July 2025

This month, we dive into the latest developments across the alternatives landscape, with a spotlight on private credit.

In the news, hedge funds posted impressive numbers and notched $6 billion in net inflows. Fundraising momentum remained strong, with capital flowing into mid-market buyouts, tech and financial services, data infrastructure and defence. New vehicles targeting private credit and secondaries gained traction. Meanwhile, retail access to alternatives expanded in the UK, family offices ramped up allocations, and crypto roared into life with large-scale launches in Bitcoin and token-specific strategies.

Opinion: James McIntyre of Renown Capital Partners explores the growing strain on the global energy system and why bridging the gap between physical and digital infrastructure represents a once-in-a-generation investment opportunity.

Private Credit:

  • Patrick Marshall (Federated Hermes) on how exclusive bank partnerships unlock high-quality, off-market deal flow.

  • Nathalie Sadler (Dechert) explains why evergreen fund structures, though advantageous, bring regulatory and operational challenges as they become the new normal.

  • Kunal Khanna (Zugzwang Capital) argues that as returns compress, alpha will lie in niche segments like specialty lending and underserved geographies.

  • Didier Lambriex (Bite Stream) makes the case for operational excellence – real-time data, clear communication, and disciplined execution – as the next frontier in private credit.

Letter from America: Mark Kollar (Prosek Partners) writes on the private market’s pivot toward defence, spurred by rising geopolitical risk and record military budgets. Cybersecurity, aerospace systems, and electronic warfare are now seen as both resilient and scalable investment themes.

Regulation: RQC writes about the UK’s FCA finalising its updated Enforcement Guide (PS25/5), promising faster, more targeted investigations. In the US, the SEC has withdrawn 14 legacy rule proposals, while FinCEN’s new AML/CFT rules for investment advisers are set to take effect in January 2026.

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June 2025