Insights
On private markets, AI and the work of an allocator.
Perspectives and news from the TomNext team.
2026
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AI in private markets: notes from our London roundtable (opens in a new tab)
Family offices, managers, investors and technology leaders, with James Tromans of Google Cloud opening, on where AI’s value lies beyond the model.
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Fund returns and investor returns are different numbers (opens in a new tab)
Investors in public funds earn less than the funds themselves. In private markets, the gap comes from manager selection, terms, and fees that are never reconciled.
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Private credit valuations: a question of governance (opens in a new tab)
A New York lawsuit brought by a public pension fund looks at the oversight around valuations, not only the marks themselves.
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Finding the terms you signed (opens in a new tab)
A message from an investor captures a familiar problem: months after signing, even the basic terms of a commitment are hard to find.
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An investment journal for a long hold (opens in a new tab)
Will Danoff kept a record of what he bought and why. Private markets holds outlast most teams, which makes that record harder to keep and more valuable.
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Liquidity is measured under stress (opens in a new tab)
Most private credit funds can gate or suspend redemptions. The clause matters most when everyone wants their money back at once.
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The cost of fund formation (opens in a new tab)
ILPA’s new guidance on organisational expenses, and Albourne’s analysis of how expense caps have grown.
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Preparing for the GP meeting (opens in a new tab)
The most valuable hour in a deal is spent resolving what is still uncertain, not collecting facts already in the deck or the DDQ.
2025
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Family offices and AI: what the 2025 reports say (opens in a new tab)
Notes from the Citi, Goldman Sachs and BlackRock family office reports on how far AI has reached the investment process.
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Where AI helps investment decisions first (opens in a new tab)
In private markets, AI earns its place in the work before the committee: reading the terms, spotting what’s non-standard and keeping the audit trail.
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TomNext raises funding to build the intelligence layer for private markets
Panghea Capital Partners led the round, with Consello, Blizzard the Avalanche Fund and Altea Partners taking part.
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