While markets sold off, AI fundamentals strengthened meaningfully. Investing is ultimately a process of Bayesian updating, where each new data point shifts the probability distribution of outcomes. In Q1, several high-signal data points emerged that materially increased the probability of a much larger AI opportunity. The magnitude and consistency of recent progress suggest we are earlier, and the outcome is likely bigger than previously assumed.

Private markets are becoming increasingly accessible to institutional investors and wealth investors through semi liquid Evergreen funds. These vehicles offer regular subscription and redemption opportunities, bringing a level of flexibility traditionally absent from private assets. Yet the underlying investments remain long-term and inherently illiquid. How can a fund offer periodic liquidity while investing in assets designed to be held for years?

Signed on 22 April 2016 at the United Nations headquarters, the Paris Agreement stands as one of the most ambitious international commitments to tackling climate change. Its objectives are straightforward: to keep global warming well below 2°C and, ideally, limit it to 1.5°C above pre-industrial levels, while strengthening adaptation and resilience and aligning financial flows with low-carbon development pathways.