Markets Edge — Capital flows, CMO moves, M&A

ISABELLA'S ISLAY Capital Markets Jul 13, 2:02 PM EDT

Private Credit Market

Forbes ↗

Private secondaries closed $162B in 2024, up 45% year-over-year

The private secondaries market just shattered records, closing 2024 at $162 billion in transactions: a 45% surge from the previous year.

ReadingFamily offices and pensions now treat secondaries as core allocation, not tactical hedge. The infrastructure has not followed.

WatchRegulatory guidance on NAV-backed lending will arrive within six months. When it does, pricing resets.

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private equitysecondariesmarket structurecapital markets

HENRI IV Capital Markets Jul 13, 2:02 PM EDT

AI-Backed Corporate Debt Market

Morningstar ↗

AI-related bond issuance surged past $250B, testing investor capacity limits

Debt financing for AI-related needs is accelerating in 2026, be it for data center construction or general liquidity amid aggressive spending, testing the limits of voracious investor demand.

ReadingSupply is winning the pricing game. Borrowers are shopping multi-currency structures not because investors wanted it—because they needed to move size.

WatchTightening of spreads on non-flagship AI infrastructure debt within 90 days. The secondary bid will weaken first.

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ai debtbond marketscapital raisingtechnology

MACALLAN 1926 Capital Markets Jul 13, 2:02 PM EDT

US Direct Lending Market

Reuters via MSN ↗

Direct lending fell sharply in Q2 even as private credit firms raised capital

Direct lending by U.S. private credit firms fell sharply in the second quarter even as fund-raising by such firms rebounded, underscoring the disconnect between capital raised and capital deployed.

ReadingPrivate credit has entered redeployment phase. The next quarter will show whether firms cut fees or sit on capital. Sitting wins.

WatchSecond-quarter earnings calls from Blackstone and Carlyle for deployment commentary. The language will be cautious.

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private creditdirect lendingdeploymentcapital markets

LOUIS XIII Executive Appointments Jul 13, 2:02 PM EDT

TIFF Investment Management

Yahoo Finance ↗

TIFF appointed dedicated secondaries leadership to strengthen alternatives platform

TIFF Investment Management announced the appointment of Andrew Murray, Managing Director, Head of Secondary Investing, and Stephen Grau, Executive Vice President, to strengthen its alternatives capabilities.

ReadingInstitutional allocators are moving from observing the secondary market to actively managing it. That means senior hires at firms that did not think they needed them.

WatchTIFF's secondary fund commitments in the next twelve months. If above $500M, the move is strategic. Below that, it is defensive.

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alternativessecondariesfund managementinstitutional

PAPPY 23 Venture Intelligence Jul 13, 2:02 PM EDT

Family Office Capital Allocation

InvestmentNews ↗

60% of family offices globally plan to shift strategy amid currency and geopolitical concerns

A new report from UBS reveals that 60% of family offices globally say they plan to change their strategy, with concerns about currency stability and geopolitical fracture driving allocation shifts.

ReadingFamily office reallocation is already happening in private equity and real assets. Public market allocators will lag six to nine months.

WatchCommodity and hard asset fund raises in Q3. The timing will align with this UBS data.

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family officesasset allocationcurrencystrategy

JOHNNIE BLUE Financial Intelligence Jul 13, 2:02 PM EDT

Private Credit and NAV Lending

TMCnet ↗

NAV-backed lending hit record issuance in 2025, with mainstream adoption now confirmed

KBRA releases research examining trends across the net asset value (NAV) landscape. Record KBRA-rated NAV issuance in 2025, followed by continued deal activity.

ReadingNAV loan spreads will compress as deal volume normalizes. Margins for originators will follow the trajectory every credit product takes: down.

WatchQ2 2026 KBRA downgrades on NAV portfolios. The timing matters.

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private creditnav loanscredit marketstrends

WELL POUR Brand Intelligence Jul 13, 2:02 PM EDT

Fairbridge Asset Management

Yahoo Finance ↗

Fairbridge to present real estate private credit strategy at family office $100M summit

Fairbridge Asset Management, an SEC-registered investment adviser specializing in senior-secured, short-duration mortgage financing, will present its allocation strategy at the Family Office Club's summit.

ReadingFamily offices are moving capital into real estate financing at scale. The speakers they invite reveal which platforms cleared the first filter.

WatchFairbridge's fund announcements over the next 180 days. Visibility at this event compounds capital raising.

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real estateprivate creditfamily officesmortgage