Latest publications

30 May 2026 The Top 10A valuation map of the most highly marked private companies in our coverage frame. 20 May 2026 Reading the SpaceX S-1 — three observationsThree observations on the largest IPO filing in history, drawn entirely from the public S-1. 16 May 2026 Sovereign capital and the model-layer build-outHow sovereign and strategic capital is reshaping the late-stage AI cap table. 9 May 2026 Sector dispatch — defence technologyAnduril, Shield AI, and the re-rating of Western defence primes and challengers. 2 May 2026 The marginal buyer of late-stage AIWho is setting the marginal price in late-stage AI — and what that means for marks. 25 April 2026 Vintage rotation — the 2017–2018 distribution cycleWhat 2017–2018 vintage distributions are signalling about the secondary cycle. 18 April 2026 Mark-to-market gap — primary versus secondaryHow and why public comparables and private marks have diverged this quarter. 11 April 2026 Network whisper — what allocators are watching this quarterAn anonymised synthesis of what family-office CIOs are paying attention to in Q2.