Private Equity

Alternative Assets
December 2025

The Financing Gap in Sports: Unlocking a $2.5 Trillion Opportunity

Apollo

Al Tylis

Research

15 Pages

Apollo explores how professional sports have become a large, underlevered asset class with a financing gap around $2.5 trillion. They argue that structured and private credit can help owners unlock liquidity while preserving control and long term franchise value.

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Market Outlooks
December 2025

2026 US Private Equity Outlook

PitchBook

Research

18 Pages

PitchBook analyzes how United States private equity enters 2026 with aging portfolios, more selective exits and growing manager concentration.

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Alternative Assets
November 2025

Is Private Equity the New Small Cap? Understanding the Overlap—and the Divide

NEPC

William Forde

Research

5 Pages

William Forde examines the overlap between private equity and U.S. small-cap equities, discussing shrinking public market opportunities, diverging valuations, and how active management can capture value across both segments.

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Alternative Assets
October 2025

In Defense of “What the Stock Market Can Teach Us About Private Equity”

Richard Ennis, Daniel Rasmussen

Research

5 Pages

Ennis and Rasmussen revisit listed private equity using simple annual return tests and argue it resembles high beta public equity with little diversification benefit.

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Alternative Assets
August 2025

What the London Stock Exchange Can Teach Us About Private Equity

Richard Ennis, Daniel Rasmussen

Research

13 Pages

Ennis and Rasmussen analyze listed private equity (LPE) funds on the London Stock Exchange to examine how private equity behaves when marked to market.

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Alternative Assets
July 2025

Leaning Into the Turbulence: Private Equity Midyear Report 2025

Bain & Company

Research

12 Pages

Bain & Company’s Midyear Private Equity Report 2025 reveals that early optimism in the private equity (PE) sector has been tempered by geopolitical uncertainties, notably tariff-related disruptions.

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Portfolio Management
May 2025

What Has Private Equity Done to Small-Cap Stocks?

Marquette Associates

Hayley McCollum, Catherine Hillier

Research

6 Pages

Marquette Associates examines how the expansion of private equity is reshaping small‑cap public markets: firms now stay private longer, capturing growth privately and shrinking the small‑cap universe.

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Alternative Assets
May 2025

Global Private Markets Report 2025: Private equity emerging from the fog

McKinsey & Company

Research

27 Pages

McKinsey provides an in-depth analysis of the private markets landscape in 2024.

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Alternative Assets
May 2025

Global Private Markets Report

McKinsey & Company

Research

92 Pages

McKinsey highlights the resilience of private markets amid uneven 2024 conditions, where fundraising faltered but capital deployment surged and investor allocations remained strong.

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Alternative Assets
April 2025

Taking the Private out of Private Equity, with the Morningstar PitchBook Buyout Replication Index

Morningstar

Sanjay Arya, Andrew Akers

Research

17 Pages

Morningstar and PitchBook introduce the Buyout Replication Index, a public equity portfolio designed to emulate the risk-return profile of private equity buyout funds.

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Alternative Assets
April 2025

Europe: Opportunity in Fragmentation

Davidson Kempner

Research

13 Pages

Davidson Kempner Capital Management argues that Europe's market fragmentation, higher cost of capital, and underdeveloped capital markets create compelling opportunities for flexible capital providers.

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Market Reports
March 2024

Global Private Equity Report 2024

Bain & Company

60 Pages

Private equity faced a dramatically different environment in 2023, with fundraising, deal activity, and exits all contracting.

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Alternative Assets
December 2023

The Dispersion Delusion

Verdad

Brian Chingono, Daniel Rasmussen

Research

8 Pages

Chingono and Rasmussen challenge the notion that private equity’s wide performance dispersion reflects persistent manager skill.

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Alternative Assets
June 2023

Are Private Equity Valuations Too High?

Stepstone

Research

5 Pages

StepStone Group examines whether private equity valuations are genuinely stretched or simply reflect different dynamics than public markets.

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Global Macroeconomics
March 2023

Regime Change: The Role of Private Equity in the ‘Traditional’ Portfolio

KKR

Research

22 Pages

KKR Global Institute examines how private equity can reshape traditional portfolios in a new macro regime where stocks and bonds move together.

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Market Reports
February 2023

Global Private Equity Report 2023

Bain & Company

Research

76 Pages

Bain & Company reviews how global private equity entered 2023 after an abrupt break in a decade long boom.

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Alternative Assets
February 2023

Private Equity’s Other Illiquidity Premium

Man Group

John Lidington

Research

14 Pages

Man Numeric examines how private equity’s appeal rests on smoothed returns, perceived diversification, and an illiquidity premium that may be overstated.

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