U.S. exceptionalism: At a crossroads
Will U.S. economic exceptionalism survive the transformations of our time? We analyze its underpinnings, weigh its resilience and provide a playbook for investing in a new era.
Is private credit a bubble?
Private credit has grown in both size and breadth, prompting questions around the risks of the asset class and whether it could represent a bubble. We address those concerns in this note.
Awakening: The rise of private debt
Private debt has grown from niche asset class to a heavyweight due to multiple structural shifts in capital markets—and its growth has shifted the opportunity set for both investors and borrowers.
Meet us in the middle market: An engine of growth
The private U.S. middle market may serve as a diversified source of growth within investors’ portfolios.
Secondaries in first place: A compelling access point in private equity
With North American private equity (PE) AUM nearing $3.5 trillion, secondaries offer a unique entry point to the market.
Margin Stall: Examining the outlook for free cash flow margins
Rising free cash flow margins have been the principal driver of stellar equity returns. In this report, we apply a quantitative lens to margin expansion and examine the ramifications of a trend reversal for markets.
