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Institutional Research

Buyside research for investors in private markets and real assets

Leading, Independent, Decision-useful Analysis

Leaf & Ledger’s institutional research distills two decades across private markets and real assets into concise work for institutional investors. The emphasis is valuation signals, market structure, and execution topics that translate technical detail into actionable underwriting and strategy.

Primary Coverage

Real assets in private markets: Real estate and infrastructure from core to opportunistic, with focus on asset performance and operating economics, capital formation and structure, durability and obsolescence risk, and exit pathways.

Private equity and special situations: Sponsor and asset level decisions across buyouts, growth, carve outs, and structured solutions, with focus on value creation levers, balance sheet repair, complex process navigation, and secondary market dynamics.

Private credit and fund finance: Direct lending, asset backed and holdco structures, and manager financing, with focus on underwriting signals, covenant behavior, NAV and hybrid facilities, liquidity planning, and take out risk.

Policy and reporting: Disclosure requirements, assurance standards, and regulatory thresholds, with focus on how rule changes shape pricing, portfolio reporting, and capital allocation.

Availability and Distribution

Professional works are available on select institutional platforms, including Smartkarma, and via a limited distribution private research newsletter. Where preferred, consultations can be routed through the leading global expert networks.

Select publicly available insights:

Summer Series Part III: Transmission Lines — Private Credit and Insurance Balance Sheets

Private credit is recasting the circuitry of the financial system. In the final part of our Summer Series, we examine how insurance affiliates, NAV lines, and offshore reinsurance transmit stress. The system does not need to break to fail. Sometimes pressure just moves faster than recognition.

Summer Series Part II: Extend and Pretend, Again — A Behavioral History of Debt Deferral

"Extend and pretend" is not a post-GFC invention. It is a century-old instinct. In Part II of our Summer Series, we explore how debt deferral, maturity wall fears, and strategic inaction have repeated across cycles, from 1930s bank policy to 1990s Japan to today's CRE market. With historical quotes, visuals, and behavioral insight, we examine why delay often becomes the most rational path, until it no longer is.

Summer Series Part I: Lending Signals and the Repricing of Office Values

As capital markets recalibrate around sustainability and obsolescence risk, the office sector faces a stark financing divide. Modern, green assets are commanding tighter spreads and higher leverage, while legacy buildings are being priced out of the debt market entirely. In this analysis, we explore how lenders are redrawing the underwriting rulebook and what it means for the future of office real estate.