The report's feature stories spotlight pressure centers in the ever-changing deal environment, exploring why some venture capital firms remain on top and the rise of activist hedge funds as drivers of deals.

"In very different ways, both stories examine what's driving two of the most exciting areas in the deal economy," says The Deal's editor in chief Robert Teitelman. "Hedge funds have begun to play a more vital role in deals of all kinds and venture capital continues to actively stimulate the growth of new companies and new technologies. Both will play a huge role this year."

In "The anointed ones," senior writer Vyvyan Tenorio debates how a small group of venture capital firms has consistently outperformed the rest of the industry over and over again. A report by Palo Alto, Calif.-based Focus Ventures found that this small group of venture capitalists created a significant share of the industry's profits over the last two decades and suggests this same group will likely dominate the next cycle of wealth generation as well.

But, as Tenorio reports, with the venture capital industry in a state of flux, some insiders argue that there is less certainty that previous performance is an adequate predictor of the future. There are signs a major shakeout is unfolding, as more prominent firms break up or restructure and new firms spin out. The debate is greatly divided as to who will remain "top tier" and who will arise as the next generation of top dogs.

In "Having their say," senior writer Vipal Monga sits down with the team at P. Schoenfeld Asset Management to discuss its outlook for the deal environment, how nationalism affects global dealflow, the rise of activist hedge funds and the increasing interest private equity firms and investment banks are paying to the industry. In the Q&A, Peter Schoenfeld, CEO and founder of the firm that now manages close to $1 billion in two funds, argues that hedge funds are often the catalysts to push corporate boards to look out for shareholders' best interests.