Market Insights
Investment bankers will handily beat PE pros in 2026 bonus battle
Banking year-end incentives are projected to grow up to 30% compared with 2025, while buyout executives will be lucky to see a modest increase.
LATE-STAGE COMPANY RESEARCH
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.
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.
Anthropic: What the S-1 Proves
This analyst note examines Anthropic’s S-1 filing, evaluating what the disclosure reveals about the company’s financials, valuation, and risks for prospective investors.
Prediction Markets Go Head-to-Head: Raising Estimates on Recent Momentum
This analyst note compares Kalshi’s and Polymarket’s growth, monetization strategies, and valuations as they compete for dominance in the rapidly expanding US prediction market.
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.
TRENDSPOTTING
RESEARCH
Private Equity
Global Markets Snapshot
Our Global Markets Snapshot tracks monthly trends in equity, debt, and commodities markets as well as major private market deals, fundraising, IPO performance, lending volume, and unicorn creation.
Healthcare Services Report: Headwinds Persist With More Hot Air Out of Washington
The Q3 2026 Healthcare Services 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.
Venture Capital
US VC Fundraising and Returns Report
The Q3 2026 US VC Fundraising and Returns Report covers US VC fundraising activity and the latest data on fund performance and liquidity.
The US VC IPO Backlog Is a Myth
This analyst note examines why the expected surge of VC-backed IPOs from a pent-up backlog is largely a myth, as many companies keep raising private capital and stay private.
Credit
US Leveraged Loan Index Monthly Wrap
The US Leveraged Loan Index Monthly Wrap captures the dynamics of the primary and secondary leveraged loan markets. Commentary and data include detailed analysis of Morningstar LSTA US Leveraged Loan Index returns and pricing trends. Institutional loan issuance, maturity wall breakdowns, market supply/demand dynamics, market flex data, returns by asset class and outperforming and underperforming credits are among the topics discussed.
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.
Industry Research
Investing in AI and Datacenters
This analyst note identifies the most promising datacenter-exposed segments across chips, energy, construction, and logistics, and examines how AI-driven capital is flowing into them.
Emerging Tech Research
Medtech Report: Capital Concentrates in Large Deals as Surgical Robotics Drives VC Growth
The Q3 2026 Medtech Report report provides an analysis of recent VC and PE activity and includes a market map of leading VC- and PE-backed companies in the space.
AI Report: Fundraising Surpasses $500 Billion in 2026, a New Record
The Q3 2026 AI 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
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
Midterm Election Impact on VC and Tech: Potential Boon for Defense, Light Touch on AI
A Republican election sweep would drive defense spending to $1.5 trillion and accelerate M&A. Democrats winning would trigger AI hearings and QSBS tax scrutiny.
US VC Secondary Market Watch
This analyst note examines the US VC secondary market past its peak, exploring how shifting liquidity dynamics are reshaping platforms, trading patterns, and retail investor access.
Europe
Sweden Market Snapshot
The Q3 2026 Sweden Market Snapshot provides an overview of macroeconomic and microeconomic trends in the region spanning both private and public markets.
Germany Market Snapshot
The Q3 2026 Germany Market Snapshot provides an overview of macroeconomic and microeconomic trends in the region spanning both private and public markets.
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
Regional instability fails to deter PE firms’ Middle East ambitions
Advent is the fifth firm to open in Abu Dhabi since late September, after EQT, Pantheon, Eurazeo and New Mountain.
University of North Carolina’s SpaceX windfall traces back to $2M check
The UNC Investment Fund returned 37.8% in the last fiscal year, largely driven by its stake in Elon Musk’s rocket company.
Credit
Leveraged loan defaults projected to rise
The payment default rate of the Morningstar LSTA US Leveraged Loan Index was a slim 0.55% in October.
Apollo to ‘double down’ on private credit liquidity in $350M data and tech push
The firm has long pushed for a more liquid market for private credit assets and has been active in secondary markets.
Technology
US VC female founders dashboard
Our interactive dashboard dives into US investment trends for women in VC since the start of 2008, using data sourced from the PitchBook Platform. Users can filter the data to isolate specific trends.
Unicorn companies tracker
Our global unicorn tracker allows you to see all the billion-dollar companies formed since 2016. Explore trends in unicorn formation by filtering for geography or date.
Allocators
University endowment return tracker
See investment returns for the 50 largest university endowments in the US.
Endowments are not out of the woods despite a banner year
Endowments are showing their strongest returns since 2021, PitchBook’s endowment tracker shows, though PE and taxes are a longer-term drag on performance.
Europe
Sagard PE closes third fund-of-funds for emerging managers at €520M
The fund beats its €400 million target by 30%
Steady-as-she-goes UK budget leaves PE tax regime untouched
No changes to capital gains tax, carried interest or inheritance tax, but a narrow new founders’ relief and a profit-extraction overhaul may shape dealmaking.
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