KPMG warned Guggenheim's asset management unit about internal control deficiencies and a material weakness related to revenue recognition at its private investment subsidiary, according to people familiar with the matter. The issues, flagged by a whistleblower in April 2025, involved how Guggenheim Private Investments logged $275mn in revenue from contracts all dated January 1, 2024. KPMG initially identified a control deficiency during the 2024 audit and later a material weakness in the 2025 audit, though it issued unqualified opinions both years. The concerns add to pressure on billionaire Mark Walter's empire, which includes TWG Global and insurers that misclassified billions in loans to affiliated entities. US prosecutors are probing those insurers. Guggenheim stated it acted appropriately and professionally, calling the whistleblower's claims a mischaracterisation, and noted extensive discussions with auditors preceded the unqualified opinions. KPMG declined to comment.

Separately, large US university endowments are poised to match or outperform the S&P 500, which rose over 20% in the year to June 30. Cambridge Associates data shows funds benefited from concentrated exposure to private companies like Space X and Open AI, reversing years of underperformance.