Analyst Note

This analyst note examines why M&A, rather than IPOs, is emerging as the primary exit path for AI startups and what this shift means for acquirer dynamics, VC fund returns, and capital concentration.

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.

This analyst note explores how AI-driven private valuation inflation and widening public-private pricing gaps have structurally shifted when and why VC-backed companies go public.

This analyst note examines private capital opportunity in obesity therapeutics as first-generation GLP-1 assets mature and investment shifts toward next-generation biological mechanisms.

This analyst note examines the growing backlog of aging PE-backed companies, the deferral mechanisms sponsors use to avoid resolution, and the implications for LP returns, lenders, and market liquidity.

The H1 2026 Healthcare IT PE Update highlights recent PE deal activity and dominant trends in healthcare IT.

NVIDIA’s $266.1 billion in 2026 deal participation and $500B MoU with six GPs signal a new phase of ecosystem financing. We examine CUDA moats, platform debt, and implications for AI capital formation.

This analyst note ranks countries and cities by VC development and growth, highlighting the US’s dominance, shifting global rankings, and per capita hotspots.

The 2021 vintage’s 0.05x year-five DPI is the lowest since 1997, but early DPI barely predicts terminal returns—the 2012 vintage reached 2.04x by year 10 from a slow start. With TVPI at 1.21x, we examine what the next five years will decide.

This analyst note examines Europe’s IPO recovery in 2026, noting favorable market conditions alongside a shrinking pipeline of high-quality listing candidates.

This analyst note examines OpenAI’s autonomous agent breach of Hugging Face and how the incident could accelerate VC investment in AI-native cybersecurity startups.

This analyst note evaluates the US venture secondary market near its peak, examining AI-driven concentration, issuer trading restrictions, SPV risks, and the startups in line to become the market’s top names.

This analyst note uses PitchBook’s Return Barometers to model how private market strategies might have performed during past stagflation, oil shock, and bubble-deflation episodes.

This analyst note examines where consumer tech VC has historically generated returns and identifies which segments and stages offer the strongest allocation opportunities today.

This analyst note explores the emerging machine economy, sizing its potential value and examining why AI agents are not yet priced in as autonomous economic actors.

This analyst note argues that pricing AI models by completed tasks rather than token cost reveals a different competitive picture, with implications for buyers and providers.

PE buyout funds have scaled to $20 billion+, but bigger doesn’t guarantee superior returns. We examine how megafunds compare to middle-market peers on value creation, exit conditions, and return dispersion in a higher-for-longer rate environment.