Hey guys,
I’m gonna keep this one short because honestly, my brain is fried and I’m sure yours is too. 2025 has been a wild one—interest rate rollercoasters, the "M&A thaw" that finally (mostly) happened, and everyone obsessing over DPI. Since the phones are finally quiet for a few days, I put together a list of what I’m actually reading to get ready for 2026. No fluff, just the good stuff.
📚 5 Books to grab
- "The Thinking Machine" by Stephen Witt: This just won the FT Business Book of the Year 2025. It’s about Nvidia and Jensen Huang. Even if you aren't in tech, read it to understand how to spot a real "moat" before the rest of the market catches on.
- "Mastering Private Equity" (2025 Edition): They updated this late this year. The new chapters on evergreene structures and the retail pivot are basically the roadmap for what we’re doing here at Fundscouter.
- "Competition Demystified" by Bruce Greenwald: A classic. I re-read this every December. It’s a great reality check for when a GP tells you their portfolio company has a "unique platform" that actually has zero barriers to entry.
- "The Fund" by Rob Copeland: This is my "beach read." It’s a bit of a gossip-heavy look at Bridgewater and Ray Dalio. A good reminder of how not to build a firm culture.
- "Antifragile" by Nassim Taleb: My annual tradition. In a year of "adjustmnts," learning how to actually benefit from the chaos is the only edge that matters.
📰 5 Memos & Articles (The "Coffee & Quiet" Stack)
- Howard Marks: "Is It a Bubble?" (Dec 2025): Marks just dropped this one. He’s at his best here—breaking down the AI hype versus actual earnings. Essential if you’re building 2026 models right now. Read it here
- Bain & Co: "2025 Midyear PE Report": This is the report that confirmed the exit backlog is finally starting to move. Watch out for the sections on how tariffs shook things up in Q2. Bain Insights
- BlackRock: "2026 Investment Outlook": Just came out. Their main theme is "Micro is Macro"—basically, individual company selection is going to be way more important than broad market bets next year.
- The Daily Economy: "The CEO Talent Shift": A cool piece on why the best operators are ditching public companies for the private equity world.
- the FT: "Private Credit: The New Banking": A series on how private credit is basically replacing the regional banks. If you invest in credit, you need to read this whole series. FT Private Equity
🔬 5 Research Papers (For the deep dives)
- PitchBook: "Q4 2025 US Evergreen Fund Landscape": This is the data that proves evergreene AUM has officially hit the $500B milestone. Huge for our space. PitchBook Report
- McKinsey: "Global Private Markets 2025": Their big takeaway for the year? DPI is king. LPs aren't falling for "paper gains" anymore; they want the cash. McKinsey Insights
- Hamilton Lane: "Evergreens vs. Drawdowns": A technical breakdown of why semi-liquid funds are eating the market. Use this to explain the math to your partners.
- PwC: "AI as a Force Multiplier": 2025 was the year GPs actually started using AI to fix companies instead of just talking about it in their pitch decks.
- Morgan Stanley: "The Wealth Channel Pivot": A look at how "private wealth" is becoming the biggest LP in the room.
That’s it from me. Read one book, skip the rest, and turn your phone off for at least 48 hours. We’ve got a massive year ahead for Fundscouter in 2026 and I’m gonna need the energy!
Happy holiday's,
Mark Liam Fundscouter