2025

The 2025 set covers Asia-Pacific, Europe, Global, Latin America, North America, Southeast Asia. Each report is a structural analysis with its reasoning shown, its sources named, and its limits stated.

• Global Investment Outlook 2025 — The Bifurcated Market — By 2025 there were effectively two markets operating under one name. Capital directed at artificial intelligence behaved as though conditions were abundant; capital directed at everything else behaved as though they were tight. Both were true simultaneously.
• US Venture Capital Report 2025 — Concentration — US venture capital in 2025 was more concentrated than at any point in its modern history — by category, by company, and by firm. Concentration of that degree changes what an index number means, and most of the year's commentary was reading numbers that no longer described the market.
• Asia-Pacific Investment Report 2025 — Different Bifurcations — The bifurcation that split the US market in 2025 appeared across Asia-Pacific too, but along different lines in each market. The shape of a bifurcation tells you more about a market's structure than the fact of it.
• Singapore Venture Capital Report 2025 — The Exit Nobody Builds For — Southeast Asia solved capital formation. Money is available, funds are raised, companies get built. What the region has not solved is the other end — and a venture ecosystem without exits is a machine that converts capital into positions it cannot sell.
• AI Investment Report 2025 — Where the Value Accrues — By 2025 the question about artificial intelligence had stopped being whether it works. It had become which layer of the stack captures the economics — and capital was being deployed across four incompatible answers at once.
• Europe Venture Capital Report 2025 — Funding What the State Wants — European venture in 2025 concentrated into defence, energy and industrial technology — categories where the customer is frequently a government. That changes the diligence, the timelines and the risk in ways the software playbook does not cover.
• Latin America Venture Capital Report 2025 — After the Reckoning — Latin American venture capital rose faster and fell harder than almost any market in the 2021 cycle. What survived the correction is more informative than what was funded during it.