Capital Pool

Some LPs are using secondary-market pricing to assess the accuracy of managers’ reporting, then using it to decide on who to back.

New research finds that negative sentiment in investor letters, particularly about macro conditions, is the strongest early warning sign of weak returns.

Intrepid Growth Partners, founded by former head of CPP Investments Mark Machin, has raised a $525M fund to back businesses outside of Silicon Valley.

Though Jase Auby is optimistic that AI development will look more like the US highway buildout than the collapse of the railroads.

Fundraising is on pace to decline for the fifth consecutive year, with private credit the sole bright spot, PitchBook data shows.

The CEO of the $60B investment firm, Steven Klinsky, discusses distributions, the secondary market and what non-cyclical investing looks like today.

Adams Street spinout Fairway Capital Management is betting that small, nimble funds hold an edge when it comes to an asset class that is inherently capacity-constrained.

Accounting treatment and record secondary transaction volumes drove the 20.6% gain, a new study shows.

As distributions stall, LPs are weighing steep discounts on the secondary market against the cost of staying put.

There are ways for smaller LPs to get in on the no-fee investment action.

PitchBook’s newest fund scorecard puts a Dallas-based lower-mid-market shop ahead of Thoma Bravo, GTCR and Francisco Partners.

The largest LPs keep writing checks to managers that can’t beat their smaller peers—and will probably continue to do so

The Canadian pension manager has changed the way it measures performance and how it compensates its employees.

Slipping credit outlooks for Brown and Columbia reflect monetary constraints on top-tier higher education, and endowments are ill-prepared to help.

Smaller buyout managers are increasingly borrowing to meet their own GP commitment requirements, raising questions about true alignment with LPs.

Jon Salon wants to buy into fund rollovers out of British Columbia Investment Management’s own GPs—and others.

The state auditor has warned that the university’s tie-up with Otro Capital could bring more opacity and minimal financial upside at a time when attracting sporting talent is more expensive than ever

Co-investment funds raised a record $47.3 billion last year, despite charging management fees and carried interest.