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Macro shocks are a constant throughout time. The market impact is often dramatic in the short-term. Longer-term, outcomes vary depending on the level of optimism that was priced in when the shock hits. Coming into 2026, most asset markets were … Continue reading →

Private equity returned fewer profits to investors for a fourth straight year as the industry sat on $3.8 trillion of unsold assets and struggled to raise money for new funds. Distributions as a percentage of net asset value remained at … Continue reading →

From 2009 to 2022, alternative and private lenders multiplied as traditional banks tightened underwriting standards and yield-starved investors looked beyond conventional options. As usual, ‘easy money’ led to overconfident, under-analyzed allocation decisions across many asset classes at once. Real estate … Continue reading →