John Grey is a founding editor at Solomon Grey Capital, covering private credit, global macro, and institutional investment strategy across Asia and global markets.
Research
Stablecoins hit a record $321bn in April. On the same day, Lagarde rejected euro versions and Bailey promised a wrestle with Washington. The transatlantic split is the trade.
Research
HK$110bn raised in Q1 — six times last year. The consensus reads it as A+H momentum. We argue the change in mix, not the headline, is the durable story.
Research
Treasury kept 'at least' in its forward guidance and bill issuance as the load-bearing tool. Q2 needs lifted to $189bn, Q3 to $671bn. We see a stealth duration
Research
The April 30 yen intervention is being read as a defensive stopgap. We disagree. With three BoJ dissenters and OIS pricing a 40% June hike, this is bridging fin
Research
Public BDCs are pricing in 10%+ default rates while realized losses sit at 0.7%. The retail wrapper is breaking, the underlying loan book is not. We see a generational entry point for selective BDC equity and a structural opening for institutional capital.
Research
John Grey — Technology & AI infrastructure desk EXECUTIVE SUMMARY AI-driven disruption poses material risks to private credit portfolios, particularly those with heavy exposure to software companies, which comprise ~21% of the asset class and up to 40% including broader tech services. While defaults remain historically low, mispriced pre-2024 loans and
Private Credit
Asia Pacific private credit AUM crossed billion in Q1 2026, up 28% YoY. JPMorgan forecasts doubling to trillion by 2028.
John Grey — Healthcare & longevity desk University of Sydney's landmark 60,000-participant study confirms what insurers have suspected: behavioral interventions add nearly a decade to healthspan. For asset managers, the implication is clear: healthcare costs are not deterministic. Preventative protocols reduce claims by 15-25% in self-insured pools. The
John Grey — Healthcare & longevity desk Beta-nicotinamide mononucleotide (β-NMN) is having its moment. Three major trials in 2026 will determine whether this molecule moves from supplement shelf to clinical mainstream. BlackRock's thematic research flags longevity as one of 5 secular trends reshaping healthcare. The addressable market: $800B by
John Grey — Healthcare & longevity desk As global life expectancy gaps narrow and bio-tech advances accelerate, longevity is transforming from a lifestyle trend into a legitimate asset class. VCs are placing billion-dollar bets. ARCH Venture Partners, Andreessen Horowitz and Google's AI fund are circling the NAD+ and senolytic
Global Macro
Brent hit $141. S&P 500 had its worst quarter since 2022. The Fed is paralysed. Markets are now rallying on Trump's claim the war is almost over. Here is the risk framework — and what investors should do before they act on the optimism.
Research
Asia Pacific raised a record $334 billion in equity capital in 2025 — over a third of global volumes. Hong Kong tripled deal flow. India delivered its best year ever. Here is the institutional case for the 2026 pipeline.