Private equity firms are experiencing a sector-wide contraction, having raised $592 billion in the 12 months to June 2025, marking their lowest fundraising total in seven years. This downturn persists despite firms offering discounts to attract new investors. Concurrently, there is an observed increase in private equity interest in raising retail money, which contrasts with the decline in institutional fundraising. In related market news, cryptocurrency venture capital fundraising has become more challenging, even amid a bull market. Separately, geopolitical developments include the United States moving to exclude China from undersea cable supply chains. Additionally, China has surpassed the United States in climate change research, enhancing its influence on global policy.