Reports & guides
Reports & guides.
Long-form research on private-market activity, valuations and liquidity and educational guides.
H1 2026
Investing in the Next Stars
Venture secondary market analysis covering cooling volume, widening discounts, sector premiums, and the New Stars cohort.
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2025 Annual Report
Private Markets Report
Annual analysis of pre-IPO secondary markets, valuations, liquidity trends, sector performance, and the market outlook.
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Guide · August 2026
Investing in Private Companies: A Guide to the Structures
How the main private-market investment structures work — from direct ownership and SPVs to tokenised shares, feeder funds, and listed funds — and the trade-offs each one carries.
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