Private equity faces its worst crisis in decades as fundraising collapses and exit strategies fail. Over 18,000 funds chase $3.3 trillion while returns plummet from 13.5% to 0.8%. Firms explore retail democratization and continuation funds as traditional models break down across global markets.Retry

The private credit market has evolved into a $1.7 trillion asset class that Ben Radinsky warns is increasingly becoming "beta" - essentially market performance rather than alpha generation. As traditional direct lending grows more competitive with deteriorating terms, the real opportunities lie in what he calls "beautifully inefficient" markets where capital has fled due to regulatory changes or misunderstood complexity.

According to a comprehensive report by Richard Timbs and Nigel Williams for the Australian Securities and Investments Commission, Australia's rapidly growing $200 billion private credit market exhibits significant operational deficiencies, particularly in real estate-focused funds targeting retail investors. The report reveals widespread conflicts of interest, opaque fee structures, and inconsistent valuation practices that potentially disadvantage investors while benefiting

According to Hamilton Lane's latest market outlook, private credit investors remain positioned for sustained higher yields as interest rates stay elevated for longer than previously expected, dispelling concerns that the asset class's golden age may be ending. The firm's analysis reveals a significant supply-demand imbalance with a $2 trillion funding gap through 2028, supporting continued strong performance despite recent market volatility.

Must Know: Private Credit Surges as Traditional Asset Managers Struggle to Keep Pace Bottom Line:  Private credit firms are rapidly...

Private equity firms sold $41bn of companies back to themselves in H1 2025 as exit routes stay blocked. With $3tn in stranded assets and rising "zombie fund" predictions, firms turn to continuation vehicles while pension funds retreat from private credit amid quality concerns and regulatory scrutiny intensifies globally.

Apollo Global Management identifies a massive shift underway in fixed income markets, predicting that private credit will expand from $1.5 trillion to $40 trillion by decade's end as institutional investors seek yield beyond traditional public markets.

Private credit secondaries explode to $18B as liquidity crunch hits funds. Goldman invests $1B in T. Rowe for retail push. Major deals: $38B Oracle data centers, $20B Carlyle secondaries fund. Asia education boom driven by Apollo/KKR. Industry consolidation expected as 96% of managers anticipate M&A within 5 years amid regulatory pressures.Retry

Private credit's $3 trillion market faces first major test as discipline separates winners from losers in maturing cycle.

Wealthy Americans drove record $48B into private credit in H1 2025, offsetting institutional pullback. Major deals included Thoma Bravo's $2.7B Verint financing & Apollo's $3.5B Aspen exit. TPG faced healthcare scrutiny while regulators tightened oversight globally. Venture debt hit $53B record as firms target mature companies amid prolonged private periods.

Asset managers acquire $1T in insurance products, transforming from episodic fundraising to permanent capital with lower valuations.

What's New According to PitchBook's Q2 2025 US Public PE and GP Deal Roundup , major private equity firms deployed $21 billion in...

Private equity faces historic crisis: 30,000+ portfolio companies need 8 years to exit at current pace. Despite $29B Meta deal & $10B Warburg returns, PE stocks trail S&P 500 as LP pressure mounts. Exit drought drives "private for longer" revolution via continuation vehicles. Critics warn retail 401(k) access inappropriate amid inventory bottleneck.

Morningstar CEO Kunal Kapoor, speaking at the 2025 Morningstar Investment Conference in Chicago, outlined how his firm is responding to this fundamental shift by extending its analytical framework to cover private investments.

Alaska's $85B fund CIO warns private market premiums have vanished as valuations soar beyond historical norms.

Private markets face transparency scrutiny as Partners Group obscures $16B fund data with incomprehensible disclosures. Payment deferrals hit 11.4% while firms raise $9B+ across midlife co-investments, software deals & carve-outs. New student loan limits create private credit opportunities as industry navigates valuation concerns amid growth.

Private markets face historic transformation as traditional institutional fundraising hits multi-year lows while Trump's executive order opens $12.2 trillion retirement market. Major firms like Apollo, Carlyle pivot to retail channels and evergreen funds as geographic shifts accelerate from UK tax exodus to Asia expansion.RetryClaude can make mistakes. Please double-check responses.

TPG delivered outstanding Q2 2025 results with after-tax distributable earnings of $268 million ($0.69 per share), up 26% year-over-year, driven by record-breaking fundraising of $11.3 billion—the second highest quarter in company history.

Apollo Global Management delivered blockbuster Q2 2025 results with record $627 million in fee-related earnings (22% YoY growth), driven by unprecedented $81 billion in originations and $61 billion in inflows. The alternative asset manager demonstrated the full power of its origination-to-deployment flywheel, achieving record AUM of $840 billion while maintaining robust 350bp spreads over treasuries despite market compression, positioning for accelerated growth.

According to S&P Global Market Intelligence's 2025 US Insurance Investments Market Report, life insurers accelerated their shift toward alternative investments in 2024, with other long-term invested assets and mortgage loans each gaining portfolio share for the fourth consecutive year.