Secondaries

Rebounding M&A and AI mania have not reversed the slide into irrelevance for many PE fund managers, according to new data from PitchBook.

With their focus on deep underwriting and sector expertise, they represent a challenge to those that have long dominated the market.

Evercore, Lazard and PJT Partners were among the banks that took questions about the impact of AI on the M&A market and on their own operations.

The Q4 2025 Global Fund Performance Report (with preliminary Q1 2026 data) offers commentary on the salient trends across private fund strategies’ performance.

More than a third of continuation fund deals in H1 featured super carry, compared with 15% in full-year 2025, according to investment bank Evercore.

Investors are likely to pivot from OpenAI and Anthropic to Stripe and Databricks.

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.

The 2025 PitchBook Global Manager Performance Score League Tables identify the top fund families across 10 fund strategies.

More than 70% of the program’s capital came from new clients, as institutional appetite for infrastructure liquidity solutions accelerates.

There was $34B in deals focused on a single company, as sponsors sought to hold onto trophy assets while cashing out investors

Founded by three former Ardian executives, the London firm is leaning on its AI-powered sourcing model.

The Q1 2026 PitchBook Private Capital Indexes report provides quarterly return benchmarks for each of the seven asset classes in the private market industry.

The Q4 2025 PitchBook Benchmarks (with preliminary Q1 2026 data) leverages a differentiated data collection process that results in one of the most robust fund performance datasets in the market.

As exit opportunities that would usually return cash to sponsors become scarce, private credit secondaries have entered the fray.

PE found a way around a difficult market for selling companies: It sells to itself. Now the SEC wants to know how.

The investment manager is reportedly considering securitization to generate liquidity for investors in its massive Strategic Partners secondaries funds.

The Q1 2026 Global Private Market Fundraising Report offers a definitive review of the private market fund landscape with fundraising, cash flow, dry powder, and AUM data across geographies and seven strategies, including private equity and venture capital.

Growth investments will target the firm’s best-performing assets, including two big rollups in the HVAC sector.