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THE CAPITAL BRIEF

$116B Net inflows into hedge funds in 2025. The most since 2007. The room at Global Alts New York today reflects it.

Opening Observation

Two of this issue's rooms are happening this week. Global Alts New York draws over a thousand attendees today. The Chicago family office conference convenes tomorrow. Both represent access points that do not repeat until 2027.

The third room is in July. The Spotlight is in August. The summer calendar is less compressed than June was, but the density is there if you know where to look.

Room’s Worth Being In

Global Alts New York 2026 | June 9, New York The Managed Funds Association and iConnections are co-hosting one of the larger alternatives gatherings of the year. Over 1,000 attendees, 50+ speakers across hedge funds, private credit, real assets, and liquid alts. The MFA affiliation anchors the regulatory and advocacy context. iConnections brings the allocator network. The combination produces a room where both sides of the capital relationship are represented in meaningful numbers. Today.

Chicago Family Office and Wealth Management Conference | June 10, Chicago DC Finance's 4th annual Chicago event is invite-only and capped at 150+ vetted family office executives and wealthy families. Organized through The Family Office Circle, the format prioritizes conversation over content. Invitation-only conferences at this scale tend to produce a different quality of interaction than open-registration events. For GPs or allocators with family office relationships already in Chicago this week, this is the room. Tomorrow.

TSX Venture Growth Capital Event | July 17, Kelowna, BC Seven years in, this conference is structured differently than most VC gatherings. The format is built around private meetings between TSX Venture Exchange companies and investors across resource, technology, biotech, and special situations. 70+ investors, 18 sessions. The private meeting structure produces a different outcome than panels and keynotes, and the TSX Venture affiliation filters toward earlier-stage companies actively seeking capital.

Capital Signals

Private wealth is rotating out of private credit and into private equity. iCapital's June 2026 Alternatives Decoded report shows private credit's share of flows on its platform dropped from 41% in Q1 2025 to 18% in Q1 2026. Private equity picked up most of that shift, rising from 35% to 51% over the same period. Infrastructure was the other share gainer. The data reflects what the conference calendar has been signaling for two quarters: the semi-liquid private credit story is losing its grip on private wealth allocators, while PE and real assets are absorbing the reallocation.

Hedge funds are having their best inflow year since 2007. The same iCapital report notes the industry took in $116 billion in net inflows in 2025, bringing total AUM to a record $5.4 trillion. More than half of allocators plan to increase hedge fund exposure in 2026. That context makes today's Global Alts New York particularly well-timed. When LP appetite for a category is at a multi-year high, the rooms built for that category tend to be worth the trip.

The Spotlight

EnerCom Denver 2026: 30 Years of Energy Capital

Most sector conferences struggle to reach a decade. EnerCom Denver reaches its 30th year this August, making it the longest-running independent investor conference in the oil, gas, and energy industry by a meaningful margin. That kind of tenure does not happen by accident, and it does not happen in a category without durable capital interest.

The format has remained consistent across three decades: energy companies present to institutional investors, meetings follow, capital decisions get made. EnerCom built the event around the premise that bringing qualified capital into the room was more important than selling tickets to it. Investment professionals can still register at no cost, subject to review. That structure is uncommon at major sector conferences and reflects a design logic that has kept the attendee quality high enough to justify thirty consecutive years of participation.

The energy sector went quieter during the rate cycle. Conference attendance thinned. Capital rotated toward infrastructure and away from upstream. EnerCom ran anyway. Thirty consecutive years is a signal that the audience never actually left — it just had fewer reasons to convene publicly while the capital environment was unfavorable.

This year's notable speaker is Chris Wright, Liberty Energy. Sponsors include Netherland, Sewell and Associates, ATB Capital Markets, Petrie Partners, and CAC. Media coverage via Oil and Gas 360.

For real assets allocators tracking energy exposure, or GPs with energy sector portfolio companies, August 17 in Denver is worth putting on the calendar now.

August 17, 2026 | Denver, CO

Quick hits

  • Vancouver VC World Summit (Jun 18, Vancouver): registration closing. West Coast VC with cross-border Canadian market access.

  • Kayo Healthcare PE Summit (Jun 22, Washington): registration closing. Final DC alternatives event before the summer gap.

  • Kayo Real Estate Summit (Jun 24, Washington): registration closing. Closes out the 16-day DC alternatives cluster.

  • Private wealth PE allocations hit 51% of platform flows in Q1 2026: Up from 35% a year earlier per iCapital data, as private credit continues to lose wallet share among wealth channel investors. The rotation is real and accelerating. Via iCapital.

  • PE exit backlog reaches record 13,300+ companies, 60% held over four years: Continuation vehicles and sponsor-to-sponsor sales are absorbing what IPO markets cannot. Secondary buyers are well-positioned heading into H2. Via iCapital.

As always, happy allocating.
The Capital Brief
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