It may come as a shock but just 12 large VC managers have raised more than 50% of all new venture capital in the first six months of 2025 according to Pitchbook. For emerging managers the prospects of raising a second fund have become notably more challenging. Only one third of those who launched their inaugural fund in 2021, at the height of VC fundraising activity, have brought a second fund to market.
Steady and reliable wins the race. At least that seems to be the case in private credit as it once again proves its value to investors during times of market uncertainty. A new credit perspectives report by CVC notes that European direct lending is up by 44% and 56% YoY on a volume and deal count basis.
Hold on to your hats and brace yourself. Yale, one of the world’s largest endowments, is planning to rebalance its private markets portfolio. The strength of this Yale force move is expected to be significant, with the endowment expected to sell around USD6 billion, or 15% of its total value, on the secondary market.
In a strategic move reflecting evolving market dynamics, the Pennsylvania Public School Employees’ Retirement System (PSERS) has judiciously pruned its private equity holdings, offloading even top-tier funds in the secondaries market to recalibrate its portfolio. This proactive rebalancing, far from signaling a retreat, underscores a sophisticated commitment to long-term allocation targets, as PSERS places forward-looking emphasis on the burgeoning opportunities within private credit and infrastructure.
A recent survey by GP-Score revealed that LPs overwhelmingly regard operational value creation as a critical factor in manager selection. The message is clear: they want granular evidence not marketing fluff. One of the keys to securing sustainable value creation is having a clear talent strategy in place…doing so can place GPs in a (human) league of their own as they seek out extraordinary returns for their investors.