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   Daily 2026-03-25
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   Plus, private credit's looking shakier | Your Daily Brief is ready |
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               3:02 read time
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                 View in browser
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                     👀
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                     WHAT'S GOING ON
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                       All metrics are as of the latest market close.
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                 <td class="s19">
                  <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
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                     <td align="left" class="s8">
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                       <tbody>
                        <tr>
                         <td class="s21">
                          S&amp;P 500
                         </td>
                         <td class="s22">
                          0.36% ▼
                         </td>
                         <td class="s23">
                          6,557
                         </td>
                        </tr>
                        <tr>
                         <td class="s21">
                          GOLD
                         </td>
                         <td class="s24">
                          0.07% ▲
                         </td>
                         <td class="s23">
                          $4,411
                         </td>
                        </tr>
                        <tr>
                         <td class="s21">
                          BITCOIN*
                         </td>
                         <td class="s22">
                          1.23% ▼
                         </td>
                         <td class="s23">
                          $70,003
                         </td>
                        </tr>
                        <tr>
                         <td colspan="3" style="font-size:10px;font-family:Trispace,monospace;color:#7F879C;padding:0">
                          *24-hour change
                         </td>
                        </tr>
                       </tbody>
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                         <td class="s21">
                          FTSE 100
                         </td>
                         <td class="s24">
                          0.72% ▲
                         </td>
                         <td class="s23">
                          9,965
                         </td>
                        </tr>
                        <tr>
                         <td class="s21">
                          BRENT OIL
                         </td>
                         <td class="s24">
                          3.26% ▲
                         </td>
                         <td class="s23">
                          $103.20
                         </td>
                        </tr>
                        <tr>
                         <td class="s21">
                          US BONDS*
                         </td>
                         <td class="s22">
                          0.05% ▲
                         </td>
                         <td class="s23">
                          4.39%
                         </td>
                        </tr>
                        <tr>
                         <td colspan="3" style="font-size:10px;font-family:Trispace,monospace;color:#7F879C;padding:0">
                          *10-year government yield
                         </td>
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                 <div style="font-family:Inter,sans-serif;font-size:14px;font-weight:700;line-height:1.5;text-align:left;color:#181c25;">
                  WALL STREET FEAR GAUGE INDEX 
(
                  <a style="font-weight:400;font-family:Trispace,monospace">
                   VIX
                  </a>
                  )
                 </div>
                </td>
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                    <td style="width:536px;">
                     <img alt="Wall Street Fear Gauge Index" class="s11" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fimages.bannerbear.com%252Fdirect%252F7Q4rjJzQn7vZo8qPOx%252Frequests%252F000%252F138%252F490%252F092%252Fw0gWbdEPaYajLxNozrVklOA5j%252F68166ee05d39317942b595f8bb8d13a65973d71c.png%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253D221dcf4aeff9752bd39fa8b512ca761c/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NzQzOTE4ODYuMTM0NTY5fQ:1w5ANy:lc5qNk6K8L6hWsqcepoTMhvS1Xb0XXhfkZLTSIcPYDk" width="536"/>
                    </td>
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                      <div class="s30">
                       <p data-block-key="10zqs">
                        📈 Revolut’s blockbuster results told a bigger story about the private market
                       </p>
                       <p data-block-key="b7fcl">
                        🫨 Ares Management became the latest symbol of private credit uncertainty
                       </p>
                       <p data-block-key="4qg1d">
                        🪖 Theon is booming, and most investors haven’t noticed
                       </p>
                       <p data-block-key="336f2">
                        <b>
                         👇 Keep reading to find out
more
                        </b>
                       </p>
                      </div>
                     </td>
                    </tr>
                   </tbody>
                  </table>
                 </td>
                </tr>
               </tbody>
              </table>
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<![endif]-->
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                   <mj-raw>
                    <span class="s17">
                     👀
                    </span>
                    <span class="s18">
                     Today's headlines
                    </span>
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                    <span class="s33">
                     A Private Affair
                    </span>
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                       <img alt="A Private Affair" class="s11" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FEditorial-240326-PrivateMarkets.original.jpg%253Ffit%253Dcrop%2526h%253D600%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253De6d555d06f0ceef8306517445e61a41b/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NzQzOTE4ODYuMTM0Njk4NH0:1w5ANy:IhhZ7xtByNxUdbFkZ2prbzinz_TkLVepUqvlCIC7bH4" width="568"/>
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                  <div class="s30">
                   <p data-block-key="w6lby">
                    <b>
                     What’s going on here?
                    </b>
                   </p>
                   <p data-block-key="davik">
                    <b>
                     Revolut’s
                    </b>
                    latest results are a reminder of just how big private companies are getting – and how much of that growth is happening out of sight.
                   </p>
                   <p data-block-key="ar4e9">
                    <b>
                     What does this mean?
                    </b>
                   </p>
                   <p data-block-key="5slfd">
                    On Tuesday, Britain's biggest fintech reported record profit for 2025 along with a 46% jump in revenue. And with a full
UK banking license
                    <a>
                     now
                    </a>
                    in its name, Revolut is gearing up for the next phase of growth. That would be exciting for millions of investors…
                    <i>
                     if
                    </i>
                    the company traded publicly as a stock, rather than in the harder-to-access private market.
                   </p>
                   <p data-block-key="6qt8i">
                    <b>
                     Why should I care?
                    </b>
                   </p>
                   <p data-block-key="2pqul">
                    <b>
                     <i>
                      For markets:
                     </i>
                    </b>
                    <i>
                     Some folk don’t want to grow up.
                    </i>
                   </p>
                   <p data-block-key="2ro6g">
                    There’s been a shift in the past quarter-century, with startups increasingly resisting the pull of public markets and seeking out deep-pocketed private investors instead. Firms have been able to raise huge sums, strike partnerships, and scale up – all without the scrutiny and pressure that comes with going public.
                   </p>
                   <p data-block-key="5g1r0">
                    ▶ Now that companies are growing
more before ever hitting the stock market, private equity funds and other huge institutional types can swallow the lion’s share of the growth – leaving regular investors with the scraps.
                   </p>
                   <p data-block-key="c5quh">
                    <b>
                     <i>
                      Zooming in:
                     </i>
                    </b>
                    <i>
                     Let’s make a deal.
                    </i>
                   </p>
                   <p data-block-key="eqvi9">
                    Grabbing a slice of a private company comes with some trade-offs: investors get saddled with more risk, in exchange for (hopefully) bigger returns. So lately, private investors have been getting
choosier – even when it comes to AI darlings like
                    <b>
                     OpenAI.
                    </b>
                   </p>
                   <p data-block-key="28oe4">
                    ▶ That’s why it’s been sweetening the deal with private equity firms, guaranteeing a minimum return of 17.5% and offering access to its newest AI models – for the firms
                    <i>
                     and
                    </i>
                    all the companies they hold. It’s a nifty two-birds-one-stone move: OpenAI scores fresh investment, a roster of corporate clients, and a chance to plug its products into many businesses at once.
                   </p>
                  </div>
                 </td>
                </tr>
                <tr>
                 <td align="left" class="s5">
                  <div style="font-family:Inter,sans-serif;font-size:14px;font-weight:bold;line-height:1.5;text-align:left;color:#000000;">
                   You might also like ⇢
                   <a>
                    OpenAI, Wide Open: Why (And How) To Invest In The ChatGPT Maker
                   </a>
                  </div>
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             </div>
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                     📈
                    </span>
                    <span class="s18">
                     Chart Of The Day
                    </span>
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                    What I like about it is
                    <a>
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                    More importantly, it combines a set of traits
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                    <a>
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                     Theon is booming, and most investors haven’t noticed
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                    <span class="s33">
                     Check Out Anytime You Like
                    </span>
                   </mj-raw>
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                 <td align="center" class="s5">
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                       <img alt="Check Out Anytime You Like" class="s11" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FEditorial-240326-PrivateCredit.original.jpg%253Ffit%253Dcrop%2526h%253D600%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253Dff66ba446c59209eae666893abbfa598/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NzQzOTE4ODYuMTM1MjgyM30:1w5ANy:uqeH7tQLf03T6dam5i9ajYdbtDRhbQCvEuUIL9iCoBY" width="568"/>
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                   <p data-block-key="r928v">
                    <b>
                     What’s going on here?
                    </b>
                   </p>
                   <p data-block-key="85ehs">
                    <b>
                     Ares Management
                    </b>
                    just became the latest private credit manager to “Hotel California” investors’ money.
                   </p>
                   <p data-block-key="7rlct">
                    <b>
                     What does this mean?
                    </b>
                   </p>
                   <p data-block-key="5dt6g">
                    Private credit firms pool money from investors, lend it directly to companies, and make money from the fees on those loans. So far, so good...
                   </p>
                   <p data-block-key="euhbq">
                    ⚠️ Here’s the problem: some of these funds come with the promise of regular withdrawals. And the private loans underpinning them aren’t easily unraveled – so when markets wobble and lots of investors want out at once, managers have to either enforce withdrawal limits – or scramble (read: make quick investment decisions) to make up the shortfall.
                   </p>
                   <p data-block-key="94rni">
                    ▶ In the first three months of this year, investors in Ares Management’s $10.7 billion private
credit fund tried to pull out roughly $1.2 billion – well above the firm’s 5% quarterly limit. By Tuesday, after meeting fewer than half of those requests, Ares enforced its cap.
                   </p>
                   <p data-block-key="aedum">
                    ▶ Just one day earlier,
                    <b>
                     Apollo Global
                    </b>
                    made a similar move after withdrawal requests on one of its funds hit 11.2%.
                   </p>
                   <p data-block-key="626no">
                    ▶ Those two firms are only the latest in a string of triggered caps – a sign that investors are feeling particularly jittery about private
credit.
                   </p>
                   <p data-block-key="bs6ia">
                    <b>
                     Why should I care?
                    </b>
                   </p>
                   <p data-block-key="9d8gk">
                    <b>
                     <i>
                      For you personally:
                     </i>
                    </b>
                    <i>
                     Be greedy when others are fearful.
                    </i>
                   </p>
                   <p data-block-key="cehd7">
                    Investors are pulling out of private credit funds
                    <i>
                     and
                    </i>
                    ditching the stocks of the firms that sell them.
                    <b>
                     Blue Owl
                    </b>
                    , which capped withdrawals last month (before it was trendy), has seen its shares fall 40% this year, while Ares’s are down 34%, and Apollo’s 25%.
                   </p>
                   <p data-block-key="an4ua">
                    ▶
Those stock drops could make this a good time to grab some exposure to private credit without having to buy into the actual funds – which, of course, come with lock-up rules. Mind you, there’s always the risk that a weakening credit market could see those stocks slide further…
                   </p>
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                   <mj-raw>
                    <span class="s17">
                     ✨
                    </span>
                    <span class="s18">
                     ​​​​​​​​​​​​​​​​​​​​​​​​​Sarah's Digest
                    </span>
                   </mj-raw>
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                     🖋️
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                   <strong>
                    "The stars don't look bigger, but they do look brighter."
                   </strong>
                   – Sally Ride (an American astronaut)
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                    <span class="s17">
                     🎯
                    </span>
                    <span class="s18">
                     On Our Radar
                    </span>
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                      <div class="s30">
                       <p data-block-key="aaghi">
                        <b>
                         1. Same cart, same price.
                        </b>
                        Manitoba wants to
                        <a>
                         ban “algorithmic pricing”
                        </a>
                        – jacking up prices based on who or where you are.
                       </p>
                       <p data-block-key="bbd1">
                        <b>
                         2. A long time ago...
                        </b>
                        It's been 50 years since
George Lucas yelled “action” on
                        <a>
                         <i>
                          The Star Wars
                         </i>
                        </a>
                        .
                       </p>
                       <p data-block-key="c08ob">
                        <b>
                         3. Safety for him – ICU for her.
                        </b>
                        Women are more likely to be seriously hurt in car crashes, thanks to
                        <a>
                         decades-old industry bias
                        </a>
                        .
                       </p>
                      </div>
                     </td>
                    </tr>
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                </tr>
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          <tbody>
           <tr>
            <td align="left" class="s5">
             <div class="s30">
              Stay classy, Sarah 😉 This issue of the Daily Brief was curated by
              <a style="color:inherit;font-weight:inherit">
               Russell
              </a>
              and
              <a style="color:inherit;font-weight:inherit">
               Linda
              </a>
              . Got an idea? A question?
              <a>
               Get in touch
              </a>
              .
             </div>
            </td>
           </tr>
          </tbody>
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        <!--[if mso | IE]>
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             <!--[if mso | IE]>
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                 <td align="left" class="s31">
                  <div class="s16">
                   <mj-raw>
                    <span class="s17">
                     💌
                    </span>
                    <span class="s18">
                     THAT WAS GREAT FOR US... HOW WAS IT FOR YOU?
                    </span>
                   </mj-raw>
                  </div>
                 </td>
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               </tbody>
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