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Sports is a recurring theme with Lumonic private equity customers this year. NBA team values are up 1,989% over the last decade - sports has arrived as an asset class. In our report, we cover 30 firms who do deals in the space. Last Friday, Joshua Kushner added one more, launching Thrive Eternal, a permanent capital vehicle for "assets with qualities that cannot be replicated by technology." First investment: The San Francisco Giants Check out our report in the comments!

The NFL opened to PE, Apollo and Avenue launched sports funds, and the Boston Celtics sold for $6.1B. Our latest report maps 30+ firms already in the game.

Single-asset rollovers, multi-asset baskets, and CV-squared move continuation capital. Our latest report maps how GPs are manufacturing liquidity and where LPs are pushing back. The monitoring layer underneath it all is Lumonic.

The fastest-growing capital pool in private credit isn't fund commitments. It's retiree savings. Through annuity premiums, pension buyouts, policyholder assets - insurance companies are now funding 43% of credit AUM at the top seven alternative managers. Private credit on US life insurer balance sheets doubled to hit $849 billion last year. Apollo Global Management, Inc. built the playbook with Athene. Now everyone's running it. KKR/Global Atlantic. The Carlyle Group/Fortitude Re. Ares Management/Aspida. Thirteen new reinsurers launched in Bermuda in 2024 alone. We mapped 85+ insurance companies across four continents actively funding private credit. Article and market map in the comments. Thank you to Steven Miller, Steven Buibish, CFA, and Kenny Tang for feedback and ideas.

Five investor types are financing compute: Hyperscaler Joint Ventures, Chip-Backed Lenders, Infrastructure Debt, Insurer Capital, Bank Syndicates. We mapped 54 of them in our latest report.

Lumonic was born in March 2023, a few months after ChatGPT launched. The market we started in (private credit) is now the largest private capital source for AI infrastructure. The buildout needs $2.9 trillion through 2028. Private credit covers $800 billion of it, more than banks and equity combined. We mapped 54 firms across five lender categories in our recent report. Download link in the comments!