Foundations
Evergreen reference articles on the structures, mechanics, and models behind private markets. Start here if you are new, or return when you need the framework behind a weekly issue.
Fund mechanics and the J-curve
The cash flow shape of private funds, the four multiples that track it, and why IRR alone misleads.
Private equity structures
Venture capital, growth equity, and leveraged buyouts: the three PE models, how they create value, and what distinguishes them.
The private credit stack
Senior secured, unitranche, mezzanine, and the structural reasons why private lenders keep taking share from banks.
Merton model and distress
Equity as a call option, debt as risk-free minus put, and the five compound causes of financial distress.
Real estate and infrastructure
The risk-return spectrum from core to opportunistic, the five-phase RE life cycle, and infrastructure via concession agreements.