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AI-focused hedge funds are attracting capital at a remarkable pace. Two firms, Value Aligned Research Advisors and Situational Awareness, have each reached $20 billion in assets less than 18 months after launching their commingled hedge funds, driven by both significant inflows and standout performance. What does this tell us about investor appetite for AI-driven strategies? And is this growth sustainable? In this week's Hedge Fund Alert, we examine the rise of these managers and what it could mean for the future of hedge fund investing. Plus, updates on SoMa Equity Partners, JonesTrading, ExodusPoint Capital, and more. Subscribe here: https://lnkd.in/eFR5GWrC.

Goldman Sachs continues to lead the prime brokerage market, retaining the highest number of Billion Dollar Club clients and achieving 55% overall BDC penetration. Goldman Sachs and Morgan Stanley remain the only prime brokers with coverage of more than 50% of the BDC market, while JP Morgan moves ahead in the race for $10+ billion clients. As competition intensifies, scale, coverage, and relationships continue to shape the prime brokerage landscape. Explore the full rankings in our latest report: https://lnkd.in/ewg5amRr

We are heading to Berlin for SuperReturn. Cornelia Andersson, will be speaking on how data is driving growth in private equity. She will explore how high-quality data improves decision making and value creation, and how generative AI and advanced analytics are unlocking efficiency and new insights alongside Lisa Yu, Tola Kibbey, Helena Malikova, and Adrian C. Join us there!

Private equity dealmaking is showing signs of recovery, but uncertainty still defines the market. As firms navigate a more complex environment in 2026, success will depend on stronger due diligence, sharper decision making, and the ability to act with imperfect information. Our Private Equity Outlook explores the trends, risks, and opportunities shaping the year ahead: https://lnkd.in/ee_R5Y-v. #PrivateEquity #Deals

AI demand is not being pulled by exits. IPO activity has been minimal over the past three quarters and, excluding the $250 billion xAI deal, and the overall exit backdrop remains subdued.  Funding flows are operating on a different scale. Capital is moving off the sidelines to support large AI rounds, entering the market faster than it is leaving. Deployment is increasingly decoupled from exit cycles, with LP intentions reflecting a forward-looking commitment to AI. Flows are also narrowing. Deal counts fell 23% over the past three quarters, even as total funding more than tripled, driving larger checks, greater company-level concentration, and upward pressure on valuations. Validation is shifting toward portfolio performance rather than near-term exits. Our latest white paper from S&P Global’s Quantitative Research examines what this imbalance means for investors, how performance signals are replacing exits as validation, and why LP commitment to AI remains durable despite muted liquidity. Read more: https://lnkd.in/ern2BwDN

The private wealth landscape can be complex and opaque. We cut through complexity and provide transparency. Discover how capital actually moves, connecting investors, decision-makers, mandates, and relationships in one place. Act with clarity with a connected intelligence platform that tracks where private wealth capital flows. Get ahead of private wealth capital and request a demo: https://lnkd.in/eU-4_spF. #PrivateWealth #FamilyOffices

Our latest webinar, Evergreens in season, is now available on demand. In this webinar, we explore: - From access to adoption and the institutionalization of wealth. - The shift from why to how in portfolio construction. - Evergreen structures and what flexibility really means. - Liquidity as a feature, not a promise. - The role of liquidity in portfolio design. - Private credit, including yield, diversification, and evolving risks. - Manager selection, with a focus on clarity, consistency, and alignment. Watch the full webinar on demand here: https://lnkd.in/eURqa87u. #Webinar #Wealth

A common question from critics of BDCs, however, is how “real” the stated NAVs of these funds are – and most listed funds currently trade at a significant discount to NAV. While non-traded BDC portfolios generally look healthier than their listed counterparts – with lower PIK and non-accrual levels – these figures suggest that the market largely believes BDC NAVs are overstated. Read more in this week’s newsletter:

Private equity secondaries fundraising hit a record $93 billion in 2025, representing almost 19% of total capital raised. Driven by the ongoing DPI crisis and challenging IPO and M&A markets, secondaries transaction volume also climbed to a record $240 billion, up 48% year over year. The top 10 secondaries funds currently fundraising are targeting a combined $117.5 billion. See who is leading the market in the full report: https://lnkd.in/eN_nvjms. #PrivateEquity

Private credit fundraising is shifting beyond North America. In our latest Private Credit Fundraising Report, we track a drop in North America’s share to 36%, while Europe hits record levels and multi-region funds see strong growth. Use these insights to understand where capital is flowing and how to position your strategy. Read the full report: https://lnkd.in/e2aBjf3J. #PrivateCredit #Fundraising