dec 28, 20254 min read
2025 Private Markets Year in Review: A $13 Trillion Industry at an Inflection Point
Private markets emerged from a three-year fog in 2025—but into an environment of radical transformation rather than simple recovery. Global buyout dealmaking hit $2 trillion (+14% YoY), the third-most-active year on record. For the first time since 2015, distributions to LPs finally exceeded capital contributions. Yet underneath these headline numbers, the industry confronted existential questions about its business model, investor base, and relationship with regulators.
Dec 28, 20256 min read
AI Demand Set to Quadruple Data Center Power by 2040 | Apollo Infrastructure Outlook
According to Olivia Wassenaar, Partner and Head of Sustainability & Infrastructure at Apollo Global Management, the AI revolution is driving an unprecedented surge in power demand that traditional generation cannot match, creating what the firm's 2026 Infrastructure Outlook calls one of the most attractive opportunity sets in private markets as data centers' share of US electricity consumption is expected to double by 2030 and quadruple over the following decade.
Dec 24, 20252 min read
AI Capex Boom Reshapes Credit Into Buyer's Market | Apollo Credit Outlook
What's New John Cortese, Partner and Co-Head of Corporate Credit at Apollo Global Management, argues in the firm's 2026 Credit Outlook that the technical backdrop defining credit markets has fundamentally shifted, as $1.5 trillion in announced hyperscaler capex and reviving M&A activity are flooding markets with new issuance—transforming what was a seller's market into one that rewards disciplined buyers with the broadest opportunity set in a decade. Why It Matters The conv
Dec 24, 20252 min read
Stagflation Looms as AI Becomes US Economy's Lifeline | Apollo Macro Outlook
Apollo Global Management's 2026 macroeconomic outlook from Chief Economist Torsten Slok warns that the US economy faces a near-term stagflationary environment—with growth softening due to trade frictions and tariffs while inflation remains stuck near 3%—before an AI-fueled reacceleration takes hold, creating a complex backdrop that Slok compares to the 1970s and requires investors to position for higher-for-longer interest rates.
Dec 23, 20252 min read
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