Market InsightsPhysical AI: The $263 Billion Category That Didn't Exist Ten Years Ago
Physical AI and robotics has overtaken fintech as the second-largest category among top 100 US private companies. Robotics raised $55.8 billion in H1 2026 alone. Here is what it means for private market investors.
·July 15, 2026
Market InsightsIs AI Replacing Workers? What the Labour Market Data Shows
AI adoption is accelerating and layoffs are rising, but the data on whether AI is actually replacing workers is more complicated than the headlines suggest. Here is what the labour market data shows.
·July 15, 2026
Market Insights$510 Billion, One Week, One Acquisition: What H1 2026 Says About Where Private Capital Is Going
Global venture funding hit $510 billion in H1 2026, with OpenAI and Anthropic taking 43% of it. Then SpaceX bought Cursor for $60 billion four days after its IPO. Here is what it all means for private market investors.
·July 9, 2026
Market InsightsWhy Defence Tech Is Now a Private Market Asset Class: The Quantum Systems $1.2 Billion Signal
Quantum Systems raised $1.2 billion at an $8 billion valuation on July 2, co-led by Blackstone and Airbus. Here is what it signals about defence tech as a private market asset class.
·July 9, 2026
Market InsightsAnthropic Is Spending $21.6 Billion on Australian Data Centres. Here Is What It Means.
Anthropic is seeking A$21.6 billion in Australian data centre capacity ahead of its October IPO. Here is what the deal means for infrastructure investors, pre-IPO holders, and the unresolved copyright question.
·July 9, 2026
EducationHow to Read a Private Company Valuation: A Framework for Wholesale Investors
A private company doesn't have one valuation. It has several, and they measure different things. Here's what the post-money figure, the 409A, and the secondary price each actually tell you, why the headline number overstates by an average of 48%, and how to read any valuation properly.
·July 3, 2026
Market InsightsHow SpaceX Split the AI IPO Timeline for OpenAI and Anthropic
OpenAI is delaying its IPO to 2027, but Anthropic is racing toward an October 2026 listing. Both cite SpaceX's post-IPO decline. Here is what the data shows and what it means for pre-IPO investors.
·July 2, 2026
Market InsightsThe Magnificent 8, the 10X Paradox, and What Coatue's Thomas Laffont Got Right About Private Markets
Coatue's Thomas Laffont presented data showing centacorns have a 31% chance of a further 10x return. Here is what his Magnificent 8 thesis got right, and what the past month of SpaceX trading and OpenAI's IPO delay have revealed since.
·July 2, 2026
Company NewsNonPublic Launches Secondaries Marketplace for Wholesale Investors
NonPublic's Secondaries Marketplace is now live. Existing investors can list eligible positions for sale and buyers can acquire them directly, giving Australian wholesale investors a regulated pathway to trade private market positions.
·June 30, 2026
Market InsightsWhat Securitize's NYSE Listing Means for the Future of Private Market Infrastructure
Securitize is listing on the NYSE as SECZ on 29 June 2026. Here is what the first regulated tokenisation platform going public means for private market infrastructure and thesis-driven investing.
·June 26, 2026
Market InsightsSpaceX, OpenAI and Anthropic IPOs in 2026: What Pre-IPO Investors Need to Know
SpaceX's record Nasdaq debut, and the confidential IPO filings from OpenAI and Anthropic, explained for wholesale investors weighing pre-IPO exposure and what PitchBook's valuation research reveals about each company before listing.
·June 19, 2026
EducationHow to Invest with NonPublic: A Step-by-Step Guide
From signing up to your first investment, here's exactly how NonPublic works. A practical step-by-step guide to accessing pre-IPO deals as a wholesale investor in Australia.
·June 17, 2026
Market InsightsThe Energy Problem Behind the AI Boom
AI is becoming an infrastructure problem. This piece examines the relationship between AI investment, data centre expansion, and US energy supply, and what it means for private market investors.
·June 11, 2026
Private MarketsThe Private Stock Market Boom: Why Secondaries Are Becoming a Primary Exit Route
Secondary markets reached $226 billion in 2025 and now compete with IPOs as a liquidity channel. Here we look at the mechanics, industry perspectives, and what it means for wholesale investors.
·June 10, 2026
Private MarketsThe Distribution Waterfall: How Private Equity Profits Actually Get Divided
A fund can report an A$80 million profit while paying investors A$64 million of it. The distribution waterfall explains the gap. Here's how private equity profits get divided, traced dollar by dollar through all four tiers, with the terms that change what you actually keep.
·June 8, 2026
Market InsightsThe Intelligence Layer: How Polymarket and Nasdaq Are Opening Private Markets to Everyone
Polymarket and Nasdaq Private Market recently launched the first real-time, crowd-sourced pricing layer for private companies. Here's what the early prices on SpaceX, OpenAI, and Anthropic actually show, and what it means for Australian investors building pre-IPO exposure.
·June 5, 2026
EducationWhat Is an SPV? A Complete Guide for Australian Private Market Investors
A Special Purpose Vehicle (SPV) is a separate legal entity that holds shares in a private company on behalf of pooled investors. Here's how Australian SPV structures work, why the choice between Pty Ltd and unit trust matters for your tax, and what fees and risks to weigh up.
·June 5, 2026
Private MarketsWhat Retail Access to Private Markets Actually Looks Like (And What Wholesale Investors Get Instead)
Retail funds like VCX and Robinhood Ventures are trading at significant premiums to NAV. Here is what that means, and what wholesale investors access instead through direct SPV structures.
·June 4, 2026
EducationPre-IPO vs IPO Investing: What's the Difference and Which Is Right for Australian Investors?
Pre-IPO and IPO investing look similar but capture fundamentally different parts of the value curve. The academic data on returns at each stage tells a story most investors miss, and the implications for Australian portfolios are clearer than the marketing suggests.
·June 4, 2026
EducationPrivate Markets Asset Classes: A Guide to Where Capital Actually Goes
Private markets span private equity, venture capital, private credit, infrastructure, and real assets. Learn how each works, what drives returns, and how they fit in a portfolio.
·May 29, 2026
Private MarketsPrivate Market Secondaries: The $226 Billion Liquidity Market Reshaping Private Investing
Private market secondaries hit a record $226 billion in 2025. Here is what the secondary market is, how LP-led and GP-led transactions work, and why individual investors have been largely locked out until now.
·May 21, 2026
EducationWhy Private Companies Stay Private: The Structural Forces Behind the Public Market Exodus
The number of US-listed companies has halved since 1996, while private market capital has grown to over US$13 trillion. The shift isn't cyclical. Four structural forces explain why companies stay private now, and the Australian implications are sharper than most realise.
·May 21, 2026
Private MarketsHow Australian Family Offices Are Allocating to Private Markets
Australian family offices have grown from 10% to 40% of all domestic private capital investors in just four years. Here's where they're allocating, why super funds are losing ground, and what individual wholesale investors can learn from their behaviour.
·May 20, 2026
EducationThe Risks of Private Market Investing in Australia: What Wholesale Investors Should Understand
Private market investing carries five risks that public markets don't: illiquidity, valuation opacity, information asymmetry, structural complexity, and concentration. ASIC has flagged the sector as a 2026 priority. Here's what the risks actually mean and how to participate sensibly.
·May 11, 2026
Investment StrategyCross-Border Capital: Why the Best Australian Portfolios Now Look Global
The classic Australian portfolio: big four banks, resources, dividends, franking credits. It worked for a generation. But the most consequential wealth creation of the next decade is happening in places the ASX simply does not reach.
·May 8, 2026
Market InsightsThe New Rules of Private Market Investing
The investing rulebook has changed. The best companies are staying private longer, public markets are hollowing out, and more than 50% of value creation now happens before the IPO bell rings. The old rules no longer apply.
·May 7, 2026
EducationHow Do I Know If I Qualify as a Wholesale Investor in Australia?
You qualify as a wholesale investor in Australia if you meet one of four tests under the Corporations Act. Here's how to check, how to get certified, what you give up in exchange for the access, and the threshold changes ASIC has proposed.
·April 27, 2026
Investment StrategyWhy Australian Investors Should Pay Attention to Defence Tech
Australia just committed A$425 billion to defence over the next decade. The companies building the technology it needs are still private. Here's why defence tech is becoming an asset class, and how to access it.
·April 20, 2026
Market InsightsPre-IPO Investing in Australia: What You Need to Know
The world's most valuable companies are still private. Australian wholesale investors can access them before they list, but the structures, eligibility rules, and risks work differently from anything on the ASX.
·April 15, 2026
Private MarketsHow to Invest in SpaceX in Australia
SpaceX is targeting the largest IPO in history. For Australian investors, there are five ways to get exposure before and after it lists. Not all of them give you what you think you're buying.
·April 13, 2026