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10/30/2026

Cohere is raising a Series E at a $20.5 billion valuation, according to Bloomberg, with a first close of a round expected to total up to $5 billion.

When companies stay private longer, employees and early investors often look to tender offers and secondary sales for liquidity before an IPO. Should late-stage companies offer regular tenders?

Source: Bloomberg, Oct 29, 2026. Photo: Piaras Ó Mídheach / Wikimedia Commons, CC BY 2.0.
LPShares is a marketplace for private market secondaries: lpshares.com

10/30/2026

Three reports. Three totals. One record half.

Jefferies, Evercore and Lazard put H1 2026 secondary volume at $118B to $124B: Jefferies $118B (+15%), Evercore about $121B (up nearly 20%), Lazard about $124B estimated (about +28%).

They split on who led: two say GP-led deals were the majority, one says LP-led sales were. We put all three side by side, including each firm's full-year outlook.

Full table: https://www.lpshares.com/blog/lp-secondary-market-volume-h1-2026?utm_source=facebook&utm_medium=social&utm_campaign=pmi-2026-10-30

Figures as published by each firm. Not investment advice.

10/29/2026

Ares Management raised $31.0 billion in Q3 2026 and deployed $34.8 billion.

By group: Credit $15.2 billion, Real Assets $11.2 billion (real estate $5.9 billion, infrastructure $5.3 billion), Secondaries $2.6 billion.

Big managers keep raising, so the LP base keeps growing, and so does future secondary supply.

Source: Ares Management Q3 2026 earnings presentation, Oct 29, 2026. https://www.sec.gov/Archives/edgar/data/1176948/000162828026067994/a2026q3-ex992earningspre.htm

LPShares is a marketplace for private-market secondaries. More at lpshares.com.

10/29/2026

The Fed held its benchmark rate at 3.75% to 4% on Wednesday, Oct 28. The vote was 10 to 2, and both dissenters, Lisa Cook and Beth Hammack, preferred a quarter point hike.

The statement said economic activity is "expanding at a strong pace" and inflation "remains elevated."

For private equity, that means deal financing stays priced off a higher base for now. When deals and exits slow, distributions to LPs slow too, and more holders look at the secondary market for fund interests.

LPShares is a marketplace where investors list and discover private-market interests.

Source: Federal Reserve FOMC statement, Oct 28, 2026. Not investment advice.

10/28/2026

The data center build-out is lifting storage yard rents.

Industrial outdoor storage rents are up 32% since 2021, per CBRE data cited by The Wall Street Journal. Each gigawatt of new data center capacity generates about 100,000 truck trips, per DAT Freight and Analytics, and new yards are hard to permit. Brookfield closed its roughly $1.2 billion acquisition of Peakstone Realty Trust in May 2026, per an SEC filing.

Source: https://www.wsj.com/logistics-report/ai-build-out-fuels-surge-in-demand-for-outdoor-storage-ffb090d4
Photo: Wikideas1, Wikimedia Commons, CC0.

10/28/2026

Office CMBS delinquency hit 12.16% in September, up from 12.00% in August, per Trepp's September 2026 report. The overall CMBS rate rose 17 basis points to 8.02%, its highest since November 2020. Multifamily rose to 8.04%, and industrial held at 1.14%.

LPShares is a marketplace where LPs and buyers can find each other directly for fund interests, subject to sponsor approval and transfer requirements.

Source: Trepp

10/27/2026

Blackstone missed the October 9 maturity on its $1.3B Blackjack Portfolio CMBS loan. After selling 15 of the original 21 apartment properties, $517.7M is still outstanding against six, and the loan is in special servicing with a three-month forbearance to sell the rest.

Morningstar says the remaining properties are cash flowing slightly above underwriting. The issue is timing: a 2021 floating-rate loan came due in a much tougher refinancing market.

Sources: Morningstar Credit, KBRA Analytics (Oct 19-20, 2026)

LPShares is a marketplace for private market secondaries: lpshares.com

10/27/2026

Anthropic's IPO lock-up comes with a schedule, not a single 180-day cliff.

According to its S-1, non-founder directors, officers and certain current and former employees can sell up to 10% of their locked-up shares from the first trading day. A separate holder group can sell up to 6% on day 27 and again on day 48, with more tranches later. The rest stays locked until shortly after Q1 2027 results or day 180, whichever comes first. The filing does not yet say how many shares are covered.

LPShares is a marketplace where investors list and discover private-market interests.

Source: Anthropic, PBC Form S-1, filed with the SEC Oct 26, 2026. Not investment advice.

10/26/2026

Meta launched about $35 billion of stock offerings this morning to fund its AI buildout.

According to Meta's release, that is $22.5 billion of Class A common stock sold through forward sale agreements plus about $12.5 billion of mandatory convertible preferred. Nvidia, AMD and Broadcom indicated non-binding interest in buying up to $5 billion of the common stock. A separate at-the-market program of about $60 billion is planned for Q1 2027 at the earliest, with terms not yet set.

For private-market investors, the takeaway is how much capital AI infrastructure is absorbing, from private credit to public equity, and what that means for private funding and LP liquidity.

LPShares is a marketplace where investors list and discover private-market interests: lpshares.com

Source: Meta press release, Oct 26, 2026. Not investment advice.

10/26/2026

Elon Musk said on X on Sunday that "debt markets have almost entirely shut off access to money for any company that doesn't have substantial revenue independent of AI data centers." Reuters and CNBC both reported the comments. It is his view, not a measured statistic.

Why it matters for private markets: when lenders pull back from AI infrastructure borrowers, more of that financing tends to move to private credit and structured leases, and LPs in funds exposed to the theme start thinking harder about liquidity.

LPShares is a marketplace where investors list and discover private-market interests: lpshares.com

Sources: Elon Musk on X (Oct 25, 2026); Reuters; CNBC. Not investment advice.

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