Capital Markets · Provenance · Infrastructure
Private markets hold $22 trillion in AUM—yet turnover is 1.5% a year, deal cycles run six months, and transaction costs hit 3–30%. A position paper on why the world’s most important capital is trapped, and what it will take to free it.
Sovereigns, pensions, and foundations are ready to deploy directly into private markets. They need provenance infrastructure and a venue they can trust. A guide for the institutions that move first.