Vol. I · No. 019 Daily Edition Thursday, October 1, 2026
The Blind Pool
Private Markets · Brought Into Focus

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Today’s Take The SEC proposes to widen retail access to private funds even as its staff press advisers on valuing illiquid assets, while private credit shows fresh strain at Australia's Metrics and a bid by lenders for control of stressed borrowers. Deals keep clearing, with Bain weighing a data-centre buyout, Warburg Pincus counting $12bn of exits and Antin selling Vicinity Energy, and the secondaries beat watches Sun Capital's second continuation fund of the year. 27 stories

The SEC voted to propose a package that would let registered funds charge performance fees, modernise interval funds, permit multi-class closed-end funds and add routes to accredited-investor status through a FINRA exam or professional credentials. It is a proposal with a 60-day comment period, not a final rule, but it is the clearest signal yet that private equity and credit wrappers will reach more individuals, just as supervisors press on valuation and liquidity in those same wrappers.

SECFree
By the Numbers
5.29%
10-year Treasury yield
12 mo · 4.12 → 5.18
▲ CNBC / Trading Economics, Sep 30
4.00%
Fed funds target, upper bound
12 mo · 4.50 → 3.75 → 4.00
▲ FOMC Sep 16 / H.15 Sep 23
308bp
US high-yield spread, option-adjusted
▲ ICE BofA / FRED, Sep 29
$1.5B
Warburg Pincus's raised Ingenia bid, USD
▲ Investing.com (Reuters), Sep 27
$348B
PE NAV in funds 10+ years old
▲ PitchBook, end-2025
$121B
Secondaries volume, H1
▲ Evercore, H1 2026
As of Oct 1, 2026, before the open. The 10-year Treasury yield is updated to 5.29%, the Sep 30 close as reported by CNBC and Trading Economics; its sparkline is carried unchanged and does not include this reading. The ICE BofA US High Yield option-adjusted spread is updated to 308bp, the FRED reading for Sep 29, the latest found. The Fed funds upper bound (4.00%, FOMC Sep 16), the Ingenia bid figure (Sep 27), PitchBook's end-2025 NAV in funds ten years or older and Evercore's H1 2026 secondaries volume are carried forward unchanged at their last published readings.

§ Private Equity

§ Private Credit

§ Real Assets & Infrastructure

§ Secondaries & CVs

§ LPs & Allocators

§ Regulation & Tax

SEC staff press advisers on how they value hard-to-price private assets
SECSep 28Free

The staff statement reminds advisers that fair-value rules apply in full to illiquid private credit in BDCs, interval funds and tender-offer funds. No new rule, but a supervisory shot across the bow, and the counterweight to the retailisation push landing the same week.

§ Law Firm & Expert Insights

§ People & Firms

Blackstone's longtime buyout chief Joe Baratta prepares to step away
AxiosSep 28Register

Baratta built Blackstone's roughly $450bn private-equity platform over nearly three decades, and his planned year-end exit marks a generational handover at the industry's bellwether. The WSJ advanced the story on Sep 29. (Led People yesterday; carried, not to lead again.)