Analyzing private equity, private credit & institutional capital. Join the weekly email list!
➡️
- Tweets 6,593
- Following 666
- Followers 6,018
- Likes 2,405
Pinned Tweet
Data centers are being funded through SPV structures. Hyperscalers lease the facility, and often provide equity and guarantee the debt.
This allows Big Tech to fund huge projects while keeping the debt off balance sheet.
3
33
310
17,238
Hyperscaler spreads trade 25-50 bps wider than the broader IG index.
Investors are wary of growing concentration to Big Tech / AI, especially with a lot more issuance needed to fund capex.
1
7
982
Not all private equity is the same:
> Big funds are like IB: process oriented, organized auctions, lots of resources. You’re a cog in the machine.
> LMM PE is a beast: founder / family businesses, messy data and financials. Returns come from fixing and scaling.
LMM PE has a lot of alpha, but it’s very hands-on.
3
5
208
16,907
Most MDs in IB and PE are psychopaths.
It takes a certain type to put up with decades of late nights, weekend work, and cancelled plans.
You have to love dealmaking more than anything else.
7
12
352
46,611
The data center buildout has driven a wave of dealmaking in power & utilities, from Big Tech, private equity and strategics.
2
1
17
1,516
Secondaries deal volume surged 20% in 1H'26, to a record $121B, per Evercore.
PE’s struggles are fueling the market. LPs get liquidity without sponsors having to actually exit PortCos.
2
1
37
3,456
Direct lending is a volume strategy.
Your upside is capped, and there are 50 other lenders offering the same terms.
The goal is to i) maximize deployment and ii) avoid major blowups.
2
1
72
9,942
M&A activity has been very top-heavy. Growth been driven by a handful of massive deals in tech and utilities.
3
26
1,619
Finance is all about longevity.
The work itself isn't that complicated. But most people burn out or get pushed out before they make real money.
5
4
175
13,748
Private equity is consolidating.
The 10 largest funds captured 46% of all fundraising in ‘25, the highest share in a decade.
LPs are writing “safer” checks to established managers as the asset class struggles.
2
4
52
8,393
95% of the time, it’s better to be concise.
Make the deck or memo shorter. Keep talking points high level. Have an easy to understand investment thesis.
If people need more detail, they’ll ask.
1
50
2,890
A company is distressed when its debt exceeds what the business is actually worth.
Restructuring resizes the debt to fit the company’s enterprise value.
3
4
133
6,442
Full restructuring primer ⬇️
illiquidinsights.com/p/prime…
3
515