PE’s big opportunity in mid- and small-caps, Portfolio diversity becomes a priority, Lower distributions and relative plenty, Early secondaries fail to take off, LP-stake appetite is stoked by shortage

Denominator non-effect and faith in PE, Bargains despite high prices, The exit drought is an opportunity to boost returns, Opening up PE to US retirement accounts, Early secondaries rise, recycling falls

Asset managers shift to PE from stocks, toehold funds will lead to take privates, GP stake funds and skin in the game align interests, recycling moves mainstream in secondaries, Secondaries measured by PE’s $5.8 trillion AUM.