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Pressure on the IPO window: 2026 will be a pivotal moment for VC. Either it drives the next phase of growth and fundraising, or it pushes LPs further away from the market. Our outlook is cautiously optimistic. Read it here.
Updates in new drug development: China's innovation in biopharma is rapidly advancing. Learn about the country's progress in the sector and how 2026 could redefine global competition. View the research.
More market snapshots: Check out our reports on Germany and the UK.
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| A message from Fidelity Private Shares |
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| Level up your fundraising |
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Want to simplify your startup’s equity management? Successful fundraising begins with the right strategies, and Fidelity’s latest guide covers them all. Learn key equity concepts like ownership and dilution, optimize your cap table and data room, and connect with investors more effectively. Looking for expert insights?
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PitchBook and Fidelity Private Shares LLC are not affiliated. |
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| How liquid is your evergreen fund? (and other diligence questions) |
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Evergreen funds are coming under increased scrutiny. As assets grow and the investor base expands, a solid due diligence framework must be in place to understand these vehicles. Additionally, managing liquidity in evergreen funds is just as important as delivering strong investment results.
In Q4 2025, a sizable, long-standing real estate interval fund, the Bluerock Total Income + Real Estate Fund, stopped operating as an interval fund because of liquidity issues. This fund became a listed closed-end fund in December 2025, clearing its redemption queue. However, many investors are now sitting on significant unrealized losses as the fund's shares now trade freely on the secondary market at a steep discount to NAV.
Similarly, Blue Owl floated the idea of merging one of its unlisted BDCs with a listed, publicly traded one, as the unlisted vehicle was experiencing liquidity pressures. The firm ultimately decided against this merger after investor backlash, thereby avoiding a NAV haircut for investors in the unlisted fund.
Our recent analyst note, Sink or Swim: Interval Funds Liquidity, takes an in-depth look at the complexities around liquidity management.
Interval funds must set up regular repurchase offer periods as part of their fundamental policies. Consequently, these specific evergreen funds are helpful for analysis, especially when compared with other structures where liquidity is at the board’s discretion. Fund managers have various tools and levers to manage liquidity. Sources of liquidity include portfolio income, cash, publicly listed securities and credit facilities. However, this is a complex process that requires dedicated, full-time liability management teams to ensure the repurchase process runs smoothly.
Expanding to the broader topic of due diligence, investors will find it rewarding to review another recent analyst note, Evergreen Funds: We Have Questions. Due diligence for evergreen funds must go beyond traditional frameworks. Investors face challenges evaluating evergreen funds, which often feature short track records, varied fund structures, reliance on secondaries, and frequent valuation requirements. To help, they need to adapt classic due diligence principles (the six P's) to address evergreen-specific issues like liquidity management and conflicts of interest.
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Have a great weekend,
Juan Mier, CFA
Lead Research Analyst, Fund Strategies |
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Private markets need better solutions. We’re building them.
More than 100,000 professionals rely on PitchBook across a wide range of roles and sectors within private markets. As the industry rapidly changes and decision making grows more complex, different customers operate with different workflows, constraints and expectations. Serving them well requires a segment-led approach. To support that focus, PitchBook is expanding its Solutions team.
Why this role, why now?
PitchBook is investing further in how we serve each customer segment and translate insight into clearer strategy, stronger solutions and measurable outcomes. Global Segment Leaders sit at the center of this effort, owning segment perspectives and ensuring alignment across the company.
What Global Segment Leaders do
Individuals in this role help define and drive strategy for specific customer verticals, including GPs, allocators, banks and corporates. They identify product and data capability gaps, shape go-to-market and pricing strategies, set growth targets and represent PitchBook with customers. The role connects segment insight to execution across teams.
Solutions with real-world impact
Global Segment Leaders help inform PitchBook’s offerings, including our research agenda and market perspective, influencing product development, published research, and thought leadership across private markets. This role reports directly to our Chief Solutions Officer, Paul Santarelli.
Ready to apply? Check out job postings for roles in Seattle, New York, London and San Francisco. |
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Feb. 12: Join experts from PitchBook, NVCA, J.P. Morgan, Dentons and EisnerAmper as they discuss findings from the Q4 2025 PitchBook-NVCA Venture Monitor, current VC trends and our market outlook for 2026. Register now
Also: Our 2026 Outlook series is coming to New York on Feb. 3 and San Francisco on Feb. 11. These events will bring industry leaders to the stage to discuss expectations for the coming year. Register here.
If you can't join in person, tune into our 2026 Outlook webinar series. Upcoming sessions will focus on US PE and APAC. You can also watch recordings of our sessions on US leveraged loan & private credit, US VC and EMEA private capital, if you missed them. Register here |
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Our insights and data featured in the press:
• "Secondaries have been around for a long time, but have really matured in the last few years as a way to provide essential liquidity to venture capital," said senior analyst Emily Zheng. [Investor's Business Daily]
• EQT's deal to buy Coller Capital "underscores how central secondaries have become to private markets after yet another record year, as liquidity pressures persist," said senior analyst Nicolas Moura. [Citywire]
• Investment in climate tech companies that were linked to AI reached a record high in 2025. [Inc]
• US PE firms raised $277.9 billion last year, down from at least a nine-year peak of $408 billion in 2023. [The Wall Street Journal]
• OpenAI's announcement it would test advertising in ChatGPT represents a new phase as "investor scrutiny shifts from scale to returns, or at minimum to credible improvement in unit economics," said senior analyst Dimitri Zabelin. [CNBC]
• "At a time when other markets struggle to build a sustained supply of local capital, the Bay Area keeps adding to its lead," said Kyle Stanford, director of US venture-capital research. [The Wall Street Journal]
• "Buying an established secondaries platform gives EQT immediate credibility," said senior analyst Nicolas Moura about the firm's deal to buy Coller Capital. [Bloomberg]
• California startups raised 62% of all US VC dollars in 2025. [Axios]
• "A $50 billion valuation at an early stage, with no commercial product and limited disclosed revenue, places Thinking Machines well outside historical venture norms," said senior analyst Dimitri Zabelin. [ | | | | | | |
