Performance, income, tax, capital, and the mechanics of private market investing.
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Most investors focus on making an investment and eventually receiving returns. The years in between often receive the least attention—even though they're where organization, visibility, and long-term success are built.
Capital calls, distributions, NAV updates, K-1s, and sponsor communications arrive over many years. The biggest risk for many investors isn't poor performance—it's gradually losing track of their investments.
NAV is the most frequently reported number in private market investing — and the most misunderstood. Here is what NAV actually measures, how sponsors calculate it, why it moves slower than public markets, and how to read it without over- or under-trusting it.
Conventional investing advice says to stop checking your portfolio. That makes sense for publicly traded stocks—but alternative investments require a different kind of monitoring. Here's why.
Spreadsheets work well for a small portfolio, but growing alternative investment portfolios introduce complexity that can make manual tracking increasingly difficult.
Blue Owl's private credit funds have been capping redemptions for two straight quarters, while another fund shifted toward manager-controlled capital returns. Here is what happened, and what every semiliquid fund investor should take from it.
Distributions from private equity, real estate, and private credit funds work nothing like dividends from public stocks. Here is how private market distributions work, when to expect them, why they are lumpy and unpredictable, and how income differs by asset class.
DPI and TVPI are the two most important return multiples in private equity and private market investing. Here is what each one measures, how to calculate them, what the difference between them tells you, and how to use them to evaluate your portfolio.
A capital call is a request from a private fund for investors to contribute a portion of their committed capital. Here is how capital calls work, what triggers them, what happens if you miss one, and how to plan your liquidity so you are never caught off guard.