Liquidity in 2025 is still available, but it is priced for execution risk. Across markets, investors are prioritizing verifiable documentation, tighter timelines, and clearer economics before committing capital. Key themes reshaping fundraising and deal flow this month include. Private credit and structured capital filling gaps where traditional bank appetite is uneven. Real assets demand bifurcating, with data centers, energy, and essential infrastructure attracting capital while speculative projects face higher hurdles. Commodities staying global and documentation-heavy, especially for large gold and industrial transactions that require disciplined due diligence. AI-enabled operations becoming table stakes, from lead qualification to secure client verification and data management. Family offices leaning into direct deals, distressed real estate, and bespoke mandates with transparent fee structures. On the operating side, high-performing firms are standardizing playbooks....