Daily Update — August 21, 2026
Balcony Solar Growth; H1’26 Private Equity Fundraising; and the US Affordability Crunch
Today is Friday, August 21, 2026, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.
Energy Expansion
Listen: Balcony solar and EVs are giving consumers a greater role in grid flexibility
Balcony, or "plug-in," solar is rapidly gaining popularity, as it gives consumers without easy access to distributed solar generation a straightforward way to deploy the technology and reduce power costs. At the same time, there is a growing possibility that batteries will become a flexible grid resource as drivers transition to electric vehicles.
These new technologies allow residential utility customers to take greater control over their electricity consumption and spending. But wider adoption has implications for grid safety and reliability, and several states are attempting to regulate and manage these additional resources.
In this episode of the “Energy Evolution” podcast, S&P Global Energy reporter Kirsten Errick joined host Dan Testa to discuss these issues. The episode also features Errick’s interviews with Cora Stryker, co-founder of plug-in solar company Bright Saver, and Aseem Kapur, chief revenue officer at GM Energy.
Private Markets
Private Equity Fundraising H1: Fundraising Tops $300 Billion
Private equity fundraising totaled $312 billion in the first half of 2026, about 64% of the $490 billion raised in full year 2025. Fundraising remains concentrated, with the top 20 largest funds accounting for $171 billion. These include vehicles from blue-chip names such as Blackstone, Clearlake, EQT and KKR, demonstrating that investors continue gravitating toward global multi-asset managers. However, allocators are emphasizing the need for liquidity, as median holding periods have grown to more than five years, according to Sutton Place Strategies data.
Secondaries fundraising reached $51 billion in the first half and is expected to surpass the record of $93 billion in 2025. Several of the largest secondaries funds are still in the market, with Lexington Partners, Blackstone and HarbourVest targeting over $20 billion apiece for their latest funds. Investors are also diversifying geographically, with funds focused on multiregion, European and Asia-Pacific investments raising $179 billion, compared with $131 billion raised by funds that focus solely on North America.
Economy
The US Affordability Squeeze: A Widening Divide
Housing, food and fuel costs are outpacing income growth, creating an affordability crunch that is pushing consumers to prioritize necessities. Less spending can lead to lower sales tax revenue, which is challenging for governments trying to close budget gaps. Affordability concerns can also translate to less voter willingness to approve levy increases and bond referendums, as well as a limited ability to withstand higher user fees. Rising labor, material and procurement costs make it difficult for issuers to raise revenue and align budgets.
A widening spread between real and nominal income signals growing pressure on households. Annualized real median household income growth fell to 0.14% between 2019 and 2024 from 3.83% between 2014 and 2019. Still, income growth outpaced the consumer price index in seven years of the past decade, including 2023 and 2024.
In case you missed it
- Russia could ban the export of aromatics, widely used in gasoline production, due to unplanned repairs at refineries, Kommersant reported Aug. 18.
- The near-term credit pressure from the Washington and Oregon wildfires is expected to be limited, supported by issuer reserves and federal and state response programs, according to S&P Global Ratings. However, the sources of credit pressure differ between the two states.
- Brazil's new sustainable aviation fuel decree established the framework for the country's first sustainable aviation fuel mandate, but key market rules remain undefined less than five months before the program is scheduled to begin.
Upcoming events
- Moving from Data to Risk Management: The New Operating Reality | August 26 (Los Angeles)
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- ETFs in Insurance General Accounts What's Driving the Next Phase of Growth | September 2 (Webinar)