| Editor's note: Private markets have never been as large, or as accessible to the broader public, as they are today. An unprecedented convergence of public and private is posing a host of unknowns, along with opportunity and risk for financial professionals and investors of all stripes. That's why, starting in January, PitchBook and its parent company Morningstar are jointly offering a new weekly newsletter called Public Meets Private. Led by Alexander Davis of PitchBook, the newsletter will concentrate on all of the news, analysis and research you need to understand one of the most transformational trends in today's markets. Subscribe here for free. |
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Giant pools of capital in the private markets traditionally have come from big "asset owners" like pension systems, endowments and sovereign wealth funds. Private markets were exclusively for these institutions. All but the wealthiest of individuals were shut out.
This was the basic makeup of the private market ecosystem, with clearly defined boundaries separating it from the public markets.
But the lines between public and private have been getting blurry. Even before the 2008 financial crisis, amid a series of new economic trends, a niche segment of PE, real estate and other private funds began to stray outside their old networks to reach individual investors.
That ongoing transition would later be known in the asset management industry as "the public-private market convergence."
I'm Alexander Davis, and this is The Weekend Pitch. You can reach me at alec.davis@pitchbook.com.
But the convergence of public with private revealed a stark problem for the market: It lacked a shared, coherent framework for analytical tools, data, research, education and, of course, news reporting that could be dedicated to this pivotal transition in the financial markets.
Recognizing the gaps, the teams at PitchBook and Morningstar are drawing on their respective areas of research expertise to collaborate on a holistic, new framework with proven methodologies for all stakeholders in the convergence. That includes a new weekly newsletter called “Public Meets Private,” launching in January, that will deliver exclusive news, analysis and research on these trends. |
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| AI exits surge, signaling a cautious comeback for liquidity |
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After several slow years, US exit markets are experiencing a renewed wave of activity thanks to expansion-stage AI companies. The Q4 2025 edition of Deloitte’s Road to Next series takes an in-depth look at this trend to explore how the rebound is impacting investor sentiment and liquidity dynamics, both within AI and beyond.
Key topics include:
- How a handful of large IPOs are shaping a top-heavy recovery.
- Insights into investor caution around “AI washing” and the focus on authentic models and strong fundamentals.
- Growth of the global AI unicorn ecosystem, with an aggregate valuation reaching $2.7 trillion.
Read it now |
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The Middle East has become a hot spot for AI infrastructure development. Which country's sovereign wealth fund agreed to a project with Brookfield Asset Management this week for a $20 billion AI infrastructure partnership?
A) Saudi Arabia
B) UAE
C) Qatar
D) Bahrain
Find your answer at the bottom of The Weekend Pitch! |
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“The market is oversaturated with startups that are too often simply thin wrappers around foundation models lacking any deep or defensible moats. The window for new entrants is closing fast, and for undifferentiated startups trying to mimic the top leaders, they are heading toward widespread commoditization and, very likely, value destruction.”
—Derek Hernandez, a PitchBook senior emerging technology analyst, speaking about the oversaturation of AI code creation startups this year. Read more about what PitchBook analysts see as the most overheated AI subsectors here.. |
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A selection from our most-read articles of the past few days.
- The GP stakes market has emerged as a way for fund managers to secure funding and strategic partnerships without relinquishing control. There were $3.4 billion of GP stakes deals globally in 2024, the highest level since the record year of 2021. Full report
- University of Utah trustees have approved a landmark deal between the university’s athletics department and a PE firm, the first official partnership between a college athletics program and such a firm. Read more
- As poor health impacts the European workforce, employee health is rising on the corporate agenda. For PE investors, it’s a chance to back an emerging occupational health segment that’s also ripe for consolidation. See the full story
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Keep an eye out for these insights and research reports coming out this week:
- Q3 2025 US PE Middle Market Report
- Q3 2025 Transportation and Logistics Report
- AN: India Market Snapshot
- Q3 2025 Cybersecurity VC Trends
- Q3 2025 E-commerce VC Trends
- Q3 2025 Gaming VC Trends
- 2025 Evergreen Fund Report Launch
- Q3 2025 Infrastructure SaaS VC Trends
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| (Tatiana Sviridova/Getty Images) |
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Answer: C.
The Qatar Investment Authority agreed to a $20 billion partnership with Brookfield Asset Management for AI infrastructure development. The agreement comes at a time when other sovereign wealth funds are making major investments both within the region and through cross-border partnerships. Read more about Qatar's partnership here. |
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Sign up for our newsletter
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This edition of The Weekend Pitch was written by Alexander Davis and Nadine Manske. It was edited by Andrew Woodman, Ron Prichard and John Moore.
Were you forwarded The Weekend Pitch? Sign up at pitchbook.com/subscribe. |
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