Defining trends from the start of the year remain in focus. Capital concentration and increased geopolitical uncertainty continue reshaping the opportunity set—driving value outside the large and mega-cap segments.

And what happens when software, private equity and private credit’s long-favored industry, now faces a constant threat from AI? Where does this money go instead? The obvious answer is AI, but the playbook for success looks very different. For the first time, they provide our outlook on digital infrastructure, a rapidly growing collective of themes supporting the AI build-out, and more.

As CIO Mike Kelly discusses, the path ahead in the second half is compelling but demanding.  In a market focused on innovation and building the future, the discipline to remain focused on investor objectives and portfolio resilience are critical. As AI eats the world, truly differentiated sources of growth and income outside concentrated themes are increasingly valuable for investor portfolios.

For actionable insights, enjoy the first episode of “Can we talk in private?”

• Markets remained resilient during the first half of 2026 despite inflation, geopolitical tensions, and higher interest rates.
• AI presents significant opportunities but also increases concentration and valuation risks across public and private markets.
• Capital concentration is widening the divide: mega-cap concentration vs. middle market differentiation.
• Portfolio construction is becoming more important as return dispersion grows within asset classes rather than between them. Asset class labels are now less relevant than understanding what truly drives portfolio outcomes.

Alan Flannigan: We're excited to welcome you to the first episode of Can We Talk In Private? The Future Standard Research podcast is now five years old, and it's been a privilege to share our views, spark interesting conversations, and feature investment leaders from around the firm. We wanted a rebrand, a name that reflects the goal of the show to bring you inside candid conversations with our experts and share our insights on private markets.

My co-host, Andrew Korz, and I can't wait to continue the conversation. We hope to inform, educate, and showcase what's driving future standard thinking. If you're going to relaunch a show, you've got to have a great topic and a great guest. We've got both. Here to discuss the mid-year 2026 private markets outlook, we're thrilled to welcome Future Standard's Chief Investment Officer, Mike Kelly. Mike, welcome to the show.