Market Insights
Rivalry heats up for retail-focused alts marketplaces
No. 2 platform CAIS has beefed up its war chest for acquisitions to go up against market leader iCapital.
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
PitchBook Private Capital Indexes
The Q2 2026 PitchBook Private Capital Indexes report provides quarterly return benchmarks for each of the seven asset classes in the private market industry.
Private by Choice: Europe’s Rise in PE Take-Privates
Europe is nearing one of its strongest years for public-to-private buyouts—driven by megafunds and waning public market appeal. We examine why the UK leads and what it means for GPs and LPs.
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
Fintech & Payments Public Comp Sheet: Third Quarter, Second Thoughts
Our Fintech & Payments Public Comp Sheet tracks stock performances, valuations, and market caps of key publicly traded fintech & payments companies.
AI Public Comp Sheet: Remember Memory (Chipmakers)
Our AI Public Comp Sheet tracks stock performances, valuations, and market caps of key publicly traded AI companies.
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.
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.
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
Longer holds push more GPs to sell stakes mid-life
Co-investors skip the riskiest stretch, but may pay more than the sponsor did.
GI Partners CEO leaves the firm after a year in the job
Travis Pearson was also head of private equity at the $49 billion San Francisco-based investment manager.
Credit
CoreWeave debt tumbles anew as Korean neocloud IPO tanks
Analysts and investors point out that there are alternative funding paths available to highly leveraged neoclouds such as CoreWeave.
LBO loan spreads tighten to post-GFC low amid thin supply
LCD’s spread-per-unit-of-leverage (SPL) metric shows that BSL lenders are being paid less for risk on LBO loans than at any point since 2007.
Technology
IT holds a bigger share of continuation fund exits
The sector’s share of global GP-led secondary PE exit value has doubled since 2023.
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
Allocators
CoreWeave’s not-so-secret weapons: Price hikes and an Nvidia trump card
The neocloud’s bond selloff shocked the market, but the turbulence should settle thanks to price increases and support from Nvidia.
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
Europe’s startups have a customer, not capital, problem, say investors
Corporate and government buyers are the missing piece for startups’ growth.
PE’s valuation premium over strategics shrinks to its narrowest since 2023
Financing costs are narrowing the multiple gap between PE and strategic buyers.
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