UBS Equities-US Thematic Research _UBS Evidence Lab inside UBS Private M...-118374775

ab21 October 2025Global ResearchPowered byUBS Evidence LabYESUS Thematic ResearchUBS Evidence Lab inside: UBS 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 compendiums from UBS research: a. Consumer: Private Company Compendium (09/10)b. Energy: Clean Energy (09/30), Oil & Gas E&P, Utilities, and IPPs (08/25)c. Financials: US Financials (09/03)d. Healthcare:Biotechnology/Therapeutics (09/22), Healthcare Services & Managed Care Private Company Compendium (09/04); Life Sciences & Diagnostic Tools + Medical Supplies & Devices (08/27)e. Industrials: US Industrials Group 1 (08/26); US Industrials Group 2 (09/03)f. REITs: US REITs (08/27)g. TMT: Fintech (10/14),US Semiconductors (09/26), US TMT (08/25)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 since 10/14 are raises from Deel (workforce management platform), Upgrade (financial technology platform), and VeraDermics (drug developer of aesthetics and dermatology-focused drugs) .5. Exits with values disclosed (IPO, M&A): Details of recent (trailing 7 days) exits. BX's acquisition of NAVEX Global, a risk and compliance intelligence platform, for $2.5B was the largest exit in the prior 7 days.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 recent newsflow on data center buildouts and the announcement of the first 9 recipients of Commissioner's National Priority Review Vouchers announced. We also include UBS Evidence Lab data on most liked/downloaded AI applications (> Access Dataset) . 7. New from UBS Research: From UBS Research this week, we highlight our SMID Biotechnology Analyst's takes on SMMT/Akeso's PD1xVEGF bsAb data in 1L squamous NSCLC at ESMO and our US Software Analyst's takes from Oracle's Investor Day.8. What's on our radar? We spotlight the UBS Global Healthcare Conference Nov This report has been prepared by UBS Securities LLC. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES, including information on the Quantitative Research Review published by UBS, begin on page 16. UBS does and seeks to do business wit