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US PE Breakdown: Q3's report is now available, featuring new overview metrics for PE deals and exits, a credit conditions section, and expanded sector-specific deal charts. Read it here.
Zooming in: Our new analyst note broadens our secondaries coverage to include fund interests in US VC, breaking down how GP-led deals work and why they've trailed direct secondaries. Read it here.
Supply chains rewired: AI is reshaping every aspect of supply chains—and investors are taking notice. Our analyst note explores how companies in the sector are putting AI to work and who’s coming out ahead. Read it here. |
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| A message from AlixPartners |
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| Be a part of this year’s AlixPartners Leadership Survey |
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For the 11th year, AlixPartners is collecting data for its annual PE Leadership Survey. In last year’s survey, 41% of PE executives cited senior leadership at portcos as a top concern. With hold times at record highs, PE firms sitting on top of huge amounts of dry powder, and economic uncertainty, a high-performing leadership team is crucial to success.
Take this year’s survey to receive a copy of the report when it’s published. The findings will be impactful as firms look to drive value in 2026.
Take the survey now |
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| The IPO 'comeback' isn't what it seems |
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Figma led a string of splashy IPOs in Q3, and several billion-dollar acquisitions reignited hope that liquidity is returning. YTD dealmaking and exit value have already crossed annual totals from the post-pandemic years 2022 to 2024. But beneath the optimistic headlines, venture is still far from recovered.
Our latest findings in the Q3 2025 PitchBook-NVCA Venture Monitor reveal that 2025 is on pace for the second-highest number of exits ever, but three-quarters of those are small acquisitions of early-stage startups, not the kind of blockbuster liquidity events that restore market confidence.
Even the latest IPO wave, while welcome, remains heavily concentrated among profitable or policy-aligned companies. Outside of AI, space, and crypto, most IPO hopefuls are preferring to wait out the macro uncertainty before going public, so the pipeline of filings remains a trickle, not a flood.
Meanwhile, AI and mega-deals continue to dominate the venture narrative. Nearly two-thirds of VC dollars this year have flowed into AI & ML deals, pushing valuations ever higher even as liquidity stays tight. Nine-billion-dollar-plus financings accounted for nearly 40% of Q3's deal value, with standouts like Anthropic, Databricks, and xAI raising enormous sums at record valuation growth.
The result is a top-heavy market. Though headlines might say "venture is back," our data suggests otherwise. 2025 is a transitional year for the asset class, and we are cautiously optimistic that this year is setting the foundation for the beginning of a recovery in 2026.
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H1 Healthcare Funds Report
Fundraising performance between PE and VC healthcare specialist managers diverged in the first half of 2025.
In PE, allocations to the sector remain elevated—with healthcare funds accounting for a record 3.8% of all PE vehicles closed. |
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For VC, the picture is more subdued: Life science funds are on pace for the lowest tally in over 10 years, as the biopharma sector weathers a downturn.
But healthtech specialists are faring better, according to our recent industry report, which covers over 500 healthcare and life sciences specialist managers across VC and PE.
Read the report
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Oct. 20-21: PitchBook is a sponsor of the Private Credit Sourcing Conference in New York. Our senior director of US credit research, Kenny Tang, will be speaking on the panel "Private Credit Through 2026: Opportunities, Headwinds & Market Evolution." Register here
Oct. 28: PitchBook's Hilary Wiek and Annika Villegas will host a webinar on findings from our latest Sustainable Investment Survey. They'll discuss how priorities are changing for global investment leaders and unpack investors' remaining commitment to ESG, DEI, and Impact strategies in today's volatile social climate. Register here
Nov. 12: Experts from PitchBook, NVCA, J.P. Morgan, Dentons, and EisnerAmper will discuss findings from the Q3 2025 PitchBook-NVCA Venture Monitor, current VC trends, and how upcoming headwinds may affect the market. Register here |
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Our insights and data featured in the press:
• Amazon's prescription kiosks may not drive significant revenue but could connect consumers to the company's broader pharmacy offerings, said PitchBook healthcare analyst Aaron Degagne. [Axios]
• Climate tech VCs have raised 3.8% of all venture capital this year, nearly double their share in 2020. [TechCrunch]
• Nvidia has participated in 50 VC deals so far this year, already surpassing the 48 deals the company completed in 2024. [TechCrunch]
• Global PE fundraising and deal activity have improved this year, but it is far from the peak performance of 2021. [The Business Times]
• Startups in the San Francisco area have raised more money through the first nine months of 2025 than in all of any other year on record. [San Francisco Examiner] |
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