Research-Driven.

A complex and ever-changing investment landscape provides challenge and purpose for our team.

Thought Pieces

2026 Private Equity Outlook

Private equity is large, varied, and increasingly complex. Outcomes will vary meaningfully by manager, strategy, vintage year, and market environment which is why we believe investors should take a diversified and programmatic approach to the asset class. The headline narrative often describes the largest managers and transactions, but that is only part of the story.

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2025 Private Equity Outlook

By now, you have undoubtedly read many 2024 retrospectives and, admittedly, year-end seems a long time ago given the heightened policy uncertainties which have spilled over into capital markets. Because we’ve received a number of questions on private equity in the current environment, we felt it worthwhile to provide a review of 2024 now that year-end marks are largely in, followed by our outlook.

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A Focus on “Actively Creating Value”

Reflecting on 2024, our research team homed in on five key themes: elevated policy uncertainty; equity market concentration; the impact of passive investing on time horizons and volatility; the broad opportunity set outside of large cap U.S. equities; and the importance of manager selection. Those issues moved to the forefront in 2025.

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Biotech’s Slump: Symptoms, Diagnosis, and the Case for Optimism

We believe recent volatility in the Biotech market reflects indiscriminate selling across biotech rather than fundamental weakness, and the absence of natural buyers has exaggerated the downturn. While this overhang has driven sharp dislocations, we remain confident in our long-term thesis and patient in our positioning, though we believe it is important to acknowledge some of the nuanced factors that may be behind the recent drawdown.
The AI Revolution: Balancing Promise and Peril with a Diversified Portfolio

The uncertainty surrounding the future of AI presents at least two plausible outcomes. This AI wave may take its place alongside the housing and internet bubbles, or it could truly be one of the most pivotal innovations since the Industrial Revolution. Constructing a portfolio with a broad base of diverse building blocks provides stability and helps ensure that investors are positioned to weather market shifts and uncertainties.

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