Alternative Investing Report - July 24, 2026

July 24, 2026

Happy Friday. Europe’s two biggest startups jumped in value, $11 trillion of housing faces climate risk, zombie funds are hurting private equity, and Robinhood overtook Coinbase in one metric. Let’s dive in!

🎫 Register: For our next investor briefing looking at the state of the IPO market post-SpaceX and potential public offerings from OpenAI and Anthropic.

This issue is brought to you by Templum Capital – Access select private company investments, including Blue Origin.

📈 DAILY MARKETS

*as of 7/23; Sources: S&P, BTC, FTSE, DJRE, 30YM

🚀 NOTABLE FUNDRAISES


Europe’s most valuable private company, fintech Revolut, saw its valuation jump more than 50% — from $75 billion to $115 billion — in a recent secondary sale, which exceeded initial expectations. Meanwhile, the leading European AI company Mistral AI is reportedly receiving €1 billion from Samsung at a €20 billion valuation, nearly doubling its last valuation of €12 billion.

➨ TAKEAWAY: These megarounds continue a pattern in both Europe and the rest of the world, with more concentrated bets on fewer companies. European startups are on track to raise 27% more than last year, but with deal count on pace to drop. More than 60% of all capital raised is going to AI companies, and while Revolut is an outlier, it was a share sale and not a fundraise.

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📺 UPCOMING EVENT

Join Vincent’s Slava Rubin and Sacra’s Jan-Erik Asplund as they revisit the SpaceX investment thesis to see how it played out. They’ll examine the company’s public debut, the impact of lockup expirations, and what the listing reveals about today’s IPO environment. They’ll also turn to the next wave of potential IPOs, including Anthropic, OpenAI, and other late-stage private companies, and discuss what investors should watch for as the IPO market evolves.

Tuesday August 4 at 11 AM ET

📰 NOTABLE NEWS


🏡 Housing climate risk: Nearly a quarter of of U.S. homes representing more than $11 trillion in value face severe climate risk from flood, fires, and wind. The exposure leads to higher insurance premiums, higher HOA fees, and higher levels of mortgage delinquencies. Despite this, in many areas, buyers are still choosing homes in high-risk areas, particularly in California.

💵 Zombie funds: A record $348.5 billion worth of assets are now trapped in private equity "zombie funds” - those that no longer raise money or make new acquisitions. Firms are still struggling to sell off portfolio holdings from these funds that are well past their intended lifespans, leading to liquidity issues across the industry.

🪙 Robinhood overtakes Base: Only three weeks after its launch, Robinhood’s new Chain has overtaken Coinbase’s L2 Base in daily active user count, with nearly $600 million in total value locked, mostly driven by memecoin trading.

🏢 REIT fundraising rising: U.S. REITs surpassed $20 billion in debt and equity funding in Q2, a gain of $2.7 billion from Q1, as investor demand steadily grows. One big change is the overall shift from debt to equity, as only 48% of the capital raised so far in 2026 has come from debt, compared to 73% in the first half of 2025.

🚀 Emerging market climate tech: As the developing world searches for more efficient electricity and cleaner energy, climate tech funding reached a record $1.9 billion in emerging markets such as India in 2025, with 2026 on pace to top that mark.

🏀 Big Goodwill find: An Oregon teen bought a vintage Lakers jacket for $3 at Goodwill, and it turned out to be one that had been worn by Wilt Chamberlain. It later sold at auction for more than $90,000, showing that there are still hidden gems out there waiting to be found.

📝 IN CASE YOU MISSED IT

Have a great weekend!

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