Market Insights
Shein’s PE backers may have to hold on a little longer
The Chinese fast-fashion giant is leaning on some of its biggest backers to underwrite an IPO three years in the making—one meant to finally hand them an exit.
UK Private Capital Breakdown
The 2026 UK Private Capital Breakdown examines the region’s PE and VC markets and analyzes recent events’ impacts on these spaces.
Southern Europe Private Capital Breakdown
The 2026 Southern Europe Private Capital Breakdown examines the region’s PE and VC markets and analyzes recent events’ impacts on these spaces.
APAC Private Capital Breakdown
The H1 2026 APAC Private Capital Breakdown examines the region’s PE and VC markets in Greater China, India, Japan, South Korea, Australia & New Zealand, and Southeast Asia.
Germany Market Snapshot
The Q2 2026 Germany Market Snapshot provides an overview of macroeconomic and microeconomic trends in the region spanning both private and public markets.
Australia & New Zealand Private Capital Breakdown
The 2026 Australia & New Zealand Private Capital Breakdown examines the region’s PE and VC markets and analyzes recent events’ impacts on these spaces.
LATE-STAGE COMPANY RESEARCH
Global Unicorn Tracker: The One-Horned Market
The Q2 2026 Global Unicorn Tracker provides a comprehensive analysis of VC-backed companies valued at $1 billion or more, covering deal activity, valuations, exits, and the PitchBook Business Quality framework and offering perspective on the biggest trends shaping the unicorn landscape.
Anthropic Is Winning on Value, Not Price
This analyst note argues that pricing AI models by completed tasks rather than token cost reveals a different competitive picture, with implications for buyers and providers.
SpaceX Update: What the IPO Reveals and What to Watch For Next
This analyst note concludes the SpaceX private-company series by evaluating the post-IPO valuation, introducing a management credibility ledger, and outlining key catalysts for the stock’s first 18 months.
TRENDSPOTTING
Lagging liquidity over the last five years have pushed LPs to concentrate capital into large funds and established managers. As company life cycles stretch and returns stay poor, that narrowing is expected to continue.
See more: Q2 2026 US VC Valuations Report
RESEARCH
NEWS
Private Equity
Wood Smith agrees to be acquired by PE as legal fever takes hold
The deal values the California insurance-defense firm at around $700M, making this one of the largest investments in a law firm to date.
Uplift acquires financial services technology consultant Engage Fi
The Gridiron Capital spinout is betting on strong growth for the Tampa business as banks seek assistance in introducing AI tools.
Credit
DraftKings wraps upsized $700M TLB for convertible notes repurchase
The transaction also includes a new $750 million senior secured first-lien revolving credit facility.
Rising non-accruals signal growing risk in private credit
Debt tranches in non-accrual status at the top ten BDCs rose to 3.95% of total debt at cost in Q2, up 20 bps from the prior quarter.
Technology
Global league tables: Q2 2026
PitchBook’s Q2 2026 Global League Tables in full are below, presented in an interactive format.
2 charts: SpaceX closes $60B acquisition of Cursor
The all-stock deal closed Friday, giving SpaceX two of the largest acquisitions of VC-backed companies on record.
Allocators
Growing zombification presents secondary market opportunity
As distributions stall, LPs are weighing steep discounts on the secondary market against the cost of staying put.
You don’t need to be a big fish to co-invest
There are ways for smaller LPs to get in on the no-fee investment action.
Europe
Partners Group bucks Asia private credit slowdown with $1B mandate
The Swiss firm raised capital from a single, unnamed Asian institutional investor.
EMEA claims half of Q2’s largest logistics PE deals
Austria, South Africa, Norway, Ireland and the Netherlands accounted for five of the 10 biggest transactions.
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