I have underwritten risk for 30 years in hedge funds, private equity, and private credit. The lesson that never changes: nobody builds real wealth quickly […] Source
By Jason Rivers If the U.S. continues to rely on its aging financial infrastructure, it may lose its dominance in the global financial system.
Even amid a booming deal-making environment, private equity firms are unable to exit a growing number of investments at values their investors require.
Aired On: 7/31/2026
On Thursday, Blue Owl reported another quarter of double-digit investor withdrawal requests from some of its private credit funds.
The attempts to cash out indicate wealthy individuals are continuing a recent retreat after many years of piling into private credit funds.
The attempts to cash out indicate wealthy individuals are continuing a recent retreat after many years of piling into private credit funds.Open
A top tech banker tells Axios that tech buyouts are "frozen," and the data largely backs him up. By the numbers: There's been a total of just $9.3 billion of global tech buyout value in April and May 2026 combined, according to PitchBook. - That compares to $52.6 billion in March alone, and a monthly average of $43.4 billion between last September and this February. - U.S. tech buyout data is a bit lumpier, but follows the same trend. A monthly average of $25 billion for the 12 months ending March 2026, but just $4.4 billion total in April and May 2026. What happened: In a word, Claude. Which was followed by Codex. - The buyside is paralyzed by AI-driven uncertainties and a sudden draining of private credit market liquidity. - The…
A top tech banker tells Axios that tech buyouts are "frozen," and the data largely backs him up. By the numbers: There's been a total of just $9.3 billion of global tech buyout value in April and May 2026 combined, according to PitchBook. - That compares to $52.6 billion in March alone, and a monthly average of $43.4 billion between last September and this February. - U.S. tech buyout data is a bit lumpier, but follows the same trend. A monthly average of $25 billion for the 12 months ending March 2026, but just $4.4 billion total in April and May 2026. What happened: In a word, Claude. Which was followed by Codex. - The buyside is paralyzed by AI-driven uncertainties and a sudden draining of private credit market liquidity. - The…Open
Data: Federal Reserve; Chart: Neil Irwin/Axios Incoming Federal Reserve chief Kevin Warsh's ambition to shrink the central bank's multitrillion-dollar bond portfolio may quickly run into hard limits. Why it matters: For nearly two decades, the Fed's ability to flood markets with liquidity has been among its most powerful crisis-fighting weapons — and, in Warsh's view, too often a go-to tool for monetary stimulus outside of crises. - Now, the hot discussion among Fed officials and commentators is about how to responsibly shrink the Fed's asset portfolio — and whether that's even a worthwhile goal. The big picture: The Fed's assets ballooned from about $800 billion before the 2008 financial crisis to nearly $9 trillion at its 2022 peak…
Data: Federal Reserve; Chart: Neil Irwin/Axios Incoming Federal Reserve chief Kevin Warsh's ambition to shrink the central bank's multitrillion-dollar bond portfolio may quickly run into hard limits. Why it matters: For nearly two decades, the Fed's ability to flood markets with liquidity has been among its most powerful crisis-fighting weapons — and, in Warsh's view, too often a go-to tool for monetary stimulus outside of crises. - Now, the hot discussion among Fed officials and commentators is about how to responsibly shrink the Fed's asset portfolio — and whether that's even a worthwhile goal. The big picture: The Fed's assets ballooned from about $800 billion before the 2008 financial crisis to nearly $9 trillion at its 2022 peak…Open
When existing political and financial systems are perceived as too slow or constrained, elites often construct alternative mechanisms for directing liquidity into favored sectors.
As central banks buy more gold, where to put all that heavy metal is an increasingly important question. Reserves must be secure and ready to trade in a crisis.