Market Insights
KKR to sell railcar lessor Infinity to Ares for $2.9B
With the acquisition of Atlanta-based Infinity, Ares is investing in a sector marked by rising cargo volumes and an aging fleet of railcars to move them.
Q3 FIRST LOOK DASHBOARDS
Our exclusive data shows a PE dealmaking slowdown in the US and Asia-Pacific, as heightened volatility dampened the industry’s mood in Q2. For VC, global data shows strain as broad liquidity remains a challenge. See all the details in our newly released Global VC First Look Dashboard and Global PE First Look Dashboard. PitchBook clients can access the complete, extensive data packs via the Research Center in the PitchBook Platform.
Global PE First Look
Exits, not deals, defined Q3: Realizations approached record highs globally and set an outright record in APAC, while dealmaking moved sideways and fundraising kept sliding.
Global VC First Look
Global venture markets remain in transition. The First Looks are a preliminary release of top-line venture industry figures for the global, US, European, and Asia-Pacific markets, intended as a first-to-market source of key datasets and findings.
LATE-STAGE COMPANY RESEARCH
The $100 Billion Entry Fee: Can Anyone Still Compete in AI?
This analyst note examines the unit economics of competing at the AI frontier, exploring capital requirements, financing dynamics, and investor returns across the AI value chain.
OpenAI: Priced on a Target It Has Not Hit
This analyst note examines OpenAI’s accelerating revenue growth, widening losses, and proposed funding round, assessing whether its valuation is justified by targets it has yet to reach.
Anthropic: IPO Impact
This analyst note examines what Anthropic’s leaked draft IPO filing reveals about its revenue growth, cost structure, and whether the reported valuation is justified.
Polymarket Initiation Report: Build First, Ask Later
This analyst note estimates Polymarket’s enterprise value and examines the key drivers and risks shaping its path to durable profitability, including US expansion, competition, and regulatory uncertainty.
TRENDSPOTTING
RESEARCH
Private Equity
The Continuation of Continuation Funds
This analyst note examines how continuation funds evolved from a niche PE exit tool into a mainstream liquidity strategy and explores the trends shaping their next chapter.
Venture Capital
OpenAI: Priced on a Target It Has Not Hit
This analyst note examines OpenAI’s accelerating revenue growth, widening losses, and proposed funding round, assessing whether its valuation is justified by targets it has yet to reach.
European Venture Report
The Q3 2026 European Venture Report presents a data-driven overview of the key trends defining the European venture capital landscape.
Credit
US Private Credit and Middle Market Weekly Wrap
The US Private Credit & Middle Market Weekly Wrap highlights the latest activity in the private credit asset class, including in-depth stories, complemented by data on middle-market deals.
European Private Credit Monitor
The European Private Credit Monitor provides a high-level view of private credit market activity. Topics covered include counts and estimated volume, spread distribution and leverage.
Industry Research
Food & Beverage CPG PE First Look
The Food & Beverage CPG PE First Look is a preliminary release of top-line PE industry figures for the food & beverage CPG sector, intended as a first-to-market source of key datasets and findings.
Healthcare Funds Report
The H1 2026 Healthcare Funds Report offers a comprehensive guide to healthcare and life sciences specialist managers across both private equity and venture capital.
Emerging Tech Research
Gaming VC First Look
The Gaming VC First Look is a preliminary release of top-line venture industry figures for the gaming sector, intended as a first-to-market source of key datasets and findings.
E-Commerce VC First Look
The E-Commerce VC First Look is a preliminary release of top-line venture industry figures for the e-commerce sector, intended as a first-to-market source of key datasets and findings.
Quantitative Research
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.
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.
Analyst Notes
The $100 Billion Entry Fee: Can Anyone Still Compete in AI?
This analyst note examines the unit economics of competing at the AI frontier, exploring capital requirements, financing dynamics, and investor returns across the AI value chain.
Brain-Computer Interfaces: The Paralyzed Will Walk
This analyst note examines the BCI market’s TAM expansion, Neuralink’s competitive positioning, and underappreciated investment opportunities in adjacent sectors such as surgical robotics and psychiatry.
Europe
European PE Breakdown
The Q3 2026 European PE Breakdown presents a data-driven overview of the key trends defining the European private equity landscape.
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.
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
Thurston Group explores sale of cosmetic injection provider Alpha
The 37-location med-spa chain could hit the market as soon as 2027, testing buyer appetite in a market waiting for exits.
Aquilius eyes gap in Asia PE secondaries
The $2B AUM firm is looking to replicate its real estate strategy into PE, infrastructure and private credit in Asia
Credit
Europe’s endless chase for the perfect LME blocker
The tug-of-war between borrowers and creditors reached a new pitch in September.
Leveraged loan market takes on AI infrastructure debt
Leveraged loans are a natural asset class to provide the collateral that lenders are now demanding in deals.
Technology
Global PEs are piling into Japan. Will it last?
Japan’s M&A activity, cash-rich balance sheets and corporate governance reforms continue to draw institutional investors
Europe’s startups have a customer, not capital, problem, say investors
Corporate and government buyers are the missing piece for startups’ growth.
Allocators
Texas Teachers sold $1B PE portfolio to Coller EQT
The $200B-plus pension plan has been trying since 2024 to lower its target allocation to PE from 14% to 12%.
Do GP valuations hold up? Check the secondary market
Some LPs are using secondary-market pricing to assess the accuracy of managers’ reporting, then using it to decide on who to back.
Europe
PE’s valuation premium over strategics shrinks to its narrowest since 2023
Financing costs are narrowing the multiple gap between PE and strategic buyers.
Median European PE fund size more than doubles in 3 years to €360M
Fundraising is concentrating in fewer, larger funds as established managers take 88.5% of capital.
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