In this forward-looking episode, Bridger Pennington breaks down which types of funds he would start in 2026, which ones he would avoid, and which ones fall somewhere in the middle. Drawing from real conversations with fund managers and insights from reviewing hundreds of funds, Bridger covers:

1. Why secondary funds may benefit from a wave of long-delayed IPOs and renewed liquidity in private markets.
2. The headwinds facing hedge funds, from AI-driven competition to volatile, news-driven markets and historically high valuations.
3. Why crypto funds sit in a neutral category—attractive entry prices, but extreme volatility and leverage risk.
4. The real estate opportunity: three years of rate-driven pain potentially setting up a multi-year recovery cycle.
5. Why private credit may face increasing competition and margin compression as interest rates decline.
6. The nuanced case for early-stage venture capital: better entry valuations and AI-driven efficiency gains—but intensified competitive disruption.

This episode is a macro-informed framework for thinking about fund strategy selection in 2026—grounded in market cycles, capital flows, and evolving technology trends.