Private equity is increasingly a tale of two markets.

For the largest publicly traded GPs, AI dominated Q2 earnings calls, with tales of record-breaking deals and partnerships among hyperscalers, frontier labs and private-market titans. GPs lacking scale haven’t been invited to the party.

Our US public alternative asset manager earnings dashboard documents the outsized influence of the publicly traded alternative asset managers across performance, capital flows, and perpetual capital growth.

In Q2 alone, Apollo announced the largest private credit financing on record, a $35 billion deal with Broadcom to build AI infrastructure, with Blackstone as a lead investor. Blackstone and TPG both touted direct stakes in OpenAI and Anthropic, as well as deployment companies aimed at accelerating AI adoption in their portfolios: TPG with OpenAI, and Blackstone with Anthropic. Blackstone and Google also announced a joint venture to stand up a TPU cloud.

Underwriting AI at this scale takes capital and infrastructure that only a handful of firms possess, and those firms are using this moment to accelerate fundraising and deployment. Whether these latest investments translate into long-term returns is another question entirely.

For now, however, KKR’s Scott Nuttall summed up the feeling among the group: “Our industry is increasingly K-shaped,” he said. “We find ourselves on the happy part of the K, and that’s what’s showing up in the numbers.”

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Courtesy of Oura

Oura publicly filed for an IPO on Thursday, and outside of delivering record shipments of its smart rings, it’s also been delivering something else for its investors: liquidity.

The Finnish-founded company spent $1.09 billion on stock repurchases during the first nine months of the fiscal year, according to the S-1, acquiring 27.9 million shares from its Seed, Series A, B, C, and C-1 shareholders.

These were partial exits, and the share buybacks account for 17% of its outstanding preferred stock. Forerunner Ventures, one of the startup’s largest shareholders, sold 1.6 million of its Series B shares for $65 million and remains a more than 5% stakeholder.

The company’s revenue has tripled over the last two years, reaching $1.21 billion in the first nine months of the 2026 fiscal year. Much of that has been driven by its fast-growing subscriber base. Oura doubled its paid users in a year, from 2.5 million to 5 million. That is proving to be a durable business: according to the S-1, subscriptions carry an 89% gross margin.

So far, for the first nine months of fiscal 2026, Oura sold 3.1 million rings, a record compared to last year’s total of 2.3 million sold.

But despite the rosy picture, Oura is only recently and barely profitable. For the first three quarters of fiscal 2026, Oura posted $60.8 million of net income against $1.21 billion in revenue.