markets · The long read
The quiet reordering of private credit
Banks stepped back and nobody noticed who stepped forward. A map of the new lenders.
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companies
What the middle market learned from 2025
Not caution. Patience — and a very different attitude to holding cash.
opinion
The case against permanent capital
Evergreen funds promise freedom from the clock. The clock was doing useful work.
companies
Family offices are hiring like hedge funds
Discretion used to be the whole product. Now it is performance, measured quarterly.
markets
A short history of the term sheet
Two pages in 1972, forty today. Every clause is a scar from someone else's deal.
opinion
The succession problem nobody schedules
Founders plan exits. Very few plan the eighteen months before one.
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