| | | | | The Weekend Pitch | | July 20, 2025 | | Presented by Arcesium | | | | |  | | (Josie Doan/PitchBook News) | | | OpenAI is losing its grip on top AI talent as intensifying competition threatens its first-mover advantage.
A PitchBook analysis found that over 25% of its research leads, or more than 50 key staffers, have left for rival companies or started their own in just the last two years. Their ranks include elite engineers behind leading models like GPT-4 who have left for outsized pay packages at Meta and Thinking Machines.
This exodus could undermine OpenAI's position as the leading AI innovator, as competitors aggressively court the experts needed to build the next generation of large language models. Despite these challenges, OpenAI is fighting back with new staff retention strategies, including upping compensation for key engineers.
I'm Rosie Bradbury, and this is The Weekend Pitch. You can reach me at rosie.bradbury@pitchbook.com or on X @_RosieBradbury. | | | | | | | | | | | The 3 dynamic reporting capabilities private market firms need now | | While private markets are rich in data, unearthing insights can be challenging, and firms often find themselves being held back by reporting. This white paper from the financial data platform experts at Arcesium discusses how the custom reporting capabilities of a modern data platform can transform reporting from a bottleneck into a business accelerator. Learn why having low-code, user-centric reporting tools is vital to democratizing real-time data access, and the three components of modern data platforms that empower users across firms.
Read guide | | | | | | | | Lovable just rose to unicorn status after raising a $200 million Series A at a $1.8 billion valuation. Where is the AI coding specialist based?
A) Sweden
B) Denmark
C) Latvia
D) The Netherlands
Find your answer at the bottom of The Weekend Pitch! | | | | | | North America's VC AUM growth
hinges on liquidity | | Our analysts project that North American VC AUM could grow from $1.36 trillion in 2024 to $1.81 trillion by 2029, following years of post-2021 stagnation. Liquidity constraints, weak distributions and regional disparities continue to weigh on fundraising.
Our model highlights the rising impact of AI as a long-term catalyst and suggests that without improved exits and broader capital rotation, growth may remain muted. Yet, with high investor interest and AI-led innovation, upside remains. Our analyst note explores where the next surge in venture capital could emerge—and what it will take to unlock it. | | | | | | Why crossover funds are
gaining ground | | Want early access to tomorrow's unicorns and some of the flexibility of public markets? Crossover funds combine private and public market assets into a single structure.
From Fidelity's early stake in Facebook to Sequoia's fund overhaul and the rise of PIPEs, the traditional lines between private and public funds are increasingly blurry. Our analyst note covers how these hybrid models could unlock new opportunities—and hidden risks—for all types of investors. | | | | | | "Even though there was a recent rise in IPOs, this doesn't necessarily mean that this momentum will continue throughout the rest of the year. There hasn't been a rush toward new filings yet. A lot of companies are still waiting for some key policy questions to be answered—especially regarding tariffs."
—PitchBook senior VC analyst Emily Zheng, speaking about the current IPO environment, which has been stabilizing but not soaring. | | | | | | Keep an eye out for these insights and research reports coming out this week: - Q1 2025 Cyber Security Update
- Analyst Note: Tech Landscape: Water Tech
- Analyst Note: APAC Healthcare Market Snapshot
- Analyst Note: Emerging Space Brief—Bioprinting
- Analyst Note: Sizing the European Institutional VC Direct Secondaries Market
| | | | | |  | | (F11 Photo/Getty Images) | | | Answer: A
Lovable is the latest startup based in Sweden to reach unicorn status. You can read more about its Series A here. | | | | | |
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This edition of The Weekend Pitch was written by Rosie Bradbury and Nadine Manske. It was edited by James Thorne and John Moore.
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