Market Insights

Anthropic: What the S-1 Proves

This report examines Anthropic’s S-1, the first full look at the financials behind the most closely watched AI company heading to the public markets. It explains what Anthropic’s filing confirms about growth and profitability, and where the risks lie for anyone weighing the IPO.


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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.

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.

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.

TRENDSPOTTING

New evergreen fund launches reached a record high in 2025, led by credit strategies, though 2026 activity has slowed considerably.

See more: Q3 2026 US Market Insights

DASHBOARDS & TOOLS

RESEARCH

Private Equity

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.

UK Market Snapshot

The Q3 2026 UK Market Snapshot provides an overview of macroeconomic and microeconomic trends in the region spanning both private and public markets.

Venture Capital

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.

Italy Market Snapshot

The Q3 2026 Italy Market Snapshot provides an overview of macroeconomic and microeconomic trends in the region spanning both private and public markets.

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.

Global CLO Weekly Wrap

The Global CLO Weekly Wrap combines breaking commentary with the latest CLO and loan data for the US and European markets. Data includes individual deal details as well as broad market volume and spreads, divided by coupon, deal type and ratings. All charts and underlying data are provided in a corresponding data pack.

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.

Healthcare Services Public Comp Sheet: Payers and VBC Hand Back Some of the Q2 Rebound

Our Healthcare Services Public Comp Sheet tracks stock performances, valuations, and market caps of key publicly traded healthcare services companies.

Emerging Tech Research

Biopharma Report: A Disciplined Recovery, Led by Exits

The Q3 2026 Biopharma 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.

Inference Chip Startups, Ranked by Capital Efficiency

Inference will account for 75% of AI compute demand by 2030. We rank top VC-backed inference chip companies by capital efficiency. Etched leads at 12.3x on $1.7 billion raised.

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

Physical AI Software and Data Infrastructure

This analyst note examines the physical AI infrastructure landscape, assessing where durable commercial opportunities lie for suppliers of robot learning data and tools.

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.

Europe

France Market Snapshot

The Q3 2026 France Market Snapshot provides an overview of macroeconomic and microeconomic trends in the region spanning both private and public markets.

European Venture Report

The Q3 2026 European Venture Report presents a data-driven overview of the key trends defining the European venture capital landscape.

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

PE goes out of network in healthcare, for some cash injection

After decades spent on consolidating dentists and eye doctors, private equity took a shot at med spas and GLP-1 clinics. The first big exit test comes in 2027.

CAZ Investments’ Christopher Zook on PE’s rude awakening

A lot of GPs have raised their last funds, which could have positive as well as negative implications for the buyout market, said the CIO of the Houston-based GP-stakes specialist.

Credit

Analysis: Distressed loans reach a six-year high, with current metrics pointing to rising default risk

The credit profile of distressed loans is weaker than during the pandemic sell-off.

Global Private Credit Survey: Default risk in focus

A plurality of respondents characterized elevated redemptions at BDCs as a temporary setback rather than a long-term issue.

Technology

Inference chip startup valuations soar on record fundraising

The median valuation of AI chip makers has grown 9x in two years, raising the bar for what makes a successful exit.

PitchBook VC Dealmaking Indicator

The indicator leverages deal-level data to quantify how startup friendly or investor friendly the capital raising environment is.

Allocators

Secondary buyers dispute the notion that continuation funds are a fad

Investors say continuation funds will keep growing, even if sponsor-to-sponsor M&A and IPOs bounce back tomorrow.

Duration risk is the secondary market’s big underwriting challenge

Secondary buyers are taking on the illiquidity burden of the buyout market and need to ensure they are adequately compensated for the risk.

Europe

Q&A: How to derisk backing independent sponsors

Federated Hermes’ Cameron Payne says long relationships, not fast deals, protect investors.

Partech growth team spins out to launch new firm

Aletheon Investments will advise Partech Growth I and II after investors approve the split.

FUND BENCHMARKS

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