Public Markets
Last updated: August 26, 2026, 9:18 PM ET
Equities
The S&P 500 and Nasdaq Composite closed flat Wednesday as investors adopted a cautious posture ahead of Nvidia’s earnings report. The world’s most valuable company, Nvidia, beat expectations for the 15th consecutive quarter and projected roughly 70% sales growth for the next fiscal year, sending its shares higher in postmarket trading and lifting Nasdaq futures. The bullish outlook bolstered optimism that the AI rally has further to run, with chipmakers and tech names climbing alongside it, though European semiconductor stocks were mixed.
Nvidia’s data center division grew 117% last quarter as clients race for computing power, positioning results to bolster its leadership in the AI infrastructure boom. Yet the company’s growing balance-sheet exposure via vendor-financing deals raises the question of a $1.5 trillion revenue gap between the AI computing capacity being built versus monetized. Analysts increasingly view its massive hold on the market as a $200 billion “balance sheet-as-a-service” that underpins its ecosystem, even if the language needs careful decoding.
Other tech names moved, with identity management company Okta lifting its full-year outlook to revenue of $3.22 billion to $3.23 billion, up from its prior view, after AI agents spurred demand. HP’s revenue rose, though profit fell, as higher prices offset fewer PC sales; the company reported profit of $661 million, or 71 cents a share, down from a year earlier. Salesforce raised its full-year forecasts, as profit and revenue rose while it expanded its partnership with Anthropic’s Claude.
The market is questioning Microsoft’s lack of transparency around AI business metrics, from capex to its flagship cloud platform. A quieter but notable theme is valuation realization — an AI prodigy who once won over Silicon Valley lost billions, underscoring how quickly sentiment can turn.
In the broader market, U.S. stocks had ticked down on Tuesday after hot inflation data, leaving traders waiting for the chip bellwether’s numbers. By Wednesday’s close, the market had recovered to flat finishes with investors liking what they saw.
Rates & Inflation
The Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditure index, held steady in July at elevated levels, keeping a potential policy response in play. The core PCE reading remained hot. This keeps bond yields climbing, as Treasury yields edged higher following the data. The dollar recouped half of its losses from last week’s buyback-induced decline, underscoring how resilient the greenback has become. Treasuries slipped ahead of that reading, as investors awaited the data, with Fed hike risks in focus.
The morning currency report showed dollar strength persistence as markets price continued inflation persistence. The higher-than-expected durable goods orders added to the banner data point.
Treasury & the “Bessent Put”
Treasury Secretary Scott Bessent’s unconventional approach, including the move to prop up the bond market, has Wall Street on notice and the Fed aiming to check him. Concerns of a collision course dominate headlines, with the risk being that polite institutional responses begin to create noise — as per the FT’s newsletter on the dubious read. Traders are already scuttling bets — Morgan Stanley’s Vishal Khanduja cut long-bond bets in the wake of Bessent’s unexpected intervention.
Early signs suggest the “Bessent Put” might actually be working for the bond market, according to analysts. Citadel Securities’ Frank Flight has already reversed his bearish call on long bonds, citing crowded positioning and improvement. The Treasury’s November refunding is now the biggest wildcard as analysts speculate on larger structural shifts. The bond intervention represents a potential direct political challenge to the Fed, a point covered by the Financial Times.
Energy / Commodities
Oil futures lost further in choppy trade, after the US appeared to have sewn a significant diplomatic deal with Iran over the Strait of Hormuz, snapping a three-session gaining streak. The trade fell by over 3.5%.
Market dynamics: Tankers gather off Sri Lanka as Iranian maritime risks rise, while the US threatens to use a Civil War-era court to seize Iranian oil as prizes. Freight rates remain at record highs, and a shipping boss warns the war may spiral into a Ukraine-style stalemate.
U.S. natural gas futures rose to the highest in a month, with hot weather lingering into late August. In Europe, natural gas has overtaken oil as the key inflation risk for bond traders due to the specter of depleted supplies. Traders noted that Europe’s diesel crunch has triggered the first Mexican supply in seven years.
Diesel crunch: US diesel supplies hit a record seasonal low, threatening to push prices even higher. Diesel prices are close to record highs, a trend hitting consumers while helping oil companies, further underscoring a complex global energy picture with China’s CNOOC reaping profits on war-driven prices.
MSC, the world’s largest container line, has suspended new bookings to Novorossiysk after one of its vessels was attacked by a drone. Indian refiners are scaling back Russian crude due to attacks on flows.
Gold and bitcoin ETFs drew $7 billion as investors are no longer choosing between hedges — they’re buying both.
Metals & Materials
Copper retreated from record close points as the dollar came back and easing squeezed conditions; earlier stress was pushing prices to extremes. This kept rates for the metal elevated, but surging values made it a changing trade. India’s government tapped the rally to sell down a 6% stake in Hindustan Copper at record global prices. South Africa heads for the smallest wheat harvest since 2019, with output falling 7.5% year on year. India will divert 350,000 tons of sugar to the local market, while the world gets its first US phosphate plant in decades via a $450 million Louisiana plant.
FX
The dollar rose by the most in over two weeks after hot PCE data. Colombia’s peso stumbled this week as a dollar shortage hit the carry trade. Colombia’s central bank governor warned policymakers can do little, as a soaring peso puts exporters at a “tremendous disadvantage.”
Rates & Credit Markets
Romania risks losing €770 million in EU funds after failing to pass a unified wage law. Mexico cited improving CDS levels as a sign of good standing, even as its bonds trade around speculative grade.
IPO Activity & Dealmaking
Citigroup expects record Korean issuance in 2026. KNDS plans to restart investor meetings for a possible IPO after the defense stock downturn scuppered initial plans. Prudential plc will sell a 2% stake for $327 million in its Indian asset manager, while India’s divestment boom continues as the state sells equity in Hindustan Copper.
Purple Style Labs will sell shares next week to tap demand for occasion wear. Shein’s backers agreed to a six-month lock-up on new shares in its planned IPO.
Options turnover fell at India’s biggest exchange, while Indians put a record amount abroad in June to buy equity and debt. Vanguard and Victory Capital — consolidation: Victory Capital will buy First Eagle for $7 billion, creating one of the largest traditional asset managers, with deal volumes running to $53.8 billion, the highest in decades. Vanguard bought Altruist in a $4 billion deal and is pushing into wealth. Australia’s second-largest pension took a big yen bet expecting BOJ hikes. Insurers bought greater default risk came via credit deals; Great Eastern invests in private credit funds.
Banks and Fin Tech
Banks consider issuing their own stablecoins as they remain on the defensive, seeing other companies launching coins. In the UK, the Treasury gave the Bank of England a new legal objective to innovate digital currencies and promote the UK as a hub for stablecoins.
Central Banks & Policy
Fed Governor Lisa Cook defended her position against President Trump’s latest attempt to oust her, amid political pressures on the central bank. Warsh, the new Fed chief, faces pressure rural rate risks as he considers his first address at Jackson Hole this week, with bond markets on edge.
Corporate & Earnings
OpenAI is the sole investor in its new $400 million fund dedicated to early-stage startups. SoftBank mulls a bond deal of $10 to $20 billion to refinance its OpenAI stake. Anthropic has agreed to a $45 billion data center deal with UK start-up Nscale to speed up its AI infrastructure.
Retail
Urban Outfitters sales rose 10% to $1.66 billion in the second quarter, driven by strength at Free People.
British property markets: London’s homebuyers require an extra £35,500–in deposit to counter mortgage rate rises.
The other retail earnings: Kohl’s said lower-earning shoppers are pinched, as profit and sales fell. Bath & Body Works raised earnings outlook despite cautious signs, while Abercrombie & Fitch lifted its outlook on profit and sales rise.
Insurers and Risky Assets
Australian pension fund Y, a vehicle changing the game.
In Hong Kong, a court ruled that liquidators can pursue PwC internationally over Evergrande, a case that threatens the Big Four network model. PwC International [can’t exit the case](https://headlinesbriefing.com/market/bloomberg-markets/hk-court-rules-pwc-cannot-exit-evergrande-lawsuit-27...[部分（后半部分较完整）].OtherU.S.durablegoodsordersrosemorethanexpected to $339.3 billion in July.
Private Equity
Last updated: August 26, 2026, 9:14 PM ET
Deal Activity
Private equity dealmaking accelerated across multiple sectors, with Hull Street Energy acquiring a 1,263 MW power portfolio from Rockland Capital, including a 677 MW natural gas facility in Illinois and a 586 MW dual-fuel plant in Ohio. In the mid-market, Hidden Harbor Capital Partners bought Escape Fire Protection, a Minnesota-based fire and life safety services provider. Falfurrias-backed cap Spire expanded its commodity trading expertise with the acquisition of FinTark, a London-based CTRM consultancy focused on European energy and global metals markets. In healthcare, Radiology Partners, backed by Whistler Capital, agreed to acquire Everlight Radiology from Livingbridge, adding an international teleradiology provider with more than 800 radiologists across 40-plus countries.
Fundraising & Capital
Venture firm Capital F closed a $17M debut fund targeting the "female economy"`—markets where women drive demand across health, digital commerce, and AI tools. Step Stone doubled its target for its debut infrastructure raise to $1.5bn, bringing its total infrastructure secondaries program to $1.7bn as the firm looks to deploy into the growing asset class.
Pan-African venture firm Ventures Platform raised $84M for its second fund, expanding beyond its home market of Nigeria to back startups across a broader African geography. The firm's second fund ambitions signal growing institutional appetite for African tech despite a tough fundraising environment.
In the UK, fund managers are competing to run the £1bn Scale-up Fund, with several prominent asset managers reportedly positioning for a mandate to manage the vehicle. Meanwhile, Swiss LP adviser InPact enters infrastructure secondaries and is eyeing PE GP-leds, with founder and CEO Antoine Prudent noting the institution is also looking at real estate secondaries to expand its exposure across the alternative assets spectrum.
Sports Deals
Scarcity value is driving a surge in professional sports team deals as institutional investors increasingly see franchises as a distinct asset class. Apollo, Joshua Kushner and José E. Feliciano are among prominent investors pursuing deals, while firms including Apollo, Arctos and Blue Owl are active in the sports team market.
Professional sports team valuations climbed rapidly through 2025 and moved quickly, offering a potential hedge against broader market volatility. The deal dynamics reflect a broader trend of institutions looking beyond traditional private equity strategies.
A separate sports-related investment saw Genstar preparing to acquire First Eagle for Victory Capital Holdings in a deal valued at around $7bn, as detailed in commentary on Apollo's sports push.
Key Personnel Moves
The UK's largest private pension scheme, ISS, hired Robert Ross from CalSTRS to lead its private equity program, a significant personnel move signaling pension fund commitment to build out its private equity oversight.
Star Mountain added Adam Fitzner as managing director and strategic portfolio partner, leveraging his expertise in operational value creation to strengthen its portfolio company optimization efforts.
Secondaries and Liquidity
Markets in the secondaries segment are expanding. One report highlighted record fundraising totalling $166bn in 2024. A global survey underscores renewed buyer sentiment and shifting dynamics, as firms increasingly turn to secondaries for liquidity rather than traditional exits.
The Hong Kong family office of tycoon Peter Woo is exploring the sale of around $1bn of private equity stakes on the secondary market. The chart reflects growing appetite from wealthy families to monetize their exposure amid constrained distribution.
Texas Permanent is seeking increased leverage capacity, with a $62bn pension looking to boost its leverage facility to 15% to generate liquidity for continued commitments. The pension's move underscores an innovative approach to addressing the distribution drought.
In Australia, Pacific Equity Partners leads a four-way battle for Fleet Partners, with new bidder Sumitomo Corporation joining the fray with an A$813.1m ($582m) offer for the vehicle leasing group that has now drawn four bids. The competitive final stages indicate high demand for earning assets.
Consumer and Retail
Soho Square is closing in on the deal to acquire a significant minority stake in luxury handbag maker Strathberry, with a reported valuation of £100m. The Edinburgh-based label, known for its European aesthetic and social media presence, would benefit from Soho Square's backing strategy performance, as reported by Sky. The funding round reflects a PE focus on European luxury and lifestyle.
In Europe, the "Spotify problem" continues to strengthen Sweden's founder network as home-grown companies, including the $400M raise at a $13.3B valuation for Lovable, roughly doubling in eight months, demonstrates the power of the founder network at work in Sweden.
Payments Tech
Agentic commerce is now driving new activity in payments. Accel-KKR-backed Basware is acquiring Trustpair in a binding agreement that pairs its invoice lifecycle management with payments fraud prevention technology. Trustpair, a Nacha Preferred Partner, provides finance teams using ERP systems such as SAP, Oracle and Coupa. The combined platform is positioned for growth in the payments sector.
Separately, Apis Partners' Matteo Stefanel says financial institutions need to participate in the "lightspeed discussion between various agents" to facilitate agentic shopping transactions, potentially spurring investments in payments infrastructure.
Software purchase fraud prevention gains traction as Basware and Trustpair merge to combat invoice fraud at the API layer. The transaction is expected to support strong adoption.
Legal Tech and Operations
Legal technology funding has dropped slightly from all-time highs, but longer-term traction remains intact. In the past two years, VCs have invested over $7 billion in legal tech startups, most with an AI focus, after a record year when funding reached $4.6 billion. The breakdown from Crunchbase News shows consolidation at stake.
There is a deeper question about AI's benefit in private markets. A MIT report reveals only 5% of AI pilots succeed, suggesting that while breakthroughs occur frequently, actual operational success remains rare. In line with this, Brookfield argues that truly effective AI investing depends on operational know-how, not just models. The narrative around AI investing is driven by analysis of how real value gets generated across portfolios.
Tech & Innovation Focus
Scottish deep tech is booming. An ecosystem matures beyond university labs into startups with international scale, and the people there describe the shift positively: they argue a huge change is happening in the Scottish deeptech ecosystem. At the same time, AI's impact on private markets operations is visible in the operations transformation piece by Secondaries Investor.
A cluster of AI safety startups according VCs attracts attention. Meanwhile, university spinouts landed Tier-1 seed checks in 2026, including in deep tech, life science, and AI.
Market Structure & Data
Secondaries Investor has released a recent Research & Rankings slate highlighting trends and data points. It has identified top secondaries firms and unveiled the class of Next Gen Leaders to map the talent pool driving the industry. The Women of Influence insights detail the intersection of AI and new leadership.
The Global Market Survey offers new insights into secondary buyer sentiment, while the Private Markets 2030 outlook maps trends and expectations, including professionalization, artificial intelligence, and shifting LP preferences. The global market survey 2026 will collect real-time data.
On the legal side, the firm published its Law Firm Survey to rank top advisors in the field, with results available on the secondaries law firm.
Finally, growth and regulation in the secondaries market are attracting attention under the Editor's View, looking at how liquidity and the drive to secondary transactions across secondary markets intersect.
Geographic and Technology Trends
In Asia, Chinese private equity activity is rebounding, echoing momentum across fund managers in growth markets. Peter Woo's structure is going into secondary to extract liquidity.
Meanwhile, QIC plans co-investments and single-asset CVs in a "full liquidity crunch," seeking control. This includes part of the Fleet Partners battle, underlining ongoing Australian private equity activity.
Technology & Privacy
Meta's smart glasses incite a privacy debate at tech events, sparking industry-wide questions on whether to ban them, raising concerns on how to handle constant surveillance in startup spaces.
Conclusion
Private markets were the sum of these parts: substantial vertical-focused trades (power, healthcare compliance), the enlargement of infrastructure and secondaries platforms, fresh activity in sports entities, and the rise of AI/agentic infrastructure in operations. Players are showing unusual flexibility—perhaps an appetite for nimbleness—supported by GPs looking for control in a stricter compensation environment.
Next up: watch for team moves, including Fitzner and the latest secondaries infrastructure, to extend the asset class, to respond to the liquidity push from new capital, new talent, and new platforms.
Sector Investment
Last updated: August 26, 2026, 9:19 PM ET
Infrastructure
UK infrastructure faces a pivotal autumn as Prime Minister Andy Burnham revives calls for greater public control over assets, rekindling investor concerns about state intervention. Meanwhile, Australia’s Future Fund boosted its infrastructure allocation to A$33bn in 2025-26, contributing to a 14.8% annual return, per CIO Richard Brandweiner, who cited “meaningful exposure” to private market assets.
Healthcare & Energy
Around three million children in the U.S. could benefit from Prescribed Pediatric Extended Care, but awareness remains minimal, says Spark Pediatrics CEO Jeffrey Soffen, underscoring the sector’s scale opportunity.
Meanwhile, the data centre power race is intensifying, with episode two of a podcast series examining the contested private-market sector essential for critical load delivery.