The Emergence of Secondary Markets for the Private Economy
The center of gravity in global finance has shifted. While public markets remain visible and influential, a growing share of economic value is now held
The center of gravity in global finance has shifted. While public markets remain visible and influential, a growing share of economic value is now held
Liquidity used to be treated as a function of market size and participation. If there were enough buyers and sellers, assets could move, capital could
For decades, financial markets operated under a unifying assumption: globalization would deepen, integration would increase, and capital would move freely across borders. That assumption is
In stable markets, intermediaries play a straightforward role. They connect buyers and sellers, facilitate introductions, and help negotiate terms. Their value lies in access and
While the world wrestles with inflation and geopolitical fragmentation, five American technology giants are preparing to deploy roughly $700 billion into AI infrastructure in 2026
The private credit market was built on a quiet assumption: relatively stable cash flows, long-term lender–borrower relationships, and the ability to hold loans to maturity
In illiquid markets, liquidity is often described as a function of volume: how many trades occurred, how much paper changed hands, how active the market
In illiquid credit markets, progress rarely breaks down at the point of negotiation. It breaks down much earlier, long before price becomes binding and long
Price discovery is the quiet engine of every functioning market. When it works, buyers and sellers converge around a price that reflects real supply, real
Private credit and other illiquid assets have moved from the margins to the core of modern investment portfolios. Institutional investors and sophisticated allocators continue to