Market Insights
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.
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
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.
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.
TRENDSPOTTING
AI now accounts for nearly 80% of trailing 12-month venture deal value but just 43.2% of deal count, a level of vertical concentration rarely seen in the market. The imbalance has created a bifurcated dealmaking environment.
See more: Q3 2026 VC Quantitative Perspectives
RESEARCH
Private Equity
PitchBook Benchmarks with preliminary Q2 2026 data
The Q1 2026 PitchBook Benchmarks (with preliminary Q2 2026 data) leverages a differentiated data collection process that results in one of the most robust fund performance datasets in the market.
Venture Capital
European Venture Report
The Q3 2026 European Venture Report presents a data-driven overview of the key trends defining the European venture capital landscape.
PitchBook-NVCA Venture Monitor
The Q3 2026 PitchBook-NVCA Venture Monitor presents a data-driven overview of the key trends defining the US venture capital landscape.
Credit
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.
US Private Credit Monitor
The US Private Credit Monitor provides a high-level view of private credit market activity. Topics covered include estimated volume and counts, spread distribution, syndicated and direct lending takeouts, and middle market CLO issuance.
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
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.
Hyperscalers and Neoclouds: Executive Commentary From Nine AI Infrastructure Players
This analyst note examines how nine leading hyperscalers and neoclouds are responding to AI demand, comparing executive commentary on their strategies across chips, capacity, and capital deployment.
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
PE’s valuation premium over strategics shrinks to its narrowest since 2023
Financing costs are narrowing the multiple gap between PE and strategic buyers.
CVs: If they are trophy assets, why do so few LPs want to roll over?
Most LPs are choosing to cash out of continuation vehicles, and it is often less about the asset than the clock, the mandate and the process.
Credit
Data-center bonds slide on capex and debt overhang concerns
Cipher Digital’s new debt raise has fueled investor anxiety over AI overspending.
Record redemptions, low fundraising squeeze private credit funds
Outflows outpaced inflows among non-traded BDCs in Q2 for the first time since at least 2022, according to a PitchBook analysis of cash flow statements.
Technology
World’s most valuable VC-backed companies
The PitchBook 100 ranks VC-backed companies by valuation alongside recent secondary pricing data.
European VC female founders dashboard
Our interactive dashboard dives into European investment trends for female-founded startups since the start of 2008, using data sourced from the PitchBook Platform.
Allocators
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.
Liquidity, private credit and the regulatory environment keep LPs up at night
Three takeaways from the 2026 Greenwich Economic Forum, an annual gathering of fund managers, institutional investors and corporate executives in Greenwich, CT.
Europe
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.
US investors prop up European PE as dealmaking drops off
American participation during Q3 accounted for the biggest share of the continent’s deal value since 2022.
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