AI neoclouds: Next-generation cloud platforms designed for ever-expanding AI workloads are having a massive year. Our new brief explores this rapidly growing space for GPU compute rental. Read it here.
Fintech M&A: Big banks aren't buying, as we estimate the 30 largest US banks will make just 12 acquisitions this year. Why might that trend reverse in 2025? We explain.
UK Market Snapshot: PE & VC dealmaking in the UK was sluggish during Q3 but fundraising improved. For more on private and public market trends, read our report.
Allocator's Atlas: On Dec. 11, our analysts will dive into the growth of evergreen funds with professionals from Freestone and Fiducient. Register here. | | | | | |
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| Reaching a new altitude in PE sector research: Aerospace & Defense | | When asked how to become a millionaire, Richard Branson famously said, "Start with a billion dollars and launch a new airline." However, that adage may not apply when you think about the broader aerospace and defense sector, along with ancillary spaces related to airlines like maintenance, repair, and overhaul. Even Warren Buffett, famously averse to investing in the space after being burned in the 90s, made a big bet in aircraft parts this year, buying up a huge chunk of publicly traded Heico. We are launching coverage of aerospace and defense research, along with airlines and airline-related services. Our A&D vertical launch report, which will be updated quarterly, looks at PE deal and exit activity in the space, delving into over 4,000 deals broken out into 43 categories and subcategories. We created a new taxonomy for the space and our data shows where activity has been the strongest, while our commentary examines the reasons for strength across the space with a viewpoint on what might take place next year. The aerospace & defense industry and the airline space have different but interrelated demand drivers. We thought it best to look at the spaces together, and the data is remarkable, showing a strong deal appetite among middle market PE firms.  | | 2024 has been a big year for aerospace & defense deals. | Our data shows deal activity on pace to hit a record in 2024, with estimated deals in the first nine months of the year already surpassing 2023. Exit activity has also been strong, in contrast to much of the rest of PE, showing that buyers and sellers in this space have been motivated to reach consensus on valuations across the vertical. Boeing's issues—which started with two tragic plane crashes in 2018-2019 and continued with the failure of a door plug on an Alaska Airlines flight this January, along with a costly seven-week strike that halted production—have cascaded through the entire airline and commercial aerospace ecosystem. At the same time, geopolitical issues have driven the need for strong military funding, and defense priorities have led to strong deal activity in several defense-related categories. Read a free preview of our new report to find out where the money is flowing, and why: Launch Report: Aerospace & Defense Feel free to contact me to talk about trends, deals, and companies in the space! | | | | | | | |
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US Public PE and GP Deal Roundup
GP-to-GP dealmaking has hit a new annual record in just nine months.
Blue Owl has exemplified this trend, recently completing its fourth acquisition of a GP this year, effectively adding $44 billion to its AUM.
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On the deployment front, PE activity accelerated by 38% from Q2 across the six largest public managers.
Our research dives into US public PE trends and financials as dealmaking momentum is likely to persist in the post-election environment:
Read the free report
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AI & ML Report
The AI infrastructure arms race is heating up.
Foundation model startups drove AI VC activity in Q3, as large language models are growing into even more areas.
Our new research dives into the latest data and spotlights innovation in legal LLMs and LLM agent orchestration:
Read a free preview
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Clean Energy Report
Clean energy companies just recorded their best quarter for VC deal flow since Q4 2022.
Our new research explains why investors are taking bigger swings on battery energy storage, grid management, and—yes—fusion:
Read a free preview
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A couple of reminders:
Dec. 5: Lead VC analyst Kyle Stanford will join a live event hosted by Palico to discuss why LPs are increasingly using secondary sales to optimize their portfolios and manager relationships. Register here.
Jan. 29: Join us for PitchBook's Private Equity Breakfast Briefing! Our US PE analysts will share their latest data and insights followed by a panel discussion with industry experts. We'll have networking time, too. Register here.
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Our insights and data featured in the press: - PE-backed IPOs are poised for a comeback. [Bloomberg]
- As of mid-November, 327 digital health startups that grabbed funding in 2021 hadn't raised since. [Business Insider]
- What Talabat's IPO means for majority owner Delivery Hero. [FT]
- Why the bulk of VC investment in aquaculture goes to European companies. [AgFunder News]
If you're a journalist interested in interviewing our analysts or requesting data, contact our PR team.
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More of our recent research (* - report preview):
Market updates
Thematic research
Industry & tech research
Coming next week (subject to change) - Global Private Market Fundraising Report
- Global Markets Snapshot: November
- Enterprise SaaS Report*
- Insurtech Report*
- Australia Market Snapshot
- Japan Private Capital Breakdown
- DACH Private Capital Breakdown
- Analyzing VC fund deployment pacing and how it impacts eventual returns
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| | Since yesterday, the PitchBook Platform added: | | 394 Deals | 1981 People | 730 Companies | 3 Funds | | | | | | |
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