The alternative investments firm iCapital officially inaugurated a new office in Miami as part of an expansion that strengthens its presence in a key financial hub to support clients across Latin America.
“This milestone reflects our unwavering commitment to serving our clients, partners, and the vibrant South Florida community by being even closer to our valued Latin American clients,” commented Argenis Bouza, Alternative Investment Specialist at iCapital, on his LinkedIn profile.
“We are excited to expand our reach, build new partnerships, and continue unlocking opportunities in the dynamic world of private markets,” he added.
iCapital is a financial technology and services platform that connects financial advisors, private banks, and asset managers with the universe of alternative investments, such as private equity, private credit, real estate, hedge funds, and structured products, facilitating access, operations, education, and regulatory compliance.
Its model aims to democratize alternatives for the wealth management channel by offering integrated solutions that simplify the distribution, management, and reporting of these products, especially in the U.S. offshore and high-net-worth markets.
“We remain committed to delivering innovative solutions, seamless access to private markets, and advancing education in alternative investments,” shared Andrew Ford, Assistant Vice President at the firm, in a LinkedIn post.
In the early 1990s, the world’s first exchange-traded fund (ETF) was launched on the Toronto Stock Exchange. Just three years later, the first U.S. ETF debuted: the SPDR S&P 500 ETF Trust. From those humble beginnings, ETFs have come a long way. The industry likely closed 2025 with record levels of assets under management, both in the United States and other regions around the world. This scenario is not without underlying trends that are poised to continue transforming the sector. Morningstar analysts have weighed in on the positives and negatives ahead, as well as which trends are still too early to judge.
Active ETFs
Active ETFs are currently in the spotlight, with assets under management likely reaching record levels in both the U.S. and Europe. While active ETFs have existed for nearly two decades, they’ve recently gained momentum thanks to regulatory changes, for instance, in 2029, the U.S. SEC introduced Rule 6c-11, also known as the “ETF Rule.” This regulatory shift “streamlined the ETF approval process and allowed all funds subject to the rule to use custom creation and redemption baskets to enhance their prospective tax efficiency,” according to Morningstar.
In this area, Morningstar analysts believe that active ETFs “can be a lifeline for active managers.” As a group, actively managed funds have generally failed to outperform their benchmarks significantly, as the firm notes, although some active managers have delivered strong relative results.
Active ETFs are more established in the U.S. and are growing in Europe. Overall, the market is still young, and many active ETFs have launched during a bull market, but Morningstar analysts expect them to grow in both size and number. “The availability of more options can benefit investors but will likely lead to a more complex and competitive environment,” they admit.
While the ETF structure can often provide transparency, lower costs, and, in some countries, tax efficiency, the firm emphasizes that there’s no guarantee active management will deliver positive relative returns. “It’s essential that investors and advisors conduct a rigorous due diligence process to select the right manager,” they conclude.
Are Private Markets and ETFs Compatible?
As public and private markets converge, new ways of accessing private investments are emerging. In 2025, State Street and Apollo launched the world’s first private credit ETF: the SPDR SSGA IG Public & Private Credit ETF.
This product aims to invest in both public and private credit through an ETF. The public portion includes fixed income securities such as corporate bonds and syndicated bank loans, “nothing out of the ordinary in the ETF space.” The private portion, however, is the more interesting element. Traditionally, private credit has been out of reach for most investors, but this ETF seeks to change that. While this unprecedented ETF could mark the beginning of a new era in private market investing, significant concerns remain, especially regarding liquidity and redemptions, since private credit is difficult to trade.
With that in mind, Morningstar analysts’ verdict on this emerging trend is that while the convergence of public and private markets is underway, “like the SEC, we have reservations about the structure, it’s still too early to determine whether it will succeed or be short-lived.”
The Rise of Defined Outcome ETFs
Defined outcome ETFs use options to limit a portfolio’s losses over a given period in exchange for capping gains. They fall under the category of actively managed instruments and are designed to be bought and held at the beginning and end of a set period. So far, they’ve proven very popular with investors, particularly those with a strong aversion to risk or shorter investment horizons.
According to Morningstar analysts, defined outcome ETFs have worked…so far. Their analysis shows that the average amount invested in these products has delivered annual returns of around 10.7%, outperforming the aggregate total return of 9.4% for ETFs. However, they warn investors that defined outcome ETFs come with higher fees, a complex structure, partial exposure to market losses, and no dividend payouts.
Generating Income Through Income-Oriented ETFs
Income-generating ETFs seek to provide income through derivatives and often use strategies such as writing or selling options, entering into futures contracts, and other derivative-based trades to enhance income. These products have gained popularity thanks to their potential for delivering higher yields compared to traditional income-generating investments like bonds or dividend-paying stocks.
But Morningstar cautions that, over the long term, “these ETFs are unlikely to outperform the market as a buy-and-hold strategy, and for investors with significant short-term liquidity needs, they could drain liquidity from their portfolios.”
ESG and Thematic ETFs
While many of the ETF categories mentioned above are on the rise, the same cannot be said for ESG or thematic ETFs. Key factors driving this decline include prevailing attitudes toward ESG considerations and regulatory uncertainty.
Morningstar analysts cite several interconnected factors contributing to the drop in ESG ETFs. Among them: a complex geopolitical environment that has led Europe to deprioritize sustainability goals in favor of economic growth, competitiveness, and defense. Additionally, ongoing uncertainty around regulation, especially the EU’s Sustainable Finance Disclosure Regulation (SFDR), has made firms hesitant to launch ESG products and strategies.
In the U.S., former President Donald Trump’s anti-climate and anti-ESG policies have also led American asset managers to be more cautious in promoting their ESG credentials.
Strategic Beta Products: The Best of Both Worlds
While active ETFs are on the rise, ETFs have historically been associated with passive investment strategies. However, there is a third investment approach worth noting: strategic beta, also known as smart beta, which “seeks to combine the advantages of both passive and active investment strategies.”
Although they’ve existed since the mid-2000s, they gained traction after the 2008 financial crisis and surged throughout the 2010s.
“They represent a sophisticated approach to achieving alpha, selecting and weighting positions based on specific factor criteria,” the firm notes. They track an index, like a passive fund, but instead of being weighted by market capitalization, they follow a factor-based index.
These ETFs are designed to capture academically proven factors linked to success, such as value, volatility, and quality, which have historically been favored by active managers and have shown superior performance over longer periods.
Morningstar analysts conclude that “while many fund innovations fail, strategic beta has avoided that fate by being passive, inexpensive, and delivering predictable returns.” They explain that compared to actively managed rivals, “strategic beta funds don’t ‘drift’ from their investment approaches.”
President Donald Trump has introduced a proposal that could redefine part of U.S. housing policy, focusing on limiting the involvement of large institutional investors in the purchase of single-family homes. The goal is to improve access to housing for first-time buyers and young families.
The initiative was announced ahead of the World Economic Forum summit in Davos, Switzerland, where Trump is expected to provide more details on his housing plan and other economic policy matters.
According to a report by The Associated Press (AP), the president argued that a ban on “large institutional investors”, entities with the financial capacity to acquire multiple properties, would allow more homes to reach the individual buyer market, rather than being held by corporations or funds. Trump summarized the idea on social media with the phrase: “People live in homes, not in corporations.”
The announcement caused immediate stock market losses for corporations such as Blackstone and Invitation Homes. According to the agency EFECOM, the value of these companies dropped shortly after the president posted his message on the social network Truth Social, where he announced imminent executive action aimed at curbing such purchases.
Although the measure has not yet been formally legislated, Trump urged the U.S. Congress to pass a law supporting the restriction, arguing that the presence of large corporate buyers makes it harder for first-time buyers to access homeownership.
Context and Criticism
Housing experts cited by AP noted that large institutional investors account for approximately 1% of single-family homes in the United States, although their presence is more significant in urban markets like Atlanta or Dallas, which could limit the real impact of a broad ban.
Critics of the plan point out that the roots of the affordability crisis lie in an insufficient housing supply and the rapid rise in prices outpacing household income, issues that this proposal does not directly address.
MarketWatch noted that experts believe banning large investors likely won’t significantly lower prices because the main issue is the lack of new construction.
The announcement comes as Trump prepares to attend the World Economic Forum in Davos, where he is expected to expand on his economic and housing policy proposals before business and political leaders from around the world.
Various reports ahead of the event indicate that Trump’s return to the summit, his first in-person appearance in recent years, has drawn intense international attention and mixed reactions among attendees and global leaders regarding the priorities of his administration.
BECON Investment Management announced the promotion of Joaquín Anchorena to its US Offshore business, based in Miami.
In his expanded new role, Anchorena will work alongside Alexia Young, International Sales Representative, and Frederick Bates, Managing Partner of BECON IM, supporting the firm’s continued growth and expansion in the US Offshore market, according to a statement from the independent distribution company serving the US Offshore and Latin American wealth management markets.
From Miami, he will focus on deepening relationships with private banks, broker-dealers, family offices, and wealth managers who serve international and Latin American clients.
“Joaquín has been a key contributor to BECON’s growth across Latin America,” said Frederick Bates, Managing Partner of BECON. “He brings deep regional expertise, trusted relationships, and a strong understanding of offshore distribution. His move to Miami strengthens our US Offshore platform at a time when demand for global investment solutions, across both public and alternative markets, continues to grow,” he added.
The firm noted that Anchorena has been a core member of BECON for over six years, playing a fundamental role in developing the Andean region. During that time, he also held responsibilities in Argentina and Uruguay, working closely with local intermediaries and offshore advisors to expand access to global investment solutions. Most recently, he was based in Buenos Aires before relocating to Miami to take on his new responsibilities.
“BECON has built a distinctive platform focused on connecting global asset managers with advisors and financial institutions in US Offshore and Latin America,” said Joaquín Anchorena.
“Building long-term relationships, with clients at the center of everything we do, has always been part of BECON’s DNA. Being present in the market is key to deepening those relationships and continuing to deliver long-term value. I’m excited to join the Miami team and contribute to expanding our presence in this market, supporting advisors and institutions in equity, fixed income, and alternative investment strategies,” he added.
BECON’s US Offshore business continues to grow, representing a select group of global asset managers, including Barings, The Carlyle Group, and New Capital Funds. Through these partnerships, BECON provides access to a broad range of equity and fixed income strategies, as well as alternative investments including private credit and private equity, tailored to the needs of international and offshore investors.
“Miami has established itself as a central hub for US Offshore wealth management,” added Alexia Young. “Joaquín’s experience in the Andean region, Argentina, and Uruguay brings significant depth to our team and strengthens how we support clients with diversified portfolios that combine traditional and alternative asset classes,” she said.
Founded with a focus on institutional-quality investment solutions, BECON Investment Management partners with asset managers to provide strategic distribution, market intelligence, and execution across the US Offshore and Latin American wealth management ecosystem. The firm emphasizes disciplined portfolio construction, platform-ready investment structures, and robust compliance frameworks designed to meet the needs of global investors.
Janus Henderson Investors has announced the launch of the Janus Henderson Horizon Discovering New Alpha Fund (DNA), a global equity fund available exclusively to HSBC Private Bank and Premier clients in Asia, Europe, US Offshore, and the Middle East for an initial six-month period.
DNA is a globally diversified portfolio comprising approximately 50 high-conviction stocks aligned with structural trends that are expected to shape future markets. It was designed as a solution to address investors’ growing concern that performance is increasingly being driven by a small group of companies.
The fund employs a dynamic and innovative approach to global equities, going beyond traditional funds and indices to identify emerging opportunities and companies with long-term growth potential. A proprietary optimization process is used to minimize biases and enhance diversification.
Led by experienced portfolio managers Richard Clode and Nick Harper, DNA leverages Janus Henderson’s global team of experts across technology, healthcare, financials, real estate, emerging markets, sustainability, and natural resources, providing access to a wide range of exposures across sectors, market capitalizations, and geographies. This approach reflects Janus Henderson’s commitment to delivering innovative solutions that help clients discover new sources of alpha amid evolving global dynamics.
DNA uses themes to guide idea generation, focusing on seven areas of transformation, smarter automation, mobility, lifestyle shifts, longevity, biotechnology, sovereignty, and net zero 2.0, to identify companies with long-term growth potential. The fund is built on the best ideas of Janus Henderson’s seasoned stock pickers, combined to create a balanced global equity portfolio.
“When we set out to create the DNA fund, we wanted to tap into the true DNA of Janus Henderson, which is the differentiated and proven expertise of our teams in stock selection. Our goal is to identify today the winners of tomorrow,” said Richard Clode, Portfolio Manager at Janus Henderson.
For his part, Ali Dibadj, CEO of Janus Henderson, commented that this agreement with HSBC “reflects our shared commitment to putting clients first and delivering a differentiated proposition that helps investors navigate the evolving market landscape.” Likewise, Lavanya Chari, Global Head of Wealth and Premier Solutions at HSBC, added that this collaboration with Janus Henderson “enables our clients to uncover new investment opportunities beyond AI, while mitigating portfolio concentration risk.”
The luxury resale market in the United States is solidifying its position as one of the most dynamic segments in both retail and e-commerce, driven by the demand for sustainable consumption and technological advances that enhance buyer trust.
According to the Luxury Resale Market Research Report 2025–2030, the global market is projected to grow from $32.47 billion in 2024 to over $50 billion by 2030, at a compound annual growth rate (CAGR) of 7.48% during the forecast period. Leading platforms, such as The RealReal, Vestiaire Collective, Farfetch, Fashionphile, and Rebag, are adopting AI-based tools to verify authenticity and strengthen customer confidence.
In this context, the United States is emerging as one of the most relevant hubs in the luxury resale market. The country represents a significant share of both consumption and digital supply of pre-owned goods, supported by an ecosystem of online platforms that integrate technologies such as AI, augmented reality, and data analytics to improve product authentication and the shopping experience.
Growth in the U.S. is fueled by changing consumer habits, with generations like Millennials and Gen Z prioritizing sustainability, access to premium brands at more affordable prices, and transparency in product verification. This tech-driven approach not only mitigates counterfeiting risks but also positions U.S. platforms as global leaders in an increasingly competitive market.
Moreover, the integration of traditional e-commerce platforms with luxury resale, through strategic partnerships across different segments, is extending reach to consumers who previously did not consider these types of purchases, further establishing the U.S. as a key hub for the global premium resale market.
Resale Platforms and Luxury Brands: Strategic Collaborations
Globally, the luxury resale market is fragmented and includes numerous competitors. Large international platforms coexist with regional and niche players specializing in categories such as watches, handbags, or high-end clothing. The dominance of online platforms lies in leveraging technology to address key consumer concerns, chief among them, authenticity and trust.
Strategic collaborations are also emerging between resale platforms and luxury brands, such as Gucci and Balenciaga, aimed at retaining greater control over pricing and the customer experience, while technologies like augmented reality, blockchain, and data analytics are being integrated to elevate the shopping journey.
In terms of consumer trends, buyers are becoming increasingly selective, showing a growing preference for unique or limited-edition pieces that reflect personal identity and exclusivity.
Although product authenticity remains a challenge, due to the risks posed by counterfeit items that can undermine consumer trust, platforms continue to innovate with technology to strengthen their verification processes.
Photo courtesyChristian Gherardi, Senior Partner & Managing Director of Snowden Lane
With three decades of experience in the financial industry, Christian Gherardi, Senior Partner & Managing Director at Snowden Lane, is optimistic about the future of the offshore business in the United States, specifically from Miami. In a conversation with Funds Society, he anticipates a growing flow of capital from Latin America into the U.S., driven by the search for stability, access to the dollar, and investment opportunities, especially in a context where major banks have reduced their exposure due to regulatory pressures. He also highlights the strategic positioning of the Coral Gables office as one of the firm’s key hubs.
Gherardi, son of an Italian father and Brazilian mother, has built a career marked by persistence and experience gained through various roles and companies within the financial system. “I started working very young, washing cars door to door when I was nine years old,” he recalls. “I kept doing it until I was twelve. I must have washed hundreds of cars, to the point that after I turned twelve, I never washed another car again in my life,” he jokes.
He later joined the family business during college and took his first steps in financial services as an intern at Merrill Lynch, in what was then a rare commodities office in South Florida.
After a brief stint at a remittance company, Uno Remittance, he joined Citigroup, where he spent 19 years. He later moved to Bulltick, an independent firm with Mexican origins operating in the U.S. and Mexico, before joining Snowden Lane, where he has now spent more than two years as a senior partner and leads his international advisory team.
Cultural Ties as a Foundation for Client Relationships Gherardi emphasizes the importance of cultural and emotional connections with clients. “I believe it’s very important to have experience in the markets you’re doing business with,” he says. “My mother is Brazilian, my father is Italian, and my three sisters are first-generation Americans.”
He also notes that, although he was educated in the United States, he never lost touch with his roots. “I have many friends and family across South America, particularly in Peru and a few other places. Based on all of that, I’ve gained a lot of experience. I’ve been exposed to these cultures, the languages, the people. And that makes it much easier to do business in markets where you understand the language, the culture, and the people. All of that is very important,” he explains.
Offshore Business in the U.S.: Setback and Opportunity
From his perspective, the U.S. offshore business has gone through several stages. “It went from practically non-existent, to becoming a major market, and then experienced a sharp decline,” he explains. Over the last decade, stricter regulations, fines, and increased compliance demands led many large institutions to scale back or exit the segment.
However, Gherardi believes this retreat created room for specialized firms. “Many institutions were spooked by the risks of doing things improperly. But that doesn’t eliminate the client’s need,” he says. In this sense, he points out that Snowden Lane is well positioned to meet that demand, with a strong structure and a focus on proper advisory.
A key pillar of that strategy is the Coral Gables office, now one of the largest in the firm globally. “Not just in size, but in terms of strategic location,” he emphasizes. Miami, he adds, is the natural entry point for Latin America into the U.S., due to both geographic proximity and cultural and financial ties.
The diversity of the team is another distinctive element. Coral Gables is home to advisors from multiple nationalities, Brazilians, Italians, Venezuelans, Dominicans, Mexicans, and Koreans, among others. This is complemented by the New York office, which also serves as an important hub within the organization. Gherardi tells Funds Society that he is looking to expand his team.
Capital Flows and Macroeconomic Outlook
“I don’t see any short-term possibility of a major repatriation of funds to South America or Latin America. In fact, I believe more money will flow into the U.S. than will leave for those countries,” he states.
Regarding the impact of the macroeconomic context, he acknowledges it constantly influences investment decisions but stresses the importance of avoiding emotional reactions. “The challenge is understanding where we’ll be in six months or a year. If there are no clear signs of a drastic change, the best approach is usually to stay the course,” he explains, recalling how his clients responded in early 2025 to Donald Trump’s tariff policies and their direct market impact.
Gherardi believes learning is a continuous process. In 2025, he learned most about Japan, as many of his clients inquired about the yen. Looking ahead to 2026, he continues to believe that most high-net-worth clients from Latin America, South America, and abroad have confidence in the U.S. and its economy. He envisions a scenario where “there will continue to be a strong influx of money into the U.S., into U.S. investments, U.S. banks, U.S. brokerage firms, and U.S. family offices.” In his view, interest in fixed income, alternatives, and U.S. equities will remain strong. “I believe all those sectors will continue to see high demand,” he adds.
According to Gherardi, last year there were two products that investors asked about, almost for the first time: artificial intelligence and cryptocurrencies. “And they can only really be found here in the U.S.” In his view, “that was a major trend in 2025, and I believe it will remain so in the future. I don’t think that’s going to change in 2026,” he predicts.
The expert also notes that, years ago, no one talked about alternative assets. Today, however, “we see the alternative investment space as very important, as it helps diversify portfolios. It’s critical to diversify any portfolio because diversification reduces risk. But at the same time, you don’t want to diversify so much that you eliminate all risk, because then you don’t make any money either. There’s a fine line between one and the other,” he reflects. “In other words,” he continues, “if you diversify to the point that everything becomes a hedge, you’re essentially flat. You win and lose, win and lose.”
On ETFs, he believes they are “a great opportunity” for clients. “Sometimes, when you invest in managed funds, unfortunately, some of them have very high expense ratios, whereas ETFs have very low expense ratios, and that’s a huge advantage. What’s the point of paying all those fees to professionals who don’t outperform the index?” he asks.
Emotional Discipline and the Value of Advice
Finally, Gherardi underscores the value of professional guidance in times of market volatility. In his experience, clients appreciate having advisors who help them avoid impulsive decisions. “The more emotion is removed from investing, the better the results,” he concludes.
From 2005 to the First Half of 2025, Preqin Has Tracked Nearly 2,000 Global Unicorns, privately held companies backed by venture capital (VC) firms that reached a valuation above $1 billion. The number of unicorns created by venture capital rose from just two in 2005 to more than 500 in 2021, the peak year for this market. In fact, from early 2019 to the end of 2022, more than five companies per week reached a valuation of $1 billion or more. Currently, the number of unicorns recorded since 2005 stands at 1,908.
Much of the global coverage of the unicorn boom has focused on the entrepreneurial stories of the founders of these companies or on the vision and risk appetite of the most renowned venture capital investors. The latest Preqin report, “Unicorns: The Private Capital Take,” analyzes private equity data and the ecosystem in which unicorn companies are born, grow, develop, and go to market.
For example, the number of venture capital funds closed in 2024, the last full year with available data, was the lowest since 2015. In addition, the total capital raised, amounting to $122.5 billion, was also the lowest since that year. Both venture capital deal volume and total deal value have been declining since 2021. Moreover, the exit market is practically closed for VC-backed companies, though there are signs of improvement. Likewise, dry powder began to decline in 2024, in line with a slight uptick in the number of new unicorns created.
Sola Akinola, Managing Director at Preqin, states in the report that the era of “easy unicorn creation” is over. In a context of delayed exits by VC funds, down rounds, and more difficult liquidity, investors “can no longer rely on headlines alone.” According to the expert, what now matters is “clarity: distinguishing lasting companies from those inflated by the era of 0% interest rates.” To do this, she says, “reliable, documented information is needed to track these companies beyond the $1 billion threshold, through secondary deals, continuation funds, and real-world outcomes.” Ultimately, she concludes that in a market defined by uncertainty, “the edge lies in connecting the dots faster and more transparently than anyone else.”
X-Ray of the Unicorn Market
The global landscape of unicorn creation since 2005 has been dominated by the United States. More than half of all companies that reach a valuation of over $1 billion fly the American flag: the United States has accounted for 1,020 unicorns over the past 20 years. However, two fast-growing economies are following close behind: China already counts 252 companies with valuations above $1 billion, and India, 152. Europe, for its part, has a total of 539 unicorns.
One theory circulating in the markets about the reasons for this trend is that the brilliance of U.S. unicorn companies is not the key factor in their success. The Preqin report includes remarks by Jeff Bezos, founder of Amazon, at a New York Times event, where he stated that the United States has a better “venture capital system.” In his view, the availability of $15 million in seed capital for opportunities with just a 10% chance of success in the U.S. sets it apart from Europe, where many financial features, such as the banking system, are otherwise comparable.
Deal data collected by Preqin from 2005 to the first half of 2025 shows 29,890 early-stage deals in the U.S., worth $81 billion, compared to 14,943 deals worth $31 billion in all of Europe during the same period. Additionally, it takes less capital in the U.S. to reach unicorn status: $158 million compared to $198 million in Europe. It also takes less time, an average of 60.9 months in the U.S. versus 65.2 months in Europe. However, reaching a $1 billion valuation involves nearly the same number of funding rounds in both regions: an average of 5.3 in the U.S. and 5.4 in Europe.
In Asia, according to the report, reaching unicorn status requires raising an average of $243 million across 4.8 funding rounds over an average period of 45.7 months. Globally, the average to become a unicorn is $182 million and 59.4 months from the first funding round.
The report reveals that Information Technology (IT) accounts for more than half of all unicorns created since 2005. Healthcare and Financial & Insurance Services follow, though at a much lower volume. It also shows that secondary share sales, IPOs, and trade sales have been the most common exit routes for unicorns, representing nearly 80% of all exits since 2005. Since 2006, 57 unicorns have been written off, falling from valuations above $1 billion to $0.
The Future Challenges of Unicorns
The venture capital landscape has changed over the past 20 years, and its shape for the next 20 years is beginning to take form. The Preqin report notes that secondary markets can provide liquidity when needed. It also raises the possibility that evergreen funds could replace IPOs as a way to ensure long-term value. Moreover, hybrid managers could emerge, with diverse networks to manage risk across asset classes and “even bridge the gap between public and private investments.”
The study emphasizes that private equity has often found ways to adapt. “The shift toward larger growth-stage investments with direct operational involvement, adapting to fewer IPO opportunities and operating with even longer time horizons, will help strengthen venture capital and improve its ability to smooth returns amid changing interest rates and economic downturns,” the report states.
As venture capital adapts, so too will the instruments most influential to its success. Unicorn companies, once mythical and now plentiful, may increasingly approach the realm of private equity. Continuation funds, often focused solely on growth, are just one way that, according to the report, the cultures and practices of venture capital and private equity are converging.
The first unicorn company in Preqin’s Company Intelligence database was Vonage Holdings, a U.S.-based cloud computing platform, which reached a $1.1 billion valuation in May 2005 after a Series E funding round led by Bain Capital Ventures, 3i, and Institutional Venture Partners.
The most recent unicorn, as of June 2025, is Jumbotail Technologies, a retail platform and B2B food and grocery marketplace based in India, founded in 2015. VC investors in its Series D funding round included Artal Asia Pte. Ltd. and SC Ventures.
Photo courtesyJennifer Whitney, Client Success Manager at Red Oak Compliance Solutions
Jennifer Whitney, an offshore and global distribution industry professional with more than three decades of experience in asset management and financial services, has joined Red Oak Compliance Solutions as Client Success Manager, effective January 5.
Whitney brings extensive experience working with financial advisors at wirehouses, banks, and RIAs serving non-U.S. and cross-border clients. In her role, she will work closely with clients to support adoption of the Red Oak platform, with an emphasis on long-term client relationships, continuity, and trusted partnerships.
Red Oak Compliance Solutions is a compliance ecosystem that connects every stage of content creation, review, distribution, and oversight for the financial services industry, helping firms reduce risk and bring compliant communications to market more efficiently. The company has been recognized on the Inc. 5000 list for seven consecutive years and continues to expand its compliance platform to meet the evolving needs of regulated firms, including the integration of technology tools that streamline advertising review and regulatory oversight.
Whitney stated that her decision to join Red Oak reflects a deliberate move toward long-term infrastructure and relevance within financial services. “After dedicating my career to distribution and business relationship roles, I was looking for a platform that creates lasting solutions for the future of financial services firms,” she said. “Red Oak sits at the intersection of compliance, technology, and marketing, and client success is where I can bring the most value,” she noted.
Based in Austin, Texas, Whitney will work with clients across the United States and internationally, leveraging her experience in supporting advisor workflows, regulatory compliance considerations, and relationship-based service models.
After a 2025 that clearly demonstrated the diverging paths taken by various central banks around the world, all signs point to somewhat more stability in monetary policy in 2026. That said, attention remains on whether the recent arrest of Nicolás Maduro by the United States will have repercussions on oil prices and, consequently, on inflation and the actions of central banks.
Without a doubt, the focus will be on the U.S. Federal Reserve. Its chair, Jerome Powell, reaches the end of his term in April, amid doubts about the future independence of the institution and with a member of the Federal Open Market Committee (FOMC), Lisa Cook, entangled in legal proceedings. “The Fed has many factors at play in 2026. Not only will a new chair take over, but the macroeconomic outlook remains uncertain. The labor market appears to be cooling without collapsing, while inflation remains stable,” notes Bret Kenwell, Market Analyst at eToro in the U.S., who questions whether the U.S. monetary authority “will be able to adopt a dovish tone if these factors persist in 2026, or whether its dual mandate will keep moderate measures in check.”
A similar view is held by Ray Sharma-Ong, Deputy Global Head of Bespoke Multi-Asset Solutions at Aberdeen Investments, who believes that “the Fed is between a rock and a hard place, with inflation remaining high despite a weakening labor market.” This disconnect “has widened the divisions within the Committee.”
That said, following the rate cuts in 2025 and the current context of the institution, “the Fed’s monetary policy is no longer a catalyst for the markets,” according to the expert. The reason is that with federal funds interest rates between 3.5% and 3.75%, the Committee considers that monetary policy is within the effective range of neutrality. Therefore, “the bar for new cuts is very high, implying that the monetary policy outlook is likely to remain static for some time.” As a result, with official interest rates on hold, “we no longer expect a broad-based beta rally in equities; market correlations may decrease, and fundamentals may gain greater importance.”
For Paolo Zanghieri, Senior Economist at Generali AM, part of Generali Investments, the economy continues to enjoy a solid foundation, but downside risks to employment remain more important to the FOMC than upside risks to inflation.
Now, following the December rate cut, “it can now wait for more data before deciding on the extent and pace of further rate cuts.” Here, Zanghieri‘s outlook is clear: the projected path for the official interest rate has not changed since September, with two more cuts of 25 basis points, one next year and another in 2027. “Our forecast of another rate cut next year aligns with what the Fed expects, but we believe the easing will stop there,” he notes, admitting that this forecast would only be modified in terms of timing, with a possible delay of the next cut to mid-year.
Europe Nachu Chockalingam, Head of Credit at Federated Hermes, highlights the work done by central banks in recent years to reduce global inflation. From this point, she expects official interest rates to fall, but in general, “to remain slightly above pre-pandemic levels, especially in developed market economies.”
Her view is that the Federal Reserve and the Bank of England will continue cutting rates, “but the direction the European Central Bank (ECB) will take, having started to ease policy earlier, is a bit less clear.” Mainly because inflation in the eurozone is nearing the 2% target, “but the outlook remains uncertain due to global trade disputes and geopolitical tensions.”
The expert explains that short-term risks to the interest rate outlook persist, but she believes the situation would have to deteriorate significantly for the ECB to cut rates again in 2026. Some of these downside risks she mentions include any delayed adverse impact from U.S. tariffs, a stronger euro, the impact of Chinese imports, or delays in Germany’s fiscal stimulus. Political unrest in France, within the context of worsening fiscal conditions, is another potential risk, according to Chockalingam.
The Bank of England (BoE) will also generate market attention throughout 2026. David A. Meier, Economist at Julius Baer, expects two rate cuts from the BoE and a wait-and-see approach from Scandinavian monetary authorities. The BoE, the expert recalls, cut rates to 3.75% at its last meeting amid slowing inflation and weak growth but remained cautious about further easing. “We forecast two more cuts in 2026 and maintain a neutral outlook for the pound sterling,” he notes.
Meier also outlines his expectations for the Nordic central banks: Sweden’s Riksbank kept the policy rate at 1.75% at its last meeting, “with outlooks pointing to possible hikes in late 2026, supporting a bullish scenario for the Swedish krona.” Meanwhile, the Norges Bank, keeping rates at 4% due to persistent inflation, “strengthens the Norwegian krone as the highest-yielding G10 currency.”
Japan Regarding Japan, Álvaro Peró, Fixed Income Investment Director at Capital Group, reveals that reflation continues amid positive economic growth and inflation above target. The expert explains that although the election of the new Prime Minister, Sanae Takaichi—who campaigned on a platform of fiscal stimulus, state investment, and financial repression—has raised market expectations for more flexible policy, the Bank of Japan (BoJ) has reiterated the need for further hikes in a context of yen weakness and reflationary pressures.
This view is shared by Homin Lee, Senior Macro Strategist at Lombard Odier. The expert expects interest rates in Japan to continue rising in 2026. “After having shielded Japan from deflation through years of accommodative monetary policy, we expect the BoJ to welcome signs of reflationary success with two interest rate hikes in 2026, the first likely in January,” he notes.
Latin America Forecasts also extend to the largest Latin American economy: Brazil. At DWS, they suggest that the Central Bank of Brazil “appears willing to maintain its aggressive stance” and indicate that structural reforms, following next year’s elections, “could help unlock the country’s potential.”
This is the view of Yi Li-Hantzsche, Emerging Markets Analyst at DWS, who acknowledges that so far, Brazil’s central bank has shown an unwavering commitment to bringing inflation back to target, “despite pressure from the government and the close ties between Governor Galípolo and President Lula.” The expert believes that with a constructive electoral outcome and the prospect of credible reforms, “Brazil could finally unlock lower rates without putting its credibility at risk.”
