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2025 VC data is here! Deal activity hit $512.6 billion worldwide, behind only 2021 and 2022. Get a peek at the data powering our upcoming annual reports by clicking here.
More data: Our industry & tech First Look datasets are in for Q4, including the mobility tech and agrifood sectors. The latter covers the agtech, foodtech and consumer packaged foods markets.
The newest PitchBook Benchmarks: Our report features the top private capital strategies of Q2 2024—covering IRR quantiles, pooled horizon returns, cash multiples, PMEs, and more, sliced by strategy, vintage year, and geography. |
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| A message from Apollo Global Management |
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What if the world doesn’t work the way you think it does? In a world moving forward, will your thinking stand still, or will you Think It New?
Learn more |
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| Eyes on Venezuela's oil revival |
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The Venezuelan president's capture by US forces opens the door to unlocking the world's largest oil reserves—303 billion barrels, representing 17% of global proven reserves.
However, current production sits at just 800-900 thousand barrels per day, less than 1% of global output, due to chronic underinvestment and sanctions.
Near-term recovery to around 2 million barrels per day appears achievable. But the real prize of restoring production toward historical peaks of 3.5 million barrels a day and beyond will require more than $100 billion in investment over a decade or longer as the industry needs comprehensive rehabilitation.
Most Venezuela's reserves are extra-heavy crude in the Orinoco Belt, which are highly coveted by US Gulf Coast refineries and would compete with Canadian heavy barrels that are sold into the region.
However, materially increasing Venezuela output will require expensive enhanced recovery techniques like Canadian oil sands operations. Supply costs likely sit around $70-$80 per barrel Brent equivalent. But with the Brent price currently oscillating around $60-$65 a barrel and global oversupply concerns persisting, the market backdrop offers little immediate support for expensive, long-cycle investments.
US major oil companies that have been in Venezuela previously, such as Exxon, Chevron, and ConocoPhillips, are expected to take the lead. However, management teams need to manage resources among competing global opportunities and shareholder pressure for capital discipline. If assurances are provided by the US government, the math may pencil out and the oil majors would very much welcome PE participation to share in the financial burden.
Expect PE's role in rebuilding to evolve cautiously and opportunistically. Initially, interest will likely be in small-ticket indirect exposure through oil field services, equipment supply, and logistics.
The medium-term sweet spot potentially lies in midstream infrastructure and power rehabilitation as stability emerges, plus acquiring noncore assets divested by major oil companies refocusing capital toward Venezuela. Only after a stable regime takes hold will broader upstream and downstream opportunities become attractive.
Read the research |
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| VC liquidity challenges speeding up GP concentration |
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The venture market has become more concentrated than ever before. That's an interesting feat for a market that touts contrarianism and diversification.
AI now accounts for a larger share of deal value than any other sector, and through Q3 2025, 38.9% of all deal value had been invested in just the 10 largest deals. But the concentration in fundraising and dry powder will have the greatest impact on VC moving forward.
Funds of $500 million or more now account for nearly 58.7% of dry powder in the market, up from 39.9% a decade ago. Conversely, small funds, which make up the largest group by fund size, have seen their share of dry powder fall to just 16% of the total available.
Manager experience is also contributing to the concentration. Since 2022, established managers have outraised emerging firms by almost $250 billion.
These shifts aren't only due to the recent market challenges. They've been a decade-plus in the making.
With such large funds, Andreessen Horowitz, Sequoia, and other mega firms can now act as seed investors with an abundance of follow-on capital. That changes the dynamics of seed-stage investment for both the companies raising and the smaller firms that have traditionally supported ground-floor ideas.
What's been left is a venture market that looks much different than the one many are used to. That's not necessarily a negative, but it does shift risk and return profiles within the market.
Even as liquidity markets open, these dynamics may be too entrenched to lead to a quick shift in these trends. Ultimately, the next few years of VC may simply be a more concentrated model than the market is used to. That will lead to adaptation from VCs, LPs, and the companies they fund.
Download our new research |
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US Private Equity Momentum Report
Our all-new report covers the pace of dealmaking in PE-backed industries. The most improved player in 2025 was the construction sector, which has seen a steady increase in deals as other segments warmed the bench.
This sector reached an estimated 453 deals and over $31 billion in funding last year—up from 2021-2024's average of 299 pacts and $25.9 billion. |
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Where PE investors spent less time was at the doctor’s office, as deal value for physician practice management companies fell by around half relative to their 2022-2024 average.
Other parts of healthcare services, along with consumer staples, consumer packaged goods, and areas of aerospace and defense, were also laggards.
Read the report |
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Jan. 20, 10 a.m. PST: Join the PitchBook healthcare team for a breakdown of the key takeaways from the 2026 J.P. Morgan Healthcare Conference, plus a deep dive into the latest trends, deals, and innovations shaping the healthcare landscape. Get insider perspectives on what's driving investments, which sectors are gaining traction, and how emerging AI technologies are reshaping healthcare. Register now
January-February: Our 2026 Outlook series is coming to London, Singapore, New York and San Francisco. These events will bring global thought leaders to the stage to discuss private market trends from 2025 and forecasts for the coming year. Register here.
Can't join in person? Tune into our 2026 Outlook webinar series. Sessions will focus on US leveraged loan & private credit, US VC, EMEA private capital, APAC private capital and US PE. Register here |
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Our insights and data featured in the press:
• "Since the launch of ChatGPT in late 2022, AI investment has grown from $73 billion that year to $222.1 billion in 2025, with deal counts increasing 24 percent over that time period," said Kyle Stanford, PitchBook's director of US VC research. [Inc.]
• "The valuation last disclosed is certainly lofty. It won't catch that in the public markets,” PitchBook analyst Eric Bellomo said of Discord's IPO filing, and the chat specialist's mo | | | | | | |
