It’s accepted wisdom in the publishing world that magazines sell better with headlines like “The 7 Fastest Ways to Lose Weight,” “The 5 Most Awesome Martinis,” and “The 10 Hottest Vacation Spots.”

Ordinarily a sophisticated finance journal such The Lead Left would never stoop to that kind of promotional gimmick. But, in the immortal words of Strother Martin, “this ain’t ordinarily.”

2020 was a year that redefined surprise, unveiling a sequence of unexpected, yet related, developments. In capital formation these arose from the blend of COVID-19 coursing through the nation and economy, combined with central bank liquidity. In the case of private capital, trends derived from the characteristics of the asset class, simultaneously highlighting its benefits to investors.

With that we kick off our special series: “The Five Biggest Private Capital Surprises of 2020.”