Market Insights
Europe can’t replicate the full AI stack, say investors and founders
At HumanX Amsterdam, VCs and startups made the case for choosing a few strategic layers rather than racing to replicate Silicon Valley.
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.
OpenAI: Waiting for $1 Trillion
This analyst note examines OpenAI’s IPO delay as a valuation signal, and its implications for Anthropic’s IPO timing and the broader AI IPO pipeline.
TRENDSPOTTING
RESEARCH
Private Equity
India Private Capital Breakdown
The 2026 India Private Capital Breakdown examines the region’s PE and VC markets and analyzes recent events’ impacts on these spaces.
US PE Middle Market Report
The Q2 2026 US PE Middle Market Report offers a data-driven review of the key trends shaping PE investment in the US middle market.
Venture Capital
VC Quantitative Perspectives: Is Venture’s Odyssey Epic or Myth?
The Q3 2026 Quantitative Perspectives report examines venture’s liquidity paradox, where record exit value coexists with historically low fund distributions and a growing IPO backlog.
Databricks Initiation Report: Built Right, Priced High
This analyst note initiates coverage of Databricks, assessing its AI business quality, financial forecasts, and valuation to determine whether its $190 billion price leaves room for investor returns.
Credit
Global Distressed Credit Weekly Wrap
The Global Distressed Credit Weekly Wrap provides a comprehensive summary of the latest news for leveraged loans and high-yield bonds, and a rundown of courtroom bankruptcy activity.
US High-Yield Bond Weekly Wrap
The US High-Yield Bond Weekly Wrap is the definitive report on the latest activity in the high-yield and high-grade bond markets, featuring commentary and data on the week’s headline news.
Industry Research
Machine Economy Rising: How Payments Unlock New Agent Markets
This analyst note examines how new payment infrastructure and protocols are emerging to enable AI agents to transact, and where investors should focus within this market.
Construction & Engineering Report: Datacenters Take Center Stage
The Q2 2026 Construction & Engineering Report provides in-depth analysis of industry trends and evolving PE investment strategies, including deals data and maps of key PE-backed companies and investors.
Emerging Tech Research
Climate Tech Funds Report
The 2026 Climate Tech Funds Report offers a comprehensive guide to climate tech specialist managers across venture capital.
Chips & Datacenters Report: Upon This Rock, I Will Build My Datacenter
The Q2 2026 Chips & Datacenters Report provides an analysis of recent VC activity and includes a link to our proprietary market map of leading VC-backed companies in the space.
Quantitative Research
Private Capital Return Barometers
The Private Capital Return Barometers provide a data-driven, factor-based assessment of US private market fund performance, offering timely estimates of quarterly returns and insights into market conditions across asset classes.
Quantitative Perspectives: US Market Insights
The Q3 2026 Quantitative Perspectives: US Market Insights report examines how private capital markets are navigating macro volatility and persistent liquidity constraints.
Analyst Notes
Anthropic: What to Look For in the S-1
This analyst note assesses Anthropic’s business quality, revenue outlook, and compute strategy ahead of its S-1 filing to evaluate whether its reported $2 trillion valuation is justified.
When Will Europe Have a $1 Trillion Company?
This analyst note examines why Europe has yet to produce a $1 trillion company, exploring the structural barriers to scale and forecasting when the continent’s top contenders could reach that milestone.
Europe
European VC Valuations Report
The Q2 2026 European VC Valuations Report delves into the sizes and valuations of European venture deals.
Europe’s IPO Window Stays Wide as Backlog Narrows
This analyst note examines Europe’s IPO recovery in 2026, noting favorable market conditions alongside a shrinking pipeline of high-quality listing candidates.
APAC
Five Years After APAC’s VC Boom, What Has Become of Its Companies?
This analyst note explores why most of the over 24,000 APAC companies funded during the 2020 to 2021 VC boom remain active and private—but stuck. We track the boom-era cohort through the market reset.
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.
NEWS
Private Equity
The dominance of credit megafunds has only grown in 2026
Credit funds of $5 billion or larger accounted for 57% of H1 fundraising, though PE sponsors are increasingly turning to banks for better-priced loans.
Brookfield eyes small tickets, high returns with its $5B Catalytic Transition Fund
The fund aims to deploy up to 45% in South and Southeast Asia, where demand for clean energy is at an all-time high.
Credit
Leveraged loan market poaches record $12B of direct-lending deals in Q3
The refinancings generally have been limited to the higher-quality tier of direct-lending names.
Peranel sets final terms for upsized €2.87B cross-border loan
Proceeds support Platinum Equity’s acquisition of a 50% stake in Nestlé’s water and beverage business to create an equal joint venture.
Technology
PitchBook VC Dealmaking Indicator
The indicator leverages deal-level data to quantify how startup friendly or investor friendly the capital raising environment is.
Is India’s secondaries market hitting an inflection point?
Secondaries investors have sailed into India on several independent tailwinds.
Allocators
Four charts: Private capital fundraising remains bleak through H1 2026
Fundraising is on pace to decline for the fifth consecutive year, with private credit the sole bright spot, PitchBook data shows.
Thoma Bravo hires new Asia head
Ken S. Park joins from HIG Capital, where he led the PE firm’s Asia fundraising operation across PE, credit, real estate and infrastructure.
Europe
Clearlake acquires full control of Chelsea FC for £950M
The Premier League club’s chairman Todd Boehly and director Mark Walter sold their combined 26% holding in the London team.
Co-investment and directs to eclipse primary funds, buyers say
Survey finds 64% favor co-investment or directs as PE’s top capital raiser, versus 20% for primary funds
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