'Model' portfolios stumble at the gate; pre-IPO-focused funds slump after SpaceX; bubble tea brand gets third PE owner; the secondary market's next stars
⚓ Stripe, Databricks and Anduril top our list of the 10 startups most likely to become the secondary market’s new anchors. Read more in our recent US VC Secondary Market Watchreport.
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The returns of venture capital funds have risen sharply since the second quarter of last year, signaling something of a fightback after four years of private equity dominance, according to PitchBook’s latest Global Fund Performance Report.
The fates of the asset classes began to diverge at the start of 2022, coinciding with the Federal Reserve’s decision to combat runaway inflation by implementing six interest-rate hikes, bringing headline rates from close to 0% at the start of the year to more than 4% by the end.
Read the report to learn more about PE’s rich vein of form, the VC revival and real estate’s perpetual state of woe.
Who else is in the deal? Every co-lender on every borrower you monitor
When a name gets stressed, the first question is who else is in the deal, and most credit teams still build that list by hand from deal documents. The co-lender map template answers it in one prompt. PitchBook knows the sponsor and the other lenders on every deal; Lumonic knows the positions you monitor.
The output is an Excel workbook mapping co-lender exposure across the whole portfolio, every cell linked to its source. The prompt is embedded in the file and runs in Claude, ChatGPT, or any MCP-enabled assistant. Two more templates cover private equity and venture capital.
• The retail investors who piled into pre-IPO funds chasing names like SpaceX are now learning that the scarcity premium driving those bets can evaporate. Read more
• UK PE and VC both hit record paces in H1, but the gains mask a fragile foundation: Activity is concentrating in mega-deals and mega-rounds, while the broader ecosystem looks shaky. Download our report
• Bain Capital just bought bubble tea giant Gong Cha—becoming the London-based chain’s third PE owner—but paid well below what TA Associates was reportedly hoping for. Read on
