Latest Blog post: Target Locked: The rising case of defense for private markets. Following on from Part 1, Kasper Wichmann explores why ESG is no longer a deal-breaker for defense. In Part 2, he unpacks the evolving frameworks, infrastructure angles, and credit plays that are reshaping institutional thinking.
Our chart of the week: Wish it were 2016 again?
Let’s dive in.
Best,
Kasper,
CEO & Co-founder Balentic
You are receiving this newsletter because you have previously expressed interest in Balentic and what we do. You can update your email preferences below.
Use Orca, an AI-driven private markets platform
About Orca
Orca is a digital platform transforming how LPs and GPs connect in private markets. It streamlines fundraising and manager discovery by linking strategies with transparent data, smart filters, and thematic insights - making it easier to find the right GP and the right LP, faster.
Blackstone has announced a $25 billion investment to build out Pennsylvania’s digital and energy infrastructure, aiming to catalyze an additional $60 billion into the state. This initiative positions Pennsylvania as a strategic hub to power America's AI future.
Blackstone has appointed Monica Issar as Senior Managing Director and Head of Total Portfolio Management (TPM) within its Blackstone Multi-Asset Investing (BXMA) division. She will be based in New York and report to Joe Dowling, Global Head of BXMA.
Lisa Cawley of Screendoor breaks down why being an LP of GPs offers unique strategic value. From backing emerging VC managers to embedding experienced GP advisors into the investment process, this episode explores how firm-building and fund selection intersect.
Orca Highlights
We are excited to welcome Screendoor to Orca. Screendoor is a US based venture capital fund of funds platform that leverages the strategic insight of leading experienced GPs to source and underwrite new and hard-to-access managers in order to help LPs build stronger, more effective venture programs.
With over a decade of experience in pensions, family offices, and financial institutions, their team specializes in identifying and backing the next wave of venture capital leaders, offering early exposure and access to VC firms shaping the future of innovation.
🔎View Screendoor’s full profile and strategy and connect with them directly on Orca.
👉 Not on Orca yet?Sign up now to explore strategies, follow themes, and connect with GPs and LPs shaping the market.
Balentic Edge Podcast
Beyond Top Quartile: Rethinking LP Strategy in Private Markets
In this episode of Balentic Edge, Matt Curtolo – seasoned LP and private markets advisor – joins Kasper Wichmann to unpack why top-quartile chasing is a myth, how small LPs can turn agility into edge, and what smart sourcing looks like in a noisy, access-constrained market. From manager selection to AI, to inbox overload, this episode is packed with clarity for LPs and GPs alike.
Blog: Target Locked: The Rising Case for Defense in Private Markets - Part 2
ESG frameworks are undergoing significant evolution as institutional investors grapple with defense exposure in an increasingly complex geopolitical environment. The traditional approach of blanket exclusions is giving way to more nuanced frameworks that distinguish between different types of defense activities.
“In matters of style, swim with the current; in matters of principle, stand like a rock.”
Thomas Jefferson
Executive Summary
ESG frameworks are evolving from blanket defense exclusions to nuanced approaches that distinguish between defensive capabilities and controversial weapons
Infrastructure investments in defense-related assets offer sovereign-grade off-take agreements with attractive risk-adjusted returns for institutional investors
Private credit strategies are filling the gap left by traditional banks, supporting scaling companies with strong government order books
Geographic diversification opportunities are expanding as European defense capabilities accelerate following geopolitical realignments
Tracking the rise of defence investing? Listen in as Tikehau Capital walks us through their Aerospace & Defence strategy on Balentic Edge
Chart of the week
Wish it were 2016 again?
Source: Bain & Company
Wish it were 2016 again?
You’re not alone. According to Bain & Company, private capital fundraising has never been tougher. As shown in their chart, the ratio of capital sought to capital closed in 2024 sits at 2.8x - nearly triple the level of 2016 (0.8x).
In 2025 this ratio is projected to increase to 3.1x. So, the the pressure is on: over 18,000 funds are chasing $3.3 trillion in commitments, and for the first time in a decade, no Q1 buyout fund topped $5B.
Yet, there are glimmers of hope. Secondaries, infrastructure, and private credit remain resilient. LPs are reallocating, with a growing tilt toward income-generating strategies. Fundraising may be rough—but smarter, more targeted approaches might just turn the tide in 2026.
If this newsletter was forwarded to you, sign up here
Disclaimer: The information provided in this newsletter is for informational purposes only and should not be construed as financial or investment advice.
.png?width=1040&upscale=true&name=News.Balentic%20(2240%20x%201260%20px).png)
.png?height=50&upscale=true&name=Podcasts_(iOS).png){kind=small}
