It's Tuesday morning, and an analyst already has three names that need attention.

The private equity exit market froze. Roughly $3.8 trillion now sits trapped in aging funds across about 32,000 portfolio companies, and cash back to limited partners fell below 15% of net asset value for four years running.

Artificial intelligence infrastructure needs $2.9 trillion through 2028. Hyperscalers can self-fund $1.4 trillion. The remaining $1.5 trillion falls to outside financing, and private credit takes $800 billion of it, more than banks and

For a decade, the four major North American leagues outperformed the S&P 500 by 3x to 8x. Returns like that should have attracted institutional capital years ago, but until recently the doors have been closed.

JPMorgan's Jake Pollack said it in August 2024: "the lines between competitor and client have blurred...some of our best clients in one area are also competitors in others, and that's okay." At the time, Wells Fargo/Centerbridge,

Apollo built the playbook with Athene. Now everyone's running it. We've identified 85+ insurance companies across four continents, from Nippon Life to Bermuda reinsurers like Third Point's Malibu Life Re (launched in 2024), funding private