Market Outlooks

Kyle Stanford, CAIA, is the director of US venture capital research at PitchBook, where he oversees a team of analysts covering the US venture market. He has developed PitchBook’s coverage areas within nontraditional VC investment, venture debt and VC ecosystem development, as well as our breakout of the venture growth stage of the VC market. He also contributes to quarterly core reports, produces thematic analyst notes on various topics and speaks at industry conferences such as SXSW and Collision. He is regularly cited in top-tier publications, including The Wall Street Journal, The Financial Times, and Axios, and has been featured in segments on CNBC, Bloomberg, and Yahoo Finance. Prior to this role, he worked on PitchBook’s publishing team, building custom reports across all asset classes and managing the development of analyst core research reports. 

Stanford received a bachelor’s degree in history from the University of Washington and is a CAIA charterholder. He is based in PitchBook’s Seattle office. 

Susan Hu is a quantitative research analyst at PitchBook, where she contributes to data-driven research across private market asset classes. Prior to this role, Hu worked as a senior data analyst, supporting the US venture capital research team at PitchBook. She has contributed to the development of PitchBook’s breakout of the venture growth and pre-seed stages of the VC market.

Hu received a master’s degree in information systems and a bachelor’s degree in economics from the University of Washington. She also holds a master’s degree in data science from the University of Texas. She is based in PitchBook’s Seattle office.

Emily Zheng is a senior research analyst at PitchBook, where she covers major trends and evolving themes in US venture capital through quarterly core reports and thematic analyst notes. Prior to this role, Zheng was a private banker at J.P. Morgan, where she provided wealth management solutions and advice to affluent individuals, families, endowments, and foundations throughout the Pacific Northwest.

Zheng received a bachelor’s degree, magna cum laude, in Public Policy Analysis and Economics from Pomona College. She also holds the Securities Industry Essentials, Series 7, Series 63, and Series 65 licenses. She is based in PitchBook’s Seattle office.

Kaidi Gao is a senior venture capital research analyst at PitchBook, where she contributes to the VC team’s core reports and produces quarterly thematic analyst notes on various topics. Her research and expertise focus primarily on venture debt, VC in the APAC region and seed- and early-stage dealmaking. Prior to this role, Gao worked as a Senior Data Operations Associate, overseeing PitchBook’s VC-backed company dataset.

Gao received a master’s degree in Near Eastern Studies from Princeton University and a bachelor’s degree in Asian and Middle Eastern Studies with a focus on Arabic from Duke University. She is based in PitchBook’s Seattle office.

Nalin Patel is the director of EMEA private capital research at PitchBook, where he oversees a team of analysts covering private markets in the EMEA region. Prior to joining PitchBook, Patel was an analyst at Goldman Sachs in London, conducting due diligence for investment banking transactions. Patel’s coverage included the Merchant Banking Division and the European Special Situations Group, where he focused on private equity, venture capital, and debt transactions, as well as investments in startups, real estate, technology, and growth capital.

Patel received a master’s degree in civil engineering from the University of Bristol. He is based in PitchBook’s London office.

Navina Rajan is a senior research analyst at PitchBook, covering EMEA Private Capital. Prior to PitchBook, she was a lead equity research analyst at Morgan Stanley, where she covered single stock and thematic research over the chemicals, internet, and food retail sectors. Rajan received a first-class bachelor’s degree in economics from Warwick University. She is based in PitchBook’s London office.

Nicolas Moura, CFA, CAIA, is a senior EMEA private capital research analyst at PitchBook, where he covers the PE and VC markets in Europe. He publishes quarterly core reports as well as analyst notes on various topics. Prior to PitchBook, Moura worked as an equity research analyst first at Berenberg Bank and then at Mirabaud, transitioning from being a sector analyst to a generalist.

Moura received a bachelor’s degree in economics and business from University College of London (UCL) and a master’s degree in finance from Imperial College Business School. He is based in PitchBook’s London office.