Market Insights
Why is Apollo pushing the private market to act more like the public market?
CEO Marc Rowan has pledged $350 million to reduce the opaqueness and illiquidity that have kept the private market from including individual investors at scale.
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
PE strategies is the longstanding leader in private capital, while VC is quickly climbing out of its recent trough. Private debt and infrastructure offer reliable, income-oriented returns.
See more: Q3 2026 US Market Insights
RESEARCH
Private Equity
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.
US PE Middle Market Report
The Q3 2026 US PE Middle Market Report offers a data-driven review of the key trends shaping PE investment in the US middle market.
Venture Capital
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.
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.
Credit
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.
European Leveraged Loan Default Monitor
The European Leveraged Loan Default Monitor provides a high-level view of default and distressed activity among companies in the Morningstar European Leveraged Loan Index. Topics covered include default rates capturing payment defaults and liability management exercises, and forward indictors from distress ratios to downgrade 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
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
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.
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.
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
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.
Who would want to be a PE-backed company’s CEO?
PE-backed CEOs are coming under intense scrutiny, while their chances of a big exit payout get more remote.
Credit
October Wrap: Leveraged loan prices fall as sell-off broadens beyond software
The riskier, triple-C loans returned negative 2.87% in October, their worst month since February.
Pricing premium for direct lenders in lower middle market vanishes — KKR
Increased competition has reversed industry dynamics, according to Rony Ma, Managing Director of KKR’s Credit & Markets team.
Technology
Neoclouds secure record funds as Nvidia’s Huang says more investment required
Nivida is invested in some of the largest neoclouds and sells GPUs to these businesses.
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.
Allocators
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.
Blackstone buys part of $1.3B co-investment portfolio
The 22-deal package was priced at around a 20% discount, with KKR the largest sponsor represented.
Europe
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.
PE is piling into events as AI rattles the rest of business services
European events deal value is now above pre-pandemic levels, but valuations hinge on end-market exposure and only market leaders earn the premium.
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