Building the Intelligence Layer
Lighthouse Macro Extends Into Private Capital
Lighthouse Macro continues with public markets at its core — now extending its macro and liquidity framework into private-market intelligence through the Allocation Innovation Partnership (AIP).
It’s Been an Exciting Few Weeks
I’ve joined the Global Capital Institute as Founding Chief Investment Officer, launching the Allocation Innovation Partnership (AIP).
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What AIP Is Building
Private markets have lacked the intelligence infrastructure that makes public markets legible — no standardized data on how allocators decide, no comparable benchmarks for diligence quality, and no shared framework for evaluating fit.
AIP creates that layer.
We’re turning allocator behavior into structured data, diligence decisions into comparable standards, and capital formation into an evidence-based process.
The thesis is simple: capital should flow to skill and execution, not just brand and network access.
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What This Means for Lighthouse Macro
Lighthouse continues — and expands.
The core focus remains public markets: growth, inflation, labor dynamics, liquidity, and funding conditions — the machinery that drives global asset prices.
What’s new is scope.
Through AIP, we’re extending that same macro and liquidity framework into the private-market domain — studying how allocators make decisions, how capital flows under stress, and how private assets interact with the broader financial system.
Same toolkit. New application.
Lighthouse remains the public-market lens; AIP adds the private-market dimension.
Public-market plumbing visualized. The same need for transparency applies to how allocators move capital in private markets.⸻
A Quick Signal Before the Reboot
Public-market liquidity still sets the tempo for global capital. Reverse-repo balances have fallen more than $300 billion in the past year, while T-bill demand has stayed firm, flattening bill spreads versus ON RRP. That’s a quiet-tightening regime: collateral scarcity at the front end even as funding conditions appear stable.
Historically, this mix — tight collateral plus steady rates — precedes stress migrations into less-liquid corners of the market as marginal cash chases immediacy. A reminder that plumbing tightens long before risk appetite does.
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The Podcast Connection
I joined Pascal Hügli on Macro, Money & Markets for my first podcast appearance to discuss repo stress, bank reserves, and how crypto liquidity now links directly into Treasury plumbing — roughly 40 charts’ worth of how these systems interact.
🎧 Lighthouse Macro on Less Noise, More Signal
Across both the podcast and AIP, the theme is the same: infrastructure matters.
The quality of our intelligence systems determines how efficiently capital moves. Better data architecture means better decisions.
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The Next Step for Lighthouse Macro
As Lighthouse evolves, so will how research is delivered.
In the near future, I’ll begin transitioning from a fully open model toward a hybrid structure.
The research cadence remains exactly as outlined in the last Beacon:
• The Beacon — Sunday macro synthesis and tactical roadmap.
• The Beam — Tuesday and Thursday shorter pieces on data, flow, and positioning.
• The Chartbook — Friday visual overview of key macro and liquidity dynamics.
• The Horizon — First Monday of each month: deep thematic exploration of structural forces shaping markets.
Select posts and highlights will remain public, but this shift supports sustained depth, higher frequency, and the rigor that defines Lighthouse.
Lighthouse Macro remains focused on public markets — it’s the signal and structure hub.
AIP extends that framework into private markets, where allocator behavior and liquidity mechanics can be analyzed with the same data-driven precision.
For those who’ve been reading since the earliest notes: thank you. The best work is ahead, and cadence officially resumes tomorrow.
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If you’re an allocator, manager, or researcher interested in building better data infrastructure for private markets — or simply curious about the project — let’s connect.
Here’s to making capital flow smarter, faster, and fairer.
— Bob
Bob Sheehan, CFA, CMT
Founder | Lighthouse Macro
Chief Investment Officer | Global Capital Institute