Dear Valued Member of the Moonfare Network,
Welcome back to our private markets newsletter.
This mid-year stood out for Moonfare. The firm recorded its strongest half-year of inflows since 2022, pushing total AUM past €4 billion, even as the broader fundraising market remained sluggish.
It's part of a wider trend, says Steffen Pauls, Moonfare's Founder and Co-CEO: capital is concentrating toward established managers with the discipline to stay selective.
That same concentration runs through our latest mid-year private markets report: nearly every headline growth number — VC funding, exit value or fundraising — is carried by an ever-smaller number of outsized deals or managers. Here's what caught our eye in particular:
Europe's momentum. Exit value fell in the US but rose 59% year-over-year in Europe, per Pitchbook.¹ However, this rebound is powered by 22 mega-exits, producing the highest concentration in years.
A two-company VC market. AI absorbed over 70% of global venture dollars in H1 2026, with OpenAI and Anthropic alone accounting for over 40% of all capital raised.²
Caution in dealmaking. GPs are underwriting smaller, more conservative deals, but nobody's sitting on their hands: deal count rose 11% in the US and 13% in Europe year-on-year.³
What else moved markets so far this year? Read our report for the full picture.
Moonfare surpasses €4 billion AUM after strong half-year inflows
The firm now serves more than 5,600 individuals and more than 350 family offices and UHNWIs across 24 countries. We expect further international expansion as private wealth allocations to private capital keep growing.
What's behind the numbers: private markets at mid-year
New Mountain’s Steve Klinsky with Steffen Pauls on exits, AI and more
AI in practice: the two-hour value bridge now takes five minutes to build
More money to fewer managers: How private equity is splitting in two
