2019

The 2019 set covers Asia-Pacific, Europe, Global, North America. Each report is a structural analysis with its reasoning shown, its sources named, and its limits stated.

• Global Investment Outlook 2019 — The Reckoning That Almost Happened — 2019 was the year private valuations finally met public markets, and public markets said no. The correction that should have followed was interrupted by a pandemic and a liquidity flood — which is why the same reckoning had to happen again three years later.
• US Venture Capital Report 2019 — The IPO Reckoning — For a decade, US venture capital had operated without a functioning check on late-stage pricing. In 2019 the check arrived in the form of the public markets, and a great many marks did not survive contact with it.
• Asia-Pacific Investment Report 2019 — Scale Meets Its Limits — Asia-Pacific's private markets spent the late 2010s funded on the assumption that scale would eventually produce profits. In 2019 that assumption was tested in several places at once, and the answers differed by market in ways that mattered.
• Japan Investment Report 2019 — The Gap Between Assets and Price — Japan offered something unusual in 2019: a large developed market where a substantial share of listed companies were valued at less than the assets they owned. The question was never whether the gap existed. It was what would close it.
• Secondaries Market Report 2019 — From Stigma to Strategy — The secondaries market spent two decades as the place distressed sellers went. By 2019 it had become the mechanism by which private markets manage time — which is a far more useful thing to be, and a far larger market.
• Europe Venture Capital Report 2019 — The Scale-Up Gap — Europe founds companies as well as anywhere. It funds them to scale considerably worse — and by 2019 the gap had been measured well enough to stop being an impression and start being a diagnosis.