Emerging ManagersQ1 2025
Why the next decade of alpha belongs to first-time funds.
An evidence-based look at the persistent premium captured by Fund I and Fund II vehicles — and the access barriers that keep most allocators out.
8 min readRead →
Insights
Research, commentary, and conviction on the private markets.
Long-form thinking from our investment team on emerging managers, strategy verticals, and the structural forces shaping institutional alternatives.
GP StakesQ4 2024
The mathematics of management company economics.
How minority equity in private market firms compounds independently of underlying fund performance — and why it deserves a dedicated allocation.
11 min readRead →
Digital AssetsQ4 2024
Institutional crypto: separating signal from noise.
A framework for evaluating digital asset managers against the same risk, custody, and operational standards we apply across alternatives.
9 min readRead →
Venture CapitalQ3 2024
Capacity discipline and the death of the mega-fund.
The structural reasons that the largest funds have historically underperformed — and why the next wave of winners will be sized differently.
7 min readRead →