Investing with the stars | PitchBook News Summary

1. Key Themes

Theme: Capital supply keeps outrunning demand in venture, pushing valuations back toward 2021 levels

Early-stage funding is setting records on a flat deal count

PitchBook's chart of the day shows money flowing faster than new companies are forming.

"Early-stage deal value has already topped all of 2025 ($75.4 billion vs. $70.9 billion) on a flat company count, and valuation step-ups are nearing 2021 levels."

Late-stage conditions remain investor-friendly

"Early-stage conditions have been holding steady while later-stage conditions remain investor-friendly. Capital supply keeps outpacing demand."

Mega-rounds for AI leaders continue to set the tone

"OpenAI is in talks to raise a $30 billion round at a $1.4 trillion valuation, Bloomberg reported." "EliseAI, the developer of AI operations platforms for housing and healthcare, raised a $350 million round led by Andreessen Horowitz and Bessemer Venture Partners at a $4 billion valuation."

Theme: AI infrastructure and data centers are attracting strategic and institutional capital

Strategic corporates are writing billion-dollar checks into data center platforms

"Samsung Electronics agreed to invest $1 billion in KKR's data center company Helix Digital Infrastructure."

Compute efficiency is a funded niche

"Efficient Computer, which builds energy-efficient processors for data centers, raised a $97 million Series B led by TQ Ventures at a $650 million valuation."

Data center operators are lining up IPO and exit paths

"Montreal-based data center builder and operator 5C, which is backed by Brookfield Asset Management, is considering an IPO."

Theme: Geographic diversification of AI investing away from Silicon Valley

Intrepid Growth Partners is a pure-play bet on non-Valley AI

The fund's LP base skews toward sovereign and government-linked capital, suggesting institutional appetite for AI exposure outside the usual hubs.

"Since stepping down from CPP Investments in 2021... Machin has shifted his focus to investing exclusively in AI companies based outside of Silicon Valley." "On Sept. 14, the firm announced the close of its inaugural fund at $525 million with backing from 80 LPs, including Temasek, Abu Dhabi Investment Council, British Business Bank, Export Development Canada and Business Development Bank of Canada."

Theme: The IPO window is wobbling, and liquidity pressure is building on early holders

Oura's delay highlights a secondary-heavy offering

"Smart ring startup Oura is the latest to delay its IPO, citing market uncertainty. Early investors looking to cash out will now have to wait even longer, with existing shareholders selling off their stakes making up a massive 73% of the since-delayed IPO."

The PE exit pipeline is active despite the noise

"Ace Designers, an India-based industrial machinery manufacturer backed by Kotak Alternate Asset Managers, is considering an IPO that could raise around $400 million, Bloomberg reported." "Jets, a Norway-based vacuum technology and wastewater treatment company, is considering a sale that could value the company at around 5 billion kroner ($525 million)."

Theme: Niche and specialist PE/VC fund formation is healthy

Focused strategies are closing funds quickly

"Northcote Equity closed Northcote Fund II on £250 million just 10 weeks after launching the fundraise." "Princeton Equity Group raised $1.3 billion for its third fund, which will target investments in franchise and multi-location businesses in the US." "Protego Ventures closed on $125 million for its first fund, which invests in Israel-based defense companies."

2. Contrarian Perspectives

Celebrity is a finite asset in venture, not a durable edge

Against the assumption that a famous name is a moat in VC, Ferreira argues it is a door-opener with a ceiling, and that founders are harder to impress.

"'Cool can get you pretty far,' she said. 'But if it's just cool, you're not going to get a big allocation. It's a finite asset.'" "Ferreira spoke with PitchBook about what a decade of celebrity-adjacent investing has taught her, including why founders are getting harder to impress and what stars are getting wrong about VC investing."

Early-stage deal value is surging without more companies being funded

The headline rise in early-stage dollars could be read as a broad boom, but the flat company count shows the money is concentrating, not broadening. Steeper step-ups mean more capital chasing the same set of deals.

"Early-stage deal value has already topped all of 2025 ($75.4 billion vs. $70.9 billion) on a flat company count, and valuation step-ups are nearing 2021 levels."

3. Companies Identified

Oura

Description: Finland-founded, San Francisco-based smart ring maker.
Why mentioned: Postponed its Nasdaq IPO, a signal on IPO-window health.
Quotes: "Finland-founded, San Francisco-based smart ring maker Oura postponed its IPO on the Nasdaq due to market uncertainty." / "existing shareholders selling off their stakes making up a massive 73% of the since-delayed IPO."

OpenAI

Description: Leading AI lab.
Why mentioned: Reportedly raising at a $1.4 trillion valuation.
Quotes: "OpenAI is in talks to raise a $30 billion round at a $1.4 trillion valuation, Bloomberg reported."

Intrepid Growth Partners

Description: AI-focused VC firm investing outside Silicon Valley, co-founded by Mark Machin, Mark Shulgan and Ajay Agrawal.
Why mentioned: Closed a $525 million inaugural fund.
Quotes: "Months after the launch of ChatGPT, in 2023, he co-founded Intrepid Growth Partners alongside Mark Shulgan and Ajay Agrawal." / "the close of its inaugural fund at $525 million with backing from 80 LPs."

Serena Ventures

Description: Venture firm founded by Serena Williams, where Ferreira is general partner.
Why mentioned: Case study in celebrity-led venture.
Quotes: "Now, as general partner at Williams' venture firm, Serena Ventures, Ferreira is applying a decade of lessons about what celebrity buys in venture—and what it doesn't."

WME Ventures

Description: VC arm of the talent agency WME.
Why mentioned: Ferreira's earlier platform, which backed celebrity-expertise businesses.
Quotes: "She was the managing partner of WME Ventures, the VC arm of the behemoth talent agency, backing companies like Masterclass, which turned celebrity expertise into a commodity."

Masterclass, Daily Harvest, Ollie Pets

Description: Consumer companies backed through WME Ventures.
Why mentioned: Examples of celebrity-adjacent investments.
Quotes: "...co-investing in companies like Daily Harvest and Ollie Pets."

EliseAI

Description: Developer of AI operations platforms for housing and healthcare.
Why mentioned: $350M round at a $4B valuation.
Quotes: "raised a $350 million round led by Andreessen Horowitz and Bessemer Venture Partners at a $4 billion valuation."

Samsung Electronics / KKR / Helix Digital Infrastructure

Description: Samsung is a strategic investor; KKR owns the data center company Helix.
Why mentioned: $1B strategic investment in data center infrastructure.
Quotes: "Samsung Electronics agreed to invest $1 billion in KKR's data center company Helix Digital Infrastructure."

Efficient Computer

Description: Builds energy-efficient processors for data centers.
Why mentioned: $97M Series B at a $650M valuation.
Quotes: "raised a $97 million Series B led by TQ Ventures at a $650 million valuation."

Quartermaster

Description: Maritime data startup.
Why mentioned: $140M Series B.
Quotes: "secured a $140 million Series B from investors including Insight Partners and Overmatch Ventures."

Jeeves

Description: Stablecoin-native banking platform developer.
Why mentioned: $110M round led by CoinFund.
Quotes: "received a $110 million round led by CoinFund."

Ai3bio

Description: Autoimmune-disease-focused biotech.
Why mentioned: Launched with a $48M Series A.
Quotes: "launched with a $48 million Series A led by UPMC Enterprises and Ziff Capital Partners."

Aptadir Therapeutics

Description: Milan-based biotech specialist.
Why mentioned: €40M seed round.
Quotes: "raised a €40 million seed round led by 4BIO Capital."

Tiny Health

Description: Gut and vaginal microbiome testing startup.
Why mentioned: $33M Series B.
Quotes: "raised a $33 million Series B led by B Capital."

Link Cell Therapies

Description: Cancer-treatment-focused biotech.
Why mentioned: $30M additional Series A led by Johnson & Johnson.
Quotes: "raised an additional $30 million for its Series A led by Johnson & Johnson."

IPercept

Description: Stockholm-based CNC machine intelligence startup.
Why mentioned: $16.5M Series A.
Quotes: "secured a $16.5 million Series A led by Isogon Ventures and 2150."

Atomic

Description: Developer of a supply chain planning platform.
Why mentioned: $12.5M Series A.
Quotes: "secured a $12.5 million Series A led by Klass Capital and Madrona."

Rayon

Description: Paris-based developer of AI interior design tools.
Why mentioned: €10M Series A.
Quotes: "raised a €10 million Series A led by Partech."

Description: Montreal-based data center builder/operator backed by Brookfield.
Why mentioned: Considering an IPO.
Quotes: "is considering an IPO."

Jets

Description: Stokke Industri-backed Norwegian vacuum technology and wastewater treatment company.
Why mentioned: Exploring a sale at roughly $525M.
Quotes: "considering a sale that could value the company at around 5 billion kroner ($525 million)."

Ace Designers

Description: India-based industrial machinery maker backed by Kotak Alternate Asset Managers.
Why mentioned: Considering a ~$400M IPO.
Quotes: "considering an IPO that could raise around $400 million."

Olin Telecom

Description: Spain-based phone and internet provider joint venture.
Why mentioned: Owners exploring options including a sale.
Quotes: "Asterion Industrial Partners and Teras Capital are considering options, including a sale, for Olin Telecom."

Hamilton Lane / Schroders Capital / Nuveen

Description: Alternative asset managers undergoing leadership and ownership changes.
Why mentioned: Leadership transitions and an acquisition.
Quotes: "Mario Giannini announced he will retire from his role as executive co-chairman of Hamilton Lane at the end of March 2027." / "Schroders Capital, which is set to be acquired by Nuveen."

Princeton Equity Group, Rising Point Capital, Northcote Equity, Protego Ventures, Dorm Room Fund, Ardian

Description: Fund managers that closed or launched vehicles.
Why mentioned: Fundraising data points.
Quotes: "Rising Point Capital, which invests in field-based services companies, closed on $325 million for its first institutional fund." / "Dorm Room Fund, a VC firm focused on enabling college students to invest in startups founded by their peers, raised a $50 million fund." / "Ardian has launched an evergreen European long-term investment fund that gives eligible European investors access to its infrastructure platform with a €10,000 minimum investment."

New York Life Investment Management / Invictus Capital Partners

Description: Acquirer and target in residential credit management.
Why mentioned: Asset manager M&A.
Quotes: "New York Life Investment Management agreed to acquire residential credit investment manager Invictus Capital Partners."

Anthropic

Description: AI company behind Claude.
Why mentioned: Staff talk about Claude as having human-like rights, per NYT.
Quotes: "Staff at the AI company were speaking about Claude as if it were human, treating it as having inherent rights to concepts like respect and dignity."

4. People Identified

Beth Ferreira

Description: General partner at Serena Ventures; formerly managing partner of WME Ventures.
Why mentioned: Ten years of experience monetizing celebrity in venture.
Quotes: "'Cool can get you pretty far,' she said. 'But if it's just cool, you're not going to get a big allocation. It's a finite asset.'"

Serena Williams

Description: Tennis champion and founder of Serena Ventures.
Why mentioned: Celebrity investor whose firm Ferreira now helps run.
Quotes: "It was at WME Ventures where Ferreira first met Serena Williams, co-investing in companies like Daily Harvest and Ollie Pets."

Mark Machin

Description: Ex-CEO of CPP Investments; co-founder of Intrepid Growth Partners.
Why mentioned: Pivoted from managing C$863.6B to focused AI venture investing.
Quotes: "'I could see it was getting really real,' Machin said."

Mark Shulgan and Ajay Agrawal

Description: Intrepid Growth Partners co-founders.
Why mentioned: Co-founded the firm alongside Machin.
Quotes: "he co-founded Intrepid Growth Partners alongside Mark Shulgan and Ajay Agrawal."

Geoffrey Hinton

Description: AI pioneer, the "godfather of AI."
Why mentioned: His Toronto visit to CPP Investments convinced Machin AI was real.
Quotes: "Hinton, credited with helping build the intellectual foundation of large language models, spoke to the team at CPP Investments."

Mario Giannini

Description: Executive co-chairman of Hamilton Lane.
Why mentioned: Announced retirement for March 2027.
Quotes: "announced he will retire from his role as executive co-chairman of Hamilton Lane at the end of March 2027."

Georg Wunderlin

Description: CEO of Schroders Capital.
Why mentioned: Leaving as Schroders Capital is acquired by Nuveen.
Quotes: "CEO Georg Wunderlin will leave London-based Schroders Capital, which is set to be acquired by Nuveen."

5. Operating Insights

Don't rely on celebrity or brand alone to win allocation

Fame gets meetings but not large allocations in competitive rounds, and founders are increasingly immune to it. Pair brand with real value-add.

"'Cool can get you pretty far,' she said. 'But if it's just cool, you're not going to get a big allocation.'"

Build a differentiated, focused fund thesis to speed fundraising

Specialist strategies are closing quickly, suggesting LPs reward clear focus.

"Northcote Equity closed Northcote Fund II on £250 million just 10 weeks after launching the fundraise." "Princeton Equity Group raised $1.3 billion for its third fund, which will target investments in franchise and multi-location businesses in the US."

Structure IPOs carefully: heavy secondary components raise fragility

When most of an offering is existing holders selling, a market wobble makes delay easy and leaves early investors illiquid. Founders and boards should weigh primary vs. secondary mix and keep alternative liquidity paths.

"existing shareholders selling off their stakes making up a massive 73% of the since-delayed IPO."

6. Overlooked Insights

Retail access to infrastructure is opening up

Ardian's evergreen fund with a €10,000 minimum signals private-market products moving down-market to eligible European individuals, a distribution shift worth watching for managers and platforms.

"Ardian has launched an evergreen European long-term investment fund that gives eligible European investors access to its infrastructure platform with a €10,000 minimum investment."

Defense and student-investor niches are attracting dedicated capital

Israel-focused defense venture (Protego) and a student-run fund (Dorm Room Fund) show specialized, non-obvious theses getting funded.

"Protego Ventures closed on $125 million for its first fund, which invests in Israel-based defense companies." "Dorm Room Fund... raised a $50 million fund."