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Market Intelligence
Rankings, data studies and short notes on raising capital, buying and selling companies, and the investors who back them, written for company CEOs, fund managers and deal teams. Free to read, with nothing behind a sign-up.
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Data studies on the largest firms, investors and deal multiples
Updated November 2026
Top 100 Private Equity Firms: 2026 Rankings by AUM
Which private equity firms manage the most money, and how much each one manages.
Updated July 2026
EBITDA Multiples by Industry
What buyers pay for a company in each industry, as a multiple of its yearly operating profit.
Updated July 2026
The Largest US Private Foundations (2026): Inside the 5 Percent Payout Rule
The largest US private foundations, and the rule that sets how much they must give away each year.
Updated June 2026
The Largest US Public Pension Funds (2026): The Biggest LPs in Private Equity
The largest US public pension funds, among the biggest investors in private equity funds.
Updated June 2026
The Largest US University Endowments (2026): How the Endowment Model Invests
The largest US university endowments, and how they spread their money across kinds of investment.
Guides to how raising, buying and selling work
- Every number, traced: how a 200-page report stays auditable.
Finding and buying companies, October 2026
- Is this an investor? Why a title is not a mandate.
Raising a fund, October 2026
- What the 50 states publish: every record system, mapped.
Finding and buying companies, October 2026
- Why Most Fund I Managers Lose the LP Meeting in the First 20 Minutes
Raising a fund, May 2026
- How Emerging GPs Actually Close Capital in 2026: A Practical Playbook
Raising a fund, May 2026
- Private Equity in 401(k) Plans: What the DOL Rule Means for Fund Managers
Raising a fund, April 2026
- What Is a Placement Agent? Fees, Process, and When to Hire One
Raising a fund, March 2026
- Buy-Side M&A Advisory Explained: Process, Fees, and When You Need One
Finding and buying companies, March 2026
- AI Deal Origination in Private Equity: How It Works in 2026
Finding and buying companies, March 2026
- Business Sale Advisor Guide: How to Choose, What They Cost, and the Sale Process
Selling a company, March 2026
- LP Database Guide: Choosing the Right Investor Intelligence for PE Fundraising
Raising a fund, March 2026
- PE Fundraising: The Complete Guide to Raising a Private Equity Fund
Raising a fund, March 2026
- Sell-Side M&A Advisory Fees: What You'll Actually Pay in 2026
Selling a company, March 2026
- How to Sell a Business Quickly Without Destroying Value
Selling a company, March 2026
- Deal Origination Services for Private Equity Firms
Finding and buying companies, March 2026
- M&A Deal Origination: How PE Firms Find Deals
Finding and buying companies, March 2026
- The Sell-Side M&A Process: 5 Phases Explained
Selling a company, March 2026
- How to Sell Your Business to a Competitor
Selling a company, March 2026
- PitchBook Alternatives for Deal Sourcing in 2026
Finding and buying companies, March 2026
- Private Equity Marketing: How PE Firms Win LPs
Communications and investor relations, March 2026
- Fund Marketing: The Operational Playbook
Communications and investor relations, March 2026
- Fund Formation: Structure, Timeline, and Costs
Raising a fund, March 2026
- How to Sell a Business: The Complete Process
Selling a company, March 2026
- Independent Sponsors: The Complete Guide
Finding and buying companies, March 2026
- Investor Relations in Private Equity: What IR Does
Communications and investor relations, March 2026
- Top Placement Agents for PE Fundraising
Raising a fund, March 2026
- Co-Investment and SPV Fundraising Strategy for 2026
Raising a fund, March 2026
- How Family Offices Allocate to Private Markets in 2026
Raising a fund, March 2026
- Placement Agents vs. Systematic Capital Formation
Raising a fund, February 2026
- How Long Does It Actually Take to Raise a Fund in 2026?
Raising a fund, February 2026
- The Complete Outreach Stack for PE Deal Sourcing and LP Outreach
Finding and buying companies, January 2026
- What Data Sources Actually Matter for Off-Market Deal Flow?
Finding and buying companies, December 2025
- Partner-Led Deal Origination vs. Traditional Buyside Advisory
Finding and buying companies, November 2025
- How Should Independent Sponsors Source Deals in 2026?
Finding and buying companies, November 2025
Commentary on private markets as they move
- 12 Is the New 5: Why Operational Value Creation Replaced Financial Engineering in Private Equity
LPs, returns and liquidity, May 2026
- The Last PE Vintage With Median DPI Above 1x Was 2016: What the Distribution Drought Means for Fund Managers
LPs, returns and liquidity, May 2026
- Multiple Expansion Is Dead: How PE Returns Inverted Between 2022 and 2026
LPs, returns and liquidity, May 2026
- AI Vendors Stopped Competing on Models. They're Competing for the PE Portfolio.
Technology and the capital cycle, May 2026
- KKR's $23 Billion Close Is a Warning Sign, Not a Victory Lap
LPs, returns and liquidity, May 2026
- Blackstone N1 Isn't a Venture Arm. It's an Operating System for the Portfolio.
Technology and the capital cycle, May 2026
- 195 Targets in the Time One Analyst Surfaces One Name: AI Is Breaking the PE Deal Team Model
Technology and the capital cycle, May 2026
- Thoma Bravo, Medallia, and What a $6.4 Billion Markdown Says About the 2020-21 Software Vintage
LPs, returns and liquidity, May 2026
- $39 Billion Into Secondaries in Q1 2026: Why Mid-Market GPs Need Different LP Infrastructure
LPs, returns and liquidity, May 2026
- The Top 25 Managers Now Capture 40% of PE Commitments. The Other 6,000 Are Fighting Over the Rest.
LPs, returns and liquidity, May 2026
- 33% of AI Capital Went to Four Companies. What That Does to PE Valuation Discipline.
Technology and the capital cycle, May 2026
- The Mid-Market's Real Competitor Isn't Another Mid-Market Fund. It's a Sleeve Inside a $20B Platform.
LPs, returns and liquidity, May 2026
- Why 2026 Could Be a Banner PE Vintage (And Why Most LPs Will Miss It)
LPs, returns and liquidity, May 2026
- Anthropic Is Building Vertical Industry Products Behind Closed Doors. Investors Are Looking the Wrong Way.
Technology and the capital cycle, May 2026
- Q1 2026 Capital Markets Look Like a Recovery. Strip Out Four AI Rounds and They Aren't.
Technology and the capital cycle, May 2026
- The Blind-Pool Fund Is Becoming a Risky Asset. LPs Want the Thesis on the Table First.
LPs, returns and liquidity, May 2026
- LPs Are Chasing Co-Investments to Dodge Fees. They're Locking Themselves Into Mega-Fund Ecosystems Instead.
LPs, returns and liquidity, May 2026
- Fund I Managers Outperform Mega-Funds. They Get 80% Less Capital. The Gap Isn't a Market Inefficiency.
LPs, returns and liquidity, May 2026
- OpenAI's 17.5% Return Floor for PE Isn't an Investment Product. It's Customer Acquisition Cost.
Technology and the capital cycle, May 2026
- What LPs Actually Want in 2026: DPI, Transparency, and the Death of Paper Returns
LPs, returns and liquidity, February 2026
- AI As A Teammate: The New Collaboration Code
Communications and investor relations, December 2025
- Why Leaders Cannot Outsource Communication
Communications and investor relations, November 2025
- Why Every PE Firm Is Looking at the Same Deals
Finding and buying companies, October 2025
- Don't Rebrand That Acquisition Yet: The 'Powered By' Strategy That Turns Founder Pride Into Platform Performance
Communications and investor relations, October 2025
- Fractional Investor Relations: The Next Operating Lever in Private Equity
Communications and investor relations, September 2025
Notes on marks and prices, first posted on LinkedIn
- Serving each $1 of Anthropic's revenue cost about $0.31 this year, against $1.95 in 2024
Technology and the capital cycle, October 2026
- Split a contractor's data center backlog by who pays for the build
Technology and the capital cycle, October 2026
- Industrial borrowers default at 9.9% in private credit while software sits at 0.6%
Private credit and lending, October 2026
- A 10% coupon on Anthropic junior debt is no benchmark for a small company's sub debt
Private credit and lending, October 2026
- Bank CEOs say sponsors are stuck on marks; price each 2021 deal against today's bid
LPs, returns and liquidity, October 2026
- Your lender's rate curve can cost 0.37x of EBITDA in debt, even with a flat spread
Private credit and lending, October 2026
- Reuters puts OpenAI at almost half of Oracle's $638BN backlog, a share no filing gives
Technology and the capital cycle, October 2026
- In a continuation vehicle the GP buys and most LPs sell, at the same price
LPs, returns and liquidity, October 2026
- Investors asked a Blue Owl fund for $1.1BN back and will get $135MM this round
LPs, returns and liquidity, October 2026
- Meta's Hyperion guarantee: a $46BN disclosed worst case, recorded at zero
Technology and the capital cycle, August 2026
- Delaware Life's restated related party book is about 4.5x its capital
Private credit and lending, August 2026
- Nvidia's $500BN financing plan is credit backed by the seller's own number
Technology and the capital cycle, August 2026
- Accell Group's €1.56BN buyout met four market tests, and each answer was worse
Private credit and lending, August 2026
- The exit window is open for durable assets, not for 2021 software held at 2021 marks
LPs, returns and liquidity, August 2026
- 13 buyouts over $10BN made $274BN of the $276BN gain in 2025 deal value
Technology and the capital cycle, July 2026
- A fund up 439% was margin called four trading days after its investor letter
Technology and the capital cycle, July 2026
- Private credit's low correlation was partly a marking effect, and the shock found the daily price
Private credit and lending, July 2026
- 2025 buyouts paid the 2021 record price, with more equity and the same return math
LPs, returns and liquidity, July 2026
Private markets topics we write about
Capital Formation Insights
Where private markets money is moving, and what that does to returns
Fundraising Insights
Raising a fund: what investors look for and how long it takes
Deal Origination Insights
How buyers reach companies before they come up for sale
Selling a Company
Selling a company: the process, the timing and what buyers pay
Outreach Infrastructure Insights
The tools and data behind reaching owners and investors
Leadership & Communications Insights
How leaders communicate and work with their teams