This month’s Alternative Investor is out this week, with a focus on fragmentation that could not be timelier after the volatility of recent weeks.

Beyond the latest news, highlights include:

  • Acer Tree Investment Management LLP’s Sven Olson on why European credit hedge funds can offer a more flexible and liquid alternative to private credit;
  • Capricorn Private Investments’ Andrew White on why the illiquidity premium can no longer be assumed;
  • and Marex’s Jack Carnell on the way geopolitical fragmentation has turned FX and rate risk into a front-office issue.

CAIA Association’s Georgina Tzanetos argues that GCC private market valuations are still pricing 2023 risk into 2026 deals, leaving investors exposed to material geopolitical tail risks that are not being properly captured in fund structures or underwriting. AIMA’s Tom Kehoe makes the case that hedge funds’ defining strength is their adaptability and resilience, and that allocators should back managers able to adjust quickly as markets and geopolitical conditions shift.

Also in the issue, Theta Capital’s Ruud Smets examines how blockchains and AI could reshape the economics of coordination, while in Letter from America, Prosek Partners’ Mark Kollar argues that infrastructure stands out as a secular winner as hyperscalers invest in self-generated power campuses.

While Simon Brewer’s The Money Maze Podcast conversation with Sir Michael Moritz ranges across venture capital, artificial intelligence and a deeply personal reckoning with family history in Nazi Germany.

We wrap up with our UK and US regulatory round-up from RQC Group.

 

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Capricorn Fund Managers, the UK and Dubai alternative investment platform, today announces the appointment of Anthony Bennett as Group Head of Business Development, a move that reinforces the firm’s institutional engagement and supports its accelerated growth across global alternatives markets.

Anthony has more than 20 years of experience across prime brokerage, platform solutions and alternative asset management, where he has worked closely with hedge funds and investment managers to launch, scale and institutionalise their businesses. In his new role, he will lead strategic, group-wide business development, strengthening relationships with allocators, consultants and investment partners internationally, and supporting the continued expansion of CFM’s platform.

Anthony joins from ACA Mirabella, where he was Head of Sales and Client Development, responsible for global client engagement and business development for the regulatory hosting platform. Prior to that, he established and led Capco’s Prime Brokerage consulting practice and served as Head of Prime Brokerage at KPMG. He has also held senior roles at HSBC and Société Générale, where he was a Managing Director, and began his career working with hedge fund clients at Morgan Stanley and Goldman Sachs.

Jonty Campion, Co-Founder and Chief Commercial Officer of Capricorn Fund Managers, said: “Ant’s appointment strengthens our commercial and institutional capability at an important point in our growth. I have known him for many years and have seen first-hand the strength of his relationships and commercial judgement. He brings deep experience and credibility and will play a key role in expanding our institutional engagement, supporting the next phase of CFM’s development.”

Anthony Bennett, Group Head of Business Development at Capricorn Fund Managers, added: “This is an exciting opportunity at a time when CFM is forging ahead. The firm has built a strong reputation for its platform and has real momentum behind it. I look forward to working with the team to deepen institutional relationships and support investment managers as they scale.”

CFM provides alternative investment fund management, platform and governance solutions to investment managers across a range of strategies.

For further information contact Ant Bennett ([email protected])

 

In this edition, we look at how crypto is reshaping private markets

In this edition, we look at how UHNW and family offices are reshaping private markets.

In our end of year edition, we take a look at what’s been moving the alts space, and what’s to come.

Capricorn Fund Managers (CFM) has appointed Nick Smith as a Non-Executive Director to the board of Capricorn Fund Managers (DIFC) Ltd, strengthening the firm’s governance, strategic oversight, and regional expertise as it continues to expand its presence across the Middle East.

Nick has more than three decades of experience in the global asset management industry. A former Partner and Head of the Middle East Funds Group at Allen & Overy, he has advised leading asset managers, institutional investors, and sovereign entities on fund formation, structuring, regulation and has a depth of expertise in the UAE and wider Gulf region.

As a Non-Executive Director, Nick will play a key role in providing independent oversight and guidance to the executive team, contributing to the development of the firm’s long-term strategy and ensuring adherence to governance and regulatory best practice under DIFC/DFSA standards. His appointment also reflects Capricorn’s commitment to maintaining the highest standards of compliance, transparency, and stakeholder engagement as it continues to grow in the region.

James Bruce, Senior Executive Officer, Capricorn Fund Managers (DIFC) Ltd, commented: “This is perfect timing as we start to see real momentum in the UAE. Nick brings exactly the knowledge and experience needed to help us take the next step. His deep understanding of the regional landscape will be invaluable as we continue to expand our presence and partnerships across the Middle East.”

Nick Smith added: “This is an exciting stage in CFM’s journey in the UAE. Having worked with fund managers, sovereign wealth funds and institutional investors across the Middle East for many years, I look forward to helping the firm navigate regional opportunities, deepen its regulatory relationships, and continue building on its strong governance foundation.”

Nick’s role will include providing strategic input on long-term planning, supporting the board in reviewing financial and risk management systems, and advising on regional engagement with key financial centres such as the DIFC and ADGM.

For further information contact James Bruce ([email protected]).

In the latest Alternative Investor, we unpack the fast-evolving family office landscape—alongside Prosek’s latest Letter from America, a new CAIA insights section, an exclusive Money Maze Podcast interview with Ares, op-ed from Evonite and a wrap of this month’s alternative-investment news.

We look at what’s reshaping the modern family office— from shifting generational dynamics to the search for institutional-grade investment discipline.

  • Tanya Lutyens (Lutyens Advisory) on how generational wealth transfer and professionalised hiring are reshaping the family office sector.

  • Scott Jones & Philip Aubry (Walkers) on why illiquid private assets can fuel inter-generational tension—and the liquidity tools emerging to solve it.

  • Andrew White (Capricorn Private Investors) on the rise of the outsourced CIO model as families seek institutional-grade expertise without losing control.

 In Letter from America, Prosek’s Mark Kollar explains why US investors are rotating back to the lower middle market heading into 2026.

 On the Money Maze Podcast, Ares Co-President Blair Jacobson discusses disciplined underwriting and what it takes to build a $600bn private-markets powerhouse.

 Our new CAIA section launches with Aaron Filbeck on why private credit now demands sharper discipline and deeper scenario analysis.

 In Opinion, José Pellicer (Evonite) argues that amid geopolitics and tech disruption, it is fundamentals—not narratives—that remain the only reliable guide.

 We wrap up with our monthly regulatory update from RQC Group.

 

 

From AI and ageing populations to space-based utilities and farmland hubs, this issue showcases how infrastructure is evolving into the foundation of tomorrow’s economy.

In this edition, we look at the record rise of the secondaries market.

In this edition, we look into the UAE’s rise as a global private capital hub.