NEWSLETTER of June 26, 2026

The following content has been added at finexpert:

Morgan Stanley
2026 ENDOWMENTS AND FOUNDATIONS SURVEY
The 2026 Endowments and Foundations Survey by Morgan Stanley highlights heightened caution among nonprofit investors, with only 13% highly confident in hitting three-year return targets. Driven by geopolitical concerns and market volatility, organizations are prioritizing liquidity and actively optimizing their now alternative-heavy portfolios. >more

European Banking Authority
RISK ASSESSMENT REPORT - SPRING 2026
The findings of the risk assessment report show that EU/EEA banks continue to operate from a position of strength, supported by solid capital and liquidity, strong asset quality and sustained profitability. Funding conditions also remain broadly favourable despite increased uncertainty in financial markets. Leveraging on funding plan data and outlooks, the report provides a comprehensive view of banks’ lending activity, balance sheet developments, funding strategies and profitability prospects. >more

Coller Capital
GLOBAL PRIVATE CAPITAL BAROMETER 44TH EDITION, SUMMER 2026
In this edition of the Global Private Capital Barometer, we explore investor sentiment towards private markets and examine limited partners’ (LP) views on allocations and risk in today’s macroeconomic climate. We uncover their perspectives on developments in secondaries, private credit, new access routes such as evergreen funds, and the adoption of artificial intelligence, and we delve further into their long-term convictions and near-term expectations of today’s dynamic investment landscape. >more

Institut der deutschen Wirtschaft | Bertelsmann Stiftung
ENTWICKLUNG DER INDUSTRIEBESCHÄFTIGUNG
Structural change is an ongoing process and, in itself, nothing new. From a long-term perspective, employment in the manufacturing sector has declined in importance in terms of its share of total employment. This trend can also be observed in the first five years of the study period selected here (2014 to 2024), during which the number of people employed in industry actually increased in absolute terms. This absolute growth in employment up to 2019 can be observed in the majority of districts in Germany. >more

ORGANIZATION CAPITAL, LARGE STARTUPS, AND THE DEARTH OF IPOS
Rüdiger Fahlenbrach, Leandro Sanz, and René M. Stulz
2026
Many startups in the 2000s have remained private after achieving large valuations, a pattern that funding availability alone cannot explain. We propose that startups relying heavily on organization capital to achieve economies of scale and network effects through digital technologies are more likely to become large private firms than exit earlier via an IPO or acquisition. Using LinkedIn data, we construct a novel measure of organization capital intensity for startups. Exploiting a legal shock that strengthened organization capital protection, we provide causal evidence that organization-capital-intensive startups are more likely to remain private and grow large rather than exit early. >more

DEMOCRATIZING PRIVATE MARKETS? PRIVATE EQUITY PERFORMANCE OF INDIVIDUAL INVESTORS
Cynthia Balloch, Federico Mainardi, Sangmin Oh, and Petra Vokata
2026
Using novel data on U.S. households, we provide the first systematic study of private equity performance by individual investors. On average, individual investments in private equity perform similarly to institutions. However, the most affluent investors outperform the least affluent by 9 percentage points in public market equivalent. Advisor fixed effects explain two-thirds of the variation in private equity performance and 75% of the wealth performance gap, as wealthier investors have better advisors that deliver persistently higher returns. Intermediary fees impose a sizable drag on performance, especially for less affluent investors. >more