The first UN treaty to combat cybercrime was signed by 65 nations at the end of last month. As the annual cost of the digital threat could reach $10.5tn this year, according to industry experts, it’s now widely recognized as a major challenge. 

Even more alarmingly, international affairs think tank Chatham House points to the risk of treating cybersecurity ‘as a cost burden, rather than a matter of survival’. And others have highlighted the potential impact on the financial system. 

How are nations, industries, and organizations responding? And what are the investment implications, including in private markets? 

Governments are acting. For example, the US has its Cybersecurity & Infrastructure Security Agency, and as part of its Digital Europe Programme, the EU allocates €1.4bn to encourage better adoption of cybersecurity tools in the economy. 

Recent corporate deals include cybersecurity company Armis raising $435mn pre-IPO funding, bringing it to a $6.1bn valuation. Growth Equity at Goldman Sachs Alternatives led the round, with other participants including Alphabet's CapitalG arm and Evolution Equity Partners. 

Santa Clara-based solutions provider Netskope completed an IPO on the Nasdaq Global Select Market in September, raising $908mn and valuing the company at $8bn-plus. It was backed by several VCs. 

AI company Dataminr announced last month that it would acquire ThreatConnect in a $290mn deal. Also in October, Sublime Security raised $150mn in a series C funding round led by Georgian. 

However, new technology creates new challenges, as well as opportunities.

For example, quantum computing has huge positive potential, as we’ve previously highlighted in Preqin First Close. But management consultancy BCG reports that quantum computers are more than 50% likely to break widely used cryptographic algorithms, prompting further security issues. 
 
That could trigger more innovation. And more investment. 

Kerstin Weil 
Research Editor, Preqin First Close 

Hedge fund launches and liquidations worldwide

Hedge fund launches globally have declined from a peak of more than 3,000 in 2021 to fewer than 600 as of September 2025, contracting for a fourth year in a row. Preqin’s State of Hedge Funds 2025 by Salik Ahmed, Associate, shows there have been fewer liquidations, and overall lifespans have been shortening, potentially leading to a sparser landscape.

North America-based investors targeting buyout funds over the next 12 months

Buyouts are the most popular private equity strategy among North America-based investors over the next 12 months, according to Erin Hughes, Associate, in our AMRS Investor Data Team.  

Private wealth is at the forefront, Preqin’s H1 2025 data shows, with 27% of family offices and 20% of wealth managers indicating they're targeting buyouts.

This trend aligns with insights from our Private Markets in 2030 report, which forecasts continued growth in private wealth participation.  

Buyouts have maintained popularity, demonstrating steady expansion, and Preqin forecasts they’ll reach an estimated global $7.74tn AUM by 2030F. 

Preqin’s 12-month plan data is primarily gathered via direct engagement with LPs by our researchers. 

The energy transition is accelerating. LPs are looking to gain exposure to transformative infrastructure, while maintaining portfolio stability, according to Jean-Francis Dusch, CIO, Infrastructure Debt, Edmond de Rothschild Asset Management. Here, he explains how infrastructure debt provides investors with access to real assets via managers who combine credit expertise with strong industry knowledge.