Sponsors need exits to return cash to LPs, and the third-quarter data shows how rare they have become. Buyout deal value and exit activity both fell again, keeping distributions scarce.

The IMF's October stability report gives private credit its own chapter and flags leverage, opacity and untested liquidity as amplifiers of a downturn. Expect tougher disclosure and stress-testing questions from allocators.

KKR and TotalEnergies are adding a $1.2bn solar portfolio to their US venture, showing infrastructure capital still flowing into renewables despite policy crosswinds. Elsewhere, data-centre exuberance is drawing questions.

Continuation vehicles have gone global, with Asia-Pacific volume on track for a record. The model is now mainstream enough that conflicts and disputes are starting to follow it.

A mid-size public plan splits fresh money across quant, property debt and credit, a useful read on where institutions are putting new private-markets capital. The mix leans toward income and diversification over pure equity risk.

Australia's regulator has barred new unit sales in an Ares retail credit fund, showing its disclosure sweep now reaches the largest managers. US firms are watching for a template Washington might borrow.

Cleary maps how the SEC's retail-access proposals would work in practice, from performance fees in registered funds to a wider accredited-investor definition. It is a useful guide to which fund structures would carry that access.

Senior hires in London show mid-market sponsors still building European deal teams through the slump. Searchlight's addition of an Investcorp partner is the latest example.