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IPOs, AI, and the unicorn proliferation: the themes exciting private equity technology investors for 2026 and beyond
Alternatives · 15 Jan 2026
0 min read
Pictet’s technology thematic private equity team discusses the aspects of the innovation revolution, from AI to IPOs, that are at the top of investors’ minds as we enter 2026.
Executive summary
Throughout history, successive waves of technological innovation have fundamentally reshaped the global economy. Since the 1990s, three have crested: first the internet, then mobile and the app ecosystem, and then the cloud. Each of these waves created entirely new behaviours, new business models, and ultimately trillions of dollars of enterprise value, giving rise to generational tech companies that are now part of everyday life.
We believe the wave that is currently rising – artificial intelligence (AI) – is different from these previous three in both scale and depth. This is not just another technology cycle: it is closer to an industrial revolution.
Key points include
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1.2026’s IPO pipeline demonstrates the improving liquidity conditions and larger potential outcomes for private equity technology investors.
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2.AI offers a highly heterogenous opportunity set; in private equity, we see the most compelling prospects in applications and platforms.
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3.Diversification across the full private technology landscape nevertheless remains vital for capturing opportunities and managing risks.
