Insights

A semi-liquid wrapper does not make an illiquid asset liquid. It reschedules the illiquidity. Europe spent 2026 building the case for that sentence — rolling ELTIF 2.0 evergreen funds into wealth portfolios at the same moment the US ...

A manager triples assets in three years and every IC memo calls it validation. Bigger book, more institutional interest, stronger franchise. Almost nobody in the room asks the only question that actually matters: at what size does this ...

It's the first week of July, and the book is still working through the sharpest momentum unwind since 2023 — two weeks of losses that gave back roughly a quarter of the year's gains, per Goldman's prime brokerage desk. It's the fifth time ...

Someone says "mortgages," someone else says "negative convexity," and the room moves on as if the strategy has been defined. It has not. A prepayment-risk strategy is not simply a rates trade with mortgage jargon around it. It is a trade ...

The hedge fund industry's financing is now concentrated in four prime brokers at leverage multiples not seen since the pre-GFC era. That is the unavoidable conclusion from S&P Global's latest report, published this week: BNP Paribas, ...

Semi-liquid private credit vehicles promised investors the yield of private lending with the flexibility of periodic redemptions — and the first quarter of 2026 demonstrated, with uncomfortable clarity, that this promise has structural ...

Locking up capital used to be enough to earn a spread. That shortcut no longer works. The premium has not vanished. But it has become thinner, less reliable, and much less uniform than allocators often assume. In some areas, too much ...

The drawdown that rattled markets in March — triggered by a sharp escalation in Middle East tensions and rapid repositioning in energy and rates — did something useful. It separated two structures that are routinely grouped under the same ...

Two investors can subscribe to the same hedge fund, on the same headline terms, and still end up paying different effective performance fees. That is not a legal curiosity. It is a portfolio issue — and it deserves more attention than most ...