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f; font-size: 14px; color: #78766f; -webkit-text-size-adjust: none;"><span =
style=3D"color: #78766f; font-size: 1px; display: none !important;"> Biopha=
rma exit outlook brightens; Our new indexes for evergreen funds; Q2 Private=
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jtNgMYBpMnhioQA7nKrAFmgzXQ0DRktvuL2mPpITKGxjVz1l9tryRIUZFsd8VZteOphpmEVhQuB=
zRu0tZFN903Lj85NCCb7ZYr19DZmyOgw-2B-2BMvuHfNdRwwkbh-2Bqeq5xo84QqUqvLbtCQyv7=
d-2FvWnSFP0utwP3bK-2FtIIA2i5lRX0UEYPefuZ-2BUzKIxdDINCZIZXFm-2BEF1bfs2RW37xZ=
EMnkf7rZ9r2Jufsc9F5GODTfHQPkoWmmsl4zhtA2dHnJCbd0PcfzHZArc31ZjFKzv9-2FElx7ET=
MDUIetRQ4Lma68RRoN8Wo0E1zlgK5TrRs1hJOaRUv2-2Fld9AoKrkLcENvfnb4E5GhfnFOlQJt3=
VV-2FDLCAPsO0aZulU0absDVCbOfjothc427ecENOf9XRm8S2S5UxUCPVuI6sGXF1ow-3D-3D" =
target=3D"_blank" style=3D"text-decoration: underline; color: #1D5080; font=
-size: 14px; font-family: Roboto, Arial;">the U.S. National Science Foundat=
ion</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>Pri=
vate market returns</b>: Our Private Capital Indexes track returns across a=
ctive, closed-end funds, drawing on data representing more than $4 trillion=
in net asset value. <b><a href=3D"https://url6380.news.pitchbook.com/uni/l=
s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV5PeIS2ONAWd=
9al6AhaBLVJLv6fsi0S-2F5ZsMilEtaHzw-3D-3DVDRp_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwa=
rHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhrqlHaZItwGgR-2B8fOydoxTdgapUxIyebPI-=
2FmMB2kFuZvKFqYjtNgMYBpMnhioQA7nKrAFmgzXQ0DRktvuL2mPpITKGxjVz1l9tryRIUZFsd8=
VZteOphpmEVhQuBzRu0tZFN903Lj85NCCb7ZYr19DZmyOgw-2B-2BMvuHfNdRwwkbh-2Bqeq5xo=
84QqUqvLbtCQyv7d-2FvWnSFP0utwP3bK-2FtIIA8b2eDNe34fb5pkTaX1-2FE9ppA2-2Bk-2Fh=
bkV5M8fPJ9KUkgbKvmyidh5-2B7iAgMNpni8x4Vrcc8xazbGmz9-2B9DeW5JBE2rQzb5f-2BV6H=
E-2BXBaTPNbZu3KIo92sAKzUkL0MAh7Bg3tOwM2toYRsqhtdBJtrd556BVY1WXotr6QivrztL0W=
IVFZ0xhl-2B1gR-2BW98qMOO9jyks6NtvN20u-2F8uJIh-2BXpG1nyUWlBpfchYI0idfJRKEpwb=
mSAacULz3fh2JBmGQZg-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D=
"true">View the Q2 report here</a></b>.<br><br><b>Speaking of indexes</b>: =
Morningstar and PitchBook announced the upcoming launch of indexes designed=
to measure the performance of evergreen funds. <b><a href=3D"https://url63=
80.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B=
aqM7ONnvsnswouzV5PeIS2ONAWd9al6AhaBLVD8jrHEtQf48Vg3RoLrN1Og-3D-3DFfs0_I3w5d=
9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhrqlHaZItwGg=
R-2B8fOydoxTdgapUxIyebPI-2FmMB2kFuZvKFqYjtNgMYBpMnhioQA7nKrAFmgzXQ0DRktvuL2=
mPpITKGxjVz1l9tryRIUZFsd8VZteOphpmEVhQuBzRu0tZFN903Lj85NCCb7ZYr19DZmyOgw-2B=
-2BMvuHfNdRwwkbh-2Bqeq5xo84QqUqvLbtCQyv7d-2FvWnSFP0utwP3bK-2FtIIA15MEuAzXjL=
EOt4R0kHcd2T4-2FNTZ4fR-2FkeRTsZlT0JeE9t-2FMcp4bCUIrshlxL-2FRMGWzgN80xp62PEU=
qkjLymXBfyMlX3Rhvv9z6-2BZuYb3-2F10aUAO8Bl-2FN7i08DGS079n9s4FsycaCR5D4hkdpcc=
KGH0eEbBZE2c5X-2FHkCJvYXZwKPq1hvNfybruWeAkOBzkXU88AEXQvM1VwAmYqhSFeWcFszNrS=
f8Du02qwtPiNG8DGryOSnfTp0ZDGWYKJ7wRzQw-3D-3D" style=3D"color: #1D5080;" tes=
t=3D"" universal=3D"true">Learn more here</a></b>.<br><br><b>Medtech's new =
growth wave</b>: AI is at the forefront of advancements in the industry. Sm=
art implants, wearables and surgical navigation are translating AI innovati=
on into tangible, device-level applications. <b><a href=3D"https://url6380.=
news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM=
7ONnvsnswouzV5PeIS2ONAWd9al6AhaBLV1BpNP98vJD1JqmyumMxeLw-3D-3DUPeg_I3w5d9c0=
1gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhrqlHaZItwGgR-2=
B8fOydoxTdgapUxIyebPI-2FmMB2kFuZvKFqYjtNgMYBpMnhioQA7nKrAFmgzXQ0DRktvuL2mPp=
ITKGxjVz1l9tryRIUZFsd8VZteOphpmEVhQuBzRu0tZFN903Lj85NCCb7ZYr19DZmyOgw-2B-2B=
MvuHfNdRwwkbh-2Bqeq5xo84QqUqvLbtCQyv7d-2FvWnSFP0utwP3bK-2FtIIA3oCBtHlP9Mxu5=
UE2-2B37mOKOuOYd8vV1C0YKWosV6kE4KrfP75egkbNAA1WyczPmTDYKo2wjJT7Q8mKzYbaYenK=
yWxfZ0XVqp7h6Uw7zi-2FYcyiTrxZzaAcGHPJJmRwJMCX42f6ydKto2QRvGP4uEuOCJDkEcj8Pn=
aKH8a3kCSZpKkGuHuxDR-2BzeW6nqGcNBpEjYcRZW6-2FT4I8eJDGkvTaCdv7mTBj8mHOvO5Zkb=
0uI0lEqKconyscEj1QtRsvncG8w-3D-3D" style=3D"color: #1D5080;" test=3D"" univ=
ersal=3D"true">Read our report</a></b>.<br><br><b>Tune in</b>: Join us Wedn=
esday for our quarterly Venture Monitor webinar. <b><a href=3D"https://url6=
380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM=
7ONnvsnswouzV5PeIS2ONAWd9al6AhaBLVP9rKIpfchDzuJbtkksvzvA-3D-3DvOFc_I3w5d9c0=
1gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhrqlHaZItwGgR-2=
B8fOydoxTdgapUxIyebPI-2FmMB2kFuZvKFqYjtNgMYBpMnhioQA7nKrAFmgzXQ0DRktvuL2mPp=
ITKGxjVz1l9tryRIUZFsd8VZteOphpmEVhQuBzRu0tZFN903Lj85NCCb7ZYr19DZmyOgw-2B-2B=
MvuHfNdRwwkbh-2Bqeq5xo84QqUqvLbtCQyv7d-2FvWnSFP0utwP3bK-2FtIIA5pY82PIx-2B8X=
4HbamJjfZfZWzXdKiNXgh8-2FzuQtTi400o-2B6N4deGZLc16XAcjoBTBy-2FVJV5SjlU07lfc4=
O9b7HmgpzcZKKcu63RGjUYIiX8Fg74rYynzvv5H-2Bv9lNPVKk0ZOVOHsSE9UZtsVdhrGw-2FHN=
n7ePBYx-2FdAQVQim-2FQ1Bju8VxW3VFrcAPs5qsGNw4AG-2FuhrmOAxw4rjgqGRztLPTQbY-2B=
aK9JBBbTPP2Yz6pog-2FeWZi5PerubZY9R8QwtUNw-3D-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>A message from the U.S. National Science Foundation</spa=
n></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_574383" id=3D"n_574383" 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;"> Deep-tech startups get their s=
tart with NSF </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: 1=
7px; font-family: Whitney, Arial;
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" style=3D"
font-family: Whitney, Arial; font-size: 10px; line-height: 22px; color: #7=
8766F;">
<tbody>
<tr>
<td align=3D"right">
<table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" style=3D"font-family: Whitney, Arial; float: non=
e;
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-2BaqM7ONnvsnswouzXjgCpVGPZ6Jaeo9ChfzAcjWp9amMtn-2FeV5y=
YyfKSHBqQ-3D-3DVuRN_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW=
eUgFVa0m8PzsFhrqlHaZItwGgR-2B8fOydoxTdgapUxIyebPI-2FmMB2kFuZvKFqYjtNgMYBpMn=
hioQA7nKrAFmgzXQ0DRktvuL2mPpITKGxjVz1l9tryRIUZFsd8VZteOphpmEVhQuBzRu0tZFN90=
3Lj85NCCb7ZYr19DZmyOgw-2B-2BMvuHfNdRwwkbh-2Bqeq5xo84QqUqvLbtCQyv7d-2FvWnSFP=
0utwP3bK-2FtIIA523GeU5u0ee5tHXTxRfATlb6NDyY22ZeiUcE-2FCXeQTD65nM5Y-2Bxf9SYM=
-2F7014ZrwvbrExgaxBlaYmLVJOwk5vCyCFW2YuAfF8NbCPgMpSgq-2Fmwee07ppfKNBfV8R1-2=
FC9XYttdwU3AAvIq492Nmj7t4Te3V3E-2FNTMaHzSFLg5HGWSmRZ8Padf9qeaneBZsvKHtEL1Uz=
vR1S042j7916W4vBZ7sf-2BWTJJ0IXso4a3-2FPODAeDXSBU7l9-2BJcPp65O1IZA-3D-3D"> <=
img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/68656.j=
pg" 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>The U.S. National Science Foundation =
invests in the future today. America=E2=80=99s Seed Fund, powered by NSF, p=
rovides up to $2 million in non-dilutive capital to early-stage startups co=
mmercializing transformative research in AI, robotics, quantum, biotech, an=
d more.<br><br>
NSF derisks these deep technology ventures, =
positioning them for follow-on private capital. In 2024 alone, 255 startups=
received their first round of funding from NSF. Most had under 10 employee=
s, were newly formed, and are now working to bring their innovations to the=
market.<br><br>
NSF funding gets these high-potential startu=
ps ready for growth. From 2016 to 2024, the startups funded by NSF saw 300 =
successful exits and more than $20 billion in follow-on private capital.<br=
><br>
Explore the next generation of science-backe=
d startups at <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3D=
u001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXjgCpVGPZ6Jaeo9ChfzAcjWp9a=
mMtn-2FeV5yYyfKSHBqQ-3D-3DtetT_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2=
F3t1yZbcbdWeUgFVa0m8PzsFhrqlHaZItwGgR-2B8fOydoxTdgapUxIyebPI-2FmMB2kFuZvKFq=
YjtNgMYBpMnhioQA7nKrAFmgzXQ0DRktvuL2mPpITKGxjVz1l9tryRIUZFsd8VZteOphpmEVhQu=
BzRu0tZFN903Lj85NCCb7ZYr19DZmyOgw-2B-2BMvuHfNdRwwkbh-2Bqeq5xo84QqUqvLbtCQyv=
7d-2FvWnSFP0utwP3bK-2FtIIA8oyJJo407u-2Bgza6wgWPFGiscT25dD6fyPtzh-2BAnNCUq9S=
KYFk0vdeifJUSp3abhmYS3wmXcwYops4IvUcbYjIHMtejaTIOvVPDbQfNPDmjPXlKjBZqxPw9If=
ZQr403pA3Mxa-2BkUqAuvN7Hk06o75xzMfgtrfSrDMwWbGBG2OudswyCnHFMw3Rv58ePri-2B7G=
7xKhbWt2g2JKk8paBGzRPaIO8S5KR-2FPbvTYFEHdpxO5Y6I3Gef439-2F52URaAkI4ctA-3D-3=
D" style=3D"color: #1D5080; font-family: Whitney, Arial;" test=3D"">seedfun=
d.nsf.gov/next</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_574438" id=3D"n_574438" 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;"> LPs still focused on distribut=
ions, but VC continues to disappoint </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>
A depressed exit environment for VC has conti=
nued to frustrate LPs, as the 8.1% distribution yield over the past 12 mont=
hs continues the trend of historically below-average VC distributions. Only=
following the great financial crisis and the dot-com bust were VC distribu=
tions so measly. In the drought of capital being returned, LPs have been re=
luctant to commit to new VC funds and end up overallocated to the strategy.=
=20
<br>
<br>
PE has been a bright spot, climbing out of i=
ts recent lows to a 23.8% distribution yield on beginning NAV over the past=
year. This has not cleared out the backlog of holdings, however, as 35% of=
PE NAV is in assets held for seven or more years, up from 27% in 2021.
</div>
<div>
<br><a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV5=
PeIS2ONAWd9al6AhaBLV3Aw6-2FBDt3NVO4XC-2Fy-2BOW2A-3D-3Dd14n_I3w5d9c01gkD8gLz=
FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhrqlHaZItwGgR-2B8fOydox=
TdgapUxIyebPI-2FmMB2kFuZvKFqYjtNgMYBpMnhioQA7nKrAFmgzXQ0DRktvuL2mPpITKGxjVz=
1l9tryRIUZFsd8VZteOphpmEVhQuBzRu0tZFN903Lj85NCCb7ZYr19DZmyOgw-2B-2BMvuHfNdR=
wwkbh-2Bqeq5xo84QqUqvLbtCQyv7d-2FvWnSFP0utwP3bK-2FtIIA-2F4QRQ04SAkQa9I6zEPI=
KqSuqOQb-2BqiYHzkXOtXX0EETx6cpa7HEmmxxQgKP9rypn6ahut2W-2Fo-2FE8VCm9amI-2BCV=
qvLBpLNLezex5-2BFsXIXoX-2BeK0uVauPhV0m8dz7oxBI4XhvvCBe1KiX7clUSfIqV4-2BcAer=
L0jVYVl9dWflxnQvBcf4viV-2FstDzFxLCXGNP6QsIwGa7fjKWahQLFxDnRfwf4InMnj4hlV1WY=
Um5bTkJezrjefzi73JsTJ405kLBHg-3D-3D" universal=3D"true"><img align=3D"cente=
r" alt=3D"" src=3D"https://img.pitchbook.com/news/71246.png" style=3D"borde=
r: none; max-width: 420px;"></a>
</div>
<div>
</div>
<div>
IRRs remain subdued versus the long term for =
most strategies=E2=80=94though these include both realized and unrealized r=
esults. With more assets remaining unrealized for longer, the returns have =
more reliance on NAV estimations rather than crystallized profits.=20
<br>
<br>
Real assets were the stand-out performer ove=
r the past year, with its one-year result of 9.6% outperforming its 10-year=
horizon IRR of 7.7%. Every other strategy posted a one-year result that wa=
s less attractive than its long-run performance.=20
<br>
<br>
For more data on fund performance as well as=
a spotlight on whether private markets are worth it in a total portfolio c=
ontext, please reference the latest <b><a href=3D"https://url6380.news.pitc=
hbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnsw=
ouzV5PeIS2ONAWd9al6AhaBLVBk-2BUA3CBRKDNre9DcVUPkg-3D-3DRv-c_I3w5d9c01gkD8gL=
zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhrqlHaZItwGgR-2B8fOydo=
xTdgapUxIyebPI-2FmMB2kFuZvKFqYjtNgMYBpMnhioQA7nKrAFmgzXQ0DRktvuL2mPpITKGxjV=
z1l9tryRIUZFsd8VZteOphpmEVhQuBzRu0tZFN903Lj85NCCb7ZYr19DZmyOgw-2B-2BMvuHfNd=
Rwwkbh-2Bqeq5xo84QqUqvLbtCQyv7d-2FvWnSFP0utwP3bK-2FtIIA0A6zXoTP1-2FZREfhX5B=
A7PXdNZUXF3-2F4hu0LA-2BJoKlHZZZACr1PxOCyTjmmR9XXWufUZYukIBFszQYXQf16s85JDcv=
-2BkjqUaImiOBLSY4-2BDI-2BWn627Uu2ZTlXccGqc4KH-2FP5tTefxNdDgaJ8wsox0J3dwi5Oz=
EZP4nEhfQBPllzlYeZZTOan44Viqj-2FZR-2FlVTBf5dxOkytvJvnqx6slo5CFgTGLjsXxuCaoZ=
BxwwTRrr8dkYWitRHYTD77Wy6bGYKQ-3D-3D" style=3D"color: #1D5080;" test=3D"" u=
niversal=3D"true">Global Fund Performance Report</a></b>.
</div></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/486=
57.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:hilary=
.wiek@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Hilary Wiek, CFA, =
CAIA</a><br>
Senior Strategist</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: 10px 20px 14px 20px;"> <a na=
me=3D"n_574436" id=3D"n_574436" 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;"> Biopharma downturn persists, b=
ut signs of a recovery emerge </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>
VC funding for biopharma continued its extend=
ed downturn in Q3, capturing just 5.6% of total venture dollars deployed, c=
ompared to a five-year quarterly average of 8.2%.=20
<br>
<br>
Early-stage startups have been hit hardest, =
with seed rounds falling to a record-low 14% of total biopharma deals YTD. =
This trend reflects the muted exit environment that has characterized the s=
ector over the last two years.=20
<br>
<br>
With just 26 public listings in 2025, the ye=
ar is on pace to fall well below the annual average of 84 since 2020. Limit=
ed exit liquidity has fueled a risk-off sentiment, with investors prioritiz=
ing de-risked, clinical-stage assets or moving away from the sector altoget=
her to pursue faster growth opportunities in other tech verticals.=20
<br>
<br>
Despite the weak quarter, signs of a recover=
y are emerging. After several consecutive quarters of decline, deal counts =
have begun to stabilize, up 3.2% on a TTM basis and now on pace to surpass =
2024's multi-year low of 1,080.
</div>
<div>
</div>
<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-2BaqM7ONnvsnswouzV5PeIS2ONAWd9al6AhaBLVI9NOaZs9C=
0h7-2FwiEXiIt9A-3D-3DV5Ac_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFhrqlHaZItwGgR-2B8fOydoxTdgapUxIyebPI-2FmMB2kFuZvKFqYjtNg=
MYBpMnhioQA7nKrAFmgzXQ0DRktvuL2mPpITKGxjVz1l9tryRIUZFsd8VZteOphpmEVhQuBzRu0=
tZFN903Lj85NCCb7ZYr19DZmyOgw-2B-2BMvuHfNdRwwkbh-2Bqeq5xo84QqUqvLbtCQyv7d-2F=
vWnSFP0utwP3bK-2FtIIA-2Bjah-2BgLBDMn8XD1znu2WApB2u-2FS-2BG-2B4cQWVcDrR6TFGD=
CW7wlg8co0oR8Hy-2FTyK1M0hJmIufonCg2vfgxx-2FDZLCHgufkK-2F-2BlSZrNhN4XnrhFR03=
VGVDyod96vm1aky4o8tsnpziZtHT5gUnY4tE8dm14LgrMP8yIsog468teqPn3-2ByxpAPj4oT6n=
ssOh4jWa4yLE1SdRHV4-2BWOAsNRkwAhrN4m5i-2F02VyNje5xIzksX006AEkU810PXqHzawT2A=
Jw-3D-3D" universal=3D"true"><img align=3D"center" alt=3D"" src=3D"https://=
img.pitchbook.com/news/71241.png" style=3D"border: none; max-width: 420px;"=
> </a></td>
</tr>
<tr>
<td align=3D"right" style=3D"padding-bottom: =
8px; font-family: Roboto, Arial, sans-serif; font-size: 10px; line-height: =
27px; color: #78766F; text-align: right; font-weight: 300">Source: PitchBoo=
k =E2=80=A2 Geography: Global =E2=80=A2 As of June 30, 2025</td>
</tr>
</tbody>
</table> More importantly, exit outlooks are =
beginning to brighten. Public biotech equities are outperforming market ind=
exes as US policy uncertainty clears and big pharma ramps up M&A activi=
ty=E2=80=94often at sizable valuation premiums=E2=80=94ahead of major paten=
t expirations.<br><br>
Stronger public markets and rising M&A a=
ppetite point to a strengthening exit environment for VC-backed startups. M=
apLight Therapeutics' successful IPO in October and Evommune's planned list=
ing underscore growing positive sentiment. The pace of recovery will depend=
on these tailwinds continuing to clear the backlog of mature startups=E2=
=80=94delivering the exit liquidity needed to reignite fundraising and earl=
y-stage deal activity. For more data and analysis on the biopharma landscap=
e, check out our <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/cl=
ick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV5PeIS2ONAWd9al6=
AhaBLVozBPihvI0HZ6Owzd-2FAtMJw-3D-3DRv5u_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkx=
BRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhrqlHaZItwGgR-2B8fOydoxTdgapUxIyebPI-2FmM=
B2kFuZvKFqYjtNgMYBpMnhioQA7nKrAFmgzXQ0DRktvuL2mPpITKGxjVz1l9tryRIUZFsd8VZte=
OphpmEVhQuBzRu0tZFN903Lj85NCCb7ZYr19DZmyOgw-2B-2BMvuHfNdRwwkbh-2Bqeq5xo84Qq=
UqvLbtCQyv7d-2FvWnSFP0utwP3bK-2FtIIA6N6H8NZfuUvzmC8AYLoZjC9hw1uZxhbrq-2FEIj=
8H6ZPLDAOFxYFSjnWAhrnnMnnh4-2FSWsHZRhzTYzyI3XYF7jv34NmPuXcKzPMfRFkQmE06Nzsc=
S104WLzb88q4tWbZ9FN7M6xD6ktl9vgaVubFSqysxVnqiPVS-2F0FSfBMf1Qnk-2FZY693K5smF=
7VL1MFWmBl2UV6aUIyFwcpICMEhnJGx49wHj1zJ-2F0NGLaQSHe7o6VSwCbWfcQvtQDqOHoCoPo=
PGQ-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">latest re=
search on the segment</a></b>.</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/712=
40.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:ben.ri=
ccio@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Ben Riccio</a><br>
Analyst, Industry & Technology Research<=
/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-2BaqM7ONnvsnswouzV5PeIS2ONAWd9al6AhaBLV8cm-2Fzq=
IVK3-2Bedbu4t7fK8g-3D-3DaAYg_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3=
t1yZbcbdWeUgFVa0m8PzsFhrqlHaZItwGgR-2B8fOydoxTdgapUxIyebPI-2FmMB2kFuZvKFqYj=
tNgMYBpMnhioQA7nKrAFmgzXQ0DRktvuL2mPpITKGxjVz1l9tryRIUZFsd8VZteOphpmEVhQuBz=
Ru0tZFN903Lj85NCCb7ZYr19DZmyOgw-2B-2BMvuHfNdRwwkbh-2Bqeq5xo84QqUqvLbtCQyv7d=
-2FvWnSFP0utwP3bK-2FtIIAwGHU6jwjPBkY5ZTlrv9qopoUQ64yA0srCifvr95TkRcx8vQX-2B=
YEBg9UE1ZrJviRmq87v2WAyNI-2BV290K6aVbW7yQg-2F24LF3vjtqVExbr3YBL0TTnyAomYpCL=
97kYdMlF0yoLyqAjh1d2WgQY7iB08vdHl6N47b6jBImNJrdsgi8xwPt5ByV5ztMpzca-2FK2LN3=
HyG7Ggxv-2FMFBm5hMbiB4DtZ5UDywkrZAh4-2FYmrNdoAgpvxHdNjQdzgHQ3RjGmjPQ-3D-3D"=
style=3D"color: #1D5080;" test=3D"" universal=3D"true">Tracking AI Venture=
Activity in APAC </a></big></b><br><br>
AI and machine learning startups in Asia-Pac=
ific are attracting a growing share of VC funding, even as overall dealmaki=
ng remains subdued.<br><br>
Total deal value in the sector rose 18.6% ye=
ar-over-year in 2024, though there has been a slight pullback in 2025 as tr=
ade uncertainty has clouded APAC markets.</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-2BaqM7ONnvsnswouzV5PeIS2ONAWd9al6AhaBLVmdL9u5N1G=
20Z2PWmQ9zCpQ-3D-3DmHcx_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb=
cbdWeUgFVa0m8PzsFhrqlHaZItwGgR-2B8fOydoxTdgapUxIyebPI-2FmMB2kFuZvKFqYjtNgMY=
BpMnhioQA7nKrAFmgzXQ0DRktvuL2mPpITKGxjVz1l9tryRIUZFsd8VZteOphpmEVhQuBzRu0tZ=
FN903Lj85NCCb7ZYr19DZmyOgw-2B-2BMvuHfNdRwwkbh-2Bqeq5xo84QqUqvLbtCQyv7d-2FvW=
nSFP0utwP3bK-2FtIIAy-2F68ZV3QAiRaFG7oFchaxj9Bh7sCMw1JehPvOswtrXodaLdUox6TYD=
XU6V9mMz-2FsPiPdF9H-2Bz6PPflsf-2BlBWFJGtrexgv1ham1-2BK3fExXmV1uef3owv1gp8lq=
E4uNQPefWb6k13REDEg7vfk0M92ncJc2a28nlsQaGPPtkLGq-2Bsv9l-2FeHGuIjYc2CaZlIUkW=
09FZS07zjVPaJHdCwGvEDlT8qeVfD4yoEhU42KVIGmrUs5dUm2JIwY9pIQzJe-2BjPg-3D-3D" =
universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://img.pitch=
book.com/news/71254.png" 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></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>
Rising development costs for large models in=
the US have pushed global investors to the region, where strong hardware s=
upply chains and lower costs offer a more efficient route to scale.<br><br>
Despite the growth, APAC's fundraising and d=
ealmaking environment continues to reflect broader liquidity constraints. I=
n turn, investors are expected to emphasize capital efficiency, clearer rev=
enue visibility and differentiated intellectual property.<br><br>
As a result, AI dealmaking in APAC will like=
ly expand at a measured pace: less explosive than the US surge, but more gr=
ounded in commercial validation and enterprise adoption. <em><b><a href=3D"=
https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7S=
pSWIrf6GFa-2BaqM7ONnvsnswouzV5PeIS2ONAWd9al6AhaBLV8cm-2FzqIVK3-2Bedbu4t7fK8=
g-3D-3D2Uk6_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m=
8PzsFhrqlHaZItwGgR-2B8fOydoxTdgapUxIyebPI-2FmMB2kFuZvKFqYjtNgMYBpMnhioQA7nK=
rAFmgzXQ0DRktvuL2mPpITKGxjVz1l9tryRIUZFsd8VZteOphpmEVhQuBzRu0tZFN903Lj85NCC=
b7ZYr19DZmyOgw-2B-2BMvuHfNdRwwkbh-2Bqeq5xo84QqUqvLbtCQyv7d-2FvWnSFP0utwP3bK=
-2FtIIA13hSNUj7nbYapVCl-2FBYAyg-2BqykOxeI4UXa1xZUFOvD8jQOKp-2F6bpWKLO9M5Aiv=
TgeuOrpCXNm0Yh0v21ouF-2Bhsx3in-2B2SgSpTH1q8kG5WBUNlAmSGb4uCI9ddKoeGIn5g8jiF=
Q2C3ZDfu1Ed0i-2BtVAwwHCnL6v0tKr0OHLmaiTor8fkkwF5qcrnRbicYEgmhJ8JwlE9-2BYdng=
4RTa4z51Vd9PnBcSV2PV8tT9G5Qbs-2BEPZnCC7CZrz0d10DFx9v5nA-3D-3D" style=3D"col=
or: #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>
</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 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-2BaqM7ONnvsnswouzVNBaX0dW2P4h5pnJAReQ5vYWsEfh-2=
BVNMwmISXKKjiDQA-3D-3DAfc0_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1=
yZbcbdWeUgFVa0m8PzsFhrqlHaZItwGgR-2B8fOydoxTdgapUxIyebPI-2FmMB2kFuZvKFqYjtN=
gMYBpMnhioQA7nKrAFmgzXQ0DRktvuL2mPpITKGxjVz1l9tryRIUZFsd8VZteOphpmEVhQuBzRu=
0tZFN903Lj85NCCb7ZYr19DZmyOgw-2B-2BMvuHfNdRwwkbh-2Bqeq5xo84QqUqvLbtCQyv7d-2=
FvWnSFP0utwP3bK-2FtIIA73QjLSMCq7D-2BW3Fk6sWIzDnuU2k0nBSrQXHbrj3TxcSfb0OtoYf=
sW-2Fx28CyPSYM6pgb6ZCZDHluj7LmrA44NG5-2BADVMH3beUf4FQoXOcj0JMNBKbDroNdYFxiP=
CTjmXswWmwq2G92xaGxkfkfyvlo2AIcOV-2FN8-2Bil-2FDlGvXaBA5b-2FaB0eq9jXmj4xcg5k=
N31GxJRpACPGZc2w0WnJlKPo7UGPB4HoN57Y2SKgT-2FiBou4Q8KMNgywKlJ7WoxrTGbxw-3D-3=
D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 Food & Bev=
erage CPG </a></big></b><br><br>
Q3 2025 marked a notable shift in food &=
beverage consumer packaged goods PE activity, characterized by fewer but l=
arger deals and heightened selectivity among investors.<br><br>
Deal counts dropped 20% quarter-over-quarter=
, but capital focused on higher-quality, category-leading assets.<br><br>
Leading the way were GLP-1s and wellness tre=
nds--including functional beverages, vitamins & supplements and protein=
-enhanced foods. The two factors in tandem drove shake-ups in consumer dema=
nd and investor interest.<br><br>
Expect activity to rebound in 2026 as valuat=
ion gaps narrow and investors pursue roll-up plays in packaging, ingredient=
s and sustainability-focused brands in an evolving, health-conscious market=
.<br><br><em><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?=
upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVNBaX0dW2P4h5pnJAReQ=
5vYWsEfh-2BVNMwmISXKKjiDQA-3D-3DN_TM_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFC=
fmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhrqlHaZItwGgR-2B8fOydoxTdgapUxIyebPI-2FmMB2kF=
uZvKFqYjtNgMYBpMnhioQA7nKrAFmgzXQ0DRktvuL2mPpITKGxjVz1l9tryRIUZFsd8VZteOphp=
mEVhQuBzRu0tZFN903Lj85NCCb7ZYr19DZmyOgw-2B-2BMvuHfNdRwwkbh-2Bqeq5xo84QqUqvL=
btCQyv7d-2FvWnSFP0utwP3bK-2FtIIA6DVqrpi-2FNQjmidh3QeB-2FNpf5BwD4r30mJi5LnFt=
ex-2FQwqSGRTFjwALaf6tGOpR6rcbkjo2Ds1wwHOLu4S3IgfneXyPpKPaWA1dsulzZaLcYlzuJP=
4V-2Fn2oHPkXH8KUanCEZtHcoymu9pu8OsR1NONa3H9WEzHI-2F5ColkBFLxfsJ1KLD-2BqQs3k=
Lt-2B5UGsraFVGAW-2B1rRxD7gDVP2luf19TCoGhPrHdheFU7dMvPuzoeThi8slSuVUL-2FOzWI=
jl-2FSkLw-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Rea=
d 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>
</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=
. 13</b>: PitchBook is the supporting partner of the inaugural Singapore CV=
C Summit. Ansel Tan, our APAC director of research, will give a presentatio=
n titled "Data Behind the Deals: APAC Corporate Venture." <b><a href=3D"htt=
ps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6=
GFa-2BaqM7ONnvsnswouzVNBaX0dW2P4h5pnJAReQ5vOZ5MrpWpNu9F10XOT2nDAw-3D-3Dm1jT=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhrqlHa=
ZItwGgR-2B8fOydoxTdgapUxIyebPI-2FmMB2kFuZvKFqYjtNgMYBpMnhioQA7nKrAFmgzXQ0DR=
ktvuL2mPpITKGxjVz1l9tryRIUZFsd8VZteOphpmEVhQuBzRu0tZFN903Lj85NCCb7ZYr19DZmy=
Ogw-2B-2BMvuHfNdRwwkbh-2Bqeq5xo84QqUqvLbtCQyv7d-2FvWnSFP0utwP3bK-2FtIIAzCSw=
PeJw5ngzu4LUnzcNCP3ui8HEKrL1-2FZhezgo2WUL5ZEF6Nf5GdSYWIM87yT4G-2BvJcIINrg6o=
KBTll8cWtup3nREHJNeLkuDIWS6u6SEl-2FdIx6Qg75s-2FF-2FNaqlA5-2BBhW0DbAZY-2BtQa=
Zg3tDHrS4gxkBLZ7LvOcgkoFyUcUIkdbTmkhOocfeHMFDp4kQKDG60LIfH3CRzX5ygbHdCEmjEv=
iBVrYGD2lMoZa2ZNoF0mnjkJf0lxW7iZYmnopiVQQg-3D-3D" style=3D"color: #1D5080;"=
test=3D"">Register here</a></b>.<br><br><b>Nov. 19</b>: In our Q4 EU Lever=
aged Finance Analysis & Outlook webinar, PitchBook LCD journalists and =
researchers will talk about where the private credit markets in Europe will=
take us during the rest of 2025 and beyond. <b><a href=3D"https://url6380.=
news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn=
vsnswouzVNBaX0dW2P4h5pnJAReQ5vldIIE1zqILe4cIQIyhPEyg-3D-3DyEwp_I3w5d9c01gkD=
8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhrqlHaZItwGgR-2B8fO=
ydoxTdgapUxIyebPI-2FmMB2kFuZvKFqYjtNgMYBpMnhioQA7nKrAFmgzXQ0DRktvuL2mPpITKG=
xjVz1l9tryRIUZFsd8VZteOphpmEVhQuBzRu0tZFN903Lj85NCCb7ZYr19DZmyOgw-2B-2BMvuH=
fNdRwwkbh-2Bqeq5xo84QqUqvLbtCQyv7d-2FvWnSFP0utwP3bK-2FtIIA0cRdbVJCubp2VbEWV=
1jRs1N1Ad-2FJpSDpDifH9zPiJXUt5RI9TwyLmDp9GFoWIhJ2-2FeasZw9M6slgzEbGlHJwGx64=
6D7BM4UB-2B-2B1x-2BtdvQewECnXYWSc4yqZ0QnjJbk8XC4h5bBLGIlIf9auJ7a6x41zUYDc-2=
FobYKKm-2B3vDlB0uGii-2BgL7EnP86jRo3opyYCTax9-2Bx2-2FJrc1cZoug8jq2DqYPlb9bSV=
y1vHmsBjetBpgR7mtrZmDCKi6JON3VIWCYg-3D-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 VC funding in Latin Ameri=
ca has collapsed from a record of nearly $16 billion in 2021 to around $5 b=
illion in 2025. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVNBaX0dW2P4h5pnJAReQ5v0=
32pu0Rnp-2FtPQxGbqFbUmg-3D-3DfIUH_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz=
y-2F3t1yZbcbdWeUgFVa0m8PzsFhrqlHaZItwGgR-2B8fOydoxTdgapUxIyebPI-2FmMB2kFuZv=
KFqYjtNgMYBpMnhioQA7nKrAFmgzXQ0DRktvuL2mPpITKGxjVz1l9tryRIUZFsd8VZteOphpmEV=
hQuBzRu0tZFN903Lj85NCCb7ZYr19DZmyOgw-2B-2BMvuHfNdRwwkbh-2Bqeq5xo84QqUqvLbtC=
Qyv7d-2FvWnSFP0utwP3bK-2FtIIA-2BvjDxJTb29AAu1GbbOZX-2BirIzD-2BljBFauZaCuFsq=
G7J3t6t4rzedu8yEwvH3HJhUoBcouYEpqZnT8VziCYsjZTMflHCnkJGbcCkllZsReN-2BmC4Las=
4Sr8tSU8gIauXCJNVViVz-2B1Xt8ppt1Nck4PFzlOSdU9AN7DLmcuS0MLTUJyD9Stnpo-2FWTML=
35R0mJbJjQD3g8RzCMaETG4e8hI4qFxW1rK98gZtp4nr5s5dsWWL13b4GNSW1sf2yDM80qhVA-3=
D-3D" style=3D"color: #1D5080;" test=3D"">Bloomberg</a>]<br><br>
=E2=80=83=E2=80=A2 US VCs have invested $161=
billion in AI so far this year, two-thirds of their total spending, with t=
he bulk of it going to just 10 companies. [<a href=3D"https://url6380.news.=
pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnsw=
ouzVNBaX0dW2P4h5pnJAReQ5vq53dmktVg0f7Q-2Bwm01ageg-3D-3DH3JO_I3w5d9c01gkD8gL=
zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhrqlHaZItwGgR-2B8fOydo=
xTdgapUxIyebPI-2FmMB2kFuZvKFqYjtNgMYBpMnhioQA7nKrAFmgzXQ0DRktvuL2mPpITKGxjV=
z1l9tryRIUZFsd8VZteOphpmEVhQuBzRu0tZFN903Lj85NCCb7ZYr19DZmyOgw-2B-2BMvuHfNd=
Rwwkbh-2Bqeq5xo84QqUqvLbtCQyv7d-2FvWnSFP0utwP3bK-2FtIIA0QkUXfQcj6dlT-2FG9de=
MmOcndjgkbX5ORWI70UFmQkw-2FKsOS1u-2FIlTYS4VzwzVebggUF8VkBb7flOCEi5V-2BaEGtl=
5VRQBPEqsgtxnCYxE5eVf6drdEPhwdKPtvOkoQJh5ECJq2rrz-2B7jRn8q5yj1EXHe1Nw7UVaJu=
VW8OEE-2FXfGnkeIRZ0dbKrjc-2B-2B2dDJMSOWTLWkk1k-2BfffgRf7H5LtcSbH-2Fy-2B3IDO=
6b6YOut3JmkJolJIJclJKgocl-2BFyZZ5YgA-3D-3D" style=3D"color: #1D5080;" test=
=3D"">The Telegraph</a>]<br><br>
=E2=80=83=E2=80=A2 VC is on pace for its wor=
st fundraising year since at least 2015. [<a href=3D"https://url6380.news.p=
itchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo=
uzVNBaX0dW2P4h5pnJAReQ5vlBt2OmQSwMfyycg9AoWd1w-3D-3DEZ2w_I3w5d9c01gkD8gLzFE=
ofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhrqlHaZItwGgR-2B8fOydoxTd=
gapUxIyebPI-2FmMB2kFuZvKFqYjtNgMYBpMnhioQA7nKrAFmgzXQ0DRktvuL2mPpITKGxjVz1l=
9tryRIUZFsd8VZteOphpmEVhQuBzRu0tZFN903Lj85NCCb7ZYr19DZmyOgw-2B-2BMvuHfNdRww=
kbh-2Bqeq5xo84QqUqvLbtCQyv7d-2FvWnSFP0utwP3bK-2FtIIA6xuF0ZRmoel3qL-2FZnbYze=
FmxaDmo9vE3QvV-2F1nz-2FFi5HLBDHSeIwS-2F6XDLlGzEUZPgOI8pKu-2FsDSq9hZg0D-2B71=
z26lvPsYpgio5z64nF1ib4bu20xfddxICFPe7TS4F2thO0RykkAKvFpIRIjQBnHLwpaPtzFjlT-=
2FV-2BmvLcfbZcyj14nzlWJINkGr5BQuCHZooW1yZQ0VjaxwTGjl-2FKTCvS5fgWTtRqi-2Fm9Z=
bh4hEDD-2B-2Bm688aHOrFJk-2Bchpf-2FP2g-3D-3D" style=3D"color: #1D5080;" test=
=3D"">Fortune</a>]<br><br>
=E2=80=83=E2=80=A2 The universe of evergreen=
private market funds is estimated to be about $427 billion. [<a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzVNBaX0dW2P4h5pnJAReQ5vfIISLV-2FBKIM5IDggkqzE9w-3D-3Ds=
eLu_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhrq=
lHaZItwGgR-2B8fOydoxTdgapUxIyebPI-2FmMB2kFuZvKFqYjtNgMYBpMnhioQA7nKrAFmgzXQ=
0DRktvuL2mPpITKGxjVz1l9tryRIUZFsd8VZteOphpmEVhQuBzRu0tZFN903Lj85NCCb7ZYr19D=
ZmyOgw-2B-2BMvuHfNdRwwkbh-2Bqeq5xo84QqUqvLbtCQyv7d-2FvWnSFP0utwP3bK-2FtIIA-=
2FfHHWgWoiO-2Bc5rp7S4janJLmDFk0eeS-2B62OuvOb4JalkxJk5GqNVLP15E83gErc4PRJwoR=
8T4P3m9u1nSTX9kVg-2FIwCeeSbWqeGoEnSwP8aozUrNFCU5-2B57qnWbcPBpPHrF9fEeo1BWBn=
JYUIW-2FBLWoc5aZ5l5hTvyeclUcLnrQG7tM5Y45lXz3JLqLazA9aYDyzNYHdj5knsW6-2ByKWe=
Mf13KHKTvfb1JvvhE2LmJlMarq33lxCCpmvXKYbbOanFw-3D-3D" style=3D"color: #1D508=
0;" test=3D"">CNBC</a>]<br><br>
=E2=80=83=E2=80=A2 Corporate loans arranged =
by banks and sold to investor syndicates are clearing at 7.4% all-in yields=
. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVNBaX0dW2P4h5pnJAReQ5v8yoc1oJPpmuZQ-2=
FVT-2FVcW3A-3D-3D3Wtv_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb=
dWeUgFVa0m8PzsFhrqlHaZItwGgR-2B8fOydoxTdgapUxIyebPI-2FmMB2kFuZvKFqYjtNgMYBp=
MnhioQA7nKrAFmgzXQ0DRktvuL2mPpITKGxjVz1l9tryRIUZFsd8VZteOphpmEVhQuBzRu0tZFN=
903Lj85NCCb7ZYr19DZmyOgw-2B-2BMvuHfNdRwwkbh-2Bqeq5xo84QqUqvLbtCQyv7d-2FvWnS=
FP0utwP3bK-2FtIIAxkINgZQVlRZrwEqZGFjPQqGU3H-2BUkZUobJefDwICCz-2BDJ4A2tTMglh=
BSWhS4w7C1689Mq1ufzu0HqqXrK9zThD26QaQ3R4JIc356rc-2FcUcf-2Fu9xzmMiZCzbFm1o9l=
lrN9Wp1cLbzM3xsTnyeEfaWWPwSSBF5t-2BzAsC7olU2vi826DgPzdkHjOvfsfBvvsBYF23u2s-=
2F-2B2pbtrmi4SM82iz5jZnbkQ0dBdPBz45B0-2BlXJhbhTX0MoUc6j7tQOibgXLA-3D-3D" st=
yle=3D"color: #1D5080;" test=3D"">Reuters</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%">
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_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhrqlHa=
ZItwGgR-2B8fOydoxTdgapUxIyebPI-2FmMB2kFuZvKFqYjtNgMYBpMnhioQA7nKrAFmgzXQ0DR=
ktvuL2mPpITKGxjVz1l9tryRIUZFsd8VZteOphpmEVhQuBzRu0tZFN903Lj85NCCb7ZYr19DZmy=
Ogw-2B-2BMvuHfNdRwwkbh-2Bqeq5xo84QqUqvLbtCQyv7d-2FvWnSFP0utwP3bK-2FtIIA8h1p=
IZdcPSxipSmyPWYF01f2ILHtOEBoiohsmpmzWs5QEdwaZccNChA10WCr6TcIoCSci2B2wo0O5gz=
NWSlkgULR3W9GoUJ9kLewUqEYrPdGZJkT8ChjJ7Tr4klwxIuT1MF0xL9ahabS2ke89P7ky89pqR=
zq-2BCi-2F6-2BbHBOhmELitT-2Fp-2B35NYU0Qqik3ZJanOmVc6XY6XDwgBL5voKMPH-2Fdw4A=
06Y7-2FXO040dt125DuOw7zxU-2BWmRnk-2Bxw3DxbsWrw-3D-3D" style=3D"color: #1D50=
80;" test=3D"" universal=3D"true">Retail Fintech VC Trends</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-=
2BaqM7ONnvsnswouzUNfo6eqU43T2k0Xgbf26Nr4xs6n147zcrZVnRZVfG5kw-3D-3DKoAF_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhrqlHaZItw=
GgR-2B8fOydoxTdgapUxIyebPI-2FmMB2kFuZvKFqYjtNgMYBpMnhioQA7nKrAFmgzXQ0DRktvu=
L2mPpITKGxjVz1l9tryRIUZFsd8VZteOphpmEVhQuBzRu0tZFN903Lj85NCCb7ZYr19DZmyOgw-=
2B-2BMvuHfNdRwwkbh-2Bqeq5xo84QqUqvLbtCQyv7d-2FvWnSFP0utwP3bK-2FtIIA7bzdDWfd=
-2F-2FrwqATKPPnCpHh0JbMU9Q0ABJkUbDVyf3HYSeefqCV0tdnEtl2-2FpjkoYFHnqP3Ivhkab=
A3ovnMKJFhaFXWuqXxXtPaW5iD4onkh4fDIxms-2F74U33jfgR-2FPBtEzqIcRqmRGZpU-2BNjK=
PZr-2FZMgDYScfEPBn-2BOwgj8z3Womse3B4EPVXlNnTjiilauTYFTA5JuvRWbfMlJQA8cKXpN9=
S1BzoTxLa-2Fm1-2BnBtv8ZMxExTjCcvDJ-2FkwPZjHhkg-3D-3D" style=3D"color: #1D50=
80;" test=3D"" universal=3D"true">Fintech Comp Sheet</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-=
2BaqM7ONnvsnswouzUNfo6eqU43T2k0Xgbf26NrKmKDDNpIhBtkN18x4c98Rg-3D-3DlApV_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhrqlHaZItw=
GgR-2B8fOydoxTdgapUxIyebPI-2FmMB2kFuZvKFqYjtNgMYBpMnhioQA7nKrAFmgzXQ0DRktvu=
L2mPpITKGxjVz1l9tryRIUZFsd8VZteOphpmEVhQuBzRu0tZFN903Lj85NCCb7ZYr19DZmyOgw-=
2B-2BMvuHfNdRwwkbh-2Bqeq5xo84QqUqvLbtCQyv7d-2FvWnSFP0utwP3bK-2FtIIA9f6GISVl=
hgGIsEmM-2BnGojsSxwwY1mBA10DFjvVeB2-2BqTO6ZD8sNcIIiyttYXEuO8jvYrhmJqDdM71bH=
yJ1RCHeGHBAbKZlEJwW2061mZR9-2F-2BhUiuEKGDHWFV-2F7VsHFqbEV-2FNxgL9CL-2Fl743x=
Aa81euiI5iTlXgWdjtiU2fC8yVB9Lmtq4lYiYKc-2FojLKtMFfQ-2BO67ObqYx-2BgxX86MtKx1=
dpY0U7QLEIGzJVn7MTV-2Bz7hE9dSpetmvHYQTKm1zRxJQ-3D-3D" style=3D"color: #1D50=
80;" test=3D"" universal=3D"true">AI Comp Sheet</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-=
2BaqM7ONnvsnswouzUNfo6eqU43T2k0Xgbf26NreT1c7mdnx3-2Fkm2vSn0fzLA-3D-3DVZG8_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhrqlHaZI=
twGgR-2B8fOydoxTdgapUxIyebPI-2FmMB2kFuZvKFqYjtNgMYBpMnhioQA7nKrAFmgzXQ0DRkt=
vuL2mPpITKGxjVz1l9tryRIUZFsd8VZteOphpmEVhQuBzRu0tZFN903Lj85NCCb7ZYr19DZmyOg=
w-2B-2BMvuHfNdRwwkbh-2Bqeq5xo84QqUqvLbtCQyv7d-2FvWnSFP0utwP3bK-2FtIIA9TUl-2=
FK9ZqEE2CG-2FAyjdtL-2FWxrezbvYLMdeEf5w-2FABS36nVcedpuSaaCrHIMxDEwV9d5VsMzGt=
H-2B-2FHWmU-2FzekEp15PGNllS8Uej7cGn8A2ZNlyaKq1bUCNwFlQfz8znFR7hzfe-2Bv81HMP=
jPg9ARRqYeG3jNKNlao9fARJtLLAc-2Bs9dAz47nXL2TbRwqB78N0KPdX0U15tAxMq98M5SIyGB=
ygB06tSDUDoZN1oTr1uX6VA-2BaNpeEjAFcqWUGpFItocA-3D-3D" style=3D"color: #1D50=
80;" test=3D"" universal=3D"true">Agtech Comp Sheet</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-=
2BaqM7ONnvsnswouzUdSbS4DIpJHqPQXla6AgUSrFdumkok83StKnb5fdC6eQ-3D-3DqnnR_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhrqlHaZItw=
GgR-2B8fOydoxTdgapUxIyebPI-2FmMB2kFuZvKFqYjtNgMYBpMnhioQA7nKrAFmgzXQ0DRktvu=
L2mPpITKGxjVz1l9tryRIUZFsd8VZteOphpmEVhQuBzRu0tZFN903Lj85NCCb7ZYr19DZmyOgw-=
2B-2BMvuHfNdRwwkbh-2Bqeq5xo84QqUqvLbtCQyv7d-2FvWnSFP0utwP3bK-2FtIIAyVsqjTLA=
Ihng3NurZ7rWsoCSUXUK9h2vwzEnMjkwJbaWqqww0caixk-2BRUtaFNtVk7dDhKqVBi-2BDbSe6=
p-2F3cm0ZNTSXpZjmcZBA7gMi4KMs2v9CzMvOnlYyQnSVC12hzBWSLIDp7Lbx3ehjp9QGafG2lo=
bmgDU8-2FU86Oi5q2V8CnYNGnvOC5S3JmbgdcKfgEzIjAwxiZOKPjBz1VKCycx4Xr8NgCGYTX-2=
BawdnM-2Br7rdc2YXsquAp6YNe-2BgDBdBzYfg-3D-3D" style=3D"color: #1D5080;" tes=
t=3D"" universal=3D"true">Clean Energy VC Trends</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-=
2BaqM7ONnvsnswouzUdSbS4DIpJHqPQXla6AgUSb7-2BIqlGcQWGbl1juTzqP5w-3D-3DeNPC_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhrqlHaZI=
twGgR-2B8fOydoxTdgapUxIyebPI-2FmMB2kFuZvKFqYjtNgMYBpMnhioQA7nKrAFmgzXQ0DRkt=
vuL2mPpITKGxjVz1l9tryRIUZFsd8VZteOphpmEVhQuBzRu0tZFN903Lj85NCCb7ZYr19DZmyOg=
w-2B-2BMvuHfNdRwwkbh-2Bqeq5xo84QqUqvLbtCQyv7d-2FvWnSFP0utwP3bK-2FtIIA93-2FG=
QDakyvEqYH-2BknCmLEo-2FHxCl9j4eSNoWnoSleLrzdZzEsM6YeXGM1Q8webKObeqAPh1DLbF9=
uOCRrrvJVipt2aebQG7gJHwyNAhxojWRP1mO2S4tDnuPcgu-2BevS8k-2BwNerpqKHX3VDja0Ht=
G9BJ8gKOybOzNwOpMdKLsE9K000NXR1IPzgu9nPXLscMzUXqOvzbViaox6UamGKdrT3JLnT-2FP=
O9nz4aIQwabWqLwLzA4SSAgGFnpZGb6KfPcwuA-3D-3D" style=3D"color: #1D5080;" tes=
t=3D"" universal=3D"true">Q3 Consumer Retail Services Report</a></b><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-=
2BaqM7ONnvsnswouzUdSbS4DIpJHqPQXla6AgUSR7phr5IBhNNvFR-2F31O7aVw-3D-3DdGnN_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhrqlHaZI=
twGgR-2B8fOydoxTdgapUxIyebPI-2FmMB2kFuZvKFqYjtNgMYBpMnhioQA7nKrAFmgzXQ0DRkt=
vuL2mPpITKGxjVz1l9tryRIUZFsd8VZteOphpmEVhQuBzRu0tZFN903Lj85NCCb7ZYr19DZmyOg=
w-2B-2BMvuHfNdRwwkbh-2Bqeq5xo84QqUqvLbtCQyv7d-2FvWnSFP0utwP3bK-2FtIIA7XlbB1=
GAX1Q8phn3u7hamYMpJgWdehrNs-2BqOP-2F-2F5GgqzT3f-2FwEnGK91NNpKR8NYgcFdk-2Bco=
mh5fcmOdYOoexZplQm2yeUdNybn-2Bp0l8sc1b-2BE0jwKAELDGQ4K-2Ff8FPfn0jHeYi8m85sl=
dln17JXGN624l51vSyVu-2FeSlJpUwbID6i7PpArpuvbxI9hurWs4v3S3w4vMMZG2T0j9ChDlzq=
1gci-2FoXAMKEwTbfEL8ohd0Z9N877L-2FR-2F4JL7NxO-2F-2B5cA-3D-3D" style=3D"colo=
r: #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-=
2BaqM7ONnvsnswouzUdSbS4DIpJHqPQXla6AgUSjgAwNuOHgxuG3kXobXJIrA-3D-3DrZXn_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhrqlHaZItw=
GgR-2B8fOydoxTdgapUxIyebPI-2FmMB2kFuZvKFqYjtNgMYBpMnhioQA7nKrAFmgzXQ0DRktvu=
L2mPpITKGxjVz1l9tryRIUZFsd8VZteOphpmEVhQuBzRu0tZFN903Lj85NCCb7ZYr19DZmyOgw-=
2B-2BMvuHfNdRwwkbh-2Bqeq5xo84QqUqvLbtCQyv7d-2FvWnSFP0utwP3bK-2FtIIA-2FowuKy=
u7qOOjkWL09tG7kIN5cVyuJ4yG9GLxKeng1n-2FoUxdrtw7r1dADQP9VfcSERs1fvzMRFOUY-2F=
e60bPO-2BEVeKjGMzu3G-2Fu5ufTm4cbzCObs17hEWcjAiHkys8R44KZuYLmg6hpydHrXHRrx21=
1OyTMg-2FC0IasErty9R1QG7qNSBNCClh1SMpcxT8kOm2UoSuKVdzZ-2F3VOSIGb4p4HlC-2FaL=
UDwuqgJa0fvmlWrajfaxe0e9kVEGy1Sok1SjGLjQ-3D-3D" style=3D"color: #1D5080;" t=
est=3D"" universal=3D"true">US High-Yield Bond 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-=
2BaqM7ONnvsnswouzUdSbS4DIpJHqPQXla6AgUSIEJGahQYeQ7aMQ32AR9DVA-3D-3Dia8n_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhrqlHaZItw=
GgR-2B8fOydoxTdgapUxIyebPI-2FmMB2kFuZvKFqYjtNgMYBpMnhioQA7nKrAFmgzXQ0DRktvu=
L2mPpITKGxjVz1l9tryRIUZFsd8VZteOphpmEVhQuBzRu0tZFN903Lj85NCCb7ZYr19DZmyOgw-=
2B-2BMvuHfNdRwwkbh-2Bqeq5xo84QqUqvLbtCQyv7d-2FvWnSFP0utwP3bK-2FtIIA30L1GVwS=
N8u3frtRyoH2sDnJyawGYQvvvx0-2F9nZTo0iJAlbJNMzvGU-2FQ-2F2P9ktPq4fhDfhNubyZzA=
tGGk13rc7xav6XmW8Kap9MHtlOuZcDJ1c1e46cJQHGzDdXQJ8-2BajL-2Fokj49ULeGD8ZT0vUB=
4tLXFsqyQavNiixMfVVIuANY8o7Gq94ycb7JzFOosbVVPhstWvZMcZ-2FVDBfWUpcP-2FH-2BLJ=
eXEjn5aqCo7X3Nmwp3RRzlSIVsopte3Zg3zLgUmw-3D-3D" style=3D"color: #1D5080;" t=
est=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-=
2BaqM7ONnvsnswouzUdSbS4DIpJHqPQXla6AgUSqnZEpKPyxz7AhGObx8KAiA-3D-3DR570_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhrqlHaZItw=
GgR-2B8fOydoxTdgapUxIyebPI-2FmMB2kFuZvKFqYjtNgMYBpMnhioQA7nKrAFmgzXQ0DRktvu=
L2mPpITKGxjVz1l9tryRIUZFsd8VZteOphpmEVhQuBzRu0tZFN903Lj85NCCb7ZYr19DZmyOgw-=
2B-2BMvuHfNdRwwkbh-2Bqeq5xo84QqUqvLbtCQyv7d-2FvWnSFP0utwP3bK-2FtIIAz-2F-2B6=
8Pwcj6Uug52l0B2KRpcmZhdn6SXCqn7yuQNakXrk3Su7AG68qGR7ZQ7QlFMFIx7SFtb34Ec4SKd=
f94Fx47Zk6hTNMO0majPNjt-2Fn7hASVHX-2Fgtvqo8zT1enbL2OTN8p73IXz5rWwSqv-2BvKXo=
LrjZUvQ-2BGGGr9-2F8ZEhAXfvUeaUCrSlfY0YNt63HP1DBZ13kU2CcGQwJjX9AwdcnRb2iMm9z=
YgNOQ6duI-2FGuRhcPJHCTz7NhtO0fj-2BwY06eEWQ-3D-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-=
2BaqM7ONnvsnswouzUdSbS4DIpJHqPQXla6AgUSfWw1xAZFc9WNO890QxA05A-3D-3DVvAa_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhrqlHaZItw=
GgR-2B8fOydoxTdgapUxIyebPI-2FmMB2kFuZvKFqYjtNgMYBpMnhioQA7nKrAFmgzXQ0DRktvu=
L2mPpITKGxjVz1l9tryRIUZFsd8VZteOphpmEVhQuBzRu0tZFN903Lj85NCCb7ZYr19DZmyOgw-=
2B-2BMvuHfNdRwwkbh-2Bqeq5xo84QqUqvLbtCQyv7d-2FvWnSFP0utwP3bK-2FtIIAygv95osd=
wAxPYea2M-2F4ORK-2BJfnPP0EBUdfActxy3BSQsc34uZb-2FmDhd2b8zk9ngu1MBUnARIO6l7H=
4JwaOnCqk7-2B0NhNvymJ1Xmbufew2kUK-2F8tByexAQVdvMlExRcSMLue9ub8JbFoJnAHR-2Bj=
rMHWCYMdXiMyjHQZR-2BfIk-2F3zcXyW2OXfndASyVchKknau74vdCrbR7ZsWkyM-2FBqy3biEq=
mUNdJYuDqa3Y3DIN3gxJ1FFF44MVjOd6wY9Gn8jlMQ-3D-3D" style=3D"color: #1D5080;"=
test=3D"" universal=3D"true">US Private Credit & Middle Market Weekly =
Wrap*</a></b><br><br><b>Coming next week (subject to change)</b><br><br>
=E2=80=83=E2=80=A2 Q3 Supply Chain Tech VC T=
rends<br>
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br>
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ech VC Trends<br>
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s Barometers<br>
=E2=80=83=E2=80=A2 Q3 Foodtech Comp Sheet<br=
>
=E2=80=83=E2=80=A2 Q3 Global League Tables<b=
r>
=E2=80=83=E2=80=A2 Q3 Medtech Comp Sheet<br>
=E2=80=83=E2=80=A2 AN: AI in Drug Developmen=
t<br>
=E2=80=83=E2=80=A2 Q4 Quant Perspectives: Pr=
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, paying the price?<br>
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chnical Documentation</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>
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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: 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%">
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20px; padding: 0;" colspan=3D"2"> </td>
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<table class=3D" " cellpadding=3D"0" cells=
pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20
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<td lang=3D"x-advertisement" style=3D"padding-bottom: =
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tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
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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>
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<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=
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<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;">
680
</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;">
2151
</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;">
850
</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;">
33
</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
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