PitchBook News - What we expect in 2025

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The Daily Pitch: VC

January 1, 2025

The Daily Pitch is powered by PitchBook’s industry-defining research and best-in-class data

Happy New Year!

Our news and research teams will be back from a holiday break this week, writing fresh stories starting tomorrow. The Daily Pitch will return to full coverage on Jan. 3.

Today, we're highlighting our 2025 analyst outlooks, featuring forecasts and projections for the coming year:

2025 US Venture Capital Outlook

7 predictions from our US VC analysts cover these topics and more:

• VC fundraising will surpass 2024 levels.

• The demand-supply imbalance for late- and growth-stage companies will remain above 2016-2020 trend averages.

• Why we expect valuation growth will rebound.

• Liquidity needs will spur an increase in acquisitions, unicorn IPOs will drive exit value, the secondary market will expand, and distribution yields will increase.

Download the free outlook

2025 US Private Equity Outlook

4 predictions from our US PE analysts cover these topics and more:

• The share of cumulative capital raised for private debt funds will hit a decade high for the top 10 managers.

• The maturity wall facing PE funds will grow as GPs struggle to wind down older vintages.

• Why PE will see a decline in annual fundraising following multiple years of robust activity.

Download the free outlook

2025 Healthcare & Life Sciences Outlook

6 predictions from our industry and tech analysts cover these topics and more:

• Healthcare & life sciences private dealmaking and fundraising trends.

• Why the number of healthtech unicorns will decline.

• Expecting at least two brain-computer interface startups to raise $100 million-plus VC rounds.

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2025 Industrial Technology Outlook

5 predictions from our industry and tech analysts cover these topics and more:

• Why Boeing-fueled supply chain shortages will benefit commercial aerospace.

• The factors that will drive demand for supply chain tracking as well as investment in farm automation and productivity tools.

• Carbon capture and green chemical production startups will face project delays and cancellations due to competition for low-carbon energy.

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2025 Consumer Technology Outlook

5 predictions from our emerging tech analysts cover these topics and more:

• Why extended-range EVs are poised for rapid growth.

• The number of investors active in gaming will fall further.

• A VC-backed B2C brand will reach a nine-figure valuation by leveraging a user-generated content ecosystem as a novel distribution channel.

Download the free outlook

2025 Enterprise Technology Outlook

7 predictions from our emerging tech analysts cover these topics and more:

• A private AI company will surpass a $100 billion valuation, becoming a centicorn along with OpenAI.

• Why crypto will see a resurgence in VC funding.

• Autonomous AI agents will become the next major revolution in enterprise SaaS.

Download the free outlook

2025 APAC Private Capital Outlook

4 predictions from our analysts cover these topics and more:

• Why the M&A spree in Japan will continue.

• India will see increased VC deal activity, further closing the gap with China.

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2025 EMEA Private Capital Outlook

6 predictions from our Europe-based analysts cover these topics and more:

• GP-led secondaries, venture debt, and AI investment will remain important themes.

• Why VC-backed IPOs will have a concentrated recovery.

• MENA private market fundraising will develop as capital flows into the region remain strong.

Download the free outlook

We'd also like to highlight the six new industries and verticals we added to Industry & Technology Research coverage throughout last year.

Here are our 2024 launch reports (* - preview):

• Aerospace & Defense*
• Consumer Retail & Services
• Data Analytics*
• Food & Beverage CPG*
• Pharma Services
• Pharmatech*

Stay tuned for more coverage launches later this year!