Markets Edge

ReadingAllocators who were still treating secondaries as tactical moves in 2024 are now a year behind. The structural advantage lives in the players who moved their capital allocation models by Q1 2025.

ReadingThis signals HarbourVest sees the secondaries opportunity as permanent, not cyclical. Vehicle launches only happen when a firm believes it can fill the thing three times over.

ReadingHermès is running a different business model than everyone else in ultra-luxury. The others are managing decline and calling it strategy. Hermès is managing scarcity and calling it brand.

ReadingWatch the voting timeline. If Wilson can secure even one board seat, he reframes the narrative from 'disgruntled founder' to 'legitimate alternative.' From there, the next proxy fight is easier.

ReadingThe proxy fight outcome tells you the activist argument did not resonate with institutional holders. Either the business is executing, or the activist picked the wrong company to target.

ReadingActivists are not trying to shift these businesses anymore. They are trying to return capital. The board wants to preserve optionality. Both are right and both know it. The proxy fight is the negotiation.

ReadingTiger Global's conviction on AI is not new. What matters is whether this position is part of a rotation or an addition to existing AI exposure. The size of the position will tell you.