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Trend Insights

Global Private Market Trends in 2025

Andy Tsao, Li Song, CFA, Sara Rona, Ella-Tamar Adhanan, Nicolas Toro, Jake Ledbetter, CFA, Andrew Pardo, Anjalika Komatireddy

Key takeaways

The Global Private Market Trends report explores the forces shaping VC ecosystems around the world. The report focuses on three key sectors at the center of VC's evolving role globally: artificial intelligence (AI), cybersecurity and fintech.

50%

AI VC and growth deals

Half of AI VC and growth deals are in companies based outside North America.

13

Non-US cybersecurity unicorns

This is the number of non-US active cybersecurity unicorns.

127%

Growth of Pix transactoin value

This is the growth in transaction value of Brazil's Pix, a payment system quickly being adopted internationally.

The data

The Global Private Market Trends report captures the pulse of global VC, highlighting not only the obstacles but also the remarkable resilience of founders, investors and ecosystems worldwide.

Foreign exchange

FX fluctuations play key role in fund returns

Over the lifespan of a VC fund, currency fluctuations can have an outsized impact on the returns for foreign LPs.

Infographic illustrating long-term foreign exchange trends impacting limited partners Source: Sample of USD-denominated funds, vintages 2000-2019, sourced from Preqin.
IPO

A lack of IPOs dampens exit markets

IPOs continue to decrease across every region except India, which has become the leader in public offerings.

Stacked bar chart showing global IPO counts by region from 2020 through 2024 Q1-3 Source: Other Asia includes Taiwan, South Korea and Japan. Sourced from the World Federation of Exchanges.
PE/VC Funding

US PE/VC maintain consistent geographic allocations

Despite the VC funding downturn, international trade tensions and geopolitical issues, US funds continue to invest in similar geographies year-over-year.

Bar chart of PE VC geographic investment preferences Source: Other Asia includes Taiwan, South Korea and Japan. Sourced from the World Federation of Exchanges.

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

Ella-Tamar Adhanan

Ella-Tamar Adhanan

Director, Head of Israel and India

Nicolas Toro

Nicolas Toro

Vice President, Head of Latin America

Jake Ledbetter, CFA

Jake Ledbetter, CFA

Senior Researcher, Market Insights

Andrew Pardo

Andrew Pardo

Principal Researcher, Market Insights

Anjalika Komatireddy

Anjalika Komatireddy

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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.

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This material, including without limitation to the statistical information herein, is provided for informational purposes only. The material is based in part on information from third-party sources that we believe to be reliable, but which has not been independently verified by us, and, as such, we do not represent the information is accurate or complete. The information should not be viewed as tax, accounting, investment, legal or other advice, nor is it to be relied on in making an investment or other decision. You should obtain relevant and specific professional advice before making any investment decision. Nothing relating to the material should be construed as a solicitation, offer or recommendation to acquire or dispose of any investment, or to engage in any other transaction.

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