Interesting CAIA article - issues remain around investor access (top the top quartile), crowded markets and faux-liquidity.
"private markets have grown to nearly $26.2 trillion in assets in 2025", "When the market is overwhelmed, quality slips."
December 2025: Everyone's at the Party - Fortunately and Unfortunately | Chronicles of an Allocator | CAIA
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| December 2025: Everyone's at the Party - Fortunately and Unfortunately | Chronicles of an Allocator | CAIA |
| Authored by Georgina Tzanetos, Director of ContentWhat used to be a velvet-rope affair for institutions is now a full-blown block party-and everyone's on the list.Private credit, tokenization, secondaries, semi-liquid structures... the dance floor is buzzing. Retail is joining. Capital is flowing. |
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Oliver King
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