​​Recent liquidity events related to portfolio companies in which PIF invests through its private equity holdings​.

Estimating our current position in the business cycle is highly useful for asset allocation, as specific asset classes tend to perform differently depending on which stage of the cycle the economy is currently in. In situations like now when economic data can be conflicting, it’s helpful to look at the high yield spread as a proxy. Here’s what it says about the cycle, and what it could mean for your portfolio.

With cash yields continuing to decline, it could be time to consider shifting to a flexible, broadly diversified fixed income strategy.

U.S. equities, led by small caps, rose and bond yield fell across the curve this week.

Highlights from the week of August 28 – September 4, 2025.

Get the latest insights from our securitized credit desk.

Private equity secondary funds have a history of strong performance across various market conditions, suggesting that their success typically isn’t tied to market timing. Instead, it relies on control.

As summer 2025 winds down, the global economy continues to hum along despite the pessimistic narratives around stagflation, recessions, and trade wars. Notably, the U.S. economy remains resilient, showing signs of strength and stability. Growth has moderated from its post-pandemic highs, but recent data suggest a controlled normalization rather than a downturn.

Ethereum’s evolution from an idea to a powerful and versatile platform is reshaping how financial services are built, delivered, and owned. Behind it is a whole value chain for investors to consider.

U.S. equities fell and U.S. investment grade bonds rose as economic data came in mostly as expected.