Vol. I · No. 037 Daily Edition Wednesday, October 28, 2026
The Blind Pool
Private Markets · Brought Into Focus

The Blind Pool, free every weekday before the open. One tight read across the private-markets press.

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Today’s Take Ares Capital's third-quarter miss leads a Wednesday slate dominated by AI-funded credit and its risks, alongside Advent's $30bn buyout close, the Universal Music take-private talks, KKR's employee-ownership idea for Ben & Jerry's, fresh pension commitments, and the IMF, the Fed and law firms on private-credit valuation and retail access. 20 stories

The biggest publicly traded business development company missed earnings expectations as stress appeared in parts of its loan book. For GPs it is a signal that direct lending is no longer immune to the credit cycle. For allocators it is the clearest public read yet on how the sector's bellwether is holding up.

Investing.comRegister
By the Numbers
5.00%
10-year Treasury yield
12 mo · 4.12 → 5.18
US Treasury, Oct 26 close
4.00%
Fed funds target, upper bound
12 mo · 4.50 → 3.75 → 4.00
Federal Reserve (FRED DFEDTARU), Oct 18
-0.036
Chicago Fed credit conditions index
▲ Chicago Fed via FRED (NFCICREDIT), week ending Oct 9
$1.5B
Warburg Pincus's raised Ingenia bid, USD
Investing.com (Reuters), Sep 27
$348B
PE NAV in funds 10+ years old
PitchBook, end-2025
$121B
Secondaries volume, H1
Evercore, H1 2026
As of Oct 28, 2026, before the open. Rates read from primary sources: the 10-year Treasury yield is 5.00% at the Oct 26 close (US Treasury; 5.00% on Oct 23). Could not be refreshed this morning and carried forward: the Fed funds target upper bound (4.00%, Federal Reserve (FRED DFEDTARU), Oct 18); the Chicago Fed credit subindex (-0.036, Chicago Fed via FRED (NFCICREDIT), week ending Oct 9). Also carried forward: Warburg Pincus's raised Ingenia bid, USD, Investing.com (Reuters), Sep 27; PE NAV in funds 10+ years old, PitchBook, end-2025; Secondaries volume, H1, Evercore, H1 2026.

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