Category: Private Markets
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SpaceX IPO Pricing: A Fixed $135, $75bn, and a Broken Playbook
Khan Capitals | June 2026 Key Takeaways The SpaceX IPO pricing announced ahead of this week’s roadshow is the moment a long-anticipated listing turned from rumour into hard mechanics. The company has fixed its offer at $135 per share, will sell 555.6 million new shares to raise around $75 billion, and is targeting a Nasdaq…
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The Q2 Reflexivity Trap: Why Private Credit BDC Redemptions Will Get Worse Before They Improve
Khan Capitals | May 2026 Key Takeaways A Q1 That Confirmed What the BDC Tape Was Already Saying The first-quarter 2026 reporting season for non-traded business development companies has now substantially concluded, and the picture is unambiguous. Redemption requests across the four largest perpetual-life vehicles, Blackstone’s BCRED, HPS’s HLEND, Apollo Debt Solutions, and Ares’s CADC,…
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SpaceX Files for the Largest IPO in History: Inside the $1.75 Trillion Listing
SpaceX has filed confidentially for a Nasdaq IPO at a reported $1.75 trillion valuation, targeting a June 2026 debut and a record $75 billion raise.
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The Private Credit Crackup: Blue Owl, Redemption Gates, and the Liquidity Illusion
Khan Capital | March 2026 Key Takeaways For the better part of a decade, private credit was the asset class that could do no wrong. It offered equity-like returns with bond-like volatility, generated consistent income in a yield-starved world, and came wrapped in the institutional credibility of names like Blue Owl Capital, Apollo Global Management,…
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KKR, Apollo, and the Alternative Asset Manager Model Under Pressure
Khan Capital | March 2026 Key Takeaways The publicly traded alternative asset managers entered 2026 as the market’s consensus growth story. Blackstone had crossed $1 trillion in assets under management. Apollo Global Management was targeting $1.5 trillion by 2029. KKR had joined the Fortune 500 and S&P 500 in the same year. The narrative was…
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Private Credit and AI Disruption: When Collateral Loses Value Overnight
Khan Capital | February 2026 Key Takeaways For a decade, private credit managers treated software companies as the ideal borrower. Fat recurring-revenue margins, predictable cash flows, low capital expenditure requirements, and sticky customer bases made mid-market SaaS firms a natural fit for the leveraged lending model. By the end of 2025, outstanding loans to software-as-a-service…
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Private Credit Faces Its First Real Test
Khan Capital | January 2026 Key Takeaways For most of its existence, private credit has been tested by nothing more serious than a brief pandemic-era wobble that was immediately backstopped by the largest monetary intervention in history. The asset class grew from approximately $500 billion in 2015 to an estimated $1.7 trillion by mid-2025, powered…
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Democratising Private Markets: The Retail Revolution and Its Risks
Khan Capital | November 2025 Key Takeaways The most significant redistribution of capital in a generation is underway, and most investors have not noticed. Over the past four years, retail capital in private markets has surged at a nearly 60% compound annual growth rate to reach approximately $360 billion. The number of private equity vehicles…
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The Rise of Semi-Liquid Funds: Private Markets’ $4 Trillion Gamble
Khan Capital | October 2025 Key Takeaways The private markets industry has found its holy grail: a way to sell illiquid assets to liquid investors. Over the past five years, the alternative investment industry has engineered a new generation of fund structures, semi-liquid vehicles that promise quarterly or monthly redemptions on portfolios of private credit,…
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The Private Equity Secondaries Boom: Liquidity’s $200 Billion Release Valve
Khan Capital | September 2025 Key Takeaways Private equity has a liquidity problem, and the secondaries market is cashing in. In the first half of 2025, global secondary transaction volume reached a record $103 billion, a 51% increase over the same period in 2024 and more than triple the volume recorded just four years ago.…