To Whom Much Is Given, Much Is Expected

To whom much is given, much is expected, I believe it is true in every case, and the opposite is true. When we see someone excel, who does not seem to have much, we are amazed, prepare to be amazed in private markets.

The private markets are changing, and for those who have been in these markets for 30 or 40 years and only taken for themselves and their LPs, versus growing private markets globally are going to be shocked. Thomas Aquinas talks about a sin called Acedia, this is often misunderstood as mere laziness but it has a much deeper meaning meaning the squandering of that which has been given. The opposite, or virtue: the ability of someone to seize the opportunities before them and rise to their highest potential. The vice, however, lies in the failure to do so, to succumb to a state of complacency and underachievement, or self enhancement only.

Mark Mobius is someone I have followed for 30 years who I believe leaves everyplace he invests, as better off, he is in not a parasite, he is a catalyst for growth. In the video below, he talks about expanding the markets in India, I will be in India in later this year the obligation on this enormous opportunity is to grow the entire economy, and not just themselves.

The biggest institutional private market players like KKR and Apollo Global Management, Inc. have historically thrived on data asymmetry—where their access to more information than the broader market allowed them to generate significant returns. They've used this advantage to benefit a select group of limited partners, maintaining the status quo rather than driving the industry forward.

AI will create data symmetry, when there is context, attribution and trust of the source data this will advance private markets globally - exchanges, lending, investors, and asset owners who have trapped equity in assets with no liquidity. This shift will challenge these incumbents to transform their business models, adding more value in a transparent, data-rich environment. With data symmetry, the flow of capital into alternative assets will increase, as investors will gain the ability to price trades quickly and more accurately, allowing entry and exit, enhancing liquidity across the market.

The true drivers of this change will not be the largest players but rather the mid-sized firms who aspire to break into the top 100. These firms will force data symmetry, using it to offer their investors daily, weekly, or monthly liquidity through interval funds. This push towards transparency and efficiency represents a departure from the inertia of the Incumbents, which have so far failed to advance the alternatives industry meaningfully in the last 15+ years. Tokenization alone isn't enough; the real revolution will come from the automation of asset and portfolio administration. This automation will drive daily liquidity, accurate pricing, and the ability to trade these assets efficiently...