Analyst Note

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.

This analyst note examines climate tech VC trends in emerging markets outside China, highlighting India’s dominance and segment-level investment patterns.

This analyst note examines the rise of physical AI in warehouse automation, exploring its economic drivers, technical challenges, and accelerating investment activity in the space.

This analyst note examines OpenAI’s IPO delay as a valuation signal, and its implications for Anthropic’s IPO timing and the broader AI IPO pipeline.

This analyst note examines Ukraine’s defense tech ecosystem, analyzing the gap between venture funding, production capacity, and export potential across drones, ground robots, and software.

Power grid tech drew $4.8 billion in VC deal value in 2025 and is tracking ahead in 2026. Post-money valuations hit a record $35.9 million at mid-2026 as capital concentrates in mature companies.

This analyst note examines PE investment dynamics in the roofing sector, covering deal activity, market fragmentation, sourcing targets, a due-diligence framework, and current cost pressures.