May 2026

April was an odd month. Beyond oil, end-month figures barely hinted at the geopolitical turmoil. Against this backdrop, the HFRI Fund Weighted Composite Index rose 4.8%, reversing what had been a difficult start to the year.

For OpenAI, Anthropic and other model providers, enterprise adoption is the next major battleground. Consumer usage has grown quickly, but the larger commercial prize sits inside companies.

The size of the family office market has a potential to reach more than $5.5 trillion in the next four or so years, with 8,000 individual offices in operation globally and a number some predict will soon hit 10,000.

Private credit has rarely been far from the spotlight in recent months. From redemption pressures in semi-liquid vehicles to growing scrutiny of portfolio quality, the tone of coverage has, at times, leaned towards the alarmist.

Our industry is running two experiments simultaneously, and at some point we'll find out which wins. On one track: semi-liquid vehicles. On the other: tokenization.

Saudi Arabia's sporting ambition is a serious investment story. The conversation ranged from media rights and fan engagement to cycling, golf and Vision 2030.

Japanese companies faced major headwind in the decades after the stock market crash in 1989, commonly referred to as the Lost Decades. However, the lost decades were not lost for many companies.

Asia is once again commanding the attention of global allocators, driven by a powerful combination of diversification needs, attractive valuations and compelling structural growth themes.

For years, Asia sat in many global alternatives portfolios as a diversification story, or a market to watch rather than meaningfully scale. That is becoming harder to justify.

China's quantitative investment landscape is capturing global attention after a remarkable year. Quant funds in the PRC have posted average returns exceeding 30%, more than double the performance of their global peers.

EQT Group closed BPEA Private Equity Fund IX at $15.6 billion, making it, according to EQT, the largest Asia-Pacific-dedicated private equity fund ever raised.

Another large US buyout raise came from THL Partners, which closed its tenth flagship fund at $6.4 billion, surpassing the $6.3 billion target.

European buy-and-build remains firmly in favour with LPs, as Bussum-based Waterland raised EUR 4.6 billion in less than four months across two oversubscribed vehicles.

Middle-market control buyouts continue to attract capital, with Court Square Capital Partners closing its fifth flagship fund at $3.8 billion, above its $3 billion target and the largest vehicle in the firm's history.

Essential services remain a popular private equity hunting ground, helping Percheron Capital close its third fund at its $3.1 billion hard cap, double the size of its $1.6 billion Fund II.

Demand for secondaries exposure remains strong, with Partners Group closing its eighth private equity secondaries programme, totalling more than $9 billion in client commitments.

A first-time flagship vehicle stood out in a difficult fundraising market, with Emerald Lake Capital Management reaching a final close on its debut private equity fund at $800 million.

Founder and employee liquidity is still a resilient corner of growth investing, with San Francisco-based 137 Ventures securing more than $700 million across Growth Fund VII and a dedicated secondary fund.

Institutional appetite for private credit remains strong, with Adams Street Partners closing its third private credit platform, Private Credit III, at $7.5 billion commitments, including leverage.

Complex credit opportunities are still drawing serious institutional capital, with Silver Rock Capital Partners LP raising more than $4 billion for the latest vintage of its Tactical Allocation Strategy.

Asset-backed finance remains one of the main growth areas in private credit, with Carlyle Group reportedly securing $1.5 billion in a first close for its new Carlyle Asset-Backed Income Fund.

Private credit secondaries continue to gain traction, with StepStone Group raising more than $1.6 billion for its second Credit Opportunities Fund, according to the Wall Street Journal.

Private capital advisory is seeing further consolidation, with Lazard agreeing to buy Campbell Lutyens and create Lazard CL, a global platform spanning 280 professionals across 18 offices.

Permanent capital remains central to Bill Ackman's expansion plans as Pershing Square started trading in New York and completed the planned dual listing of its management company and US closed-end fund.

One of the most talked-about hedge fund launches of recent years took a sharp turn. Jain Global and Millennium have struck a proposed strategic partnership under which Jain Global will return external capital.

The latest numbers from Blackstone offered a useful read on where capital is flowing across alternatives. The firm pulled in $68.5 billion of inflows in Q1 2026, taking total assets under management above $1.3 trillion.

On 22 April 2026, the FCA and the PRA confirmed the first phase of their final changes, and HM Treasury published its consultation outcome and response on planned legislative reform.

On 8 April 2026, the FCA published a summary of its main findings in relation to firms' customer due diligence processes and controls, the good and poor practice it has observed, and its expectations for firms.

On 15 April 2026 the FCA published CP26/13: Cryptoasset Perimeter Guidance, a consultation that further progresses the UK's transition to a full regulatory regime for cryptoassets.

The SEC and CFTC would raise the Form PF filing threshold from $150 million to $1 billion in private fund AUM, potentially removing nearly half of current filers.

On 7 April 2026, the SEC issued a press release summarizing its enforcement results for fiscal year 2025 and describing how the Commission intends to measure enforcement effectiveness going forward.