Research Centre
Perspectives from
the private markets.
A filterable hub of reporting, market commentary and investor education — from artificial intelligence and the space economy to broader private-market analysis.
Caldoun Capital Research · 2026 · Research Note
The AI capital cycle is being funded in private markets
Foundation model developers are raising at a scale that public markets rarely accommodate — with consequences for how investors gain exposure.
Caldoun Capital Research · 2026 · Sector Note
The space economy moves from launch to services
Reusable launch has reset the cost base of reaching orbit. The investable opportunity is increasingly in what happens after launch.
Caldoun Capital Research · 2026 · Private Markets
Why the best companies are staying private for longer
The median age at listing has risen across a generation. The result is that more of the growth curve now sits outside public markets.
Caldoun Capital Research · 2026 · IPO Watch
The listing pipeline: what a reopening IPO window would require
Sponsors have a substantial backlog of listing-ready companies. Volatility, not appetite, has been the binding constraint.
Caldoun Capital Research · 2026 · Sector Note
Fintech's second act is infrastructure, not apps
The durable private fintech franchises increasingly sit in payments rails, embedded finance and capital markets plumbing.
Caldoun Capital Research · 2026 · Infrastructure
Digital infrastructure: the physical bill for artificial intelligence
Model training and inference require power, land and cooling. Digital infrastructure has become the constraint on AI deployment.
Caldoun Capital Research · 2026 · Education
How private companies are actually valued
Private valuations are negotiated outcomes, not continuous market prices. Understanding the difference matters before investing.
Caldoun Capital Research · 2026 · Market Analysis
Secondary markets and the search for pre-IPO liquidity
Structured secondaries have become a functioning, if imperfect, liquidity channel for private shareholders.
Each summary is our own editorial interpretation and links through to the original publisher. Caldoun Capital Inc. is not affiliated with, and does not endorse, the publications listed above.
- Q1 · 2026
Private Markets Letter
The re-pricing of patience: what higher-for-longer means for private capital.
A note on duration, discipline and the widening gap between public multiples and private entry points across late-stage fintech.
12 min read - Q4 · 2025
Sector Note
Neobanks reach profitability: the second act of digital banking.
On unit economics, deposit franchises and why the strongest challenger banks are beginning to look like durable institutions.
9 min read - Q3 · 2025
Capital Structures
Secondary liquidity: how sophisticated investors are entering pre-IPO names.
A primer on directed secondaries, forward contracts and the structural reasons private allocations remain scarce.
10 min read - Q2 · 2025
Firm View
Why we still write letters.
A short reflection on long-form thinking, quiet capital, and the kind of investor this firm was built to serve.
6 min read