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IMAX spent its first 40 years showing museum documentaries.

Today, films made for IMAX can generate more than 20% of their domestic opening weekend box office from less than 1% of the world’s cinema screens. That is a fairly decent pivot. The company was founded in 1967 and remained a specialist format for decades. Huge cameras. Expensive film.

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If I were hiring an operating partner tomorrow, the first question would not be about experience.

It would be: what authority will this person actually have? I have watched brilliant operators join PE firms with impressive titles and precisely zero ability to make anything happen. They can advise. They can recommend. They can produce slides that get filed somewhere between the quarterly reporting pack and the

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Accenture gets mocked because it looks less glamorous than McKinsey, Bain and BCG.

Which is fair. It does have the energy of a consulting firm built inside an airport procurement department. But look at the numbers. 22,000 generalists cut. 77,000 AI specialists hired. $3.6bn in AI bookings. $3bn committed to AI investment through 2030. That is not a press release

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A record week for records, most of them made of fees.

Carlyle, TPG and Brookfield all reported records this week. The footnotes: doubled deal fees, $35 million of realised carry, and $40 billion of Brookfield's own insurance money.

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The Best Private Equity Podcasts in 2026

The best private equity podcasts in 2026, grouped by role: house views, allocators, value creation, exits and the small-cap end. Honest blurbs, no leaderboard farm.

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Apollo's quarter fired on every cylinder except selling things.

Record FRE, record SRE, record inflows, and $16 million of principal investing income. Apollo's quarter was superb everywhere except the line the industry is named after.

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The Operator Era Reading List: Private Equity Operator Voices Worth Following in 2026

The private equity operator voices worth following in 2026: nine practitioners with public bodies of work on operational value creation, from long-hold ownership to digital growth execution.

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Ares raised $36 billion and expects to realise $10 million.

A record fundraising quarter, a record $170 billion of dry powder, and carry guidance that rounds to zero. Ares is what the industry looks like when selling stops mattering.

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What Is an Independent Sponsor? The Operator's Route Into Private Equity

An independent sponsor is a dealmaker who finds a company to acquire first and raises the equity afterward, deal by deal, instead of investing from a pre-raised fund. Also called a fundless sponsor. Compensation is typically a closing fee, a management fee, and a carried-interest promote. Search the

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A record July for European private equity, say European private equity firms.

EQT, CVC, Bridgepoint and Partners Group all found a record to announce. The share prices, the statutory accounts and the gated evergreen funds tell a more European story.

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Blue Owl says the structures work. The gates certainly do.

Fee earnings up 9%, GAAP profit down, individuals two-thirds gone from the fundraising mix, and redemption requests at 38% of one fund. A close read of the politest crisis in private credit.

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KKR's best quarter ever arrives just after it deleted the target.

Records in every direction, a monetisation quarter for the ages, and a quietly removed $7 target. The numbers do the talking, but only the ones allowed to speak.