UBS Equities-US Thematic Research _UBS Private Market Monitor Keeping Up...-116941548

ab1 August 2025Global ResearchUS Thematic ResearchUBS Private Market Monitor: Keeping Up with Private CapitalWe highlight relevant UBS research and the latest trends in VC/PE Inside the report, we include links to UBS’s most recently published private company profiles, the latest news on potential upcoming IPOs, the latest financing rounds/sector level investment trends, and other news we are watching. We also include our takes on recent UBS research that we think have implications for private markets, upcoming UBS ARC events, and upcoming UBS events with private companies in attendance. See below for a detailed overview of what is inside the report:1. Recent private company profiles from UBS research: Recent reports cover Biotech, Fintech, Healthcare Facilities & Managed Care, MedTech, and Consumer. 2. Who's in the news - IPOs to watch: Recent IPO news flow and data on stock performance IPOs in the preceding 30 days. 3. A taste of what's next - trends in IPO filings: Details on trends in deal volume and size, as well as sector level analyses of recent filings. 4. Top 25 funding rounds: The top 25 funding rounds from the last 30 days. New on the list the past week are from Grammarly (writing assisting technology), Ramp (financial operations platform to reduce spending), MapLight (biopharma company developing therapeutics for brain disorders), Hadrian (developer of an autonomous manufacturing platform for aerospace and defense), Ambience Healthcare (AI medical scribe), Lyten (developer of lithium-sulfur battery technology), Observe (enterprise SaaS platform developer), ARTBIO (biopharma company developing radioligands), and Armada (edge computing platform developer).5. Exits with values disclosed (IPO, M&A): Details of recent (trailing 7 days) exits.6. Other news we are watching in PE/VC: Our takes on recent news that we see as relevant for private markets. Some highlights from this week include OpenAI has reached $12B ARR, Neuralink begins enrolling UK trial, and Meta and Pika reportedly discussing a potential partnership. 7. New from UBS Research: From UBS Research this week, we highlight takes from MSFT's 2Q report, where we see a positive read to other cloud/AI infra-centric tech firms and smid-cap infra/data-exposed software firms, our thoughts on the federal judge temporarily blocking the Arkansas PBM regulation, which we view as a net positive for PBMs, and our perspectives on how the reconciliation bill changes provider taxes and DPP (directed payment program) limits.8. What's on our radar? We spotlight the UBS Precision Medicine Frontiers Summit on Aug 13-14 in Dana Point, CA.9. Upcoming UBS ARC Events: Calendar for upcoming UBS ARC-sponsored events. The UBS Analytical Research Community ("ARC") is a proprietary, private integrated research community within UBS IB Equity Research wherein an exclusive group of accredited entrepreneurs, executives, and industry leaders join and participate in the UBS Research community of knowledge.10.