Markets Edge

ReadingExchange IPOs are now fashion again. Capital markets operators globally will use this as the ceiling for their own valuations. Secondary markets benefit first.

ReadingThe recurring revenue model in wearables was always the destination. Oura got there first. Competitors now racing to subscription attach rates will find customers already locked in.

ReadingSecondaries are now where LPs go first, not second. GPs still holding dry powder and waiting for better terms will find it occupied already.

ReadingOCIO shops and smaller funds have learned: secondaries are where you actually get deployed capital, not primary allocations sitting on bench. HarbourVest's size signals the market has matured.

ReadingAlantra's energy team now moves as insiders, not outsiders. Every other secondaries shop pursuing energy deals just got outranked.

ReadingAny GP still banking on a slow capital raise is underestimating the secondaries pull. That capital is spoken for already.

ReadingVail's annual meeting is the final confirmation. Institutional voters will choose between status quo and operational reform. Expect institutional backing for at least two Oasis nominees.