Alternatives & Structures
Private markets, real assets, commodities, and crypto, the alternative side of a portfolio.
Recommended first: Portfolio Construction
Tick lessons off as you go, saved in this browser, no account needed.
- 1Private Equity
Buyouts
Private Equity: Buyouts, Fees, and Fund Returns
- 2Venture Capital
Early-stage
Venture Capital: Power Law, Stages, and Access
- 3Hedge Funds
Strategy overview
Hedge Fund Strategies: Four Buckets and What They Cost
- 4REITs
Listed real estate
REIT Basics: How Real Estate Trusts Work
- 5Commodity Curves
Futures shape
Commodity Futures Curve: Shape, Cost, and Signals
- 6Contango
Curve states
Contango vs Backwardation: Roll Yield Explained
- 7Crypto
Digital assets
Cryptocurrency Basics: Blockchain, Custody, and Risk
- 8Infrastructure
Real assets
Infrastructure Investing: Stable Yields and Hidden Risks
- 9Private Credit
Direct lending
Private Credit Cycle: Growth, Stress, and What Comes Next
- 10LP/GP Economics
Fund splits
LP GP Economics: Fees, Carry, and the Gross-to-Net Gap
- 11Carry Waterfall
Profit sharing
Carry Waterfall: European vs American Distribution Rules
- 12Gold
The metal
Gold as Investment: Tail Hedge and Portfolio Role
- 13FFO / AFFO
REIT cash flow
FFO AFFO Cap Rate: Valuing REITs Correctly
- 14Oil Benchmarks
WTI vs Brent
WTI Brent Oil Benchmarks: Why Two Prices Exist
- 15Clawbacks
GP give-backs
Clawback Provision: When PE Managers Return Excess Carry
- 16Continuation Funds
GP-led secondaries
Continuation Fund: Reset Clock, New Fees, Old Assets
- 17Timber & Farmland
Real assets
Timberland and Farmland Investing: Real Asset Returns