Capital sources are diversifying beyond classic LPs. Insurance balance sheets and permanent/evergreen structures are becoming real parallel channels: Star Mountain's rated CLO gives insurers structured credit access, Partners Group closed an evergreen mandate for an Asian institution, and AAM Wilshire launched an evergreen interval fund opening infrastructure to individual investors. Sequoia is even testing evergreen alongside its traditional funds. The channels connecting LPs to capital are being rebuilt, not just the totals.
Secondaries and continuation vehicles are spreading to every strategy. PE has it (CVC's $9.3B SOF VI, Adams Street's $2.7B Fund 8), venture has it (G Squared's $2.3B, Lightspeed's OpenAI/Anthropic continuation deal), infrastructure has it (StepStone's $1.7B SSIF, CVC's 2027 launch plans), and credit does too (CVC's $500M credit secondaries fund, Jefferies' ~€1B deal). It is the same playbook maturing across asset classes at the same time.
LP’s are interested in specific theses, not generic exposure. Infrastructure money is almost entirely about power and data center demand. Venture is almost entirely about AI, top to bottom. Credit managers are pushing into asset-based and specialty finance as plain direct lending returns compress. Even in real estate, one of the weaker categories by size this month, is only finding traction in niche plays. A specific thesis raises money right now; generic diversified exposure doesn't.
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