Pipeline note: what is in front of us this quarter

Members ask us roughly twice a week: what else are you looking at. This is the short answer for Q2.

Real estate

The bulk of the desk right now is real estate. Three live mandates we are evaluating, two in the early stages, one we expect to surface on the deal flow page in the next four to six weeks. Geographies are concentrated in Southeast Asia and the United States, with one European special situation in due diligence. We are spending more time than usual on entry pricing this quarter. The sponsors we are talking to broadly agree that the easy part of the cycle is over.

Private equity

One mandate in MENA, structured as a co-investment into a profitable, operator-led growth business. We are at the financials stage. If it clears, members will see it before the end of the quarter. Our hesitation is concentration: we want to make sure the fundamentals stand without leaning on a single customer or government contract.

Funds

Two fund mandates on the desk. One is a closed-end vehicle pursuing a defined real estate strategy in a market we know well. The other is a multi-strategy fund where we are still working through the manager track record. Funds take longer than direct deals to clear our process because the operator question expands into a manager-of-managers question.

Special situations

Three opportunities sitting under this heading. One is a distressed asset with a clean balance sheet and a forced seller. One is a structured credit position with an unusual entry. One is a secondary opportunity in an existing fund where the LP needs liquidity. Special situations are the part of the desk where the most work happens for the smallest output: of three, we will be lucky if one clears for members.

None of the above is an offer. None of it is a recommendation. It is a snapshot. The deals that get past us land on the deal flow page with the materials, the operator background, and our verdict attached. Everything else stays here in the note.