Issue - October 2025 This piece was originally published in our Axis Capital Markets newsletter . To get future issues straight to your inbox, sign up here: axiscapitalmarkets.beehiiv.com 🔷Liquidity by Design: How Secondaries Are impacting Private Credit  Private credit secondaries have shifted from being a niche solution to a core component of the market’s architecture. What was once viewed as opportunistic has become integral to the way private credit capital is recycled,

September 27, 2025 Fundraising is one of the hardest—and most misunderstood—parts of building a company. Founders often assume success...

Entrepreneurship often begins with a spark of inspiration. But the harder question isn’t “Do I have a good idea?”—it’s “How do I know...

September 20, 2025 Starting a company has long been romanticized—visionary founders, big funding rounds, hockey-stick growth. But as any...

Why Debt Matters for VC-Backed Companies Equity has been the growth engine for startups, but debt is increasingly a strategic complement . Importantly, the value of debt depends on a company’s business model : SaaS  companies often use recurring revenue lines or venture debt tied to ARR. Consumer goods  companies benefit from AR/working capital lines. Fintechs  often rely on warehouse or forward-flow facilities. Life sciences and hardware  firms frequently need equipment fina

After years of relative stability in global trade, early April brought a dramatic shift. The Trump administration rolled out the most...

As investors search for alternative assets with staying power, music royalties are quickly gaining traction—and for good reason. They offer a rare combination of recurring income, low correlation to traditional markets, and cultural relevance.  According to SongVest , music royalties are gaining popularity as an alternative investment—and for good reason. They offer a unique mix of steady income, diversification, and cultural value that few other assets can match. Here’s why

This week, we're looking at how the AI boom is reshaping startup valuations and exits.  Google’s $32 billion acquisition of Wiz  isn’t just its biggest deal ever—it’s a signal of the AI boom reshaping startup valuations. Wiz hit $100 million in ARR in just 18 months, only to be outdone by AI coding editor Cursor, which reached the same milestone in just 12 months. The speed at which AI startups are scaling is unprecedented, driving intense investor demand and soaring valuatio

Image by Unsplash At   Axis Group Ventures , we specialize in strategic debt placements across venture growth, the lower middle market,...

A version of this was recently posted on our LinkedIn channels. Manulife Investment Management (Manulife IM) recently announced its...

Some interesting news from PitchBook's 2023 Annual Global Private Markets Fundraising Report.  In 2023, Approximately $1,174.6 billion was raised across all global private capital strategies. The aggregate YoY change was down (20.5%). All strategies were down YoY with the exception of secondaries, though secondaries only accounted for $78.3 billion. Of note, Secondaries had a substantial increase (but from a smaller base). Venture capital, real estate, real assets, and fund o

There’s been an uptick in secondary market activity after a slowdown observed in 2022 and early 2023, Crunchbase  reports. In the last...

As we step into the heart of March, the financial landscape is pulsating with energy and possibilities, particularly within the dynamic...

February 16, 2024 The Latest 2023 Insights: A Recap of Last Year's Alternative Investments We drafted this blog post at the end of 2023,...

February 15, 2024 Thoughts on AI This post was initially drafted on December 15, 2023, but sat on the shelf before being posted to the...

November 29, 2023 The Latest What Happened to Convoy? When I first heard the news that Convoy was collapsing, it felt like a shock. The...

According to recent reports, the US Federal Reserve (Fed) has chosen to keep its policy interest rate range at 5.25%-5.50% for the second...

At AXIS Capital Markets , we specialize in global debt placement and secondaries for VC and PE-backed companies. The pace of growth in...

Tokyo October 30, 2023 NAV Financing Extending Life Funds and Staying Liquid with NAV Financing Over the last 1 to 2 years, NAV (Net Asset Value) credit facilities have become a more popular topic among GPs and LPs of Private Equity funds. NAV credit facilities have been in the market for a number of years, but there is more attention on the product offering given the current market conditions. What market conditions are driving NAV consideration? A few things are important

September 23, 2023 Secondary Investment Funds - The Latest Secondary Investment Market Commentary The Nasdaq market site is in Times Square, New York City. Surging interest rates and last year’s weak public equity market performance have made institutions think twice before taking on more private holdings © Reuters When you think of the Private Secondary Market today, what words, thoughts, or things come to mind? Opaque. Illiquid. The desire for liquidity. Lack of clarity