2026 Outlook for PE

With one week to go before 2026 and as we prepare for the new year, here are a few notes on Investment Outlook and how it will affect our PE industry and market dynamics. Generally, deal activity is likely to accelerate and the deal dam may be breaking in 2026…  Read More >

The Great PE Shakeout Has Begun

The fundraising environment has become challenging. Fund closes are hitting multi-year lows and first-time funds are barely getting off the ground. Middle-market firms are struggling while mega-funds vacuum up the lion’s share of LP commitments. But most of the headlines miss the real story. Capital Is Concentrating, Not Disappearing LPs…  Read More >

The New Era of PE: The GTM & Operating Alpha Imperative

PE Returns to First Principles: The Operating Alpha Imperative The old PE playbook is dead (especially from the 2010-2022 era).  Over that period, roughly two-thirds of PE value creation came from leverage and multiple expansion. That’s not alpha. That’s beta dressed up in carry. With rates normalized, the math no longer…  Read More >