No, the recent bankruptcies of First Brands Group and Tricolor do not signal systemic problems in private credit. Both cases are idiosyncratic, driven by fraud and unique business practices rather than broad market weakness. Importantly, the impact was felt across both private and traditional credit markets, not just private credit. Fundamentals in private credit remain […]
November 2025
Artificial intelligence (AI) is not just transforming business models and economic growth—it is contributing to a step change in global electricity demand, with far-reaching effects on energy markets, utility infrastructure, and investment portfolios. This shift is creating both acute challenges and compelling opportunities. Grid reliability, infrastructure bottlenecks, and decarbonization pressures are intensifying, while the scale […]
November 2025
Relative to expectations, the real estate market environment in 2025 has been largely disappointing, as transaction volume remains muted and the valuation recovery has been slow due to elevated interest rates and overall market uncertainty. Unpredictable US trade policies, ongoing geopolitical uncertainty, and concerns over substantial deficit spending have dampened both business and consumer confidence, […]
October 2025
Global markets rallied on October 26 following news that the United States and China have reached a “preliminary consensus” on several key issues. This development sets the stage for Presidents Trump and Xi to meet on October 30 in Korea, on the sidelines of the APEC leaders’ summit. Although a formal agreement has not yet […]
October 2025
A recent Cambridge Associates survey of 104 endowments and foundations reveals that most institutions are adhering to their endowment spending policies, with 80% following policy in 2025 and 81% expected to do so in 2026. However, a notable minority—15% in 2025 and 14% anticipating in 2026—are spending beyond policy, primarily due to federal funding cuts […]
October 2025
Long-dated government bonds have come under pressure in recent months, at least on a relative basis. Sections of the financial media have interpreted this as evidence of an impending fiscal crisis and a resurgence of so-called bond market vigilantes seeking to impose fiscal discipline on governments. In this research note, we aim to separate signal […]
October 2025
What does it take to build a resilient portfolio in a world where market shocks, regulatory shifts, and geopolitical tensions are the new normal? For many institutions—such as Defined Benefit plans, Insurance organizations, Nuclear Decommissioning Trusts, and others—the challenge is twofold: achieving viable diversification and ensuring sufficient liquidity to rebalance portfolios and meet disbursement requirements. […]
October 2025
The US federal government shut down overnight after the Senate failed to reach an agreement on funding government operations before the September 30 deadline. During a shutdown, “non-essential” federal agencies and programs that rely on annual discretionary appropriations must cease operations until funding is restored. Historically, shutdowns have been short-lived—averaging eight days—and have had negligible […]
October 2025