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| The Daily Pitch |
| PE, VC and M&A |
| Your edge on global private capital markets |
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♻️ We've launched our seventh annual Sustainable Investment Survey, and we're looking for the input of investors and their advisers on AI, data centers, defense and more.
For each survey completion, respondents will have the opportunity to enter a prize drawing, and PitchBook will make a donation to World Central Kitchen. Take the survey here |
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| Competition mounts to run the private market 'operating system' |
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| (Joey Schaffer/PitchBook News) |
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By Alexander Davis, Head of Enterprise Reporting
Opening up alternative investments on a large scale hinges on making it easy for registered investment advisers to add assets like a private credit fund alongside a public mutual fund in their clients’ portfolios.
Historically, the RIA industry lacked a frictionless way to accomplish this in its workflows until the arrival of digital marketplaces like iCapital and CAIS.
Those two industry heavyweights cast themselves as the "operating system" of the private markets because they are the middlemen that connect the advisers in the wealth channel with access to thousands of alternative investment products.
Now, however, a cohort of custodian platforms, portfolio-management specialists and others have ambitions of their own to be the operating system of choice for wealth advisers.
The clearest sign of that to date came earlier this month when Altruist, a digital native custodian firm for independent RIAs, launched a marketplace offering advisers direct access to private funds offered by the likes of Blackstone and KKR.
If successful, the Altruist model seems likely to accelerate similar ventures by other custodial firms, which provide critical connective tissue for settling and recording security trades. |
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| A message from Klein Hersh |
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| The right leadership team can accelerate portfolio value |
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Portfolio success depends on having the right leaders in place at the right time. Learn how healthcare and life sciences investors are using strategic talent partnerships to build leadership pipelines, support portfolio company growth, and strengthen exit readiness.
This case study highlights a long-term approach to executive recruitment that helps private equity firms create value beyond the deal.
See how leading investors create value through talent. |
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• SpaceX has given the market its first traded price for an AI-adjacent frontier moonshot. Our analysts dive into what it means for two pure-play AI labs and the IPO window. Read the expert analysis
• Life insurers are quietly double-dipping on private credit by investing as LPs while also lending to the same funds, and a new Clearwater report warns of risk in the overlap. Read here
• European private credit hasn't abandoned software: It's re-sorting it, with AI exposure now the defining fault line between what lenders will and won't finance. Learn more |
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| Liquidity is returning selectively to Asia-Pacific's private markets |
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By Ansel Tan, Director of APAC Private Capital Research
The first half of 2026 has brought improving liquidity to private markets in the Asia-Pacific region, but the recovery has not been evenly distributed.
Exit values have risen across both PE and VC. At the same time, distribution activity has recovered from recent lows, while fundraising has begun to stabilize, albeit primarily among larger, more established managers, according to our 2026 APAC Private Capital Outlook: Midyear Update.
Together, these trends suggest capital is starting to move through the ecosystem more freely than it has in several years. But the improvement has been highly selective.
Both PE- and VC-backed exit values increased significantly during the first half of 2026, but exit counts declined across both asset classes as the median PE exit size nearly doubled to $319 million from $169 million in 2025.
Rather than a broad reopening of liquidity channels, the data suggests larger and more mature companies are benefiting first as public markets reopen and investor demand strengthens.
The same dynamic is visible across the region's liquidity chain. PE's 12-month distribution yield recovered from a trough of over 13% in mid-2025 to 18.5% by end-2025, moving back toward its long-run average and helping to ease liquidity pressure on LPs. |
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Fundraising has also picked up, with PE capital raised year-to-date in the region already surpassing 2025’s full-year total. Yet the improvement remains uneven, reflecting a relatively narrow exit rebound and scaled managers capable of attracting investor capital.
The signals point to an ecosystem that is functioning again, but access remains concentrated among the strongest assets, the most mature companies and managers with established track records.
The key question for the second half of the year is whether this access continues to widen.
If it does, the region could move from a selective recovery toward a broader one. Otherwise, it may continue to see a market where access to liquidity remains highly dependent on scale, quality and exit readiness. |
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• Previous World Cups left behind stadiums; this year's is leaving behind a counter-drone surveillance network. FEMA handed host cities $250 million to build a permanent drone network. [The New York Times]
• "They said that agents were supposed to do our work for us, but I've never worked harder in my life," says one founder who runs AI agents around the clock. In Silicon Valley, AI is spurring a burnout epidemic. [Bloomberg]
• A VC partner fell asleep mid-pitch in a room of 12 people, and no one said a word. Entrepreneur Greg Isenberg posted the story on X, and hundreds of founders replied with their own versions, painting a quirky picture of the VC world. [Financial Times] |
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