PE exits in 2021: Strategic buyer. 3x return. Champagne. PE exits in 2025: Recap attempt. No bidders. Secondary sale. Repeat.

Current investment thesis at most funds: "AI x Fintech x Climate x Europe x Undervalued." Translation: "Vibes-based investing."

Raising a round in 2025: Back-and-forth. Data room access. Partner meetings. More meetings. Then: “Let’s reconnect next quarter.”

Private equity firms: “We’re hands-on.” Also private equity firms: [Buys 8 companies across 3 time zones in 18 months with one ops guy]

The future of pharma?

Hammerspace Raises $100M

Rescale just raised $115M!

IPO is not always the way...

Glycomine just raised $115M!

This startup might cure blindness....

This startup is altering DNA...

Energy Transition: Farmland -> Solar Power Plants

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EVs charging faster than your coffee break

Faster AI, faster world

The robot workforce has already arrived

If your fund isn't tracking secondaries, you're missing the most discounted alpha in private markets right now. Founder drama. Down rounds. Liquidity-crunched angels. One LP's trash = another LP's treasure.

5 big LP shifts we’re watching in 2025: 1. Moving earlier into Series A 2. Pullback from growth PE 3. New love for secondaries 4. Climate infra > web3 infra 5. Preferring boutique managers over megafunds

Multiples are down. Acquirers are cautious. IPO markets are closed. The new strategy? Extend runway. Raise a small internal. Survive. It’s not sexy. But it works.