Public Markets
Last updated: August 27, 2026, 3:02 AM ET
Global Equities
Global stocks were mixed Thursday as investors digested Nvidia's results, which beat Wall Street expectations for the 15th straight quarter and projected 70% sales growth next year. The chip giant's bullish outlook bolstered optimism that this year's rally in artificial intelligence shares has further to run, with Nasdaq futures rising in response. In Europe, stocks held steady with banking shares advancing ahead of the earnings report, while the FTSE 100 was expected to miss out on the Nvidia-fueled rally. Asian markets were mixed after the results, with Japanese chip stocks initially falling 0.4% ahead of the announcement before recovering.
US equities ended Wednesday unchanged as investors prepared for Nvidia's earnings, while a day earlier stocks ticked down after a surprisingly hot inflation report. After the bell, Nvidia climbed in postmarket trading, with European chip stocks mixed beforehand. The results were a strong validation of the AI infrastructure trade, according to Saxo Markets, though a persistent $1.5 trillion revenue gap question remains unanswered. US index futures indicated a flat to slightly higher open as traders shifted to the key Jackson Hole symposium.
Currencies & Fixed Income
The dollar rose by the most in over two weeks, recovering about half of the losses triggered by Treasury Secretary Scott Bessent's surprise buyback move, as inflation data remained elevated. Treasury yields edged higher after the PCE index showed inflation remains above target, and the dollar and the yields both edged higher. Shorter-maturity Treasuries fell as traders weighed the data, with bonds slipping marginally against their peers.
The climate has reignited expectations that the Fed may need to raise rates, with Kevin M. Warsh scheduled to deliver his first address at Jackson Hole with bond markets on edge. The Treasury's buyback move is showing early signs of working for the bond market, with Morgan Stanley's Vishal Khanduja scaling back long-bond bets. Yet the US Treasury is on a collision course with the Fed over bond dynamics. Mr Bessent is also conducting a credibility test in his quest to tame markets, while his activist Treasury style makes the November refunding a wildcard for the bond market, and experts weigh whether his D-Day sanctions will be a game changer. On the eurozone side, French borrowing costs have now exceeded Italian for most of the summer, with France replacing Italy as Europe's biggest bond market worry. Political fragility has moved sovereign risk premiums based on how power is organised. In Asia, the yen was also steady ahead of the Bank of Japan's deputy governor speech, while the Singapore dollar consolidated against its trading partners.
Commodities and Energy
Crude oil prices fell for a fourth day as traders weighed progress on increasing energy flows through the Strait of Hormuz against rising Russia-Ukraine tensions, while oil futures settled lower in choppy trade on cautious expectations of a reopening. Brent fell near $85 as Nvidia earnings dominated. US economic sanctions threatened any entity engaging with Iran's gold, crypto, aviation and tech sectors, while the Justice Department readied a Civil War-era court to seize Iranian oil as naval prizes. The US has also vowed economic war against Bank Melli, Iran's largest lender, and Iranian tankers are gathering off Sri Lanka as the blockade hits. A shipping boss said the Iran war was approaching a Ukraine-style stalemate.
The Kremlin's war effort has led to wheat hitting a three-year high as Russia prepares to escalate, while global food systems face El Niño risk. Diesel supplies in the US hit a record seasonal low as demand season looms, and Europe's diesel crunch is drawing the first Mexican supplies in seven years. The diesel surge is helping oil companies and hurting consumers, while US natural gas futures rose to a one-month high as hot weather persists, even as gas overtakes oil as the key inflation risk for European debt.
Gold, Metals and Mining
Gold bounced above $4,600 an ounce as investors turned focus to the Fed's rate path ahead of Jackson Hole, with the precious metal facing limited downside due to the dollar debasement trade continuing to attract buying. Both Bitcoin and gold ETFs drew $7 billion as investors hedge against fiscal anxiety—not choosing but buying both. The rich went wild for gold this year, with their faith in the metal seemingly untarnished.
Hochschild Mining shares jumped over 12% after earnings soared, with average gold prices rising around 47% and silver 130%. Swedish miner Boliden has agreed $1.3 billion to take control of zinc producer Nexa Resources, expanding into Brazil and Peru by acquiring Votorantim's stake.
FX and Rates
Hedge funds are boosting bets the Aussie dollar will outperform the kiwi on prospects of higher Australian rates. After a hot CPI reading, economists predict an RBA rate hike as early as September. Australia's household spending also surged past estimates in July despite previous rate rises.
The Colombian peso stumbled on a dollar shortage, testing the currency's carry appeal, while the central bank chief warned of damage from the unrelenting peso putting exporters at a tremendous disadvantage. The Indonesian rupiah and bonds edged lower as investors eyed a protest in Jakarta. The Indian rupee is being supported by the central bank whenever it weakens, endowed with fortifying FX reserves.
Capital Markets and Deals
Asset management is consolidating: Vanguard bought Altruist for $4 billion to push into advisory, while Victory Capital agreed to buy First Eagle for approximately $7 billion as fund deals reached $53.8 billion this year. Shein backers have agreed to a six-month lockup on new IPO shares, and Unique, a cinema software group, is exploring a £300mn London listing. Red Bird is near a deal for Puck at $250mn valuation. Sports streamer DAZN is acquiring Ever Pass Media to expand further into the US.
The Hong Kong court decision means Liquidators can pursue PwC globally over this Evergrande collapse, with the ruling to threaten Big Four firm network partnership model. Macquarie has dropped KPMG as auditor amid a data scandal in Australia.
Meta will pay up to 1847.6 billion to settle claims it harmed young users on social media in a landmark with several states. A movement to restrict social media for children globally has gained acceptance, and teens are divided on new efforts.
Metals and Infrastructure
Fortescue weighs its debut Panda bond for about $446 million despite China tensions. Li Ka-shing's CK reaped maintaining a $22.8 billion ask for its ports portfolio despite Panama loss. D.R. Congo copper railway secured a 30-year and the first US phosphate plant in decades is planned as a Louisiana proposal.
Private Equity
Last updated: August 27, 2026, 3:10 AM ET
Deals & M&A
Private equity dealmaking remained brisk across the power, fire-safety, and fintech sectors. Hull Street Energy acquired the 1,263 MW Grid Flex Portfolio from Rockland Capital, comprising the 677 MW Lee County gas turbine facility in Illinois and the 586 MW Tait Electric dual-fuel plant in Ohio, a transaction underscoring continued appetite for dispatchable power generation. Hidden Harbor Capital snapped up Escape Fire Protection, a Vadnais Heights, Minnesota-based provider of design, installation, and maintenance services for commercial and industrial fire sprinkler systems. In cross-border moves, Radiology Partners, backed by Whistler Capital, moved to acquire Livingbridge-backed Everlight Radiology, an international teleradiology provider with over 800 radiologists spanning 40-plus countries on a follow-the-sun model.
In payments, Accel-KKR-backed Basware signed a binding agreement to acquire Trustpair, pairing Basware's invoice lifecycle management platform with Trustpair's payment fraud prevention technology; Trustpair verifies suppliers' bank details across SAP, Oracle, and Coupa as a Nacha Preferred Partner. Falfurrias-backed capSpire acquired Fin Tark, a London-based commodity trading and risk management consultancy with focused expertise across European energy and global metals markets. Meanwhile, Soho Square is closing in on a significant minority stake in luxury handbag maker Strathberry at a £100m valuation, per Sky News.
Capital Raising & Secondaries
The secondaries market continues to attract substantial capital. StepStone doubled its debut infrastructure raise target to $1.5bn, with the firm's total infrastructure secondaries programme securing $1.7bn in commitments. The broader secondaries market has hit a record $166bn in fundraising for 2024, per recent Research & Rankings data, suggesting robust momentum despite regulatory headwinds. Boutique adviser InPact is entering infrastructure secondaries and eyeing PE GP-leds, with founder Antoine Prudent confirming the institution wants boost exposure beyond its existing playbook.
On the fundraising front, Notably, the UK's £1bn Scale-Up Fund battle has drawn interest from a number of managers. Star Mountain brought in Adam Fitzner as managing director and strategic portfolio partner in support of continued growth. The Editor's View noted the market growth co-exists with regulatory challenges concerning the market's rapid evolution.
Sports & Alternative Deals
Private equity interest in professional sports reached a new fever pitch, with rising valuations and rapid movements defining the 2026 deal market. Scarcity value drives Apollo, Joshua Kushner, and José E. Feliciano to sports deals — analysts note that clubs like the Los Angeles Lakers command premium prices with limited equity available. An overview of professional sports team deals shows firms like Apollo, Arctos, and Blue Owl putting significant capital behind franchises. Genstar is also selling First Eagle to Victory Capital Holdings for $7bn at a time when sports-betting platforms multiply.
Elsewhere in the dealroom, Peter Woo's family office is considering selling around $1bn of private equity stakes on the secondary market, according to Bloomberg sources cited (see PE Insights coverage). The process could attract interest from large secondaries buyers targeting distress in Asia.
Infrastructure & AI
Brookfield is targeting AI exposure by combining capital with operational know-how, as argued in a secondaries investor piece. The firm contends that the edge lies in having hands-on operational infrastructure to leverage AI's data center and energy demands. Separately, An MIT report reveals that only 5% of AI pilots succeed, warning investors to move beyond buzzwords to real, value-focused deployments. Meanwhile, Women of Influence registered AI’s impact on alternative assets, with insights captured in a feature on secondaries. AI is also reshaping back-office operations to fund raising to exits, as captured inearlier articles tracing transformations in asset management. By 2030, AI is projected to dramatically alter nuts-and-bolts of private markets operations, according to a thematic deep dive.
Venture investors have poured $7bn into legal tech in the past two years, with funding hitting a record $4.6bn last year; overall legal tech funding reached $22bn in 2026, mostly from AI-driven deals.
Secondaries Market Insights
The record $166bn fundraising in 2024 paves the way for a new record of activity. The industry-facing SI 50 ranking identifies the world's top 50 secondaries firms, while the Next Gen Leaders of Secondaries award was announced in recognition of emerging talent. The Law Firm Survey provides essential guide for LP/GP work. The Editor's view captures the trend that the secondary market is getting bigger, but so are its complexities, including access to liquidity alongside other markets. The Global Market Survey reveals buyer sentiment is constructive but with a wider bid-ask spread.
In response to demand for portfolio liquidity, a $62bn pension is leveraging dividends to liquidity — with one public pension raising its leverage capacity to 15 percent. Meanwhile, Chinese PE activity is rebounding, showing signs of recovery.
Also in secondaries, a private markets 2030 explores structural trends shaping the asset class including consolidation and manager characteristics.
People Moves & Leadership
The war for talent remains hot in institutional PE. The UK's largest pension scheme, USS, has hired Robert Ross from CalSTRS to lead its private equity programme, confirming a head-hunting capture. Additionally, Star Mountain brought in Adam Fitzner as managing director to strengthen portfolio companies. The addition of Ross comes as USS continues to expand its direct investing and rebalancing efforts.
In the Asia Pacific, Partners Group is actively building relationships in Australia's mid-market after completing a similar process in Japan—as managing director Martin Liew told PEI in a revealing interview. The firm is looking to capitalise on GP quality divergence.
Regional Markets & Deals
The battle for Fleet Partners has intensified with a fourth bidder, Japan's Sumitomo Corporation, lodging an A$813.1m ($582m) offer for the Australian vehicle leasing group. Pacific Equity Partners leads a four-way tussle for the company, which also involves international trade bids. In Africa, Ventures Platform has broadened its footprint with a second, $84m fund aimed at backing startups beyond its home market of Nigeria, as TechCrunch reported the capital raise.
In Stockholm, the "Spotify Mafia" is expanding—with vibe-coding startup Lovable just raised $400 million at a $13.3 billion valuation, doubling its worth in eight months, embodying the extent of the founder network. Sifted has also examined Scottish deeptech’s ecosystem maturation, in which a huge change is occurring.
Tech Policy & Security
Tech events are considering banning Meta's smart glasses as privacy concerns mount. An emerging debate ask whether tech events should ban Meta's AI glasses over security and spherical recording issues—particularly for sensitive startups.
Sector Snapshot
A shallow look at the legal tech space: Funding totaled $22 billion in 2026 across 200+ deals, down 9% from the all-time high but still elevated, with AI being the driver of most deal flow. The funding upswing continues tapping untapped demand for artificial intelligence-powered contract analysis, document intelligence, and eDiscovery, says Crunchbase News analysis.
Tech in Alternatives
– the AI/blockchain overhaul
Private market operations are riding AI's changing workflows. AI’s effect on the nuts is extensive – from automated due diligence through to real-time deal monitoring. With AI becoming the core of everything, from fundraising MR on the secondaries market signals, there is distinct edge for those who adopt it early. 2026 ideas include expanding beyond AI hype, as Not just a hype to deliver only a marginal 5% of pilots actually succeed according to MIT, thus the focus on real operational metrics.
Secondaries Special Reports 2026–2030
The Private Markets 2030 covers key trends from portfolio construction to the rise of minority stakes only. Special attention is on the LP community portfolio construction through the next decade, including how they will target GP stakes, NAV lending, and microsecondaries. This is complemented by Secondaries Investor’s upcoming launch of its next edition of the Global Market Survey that captures buyer sentiment. The editor’s note framing notes that while the market has grown, it remains an evolving asset with sizing corrects.
Fund Formation
The boom is reflected in fundraising data, which reports the total committed capital across the various partners. The launch of the new market survey continues for 2026 beyond, reflecting a demand for data in the midst of intense market activity.
Editor’s View
Within the shard growth, the regulatory and compliance teams are being forced to catch up, as the notes behind editor’s view touch on the requirement for more transparency, BDC. The secondaries engine is humming.
Overview
In the current atmosphere, dealmakers are enthusiastic but careful with valuations, as recent announcements clearly demonstrate expansion.
Sector Investment
Last updated: August 27, 2026, 3:18 AM ET
Infrastructure
UK infrastructure faces a reckoning this autumn as new prime minister Andy Burnham pushes for greater public control over assets, resurfacing investor fears. Meanwhile, Australia’s Future Fund saw its infra allocation grow to A$33bn in 2025-26, contributing to a 14.8% annual return, per CIO Richard Brandweiner. The fund’s growth reflects "meaningful exposure to private market assets," according to the CIO.
Healthcare
Spark Pediatrics CEO Jeff Soffen highlights that three million U.S. children could benefit from Prescribed Pediatric Extended Care, yet most families remain unaware the service exists. This gap in awareness underscores the challenge of scaling specialized pediatric care at a national level.