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<p>Thee following ripple effect will occur:

1. SpaceX, Stripe, and Anthropic will IPO, unlocking nearly $70M of capital
2. Many of the SPVs into those three will be scams or have so many fee layers that returns are mid
3. DPI will be returned back to Pensions/Endowments which will rebalance their portfolios
4. 2024-2025 vintages begin to crush mega funds on an IRR basis. Many of these Vertical AI plays look more like Growth Equity/PE and get acquired and managers show DPI
5. A select few FoFs and endowments champion the rise of emerging managers

Overall, 2026 is still going to be rough, 2027 warms up, 2028 is the return</p>

Thee following ripple effect will occur:
1. SpaceX, Stripe, and Anthropic will IPO, unlocking nearly $70M of capital
2. Many of the SPVs into those three will be scams or have so many fee layers that returns are mid
3. DPI will be returned back to Pensions/Endowments which will rebalance their portfolios
4. 2024-2025 vintages begin to crush mega funds on an IRR basis. Many of these Vertical AI plays look more like Growth Equity/PE and get acquired and managers show DPI
5. A select few FoFs and e

Thee following ripple effect will occur: 1. SpaceX, Stripe, and Anthropic will IPO, unlocking nearly $70M of capital 2. Many of the SPVs into those three will be scams or have so many fee layers that returns are mid 3. DPI will be returned back to Pensions/Endowments which will rebalance their portfolios 4. 2024-2025 vintages begin to crush mega funds on an IRR basis. Many of these Vertical AI plays look more like Growth Equity/PE and get acquired and managers show DPI 5. A select few FoFs and endowments champion the rise of emerging managers Overall, 2026 is still going to be rough, 2027 warms up, 2028 is the return

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