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The definitive source of private markets intelligence.
Private Credit SemiLiquid Funds May Be Quietly Understating Their Fees
Morningstar's The Many Problems of Incentive Fees in Semiliquid Funds reveals that two-thirds of unlisted business development companies omit incentive fees from their prospectuses entirely, exploiting regulatory gray areas to appear cheaper than they are while collecting those same fees with near certainty.
Mar 63 min read
Apollo and State Street: The Private Credit Panic Is Missing the Point
State Street Investment Management President & CEO Yie-Hsin Hung and Apollo Asset Management Co-President John Zito took the Bloomberg Invest 2026 stage to make the case that bringing private credit to retail investors is not a product gimmick but a structural inevitability.
Mar 45 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
Private Credit's Reckoning Has Arrived, Apollo CEO Warns
Apollo Global Management CEO Marc Rowan used his Bloomberg Invest appearance to deliver a blunt message: the $1.8 trillion private credit industry is entering a prolonged shakeout driven by software sector defaults, BDC redemptions, and a string of high profile blowups. Apollo's own shares have fallen 30% year to date as investor anxiety intensifies over whether the industry's rapid growth outpaced its underwriting discipline.
Mar 33 min read
Private Credit's Great Convergence Is Here
The recently published PRISM Private Credit Primer maps a market that has grown tenfold since 2008 into a $3.5 trillion asset class, with projections pointing toward $4 to 5 trillion by 2030. The old walls between public and private credit are coming down fast.
Feb 172 min read
LPs Are All In on Private Credit and Demanding DPI
The latest Coller Capital Global Private Capital Barometer surveyed 108 institutional investors managing $1.97 trillion collectively. The message is clear: show me the money.
Feb 152 min read
Private Markets Enter a 'Believer's Market' Era
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.
Feb 155 min read
Not All Capital Is Created Equal in Private Credit
Goldman's credit chief warns the cycle started three years ago and dispersion will finally separate disciplined platforms from the capital flood.
Feb 154 min read
Blackstone Declares 'Deal Dam Breaking' as Record $1.24 Trillion AUM Caps 40th Anniversary Quarter
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
Jan 315 min read
Private Credit's Hidden Stress Signals Demand Investor Scrutiny
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.
Jan 292 min read
Private Credit Hits $3.5T as Sector Faces First Real Stress Test
Private credit hits $3.5T but faces first stress test in 16 years as defaults rise and manager selectivity becomes critical.
Jan 253 min read
BlackRock Bets Big on Private Markets with $400 Billion Fundraising Target as Alternatives Become Core Growth Engine
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.
Jan 173 min read
Blue Owl's Path to $300B: Wealth Channel Drives Alt Manager's Growth
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
Jan 102 min read
Private Credit Reshapes Banking as Market Tops $1.7 Trillion | S&P Global Outlook
Private credit tops $1.7T globally, reshaping bank competition while supporting CRE valuations—but recession risks loom.
Jan 82 min read
Secondaries and CRE Debt Lead Private Markets in 2026 | Franklin Templeton Outlook
Secondaries, CRE debt, and infrastructure emerge as top picks as valuations reset and manager selection becomes critical.
Jan 72 min read
Private Credit Faces Biggest Test Since 2008 Crisis
What's New With Intelligence's Private Credit Outlook 2026 reveals that the asset class enters 2026 confronting its most challenging environment since the financial crisis, with cracks emerging in corporate credit evidenced by high-profile leveraged loan defaults, rising PIK usage now at 8% of BDC investment income, and a "true" default rate approaching 5% when selective defaults are included—setting the stage for over $100 billion in recently raised distressed and opportun
Jan 72 min read
Private Credit Eyes LBO Rebound Amid Transparency Demands
Private credit eyes LBO rebound as transparency demands intensify and mega-funds consolidate market share.
Jan 22 min read
Private Markets Eye Resilient Growth Through 2030 | Preqin Outlook
Preqin's Global Reports 2026 forecasts private markets entering the new year with cautious optimism and resilient long-term growth prospects across all major asset classes. The research firm projects private equity AUM approaching $12 trillion and private credit reaching $4.5 trillion by 2030, while infrastructure is set to nearly triple toward $3 trillion—with Europe leading that growth trajectory despite near-term deployment challenges and elevated interest rates constraini
Jan 22 min read
Private Markets Surge as Investors Seek Diversification | HSBC Outlook
Private capital hits $22T as investors flee broken stock-bond correlation; Q3 2025 PE deals reach highest since Q4 2021.
Jan 22 min read
Private Markets Break Into Mainstream Investing | Morningstar Outlook
Morningstar's 2026 Global Outlook Report identifies private markets as the next frontier in portfolio construction, with semiliquid fund assets reaching nearly $450 billion through June 2025—up 77% since 2022—as new vehicle structures and regulatory support make private equity, credit, and real assets accessible to individual investors and retirement plans for the first time at scale.
Dec 31, 20252 min read
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