ASC Advisors April 2026 Newsletter
ASC Advisors April 2026 Newsletter
Welcome to ASC Advisors’ monthly newsletter, where we provide thoughts around recent developments affecting the alternative investment management industry, as well as provide updates on our firm and team.
The Geopolitical Impact on Alts
The conflict in the Middle East has caused significant market volatility, as it is unclear how long it will persist and the resulting impact on oil and global trade. The initial news of militant action caused equity markets to fall sharply, and throughout March they have continued to swing on hopes of a resolution or fears of prolonged conflict.
At the center of the impact is the global energy shock due to disruptions around the Strait of Hormuz, and longer-term disruptions in exports and shipping could have significant implications more broadly. With unpredictable market reactions and geopolitical tensions high, many investors have become more risk averse, especially in growth names.
Separately, in recent years, many asset managers have opened offices in the Middle East, and it has become a growing financial hub. However, with the increased conflict managers have had to re-evaluate operations and plans for the future, while prioritizing employee safety and trying to keep business moving.
Alts Powered $1T in Manager M&A in 2025
While overall M&A activity slowed across asset and wealth management in 2025, the alternatives space moved in the opposite direction. According to FundFire, deals involving private markets firms rose more than 40%, surpassing $1 trillion in transacted assets in a single year for the first time. Private credit and real assets are at the center of this growth.
The increased activity comes as investors and wealth platforms continue to build out offerings in private markets. Rather than developing these capabilities internally, many firms are expanding through acquisitions of specialized managers. At the same time, products that were once limited to institutional investors are increasingly being marketed to wealth managers and retail clients.
The result is a more concentrated industry, with a smaller number of firms gaining influence as consolidation continues across private markets.
ASC Advisors has advised clients through numerous transactions, and looks forward to an active season in 2026.
The Future of Private Credit
Rising redemption requests, especially in semi-liquid funds, and non-stable sentiment has hit the private credit markets in recent months. While some investment managers have suggested recent actions are a result of years of poor underwriting alongside substantial AUM growth in the industry, sentiment is that this is more of a normalization than a collapse of the market, as factors such as software lending and AI innovations have coincided with market volatility.
In March, the market witnessed major players making adjustments, including BlackRock limiting withdrawals from a flagship private credit debt, Blackstone raising the redemption cap on its BCRED private credit fund, and prior to that, Blue Owl restricted quarterly investor withdrawals from its retail-focused private credit fund. Blue Owl opted instead to sell $1.4 billion in assets to return capital to investors, which triggered further renewed scrutiny of fund‑vehicle design, liquidity mismatches, and redemption mechanics.
Despite this, the overall private credit market seems to be tightening and maturing, not unraveling, and private credit fund managers are focusing on staying disciplined, diversifying their portfolios, and building stronger fund structures to stay in the market.
LinkedIn Dominates Professional Search Queries
According to Axios, new data shows that LinkedIn has become the most-cited domain in professional search queries across platforms like ChatGPT, Claude, and Gemini, with citations doubling since late last year.
AI models tend to prioritize real, experience-based content, which is why platforms like LinkedIn, Reddit, and Wikipedia surface so frequently. For LinkedIn, specifically, posts, articles, and newsletters are driving a large share of citations.
The implication is simple: your LinkedIn presence is no longer just a social profile; it is part of how you are represented in AI-driven search. Maintaining an active, thoughtful presence increasingly shapes how investors, clients, and partners find and evaluate you and your business.
Firm News
The Stewardship Series, hosted by Diligent Market Intelligence
ASC once again attended the Diligent series, a program designed to connect investors, issuers, and advisors to improve shareholder engagement, governance, and stewardship practices. We had a wonderful time connecting with both clients and friends.
Robin Hood Golf Tournament
Steve traveled down to West Palm to meet Max Rayden for the annual Robin Hood Golf Tournament and Rock & Roll Spring Party at Emerald Dunes. We are proud to support this wonderful organization and the incredible work they do alongside our invited guests.
Tulane Conference
Taylor Ingraham and Max Rayden attended the 38th Annual Tulane Corporate Law Institute in New Orleans. It’s always a productive couple of days meeting with friends, fellow advisors and clients in the shareholder activism and M&A world. We look forward to attending next year's event.
