Research
Private markets are full of structures that are easy to sell and hard to understand. Our research goes after the understanding, one asset class at a time.
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Commissioned reports
For corporate, institutional and family office clientsA written report on a question you define: an asset class, a sector, a deal structure or a category of risk. We research it from the operating business up and report what we find, with commentary on the trade-offs.
Examples: how development and construction risk shows up in a private real estate offering; how fee and redemption terms change outcomes across a type of fund; what a sensible cost of capital looks like for a kind of private business.
Each report is prepared for the client who commissions it and says so on its face.
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Research programs
For institutions, dealers and family offices. Education only.Ongoing series that go deep on one asset class or structure at a time: how it works, where it tends to break and what to ask before committing capital.
The programs are educational. They explain mechanics and risks and do not recommend any security.
Programs are in development. Tell us which asset classes you would like covered.
How to read our research
- It is general information and education. It is not tailored to any reader's circumstances and is not personal investment advice.
- We do not recommend that anyone buy, sell or hold a security.
- If we have a financial or other interest in something we discuss, we say so.
- Commissioned reports state who commissioned them.
- It is written for corporate, institutional and family office readers, not individual retail investors.
Commission a report or suggest a topic.
Tell us the question you want answered and who it is for. We will reply with scope and fees.