Unity Investments

Life, Compounded.

A = P(1+r/n)

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Since inception, Unity has always believed in the power of compounding. We express our belief through asset-backed private credit.

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Monthly Insights

When it comes to investing, our edge comes from our ability to synthesize market signals, apply differentiated, independent judgment, and translate them into writing.

The Contestable Layer | Chinese Open-Weight Models, Inference Pricing & the AI Capital Stack

Artificial intelligence is entering a new phase of international competition. The United States continues to lead at the technological frontier: its laboratories produce the most capable models and attract the deepest concentration of talent and capital. An equally consequential question is whether that technological leadership translates into commercial leadership. In this paper, we examine whether U.S. technological leadership can translate into durable economic value as

Unity Investments

Oct 5

The Contestable Layer | Chinese Open-Weight Models, Inference Pricing & the AI Capital Stack

The Last Incremental Buyer | Valuations, Leverage & the Exhaustion of Structural Bids

For the past three decades, U.S. equities have benefited from powerful structural tailwinds: retirement accounts on autopilot, record corporate buybacks, and accommodative monetary policy; however, many of these forces are beginning to weaken, just as leverage reaches historic highs and net equity issuance turns positive. In our latest white paper, we explore a simple question: Who is the last incremental buyer and what happens when that source of demand begins to fade?

Unity Investments

Jul 19

The Liquidity Illusion | AI, Software, and the New Selectivity in Private Credit

Private credit’s shift into semi-liquid structures exposed a fundamental mismatch between investor liquidity expectations and the inherently illiquid nature of private loans. That tension surfaced as funds faced roughly US$20 billion in redemption requests, forcing managers to rely on gates, caps, and deferrals to manage outflows.

Unity Investments

May 19

Silicon, Steel & Stress | Part II: Deferred, Not Defused

Amid the unprecedented AI infrastructure buildout, we cut through the noise by isolating two core credit risks, running the numbers, then layering in macro context—concentration, circular financing, national interest, and more. The result is not a sensational prediction. It is a grounded, full-view assessment of what's happening, what could go wrong, and why the market has held up so far. This deep dive represents our commitment to exhaustive, independent thinking.

Unity Investments

Apr 1

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