The Sharpening Cycle

Discipline, Dry Powder, and the New Rules of Buyouts

Private Equity Exits Are Reawakening in Europe

After two years of drought, Europe’s private equity exit market is showing real signs of life.

America’s Fiscal Drift and the Quiet Threat to Dollar Supremacy

For half a century, American fiscal expansion could be rationalised as cyclical necessity, strategic competition, or temporary emergency. That argument is now harder to sustain.

$4.7B Exit. 91% Stable Portfolios. Europe Rotates to Quality.

Liquidity is showing up in U.S. power while portfolio stress remains surprisingly muted

How Institutions Juice IRR (Legally)

The mechanics of leverage, the barbell VC market, and the new playbook for liquidity while private.

Housing at the Core: Inflation Persistence, Asset Repricing, and the Political Economy of Institutional Ownership

Debt as a Liquidity Provider and IRR Booster in Private Markets

Permira’s £2.7bn Exit, 97% Direct Lending, and China’s $10B Health Play

NatWest acquires Evelyn Partners as private credit usage hits 97% and platform buyers turn defensive.

Platform Investing Is Getting Smaller, Sharper, and Slower

This week we asked a simple but revealing question. How has your firm’s platform entry strategy changed over the past 12 to 18 months.

$500B Evergreen Surge, Broken Liquidity, and the $150M Compliance Trap

Evergreen funds grow 26% annually and Add-ons dominate buyouts, while fundraising strength masks a cash flow crisis.

Monetary Policy at a Crossroads: Rates, Credibility, and the Fed’s Expanding Power

The Federal Reserve’s latest decision to leave the federal funds rate unchanged—within a target range of 3.5% to 3.75%—was widely anticipated.

Evergreen and Continuous Capital: The Evolution of Private Markets Structures

Private markets are undergoing a structural shift best understood not as cyclical product innovation, but as a fundamental change in how capital is deployed and maintained over time.