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| The Daily Pitch: VC, PE and M&A |
| September 18, 2025 |
| The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data |
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❓ VC is at a fork in the road. AI now dominates dealmaking, including 55% of funding year-to-date, over 22% of startups and 43.5% of total private valuations. The median Series D+ pre-money valuation for AI startups is about three times that of their non-AI counterparts, lifting the exit sizes needed for meaningful returns.
Meanwhile, fundraising is consolidating at the top as the 10 largest vehicles capture around 43% of commitments—while overall fundraising tracks toward an eight-year low. Our analysts break down these and other trends shaping the VC landscape in 2025. Download the report.
Plus...
• Compared to the pops of recent VC-backed IPOs, StubHub's first day of trading was tepid, or maybe just rational
• The Fed delivered a widely anticipated rate cut yesterday, rekindling optimism in PE
• Our latest ranking of PE's most active lenders |
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| AI helps fuel bright spots in gaming VC |
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VC funding for the gaming industry plunged over 27% quarter-over-quarter, to $904.6 million, and deal count slid 17.5% in Q2. But gaming tech and SaaS startups still collected more than $500 million, boosted by AI-driven tools that promise faster, cheaper development, according to our latest Emerging Tech Research.
Meanwhile, content creators continued to dominate exits, even as investor enthusiasm cooled. Interactive entertainment remains in demand, but developers face a paradox of stiff competition, rising costs and fewer investors willing to bankroll the next breakout hit. |
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| A message from McDermott Will & Schulte |
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| HPE NYC is where top dealmakers define what’s next for the industry |
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In today’s healthcare investment landscape, timing is everything – and the right insights and relationships can give you an edge. HPE NYC returns this October to The Glasshouse with a one-day program built for bold strategy, high-impact connections, and marketing-defining deals.
Hear from 40+ industry leaders on what’s working, what’s shifting, and what’s next – from macro market forces and private equity strategy to capital solutions, strategic exits, hybrid fund models, and the evolving role of health systems in M&A.
Hosted by McDermott Will & Schulte, HPE NYC brings together 600+ investors, operators, and other key dealmakers, making this the event where lasting connections and market-moving ideas come to life.
If you’re doing deals in this space, HPE NYC is where you want to be. |
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| LPs have more negotiating power than ever before |
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| (Tiero/Getty Images) |
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The pendulum of fund term negotiating power often swings to the side of LPs, but right now it may be especially far out. From zero management fees and co-investment rights to seats on GPs' boards and LP advisory committees, allocators are negotiating an array of incentives when committing fresh capital to a new or existing manager.
And the average time-to-close for all private capital funds is the highest it's ever been, hitting 19.7 months. That's up from an average of 18.9 months in 2024, and a wide leap from 2019's 14.6 months. |
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| Ranking the most active lenders in PE |
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| (Yuichiro Chino/Getty Images) |
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Nine lenders took part in at least 40 deals each for US PE-backed companies in the second quarter, with the most active five recording at least 50 apiece.
Which firms led the way? See our Q2 2025 PE Lending League Tables, sponsored by TPG Twin Brook Capital Partners. The interactive tables can be sorted by geography, deal type, sector and more. |
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| Since yesterday, the PitchBook Platform added: |
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