Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The UK private equity market finished Q4 2025 strong with a total deal value of £49 billion, showing significant year-over-year growth [9] - Venture capital deal value remained resilient at £5.3 billion in Q4 2025, despite a sequential decrease [11] - The public equity market in the UK saw a strong recovery with a year-to-date return of 25.8% and a price/earnings ratio of 19.4x [14] Market Overview - The UK private equity market experienced a robust end to 2025, with macroeconomic growth forecasted at 1.2% to 1.5% and inflation averaging above 3% [8] - The Bank of England cut rates to 3.75% by year-end to support demand amid rising unemployment and deteriorating consumer sentiment [8] - Private equity fundraising in the UK declined to £32.6 billion, with a notable concentration in the first half of the year [10] Private Equity Activity - Q4 2025 saw three megadeals (over £5 billion) contributing to the private equity activity, with notable participation from US investors decreasing to 45.2% of deal value [9][10] - Exit value for private equity was robust at £27 billion, significantly influenced by the Verisure IPO [10] - The largest private equity deals included Convex Insurance, Barchester Healthcare, and Utmost Life & Pensions [65] Venture Capital Activity - The largest venture capital deal in Q4 2025 was Revolut's €2.6 billion round, marking it as the largest deal in Europe for the year [11] - VC fundraising mirrored the depressed trends seen across Europe, with only £2.1 billion raised across fewer funds [12] - The IT sector gained a significant share of VC deal value, while other sectors like energy and finance saw declines [11] Regional Insights - Manchester emerged as a top three city for private market activity, indicating a shift in regional hubs within the UK [13] - London remains the leading city for both VC and PE deal values, but other cities like Cambridge and Manchester are gaining traction [18] Public Equity Market - The UK public markets outperformed major global indexes, with over 15 listings in Q4 2025, including significant IPOs like Verisure [14] - The recovery in public equity markets is seen as a turning point, with both non-backed and privately backed listings experiencing a revival [14] Corporate Acquisition Activity - Corporate acquisitions in the UK totaled £28 billion, with B2C and B2B sectors gaining share [15] - The UK median acquisition value stands at £12.7 million, significantly lower than Germany's £37.3 million [15]

Core Insights - Templum and SoFi have opened a limited investment window for accredited investors to access Epic Games and Stripe through the Cosmos Fund, available from December 8 to December 19, 2025 [1][2] - This offering follows a successful SpaceX investment earlier in the year, highlighting the growing interest in private market opportunities [2] - The partnership aims to provide trusted access to high-quality private companies and alternative assets, addressing challenges in private markets [3] Company Insights - Templum is focused on modernizing private market investing by offering full investment lifecycle technologies and workflow solutions, aiming to expand access to a broader range of investment opportunities [5] - Templum's vision includes enhancing capital markets by overcoming outdated technology that hinders investments [5] - SoFi serves as Templum's alternative assets partner, emphasizing the importance of streamlining the investment process for eligible investors [3] Industry Insights - Epic Games is a leader in global interactive entertainment, known for its Unreal Engine and developer-friendly Epic Games Store, which supports cross-platform gameplay and offers a generous revenue-sharing model [7] - Stripe is recognized as a category leader in billing solutions, serving over 300,000 companies, including notable clients like OpenAI and Atlassian, and is praised for its developer-first approach and exceptional customer support [7] - Both companies are positioned to drive innovation in their respective sectors, with Epic Games focusing on digital entertainment and Stripe on modern billing operations [7] Future Outlook - Templum and SoFi are preparing a robust calendar for 2026, featuring new investment opportunities across high-growth sectors such as Robotics, FinTech, Defense Tech, and Cloud Infrastructure [4]

Core Insights - Morgan Stanley has signed an agreement to acquire EquityZen, a platform specializing in private share transactions, with undisclosed financial terms [1] - The acquisition aims to enhance Morgan Stanley's service offerings for private companies and their stakeholders, including cap table management and liquidity events [2][5] Company Overview - EquityZen, launched in 2013, connects retail investors with shares in private companies and has over 800,000 registered users [2] - The platform has processed more than 49,000 transactions across over 450 firms and is based in New York with approximately 50 employees [2] Strategic Intent - The acquisition is intended to provide new liquidity options for participants in the Morgan Stanley at Work program and increase access to private shares for wealth management clients [4] - EquityZen's CEO emphasized that the partnership is about scaling and reaching more investors, aligning with the mission to bring private markets to the public [3] Market Context - The integration of EquityZen's model is expected to give private companies more control over the management and timing of their shares trading [3] - Morgan Stanley's Wealth Management head noted that the acquisition addresses client needs as companies remain private longer, providing seamless liquidity solutions for employees and early investors [5] Future Developments - The acquisition is anticipated to be finalized in early 2026, pending regulatory clearance and customary closing conditions [4] - Morgan Stanley is also involved in arranging a risk transfer linked to a $6 billion portfolio of loans to private market funds, which could involve around $750 million [6]

Company Overview - StepStone Group has opened a new office in Dublin, Ireland, under its subsidiary StepStone Group Europe Alternative Investment Limited, which is regulated by the Central Bank of Ireland [2] - The firm has been operating in Dublin since 2005 and provides EU-based clients access to private market investment solutions across various asset classes [3] Financial Performance - As of December 31, 2024, StepStone Group Europe Alternative Investment Limited oversees €29.1 billion in assets under management (AUM), a significant increase from €20.6 billion in December 2022, reflecting a growth of approximately 41% [3] Workforce Expansion - The number of employees in StepStone's Dublin office has doubled since 2021, reaching 110 employees, which constitutes about 10% of the firm's global workforce [4] - The new office spans 12,000 square feet and is designed to foster teamwork, brand pride, wellness, and sustainability [4] Market Position - The expansion in Dublin is seen as a positive development for Ireland's financial services sector, reinforcing the country's status as a prime location for global investment firms seeking access to the European market [5][6] - StepStone's growth in Ireland is attributed to the increasing demand for private market solutions among EU-based institutional and private wealth clients [4] Strategic Initiatives - StepStone has recently launched its first European Long-Term Investment Fund (ELTIF) focused on the private debt market and has converted existing RAIF funds into UCI Part II vehicles [6]