UBS Equities-US Thematic Research _UBS Evidence Lab inside UBS Private M...-119158981

ab2 December 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 reports from UBS research: a. Consumer: Grupo Muffato, Softlines Compendium Vol 5b. Healthcare: Amil, Arvo, Assim Saúde, CarePlus, KeyReply, and c. Telecom: WOM, VERO, V.TAL, Alloha Fibra, Alares, Brasil Tecpar, Algar, and d. Fintech: Airwallex, Currencycloud, Thunes, Nium, Zero Hash, Fnality, Reown, and Sygnum Bank2. Who's in the news - IPOs to watch: Recent IPO news flow and data on the stock performance of 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 11/17 are raises from Anthropic (AI LLM developer), Project Prometheus (AI tool developer), Lambda (cloud computing platform developer for AI training and inference), Kalshi (online financial platform to facilitate trading), Luma AI (video generator platform), Kraken (crypto trading platform), Physical Intelligence (foundation model developer), Solve Therapeutics (ADC drug developer), Ramp (spend management platform), MainFunc (search engine platform developer), and Suno Studio (generative AI music company).5. Exits with values disclosed (IPO, M&A): Details of recent (trailing 7 days) exits, where TLN's $2.3B acquisition of Guernsey Power Station, a natural gas combined-cycle power plant, was the largest PE transaction 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 Databricks raising $5B at a $134B valuation, Generate Biomedicines (a company we recently hosted at our Global Healthcare Conference) announces plans for two Ph3 study starts in severe asthma, and the House of Representatives votes to extend the pediatric rare disease priority review vouchers (expired end of '24). 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 Managed Care and Healthcare Facilities Analyst published takes from a mgmt meeting with HCSG, where we see reads to the broader nursing home market; ahead of the UBS Global Tech a