硅谷银行：2026年全球私募市场趋势报告：创新经济全球展望（英文版）（22页）.pdf

1、Global Private Market Trends in 2026SVBs Global Outlook on the Innovation EconomyJanuary 2026GLOBAL PRIVATE MARKET TRENDS2Contents 3Executive Summary4VC and Founder Perspectives6The US Looks Inward10Defense Tech Escapes the Penalty Box13AI Momentum Grows17Emerging Market SpotlightWe are confident th

2、at innovators and investors globally are well positioned to adapt to new challenges and catalysts on the horizon in 2026.”GLOBAL PRIVATE MARKET TRENDS3Where Innovation Moves,Capital FollowsAndy TsaoManaging DirectorHead of Global G Global innovation continues to adapt at break-neck speeds as investo

3、rs and founders react to a constantly evolving policy and geopolitical landscape.However,technological progress and the beginnings of interest rate easing have shifted attention back toward risk assets,with AI as the main beneficiary.The response across markets has been defined not by retreat but by

4、 recalibration.The innovation ecosystem is reorganizing.Defense tech,once considered outside the venture mainstream,has moved sharply into focus.The European market has become a proving ground for dual-use and frontier technologies,reinforced by rising government spend and a wave of category-definin

5、g rounds.What was previously a specialized segment of the market has become a core theme.Meanwhile,AI continues to accelerate across every geography.In China,while venture investment remains low,Chinese AI models rank among the best in the world,and their academic research outstrips the US.Europe as

6、 well has emerged as a meaningful hub not just for foundational research but for scaling companies and landmark financings.The liquidity landscape is evolving,too.While exit markets remain inconsistent across regions,many emerging markets are finding their own momentum.India,for example,is unlocking