Skip to main content

Read more about our corporate brand here.

Search
Reports

Global Private Market Trends in 2026

Andy Tsao, Li Song, CFA, Sara Rona, Nicolas Toro, Sawyer Levy, Jake Ledbetter, CFA, Eli Oftedal, Anjalika Komatireddy

Key takeaways

​​​The Global Private Market Trends report explores the forces shaping venture capital (VC) ecosystems around the world. The report focuses on three key sectors at the center of VCs evolving role globally: AI, cyberAI and defense tech.

+163

Increase in global AI unicorns

Global AI unicorns grew by 163 over the past year.

$57.2B

Total raised by OpenAI

​​​OpenAI has raised 7.8 times more venture capital than all known Chinese AI companies combined since 2023.

+75%

Increase in defense tech investment

Global venture capital investment in defense tech increased 75 percent from 2024 to 2025.

The data

The report provides venture capital market analysis across major economies and sectors. The data highlights both the obstacles and the resilience of founders, investors and ecosystems worldwide.

Venture Capital

US VCs focus their fundraising on LPs in developed markets

While US venture funds largely raise from developed markets, new pools of capital are opening up in the Middle East and other areas. This shift reflects evolving venture capital fundraising trends as LPs diversify their geographic allocations.

Pie charts showing the average portion of VC funds raised from each region by capital committed Source: SVB proprietary data
Bar chart showing VC and growth investment into defense by region and year Source: PitchBook
Defense Tech

VCs rush into defense tech, especially in Europe and the US

Defense tech has gone from a taboo topic in polite VC conversation to one of today's defining venture capital trends. Investment in dual-use technology continues to accelerate as geopolitical factors reshape capital flows.

AI Startups

Chinese AI startups face capital constraints

While private capital is more abundant for US AI companies, Chinese models are among the lowest cost and highest performing on the market today. This dynamic is central to the current global private markets landscape.

Graph showing VC investment into Chinese AI companies Source: PitchBook
Bar chart showing the number of IPOs listed on Indian Stock Exchanges Source: PitchBook
India IPO

IPOs reignite India’s venture flywheel

India's startup ecosystem is entering a true flywheel effect, as a wide-open IPO window injects liquidity into the market.

Read the full report

Get the context behind the pulse of global VC, founders, investors and ecosystems worldwide.

More about the authors

Andy Tsao

Andy Tsao

Head of Global Gateway

Li Song, CFA

Li Song, CFA

Managing Director, Head of Asia

Sara Rona

Sara Rona

Managing Director, Head of UK/Europe and MENA

Nicolas Toro

Nicolas Toro

Vice President, Head of Latin America

Sawyer Levy

Sawyer Levy

Senior Associate

Jake Ledbetter, CFA

Jake Ledbetter, CFA

Senior Researcher, Market Insights

Eli Oftedal

Eli Oftedal

Principal Researcher, Market Insights

Anjalika Komatireddy

Anjalika Komatireddy


Explore other First Citizens Innovation Banking Reports

The Future of Climate Tech Reports
Read Report Report

The Future of Climate Tech

Apr 15, 2026

Jordan Kanis, Eli Oftedal, Josh Pherigo, Andrew Pardo

50 BY 2050 Reports
Read Report Report

50 BY 2050

Jordan Kanis, Joshua Posamentier, Eliza Cushman, Marianne Wu, Hilla Watkins

The State of Corporate Venture Capital 2026 Reports
Read Report Report

The State of Corporate Venture Capital 2026

Mark Gallagher, Patrick Eggen, Mikey Kalis, Emma Eschweiler, Abbie Wolf, Anjalika Komatireddy, Eli Oftedal, Jake Ledbetter


This material is for informational purposes only and is not intended to be an offer, specific investment strategy, recommendation, or solicitation to purchase or sell any security or insurance product, and should not be construed as legal, tax, or accounting advice. Please consult with your legal or tax advisor regarding the particular facts and circumstances of your situation prior to making any financial decision. While we believe that the information presented is from reliable sources, we do not represent, warrant, or guarantee that it is accurate or complete.

All third-party trademarks referenced by First Citizens Bank remain the property of their respective owners. First Citizens Bank’s use of third-party trademarks does not indicate any relationship, sponsorship or endorsement between First Citizens Bank and the owners of these trademarks. All references by First Citizens Bank to third-party trademarks are to identify the corresponding third-party goods and services and intended to constitute nominative fair use under applicable trademark laws.

All credit products and loans provided by First-Citizens Bank & Trust Company are subject to underwriting, credit, and collateral approval. Financing availability may vary by state. Restrictions may apply. All information contained herein is for informational purposes only and no guarantee is expressed or implied. Rates, terms, programs, and underwriting policies are subject to change without notice. This is not a commitment to lend. Terms and conditions apply. NMLSR ID 503941
Bank deposit products are offered by First-Citizens Bank & Trust Company. Member FDIC and an Equal Housing Lender.

Investment and insurance products are not a deposit, not FDIC-insured, not guaranteed by First Citizens, not insured by any federal government agency and may lose value.

Back to top
You are now leaving First Citizens Innovation Banking

You will be directed to a different website or mobile app that has its own terms of use, visitor agreement, security and privacy policies. First Citizens Innovation Banking is not responsible for (and does not provide) any products, services or content at the third party site or app, except for the products and services that carry the First Citizens Innovation Banking name.