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Past Issues
The record speaks.
$4.2T
in sovereign wealth repositioning
Three Gulf funds moved simultaneously into European infrastructure debt — the coordination pattern hasn't appeared since 2018.
Feb 23, 2026
11 days
average regulatory review time, down from 34
The SEC's accelerated comment window is compressing deal timelines in ways acquirers haven't priced in yet.
Feb 16, 2026
3 exits
from a single Series B cohort
The vintage 2021 enterprise SaaS cohort is clearing — multiples are holding better than the public comps suggested.
Feb 9, 2026
↑ 340 bps
spread compression in IG credit
Investment-grade spreads compressed faster than any Q1 since 2009. The implication for leveraged buyout financing costs is not yet consensus.
Feb 2, 2026
7 of 10
top LPs reduced private equity commitments
The denominator effect is fading, but the replacement isn't parity — it's selective concentration into two or three flagship relationships.
Jan 26, 2026
€28B
in European defense capex committed Q4
Defense procurement is now a mainstream infrastructure asset class. The pension capital is three to six months behind the smart money.
Jan 19, 2026
2 quarters
ahead of consensus on AI capex plateau
Hyperscaler guidance revisions signal the first deceleration in AI infrastructure spending — the derivative trade is in power, not compute.
Jan 12, 2026
14 months
median hold period in secondaries
Secondary market velocity is compressing hold periods in ways that will reset GP fee economics by 2027.
Jan 5, 2026
147 issues. Every one earned its place.
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Head of Strategy · Sovereign Wealth, Paris
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Issue #148 · Unpublished
This Sunday's briefing.
You are already behind.
The structure is visible. The insight is locked. Subscribers received this Sunday at 6 pm EST.
The Coordination No One Is Naming
Three central banks moved within the same 72-hour window. The pattern appears once every six to eight years.
The conventional read is divergence. The correct read is synchronized floor-setting.
72 hrs
window of coordinated action
Basel IV Phase-In: The Clause Everyone Missed
Buried in the implementation timeline is a carve-out that will advantage mid-tier European lenders over their US peers by approximately 180 basis points of Tier 1 capital.
Only three law firms have flagged this publicly. The trade is not yet crowded.
180 bps
Tier 1 capital advantage
Secondary Market Velocity: The Q1 Signal
LP-led secondary volume in Q1 2026 is tracking at 2.3× the five-year Q1 average.
The compression in hold periods has a direct implication for GP carry timing that is not reflected in current fundraising narratives.
2.3×
Q1 secondary volume vs. 5-yr avg
The insight is behind this line.
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