Market Insights
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.
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
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.
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.
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
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.
European Leveraged Loan Index Monthly Wrap
The European Leveraged Loan Index Monthly Wrap captures the dynamics of both the primary and secondary leveraged loan markets. Commentary and data include detailed analysis of Morningstar European Leveraged Loan Index returns and pricing trends. Topics discussed include Institutional loan issuance, maturity wall breakdowns, market supply/demand dynamics and returns by sector and asset class.
Industry Research
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.
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.
Emerging Tech Research
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.
Inference Chip Startups Are Just Starting Their Bull Run
Inference AI chip VC hit $4.2 billion through August 2026, on pace to top 2025’s $5.2 billion. Median valuations surged from $194 million to $1.7 billion. We map five segments reshaping the compute landscape.
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
Private equity’s pro sports ties
PE has emerged as a major financier of major league sports. We mapped every connection between buyout firms and pro sports teams.
Longer holds push more GPs to sell stakes mid-life
Co-investors skip the riskiest stretch, but may pay more than the sponsor did.
Credit
Europe’s private credit managers compete on structures as AI reshapes software underwriting
Large-cap managers at PitchBook LCD’s London breakfast briefing said they are competing through creativity rather than looser terms.
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.
Technology
Squeezed at seed, smaller VCs are courting founders who haven’t founded anything yet
A ‘comically competitive’ environment is forcing investors to rethink their playbooks.
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.
Allocators
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.
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.
Europe
Deep tech dominates fastest-growing European VC verticals
Space tech and advanced manufacturing lead, as robotics and drones also more than double 2025’s total.
Europe’s startups have a customer, not capital, problem, say investors
Corporate and government buyers are the missing piece for startups’ growth.
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