How the IPO Lock-Up Quietly Stopped Protecting the Public Buyer
The lock-up is meant to shield new public shareholders in the fragile early months of a listing. But it was never a law — only a private handshake, enforced by the same financial institutions that get paid when it is broken
#IPO, #LockUp, #PrivateEquity, ,#CapitalMarkets ,#MarketStructure, #Underwriting ,#Liquidity, #Allocators, #PunjabCapitalResearch, #CapitalInsights
The Insurance Engine | How Annuity Float Funds Private Credit & Private Equity
Behind the private-credit boom sits a quieter structural shift: the migration of insurance balance sheets into illiquid lending. Annuity float — long-dated, permanent, low-cost — has become the preferred funding base for direct lending, and the managers who run the credit increasingly own the insurer that funds it. This brief sets out the mechanism, why it works, and where it strains.
#InsuranceCapital, #PrivateCredit, #PrivateEquitym #AnnuityFloat, #Apollo, #Athene, #KKR, #GlobalAtlantic, #Blackstone, #AssetBasedFinance, #SpreadRelatedEarnings, #DirectLending, #CapitalInsights, #PunjabCapitalResearch