Real Estate: State of the Market 2026
We took a deep dive into the real estate market.
Credit conditions, capital flows, and supply pipelines are all shifting at once. The report examines where capital is moving, where distress is building, and which sectors may be positioned for the next phase of the cycle.
Download the State of the Real Estate Market 2026 Report
Private Equity: The Race for Capabilities
Why did CVC pay $1.2B for Marathon?
At first glance, the deal looks like another scale play in private markets. It isn’t. Marathon brought something CVC could not replicate quickly in the US credit market, and the structure of the acquisition reveals exactly what that was. The transaction offers a rare window into how competition among large private market platforms is actually evolving.
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LP Strategy: The End of Fund of Funds
Institutions eventually replaced the intermediaries.
Funds of funds acted as gatekeepers to private markets for a long time, sourcing managers and conducting diligence that many institutions could not do internally. That changed as pensions, sovereign wealth funds, and endowments began building teams to evaluate managers themselves. As they did, the role funds of funds once played started to disappear.
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