The United States continues to lead globally in privately held technology companies valued at over $1 billion, significantly outpacing Europe and China. This dominance is supported by a robust venture capital environment where risk capital fuels entrepreneurship, allowing American startups to raise substantial funds despite high failure risks. In contrast, Europe produces approximately 85% fewer tech unicorns than the U.S. and receives only 20% of its venture capital funding, hindered by fragmented markets, slower regulatory processes, and limited research and development investment. Private equity firms are currently facing challenges due to a stagnant dealmaking climate, with exit opportunities scarce amid postponed IPOs and stalled transactions. As a result, firms are increasingly turning to niche securitized products, such as Collateralised Fund Obligations, to generate liquidity, although some experts caution about the transparency and accounting of these instruments. According to a Bain & Co. report, private equity funds hold around 30,000 unsold companies valued at about $3.6 trillion, reflecting pressure from investors seeking cash returns. Despite these headwinds, there is a growing bullish sentiment among private equity leaders toward the European market, which retains world-class research capabilities but requires improvements in commercialization and distribution strategies to capitalize on its talent pool. Venture capital limited partners are also exploring discounted stakes in funds, signaling shifts in the investment landscape amid economic uncertainties in the U.S. and Europe.