Collateralized Fund Obligations: The New Way Investors Are Financing Private-Market Portfolios
Private markets have created an unusual liquidity problem: investors can own valuable portfolios of private equity, private credit and other fund interests while still struggling to turn those assets into cash without selling them. That tension is helping collateralized fund obligations, or CFOs, gain attention. Rather than immediately selling a portfolio of private-market interests, a […]
The New AI Financing Market: How Investors Are Buying the Infrastructure Behind Artificial Intelligence
AI infrastructure is entering a new financial phase. The question is no longer only who builds the data centers or who manufactures the chips. Increasingly, investors are being asked to consider a different question: who owns the machines generating the revenue? That question became more important in October 2026 after Amazon reportedly moved toward a […]
The Hidden Cost of Cheap Debt: Why Low-Cost Borrowing Can Create Expensive Mistakes
Cheap debt can make an acquisition, expansion or asset purchase appear more affordable while simultaneously encouraging borrowers to take on more leverage than their underlying cash flows can comfortably support. That does not make low borrowing costs inherently dangerous. Debt can be highly productive when it finances assets or businesses capable of generating sufficient cash […]
PIK Interest Explained: Benefits, Risks and Private Credit
A borrower can reduce its cash interest burden today while simultaneously increasing the amount it owes tomorrow. That is the central paradox behind PIK interest, or payment-in-kind interest, a financing mechanism that allows borrowers to defer some or all of their interest payments by adding the accrued amount to the outstanding loan balance. The structure […]
NAV Lending: How Investors Are Turning Illiquid Private Assets Into a Source of Liquidity
A private investment can be valuable on paper and still leave its owner short of cash. That tension is becoming more important as private-equity distributions remain slower and investors look for ways to access liquidity without selling assets at potentially unfavorable prices. The result is a growing market for NAV lending loans secured against the […]
Paolo Ardoino: How Tether’s CEO Is Building Beyond Stablecoins
Paolo Ardoino has become closely associated with Tether and its USDT stablecoin. But by 2026, describing his role only in terms of stablecoins no longer captures the direction of the company. Under Ardoino, Tether is increasingly investing in gold, payment infrastructure, blockchain technology, artificial intelligence, energy and private credit. The expansion is significant because Tether […]
The Infrastructure Debt Boom: Why Institutional Investors Are Financing the Assets Behind AI and the Energy Transition
The next phase of the AI boom is not being built only in server racks. It requires data centers, electricity generation, transmission networks, storage systems and other physical infrastructure and those assets need enormous amounts of capital. That is creating a financing opportunity beyond technology stocks and infrastructure equity. The infrastructure debt boom is emerging […]
The Private Credit Reset: Why Investors Are Repricing the Risk of Direct Lending
The private-credit boom is entering a more uncomfortable phase: capital is still arriving, but investors are paying much closer attention to what the loans underneath the yield are actually worth. That contradiction was highlighted this week when Tether and Fasanara Capital launched StableFund, a new private-credit vehicle anchored by $400 million of co-investment and targeting […]
The Hidden Market Behind Business Vehicle Finance: How Lenders Make Money From Fleet Assets
A delivery van, tractor-trailer, bus or service vehicle can be both a piece of equipment and a source of revenue and that dual role is what makes fleet finance such an unusual credit market. Millions of businesses depend on commercial vehicles to move goods, transport people, complete projects and generate income. Behind those physical assets […]
The New Specialty Finance Market: Where Institutional Investors Are Finding Yield Beyond Traditional Credit
The next major shift in private credit may not be about lending more money it may be about financing assets and borrowers that traditional banks were never designed to serve efficiently. That shift is helping reshape the specialty finance market, where institutional capital is increasingly meeting financing needs across asset-backed lending, consumer finance, equipment finance, […]
