Sunday Digest: Private Markets Insights

The PE Pullback, CRE Macro Themes, and Private Credit Eyes Mortgages

Happy Sunday!

The irony is not lost on me: last Thursday, I published an article that argues that illiquidity premium is all but gone in private markets. My personal stock portfolio is down 9% since then. In contrast, the marks in private markets have not budged over the last few days.

(If you're wondering whether I’m right in the head to invest in public equities despite this volatility, you'll want to read this side of the argument).

☝️ This image summarizes the past week, so I thought it would be fitting to include an article on PE firms’ public stock performance in today’s digest.

Here’s what we’ll cover:

1️⃣ PE firms are underperforming public markets—by a lot
2️⃣ CRE's near-term outlook: tailwinds and opportunities
3️⃣ Private credit’s latest frontier: your neighbor’s mortgage

Before we dive in:

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1️⃣ Private Equity Pain

Private equity firms that trade publicly (think Blackstone, Apollo, KKR) are getting hammered, and not just because of broad market turmoil.