Market Insights
A16z’s new $1.1B fund admits hardware is eating the world, too
The Machine Age Fund targets AI infrastructure, including data centers, chips, networking and memory.
UK Private Capital Breakdown
The 2026 UK Private Capital Breakdown examines the region’s PE and VC markets and analyzes recent events’ impacts on these spaces.
Southern Europe Private Capital Breakdown
The 2026 Southern Europe Private Capital Breakdown examines the region’s PE and VC markets and analyzes recent events’ impacts on these spaces.
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.
Germany Market Snapshot
The Q2 2026 Germany Market Snapshot provides an overview of macroeconomic and microeconomic trends in the region spanning both private and public markets.
Australia & New Zealand Private Capital Breakdown
The 2026 Australia & New Zealand Private Capital Breakdown examines the region’s PE and VC markets and analyzes recent events’ impacts on these spaces.
LATE-STAGE COMPANY RESEARCH
Global Unicorn Tracker: The One-Horned Market
The Q2 2026 Global Unicorn Tracker provides a comprehensive analysis of VC-backed companies valued at $1 billion or more, covering deal activity, valuations, exits, and the PitchBook Business Quality framework and offering perspective on the biggest trends shaping the unicorn landscape.
Anthropic Is Winning on Value, Not Price
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.
SpaceX Update: What the IPO Reveals and What to Watch For Next
This analyst note concludes the SpaceX private-company series by evaluating the post-IPO valuation, introducing a management credibility ledger, and outlining key catalysts for the stock’s first 18 months.
TRENDSPOTTING
Lagging liquidity over the last five years have pushed LPs to concentrate capital into large funds and established managers. As company life cycles stretch and returns stay poor, that narrowing is expected to continue.
See more: Q2 2026 US VC Valuations Report
RESEARCH
NEWS
Private Equity
Aerospace and defense PE exit value already beat last year’s total
Five IPOs and a reopening exit window signal relief for aging portfolios.
Granite Asia raises over $500 million for debut Asian private credit fund
Anchor LPs include sovereign-linked funds from Singapore, Malaysia and Indonesia.
Credit
Curium acquisition of Lantheus backed by $5.375B of debt financing
In addition to the debt financing, CapVest Partners, Curium’s current sponsor, is providing an equity commitment of $2.346 billion.
DraftKings wraps upsized $700M TLB for convertible notes repurchase
The transaction also includes a new $750 million senior secured first-lien revolving credit facility.
Technology
AI can help spot ‘bad lettuce.’ That doesn’t make it a good business.
A summer of outbreaks hasn’t convinced VCs to fund a faddish problem.
Neura Robotics acquires Adlatus to build physical AI powerhouse
The deal reflects a wider push by the German robotics startup to build through acquisition, as physical AI draws billions in VC funding.
Allocators
Securitization is becoming a common feature of secondaries fundraising
Franklin Templeton’s $1.5 billion deal is the latest in a wave of CFOs, even as regulators grow warier of the insurance risks the structures are meant to manage.
Secondaries lifted 2025 foundation returns, but it’s mostly paper gains
Accounting treatment and record secondary transaction volumes drove the 20.6% gain, a new study shows.
Europe
Europe’s unicorn herd hits an all-time high
The region’s €1 billion-plus companies added 18 new members and saw valuations climb in Q2.
CVC deepens insurance bet with Standard Life partnership
CVC’s second insurer tie-up in seven months comes as PE’s share of the firm’s fee base has fallen to 46.5%
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