Letters, research and news from CapWise.
What we are learning across four strategies, written by the people making the decisions.
Q3 2026 letter to investors
Two exits, one first close and a valuation markdown we should explain. Our quarterly review across all four strategies.
All articles
Credit Fund IV holds a $640M first close
Our fourth private credit fund has closed on $640M from 74 investors, 61% of them returning LPs, toward a $1.2B target.
What 63 exits taught us about holding periods
We studied every realized investment since 2011. The best outcomes came later than our models expected, and from companies we nearly sold.
Quillstone joins a strategic acquirer after twelve years
From four customers at seed to more than 2,000 legal departments. A look back at one of Venture Fund II's longest holds.
The case for cold storage in a warehouse glut
General logistics vacancy is rising. Temperature-controlled space is not. Why we keep buying near European ports.
Lending to founders who never planned to borrow
Founder-owned businesses are a growing share of our credit book. What we look for, and the covenants we no longer use.
What 63 exits taught us about holding periods
We studied every realized investment since 2011. The best outcomes came later than our models expected, and from companies we nearly sold.
The case for cold storage in a warehouse glut
General logistics vacancy is rising. Temperature-controlled space is not. Why we keep buying near European ports.
Lending to founders who never planned to borrow
Founder-owned businesses are a growing share of our credit book. What we look for, and the covenants we no longer use.
Credit Fund IV holds a $640M first close
Our fourth private credit fund has closed on $640M from 74 investors, 61% of them returning LPs, toward a $1.2B target.
Quillstone joins a strategic acquirer after twelve years
From four customers at seed to more than 2,000 legal departments. A look back at one of Venture Fund II's longest holds.
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