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While continuation funds are a well-established PE instrument, continuation funds on continuation funds, otherwise called “CV-squared,” are a more recent proposition—and the idea is gaining traction.
The most recent wave of continuation vehicles—new funds set up to buy assets from an older fund—were primarily pitched as a way for firms to hold on to prize assets while simultaneously giving exiting LPs liquidity. However, as the first batch of continuation funds has approached maturity, exit remains elusive.
I'm Emily Lai, and this is The Weekend Pitch. You can reach me at emily.lai@pitchbook.com or on X @ThisIsEmilyLai.
Now industry insiders say more managers are looking into the CV-squared solution. But is it a market innovation or a symptom of deep liquidity issues? |
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| A message from Fidelity Private Shares LLC |
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| Top Venture Capital Trends Startups Should Watch in 2025 |
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Startup executives, venture capital is always changing—staying current is critical.
Fidelity’s guide, "Top Venture Capital Trends Startups Should Watch in 2025," delivers the latest insights on:
- AI-Driven Growth: How companies like OpenAI and Waymo are securing major funding.
- Regional Insights: Key strengths of top venture hubs.
- Sustainable Growth: Why smart management and sound models drive better exits.
- Market Recovery: Rebound in venture deals and extended fundraising timelines.
- Exit Strategies: M&A trends and their strategic advantages.
Download the guide to navigate midstage VC with confidence and position your company for long-term success.
Fidelity Private Shares LLC offers cap table management and other administrative services to private companies and their equity plans. |
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Following in the footsteps of several big tech companies like Meta and X, one of Silicon Valley’s most prominent venture outfits, Andreessen Horowitz, announced it was moving its state of incorporation from Delaware. Which state is the firm moving its incorporation to?
A) Texas
B) New York
C) Nevada
D) Florida
Find your answer at the bottom of The Weekend Pitch! |
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2025 already the best year
for female founders on record
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| (Julia Midkiff/PitchBook News) |
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Funding for US female founders has surpassed all previous highs just halfway through 2025, according to our female founders dashboard. At the midway point of the year, startups with at least one female founder have raised $78.8 billion over 1,428 deals, blowing past 2021’s record of $68.7 billion.
- The first two quarters of 2025 were the best on record for startups with at least one female founder, totaling $51.2 billion and $27.6 billion, respectively. This was powered by two massive AI deals—a $40 billion OpenAI round in March and a $14.3 billion round for Scale AI in June.
- Other notable deals in Q2 included a $2.57 billion Series D for World View, a space exploration and technology startup co-founded by former Strategic Advisor Jane Poynter, and a $115 million Series C for Glycomine, a drug developer founded by former CEO Dr. Agnes Rafalko.
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Vehicle infotainment market
drives toward $58B mark
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Automotive infotainment systems are quickly becoming one of the most competitive battlegrounds in the connected car space—the market is expected to be worth $58 billion by 2032, as carmakers and tech giants vie for drivers' screen time.
Our latest Emerging Tech Research covers in-vehicle screens, voice assistants and smart-home-connected electric cars, including design priorities and safety challenges. It also highlights the growing influence of China's infotainment companies. |
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"Linqto recently discovered several serious defects in the corporate formation, structure, and operation of the business that raise questions about what customers actually own and which management believes can only be fairly and effectively addressed through restructuring."
—Dan Siciliano, the CEO of Linqto, in a statement announcing the company was filing for bankruptcy. The startup, which offered access to private startup investments, has been dogged by federal investigations over alleged securities law violations. |
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Keep an eye out for these insights and research reports coming out this week:
- Q2 2025 PitchBook-NVCA Venture Monitor
- Q2 2025 US PE Breakdown
- Q1 2025 France Snapshot
- Analyst Note: Examining Fintech's AI Premium
- Analyst Note: Robotic Foundation Models
- Analyst Note: Forecasting North America's VC AUM
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