VELES1. The PIPE market doubled. US PIPE and private-placement issuance rose from $61.6 billion in 2024 to $115.5 billion in 2025 — and Q2 2026 alone produced $83.8 billion. Chart: annual issuance 2023–2025 plus 2026 quarterly bars. Source: PlacementTracker league tables.
2. Eleven percent of assets, a third of flows. Active ETFs held ~11% of US ETF assets at end-2025 but took ~31% of the year's record inflows — and ~39% in H1 2026. Chart: paired bars, asset share vs flow share, 2024–2026. Sources: SEC DERA; Morningstar; State Street.
3. Biotech's window reopened. Thirteen biopharma IPOs raised ~$5.0 billion in H1 2026 — more than any full year from 2022 through 2025 — while quarterly follow-on volume roughly quadrupled year over year. Chart: IPO proceeds by year, 2021–2026 YTD. Sources: J.P. Morgan biopharma deal tracking via HAA; DealForma.
4. The secondaries release valve. Secondary market volume hit a record $226 billion in 2025, up 41 percent, as investors traded fund stakes rather than waiting on exits — against distributions running below 15 percent of NAV for a fourth straight year. Chart: annual secondary volume, 2020–2025. Sources: Evercore; Jefferies; Bain.
5. Where capital actually forms. Regulation D private placements raised $2.1 trillion in 2024 — more than twice registered public equity offerings; 2025's revived IPO market raised $44 billion. Chart: exempt vs registered equity issuance, log scale optional, honesty mandatory. Sources: SEC DERA; Renaissance Capital.
Data notes: Each installment of this series should re-verify figures against the primary source on publication date and state the data cutoff. Figures above are current as of August 2026.