This week's edition examines the structural transition from globalized, cheap liquidity toward a regime defined by localized, high-conviction deployment and physical infrastructure constraints. We analyze how the convergence of energy supply bottlenecks, AI-driven hardware CapEx, and the rise of programmable, on-chain settlement is redefining the boundaries of value creation in private markets.

Explore the full visual digest at pers-int.com

0:00 - Introduction
0:32 - Scaling the Alpha: Modernizing Private Equity and Venture Capital
7:35 - Macro Volatility: Energy Shocks and Geopolitical Friction
14:01 - The AI Infrastructure Build-Out: Compute, Cables, and CapEx
18:15 - The New Credit Frontier: From Private Lending to Direct Access
20:44 - The Future of Money: Stablecoins and Financial Intermediaries
22:54 - Conclusion

Referenced sources:
Cisco Jumps Most Since 2011 on Sales Outlook (Bloomberg Intelligence)
AI Chipmaker Cerebras Systems Seeks $4.8 Billion in Upsized IPO (Bloomberg Intelligence)
Will England, Derek Drummond, and Tony Caruso - Disintermediating Pod Shops (EP.501) (Capital Allocators – Inside the Institutional Investment Industry)
Innovation and Inflation Twin Forces Reshaping Portfolios (Exchanges)
Cracks in Private Credit (Exchanges)
UK bond vigilantes ride again (FT News Briefing)
Gulf dealmaking machine hits the brakes (FT News Briefing)
Starmer fights for political survival (FT News Briefing)
Private Equity Is a Talent Business - Flor Kassai, Inflexion (Fund Shack Private Equity Podcast)
E369 Midas List VC Why Smart VCs Are Buying Secondaries (How I Invest with David Weisburd)
E368 Sovereign 2.0 How Mubadala Capital Is Reinventing the $430B Playbook wCIO Oscar Fahlgren (How I Invest with David Weisburd)
E366 Keri Findley The Credit Investor Peter Thiel Chose to Back (How I Invest with David Weisburd)
Krishna Rao - Anthropic's CFO on Compute, Scaling to $30B ARR, and the Returns to Frontier Intelligence - (Invest Like the Best with Patrick O'Shaughnessy)
#28 Leaders in Investment podcast Cecile Retaureau, Head of Private Markets, Standard Life (Leaders in Investment - IPE)
MacroVoices #532 Mike Green Record Mechanical Flows (Macro Voices)
At The Money Is SpaceX IPO Breaking Capitalism (Masters in Business)
Evolving Money Stablecoins in Practice and Policy (Sponsored Content) (Masters in Business)
Samanth Subramanian on the Undersea Cables That Keep the Internet Alive (Odd Lots)
The Bank of England's Megan Greene on Monetary Policy in a World of Supply Shocks (Odd Lots)
JPMorgan Is Wary of Another Big Leap in AI-Related Spending (The Credit Edge by Bloomberg Intelligence)
Moats in Motion Software Investing in the Age of AI (The Private Markets Playbook)

This episode is independent commentary and is not affiliated with, sponsored by, or endorsed by the sources listed above.