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GuKsLTXxR7B2-2FWJ-2FLtGgkuxiBM5tKsc5K2oz9U-2BvFSECMICsdtzLPhx8EFsdGwZ2jg-2B=
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t:1px !important;width:1px !important;border-width:0 !important;margin-top:=
0 !important;margin-bottom:0 !important;margin-right:0 !important;margin-le=
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</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=
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gQZPMqeZzLdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWd=
rPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FUmlpa9p-2FZAnUTmUkRkFjwH5=
yUyBzYWOMwvMUpLV-2FTkVwvXM4V4KbTwmR4dFSUPmqjNKHz64R3-2BKoRa5cKyigwsL-2BPGIq=
7L75EuzBmj1WxA4WyE0LxdKzsADjFbT4r3kced6ExngnmLmMjZEoVtccx1kxbLEog1KIuYNavg9=
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der=3D"0" width=3D"100%" style=3D"min-width: 100%!important; width: 100%!im=
portant;">
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=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%;"=
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<table border=3D"0" cellpadding=3D"0" cellspacing=
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<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%">
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0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Eur=
opean defense tech</b>: The shock of Russia=E2=80=99s 2022 invasion of Ukra=
ine reshaped priorities across the region. Our analyst note takes an in-dep=
th look at Europe's defense tech ecosystem as it undergoes its biggest tran=
sformation in decades, with private capital now viewing it as a legitimate =
and scalable asset class after years of underinvestment. <b><a href=3D"http=
s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
rf6GFa-2BaqM7ONnvsnswouzWG2JXM-2BkjJ9zUDAp2vNxVQtqdzjoGMEmZZ7QhswzLS1A-3D-3=
DcCzq_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3=
94uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVL=
wh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ss=
vIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUw=
pYXduVyBrpiyst3wQcdqIw5FXdzf7NwBIeBcZsyDWzBd-2BE5eqVh-2FG0k8XU8kYVTqg9tXRyd=
zVtRXWPSZ2zjtfAx2ckQS5UoIQYR-2Fy2fS-2Fi-2FPyK30fPOlJk7KwAFH1g9PA3Lk9AgGhlk9=
rBQOY3Nt8946Jr1l3HTN2fR2vk-2BLkQaVyHStI6wjVdepnQCXFVSnb9sa-2FPh-2Fq6vgi0RHa=
2oOICOYKzY-2Fr-2Bao9Du947CUTOls6Eu0TJDu924oitt65hOLgRwc-2F8SECpa8PlIrF2xxQW=
BQw-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Read it here=
</a></b><br><br><b>Q3 comp sheets</b>: Our latest guides on public company =
valuations and financials are now available for <b><a href=3D"https://url63=
80.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B=
aqM7ONnvsnswouzWG2JXM-2BkjJ9zUDAp2vNxVQTWSCVpWApucK0N1UTvIhZw-3D-3D0nH8_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwYj-=
2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfO=
nV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBKOc=
zftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyBr=
piyst3wQcdqIw5FWRk-2F0MAwMCGJEnCDjXosQzY5HhJ3TA2fxendcT2azoOEb2RkHH0lSbEwjn=
faCi5QJ-2FpvrD1lb7ME6IqBN1RYHT8TKtRfONmc8w7Wf3gzGL-2BnfWIsaoyHiLLnEGQnfQB-2=
BUlZqxatFSzl364f7LwYP6bpRs2YW-2FEb0vYtKKeGDuq6EVCpe7gJ2VTBiB0gpRhn2naZWSSf3=
HUtt8Xkf8Ok7Jmk5qAk-2FSxZOqxlwl5nqy58rZ1V4UCR-2B5xg3R3eKYRQXc-3D" style=3D"=
color: #1D5080;" test=3D"" universal=3D"true">SaaS</a></b> and <b><a href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWG2JXM-2BkjJ9zUDAp2vNxVQl-2FrJ-2FDuiVgsUGC1=
8L6wfWA-3D-3DQFuY_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc=
Vf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUz=
r-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOer=
DihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2B=
q-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FXh5b57ZM7xUP44xFtnnIiHS-2BgA4pYwFr3-2Fv=
boBq3-2Bb5TnHAwWhzHu1fEegWWJFWlgGWcTjCav39Cxh4umViJ9fqeVvyXdMsxLXSqwRdFj6xP=
1VBVY-2FHTIcmgng44wvXvrxCYI-2FccKDszaVFFWriWJ3IfVe4FfhCiQqUO7WSCF3Hxj5wWte7=
NPhg2xDzNDWhQu-2FB75BpwRpEZ3JUgbA8Me5gGGsfyC9qifNyagNL7Q0PjbYKt0DWV7y3iO0Vo=
r-2FkCk-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">healthca=
re services</a></b>.<br><br><b>The state of ESG</b>: We surveyed investment=
leaders to understand how strategies are changing around ESG, DEI and Impa=
ct in today=E2=80=99s volatile social climate. Join Tuesday's webinar, wher=
e we'll unpack the survey=E2=80=99s findings. <b><a href=3D"https://url6380=
.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ON=
nvsnswouzWG2JXM-2BkjJ9zUDAp2vNxVQ50WxV6sRjqtz-2B1iNyP3WKQ-3D-3DZY3C_Pr966kn=
uaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwYj-2F5j=
kmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7o=
wneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBKOczftV=
pvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiys=
t3wQcdqIw5FVjTRlolAWVvf4eJ-2FRMBo9Nk9AZz1F50uX8vU5axH6suvbFI18KMvEGMoBCe-2B=
-2BqcHKsBrwPJsak4mZw7CvRRBHovVkKXuDxVgmTXOw8L-2BQnj4IWxDjGsQLFDPsc-2F9mrlc4=
-2Ft6Gupx8hc5-2Fz3r6Rn1eQTPfMZYN3dFSp-2BUteiFOuTiVBWfcNXExa-2Ftu-2FPJwEh181=
1pODhLnZWRm6YIASZ5r4AjnXxMHWBcJiiXM-2FZ629N9byel5OqAaeJUVptYdqXOo-3D" style=
=3D"color: #1D5080;" test=3D"">Register here</a></b></td>
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</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>
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</table></td>
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</tbody>
</table></td>
</tr>
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<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>
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<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_573929" id=3D"n_573929" 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;"> AI use in PE due diligence dou=
bled from 2024 to 2025 </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>
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<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">
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ng=3D"0" cellspacing=3D"0" lang=3D"x-image">
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ng=3D"0" cellspacing=3D"0" style=3D"float: none;
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<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-2BaqM7ONnvsnswouzWG2JXM-2BkjJ9zUDAp2vNxVQn1wJpoIyaEZAL=
C5lk-2FY4AA-3D-3DZ7nn_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43=
kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfE=
QcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzL=
dOerDihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB8=
5-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FVaw5w7t58-2Fh4TQ8nydGGgZj13G1K-2Bmz=
iZsKfLgCQs8i5Evwv6PD6fDBq5lDhOn4FIAH93Nvi9rjQNxEO4ke96LFFevExAA3-2B6ky7hm-2=
FOc5ZtIPS7QEY7IEw8g8pRw2wq55PzpIUqeIsQZ3MLZMC7HbS34yf4REQnZmDcrpYtHfgzn10fN=
-2FO33ev9-2FWwXXiCh5Ut2ejVEDCIV3yGTPU3hkkUmU4XSdX2v74h8L-2FcUC1lYXuuf8NbFLF=
w-2FlA-2F-2F-2FkeUA-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.=
pitchbook.com/news/71018.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>Last year=E2=80=99s AlixPartners Priv=
ate Equity Leadership Survey revealed a major shift: AI adoption in due dil=
igence jumped from 18% to 38% in just twelve months. The pace of change acr=
oss deal teams and portfolio operations is accelerating=E2=80=94and with it=
, new questions about leadership, talent, and execution.<br><br>
As the 11th Annual PE Leadership Survey laun=
ches, AlixPartners is asking: how are firms turning AI potential into measu=
rable value?<br><br>
Your experience can help define the next cha=
pter of private equity leadership. AlixPartners invites you to share your p=
erspective=E2=80=94take the survey today and ensure your voice is included =
in this year=E2=80=99s results.<br><br><a href=3D"https://url6380.news.pitc=
hbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW=
G2JXM-2BkjJ9zUDAp2vNxVQn1wJpoIyaEZALC5lk-2FY4AA-3D-3DJo2__Pr966knuaHmaw6c7p=
KvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2=
B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0=
mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5D=
n0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5=
FWSETXDJ8Jf3k0pQEYY3zuEw1HnoKX9EfVeAt9FxbajKuYfS22-2Fk0stYjNqmzFrhAlqANWmZS=
sUf-2BZcf4g-2B6gGhQo7HFxno2jXWmbQptog-2BKIXQaLzUEHVqh8duENpRA45JZPjBgbo759y=
KzhcUbWQtb3pfzJ1If7V5TXwM-2F-2Fr3vzBERt4kHBm5y3R4LnzJFegtTCCCOVJbOnjDDWgcYk=
JI7TqF284K69hrdoD4xdKirLnCkqPA4gavloyX-2FwHbNCo-3D" style=3D"color: #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_573757" id=3D"n_573757" 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;"> US PE: What doesn't kill you m=
akes you stronger </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>
After a turbulent first half of the year driv=
en by policy uncertainty, tariff risk and geopolitical tension on top of pe=
rsistent inflation and still-high interest rates, US private equity markets=
appear to have come out the other side with renewed risk appetite and stro=
ng dealmaking activity.=20
<br>
<br>
Private equity deal activity reaccelerated i=
n Q3, with improved investor confidence as markets adjusted to market volat=
ility.=20
<br>
<br>
Q3 deal activity experienced both quarter-ov=
er-quarter and year-over-year growth, building on the momentum seen in the =
robust first quarter of the year. Total US PE deal count is on pace to surp=
ass 2024 levels, while deal value has already exceeded last year's total. T=
he impressive growth in deal value is driven largely by a surge in mega-dea=
ls, reflecting the risk-on sentiment returning to the market.
</div>
<div>
<br><a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWG=
2JXM-2BkjJ9zUDAp2vNxVQJh8hFxF46pM5cf8WBDcOig-3D-3DqAmk_Pr966knuaHmaw6c7pKvB=
-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1J=
UcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-=
2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D=
1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FXU=
-2FNRLFh1jpiuopciRItWIyC4Eh4YYwrQ7mhcyLDVbGoM-2Bdn4pTHUFNTXukAyi7N7QvaYrlf7=
NZaDpaewkMurNC1uZSb9AVjLghmWS0j3t7vVvR3PD-2B0-2FxxxOooNqirrYpQxdCX8kqN6Ob6g=
buGIYNXFFIXSDwITwOAIyDfJOZCwUM5O89ZPbnjC2ZMQRXSWRYvRTBwtwf4LSibQgG29D7gf5uU=
zxjpc-2Bpk-2F7Pii9PM9fucrtlqgrR1XuxJo8ESB8-3D" universal=3D"true"><img alig=
n=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/70915.png" styl=
e=3D"border: none; max-width: 420px;"></a>
</div>
<div>
</div>
<div>
Exit activity presented a mixed picture. Whil=
e exit value declined for the third consecutive quarter, the PE industry ha=
s already outpaced full-year 2024 levels thanks to a higher volume of $1 bi=
llion-plus exits.=20
<br>
<br>
Also notable is the 22% QoQ increase in exit=
count, which suggests that more assets are beginning to move through the s=
ystem. The growth in exit count is welcomed, as exit count recovery lagged =
that of exit value in the recent exit slowdown of the past three years.=20
<br>
<br>
PE-backed IPO activity remained healthy thro=
ugh Q3, another encouraging sign of a more robust recovery in the exit envi=
ronment. However, the recent government shutdown throws a wrench into an IP=
O revival that had been gaining steam.=20
<br>
<br>
Looking ahead, the Federal Reserve's 25 basi=
s point rate cut in September=E2=80=94and the possibility of further easing=
before year-end=E2=80=94could provide a much-needed boost to deal and exit=
activity, offering a potential tailwind for sustained momentum across the =
PE landscape.=20
<br>
<br>
Still, absent a sudden sharp revival in exit=
flows in the final quarter of the year, fundraising is likely to remain ch=
allenged, constrained by limited distributions to LPs. Fundraising activity=
is expected to post a second consecutive year of declines in both fund cou=
nt and capital raised.=20
<br>
<br>
For more data and analysis, download our <a =
href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWG2JXM-2BkjJ9zUDAp2vNxVQ3yvdutJsLh0IwP2=
IPWsYwg-3D-3DyGjR_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc=
Vf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUz=
r-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOer=
DihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2B=
q-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FVYiB-2BGmr8DxwTSwpYpPgOKDJdMTkNKr1JkbAc=
F8mBpZcKccQRBHviza87hRX9rAX-2FxbrNGOoZTheE1C6-2FYROHE-2BgjtTXHJmVXYGxdA5elp=
W14QdZokfqcZDPQKibwhzWhBMS2XWUbGeyFjSj29dtlPfDfVF-2FQ5YN2qHo50Rq8yG-2FRlq15=
UmRRo4GCG05cyGhj5pOViqnIfFud6b-2FwJmtkAHfTSutpz1MuTVcenMq43yDCoN3XktGfqLczG=
3TcSsm8-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 2025 =
US PE Breakdown</a>.
</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-2BaqM7ONnvsnswouzWG2JXM-2BkjJ9zUDAp2vNxVQJh8hFxF=
46pM5cf8WBDcOig-3D-3DBHpt_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHr=
wQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMq=
eZzLdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt=
4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FWAKoIdOlJl-2By8-2Fvzz3Fvs8D6gAk=
nCWIsu8jsn3TG3W9yXnIVQ3LlwL7a6uXQ8x5PCzIzp4aMRBhIcg-2BKfOh6ov2XlUmE2ocA17tl=
jz38N4eKuaD9nQ6tIpCVhUrjLITjxWK6aDiSno3B7yriA-2Fcvhlgwo6y-2FSvzxYTugLDQJGDM=
tp62PaJMlINx7V8uOR-2F-2FUJkgu-2FBmaaJ-2FpaOKnWQ43ccz-2BK9-2BXw35UmKL0uK8hIE=
8Q06VEbIaXI4FNnZmSeSid8-3D" 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/708=
90.png" 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:jinny.=
choi@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Jinny Choi</a><br>
Senior Analyst, Private Equity</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>Thematic Research</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-2BaqM7ONnvsnswouzWG2JXM-2BkjJ9zUDAp2vNxVQXRSYQf=
ICJqQH0aHo-2BhczAg-3D-3DJLim_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4=
BiQVI43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4=
UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZ=
PMqeZzLdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPr=
KFt4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FXGEE4D7tOhZbQGfNCbjY2kH7U9oX=
YZziU0az3a7BtVo3NbxzUSn50pHKCbut-2FDQ25F4ei8OijERCO6k-2FAesk7q-2FdcW9CmHiVf=
8Mx-2BUz1FlG5mN-2FSuKiHlvgSCXvoKMhenMtCuPQ5TxSh4ht3QGwYSs2LCp7YP0zsyAL-2FjI=
GxzfcWh3FPTzpe2C4reAzXZuWV0O3MP2sgTbCnQwobf1PMPWk1jhz0N56YYg-2Be9sEjOj-2FZM=
eh27RtSBr11j9zGsZDSM-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"t=
rue">Stablecoins are imperfect but inevitable </a></big></b><br><br>
Stablecoins are quietly becoming the new fin=
ancial plumbing=E2=80=94not by replacing banks but by reshaping how money m=
oves through them.<br><br>
In many markets, stablecoins are no faster o=
r cheaper than existing payment methods, but they are spreading anyway beca=
use they solve problems traditional systems still cannot: moving value inst=
antly across borders, blockchains, and time zones.<br><br>
This report maps the value chain and explain=
s how stablecoin transactions work end-to-end.<br><br>
It also identifies which use cases, geograph=
ies, and business models justify investment versus where traditional rails =
remain superior.<br><br><em><b><a href=3D"https://url6380.news.pitchbook.co=
m/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWG2JX=
M-2BkjJ9zUDAp2vNxVQXRSYQfICJqQH0aHo-2BhczAg-3D-3DIu9v_Pr966knuaHmaw6c7pKvB-=
2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JU=
cTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2=
FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1=
vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FXDQ=
0M9R8Z-2Bvae83QQDi9NRk0Cnt-2FmISVX3Rip6NAkU-2BLMexdpxIn0fVMfZ9pXGwtQx-2FGp2=
q5eIeyxG4w50iS2KNArYRoM-2Bw-2FfaqThTefj-2BkUzbYRaHl2L3mr6-2FtKLr-2BjJI8Ungd=
CPyP7R-2BNLoblRJoHqXcA83gOii0uQ7uFtypy-2FO4zYgpGj2unB5RLVaNLPnQiWeNAmYWbXwM=
SDJXklMD9USReaGkCutkRxbt7xM17DK9wImrcQugtsxDn-2B1OUtc-3D" style=3D"color: #=
1D5080;" test=3D"" universal=3D"true">Read the analyst note</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>Q3 Country Snapshots</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-2BaqM7ONnvsnswouzWG2JXM-2BkjJ9zUDAp2vNxVQEMiQuH=
l2tLA5FOfJpAQ0Hw-3D-3Dao2S_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi=
QVI43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UH=
rwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPM=
qeZzLdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKF=
t4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FVMJxyNAP3-2BcJEI9xGOqDgF8-2F1S=
9wd1G9QDcgCZ9dBCOIov8hWqrtuwnzuQSUKkf9av60YJoCwtn-2B2IrzJH31lDeJ3hsbdwXqsF4=
l5S3larG8GU62KUgsXqs9vOBMFfHEZI8EHHCl2NDh1jBUfpKeTMYotNNbGq-2FfmjTFbdYw-2Bl=
3-2BL4PEdYmy5QgX0svtWpPt-2BUefJIdUPMJsyIzujHq24GmGu8dpcG-2F1df5l4ZrCQlZJ9J0=
xrBKqvSwCyTrRAiX0o-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tru=
e">UK </a></big></b><br><br>
PE dealmaking surged to near-record highs, h=
itting =C2=A354.4 billion, powered by major buyouts and growing US investor=
participation.<br><br>
Exit value also rebounded strongly, led by a=
ctivity in finance and healthcare.</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-2BaqM7ONnvsnswouzUgnY-2F3guJoea8g6t4RI-2BHGuktZA=
MpLoZKXVUMoQLbKpw-3D-3D5Dot_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B=
iQVI43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4U=
HrwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZP=
MqeZzLdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrK=
Ft4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FVBUsoNhGnTkSIctyx65va9DpzidYA=
nOs6IflD8xZtBSUOuA7vsCsfy-2BW2Zi-2FIzgcQokvT8kg2dsS3xZPPRZ8RqybFKyfsXnBrEsK=
txI8megs793ZL-2BI2I9FCSC64ixOrVHvPGG1temzxLW469ytSp5M4wZ4SWmVHWfCK7d-2BQ1W6=
STXjOc5gGhRlAHgU1DKttgkG-2Ftc2rPUDDN1SeHiGi3P-2BlA4V9P7hKjUHFulpToaIJCT55TO=
mQqbZh4nqMM5mxM-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=
=3D"https://img.pitchbook.com/news/71036.png" style=3D"border: none; max-wi=
dth: 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>
Meanwhile, VC showed strength in deal value,=
climbing to =C2=A33 billion, with AI in the spotlight again.<br><br>
However, fundraising across both asset class=
es softened, suggesting LP caution and smaller fund strategies are taking h=
old. Macroeconomic uncertainty, delayed rate cuts, and looming tax reforms =
continue to shape investor sentiment.<br><br><em><b><a href=3D"https://url6=
380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2=
BaqM7ONnvsnswouzWG2JXM-2BkjJ9zUDAp2vNxVQEMiQuHl2tLA5FOfJpAQ0Hw-3D-3DUP0R_Pr=
966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwYj=
-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2Bf=
OnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBKO=
czftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyB=
rpiyst3wQcdqIw5FVFVDnjAm4kChT7duVaUXTF6HSJ68TAt5YNBWf2d3zFmDJIp12h41IM6-2Fq=
7cp9Puolj-2F2VnB7OLPVA-2FxmdEWhcaFPraXCVJrlkSLC676ZJIZFKFqNmC-2BkqfST9g1stt=
m402DS8CghmenmwhikCqhben7tVzBImJv7ACZf6v6rPyIojBUjwDbVxd8QgMRCb-2Fynt22pbws=
EbbCmT-2BHuVYWTQ09BfYICMrI4-2BiHL5rRjRbdD2ZQuB6trGCLJCDXtumnR4-3D" style=3D=
"color: #1D5080;" test=3D"" universal=3D"true">Read the report</a></b></em>=
</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>
<tr>
<td colspan=3D"2" style=3D"padding: 0 20px;">
<table class=3D" " lang=3D"x-news-=
group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid=
th: 100%; min-width: 100%; =20
">
<tbody>
<tr>
<td style=3D"padding-bottom: 25px;">
<table class=3D"" cellpadding=3D"0" cellspaci=
ng=3D"0" style=3D"width: 100%; min-width: 100%;
=
border-bottom: 1px=
solid #C3C3C3;
=
">
<tbody>
<tr>
<td style=3D"padding: 1px 0 0 0; line-height:=
0;"></td>
</tr>
</tbody>
</table></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"><br><b=
><big><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001=
.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUgnY-2F3guJoea8g6t4RI-2BHGJvWP=
k0A5kzHYQOoTUkCnXA-3D-3D2nat_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4=
BiQVI43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4=
UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZ=
PMqeZzLdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPr=
KFt4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FX8vi7qgQqKbIzrWP6UDHYAcyaHAa=
vKOPxqJrGpBZr58qfh3jlm4MKDCGRtV6aMcxMBeSEWINC7lWzHZJUx1iDOQG2vYSjwOKcSyXw-2=
FYbdW15-2Fw3TK3ct8AldKf-2BaslkonRtJvWf60AeaSpZIQ87JboyziLaFAokLO6XNRkNQKl6e=
NTgTMQZkdUhGoeXGae-2BbD8N9CMPrr-2FJFpynymWnMr7ADsbNmFsS97Htmlq4D-2BvCUL-2F3=
V6QHlNmDVHgjllfYXY-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tru=
e">France </a></big></b><br><br>
French public markets in Q3 clawed back thei=
r losses from the early-quarter tariff shock, but the momentum remained fra=
gile. Private markets lagged as sponsors took a wait-and-see approach, and =
deal activity slowed and fundraising cooled during the quarter.<br><br><em>=
<b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4=
n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUgnY-2F3guJoea8g6t4RI-2BHGJvWPk0A=
5kzHYQOoTUkCnXA-3D-3D-oWD_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHr=
wQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMq=
eZzLdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt=
4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FUPBWLFqczP9fftpZz9sCdeyUtGAKVvV=
RjBGmsEv9Puv6Zp-2BIDGgPTDsOh9ZruWUwYCa4pN3Zq4fK3s-2FU2ZKDM3JZpFI06YDySjIcpz=
JnSPRkyx4ZXKjikzgfXd8wVWZiROJzX1KYiJNekX0vqxr-2FoF8uKaLuGBUnl-2FR1yxgdziX8n=
nzxUKqQyO0x1uyTMaqCDZ4i8fOBktr4CwzbqBden92LG6-2Fh9yMJ8DTthLS2ESyeNHZGKuw8az=
nRcYD2NKHEo-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Read=
the report</a></b></em></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>
<tr>
<td colspan=3D"2" style=3D"padding: 0 20px;">
<table class=3D" " lang=3D"x-news-=
group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid=
th: 100%; min-width: 100%; =20
">
<tbody>
<tr>
<td style=3D"padding-bottom: 25px;">
<table class=3D"" cellpadding=3D"0" cellspaci=
ng=3D"0" style=3D"width: 100%; min-width: 100%;
=
border-bottom: 1px=
solid #C3C3C3;
=
">
<tbody>
<tr>
<td style=3D"padding: 1px 0 0 0; line-height:=
0;"></td>
</tr>
</tbody>
</table></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"><b><bi=
g><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n=
73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUgnY-2F3guJoea8g6t4RI-2BHGYUhsIYtq=
ApmlWUUA8o3M9w-3D-3D_nPH_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQV=
I43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrw=
QfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqe=
ZzLdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4=
rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FUC4ZjvZ4o6mWVDvCkfx6Uzt3vWVRm-2F=
fFExvU-2BgG39ntSp-2Bh-2Bi2SKSWzxqY-2B3kvbSRViAS7dSOuJ-2BGkQa1zBtMfixAMOSnmn=
ykPn3z-2FEcGEDsyVq7mvil7WqRoeEirfuyLJRTiKHOgFQbaWDAWm-2F0V-2F3fidj-2BxZsWkD=
97lJ-2BxM1fyGrDMiDORDGMGezybxVRU-2BUTRsWBeiO7jitXo3cItDRqlJE5rF-2BPiE3jL6Rw=
c-2FzpT4kcbAfbh1AvEGOcadUyqU-3D" style=3D"color: #1D5080;" test=3D"" univer=
sal=3D"true">Italy </a></big></b><br><br>
Italy=E2=80=99s Q3 economy was mixed: GDP st=
agnated and exports weakened amid trade headwinds, while inflation and fisc=
al consolidation held steady. Public markets outperformed. Private markets =
were more cautious, though VC deal value rebounded and PE deal count hit a =
five-year high despite smaller transaction sizes.<br><br><em><b><a href=3D"=
https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7S=
pSWIrf6GFa-2BaqM7ONnvsnswouzUgnY-2F3guJoea8g6t4RI-2BHGYUhsIYtqApmlWUUA8o3M9=
w-3D-3D7CnL_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA=
68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi=
5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFy=
waU9ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4=
UjHBUwpYXduVyBrpiyst3wQcdqIw5FWG1D2Eb6LcJyB1lx7yJtMi4q7dOljjRqQuVRoRm3vQOCu=
NXy5V-2BmCpZc7O-2Btz7YauHy558b5TaybAAnhksAIPj7POhzprs57VEyePRhTdno8NNEcWTnB=
79faA-2FKGYlWCvbhSFnBvVqFrLXKw1Cn-2Bcug1wd3SBDF4f2vHiETytPOZT5T9Q4p-2F-2F6z=
9P97eGo8shF7KuUGm42ekZZJWCTjd5KgbJdpgUn4l3WcM3-2FpiT4H4Qdps4g6gqiD4D-2B6dL7=
WSc-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Read the rep=
ort</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>Nov=
. 4-6</b>: PitchBook is a sponsor of the ILPA Summit in New York. Visit our=
booth for a demo of the platform. <b><a href=3D"https://url6380.news.pitch=
book.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUg=
nY-2F3guJoea8g6t4RI-2BHG7VyH-2BGPKtVzyFQzSeRucpw-3D-3D-Wg6_Pr966knuaHmaw6c7=
pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-=
2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u=
0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5=
Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw=
5FVQZm8G6gLewgnOQq-2BcenB3wnqGTskWT3C24sKVXFpUG2QANfEI6RBsd0uaNh8WWM5DLDz8P=
eZAii9iEgaU5h95pA2vPQ-2FCcJhBmMBK1b43R7A94S0FlIQMP5i6STnvIfALg0R7HyArVQKi5M=
Ou-2F9HCgH5PYgKyEAzXx70elkNwfq31N2oHQgFIoS1MQVCUiYNXchkO3CzE2SfFy5JTNzDHC-2=
FB7EIMt7MGU1aLagZZ-2BqCuozZLfqDE4O6UfxrLyn3Y-3D" style=3D"color: #1D5080;" =
test=3D"">Register here</a></b><br><br><b>Nov. 12</b>: Experts from PitchBo=
ok, NVCA, J.P. Morgan, Denton and EisnerAmper will discuss findings from th=
e Q3 2025 PitchBook-NVCA Venture Monitor, current VC trends, and how upcomi=
ng headwinds may affect the market. <b><a href=3D"https://url6380.news.pitc=
hbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU=
gnY-2F3guJoea8g6t4RI-2BHGGUTlVnImHE0QZlZNstBJcg-3D-3DHmFN_Pr966knuaHmaw6c7p=
KvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2=
B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0=
mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5D=
n0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5=
FUdoogxjtPeNgYIsVZ4BkH8Z6tbxTgRdEh7UjN0TpkajiJUPf53sB9TrhqF3Fs2uLY6miMfYhl0=
vihj-2B86wPO9CNvAeFBEQM-2BoLGOx9hNApVuapD6gCzneAMI8XWA6YUTDeBvz7B6IjmNswIjP=
oourrF8MCa2n-2Be1gmRq-2Be-2BZ-2Fx-2F5qL2xD50cVFKEbhLA4NSY4uW3DWpBr1PtwrMTfI=
jOXyj6KcDunt-2FrzwVMv0XjRJhn1-2FVZ1ebkf-2BwfdM764P8qU-3D" style=3D"color: #=
1D5080;" test=3D"">Register here</a></b><br><br><b>Nov. 18</b>: PitchBook i=
s a media partner for SuperReturn Secondaries North America, where you can =
connect with leaders in the secondary market. The event is free for many LP=
s, and others can use our 10% discount code. <b><a href=3D"https://url6380.=
news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn=
vsnswouzUgnY-2F3guJoea8g6t4RI-2BHGAnk2fJ4bIpTsiEGF0ee-2FNw-3D-3DxRGX_Pr966k=
nuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwYj-2F5=
jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7=
owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBKOczft=
Vpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiy=
st3wQcdqIw5FU-2F5ChE0bNipvnFzNpnKhbObqWWrz-2FdryJFETCC93Vn6vj11O76R4wwYTF1D=
FNtmGByBHQiBFRCunejRtnvONqXEtjxjgxJjCSChxcC0B6c9VaaHyKMV5nr8TbeQ9bc-2FnbXsq=
bJ2WjHEtx15zKkPDBV0zkiTd13s5lTy7efOxRycmplCkmcr8lD6u-2Bir1DIlxDZU9z-2BnfZo9=
4IUehqxPV6mRj7DCgKTW2Urwpmwy9nxUvH1DDCX8YqSSS7pV-2BskxTA-3D" style=3D"color=
: #1D5080;" test=3D"">Get 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>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 Private credit funds more=
than tripled over the past decade to $1.6 trillion in assets. [<a href=3D"=
https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
rf6GFa-2BaqM7ONnvsnswouzUgnY-2F3guJoea8g6t4RI-2BHG6NTbov39MBxKWIyOdgxD0Q-3D=
-3DLDbb_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV=
R394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJr=
VLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9=
ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHB=
UwpYXduVyBrpiyst3wQcdqIw5FWq-2BV8DENx-2FnBlHxww1RJuLvWIvI8md0y4NItZr9DDRqaw=
Lvh3KA6DyztFvkXoxa0UkfxT7Jm88q269ZNdiBDuKLbjP92fmO4S-2BUobQs-2FIBi28sXON-2B=
6p4OS0nI9Ej1ulv8jSwV6ctHgE7ruVufCXFvV40U98kycHs2x1gkKH3Mend9-2FkRJIV9vkauJ3=
YDjaGgPcWpsUIEdtA2YLjHoxMijoWU6pNyERuTTiVAYqF57OKnjRUtYgVNEMbYxLeRfurg-3D" =
style=3D"color: #1D5080;" test=3D"">Reuters</a>]<br><br>
=E2=80=83=E2=80=A2 Private-wealth-focused fu=
nds hold more than $400 billion in assets. [<a href=3D"https://url6380.news=
.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns=
wouzUgnY-2F3guJoea8g6t4RI-2BHG-2Br3sxAexml4MV390b-2BJBqw-3D-3DnMht_Pr966knu=
aHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwYj-2F5jk=
mz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7ow=
neYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBKOczftVp=
vez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst=
3wQcdqIw5FWlwuAVSZAM2anRxU5z94bnj9Gqs3Zs3HzutWaLloJUFTAKldGbQVFvBw5T9Nao9-2=
FPveQvZCQzTPRzWKI-2BZFKNOdeQ7b-2FRmtPJZvBNKjAQowDfuAHzX0b5lKGTVsOkd91ZuHNsD=
WED32BmPJ-2BPAxFEIXvbVEWuKsyQ-2FFG8c-2BvP36SD1RQ3oqYJrzQK1cLmXUGdr8xdYK-2Fr=
yZUanYLtSWqpfpErK9RC7-2FKCVekA4NMmrj2rTj2-2BEEBLY7q2x1c2pZao-3D" style=3D"c=
olor: #1D5080;" test=3D"">Reuters</a>]<br><br>
=E2=80=83=E2=80=A2 PitchBook analyst Ben Ric=
cio discusses how AI in drug development could be "insulated" from a potent=
ial AI bubble popping. [<a href=3D"https://url6380.news.pitchbook.com/ls/cl=
ick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUgnY-2F3guJoea8g=
6t4RI-2BHGImaUf0gs48w-2FfCC0DI0vyA-3D-3DsYQv_Pr966knuaHmaw6c7pKvB-2BCEiDnj5=
UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2=
Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa=
9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmF=
TjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FWbjTQGj1IILL=
N6S-2BPClPaoWUYDRYgtEft19B6Dc3z-2Bu0Zk6FEq4L02XKfjN8o60p08Aderwxw3k19PTlQhG=
UurKJ1Ma7oKlzfPKQYDk-2Fb-2FpHgQ0BaIOoOhZfFhhnXm-2BjThIWjG3ajybPJPmhFnXhDJJo=
61t6G9Q16lRaVdZCkY66918Ct3X-2FDityhm9RJMev-2Bi91gzxdEZVD82DPU8JVEGjCHDF78cn=
gILnlrbX1bhGI-2Fp2y-2FhQZRj3k2b5qFW2rM-3D" style=3D"color: #1D5080;" test=
=3D"">PharmaVoice</a>]<br><br>
=E2=80=83=E2=80=A2 Wawa=E2=80=99s estimated =
annual revenue grew by approximately $4 billion, to $18.8 billion as of 202=
4. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73=
BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUgnY-2F3guJoea8g6t4RI-2BHGyhjQCSXC8l=
efBJ6Gh74ZmA-3D-3DY47b_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI4=
3kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQf=
EQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZz=
LdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB=
85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FUn92wdSLU498-2BZXgsopC4Jcy8hAi4e8j=
7eb-2FCi9HKGUMR-2FYhQjmziKwuIKTFXhap4k1EcMhnx90acFvud6KEXR5cLSHORUSpteBBYbD=
kJo-2B9upzL-2FM-2F-2BRzXTrQGtsqECnmNmvPoiqtbY0otJbvmQtzitIh4pMwUg1YzFKUkIEz=
han0Vqz2zyY23Vk6qoWorQPe-2FazgfiU4lTNqZUi0Xh8BpxOPhYj4YRASepO6VX07uVNhFCK4o=
0G85EvlpNh6KX8-3D" style=3D"color: #1D5080;" test=3D"">CNBC</a>]<br><br>
=E2=80=83=E2=80=A2 Europe-based VC funds hav=
e raised $8 billion so far this year. They raised $27 billion in 2024. [<a =
href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU1u-2FEWKaEISQZXuY-2Boz6LKLY0eff97lcqD-2Bp9=
8-2F-2BGEzg-3D-3DffSZ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43=
kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfE=
QcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzL=
dOerDihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB8=
5-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FXmt7gE76MO4ct2C4uzGW4-2FbZwuHr7CAqu=
6SxQlNQj07wFF7lehpavSeLj5qGH-2B82-2F4OVDssD2wexxhRk27JVnlhr-2BCRHcnD6RWXvqY=
-2FFi6MRGcjFSbFTA133GUmVQI3kz4VjcfdGJhob-2BWQeqnANlYXJgV92bIMuPTYQEEHSsMRW9=
VOvb-2BItVy4Lv2nKUxTAujCqTkrjWu1Aqq73rP4lnWR1aRjMUIA56DcaQ2icf8kB5ezd8HMy4P=
eoEGTrgcBDE-3D" style=3D"color: #1D5080;" test=3D"">Forbes</a>]<br><br>
=E2=80=83=E2=80=A2 Early-stage venture fundi=
ng for consumer packaged goods brands has plummeted nearly 60% since the in=
dustry=E2=80=99s peak in 2021. [<a href=3D"https://url6380.news.pitchbook.c=
om/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU1u-2FEW=
KaEISQZXuY-2Boz6LKOUHloOhM8LB6fkJGILlpTw-3D-3DymQK_Pr966knuaHmaw6c7pKvB-2BC=
EiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTD=
oSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJ=
xCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1vfy=
ujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FUtXm5r=
YZmw5qbH6k6RnsifZRDUeYtIGGDEMHM41eDW-2B3a75v8iv-2BTtx5x0ZN3BRgEGm3x7jkKvo0k=
-2FdZBwhS9N0boZ2nRzJ4-2Bv3pCREPEMHknOG6Ygot0Fwl6E7pHYTC3KQttOIaLXbg-2F7TZeJ=
caQZTlLDlt-2B0x-2FYX-2B6oBvXcNCh5dtHZx58h-2BhtiKmDaZwPtGXkeuUkA0uTSBKr1oDwl=
tP-2BN1ULSiurfidiSZN2Omt39qFhgrppv8AxXO3dvsTtA-3D" style=3D"color: #1D5080;=
" test=3D"">Inc</a>]<br><br>
=E2=80=83=E2=80=A2 Buyout firms have investe=
d nearly $12 billion in accountancy firms across 211 deals this year, nearl=
y 40% more than they spent in all of 2024. [<a href=3D"https://url6380.news=
.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns=
wouzU1u-2FEWKaEISQZXuY-2Boz6LKBvXKD-2Fch3hW5lZ4S7bXE1g-3D-3D4Gqc_Pr966knuaH=
maw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz=
0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owne=
YTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBKOczftVpve=
z2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3w=
QcdqIw5FXM4bxkKpRDXocPx5Lc5gshY0UrPjTuMC8EbFn2pwcmu-2F9zroa3D58dQb1fiyElf6S=
qu2kdxYLf5W8k6Q3f4yuIYoPSmh01bqU2njYed2jbo-2BRGjlXFZLWQsuoXBEMPy1a-2FJkiSgZ=
UedhpjIWPquxiVjPE-2Bx5pf4Lclw8pJgjaHIkHozu-2BqC1usx8l09rxqEycn0T5gANwFua985=
-2BzBQaN0V7h0-2Fky7DSzo0fZHfP8OMKftqqA8D81ocZgJMkzU5U4-3D" style=3D"color: =
#1D5080;" test=3D"">Financial Times</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-=
2BaqM7ONnvsnswouzU1u-2FEWKaEISQZXuY-2Boz6LKvLquCPrWhzwpctYix-2BcOjw-3D-3DiU=
35_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394u=
yLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2=
U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO=
3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYX=
duVyBrpiyst3wQcdqIw5FU9d4-2FSpKYM93cIlVNMluYTYbEdGDiCzLraw-2B-2Fnypj0qR-2B1=
2REZqSZIHd5Tim2ovCLc1BwIgvOrZFFmUJsjl7uyFCwtpH4aqVDTlnKasd3-2FYLRr1hpaMCP9h=
i4Q3LQqQsScMVWO3LMqWLoSQSC4SItCync8mrx2DUZxyb91KWjFiJmQhuGBnzpXqdRptipGwPW2=
gdUXLo3JnzMszgoQooAVx0DkMDCqiewnwE4BObR-2Bs3j7f1tOElYKQCISG-2FrN1BE-3D" sty=
le=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 PitchBook-NVCA Ventu=
re Monitor</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-=
2BaqM7ONnvsnswouzU1u-2FEWKaEISQZXuY-2Boz6LKn3fmw01NkLkAmIw3PDRhVw-3D-3D5y51=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyL=
wYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-=
2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3z=
BKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXdu=
VyBrpiyst3wQcdqIw5FW7LVGoRiigo-2BtiQgnMli4KolKo-2B8A7yx-2BjW9EKnTEaXxB3Rzuw=
d9-2Fc-2F5D8G56IahqeB0-2BPrB3jJG-2B04Yx62jcXu1EffhM5l4h8VVI7yiQ0vc8TFSLdGzT=
XrCKvM8Vs0muySnjEktSjNhFGaCAamiKRn1qHfgjtu8SGRNKPMp5JjxghJsUeK-2BfjdxODxlPf=
DD0FO-2Fj4zINrh6LrpMfR7BEbuJZvJuKT6BP6GIC-2BB-2FdTaRuXTMan0EwNmK13wfOKCjQ-3=
D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 European PE Br=
eakdown</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-=
2BaqM7ONnvsnswouzU1u-2FEWKaEISQZXuY-2Boz6LKr3AfC2lyjxTiglt9FGSXBw-3D-3DazjJ=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyL=
wYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-=
2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3z=
BKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXdu=
VyBrpiyst3wQcdqIw5FW-2BQPNzGc-2Bvs-2BGlVQqUh9qWadX4Dp0Voz2-2BMBU1kA-2B8jOgd=
0d0L-2BcTlcQRgv7N8G1CYXpZnmFXcZ1JwUaIhYzZ2Q0uB6Sz8Dbvyz8ewO49iRtQ-2BATJ521t=
sy4JJr3XGCQpVyl4LTox5gKqMaaBzjJRLg5EOL1oj9YAV4XM1zfi6zDuAbjFrAlQMuEK1qQpvpt=
f0u-2Bwjg78fH8w0l4nzrZleYuD2LzvMo8bQ-2BDLMXai3-2BvECnCi4FA8-2B5UDIF-2BCb-2F=
jA-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q1 2025 Pitch=
Book Benchmarks</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-=
2BaqM7ONnvsnswouzU1u-2FEWKaEISQZXuY-2Boz6LKWGFiDXt4O2sMpIH19QlBOw-3D-3DMqov=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyL=
wYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-=
2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3z=
BKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXdu=
VyBrpiyst3wQcdqIw5FWgjeNHx-2Fnvxekbfqctuzkl2Mm5HbKjjp7-2F2NdXqMTHdTYXOBAyMs=
UkLiZ4R-2F75pweonsO2NJPB7NQf0AmydVzgW51XzcOTgqUD8PcMU14cxtFL-2Fgu0A17oPNgqT=
IKqRA8QGFPzCo-2Bd3go1aYD1XCT0RvqC2AKZ2kK2FKsbVORdbF8zgxYuH4Wx5zQ5Czdn16ikrS=
2jE8is5WjO4seIn1t2ZUybSEF3qzOZDhNiQPURlrCBjr12mLfQkS-2FUH-2FYOS2Y-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">The Medtech VC Paradox</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-=
2BaqM7ONnvsnswouzU1u-2FEWKaEISQZXuY-2Boz6LKLKjvEn-2BAjeMgnB1FMcTzog-3D-3Djc=
aF_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394u=
yLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2=
U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO=
3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYX=
duVyBrpiyst3wQcdqIw5FVLQipyhNUEfro4ID-2Bnj0GMehpy3OSspeLoorfEMIHisX2T7MvwEc=
Q9wGTQVt541mP3-2B8CRtMwUgFmh8nAJLZz374jHs6VdkQC5dEV-2BRYP-2BxbB6mW-2BT5P78y=
c5Y-2BOC2RfPBXjvzZ4-2Fx42vBqh7DTfVUUa18gfO27dngbAZL5CMt7Sw56nsP7vm-2FW6AT-2=
BaLezES-2Bqo-2Bg3phrwpQ1nxuckBVGLvvqSz2XMXbSgiPoZvGAWA2MXUadl23BjEbR1AJDKEE=
-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Sizing the GP-L=
ed Secondaries Market for US VC</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-=
2BaqM7ONnvsnswouzU1u-2FEWKaEISQZXuY-2Boz6LKjpSnHcSunoKBr-2FmhmOKmKg-3D-3DXT=
nK_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394u=
yLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2=
U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO=
3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYX=
duVyBrpiyst3wQcdqIw5FWH-2FW-2B7LYMj8y7XRvK-2FVA68sS4qZffpw88iXCJEURWzLYTlcI=
lAm3s40RY32gojoyfFhXbBKcqOYs0jWM9-2B-2BKrsx488AUcZPBPcOVp79UwumhPknL8xPxMoY=
awQgAZ-2B1VhpyLthvFFM2nE-2FZovu7AD64JMbZHAlYetLjHhbe7cU8lG1p6NMBkYAV8diLS7e=
mJkZ-2FnzMjo-2BgK1C-2BvYBXTLlVjHIuPOg7sWakIHeT-2Bh6qc6TuH2QfckF9usoDnu0EX24=
-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">AI=E2=80=99s Im=
pact on Supply Chains</a></b><br><br><b>Industry & tech 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-=
2BaqM7ONnvsnswouzU1u-2FEWKaEISQZXuY-2Boz6LKfgdATkvwxjxNAfUzeMsW4A-3D-3DeZbb=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyL=
wYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-=
2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3z=
BKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXdu=
VyBrpiyst3wQcdqIw5FV5CICDJyAzRg2j2M89Zzdcxgkb2AerK-2F0Ry-2F9sLLgt9hmNJnI-2B=
JhR3D766K-2FmGNC-2BgLGJyUPJzFZvxqaEZ2BSrQGIev-2FWQ9NYSTFzYRPhS2mRW6Gq0W-2Fs=
EfpJWUkpmUNU1ePvuPCVkkNk8aeO-2Fs01oz5yYCm0IxfrWimfLnHxQs75gOkEQ9AbCdK64GBJe=
yqNGCzg4UvLYaJ08Q-2F7v0H3PlDCgzkkXg4c4ul0iYR-2FYEzYzImdteWWGWD3pFhRjFlU-3D"=
style=3D"color: #1D5080;" test=3D"" universal=3D"true">H1 Healthcare Funds=
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-=
2BaqM7ONnvsnswouzVeaTdrLWxlXZBDA6o6mZ1W0hkN-2BugaaWGVHGhzUAll0w-3D-3DJO3K_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwY=
j-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2B=
fOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBK=
OczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVy=
Brpiyst3wQcdqIw5FVzMwTpsaDNT478xu-2FYAiJ9z-2FC4X-2FxTgCSaxGHaaockOQN4D646GH=
2GmgDOKVbdu8wI5nol883hUnIXkysv-2BUTPQT-2FPKto6fkUZHJUxhaPPooT29vHL5GZlL8x1O=
N2Lou1kDDSUyb-2BDA9wHIcfHkbJ5oU7-2FsJvaNgrMEGnQ6-2FT9m-2B53nG-2FZEo9ZTaZ2tH=
negRnOqQPiIKZirs6IBSDi5qapzb2v1Tnv8eEnUaTn1KOMsOQOulYWSXRhaGQO2N5K-2Fo4-3D"=
style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 2025 Agrifood VC=
First Look</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-=
2BaqM7ONnvsnswouzVeaTdrLWxlXZBDA6o6mZ1WAywAGt2boKENW5ofQ0AQxg-3D-3DCGcF_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwYj-=
2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfO=
nV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBKOc=
zftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyBr=
piyst3wQcdqIw5FW9LiiOYsd-2BOJJ4V-2FOhe6zFyInXwWewPimC24-2Bz2I2zCiighngmFZ8N=
2grc4YOdT5mDhyAlD88MtaRpay-2Fr7ZFAno07qLf0liBBCdEVDe7hoZEy-2FmVlPa7ooORfiM-=
2BvK1qkWyhJW0eMz5T-2Fr3-2FzoynH6aUNEwDu0XVGzQE9TX-2FoNfHVj9Qc6L6WzQrziy5dRv=
rcgOIjwGVBvzN6QAqTTYCiSaqFYUe8zOZxDUiM6-2BO3u0AhOgTf309cU2oRPFksKVY-3D" sty=
le=3D"color: #1D5080;" test=3D"" universal=3D"true">Q2 Infrastructure 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-=
2BaqM7ONnvsnswouzVeaTdrLWxlXZBDA6o6mZ1W-2BvuZmKD6gzeE4y96X9KWKA-3D-3D_p7v_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwY=
j-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2B=
fOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBK=
OczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVy=
Brpiyst3wQcdqIw5FUkgann1iD7xFhdRSQV8ljhksIDoQ5cOqOSk1k822LLzqslsgUgkoyBLtHZ=
pXy41WrAGaGnfU8Qan6mcY8xYMOLcRPYEtw7BjpPUFKMrdFdR7CADnGnIScxRjptr3a7z0QpNtQ=
f-2F-2BbKuAZyY24wrlR7pHZBbQHBPqwXmWk4-2Fsbc0DRXuAFiAZOnjwJ50LZkse4cJFokKBSU=
hF5rDs3OhJgFpD3Zm7U1cL3m8lpJ3ifWQbAjECtbKQlnwFQqjMxk9cI-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-=
2BaqM7ONnvsnswouzVeaTdrLWxlXZBDA6o6mZ1WIqSqpuxp-2BpQZFa2Q9N6rJg-3D-3DTIVr_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwY=
j-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2B=
fOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBK=
OczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVy=
Brpiyst3wQcdqIw5FVdkmNhZCgl2fNGwiXmYQpslVnSQWDFuzpofBU7S-2BTMsXCDYYO-2BruBH=
bZNM70juE8C2oGESFODzKC0U7EOOS7-2BrZ-2Bv53DfM2x59Bg7GkKJdYmJWL6-2Bn7QslGFDOB=
wnod0-2B9cQINhjfmiclsTV0Qj60Oo8X-2Fm-2FtMQmQubtUXCcj2F27kboBmtquhmWwRAeHqAs=
wcbr9ADUMGupQWwu9HJkWB2hUP1xsbp7anV2-2BTY9TvVIqnISPW-2FqEMwgxgE2l0XLQ-3D" s=
tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">US High-Yield Bond We=
ekly 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-=
2BaqM7ONnvsnswouzVeaTdrLWxlXZBDA6o6mZ1WO4s4OVC65WDj6-2BefgKVmcw-3D-3DJl9L_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwY=
j-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2B=
fOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBK=
OczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVy=
Brpiyst3wQcdqIw5FW1gDSmbSMl2tN13-2Bb7U0dYwVvTKtXgL2MEk-2FJgRes0MwWHAurdc4lO=
Q5NwyMHynL8g0kkcXxPRKRdrADDY7KV4jvRP-2BZYvNe29nhhJF9x8PMNCuFhxsxvaM1oopC0nT=
CewaY6DTY6aQEwFeCP0wKnrzwbZURClWFbTn-2FXGXqBNypGKKGCI-2BxU5rmjGIEVMQTLYUBVA=
BxlfDM4MQstGcQZawPO6fVioxtAMk3-2BXo2S4Se6W6dqBGIeuOR8ny-2FoKiFQ-3D" style=
=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-=
2BaqM7ONnvsnswouzVeaTdrLWxlXZBDA6o6mZ1WUW8DUn2TjKM8OXMbWqzjVw-3D-3DXFey_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwYj-=
2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfO=
nV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBKOc=
zftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyBr=
piyst3wQcdqIw5FXStk2PrZrpF2RrmB5owCS3lyFyuP3sfvKEcLmj9N5ugBBldNhdx1wQ2UzaIT=
UfLOffTkcoeNGzVX1AfvC-2BnMp6w-2BIjglRcBLf-2BII58zRTnXVpvcVgowKjhghuDiqDJD6V=
uERIIoL-2BkHv6lQJG96Q6UMGCNmVYsZplkZlNrRmNbE8MNo8QEFjPUmsf6shYUawEJBrMEpglz=
snWaA8YYC1YwTCKk3aXDq-2BplAo42QBpVdJUR1-2B-2BosvfkpKiU2JQ43-2BI-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-=
2BaqM7ONnvsnswouzVeaTdrLWxlXZBDA6o6mZ1WUW8DUn2TjKM8OXMbWqzjVw-3D-3DP0JB_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwYj-=
2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfO=
nV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBKOc=
zftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyBr=
piyst3wQcdqIw5FVqoCd9b96498n2CNZ0ZeRiMpvgrcjfF1BxWi90F959PAJzGF-2F2mE8y1sv4=
72JRdxstgWyfq6Ngc8pc9LltlcF8pDmDL9wrVJqKEHUrEOrg4XZigt1xJeLqnj0EuR-2F1da7ah=
n-2FdoJCqKQ6NdlqJkQp1kH7habQKjHQdOc8he1M6qaLmTPLrlCOZF4xng-2BVvX1xdrk9nAB23=
IpppTICxQnjc3gRpaovyaTjjkSOmL-2FQEr2DZ7wGWwlrO89BcFJsD23s-3D" style=3D"colo=
r: #1D5080;" test=3D"" universal=3D"true">US Private Credit & Middle Ma=
rket Weekly Wrap*</a></b><br><br><b>Coming next week (subject to change)</b=
><br><br>
=E2=80=83=E2=80=A2 AN: Private Market Invest=
ments In Your 401(k) May Not Be What You Think<br>
=E2=80=83=E2=80=A2 AN: The Trillion-Dollar C=
apital Frontier: Sovereign AI<br>
=E2=80=83=E2=80=A2 Q3 Fintech Comp Sheet<br>
=E2=80=83=E2=80=A2 Q3 Enterprise Fintech VC =
Trends<br>
=E2=80=83=E2=80=A2 Q3 AI Comp Sheet<br>
=E2=80=83=E2=80=A2 AN: Seed Under Pressure<b=
r>
=E2=80=83=E2=80=A2 Q3 Global M&A Report<=
br>
=E2=80=83=E2=80=A2 Q3 Agtech Comp Sheet<br>
=E2=80=83=E2=80=A2 AN: Takeaways From HLTH U=
SA 2025<br>
=E2=80=83=E2=80=A2 Q3 Clean Energy VC Trends=
</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>
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20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
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<tbody>
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<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=
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ight: 6px; padding: 0; " colspan=3D"2"></td>
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<table lang=3D"x-counts" cellpadding=3D"0" cellspacing=3D=
"0" border=3D"0" width=3D"100%" style=3D"background-color: #051C38; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"width: 20px; min-width: 20px;"></td>
<td style=3D"padding: 10px 0 5px; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-counts-title" cellpadding=3D"0" cell=
spacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td align=3D"center" style=3D"font-family: Roboto,=
Arial, sans-serif; font-weight: 700;
font-size: 14px; line-height: 27px;=
color: white; padding: 26px 57.2px 37.3px 57.2px; white-space: nowrap;">Si=
nce yesterday, the PitchBook Platform added:</td>
</tr>
<tr>
<td>
<table lang=3D"x-counts-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%; t=
able-layout: fixed;">
<tbody>
<tr>
<td style=3D"display: inline-block; width: 24%=
; min-width: 24%;
text-align: center; flo=
at: left;">
<div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Roboto, Arial, sans-serif;
color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
700
</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%;">
Deals
</div></td>
<td style=3D"display: inline-block; min-width:=
24%;
width: 24%; text-align:=
center; float: left;">
<div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Roboto, Arial, sans-serif;
color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
1953
</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
</div></td>
<td style=3D"display: inline-block; width: 24%=
;
min-width: 24%; text-al=
ign: center; float: left;">
<div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Roboto, Arial, sans-serif;
color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
799
</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%;">
Companies
</div></td>
<td style=3D"display: inline-block; width: 23%=
;
min-width: 23%; text-al=
ign: center; float: left;">
<div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Roboto, Arial, sans-serif;
color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
29
</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%;">
Funds
</div></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td>
<table lang=3D"x-counts-btn" cellpadding=3D"0" ce=
llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"height: 25px; line-height: 25px;"=
></td>
</tr>
<tr>
<td align=3D"center" style=3D"padding: 0 133px=
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