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Outlooks
European VC Valuations Re-Rate Higher as Down Rounds Recede
European startup valuations are climbing again. Across stages, median pre-money valuations rose in Q1 2026 while the share of down rounds fell to roughly 10%, from 14.7%, according to PitchBook's Q1 2026 European VC Valuations Report.
Logistics PE Holds Steady as a Trucking Surge Offsets Tariff and Supply-Chain Whiplash
Logistics dealmaking proved unexpectedly durable last quarter. Private equity logged $9.4 billion across 41 confirmed deals in Q1 2026 (an estimated $10.7 billion across 58), holding firm even as dealmakers were whipsawed by a US Supreme Court ruling on the Trump tariff regime and fresh supply-chain disruption from the Iran war, per PitchBook's Q1 2026 Logistics Report.
Medtech Funding Cools From Its Peak — But the Brain-Computer Interface Race Heats Up
After a record run, medtech is taking a breather. Venture funding moderated in Q1 2026 following a multiyear high of $16.1 billion in 2025, while PE deal count dropped to 26 — about 41% below the initially reported Q1 2025 level, according to PitchBook's Q1 2026 Medtech VC and PE Trends report.
PE Fundraising's New Reality: A Barbell Market Where Only Giants and Specialists Win
Private equity fundraising has entered a new era of concentration — and PitchBook argues it's structural, not cyclical. In its Q2 2026 analyst note, "US Private Equity's New Fundraising Reality," the firm finds LPs funneling commitments to a shorter list of brand-name managers, squeezing the middle market so hard that middle-market final closes fell below 200 in 2025 for the first time since 2018.
US VC Valuations Hit New Highs as the AI Premium Balloons to 4x
Venture valuations are setting records again — and AI is the reason. Median pre-money valuations reached new highs across every stage in Q1 2026, with AI companies commanding a roughly 4x premium over peers: Series D+ AI startups carried a median pre-money valuation of $4.7 billion versus $1.3 billion for non-AI, according to PitchBook's Q1 2026 US VC Valuations and Returns Report.
Sentiment
2025 Public-Private Convergence Year in Review: The Line Between Markets Dissolves
The distinction between public and private markets—liquid vs. illiquid, transparent vs. opaque, accessible vs. exclusive—collapsed in 2025. Apollo's Scott Kleinman called it "irreversible." Goldman Sachs' Marc Nachmann described a "continuum" replacing the old binary. J.P. Morgan declared private markets "essential infrastructure." Infrastructure to trade private assets like public securities is now being built. Retail investors are gaining access to asset classes once reserv
ING Builds Europe's Largest Evergreen Private Markets Platform
ING built Europe's largest evergreen alternatives platform by treating private markets as "slow money" requiring human-centric design.
EQT Infrastructure Chief: Asia Is Private Capital's "Hidden Gem"
In a recent Alt Goes Mainstream The DNA podcast interview, Ken Wong—Partner and Head of Asia Pacific Infrastructure at EQT—makes the case that applying private equity operational playbooks to infrastructure assets in developed Asia generates equity-like returns in a market that remains dramatically underpenetrated relative to Western counterparts.
News
Infrastructure: The Asset Class Hiding in Plain Sight
Stonepeak has grown from $10B to $76B in AUM by investing in infrastructure assets most people interact with daily but never think to invest in, from data center connectivity hubs to power generation to transport networks.
Family Offices Reshape Private Markets Deal Flow
What's New Family offices are no longer passive fund investors but active deal partners appearing alongside sovereigns and pensions on major transactions, with secondaries emerging as the single most requested strategy across every geography from New York to Dubai to Tokyo. In a conversation on the Alt Goes Mainstream podcast , Sara Naison Tarajano, Partner and Global Head of Goldman Sachs Apex Family Office Coverage, revealed that corporates raising capital now treat the fam
Private Markets Enter a 'Believer's Market' Era
The surplus of capital chasing private market deals is a mirage created by a temporary deal flow drought, not a structural imbalance. In a conversation at the Goldman Sachs Alternatives Summit on the Alt Goes Mainstream podcast, Jeff Fine, Global Co Head of Alternatives Capital Formation at Goldman Sachs Asset Management, argued that capital is consolidating rapidly among the top five to ten managers while mid market firms run on fumes from legacy fees.
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