伦敦证券交易所正面临严峻的上市荒。2026年上半年仅有七家公司在伦敦上市，募资总额仅约5.77亿英镑，而同期针对伦敦上市公司的收购要约价值却是新上市价值的27倍。外国买家主导了英国并购市场，在总计3240亿美元的并购交易中，近2000亿美元来自海外收购方。尽管政府和监管机构试图透过放宽上市规则来吸引企业，但资本外流远超流入，英国作为全球股权融资中心的地位持续受到质疑。
机构投资者正大举进军私人信贷市场。尽管面向零售投资者的直接借贷基金近期遭遇资金外流，Apollo和摩根士丹利等机构甚至不得不限制赎回，但面向退休基金和捐赠基金等机构客户的北美直接借贷基金在第二季度至少募集了160亿美元。机构投资者认为零售资金的撤离反而创造了机会，使剩余的借贷基金能够争取到更有利的条款，填补市场空白。
基础设施投资者将目光投向游艇码头这一新兴资产类别。法国投资集团InfraVia以超过10亿欧元收购了雅典高端码头集团D-Marin，此前Blackstone和Stonepeak等机构也相继进行了类似交易。游艇码头因拥有稳定的年度泊位租金收入、持续的需求增长、严格的建设监管导致的供需失衡，以及高度分散的市场结构带来的整合机会，被视为具有韧性的核心基础设施资产。
The London Stock Exchange is experiencing a deepening listings crisis. Only seven companies listed in the first half of 2026, raising a combined £577.2 million, while the value of takeover bids was 27 times greater than that of new entrants. Foreign acquirers dominated UK M&A activity, accounting for nearly $200 billion of the $324 billion total. Despite regulatory efforts to ease listing requirements and proposals to redirect pension investments domestically, the outflow of companies continues to far outpace inflows, threatening London's standing as a global equity finance hub.
Institutional investors are doubling down on private credit even as retail investors retreat. Direct-lending funds targeting institutional clients raised at least $16 billion in the second quarter, making it the second-strongest quarter in four years. While retail funds have suffered outflows triggered by defaults, writedowns, and concerns over AI-driven disruption in the software sector, institutional players like CPP Investments see the pullback as an opportunity to secure better lending terms with less capital competition in the market. (Key numbers: 160)
Infrastructure investors have identified yacht marinas as a compelling asset class. InfraVia's acquisition of D-Marin for over €1 billion follows similar deals by Stonepeak and Blackstone's infrastructure arm, which struck a $5.6 billion deal for Safe Harbor Marinas. The sector appeals to infrastructure funds because of its sticky annual berth rental revenues, structural supply-demand imbalances driven by strict construction regulations, a highly fragmented market ripe for consolidation, and persistent demand fuelled by rising global wealth inequality. (Key numbers: 10)