Schroders Capital's Private Markets Investment Outlook for Q3 2026, subtitled Recovery Redefined, argues that the recovery arriving in private markets is not the one most portfolios were positioned for.

The CFA Institute's Private Credit: Market Structure, Fund Design, and Retail Access sizes global private credit at $2.6 trillion and makes an argument the industry has largely avoided stating plainly.

Evercore's H1 2026 Secondary Market Review records $121 billion of first half volume, up 19 percent year on year and on track for a full year in the $250 billion to $260 billion range.

Rede Partners' Private Credit Market Intelligence Report 2026, built on responses from 50 institutional LPs surveyed between February and May 2026, shows an asset class that keeps growing while its own investors grow more sceptical of its core product.

A new analysis of 168 business development companies by Federal Reserve Bank of Boston economists finds that the share of BDC loans on payment in kind rose from roughly 6 percent in early 2022 to about 10 percent by the first quarter of 2026, while lending spreads moved the other way and compressed by close to a full percentage point. The headline PIK number understates the story because the increase is not concentrated in a handful of distressed sectors. It appears across ne

Gurjit Jagpal, Brian Ruane and Carolyn Weinberg of BNY argue that private markets have reached a structural inflection point where the binding constraint is no longer capital formation but the operational machinery underneath it, in a paper published August 6 titled A New Architecture: Accelerating Private Market Growth. Their case is that AUM has expanded while the systems supporting it have not, leaving asset servicing, cash movement, collateral pledging and ownership recor

Carlyle Group's Q2 results tell two stories. The surface narrative is a clean earnings beat, with distributable earnings of $472 million and record fee related earnings comfortably clearing consensus.

TPG reported second quarter 2026 results that beat consensus estimates and sent shares up 5.5%, with fee related earnings surging 43% year over year to $315 million on $628 million of fee related revenue.

Apollo Global Management (NYSE: APO) delivered record Q2 2026 results across both Asset Management and Retirement Services, though adjusted earnings per share of $2.11 came in below the Street's $2.18 consensus, masking what was structurally a breakout quarter.

Brookfield Asset Management (NYSE: BAM) reported record second quarter 2026 results featuring $1.494 billion in fee revenues and $808 million in fee related earnings, up 20% year over year. The headline fundraising number of $77 billion in a single quarter is staggering, but it obscures a compositional shift that matters more than the total: $45 billion of that capital, nearly 60%, flowed through Brookfield Wealth Solutions.

Sean Brenan and Phil Huber of Cliffwater argue that the most attractive risk adjusted entry into private real estate today is not a secondary purchase but a primary commitment made late, in a paper on seasoned primaries. Global fundraising fell from roughly $197 billion in 2021 to $110 billion in 2024. The average time to a final close stretched to about 24 months. The result is a population of funds still open to new capital after 30 to 50% of the portfolio has already been

Blue Owl Capital Inc. (NYSE: OWL) reported second quarter 2026 results with GAAP revenue of $753.1 million, beating consensus estimates by roughly 10%. Fee related earnings grew 9% year over year to $392.2 million, while distributable earnings rose 9% to $351.2 million. The firm reached $319 billion in AUM, a five fold increase since its public listing five years ago, with $225 billion locked in permanent capital structures and $31.1 billion in AUM not yet paying fees represe

Ares Management Corporation (NYSE: ARES) reported second quarter 2026 results with fee related earnings up 20% year over year to $491 million, realized income up 31% to $522 million, and after tax realized income per share of $1.29, missing the $1.30 consensus by a single penny. The firm posted record quarterly fundraising of $36 billion in gross inflows across approximately 90 different funds and vehicles, deployed $36 billion across its platform despite a sluggish sponsor M

KKR reported record second quarter 2026 results with fee-related earnings per share up 34% year-over-year to $1.32, total operating earnings per share up 27% to $1.68, and adjusted net income per share up 38% to $1.63, beating the $1.43 consensus. The firm delivered its largest monetization quarter ever with $848 million of realized performance income and surpassed its three-year $300 billion fundraising target six months early.

Apostolos Thomadakis, Head of Research at ECMI, argues that the wave of redemption restrictions across private credit funds signals a mispriced promise rather than a breaking system, in a commentary published by ECMI. BlackRock restricted withdrawals from one private credit fund. Blackstone faced elevated redemption requests at BCRED. Blue Owl capped withdrawals after investors sought to redeem billions from two vehicles.

The private credit market looks stable at index level, but underneath, dispersion between higher and lower quality borrowers is widening to levels that signal real stress ahead. Danielle Poli, Managing Director and Co-Portfolio Manager of Oaktree's Global Credit strategy, makes this case in a conversation on Alt Goes Mainstream.

The firms best positioned for private equity's next decade are those that chose returns over AUM growth and built the operational infrastructure to deliver on that choice. Andrew Sillitoe and Mitch Truwit, Co-CEOs of Apax, make this case in a conversation on Alt Goes Mainstream.

The next generation of trillion dollar wealth managers will reach scale through a multi-brand architecture that institutionalizes operations while preserving the advisor independence that makes the RIA model work.

The principles that turned Blackstone into Europe's largest commercial real estate owner over 15 years are now driving its private wealth business past $300 billion in AUM. Farhad Karim, Chief Operating Officer of Blackstone Private Wealth, argues this in a conversation on Alt Goes Mainstream. Karim, who previously served as Chairman and COO of Blackstone Europe, frames the wealth buildout as a repeat of the European real estate playbook: show up locally, deliver performance

The long-term value creation in AI will concentrate in the application layer, specifically in enterprise software companies that own workflow context, not in the semiconductor or cloud infrastructure layers that have absorbed most of the capital so far. Monti Saroya, Co-Head of Vista Equity Partners' flagship fund, argues this in a conversation on Alt Goes Mainstream. Saroya draws a direct parallel to the internet era: chips and cloud providers captured early returns, but the