The net asset value of U.S. private-equity assets stuck in funds at least a decade old reached an all-time high of $348.5 billion at the end of 2025. That is 3.5 times the amount in 2015 and more than 100 times that of 2005. The net asset value in the seven-to-nine-year-old bucket reached $512.7 billion in 2025, more than two times that of 2015.
Gold
A yearslong rally in the precious metal came to an end, oddly enough, with the Iran war. Since hostilities began on Feb. 28, gold is down 22%. However, gold’s 12-month price increase, at 21%, is still slightly better than the S&P 500.
Funds v S&P 500
Last year, four in every five U.S. stock mutual funds couldn’t beat the S&P 500.
ROAD to Housing
Under the 21st Century ROAD to Housing Act, which passed into law last week despite President Trump’s refusal to sign it, investors who already own more than 350 family homes can’t buy any more from the existing housing stock. Eight large institutional investors were net sellers of more than 3,000 homes in the second quarter of this year, a fivefold increase in net-selling activity from the same period of last year.
Share Issuance
So far this year, companies have sold $344.7 billion of new shares to investors, exceeding the full-year totals for each year from 2022 to 2025. AI hyperscalers are selling shares and debt to fund capital expenditures, which are expected to rise from $450 billion last year to over $800 billion.
Data Center Design
In effort to soothe local opposition, architects plan data centers that resemble tech campuses or art museums, rather than bland boxes.
Brookfield Hudson Square
Brookfield is in exclusive talks to buy a 10% stake in Hudson Square Properties in a deal valuing the office complex at $3.5 billion. The deal would make Brookfield the long-term operating partner of the 13-building, 6.2 million-square-foot Manhattan portfolio.
AI Employment
Companies making the largest AI investments grew employment by roughly 10% more than otherwise similar companies that hadn’t yet adopted AI.
Rate Hikes
Forward markets are currently pricing in roughly 1.5 rate hikes by the end of Q1 2027.
Marriott Coke
Marriott has started putting Coca-Cola Co. products in its properties, replacing a longtime partnership with PepsiCo. Marriott expects to continue rolling out Coke products in guest rooms, restaurants and meeting spaces over the next several months.