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Alternative Market Briefing

Opalesque Roundup: Jain absorbed, Partners Group challenged, Lazard expands

Monday, May 04, 2026

Multi-manager consolidation reached a new milestone this week as Jain Global moved to return external capital and manage Millennium money exclusively, while a Grizzly Research short report rocked Partners Group and Lazard agreed to acquire placement-agent leader Campbell Lutyens. Politics swirled around Ken Griffin and Mayoral hopeful Zohran Mamdani, Michael Burry took aim at the AI semiconductor trade, and Apoorva Mehta - co-founder of Instacart - became the latest tech entrepreneur to launch an AI-driven hedge fund. Below, the week in alternatives, led by Opalesque Exclusives.

Opalesque Exclusives

Grizzly Research alleges widespread valuation fraud at Partners Group's Evergreen Funds

Short-seller Grizzly Research published a 37-page report alleging that Partners Group's flagship evergreen vehicles carry severely mismarked assets, with the firm warning the situation could ultimately prove worse than Wirecard. The report intensifies long-running scrutiny of valuation practices in semi-liquid private markets vehicles, where retail and wealth-channel inflows have outpaced governance frameworks. Partners Group's evergreen products have been a centerpiece of the firm's expansion into the wealth segment, making the alle......................

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