 | | (Jenna O'Malley/PitchBook News) | | | Private equity is in the throes of its biggest and most consequential transformation since the industry's conception 50 years ago.
Change started with a trickle of firms, led by Partners Group in the early 2000s, creating novel "evergreen" fund vehicles that would court wealthy individual investors by offering them semi-liquid exposure to private market assets that previously were open only to pensions, endowments and the super-rich. Over the years, the wealth channel represented just a fraction of assets under management—until recently.
Today, having a wealth offering is becoming a commonplace, if not required, feature of the private fund industry, and it now makes up a sizable and rapidly growing chunk of fee-generating capital.
I'm Alexander Davis, and welcome back to The Weekend Pitch. You can reach me at alec.davis@pitchbook.com.
Unlocking private wealth's potential trillions of dollars has set off a revamp animated by a central theme: scale.
Fund managers across all private asset classes are devising semi-liquid interval funds and other vehicles to make the private-market model less complex and more affordable for an investor base of millions of high-net-worth individuals.
Solving that transition has pushed the industry into a steep learning curve. | | | | | |
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| Private equity must stay vigilant against cybersecurity threats | | Cybersecurity remains a pressing concern for private equity as firms and their portfolio companies navigate an increasingly complex threat landscape. In an interesting twist, respondents in the Q1 2025 RSM US Middle Market Business Index survey reported that data breaches in 2024 were down from record highs; however, PE industry advisors warn that now is not the time for complacency.
Whether the drop in breaches resulted from improved security measures or a temporary slowdown in cyberthreat activity, the trend does not eliminate the underlying risks that PE firms and portfolio companies face.
While PE firms and their portfolio companies have made notable strides in cybersecurity, there are still opportunities to strengthen their approach and close existing gaps.
Learn about three key areas where deficiencies persist | | | | | | | |
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Stablecoin transactions are emerging as a major part of B2B transactions, and VCs are catching on, investing in startups enabling businesses to use stablecoins in their preexisting infrastructure. The global supply of stablecoins was less than $10 billion five years ago. What is the supply now in 2025?
A) $19 billion
B) $129 billion
C) $239 billion
D) $549 billion
Find your answer at the bottom of The Weekend Pitch! | | | | | | Did fundraising
get its mojo back? | |  | | (Carmen Mandato/Getty Images) | | | Private funds started the year off in good form, slightly beating 2024's pace, according to our latest Global Private Market Fundraising Report.
Post-election optimism for business-friendly policy added to hopes LPs may soon see capital returned. That optimism may have been premature, as uncertainties around global trade will likely be a headwind to fundraising throughout the year.
The report brings a major enhancement: Co-investment vehicles are now included in our data, offering a more complete view of private market activity. Data on over 3,000 such vehicles tracked since 1984 shows their share of commitments—though modest—hit a historic peak in early 2025. | | | | | | Defense, EV startups dodge
slowdown in mobility tech | |  | | (Getty Images) | | | VC funding for the mobility tech sector slowed in Q1—falling more than 25% quarter-over-quarter to $3 billion as investor caution continues to dampen early-stage activity, according to our latest Emerging Tech Research.
But dealmaking reflected growing VC interest in defense tech amid anticipated Defense Department budget increases, and investors also signaled a persistent appetite for EV innovation. Exits saw more action, surging to the highest level since Q4 2023, with M&A as the key driver. | | | | | |  | | (Jenna O'Malley/PitchBook News) | | | "It becomes especially painful when you are a new, emerging manager that wants to show skin in the game with your LPs and may not have had carry from a prior fund because you're just starting out."
—Martin Urdapilleta, co-founder of startup Henry Capital, speaking about GPs looking for workarounds to put up money to commit to funds. Henry Capital helps managing partners and principals buy into the vehicles raised by their firm. Read more about GP commitments to funds and Henry Capital's latest funding round here. | | | | | | Keep an eye out for these insights and research reports coming out this week: - Q1 2025 Insurtech Report
- Analyst Note: Biotech VC Funds Evolution
- May 2025 Global Markets Snapshot
- Q1 2025 Pharma BioTools Report
- 2025 Australia/New Zealand Private Capital Breakdown
- Analyst Note: Supply chain and tariffs in clean energy
| | | | | | Answer: C
The global supply of stablecoins has hit $239 billion. Stablecoins continue to become a hot conversation topic across the fintech landscape and have accounted for 2.9% of the $194.6 trillion cross-border payment market. Read more about VC investments in startups utilizing stablecoins here. | | | | | |
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This edition of The Weekend Pitch was written by Alexander Davis and Nadine Manske. It was edited by Andrew Woodman and Laura Schinagle.
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