Alternative Investing Report - September 9, 2025

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*as of 9/8; Sources: S&P, BTC, FTSE, DJRE, GOLD

Global venture funding in August totaled $17 billion, a year-over-year decrease of 12%, and the lowest monthly total since 2017. The decline was felt at all stages, with seed stage funding dropping by more than 30% compared to last year while late-stage funding fell by 20%. AI remained the dominant sector, even in a down month, followed by healthcare and biotech.

➨ TAKEAWAY: August is always a slow month as the world goes on vacation, but the size of the decline was notable this year. Overall venture funding has increased this year, but that is largely on the back of massive AI megarounds, such as OpenAI’s record-breaking $40 billion raise in March. Take those away, and the numbers show a continuing trend of early-stage companies struggling to attract capital. As more IPOs come to market, it could both free up investor capital to reinvest and attract new investors to the sector.

In this episode of Smart Humans, Slava Rubin talks with EquityZen CEO Atish Davda about his market predictions, investment strategies, the evolving landscape of pre-IPO investing, and the hottest sectors.

🚀 StubHub IPO: The ticket reseller is pricing its shares at $22 - $25 and is aiming to raise as much as $851 million at a valuation of $9.2 billion in its upcoming public offering. It will trade on the New York Stock Exchange under the symbol STUB and could go public later this week.

🤖 Mistral megaround: The French AI startup is raising a $2 billion round at a valuation of $13.8 billion, with the Dutch chipmaker ASML responsible for more than 75% of the round, gaining an 11% stake in the company. Mistral’s valuation has now more than doubled since last June.

🏡 Housing market record: The total U.S. housing market value hit an all-time high of $55.1 trillion, but it is only up 1.6% year-over-year, a far slower pace than recent years. New York, New Jersey, and Illinois had the biggest yearly gains, while Florida, California, and Texas had the biggest losses.

💵 Pensions cutting back on private credit: A look at 70 public U.S. pension funds shows an 18% decline in private credit investment in the first half of 2025, as concerns mount about liquidity, looser underwriting standards, and credit risks.

🪙 Solana treasury firm: Forward Industries raised $1.65 billion to launch a new Solana treasury company, the largest one so far that is focused on the sixth largest cryptocurrency.

🏢 Self-storage slowing: Construction starts in the self storage sector are down 12.8% year-over-year and new supply is projected to drop by almost 30% by the end of 2027.

🎨 Must-see fall exhibits: Major museum exhibitions can boost demand for an artist’s market, and this list of eighty exhibits to see worldwide this fall includes a Joyce McDonald survey in the Bronx, a Jennie Jones installation in St. Louis, and a Suzanne Jackson retrospective in San Francisco.

💵 Carlyle secondary fund: The private equity firm announced that it raised $20 billion for its latest secondaries fund, well above the $9 billion its previous fund amassed.

A 3,023 square foot farmhouse in Burillville, RI, thirty minutes northwest of Providence, is coming to auction. What makes the 8.5 acre property notable? It was made famous by the “The Conjuring” series of movies, which just had its most recent entry “The Conjuring: Last Rites” released last Friday. The property was last sold in 2022 for $1.5 million to a self-described medium, who transformed the house into a tourist attraction before it was shut down by the authorities over a number of issues. When will the house be auctioned? Well, on October 31 - Halloween, of course.