Dear Valued Member of the Moonfare Network,
Welcome back to the Satellite. We hope you’ve had a good start to a year that’s already keeping investors on their toes.
Geopolitical tensions are once again moving up the agenda, leading many allocators to revisit portfolio positioning. Our Chief Economist, Mike O’Sullivan, outlines how to think about investing in a more fragmented world.
Away from the global news stories, private equity is roaring back into action. Headline figures from 2025 suggest a strong year-on-year rebound in investment (up 23%) and exit values (up 50%). But as ever, a closer look reveals a more nuanced picture.
One trend, in particular, stands out. Evergreen semi-liquid funds have outgrown their niche, with private credit playing a central role. Why could this pairing be a good fit? Find out in our latest report.
Happy reading!
Your Moonfare team

Global values are once again close to levels last seen before the post-2021 slowdown. Is the recovery here to stay?



