In today's edition, Foundations are hungry for more private equity; Why AI is rendering Warburg a banking bull; M&G's PE head is on the move. Fresh Insights Solid foundations Foundations: building out their PE portfolios. Source: Getty Ed’s note: Monday is a public holiday in the UK, so we’ll return to your inbox on Tuesday.

North American foundations remain committed to private markets despite the industry’s liquidity challenges. That’s according to a Council on Foundations-Commonfund study of 285 US foundations managing a total of $126.9 billion in assets. The study reveals that foundations are increasing their allocations to private equity as part of long-term investment strategies, seeking higher returns amid volatile public markets.

While liquidity constraints persist, institutional confidence in private markets remains strong, particularly among larger endowments. The trend reflects a broader shift toward alternative assets, with foundations prioritizing diversification and inflation protection. Warburg Pincus is noted as benefiting from AI-driven opportunities in banking and financial services, positioning it as a bullish player in the sector.

Meanwhile, M&G’s private equity head is departing, signaling potential shifts in leadership within the firm’s alternatives division. The newsletter concludes with a reminder that publication will resume Tuesday due to the UK public holiday on Monday.