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target=3D"_blank"> <img width=3D'1' height=3D'1' opacity: 0; style=3D'disp=
lay:none !important; mso-hide: all;' src=3D'https://my.pitchbook.com/ms/pix=
el?userId=3D3DABLZ54MOPJL5Q&eventSource=3D3DZQDXJQ6VUBAECQE7XY5D5PSLQI&emai=
lId=3D3DLEOGZFWXANUEW&emailName=3D3D6H3WX3QH7CXEMMMBQSMFL245ZG625LDUYNYOD6M=
6QHVPV46EGQLU2DKV43QYFSZS&pixelPosition=3D3DUAZEVU3EPI6EYRHRSC2KEHCFHGQ6ZMZ=
BKVWWKQA.gif'/><img src=3D"https://url6380.news.pitchbook.com/wf/open?upn=
=3Du001.4Qe7VL981gyAPMxYoCz8CBKmv7adpoGoGfpUfNDzw-2FIUFPDY6owZNjRg8mspgm8j-=
2Bq6U3HIlUvZ8w4JnVdXcP7CqKVlVB5YahVNKPH-2BSu3S6NpRumlV08SAApOewGnGopzYyA8Oz=
y82LSO6Zh1W6kMGe0SeYeZKXZTJlY7npHPzINjS2JZZGinfWT22oEa3YBZHyBr5wAEW4kg6GIGj=
1N9kWF1FR6KY3U370Ks4t-2BzZtmr7JrKAnuWUGBJRm4MGvvPI0tfYVXhxfA6s7zok-2FMDDRKP=
-2FyzW0alrlbp7zlO3DJQrCyuL6YPvMzWLmvUxDYHIYxnN6UaCoXF9R00CKgxf7uScURuIwU7HR=
F9oaea-2FJ50Ti9IyrjiGnpTsdbh1d3Yt-2BmyrJttbhRlhWynl2vX1mVwcBJM0JRAxR7BPE5hg=
qURJYpaqTZp1SlzW3GZyJ8AvUxhUs4PDE7MkUvFGhdKlHUcg6snbdWnl3CKDDSaYCA0jW59Xhej=
v5DseP0-2FJ07hPj354XJCj4dTvBb1ff7095SEGvZ9t4jv-2BFx0eaqnA0-3D" alt=3D"" wid=
th=3D"1" height=3D"1" border=3D"0" style=3D"height:1px !important;width:1px=
!important;border-width:0 !important;margin-top:0 !important;margin-bottom=
:0 !important;margin-right:0 !important;margin-left:0 !important;padding-to=
p:0 !important;padding-bottom:0 !important;padding-right:0 !important;paddi=
ng-left:0 !important;"/><img width=3D"141" height=3D"39" src=3D"https://fon=
ts.pitchbook.com/newsletter/pitchbook_morningstar_logo.png" alt=3D"PitchBoo=
k"> </a></td>
</tr>
<tr>
<td style=3D"text-align: center; font-family: Roboto Serif, Ge=
orgia, serif; font-size: 44px; font-weight: 500"><span>The Research Pitch</=
span></td>
</tr>
<tr>
<td style=3D"text-align: center; font-family: Roboto, Arial, s=
ans-serif; font-size: 24px; font-weight: 300; padding-top: 9px;"><span>VC, =
PE and M&A</span></td>
</tr>
<tr>
<td style=3D"text-align: center; font-family: Roboto, Arial, s=
ans-serif; font-size: 14px; padding-top: 11px; padding-bottom: 38px"><span>=
Presented by <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du=
001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWlvgf4AKBQgxG9vkHMp2uuHtv2e=
0pC2L1iEdaqC0b6vQ-3D-3DIXdO_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t=
1yZbcbdWeUgFVa0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555=
hbgRHR-2FMq4pvsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wn=
mojQAi3ucFudiT5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-=
2FlGlcN6F5uitIIecer5jFaJf43ugO1s4J2zxBnoHbPqj7Ch5P3gf5v0K5-2BiXRlFySkLOPQm9=
R3gGOAI5HhQaGKEjtq-2F2uAig4t8YY54J2mg5Ws4ADywadIP5tPMl8aud6bgJVy9-2F-2B5D38=
LICPYGd-2F4Lbj9L-2BR0KfuoIh9bL473etaP6gDdYVQsNeNPI5CJWi9BCcFGkjznUPOvu8bMsv=
fsSfxv8ti2vPU7bhJqGGnRuBe-2FdNuDM2orfNcAq-2BbNT0NOrWGEv2JqOhFZgjpvVlR35mJX7=
fiSYWaISB5jlftpGQUA-3D" target=3D"_blank" style=3D"text-decoration: underli=
ne; color: #476990; font-family: Whitney, Arial;">AlixPartners</a></span></=
td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td>
<table lang=3D"x-content" cellpadding=3D"0" cellspacing=3D"0" bor=
der=3D"0" width=3D"100%" style=3D"min-width: 100%!important; width: 100%!im=
portant;">
<tbody>
<tr>
=20
<td class=3D"content" width=3D"460" valign=3D"top" style=3D"ma=
x-width: 460px; padding-left:5px; padding-right:5px;">
<table lang=3D"x-main-content" width=3D"100%" cellpadding=3D"=
0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"=
>
<tbody>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>US =
PE Breakdown</b>: Q3's report is now available, featuring new overview metr=
ics for PE deals and exits, a credit conditions section, and expanded secto=
r-specific deal charts. <b><a href=3D"https://url6380.news.pitchbook.com/un=
i/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWlvgf4AKB=
QgxG9vkHMp2uu8OYL-2FIaMjGRT4Z5bDEmBbg-3D-3DtfSf_I3w5d9c01gkD8gLzFEofZR-2Bh6=
VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2=
FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp79tde=
OHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53u-2Bo=
nchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf43ugO1s4J2zxBnoHbPqj7BuCgMPUHw=
nJ3OtYNUlv2ZL56J5ReDDEr9bHXImwaXIzG4D133LT4HMDtRIvG4KMKCCKVHzpqh3hUPcuD3Ylz=
u8QkyjkL5aQpOQoj2QeqhtI1COL-2FupbQflYLrnpBYK9DYBaXXERBnGwuGqelGefSdAyoI8NOm=
vNtWg6B2KL006QUEDFcbfEJSJlgq4-2BlZCpP-2FHoVf2TqEdzSz9NH4G5T-2FYHjiSn-2BSdtU=
Rj3SECcSWUBzSzDf-2FgnUjJf1DWmIqCWWo-3D" style=3D"color: #1D5080;" test=3D""=
universal=3D"true">Read it here</a></b>.<br><br><b>Zooming in</b>: Our new=
analyst note broadens our secondaries coverage to include fund interests i=
n US VC, breaking down how GP-led deals work and why they've trailed direct=
secondaries. <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click=
?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWlvgf4AKBQgxG9vkHMp=
2uuL30k-2F5qarLojYLXyDwmmIw-3D-3Drjev_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRF=
Cfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBS=
doR8rYN555hbgRHR-2FMq4pvsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ7=
2dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC=
4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf43ugO1s4J2zxBnoHbPqj7DTboPekdCR2yWNNaJ36=
K9GF2RSCGuSRh4E1o9HyFjVkw-2BgRq-2FfBbD0EG50Sg2JcvstFEzv9XUGfz6SuttyMiBh-2BG=
C2H-2Bcc2U49ZH8kKHR1e3VQR6Iu2gqm5Inxlmf4TuEZuXi8M9hkFyEQPFCU0gre-2FvBdsPYiv=
FN1oomQbO8H5BUoH-2FIJPUBhlIz32XRzN5-2FwSD8Xsxs601-2F3vc2yhQcK0z0ciGMNp2nCKt=
-2BgQ8Bq76oUxduD4NLMdrorKuZnOb0-3D" style=3D"color: #1D5080;" test=3D"" uni=
versal=3D"true">Read it here</a></b>.<br><br><b>Supply chains rewired</b>: =
AI is reshaping every aspect of supply chains=E2=80=94and investors are tak=
ing notice. Our analyst note explores how companies in the sector are putti=
ng AI to work and who=E2=80=99s coming out ahead. <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzWlvgf4AKBQgxG9vkHMp2uucCq3Y04A69H0kMbQhLVNsQ-3D-3D4l7W_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri6cY9RS=
I-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTydwPQurC=
OOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oeO-2BRK=
8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf43ugO1=
s4J2zxBnoHbPqj7BEU5rfAiApYWutLaIOPs5QXy6fpATVnENvYAdPjjtP6I6yIyQzDkF680NVrm=
5UqQKZ7fqkow7NivjW8GSqCz0jzDWI60i11BxW0iRZZbTnVgp2BDu1F2xivEtD86Jz-2FzvK5Ct=
DrYhLP1HjjOoBNm864eM1qjNqtJ7jSq6Bw-2F4ZCdWmnsqDUEO9fXkrZqJjdSturYFfzvBZOjKd=
M8ZfvNMZ8udKfehdSf4-2F8LdYGfm9fQBmWfkWQNLGzBA1whQCLP8-3D" style=3D"color: #=
1D5080;" test=3D"" universal=3D"true">Read it here</a></b>.</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>A message from AlixPartners</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_573687" id=3D"n_573687" style=3D"font-size: 0; text-decoration: non=
e;"></a>=20
<table lang=3D"x-news-group-title" cellpadding=3D=
"0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;=
">
<tbody>
<tr>
<td><span class=3D"outlook-caption-override" s=
tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s=
erif;
font-weight=
: 500; font-size: 20px; line-height: 26px;"> Be a part of this year=E2=80=
=99s AlixPartners Leadership Survey </span></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">
<table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" lang=3D"x-image">
<tbody>
<tr>
<td align=3D"right">
<table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" style=3D"float: none;
padding-left: 15px; ">
<tbody>
<tr>
<td align=3D"right" style=3D"text-align: righ=
t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWlvgf4AKBQgxG9vkHMp2uuHtv2e0pC2L1iEda=
qC0b6vQ-3D-3DAHgl_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU=
gFVa0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FM=
q4pvsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucF=
udiT5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5=
uitIIecer5jFaJf43ugO1s4J2zxBnoHbPqj7B3nwJMOflAHzfui6kq3j25F15GsI8JnBYecDPAA=
zlyDTv0tVrDpl3y0-2B1Tm2PhFJThE-2BZJSnAoLI4PvqXm33uJPwFQgV6MGiB7OMRL2CsOWZ8i=
UXcsfyZiUB6yI3rWfLOkyFocHygoShYnL48GGq-2B9h7ZWYbUQsU-2BX2jObZjmdRtZBQYSp2ls=
pFimAuXEBhRBCfV4phxHyHQzCkBy32xyH-2FSB6eUrfYBhubqlKlGqq66vRFs5X7SFZ0uCMuK07=
kQE-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/ne=
ws/70870.jpg" style=3D"border: none; max-width: 420px;"> </a></td>
</tr>
<tr>
<td style=3D"height: 20px; line-height: 20px"=
> </td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>For the 11th year, AlixPartners is co=
llecting data for its annual PE Leadership Survey. In last year=E2=80=99s s=
urvey, 41% of PE executives cited senior leadership at portcos as a top con=
cern. With hold times at record highs, PE firms sitting on top of huge amou=
nts of dry powder, and economic uncertainty, a high-performing leadership t=
eam is crucial to success.<br><br>
Take this year=E2=80=99s survey to receive a=
copy of the report when it=E2=80=99s published. The findings will be impac=
tful as firms look to drive value in 2026.<br><br><a href=3D"https://url638=
0.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7O=
NnvsnswouzWlvgf4AKBQgxG9vkHMp2uuHtv2e0pC2L1iEdaqC0b6vQ-3D-3D_ogB_I3w5d9c01g=
kD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri6cY9RSI-2F-2F=
f9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTydwPQurCOOOb1-2=
F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oeO-2BRK8dfYks8=
eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf43ugO1s4J2zxB=
noHbPqj7ArLMQiUGtvXSmEK7T4HctZQtlEi702hVXx1jOWNK1jYFI1bhlWGiakaYWbXKbZu-2BO=
UpoXY1G-2BrbJw5Bf7xpHSfsc2GMMDq-2BRPcEwav-2FsRVOeio0RzUV01Wjq-2FqL61qdeYG2z=
MPRtTT3J7bzezQakz5-2FG5xVFb7DQemS8TItPWQlJpAB6ginjssB6-2FSRIr5HbSUt6w2mFP8p=
JpTXPJirj1SPMV3zTGs4xD-2Ff4HiDs8gYsDZXPmrNj274Zi-2BdYTktHs-3D" style=3D"col=
or: #1D5080;" test=3D"">Take the survey now</a></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_573691" id=3D"n_573691" style=3D"font-size: 0; text-decoration: non=
e;"></a>=20
<table lang=3D"x-news-group-title" cellpadding=3D=
"0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;=
">
<tbody>
<tr>
<td><span class=3D"outlook-caption-override" s=
tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s=
erif;
font-weight=
: 500; font-size: 20px; line-height: 26px;"> The IPO 'comeback' isn't what =
it seems </span></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">
<div>
Figma led a string of splashy IPOs in Q3, and=
several billion-dollar acquisitions reignited hope that liquidity is retur=
ning. YTD dealmaking and exit value have already crossed annual totals from=
the post-pandemic years 2022 to 2024. But beneath the optimistic headlines=
, venture is still far from recovered.=20
<br>
<br>
Our latest findings in the <b><a href=3D"htt=
ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW=
Irf6GFa-2BaqM7ONnvsnswouzWlvgf4AKBQgxG9vkHMp2uuIaQnJGCAIDUFR2-2BXFohALg-3D-=
3DyhUi_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF=
thri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeq=
rTydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJ=
s8oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5j=
FaJf43ugO1s4J2zxBnoHbPqj7Bv4mEFWfC7UDwypwDtNHbZJVLd5iBkJ7eaOOHb1f1xi24P2d3c=
O4trsjytl99SdjNEFRTZRBWaISOZ1NFaOW8x1TMrM0NJXo-2FBHZ7d-2BMktJaEsHvRI1ufVSLT=
i-2FWb0NYlOzffA9qQSWXIGmZMICVn-2BOTDbfcehBxPXbszp5laVIy3GW9oXdoBeoDI1nu74Qa=
i60K4gfRJUB6O-2BItSPr8CULYSPWTxupAYjpkPqHpEmpTfaf6AtB0Vw9DgmFl80H44-3D" sty=
le=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 2025 PitchBook-NVCA =
Venture Monitor</a></b> reveal that 2025 is on pace for the second-highest =
number of exits ever, but three-quarters of those are small acquisitions of=
early-stage startups, not the kind of blockbuster liquidity events that re=
store market confidence.
</div>
<div>
<br><a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn=
62sMPFp1p8Ru0fDSUjE9I6ndLZwCPwEgcOyl0SSalg-3D-3Ddv9V_I3w5d9c01gkD8gLzFEofZR=
-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEl=
lgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp=
79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53=
u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf43ugO1s4J2zxBnoHbPqj7AXb-=
2FFXxmEajM7dxbntsFpJCoERcD2qYiu4-2F9bLJjzHL1nXNUw6LK2NoOOgXJPdoEc-2BsE1CZvf=
kcLQdFJp3toFC7GSHp9Ql24kmHwnekset7YuBevIa-2F58Q-2F56b0au63OSW4ZyBDWL-2BHKkK=
TOcpVMjwDR0zI1l5hbJrJ6Qmc630TwB0jLtOy-2BODgkQ4oEUF4WWlRmHxf4VwSLKy3SYlkBLp6=
hbMbBiKpzJH8JtS683cVxNRQmibQGDxhif4BwemzLI-3D" universal=3D"true"><img alig=
n=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/70874.png" styl=
e=3D"border: none; max-width: 420px;"></a>
</div>
<div>
</div>
<div>
Even the latest IPO wave, while welcome, rema=
ins heavily concentrated among profitable or policy-aligned companies. Outs=
ide of AI, space, and crypto, most IPO hopefuls are preferring to wait out =
the macro uncertainty before going public, so the pipeline of filings remai=
ns a trickle, not a flood.=20
<br>
<br>
Meanwhile, AI and mega-deals continue to dom=
inate the venture narrative. Nearly two-thirds of VC dollars this year have=
flowed into AI & ML deals, pushing valuations ever higher even as liqu=
idity stays tight. Nine-billion-dollar-plus financings accounted for nearly=
40% of Q3's deal value, with standouts like Anthropic, Databricks, and xAI=
raising enormous sums at record valuation growth.=20
<br>
<br>
The result is a top-heavy market. Though hea=
dlines might say "venture is back," our data suggests otherwise. 2025 is a =
transitional year for the asset class, and we are cautiously optimistic tha=
t this year is setting the foundation for the beginning of a recovery in 20=
26.
</div></td>
</tr>
</tbody>
</table>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: =
100%;">
<tbody>
<tr>
<td valign=3D"top">
<table align=3D"center" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" lang=3D"x-image">
<tbody>
<tr>
<td align=3D"center">
<table align=3D"center" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" style=3D"float: none;
">
<tbody>
<tr>
<td align=3D"center" style=3D"text-align: cen=
ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSUjE9I6ndLZwCP=
wEgcOyl0SSalg-3D-3DHYXF_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb=
cbdWeUgFVa0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgR=
HR-2FMq4pvsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQ=
Ai3ucFudiT5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlG=
lcN6F5uitIIecer5jFaJf43ugO1s4J2zxBnoHbPqj7CDOj6DZMqJnDru0-2F3-2Bf8714-2FFtM=
ntrRIkiyrOY5aWdRCvSs1OCgfOQtjB6T-2B6s9O-2F-2FNzzVXO6p-2F8PaxCdQphY-2FOF1UoC=
yobwgn4aekj5Hd57AoeaMcLCzpDqiabX5xQA4BjpMa9XmgUbsecVyXPHbtgO2D1TQlejIN2zmCY=
9Vj95nTvt3G8836F4ito1ksnRgSDaMTZwWNQ1Lhtjq2VFakyssflymVZTl72lQe-2BQalPnlrck=
GHCOrEd8-2F4qaELDFU-3D" universal=3D"true"> </a></td>
</tr>
<tr>
<td style=3D"height: 20px; line-height: 20px"=
> </td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">
<table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" lang=3D"x-image">
<tbody>
<tr>
<td align=3D"right">
<table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" style=3D"float: none;
padding-left: 15px; ">
<tbody>
<tr>
<td align=3D"right" style=3D"text-align: righ=
t"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/615=
86.jpg" style=3D"border: none; max-width: 420px;"> </td>
</tr>
<tr>
<td style=3D"height: 20px; line-height: 20px"=
> </td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>Best,<br><br><a href=3D"mailto:emily.=
zheng@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Emily Zheng</a><br=
>
Senior Analyst, Venture Capital</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Industry & Tech</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br><b=
><big><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001=
.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSUjE96IsqEXIT=
eSQF6algVknF3A-3D-3Dwudf_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZ=
bcbdWeUgFVa0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbg=
RHR-2FMq4pvsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmoj=
QAi3ucFudiT5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2Fl=
GlcN6F5uitIIecer5jFaJf43ugO1s4J2zxBnoHbPqj7Ds2F3KvDUpkyeguI1yzA-2FKVvBXDb93=
z9tvc-2B-2B-2F3yDWPela6LBMwArGgdRjIVQNTRzfgAsy-2BwpIiyoxA73zXY1G3GUvotwnH0o=
hL3hlieMLt6Ld611gFVPyj1xTrB4fVctgmohZu2kH37BtzztJH0eu4Z3ycuzVqeOEisyZ0Yym1a=
hObOxQnrLiTUKYlOER5v-2BgOionZe9bpdizoAdOjYzT8h8s0QzdTqO2YXv1Vliaoe8nvrpND5y=
MRcp0WFknUVM-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">H1 =
Healthcare Funds Report</a></big></b><br><br>
Fundraising performance between PE and VC he=
althcare specialist managers diverged in the first half of 2025.<br><br>
In PE, allocations to the sector remain elev=
ated=E2=80=94with healthcare funds accounting for a record 3.8% of all PE v=
ehicles closed.</td>
</tr>
</tbody>
</table>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: =
100%;">
<tbody>
<tr>
<td valign=3D"top">
<table align=3D"center" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" lang=3D"x-image">
<tbody>
<tr>
<td align=3D"center">
<table align=3D"center" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" style=3D"float: none;
">
<tbody>
<tr>
<td align=3D"center" style=3D"text-align: cen=
ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSUjE9Vw0SVRGWE=
tl4KX-2BeWUTWvA-3D-3D3EcQ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hb=
gRHR-2FMq4pvsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmo=
jQAi3ucFudiT5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2F=
lGlcN6F5uitIIecer5jFaJf43ugO1s4J2zxBnoHbPqj7CSUHVeKfzG3Pjqodne1-2B-2FNssXhC=
FQl1cwqk8uNG69WYulMhMFeoZPCVZk3pkvF6DnUaP1F4WC9Se9PltjZLvZWHbwD8k4xfP9XybZ4=
Q6P81SyqPHXOR5-2Bw-2FNJFTs4lYPOSyi7g2fjn99MMGWrT8HnoEYIxMRJSXkDDdPTADNE8Mwe=
0pXkMfsx2iBtS1J-2BkmZx-2BGOtH6MtoJNY-2FGFFDp7hVrqJXsBWoipvjOoy-2FzVUN3I5oLZ=
JEwDNCPF3N4eVBfDI-3D" universal=3D"true"> <img align=3D"center" alt=3D"" sr=
c=3D"https://img.pitchbook.com/news/70921.png" style=3D"border: none; max-w=
idth: 420px;"> </a></td>
</tr>
<tr>
<td style=3D"height: 20px; line-height: 20px"=
> </td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br>
For VC, the picture is more subdued: Life sc=
ience funds are on pace for the lowest tally in over 10 years, as the bioph=
arma sector weathers a downturn.<br><br>
But healthtech specialists are faring better=
, according to our recent industry report, which covers over 500 healthcare=
and life sciences specialist managers across VC and PE.<br><br><em><b><a h=
ref=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4=
Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSUjE96IsqEXITeSQF6algVk=
nF3A-3D-3D3bzj_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFV=
a0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4p=
vsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudi=
T5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uit=
IIecer5jFaJf43ugO1s4J2zxBnoHbPqj7AyegLAW7dp1N7oSY-2BMuJUTzuN-2B1r8u6btXg7FG=
vjfd6XzFwwm2yU5lD1qFJQvSM55Ghzx0Rp-2F9D0r-2FCmP5HaALIS3m8vkWkYFWcOMnIBgWvXC=
GFAOAiLaZyaByM2r4R9YMBu3oo0bY6rQeTK-2Fzstr1-2BFjaThk2S1wPr8gCBI6WxMmBPQW-2F=
-2Bgbu9QqLkdOBYh-2BeqSEc9t-2BOdyw7kgkgihGgYdBLz4P-2BREx-2FjLttZHItLf9G8K4Xl=
-2BzDWrf3hOvNtiA-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"=
>Read the report</a></b></em><br>
</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Webinars & Events</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Oct=
. 20-21</b>: PitchBook is a sponsor of the Private Credit Sourcing Conferen=
ce in New York. Our senior director of US credit research, Kenny Tang, will=
be speaking on the panel "Private Credit Through 2026: Opportunities, Head=
winds & Market Evolution." <b><a href=3D"https://url6380.news.pitchbook=
.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sM=
PFp1p8Ru0fDSUjE9ygxwuHc4DOV3gFW-2Fc-2FJcgw-3D-3D5ArS_I3w5d9c01gkD8gLzFEofZR=
-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEl=
lgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp=
79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53=
u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf43ugO1s4J2zxBnoHbPqj7C3sd=
uo9CofMyirTDcWZN-2BYA9nZT0LPJwBd5oLLckO-2FspM7J7fPnKMjmyGkwPQQ-2FUjb53x3M-2=
F5xD4tor-2FJM289IbJu80ujxwjKPHU5L-2B38aUPb04ABnn9lXA-2FoR4Oktn6BmuAXW7Kt1bw=
licwNyOkUUizHBmkVgV-2BFYG0emY4K6A9TfnHreo0JeYxItpj0NvN5U2TOPfRTx6tOqnmReYwX=
Hq4RtPzh29bkbnsCiexz5JmJU98vLG0VICf2vU-2BmL0DI-3D" style=3D"color: #1D5080;=
" test=3D"">Register here</a></b><br><br><b>Oct. 28</b>: PitchBook's Hilary=
Wiek and Annika Villegas will host a webinar on findings from our latest S=
ustainable Investment Survey. They'll discuss how priorities are changing f=
or global investment leaders and unpack investors' remaining commitment to =
ESG, DEI, and Impact strategies in today's volatile social climate. <b><a h=
ref=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuyl=
w7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSUjE9w76xtl9wAkJ-2F1-2FePDP=
TgNA-3D-3DiRZ1_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFV=
a0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4p=
vsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudi=
T5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uit=
IIecer5jFaJf43ugO1s4J2zxBnoHbPqj7Bib-2FlTS6sYqF8yb-2FQE-2BwGUfTuKEUX48MDIN7=
ffvrvsoxqZQIQdrPmuNVSFck2b8udY8Zd1B4YhAytIAxh-2BZTxgr2g-2FnEQzztlkA-2FIbu2Y=
i1Mpr8DTsDvdbFrjq8hKoM00hy0JtYS-2F7LAXMVvZ-2FNdpsVUfcfYgdTiR-2F-2FpENAf2drt=
xINj1uUE6YPe5IyUu22mtiHfcfNa4qHksV1hLH15asQ8gXNFcVps7CywIEfla7-2FTB9xJO6rZk=
3Gah4SbdDSnI-3D" style=3D"color: #1D5080;" test=3D"">Register here</a></b><=
br><br><b>Nov. 12</b>: Experts from PitchBook, NVCA, J.P. Morgan, Dentons, =
and EisnerAmper will discuss findings from the Q3 2025 PitchBook-NVCA Ventu=
re Monitor, current VC trends, and how upcoming headwinds may affect the ma=
rket. <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSUjE98ReY7Icwo=
-2FlcN7oeTdGpDw-3D-3DIXzu_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hb=
gRHR-2FMq4pvsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmo=
jQAi3ucFudiT5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2F=
lGlcN6F5uitIIecer5jFaJf43ugO1s4J2zxBnoHbPqj7DLVC9yCr7XfGhssT2Bcy34aKxtUsDUN=
-2BwiwQp2SFQJWykFyEXd0G7YakGqUL4ZHm38jOpiM-2B08Sn2YPhKPXyt0iUZRbggcRBa-2For=
QBtwXCIRvUOuH3x5eR27zgBjOZoGfX1w9qxy3C0cPFSZOY4H03stJQ7uYgmdSPS9DB-2F67J1Qo=
PQPF0-2BPnonpZJgjvfvYDdwyEJdhS9iZSU1400EqexWo-2FAQo2WbsnbDmwzVdIamljKXWiK1D=
ePXAf6PQVe-2Fzs-3D" style=3D"color: #1D5080;" test=3D"">Register here</a></=
b></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>In the News</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br>
Our insights and data featured in the press:=
<br><br>
=E2=80=83=E2=80=A2 Amazon's prescription kio=
sks may not drive significant revenue but could connect consumers to the co=
mpany's broader pharmacy offerings, said PitchBook healthcare analyst Aaron=
Degagne. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du00=
1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSUjE930WPRg2=
Sqpxd6lR94aQWQg-3D-3DB2SR_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hb=
gRHR-2FMq4pvsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmo=
jQAi3ucFudiT5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2F=
lGlcN6F5uitIIecer5jFaJf43ugO1s4J2zxBnoHbPqj7Bd-2BI4banohnjdk6k-2F3BJV1VNrzJ=
LIcQ2aBuHm5XfCK5g-2FdHEKmZp6BA1kUqolpR85OTK-2Fn69xsxwxBBfWIAAPDhqmIDCAdxb-2=
F832f-2FtwLHeegBRmYuYLo9E5wtZH76VqByxgBjYfJr9wpkFq0WZ3bEd-2BPZGwlW1Dw9WBTto=
Psv1-2B4bKiBjfmd4UyWwADB8qdy35-2FeSd0jzzs7ZC18Md4kJDy-2BDQSArieeR36HzkzWj3T=
ijhVX0qzWFM8JP8KaN2ko-3D" style=3D"color: #1D5080;" test=3D"">Axios</a>]<br=
><br>
=E2=80=83=E2=80=A2 Climate tech VCs have rai=
sed 3.8% of all venture capital this year, nearly double their share in 202=
0. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73=
BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSUjE9YQh24itRVweMl-=
2FkbEQMl9w-3D-3DLhYm_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbd=
WeUgFVa0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-=
2FMq4pvsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3=
ucFudiT5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN=
6F5uitIIecer5jFaJf43ugO1s4J2zxBnoHbPqj7B63quES-2F3TSO0-2BUSP2JM-2Fwxhzk8zqA=
HY9x2RlF8SLURramG2GlokaMaZdQgU7JxTheIcaiTsU3LNPboip5xOOz4yLLLqdNY86nE5xCM3V=
9R0R8rK6C3grUAGNNguuZAq7mWYsZqsX4j3PASwjDfmsxUc5WqWuOAzjar8a1uDPyQErUlo-2FP=
db2A-2BxW-2BU9778wTN7JTm0kCVs90m1dIwWF8oSH2pI3Gzz6mJL0HvEy-2B4y-2Bk5I71D1Kc=
NRmFj5gTWdmg-3D" style=3D"color: #1D5080;" test=3D"">TechCrunch</a>]<br><br=
>
=E2=80=83=E2=80=A2 Nvidia has participated i=
n 50 VC deals so far this year, already surpassing the 48 deals the company=
completed in 2024. [<a href=3D"https://url6380.news.pitchbook.com/ls/click=
?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSU=
jE9-2Bw6-2Fmcg9TA3UJA4b0B-2F-2FaA-3D-3DpfXY_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwar=
HkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSf=
WuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4=
dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJ=
blx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf43ugO1s4J2zxBnoHbPqj7AwsXsYu9ZCQU0=
Eb7Z3Db353vtEkdv4Ia-2FkVtME5X4auKd3UyYszPRrOvIJZ1OQSFycROuJ1EHfd5X1-2F7g-2F=
ncDpEBcw-2Bw8T3kkDdu3UDvZi1-2Ffjw6XEm9tta8WNTvsBdC0m3PB4sbXJUk7CPo6iMxtqTff=
va4lHhngG3slz2mGmw84CVtLS0OEWDsdkn8UN4L6s39yXYdef5AeFFqkRxNPRXCwENg-2FPlO4q=
6AttgG6PEtJK0LJVVR5xHAPOGwBL1rI-3D" style=3D"color: #1D5080;" test=3D"">Tec=
hCrunch</a>]<br><br>
=E2=80=83=E2=80=A2 Global PE fundraising and=
deal activity have improved this year, but it is far from the peak perform=
ance of 2021. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSUjE9W=
bJrAro2rnh4gWNIT4GoUg-3D-3DEol8_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-=
2F3t1yZbcbdWeUgFVa0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rY=
N555hbgRHR-2FMq4pvsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnv=
W0wnmojQAi3ucFudiT5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bE=
VCI-2FlGlcN6F5uitIIecer5jFaJf43ugO1s4J2zxBnoHbPqj7CooFV58Ec3GO53Bps-2FbpgLe=
6NXr1DV-2F-2BV-2BVu-2Be-2B-2FvW86tKyhffblzFBR42v1G4vm0GwDRBg4mJNxbI8HD4dje0=
8k4LBY8b0ONc70tEAql1BMGHkBxoYlZ-2FZP1as5Bix4k2cnDe5EnXcL207N8nLKsVZj-2BqcLb=
OHulOtJn8JVKoV0CLnz-2BHx1CdfEIdLZolMJTdbu9gM-2Fbh4M2uWOj8Dw-2BoQkFLDTjP3uE2=
jNko1PXOSmtC8wgHWIoKVDaK2c-2Fy3z8-3D" style=3D"color: #1D5080;" test=3D"">T=
he Business Times</a>]<br><br>
=E2=80=83=E2=80=A2 Startups in the San Franc=
isco area have raised more money through the first nine months of 2025 than=
in all of any other year on record. [<a href=3D"https://url6380.news.pitch=
book.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWA=
ghwR1tMW5-2B-2BlJ-2FW9wGff2eJiYFLeM19Mk4MMuxwg3Q-3D-3DitD0_I3w5d9c01gkD8gLz=
FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri6cY9RSI-2F-2Ff9ZWaB=
JC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTydwPQurCOOOb1-2F2HE5G=
hLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oeO-2BRK8dfYks8eva6nB=
5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf43ugO1s4J2zxBnoHbPq=
j7AVSwzJHIAvFrB5LXOuxrSi9wMhIlEX9aEBhTQaOTPTEg2QWpFbXCcgxFB9XdNjJePINFn4woF=
FpZsywOGWyE5yerubD-2BEY2Mncb2ykXWtYVj16pv9fW4r-2BxvXFMDevbiscUC4Vkzzxq3kXSs=
0-2F8H38KMr1WlfEPT2ZKEr8tfYVlnOb-2BVc6pJaCTxyF6KXwW9-2BGHMsxZZWU7TqKDqVix5W=
iRGtCuka1wWq15peW7kYfXEKC6lZy8srQ7WOT12RgwKI-3D" style=3D"color: #1D5080;" =
test=3D"">San Francisco Examiner</a>]</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>ICYMI</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br>
More of our recent research (* - premium):<b=
r><br><b>Market updates</b><br><br>
=E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzWAghwR1tMW5-2B-2BlJ-2FW9wGffawbysuZ2pLkTLjXJVGP3Qg-3D-3Dpe=
c8_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri=
6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTyd=
wPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oe=
O-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf=
43ugO1s4J2zxBnoHbPqj7DyAIOxgd0T1-2B8S4lorzjukZe-2F2m-2FXOiMsfIoajm-2FpvXjGn=
lMY4Ylc57gkQB0f-2FM5XEH3mQnvTFxZlaJlUM-2Bkvd5yl2E3yZ3DvNGyUXKYaDpERtRcdsQI8=
8gsLEaPKWlT99VG7aQyI2lk9SJApUupw4EBMt23qGK4Zrs1a6QCO4ZXTn44-2Bz8rumw5VKRKZJ=
Z7qWFvfFDuTjjS085TkiGAd9n14rXx3vHA-2F-2FY-2FxRNp4uSmHnvh1-2F2maz3l2TtU-2BkH=
Bc-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 European V=
enture Report </a></b><br>
=E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzWAghwR1tMW5-2B-2BlJ-2FW9wGffD-2FpfYdq2tAAFuAmJ7E2f0w-3D-3D=
RSWe_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFth=
ri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrT=
ydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8=
oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFa=
Jf43ugO1s4J2zxBnoHbPqj7AN-2BkgaLaQytxkosTZqX4rO1TSOvjjrlWy3Ywkq7rA3gyzHWv7q=
Ui7NBynU2AIQ97I72xYxOzTwm0XKUDRIoK0AHAGkEfUe00BwFjXFoOLZJpRyQDUQ8pIDzG0kx15=
zSpstd3QZqDLPmuJFuobVu6w7gJOYzl8rqOyeHdNpb-2FMt8Rb3zALhzc5LfGtYCSQlG-2FtI7l=
L-2BMeIPhs1GG873qtwf5TGQGXp1J-2Bd-2B19nKq4FF08KensCpcGhSSTa-2B7i2k1n4-3D" s=
tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 European PE Breakd=
own</a></b><br>
=E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzWAghwR1tMW5-2B-2BlJ-2FW9wGffHjyt72CRY53JsCf5obbDzQ-3D-3DHQ=
0k_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri=
6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTyd=
wPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oe=
O-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf=
43ugO1s4J2zxBnoHbPqj7C8kRHX1OFIxiSXdESrz8pqQhC43TNTOoEXF0kt5XMlslCxeTF1ey3a=
Tfy4hqSu541m7onG8B8oQfWGGmPLHjhJ8Mgl-2F1q85DN6sDQ0dL-2FE12sfoQZoXPnEsqV73ZR=
pGq0-2BHF1X9wXNQLsnxZL3V0Z6eyT2-2BC3qY2PIS0AaO1kYbiJB4QNfq-2FVQ98-2B4lAeoFv=
TNvRftAd7JgSMJtmdQxog8sjtRQ-2FzjxiXRQpLhhQXNxuSI4QAFgAs9Qi5-2FUTxIaTY-3D" s=
tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">Q1 2025 PitchBook Ben=
chmarks</a></b><br><br><b>Thematic research</b><br><br>
=E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzWAghwR1tMW5-2B-2BlJ-2FW9wGffR7oqvwfBPeIH3rV-2BFgPfdQ-3D-3D=
dwZN_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFth=
ri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrT=
ydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8=
oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFa=
Jf43ugO1s4J2zxBnoHbPqj7BTeJR34tLipNpvbnUP5VuMEo2LtjMCoYUMSFQ7uxcsQ4EFSqLtke=
1G1VM32kkHM-2BjUte-2FH5mUe6tPIoj1ug7uS0lqhr-2BzyWeHCRJ-2BIlkrTkTQ1PCcOi-2BC=
UEtWiyBDVNFF2H3ePksIhH1oVJVZuz32hhTL8czubZvgVCAzkjWEoP5czRWAStbvGaLh7BIeoxh=
ibpadqQYTN3qiu6lMXbfWOR5-2FJX-2B6bYsBMN3hrKpYTgkBAHQIfv3HAkIrUfPd4J48-3D" s=
tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">Analyst Note: EA's Bu=
yout</a></b><br>
=E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzWAghwR1tMW5-2B-2BlJ-2FW9wGffr8Fgfj2Xr6wSY8jce1E6oQ-3D-3D7t=
Xl_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri=
6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTyd=
wPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oe=
O-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf=
43ugO1s4J2zxBnoHbPqj7AebdlX00qmCe4nzBR1p94yH3fjKtdsTJXXh8S8U6F-2BFaQGdpne8n=
o2C4yReyoP1jfQCmelFPDkzDtVyrqsJzJYpQrkiaU0zo90HkGoqZSxgYoDIkmc4vuUYHtimK1HC=
B7RLAX4GoeDGm-2FLQWrxVwdJdOh5fNvxEJ1FiYkCTnBFtbYDA8uN4cPC5F2kgbik-2FVsO5IVG=
TooKJrZQticCGq59IcYwUMoR3tCoSiByX-2Buh38w6S55DczficQM4HTzVY8I-3D" style=3D"=
color: #1D5080;" test=3D"" universal=3D"true">Allocator Solutions: How Much=
Alpha Is There in Private Markets?</a></b><br>
=E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzWAghwR1tMW5-2B-2BlJ-2FW9wGffeITs2bmaoyasZq33UKqOjQ-3D-3D--=
3N_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri=
6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTyd=
wPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oe=
O-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf=
43ugO1s4J2zxBnoHbPqj7ARef694hXyRp7-2BQA7-2BqzoR2AHwFuu3Cs-2Fw7sfCRatkF6Yzj3=
3F8e7nDiZkvJPwWa-2BCGvgx3wuAzkbt-2B5gkDa3LeyFAzQxVg4-2FPHimzQppEX-2F4C41ZcW=
f77SB-2FmAGDtyve0YfKT8jcT3Dtc7BXG8QnH-2FEzPuOA-2Fu5rLdms0oVUnFIi9fj9XMjgeow=
w46TmwFby2LYxiQTgaWmTG2sCrDmRpj42HuNRXbaqrSeMZtJJ68fBb4pdE-2FNNzQC2-2BN-2F8=
iZbA-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Analyst Not=
e: Discord IPO Preview</a></b><br><br><b>Industry & tech research</b><b=
r><br>
=E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSUjE96IsqEXITeSQF6algVknF3A-3D-3D80Bp_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri6cY9RS=
I-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTydwPQurC=
OOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oeO-2BRK=
8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf43ugO1=
s4J2zxBnoHbPqj7B7VPMSZ29VLNNxtp-2BH0-2BzLlbRERWo7rj5M2kQqpAFqAwX6UkfmD222rS=
LEMNBUl34EAHwi0TFZ1xJ-2BuDm-2FAKMSJnsK3gJhEnrsmZjzXUxcSAsLxNdwiIld6qVrF6SZI=
Lf54NPJbkSc2VFo48KFLx-2B9mQ1oIbEm0R-2BMvZJeIrMToD4cWgnrcVY4LTEOyokoyUD-2B04=
8JOe76X3f2XH9-2F1cfNhhaYW4L9bzijxMADGhDNJkp2Owu2aPfmwYKbJlWujIM-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">H1 Healthcare Funds Repor=
t</a></b><br>
=E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzWAghwR1tMW5-2B-2BlJ-2FW9wGff5bzRdpsEK4IdcodbAwzSiw-3D-3DSU=
Px_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri=
6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTyd=
wPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oe=
O-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf=
43ugO1s4J2zxBnoHbPqj7ARm5Q9ziCwwAvXkxwuNSR7t5sSLnaarcdDouoAoUvUuXk4Q8z8HDdd=
q5VIotLFJT6xp3bIRYdwToWx0VvgAoB6-2BIwectV3V-2B-2FXbUWfHeRcNcg-2FMN0bI8ombno=
2C051lwRUq-2BbIIzGqbLH2mUFTk86JxyFAKpLDxywHpIPJKByRuVRCt2vUI4PErkhaHz9urb41=
iA-2BUwol8VRvMe90SlJV2fq8hBgx7S-2BI6jidd9YwgYGruuB129t1fagsVcivSQyg-3D" sty=
le=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 Agrifood VC First Lo=
ok</a></b><br>
=E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzWAghwR1tMW5-2B-2BlJ-2FW9wGffdBjzhJOxyCmAmBxP9DJNGw-3D-3D5D=
SA_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri=
6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTyd=
wPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oe=
O-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf=
43ugO1s4J2zxBnoHbPqj7DaXKTBK-2BUrcKTFbjBszhEVkW7g-2BffRC-2FdReNyibmoq4Yhyiu=
myPWX-2B6ioBgnQPROVHYbXAvf3XPeF2XnQizV3AR-2FqrN0a0q-2FIgD2VnaEqxCJs8MJubkJp=
3EwfXrjgckvjnJkgP4-2BS8I9yCx0-2FmWl-2BkWkdH3GInqzER4WrsJE68pKgzc-2BFOrckvdy=
BovPnoqlRJdQW4Ijbe4qIF5rgtI1z6WhZorPlHU-2FQi-2FOPGcASCyDJ23Xf4Fl9M4NWTJqadM=
WY-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q2 Infrastruc=
ture SaaS VC Trends</a></b><br><br><br><b>Credit research</b><br><br>
=E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzWAghwR1tMW5-2B-2BlJ-2FW9wGffHtJk0CqsdsK6Lourp9klKQ-3D-3DyF=
ag_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri=
6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTyd=
wPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oe=
O-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf=
43ugO1s4J2zxBnoHbPqj7CUjMwkrFyCeXSqlI4lG1-2FakEpRF1k70-2BTGthjgWfkpwF4AZW0l=
VnZni8o53fJWbgV7ReeHp3tSNT3rlAWBOy9mJQ3ed3V-2BU4XN-2FOZNWe4FrpsFvdaAvZY7yRx=
TmBcYy45pzucaxM0btqBd8EpkFeiw4mbvsy-2FC5uNlCnDm8m5aSJbYGPaSmo4bojN0WAPhKIXc=
TSWLLA4scQT04mdhl08jDZwbqjucYQc4IZ82KROa8a9FrqLuCvMdKQ5NVb1TXzg-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">US Credit Markets Weekly =
Wrap*</a></b><br>
=E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzXgCSKf1bwfMBVcvzSFrVQpmz3IXUTMUU-2Bc6aYcZ0-2Bdxg-3D-3DjKjL=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri6c=
Y9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTydwP=
QurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oeO-=
2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf43=
ugO1s4J2zxBnoHbPqj7BXz2ol3Ij4IkNUGlcZgXbJdHOX-2B9Y3ufd81n0BcCO6S1rd3lRO5mXo=
9y9Zb02Js0NlWpGLO9YKMIAeyJI0N5X2Qca0hl5aho68iNvlQ4q5mFj-2FiYyafogRB726eAcaQ=
fJ1Qoas84uX4dQX5ko3hI3EHNNCxjabUBXBaRkHZx3NDnjt-2BzCCecuwS0XvcGC31C3ONxTqM-=
2FQtzzTpcvOKug9SscbnRgKktdUFR8-2BsrfOmWLe8GCauS7O3XMeya31BQKQ-3D" style=3D"=
color: #1D5080;" test=3D"" universal=3D"true">US High-Yield Bond Weekly Wra=
p*</a></b><br>
=E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzXgCSKf1bwfMBVcvzSFrVQpOcoi9yC8pllMp9et80eDJg-3D-3D4FHF_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri6cY9RS=
I-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTydwPQurC=
OOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oeO-2BRK=
8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf43ugO1=
s4J2zxBnoHbPqj7DG4-2FUo-2Buar8vXi3cNWRyev5iMR5Adadhax1ovM4DDg0c-2BooZz6-2Bl=
noyrd5-2BRzVV6OhpwrdeXGyG2Q6rJ9TsYRGzpE1HBDFu0CqulvYZowpwmURKD2xVgRbRKa3tvq=
DaZuuTDdFGXr1lt4MbylKWnyeqyWFWnD-2F-2FAiEG12ocvOQuc49t6oY0F4sV3oDV36Uptdp0C=
tt-2FUklY3k3tsteVf-2BCL9BOWjjE6JmkgeWX12FzgZmd7niYbEaqSWD8vRq3-2FCE-3D" sty=
le=3D"color: #1D5080;" test=3D"" universal=3D"true">Global CLO Weekly Wrap<=
/a></b><br>
=E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzXgCSKf1bwfMBVcvzSFrVQpM-2FQpHOa6vzyqtFvXDigWrQ-3D-3Dkcik_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri6cY9=
RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTydwPQu=
rCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oeO-2B=
RK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf43ug=
O1s4J2zxBnoHbPqj7Cl4nMePsucgjvxroBox-2BE6-2Fl-2FfGTpzz3zsiLgE6JlqGM6Cpg2jX1=
YNRuK1hm-2BfKvk2uGyzugtXqJ33IUukzRmaqjZ6q9qDp74jKPkQZOmxu5Gyd69lin98g5tTdt1=
lgqsgsWLIwaIvlGj1TYQNtNFcNPOAwPbKpq-2FbrwPKV-2Fo1uTNx3NpBbH1B7qQR3bdFWtsQFQ=
17eYLDE1tzT3OFwea4cf101-2B3TMd9e0QMhCliE1RK9QkpuWKgx3shtFCrP3rI-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">Global Distressed Credit =
Weekly Wrap*</a></b><br>
=E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzXgCSKf1bwfMBVcvzSFrVQpM-2FQpHOa6vzyqtFvXDigWrQ-3D-3DGnuP_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri6cY9=
RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTydwPQu=
rCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oeO-2B=
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tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">US Private Credit &am=
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t</td>
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</tbody>
</table></td>
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color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
619
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<div class=3D"count-type" style=3D"float: non=
e; font-family: Roboto, Arial, sans-serif;
color: white; font=
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padding: 2px 8px 0=
8px; -webkit-text-size-adjust: 100%;">
Deals
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<td style=3D"display: inline-block; min-width:=
24%;
width: 24%; text-align:=
center; float: left;">
<div class=3D"outlook-caption-override" style=
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color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
2077
</div>
<div class=3D"count-type" style=3D"float: non=
e; font-family: Roboto, Arial, sans-serif;
color: white; font=
-size: 12px; line-height: 24px;
padding: 2px 8px 0=
8px; -webkit-text-size-adjust: 100%;">
People
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min-width: 24%; text-al=
ign: center; float: left;">
<div class=3D"outlook-caption-override" style=
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ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
854
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<div class=3D"count-type" style=3D"float: non=
e; font-family: Roboto, Arial, sans-serif;
color: white; font=
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padding: 2px 8px 0=
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Companies
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<td style=3D"display: inline-block; width: 23%=
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min-width: 23%; text-al=
ign: center; float: left;">
<div class=3D"outlook-caption-override" style=
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color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
29
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e; font-family: Roboto, Arial, sans-serif;
color: white; font=
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padding: 2px 8px 0=
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Funds
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</table></td>
</tr>=20
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