April 2026

This month’s Alternative Investor’s focus on fragmentation that could not be timelier after the volatility of recent weeks. A strong line-up and plenty worth diving into.

Beyond the latest news, highlights include Acer Tree Investment Management LLP’s Sven Olson on why European credit hedge funds can offer a more flexible and liquid alternative to private credit; Capricorn Private Investments’ Andrew White, CFA on why the illiquidity premium can no longer be assumed; and Marex’s Jack Carnell on the way geopolitical fragmentation has turned FX and rate risk into a front-office issue.

CAIA Association’s Georgina Tzanetos argues that GCC private market valuations are still pricing 2023 risk into 2026 deals, leaving investors exposed to material geopolitical tail risks that are not being properly captured in fund structures or underwriting. AIMA’s Tom Kehoe makes the case that hedge funds’ defining strength is their adaptability and resilience, and that allocators should back managers able to adjust quickly as markets and geopolitical conditions shift.

Also in the issue, Theta Capital’s Ruud Smets examines how blockchains and AI could reshape the economics of coordination, while in Letter from America, Prosek Partners’ Mark Kollar argues that infrastructure stands out as a secular winner as hyperscalers invest in self-generated power campuses.

While Simon Brewer’s The Money Maze Podcast conversation with Sir Michael Moritz ranges across venture capital, artificial intelligence and a deeply personal reckoning with family history in Nazi Germany.

We wrap up with our UK and US regulatory round-up from RQC Group.