The Exit Is Now a Structure
Secondaries volume hit a record $120 billion in the first half. Continuation vehicles have stopped being a workaround and become the exit market itself. The buy side is running short of capital to absorb them. Global secondary market volume exceeded $120 billion in the first six months of 2026, a 20 percent increase on the […]
Private Credit’s Split Screen
Fitch puts the default rate at a record 6 percent. Institutional commitments are running 53 percent ahead of last year. Both numbers are accurate, and the distance between them is the story. Two data sets landed inside the same week in August, and they point in opposite directions. Fitch Ratings reported that the private credit […]
Analyst revisions acrosThe GPU Becomes Collateral
Nvidia has recruited six of the largest alternative managers to underwrite its own customers. The reclassification at the centre of the deal is the part allocators should be underwriting. Nvidia announced on Monday 10 August that it had signed memorandums of understanding with Apollo Global Management, BlackRock, Blackstone, Brookfield Asset Management, Goldman Sachs and KKR […]