*as of 5/5; Sources: S&P, BTC, FTSE, DJRE, CL50

Assets under management (AUM) in private markets is forecast to grow 5.2% annually over the next five years and to reach $24.1 trillion overall, according to Pitchbook. At the high end of the forecast, that number could reach $30 trillion if economic conditions improve. Private credit is projected to grow nearly 50% in total by 2029, with private equity and real estate both coming in at close to 30%, while venture capital bringing up the rear at just 11%.

➨ TAKEAWAY: Despite the volatile economic conditions, there is still optimism surrounding the role of private market investing for both individual and institutional investors. While liquidity concerns remain due to lowered exit activity, there is strong investor interest, and operators are increasingly targeting high net-worth individuals. Expect private market assets to continue to become an increasingly important part of every investor’s portfolio.

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The alternative asset giant Apollo Global Management raised $5.4 billion for its first ever secondaries fund, which will acquire stakes in private market portfolios at discounts. Meanwhile, another alternative asset manager, Ares Management, has seen its secondaries fund, which is aimed at high net-worth investors, surpass $3 billion in AUM.

➨ TAKEAWAY: The secondaries market is on pace to hit a new record level this year, as the strategy grows in popularity. The same private market forecast referenced above projects that secondaries AUM will grow by 9.2% annually over the next five years, the highest of any private market strategy. With liquidity options constrained, investors with longer time horizons can take advantage of those looking to exit positions and acquire shares at discounts.

🤖 Massive AI coding raise: Anysphere, the creator of the popular AI coding tool Cursor, raised $900 million at a $9 billion valuation, a significant leap over its last valuation of $2.6 billion in December.

🏢 Office sales jump: January had $6.2 billion worth of office property transactions, an 80% year-over-year gain, though average valuations were still 20% below their 2022 peak.

🎨 Getty Provenance Index: More than 12 million records related to the ownership of artworks are now publicly available, making provenance research accessible in an effort to make the art market more transparent.

🪙 Maldives crypto hub: The Dubai-based investment group MBS Global Investments is partnering with the government of Maldives to develop a $9 billion crypto and blockchain hub in the island nation’s capital of Malé.

💵 Private credit discounts: Investors in private credit funds seeking liquidity are offloading their stakes at significant discounts, according to Oaktree Capital’s co-CEO Robert O’Leary, who is seeing markdowns as high as 50% in the secondary market.

📺 Mandalorian helmet: A prop helmet from the Star Wars show “The Mandalorian” worn by lead actor Pedro Pascal sold for $137,500, a record for any prop from the show.

(Concierge Auctions)

A 21,692 square-foot property on Keawakapu Beach in Maui, the largest house in Hawaii, is on the auction block after failing to hit its $60 million asking price. Besides the 8 bedroom, 9 bathroom main house, the estate also has a 2-bedroom caretaker’s house, a lap pool, a 2,038 square-foot garage, and 100 linear feet of oceanfront lanai. The property was last sold for $45 million in 2021, and the current bid is $22 million - but you have to act quickly, the auction ends at 7 PM ET today.