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Content preview: PitchBook Newsletters Also: Updates on the evergreen fund
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ans-serif; font-size: 14px; padding-top: 11px;"><span>Presented by <a href=
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uHqcf4COJpXhh4NtW6yjekiW6QX6o4YbbDPLcPVRmkLvBk-2BQ9USFVpY-2FNSIsTCuAvZvbGzB=
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<table lang=3D"x-news-group-content" cellpadding=3D"0=
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<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
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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"><b>Eve=
rgreen inflection</b>: Evergreen funds have surged, but liquidity limits, r=
edemption gating and credit concerns are testing the model. Our report exam=
ines where the market stands now that investors are becoming acutely aware =
of its risks. <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click=
?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzViMxpf6MVJwQW7IWrju=
YgZ8J4Kn4yaULB-2BsNa4ijvdtQ-3D-3DCkdE_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRF=
Cfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs3=
34ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2F=
Z1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4F=
vlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CC1Xz3lDCYloB9ROkASapoBrgjVNRQNgDLzSv9V=
hO8fgRhWYtCZwSELAcV09mANQA1Bb57YaFiallBmwQQaMMHfobq-2F89qJNEtKjrQfVjxIYE80c=
Km-2FVuzcdq8tzJ5-2FW2EKc6AAljfoRrbl0p-2Bj1k6pfioLOs0C7fF-2FqVTsZu1TdpvFl-2F=
2BsUT0ZT-2BMWAe26kebjlENGqglRI2-2BUZxfU0cMr3U65nmKclq7zO6-2FwaEEwZCF6GK44cT=
PznF-2FZiLf-2BBjUvdLH-2Fwm-2BVO9lHmqf5uA9tlF8O5TxtRm9BSohF0icG" style=3D"co=
lor: #1D5080;" test=3D"" universal=3D"true">Read it here</a></b>.<br><br><b=
>Private debt update</b>: Private debt fundraising proved resilient in 2025=
, but returns slowed, signaling a possible end to the asset class's golden =
era. <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0=
01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzViMxpf6MVJwQW7IWrjuYgZ9S7FDK=
pEXNTgxR-2BzZBE7eA-3D-3DZcBg_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3=
t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgq=
v1EIwfWNwh02tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61m=
WepV0nwfOlqcObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6=
TPp5FN1XE5y-2B1zqCCUruHqcf4CC3ENCzv0ThdP0gisrcajIFApn3x5I6ZdIsQpidqxoDy0x2W=
NkBbhsEhxfA6AIRMk71fwPu0eyOGN1VRlzlLSHOvrGe-2F0yhQGdx5wW1XXiOOInntSju0jVmCI=
a1mguzBIR2zDQHcySatNwNWX73Yfye80qWJ8214M8B7VQxF3nebGwDoHtVVvwSCjNf9zLoE-2F3=
AJeHuIVprkzMANzNlRKI-2FHlhzxsMxpJ6ESryMYxSNa9E3AmIm-2BWaQg-2F1AEh24IJuXZNnW=
Bwlz6c-2BLa70hUfbDtNH9bCbQSdsThChuZZguh" style=3D"color: #1D5080;" test=3D"=
" universal=3D"true">Read more</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 FMI</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_578795" id=3D"n_578795" 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;"> Sectors to watch in the built =
environment </span></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">
<table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" lang=3D"x-image">
<tbody>
<tr>
<td align=3D"right">
<table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" style=3D"float: none;
padding-left: 15px; ">
<tbody>
<tr>
<td align=3D"right" style=3D"text-align: righ=
t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVN5SgTEkeUXoUKDO5YCEVtOcNj6Xptrxqr0pl=
Ek0oB8g-3D-3DGq_R_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU=
gFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh0=
2tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlq=
cObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y=
-2B1zqCCUruHqcf4CPQP3rVJ1qA0nkE7C1MfETu7URt4EY-2FlJXefjbr-2B724KYkfYunl0hti=
mhaAeWfZ-2BbAtnmMboco7ZHKdDVusHsQZDK-2BB8ZpRCy4KiAoSYsuMhkuroRWdDu74dM0C-2F=
VSz5FMJtA8WQg-2FNW7m0Vt5L7DQV7yiHDp6XWgV-2Bg6jDdZvgkcGstY-2F9dYi1lrR-2Fyw9Z=
LtsKD-2FIR5KD-2FiGv7OCdWERQu6lcmHTM-2B7iqpzIev3pckA-2FG30yjnCIWwBYPwjNCUoIE=
9H-2Bz9ptlYYo6WuilVhZBAUpVx-2F9wESIUd5K0d0gGTo"> <img align=3D"center" alt=
=3D"" src=3D"https://img.pitchbook.com/news/72852.png" style=3D"border: non=
e; width: 100%; height: auto;"> </a></td>
</tr>
<tr>
<td style=3D"height: 20px; line-height: 20px"=
> </td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>Private equity deal activity in engin=
eering and construction has exceeded $27 billion annually in recent years, =
driven by sector fragmentation, federal infrastructure investment, and long=
-term demand.<br><br>
FMI's latest sector brief outlines why elect=
rical services continue to stand out as a growing PE opportunity: a $254B U=
.S. market projected to exceed $320B by 2030, increasing recurring and non-=
discretionary demand, and a highly fragmented landscape well suited for pla=
tform creation and roll-up strategies. Attractive tailwinds include electri=
fication, data center and AI-driven power demand, aging building infrastruc=
ture, and tighter NFPA/NEC maintenance requirements.<br><br><a href=3D"http=
s://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G=
Fa-2BaqM7ONnvsnswouzVN5SgTEkeUXoUKDO5YCEVtOcNj6Xptrxqr0plEk0oB8g-3D-3DlPAC_=
I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze=
-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAd=
c-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZ=
e9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CL=
Cx9dB-2BSXr2vL6kRoQIcL5yI-2BXBRcaP9vn2HwJOmlc-2BmIxcCzAE2k-2Fth-2BIiW6x-2BB=
4oTGPvqHDEDb79U6DEapwBg6D4P9-2FlFHqwpCUPooTwekSycSBV38bkeHcoIqfC4AOKTgkLqgD=
U1-2B6IliFaM-2FeB192TmKLJGBmx8OXxwanCj9sVZi1at7SzGNA462qU0vcxcyESc-2BcIyz8y=
i4D1Ca4RZRid3Yf6WeOOFJ83Q4Dk9ZLXTATpku0YQKriglFx8fT0bO-2F2FiVLpai0joDQ9kvNQ=
6i-2F8wNfkgbieHhLqVYAC" style=3D"color: #1D5080;" test=3D"">Read the full r=
eport</a> to understand key trends, opportunities and ways private equity c=
an invest in the space.</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_579024" id=3D"n_579024" 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;"> Secondaries are at a crossroad=
s </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>
Venture secondaries have opened the floodgate=
s to the most coveted private companies in the world, giving even new and u=
nsophisticated investors a chance to buy into SpaceX, OpenAI and Anthropic.=
=20
<br>
<br>
There is just one problem: Many of these sta=
rtups never authorized these trades and have never been in contact with the=
so-called sellers. So, who is actually on the other side of these deals?=20
<br>
<br>
We have seen this dynamic before. In 2020 an=
d 2021, SPACs promised efficient access to a market that traditional channe=
ls could not unlock fast enough. Capital flooded in. Discipline did not. Ou=
r DeSPAC index is down 75% since its peak=E2=80=94not because the idea was =
wrong, but because there was more capital than quality opportunities, with =
the weakest structures capturing the most flows under the guise of "access =
to private markets." Venture secondaries are at risk of following the same =
arc.
</div>
<div>
<br><a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVi=
Mxpf6MVJwQW7IWrjuYgZ5ZMa9imbijv7yn2-2FStb5nA-3D-3DHdEb_I3w5d9c01gkD8gLzFEof=
ZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjS=
cKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9=
csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B=
6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CJ-2BJHxg0NYs0lsdQJZNH=
cvLPBkMCJDH1htmcNNzwwOVHiMU2MF7DN6PH3yZEP7MGTS7O18-2FKQCxKAWiJyUb88NOiJnaGW=
rwn3efmJhuhlaZuakDGj1lns95pR7B3DBb9d7Abv7Dx9axhhBYaHdk2VLrCft1t77g5xQaL6s7I=
bWBHW0G9d5rnrK7NCHW4Y3sKz89cVPIt2kyCaJbokquJgALTGuhmmwPdGP6VOi0BugabZZGydx1=
mQgxEJPsyIh11S9Wb3KVSlQlpbXaGdGDXJG27-2FHeOq9NNgAYYXtml8nue" universal=3D"t=
rue"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/7=
3503.png" style=3D"border: none; width: 100%; height: auto;"></a>
</div>
<div>
</div>
<div>
The infrastructure that would make this marke=
t trustworthy=E2=80=94standardized policies, verified ownership, regulatory=
oversight=E2=80=94has not kept pace with the capital pouring in, and that =
needs to change sooner rather than later.=20
<br>
<br>
Special purpose vehicles have been a valuabl=
e tool for faster, more accessible transactions, but they have also become =
the preferred vehicle for outright fraud. When the marquee names eventually=
go public, the gap between perceived and actual ownership will no longer s=
tay hidden. Even a handful of bad actors will be enough to shake confidence=
in the entire secondary market.=20
<br>
<br>
That does not mean secondaries are broken. I=
t means they are at a crossroads.=20
<br>
<br>
At their best, venture secondaries are a dur=
able liquidity mechanism that benefits every participant in the ecosystem. =
At their worst, they risk becoming the next chapter in a familiar story.=20
<br>
<br>
The same forces that fueled their rise=E2=80=
=94demand, opacity and financial engineering=E2=80=94will determine whether=
they mature into infrastructure or collapse into the background. Now is th=
e time for the market to determine its legacy.=20
<br>
<br>
Read more in our analyst note: <b><a href=3D=
"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzViMxpf6MVJwQW7IWrjuYgZOOcyRwB9-2FFPId4MGcuGbVQ=
-3D-3Djv2c_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8=
PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfI=
Nif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB=
1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqC=
CUruHqcf4CG-2FscEUoa-2FRQyNYc7gvSaKn-2B2MkFg-2FY4fhdxzYkdAKlMiSZKqnNI84BUJt=
Pancw7Zfpa1fJoXzVIZF6Ki8dTZMZfBWa3LKxtCe-2F6LOIJTSiWHuG8Wpdrw23PYPo2-2FTBFJ=
jHD1OCOp2QPCRuedcC-2B2MZ6TSkIP-2FyIEzqFmu-2F9SI1CoBJSuAvCJgEjD-2F7r0P9aCGm7=
Zp-2FrNdsx7zpkmspJZd16kHynGZvAFQq9Y1fdyXSR559UgpkxAVeoltNoYV5N5oXXUoSypUmpT=
NDxd4baopy3It6QU6AlfpvsBSVtYSjg" style=3D"color: #1D5080;" test=3D"" univer=
sal=3D"true">When Access to VC Becomes a Liability</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/615=
86.jpg" style=3D"border: none; width: 100%; height: auto;"> </td>
</tr>
<tr>
<td style=3D"height: 20px; line-height: 20px"=
> </td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>Have a great weekend,<br><br><a href=
=3D"mailto:emily.zheng@pitchbook.com" style=3D"color: #1D5080;" test=3D"">E=
mily Zheng</a><br>
Senior Analyst, Venture Capital</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
<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_579026" id=3D"n_579026" style=3D"font-size: 0; text-decoration: non=
e;"></a>=20
<table lang=3D"x-news-group-title" cellpadding=3D=
"0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;=
">
<tbody>
<tr>
<td><span class=3D"outlook-caption-override" s=
tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s=
erif;
font-weight=
: 500; font-size: 20px; line-height: 26px;"> The enterprise SaaS consolidat=
ion cycle is back </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>
Global enterprise SaaS M&A hit $270.6 bil=
lion in 2025, making it the largest dealmaking year since the pandemic-era =
peak of 2021. This was propelled by Q4=E2=80=99s $83.7 billion across 245 t=
ransactions, including 17 multibillion-dollar mega-deals, which matched Q3=
=E2=80=99s record.
</div>
<div>
<br><a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVi=
Mxpf6MVJwQW7IWrjuYgZ-2FqW0eetR1zN70xJAjb5LAg-3D-3DSDWI_I3w5d9c01gkD8gLzFEof=
ZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjS=
cKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9=
csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B=
6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CG-2FscEUoa-2FRQyNYc7g=
vSaKm-2FxMLGxkuE-2F6s4xOUR3q5XQfoB-2FDefG-2FNsWjL-2Fsz6Ynib2RHN35zEHk8-2BEE=
2AQ4xmE0edHO5w5IK-2FQTww7BNJ7TYWhd82MhM-2FWlmkIXo2bzNH4WiWqvxMPreHRQgb5a3DL=
Dy-2B5-2FQaeqiBAcE0yQIfyggb6iSZuNB9M3NAHWYdhMehfbWhcnmzgqlYX2JY5EM-2BXRqUvf=
FS7r5oFtAMUtk9gLXope4hO6-2FY-2BySeXVpmcrcNp-2FbQEJzdZ6SzVTKeyRMV4ErLMMQurLA=
cBJYgXFQD-2B" universal=3D"true"><img align=3D"center" alt=3D"" src=3D"http=
s://img.pitchbook.com/news/73448.png" style=3D"border: none; width: 100%; h=
eight: auto;"></a>
</div>
<div>
</div>
<div>
The reacceleration signals that the software =
consolidation cycle is back in force, bolstered by both strategic acquirers=
and financial sponsors deploying meaningful premiums for category-defining=
platforms. The bid for scaled, AI-enabled enterprise software assets is in=
tensifying, and the competitive window for both acquisitive growth and exit=
s remains wide open.=20
<br>
<br>
Corporate acquirers drove the Q4 surge, with=
deal value skyrocketing 168.5% quarter-over-quarter to $51.8 billion. This=
restored the PE-to-corporate deal value ratio to its historical 1:2 after =
Q3's anomalous 2:1 split favoring PE.=20
<br>
<br>
The quarter's largest transactions include I=
BM's $11 billion acquisition of Confluent and the $8.4 billion Clearwater A=
nalytics take-private led by Permira and Warburg Pincus. These show a heart=
y appetite at both ends.=20
<br>
<br>
PE remained robust at $32 billion despite mo=
derating from Q3's exceptional pace, and for the full year, PE-backed M&=
;A surged 102.2% year-over-year while VC-backed M&A rose 64.4%.=20
<br>
<br>
Segment-level data shows us where capital is=
concentrating. Enterprise resource planning dominated at $136.6 billion, o=
r 50.5% of 2025 deal value, while the sharpest growth came from analytic pl=
atforms, up 222.6% year-over-year, and supply chain management, up 115.7% o=
ver the same period.=20
<br>
<br>
At the subsegment level, financial managemen=
t systems and manufacturing & operations commanded the most activity in=
Q4, reinforcing that buyers are targeting mission-critical, workflow-embed=
ded software where AI-driven automation can deliver step-function efficienc=
y gains.=20
<br>
<br>
Into 2026, we expect a more permissive regul=
atory environment, rate stability, and an accelerating enterprise imperativ=
e to integrate AI into core operations. These should sustain elevated dealm=
aking, with the highest valuations reserved for vendors at the intersection=
of deep workflow integration and demonstrable AI-native capability.=20
<br>
<br>
For more data and analysis on the bustling d=
eal activity, download our <b><a href=3D"https://url6380.news.pitchbook.com=
/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzViMxpf=
6MVJwQW7IWrjuYgZXBD-2FjSKPm0Lw2O8ZonDjRA-3D-3DnWt__I3w5d9c01gkD8gLzFEofZR-2=
Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVw=
n9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJ=
sYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp=
30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CG-2FscEUoa-2FRQyNYc7gvSaK=
ndsaAV8SZZtabFu79afVd9K2-2BRbXz5GfkTFsvBYhi1C9iPWjduONUbgpIORkhiKAv0EtaatyC=
JEDdz7YoJorMzdYDLVGw1WkGLREUWx8C0JxoUvZh1RfW-2FCu4Vwhfd1VqyJZbFjT14csCAygZb=
mV7rsNnK4c7Og3LnzJwcXDaOTAdvbPAVgoko6Xq3-2FnwpN2-2FVc-2FARZtHxv9tEssRPckObP=
ukkCjEmH4OHeEwH5tOsjkArQa5tSLusRVaRFXCc-2F4zlbiyWyAK6PQamhi7zrsS7" style=3D=
"color: #1D5080;" test=3D"" universal=3D"true">Q4 2025 Enterprise SaaS M&am=
p;A Review</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">Best,<=
br><br><a href=3D"mailto:kyle.walters@pitchbook.com" style=3D"color: #1D508=
0;" test=3D"">Derek Hernandez</a><br>
Senior Research Analyst, Enterprise SaaS and=
Infrastructure SaaS</td>
<td 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/734=
34.png" style=3D"border: none; width: 100%; height: auto;"> </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></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-2BaqM7ONnvsnswouzViMxpf6MVJwQW7IWrjuYgZ-2FvUOvz=
7GhymghYXR4u-2FCWA-3D-3DY7ua_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3=
t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgq=
v1EIwfWNwh02tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61m=
WepV0nwfOlqcObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6=
TPp5FN1XE5y-2B1zqCCUruHqcf4CG-2FscEUoa-2FRQyNYc7gvSaKlUUwusHQ9srLIK3T07DnsM=
hMZdH6y4-2BIKPQQ-2F-2Br64tFP1QQJKjOdeCUfJj5FMI1cBAv4Igs2llSCNqWVMXjA4qZqspe=
a-2F2V3i0G8LWpejAZxaGn0D5MTTi9o4AfdprH62f9RKS3RA3TE0w5p4IGDmLpG7bNcgcmlNX9g=
X3gA2NVVRd-2BX3n0U7xU7IKZ9ZciLGa1pDayvhAVe0TMBvCrL5B86Rce2VybXiO-2Fu9Ot4C97=
ZYLX2bQ8h-2FY36KfsqTi0izppr8SdM8yZc2VxHuwW2EX" style=3D"color: #1D5080;" te=
st=3D"" universal=3D"true">The Most Investable Corner of Defense? Electroni=
cs </a></big></b><br><br>
PE deal activity in defense electronics is a=
ccelerating as modern conflicts push militaries to spend more on sensing, e=
lectronic warfare, resilient communications and mission computing.<br><br>
PitchBook data shows 27 defense electronics =
deals in 2025=E2=80=94up 93% YoY. While total deal value rose modestly to $=
1.7 billion, the higher deal count underscores where the opportunity is for=
ming: small-to-midsized enabling technologies beneath the prime contractor =
level.</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-2BaqM7ONnvsnswouzViMxpf6MVJwQW7IWrjuYgZwR-2BV0ij=
ESibyAH19VompVg-3D-3DsLB4_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1E=
IwfWNwh02tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWep=
V0nwfOlqcObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp=
5FN1XE5y-2B1zqCCUruHqcf4CG-2FscEUoa-2FRQyNYc7gvSaKkBnu9OqruwGQgjL28MWhkqPWT=
fJvXQONAvBlxhQHxAtIsgOnfAFekAjMqKcikN-2FokFPZIbbX9ygHwPIjZxETOnu66wcnoHsnjk=
9QCJUUXtLlA7YBKEeUKZaQYYiixw-2Fdiw8dndmP-2BpNCr6Kz4i5CxymLcM08Zn3YrAQaKhpiQ=
oE-2F0AHc0XFDFud07u1GFfr7i2IhMPnsAyJqlg5bLoN-2FboH4qa-2F6sx-2B1KwK3mPdWHc7x=
UPRFp6Qnm-2F9PQ4Ip4ZGBTnGqu9-2FabG1ICkAczkOi83" universal=3D"true"> <img al=
ign=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/73465.png" st=
yle=3D"border: none; width: 100%; height: auto;"> </a></td>
</tr>
<tr>
<td style=3D"height: 20px; line-height: 20px"=
> </td>
</tr>
</tbody>
</table></td>
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</table></td>
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</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>
Strategic buyers remain the clearest exit pa=
th as primes and Tier 1 suppliers look to lock in electronics capability an=
d secure supply chains.<br><br>
This analyst note goes deeper into the techn=
ologies driving this activity, mapping where they sit within defense system=
s, how they function, and what their total addressable markets and projecte=
d growth rates look like over the next decade.<br><br>
As global defense budgets tilt toward electr=
onics-intensive upgrades, PitchBook expects sustained PE interest in scalab=
le, qualification-heavy businesses with durable aftermarket exposure.<br><b=
r><em><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001=
.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzViMxpf6MVJwQW7IWrjuYgZ-2FvUOvz=
7GhymghYXR4u-2FCWA-3D-3D9PpU_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3=
t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgq=
v1EIwfWNwh02tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61m=
WepV0nwfOlqcObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6=
TPp5FN1XE5y-2B1zqCCUruHqcf4CG-2FscEUoa-2FRQyNYc7gvSaKnlNlsn4-2FbGUmHsaqPGIN=
Vq-2BfsqYH1pp625inQhqz8FHBhW6oCokulo3EFepVlTP-2FfvishAhCY6paoiGIG-2B-2FrpHS=
ge4SC3CQK84D93mv2Q18EFRHIT-2FslkQbX-2BfwG8mJwVUy9sivlbfLV-2FqCounQIoyacDfQl=
GXvI4-2FV86MonPIOzIoYnfGSPzUvI4mQEWYIQuY-2Bvwq3vBeGWEqZavvJA7yAOq0-2BozNDYM=
qUi-2BCoNzJKRrk3SRBe-2FiYXlCz3eBIKe5uFqeyhzi3IlYilDD0rbMa" style=3D"color: =
#1D5080;" test=3D"" universal=3D"true"><b>Download the report</b></a></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>Apr=
il 8</b>: Join PitchBook analysts for a webinar on US leveraged loans and p=
rivate credit. We'll connect the data on Q1 performance and translate it in=
to practical implications for underwriting, portfolio positioning, and capi=
tal allocation. <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?u=
pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzViMxpf6MVJwQW7IWrjuYg=
ZjLsoPCWVSmM0Ft2BbmW05g-3D-3DKEwW_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz=
y-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334Sh=
lWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1Ab=
Ho61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFD=
m0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CG-2FscEUoa-2FRQyNYc7gvSaKk7QwGoypaLJFW6j5k=
kuy9uLevyKOwOVkxoimyYJ9iUnv36zobVf-2B1hQ-2F4ORaASaZ1w0a4AnKEf29ss80OJjCBm-2=
FpCNQN-2F-2Buo6QPK9AGJX1kP3MOOMcW2ODh-2BBV1AXMCv1Fnf6SrwiciEjdxPEw-2BnkLSAX=
V8V75rHj8-2BWFe-2BtrLbwoZWkyEoVzqcC1stbJGnkoY54xTZGnOx0-2Bj5qBj-2BCgSi7Xyxs=
93-2FF6ItbXtHm264oUKd7J57il44Wqb-2BO9Y7x0RoUsnBxpBriZyPqqEpiIJ" style=3D"co=
lor: #1D5080;" test=3D"">Register here</a></b>.<br><br><b>April 16-17</b>: =
We'll be in Nashville for the US Private Credit Industry Conference on Dire=
ct Lending. Nizar Tarhuni, our executive vice president for research & =
market intelligence, will discuss how private credit is increasingly financ=
ing tech and energy infrastructure, and PitchBook subsidiary Lumonic will p=
rovide a live demo. <b><a href=3D"https://url6380.news.pitchbook.com/ls/cli=
ck?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzViMxpf6MVJwQW7IWr=
juYgZ2ncIyG8h-2BxdOiYOtuxGNqw-3D-3DBwTK_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxB=
RFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKK=
s334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-=
2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG=
4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CG-2FscEUoa-2FRQyNYc7gvSaKkRXIJqSHRIN=
wpMmPmN55CGawOjGJn0FuDcBFyNkMEc-2FCUWHRJmypVp8Ya6CzywyjLHfh-2Flm6gBBtBaIoDF=
QNavVcshotrHkARQMPgXk610N6jkb9UcCNwataSpp9aQ2xTXmcxtMT2v-2BdXYiFbCg962MXqWh=
OO1ehMTIMYdyrLn0-2BsR-2B6LCCwHcBUsPEg0u5iPE-2BRsyZVpqThShWfFlF4Wn-2FCRz-2FM=
b7NdnRfYDcE82IDpm-2FlRgRf3DJ-2BO8h5kRkpzhu4tKtJiuyhsb0e7vO2PP7" style=3D"co=
lor: #1D5080;" test=3D"">Register here</a></b>.<br><br><b>April 28</b>: At =
DealMax 2026 in Las Vegas, Hilary Wiek, our principal analyst for fund stra=
tegies, will give a talk on the rise of evergreen funds. <b><a href=3D"http=
s://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G=
Fa-2BaqM7ONnvsnswouzXvMgYYxTa0TM6o9KE8ccSl9483qMYHOuJ12RBy9l-2Bi6g-3D-3Dqij=
i_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinv=
ze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQ=
Adc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TM=
UZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4=
CG-2FscEUoa-2FRQyNYc7gvSaKk9N8-2BcJ-2BNoclMGRe9SKu-2Bbdwh7WZ-2BcV4Fq4aPSUwW=
Ldzzt7binPemWl6rFnDpGxKMksyxjRq4SdZ8-2FenEf4Kk86fCNIdaG3AOzOnq83acwPT0omm2a=
DQYBdpSE4CSrx-2Bg7IcEVAr6p6yejcJGKtVIJrLG-2BJ9RRUwkfvnHMTo1vFjevon7MUUlxPff=
XmaISKoTHTzlG6irXP5OEEycJ6-2BMO-2BQ56qyYKnj0CLAZBODGP8abrS5FV-2Bcggew0ySjIO=
uKHLwJY3-2FGLj-2Bnpeb-2FGGusWk" style=3D"color: #1D5080;" test=3D"">Registe=
r 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=83=E2=80=A2 Margins are nega=
tive for AI labs, with OpenAI projected to burn $14 million in 2026. [<a hr=
ef=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw=
7SpSWIrf6GFa-2BaqM7ONnvsnswouzXvMgYYxTa0TM6o9KE8ccSl9YdcaMIGjFz-2BA0xN-2F-2=
FuZPQ-3D-3D_U3O_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF=
Va0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02t=
VGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcO=
bkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2=
B1zqCCUruHqcf4CG-2FscEUoa-2FRQyNYc7gvSaKlX0B0OGtS-2B7DwCHrSZtx6-2BP0XnAnIde=
Q1hayVEt-2F7ADsTuBwCCgjk30nLD6nmad3HO-2FAQl9rwtZGq1cz-2BbNsPRPDj-2BlScI1wjS=
AQ1PblbWoDR1AJ4GPyd-2FVdWN-2BOdTW2veyOoOnNMJ9hzSCaCsCwlcZjeZAPWHndLnLpWwoOt=
Xr2gFC-2BYZWr5o4y6KGk-2FofOmEol1mdzBQKfqmCQuo6ekKoBe1lYGmKt6ZXnv9m-2BFbxu7P=
XPL9JjcWxpAP68d9a9U2SpGCFKTcYahL5vRDniea" style=3D"color: #1D5080;" test=3D=
"">The Wall Street Journal</a>]<br><br>
=E2=80=83=E2=80=83=E2=80=A2 Funding rounds f=
or startups in Europe have reached a high thanks to US cash. [<a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzXvMgYYxTa0TM6o9KE8ccSlVbYNcNia41c-2B8vTGeA6ZlQ-3D-3DH=
aLg_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBi=
nvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2=
BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3=
TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqc=
f4CFxB3mi-2BM5BB-2BVlDXU7ZtrLLiod3wpmqReI6F-2Fnn3o6w8gofkvYK5T4-2FTOHj4-2BJ=
5RJuFTt2OeOsHfWcZ530NXCHBWPLDHC8Qg5Nex08-2BNy0zbV-2FXVfiY-2F4FYbvtQ1aua5b7X=
uN7zzLBdu-2FksHVe9F-2BbVKg3Tnnzx2X7OLjM-2BjB5VCeXff99ZoYqBeOCQcWgTmmaXc4F7c=
dyRx-2BvHYBWArQyCtGHpuDXJ4GD9Pwa2jFE3CheKiIUBAcJJoBXLmAcHzwhBdayI4GdlIJBf4B=
eXxHlQtPDdNmXVSGQoy1QedsnA" style=3D"color: #1D5080;" test=3D"">Bloomberg</=
a>]<br><br>
=E2=80=83=E2=80=83=E2=80=A2 In 2025, $34 bil=
lion of direct loans were refinanced into the leveraged loan market, while =
$37 billion of leveraged loans migrated into direct lending. [<a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzXvMgYYxTa0TM6o9KE8ccSlC0-2BIiSUC-2Bzl3BMyP7lbyag-3D-3=
Dhj08_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFa=
Binvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q=
-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2B=
I3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruH=
qcf4CFxB3mi-2BM5BB-2BVlDXU7ZtrK4liA2XtvRrCDb6yfg-2B2QckLYDTX3UK-2B0jeR3WFcR=
DMqaEp-2FenG0uL4nzt7IJAk7-2F7CZzZX860r6EqJc9DgBlYVV-2F3UsA8JjAy3pUvxtcYSiZs=
ZFPQ0mzmpZREXIIFk07i-2F1bcr-2BXPpl1-2F4PcXZiShgNzPtHJqqUiEQK-2FUuybBVqHwiRJ=
YyqpsINtsIStWVUIKmDv8HMFKagJCP9S9nkb-2BOvtWyWBcihKtLTcilm9yWIT2-2FcpeBCEN1s=
vUDAkyRt44gybgA63ZnCJN5RKd3cqy" style=3D"color: #1D5080;" test=3D"">Financi=
al Times</a>]<br><br>
=E2=80=83=E2=80=83=E2=80=A2 Middle Eastern s=
overeigns last year invested $42.5 billion in direct VC. [<a href=3D"https:=
//url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa=
-2BaqM7ONnvsnswouzXvMgYYxTa0TM6o9KE8ccSlhk3YFwbmZQqMOO01Z0TFyA-3D-3DddP0_I3=
w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2=
B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-=
2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9=
Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CFxB=
3mi-2BM5BB-2BVlDXU7ZtrL-2FGH9tiKA6vJQEZDm-2B5BusN7LsLJrVdsSQsaBn0ftihr2wxlj=
0aB56y-2Bdd32FDaoDwtAVwMZA-2B5gcR3myw-2F7OaQWW1a4lYZhBn3q-2BxL8WVZKbqk3ofE-=
2FEWl-2BKRYTc0CS9eSbjEK8iS0irp3boMCMNy98zPYkhN4HbStGIHwhS4eZBMRd1-2FlVfZANJ=
E5LqDa4Pk5RDWL9SC4FuMl2FgQXhr-2FngI-2BO25JAXHCNtZtR83aGR2kdzLQLBYNOULGOOAgI=
yryfNVC49-2FdpeBVjKzXS5S" style=3D"color: #1D5080;" test=3D"">Axios</a>]<br=
><br>
=E2=80=83=E2=80=83=E2=80=A2 Healthtech, cybe=
rsecurity, biotech and enterprise SaaS all saw a decisive pickup in early-s=
tage activity in Q4 2025, driven by AI. [<a href=3D"https://url6380.news.pi=
tchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou=
zXvMgYYxTa0TM6o9KE8ccSlbMDRmC9BigY3LgOyh7IhTA-3D-3D1QcB_I3w5d9c01gkD8gLzFEo=
fZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2Fyj=
ScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka=
9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2=
B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CFxB3mi-2BM5BB-2BVlDX=
U7ZtrKGLmmddIGK1JXlscYOk1LBsaBQ9WHQKab8dQ0gJsCw1GFRswHTCixAtrRqNO6YUVTLO6lR=
kCZt7egT-2F-2BUb-2F5fXaWThfu4kLsrwTdDdJpEtAiWfZnB5dBrw9i3a1oj4ngyz48X5AtI1t=
i-2F2SgejdQF8VV-2FFWkO2Yx3zscXDnoqbXSeqWktPlfnaprQ5G231FvD-2Fnnb4Lkmsk2LRzk=
EPSoXhX6Jl1ywg98l3lybPuN02-2B7blr-2B3eTPGCpqeS3szwmjqu7-2BT7rdAEZD-2FkF1rZI=
8R1" style=3D"color: #1D5080;" test=3D"">Fortune</a>]<br><br>
=E2=80=83=E2=80=83=E2=80=A2 Buyouts in busin=
esses worth $100 million or less totaled $89 billion last year, up 56% sinc=
e 2015. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXvMgYYxTa0TM6o9KE8ccSlCiIhMkVFK=
xF7b-2F-2FQCjuWvg-3D-3DvXzV_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t=
1yZbcbdWeUgFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv=
1EIwfWNwh02tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mW=
epV0nwfOlqcObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6T=
Pp5FN1XE5y-2B1zqCCUruHqcf4CFxB3mi-2BM5BB-2BVlDXU7ZtrJhmLYomDKPmQXJOlpMM6TEG=
bGo46i5wnCWRralwo8dBcN5HZpITX4L0q68lnP5HLHkHrl6z0-2BI999V8tpvSe-2BoGxBsBheC=
3h9Iyj-2Bg-2BBGdnp3Gz8KYzlnejBGT6IU3rMWj-2F2bSYlzwwIKKoOM5-2BoMzn4xuqnjaqJH=
2E0ZSm0p1HkKYLkJu-2F0oPBO4NdZzqsn3FNUtQPDqLrNAVF63afsC54WsfA2LAYra1BkYH1-2B=
ST7mwkp0PruRxU2vIR4WQMQA67WPz1VnwCGTAzhYSwaUi7" style=3D"color: #1D5080;" t=
est=3D"">Bloomberg</a>]<br><br>
=E2=80=83=E2=80=83=E2=80=A2 US fusion start-=
ups raised $1.6 billion in private funding last year. [<a href=3D"https://u=
rl6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B=
aqM7ONnvsnswouzXvMgYYxTa0TM6o9KE8ccSlA9xMqrvQcfslcMqM6J4Isg-3D-3D1fWF_I3w5d=
9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B1d=
kTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2Fw=
2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9Jb5=
JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CFxB3mi=
-2BM5BB-2BVlDXU7ZtrKiPBF5vLQ6HHk4PNCIhHEPB-2B5x06D3Zi9oRZW-2FnylSQXI1KiPEM4=
xeQBULcTZyqPMxL35NwrW1YhKxgsoarZsmtHpo30-2BF3o-2FSqadVUHY80r8c7NtSTRLpZSLGH=
bwwhgRjZzLZv6XLL1iPQegUpbiY3UzNWMe4miFVWicGdyYDE6fuidWJP1xfiLASfFxOJiSqOZ1n=
bJPAWXgUrBWJddyf-2BsFgHCnk-2FhhOTFhW8wEpc1GShQ9gmKZDqGUuLf9pPOdgo7u4EpRIxeI=
oPX6csU05" style=3D"color: #1D5080;" test=3D"">Financial Times</a>]<br><br>
=E2=80=83=E2=80=83=E2=80=A2 Anthropic, OpenA=
I and SpaceX could potentially generate more than $100 billion in proceeds =
when they list publicly. [<a href=3D"https://url6380.news.pitchbook.com/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXvMgYYxTa0TM6o=
9KE8ccSlzxmVik3ZouRnfMwvel4shg-3D-3Dmp5J_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkx=
BRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuK=
Ks334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9=
-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgq=
G4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CFxB3mi-2BM5BB-2BVlDXU7ZtrItamuygOTd=
8eYap3Oo9fZ-2BCHx-2FajazkGRdd33ye-2FfI4PfQX4pXM26LdXV3XrHoWygT3cb2bL254hsEZ=
94t6cTIWsCVXNG-2BsltU1xPPT2h0mhcv7eaFc6-2FJOAHGnmFv1sKgQhagNRrsWT0GuiYC7pUR=
GIX-2FZLqNoVlhprQlUe2SYxBLc3uhsZ1chhRDQB-2FGHRXIP-2BMXQ4PA4N9zhRDIfMKyodim-=
2BgQFerF9QZSG7zY7PxYlc8q6QeM-2BqQuNRQO8FuFpdYmM5OePDIq9ql6-2BagMZ" style=3D=
"color: #1D5080;" test=3D"">Bloomberg</a>]<br><br>
=E2=80=83=E2=80=83=E2=80=A2 "[Cybersecurity]=
vendors are very aware now that they need to adapt because if they don't, =
these smaller, AI-native companies have a very unique window where they can=
really penetrate the market," said senior analyst Dimitri Zabelin. [<a hre=
f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzXvMgYYxTa0TM6o9KE8ccSluEFfoRFaRf-2FeVES5fgsJ-2=
FQ-3D-3D8VbO_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0=
m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGz=
fINif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkr=
BB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1z=
qCCUruHqcf4CFxB3mi-2BM5BB-2BVlDXU7ZtrJu1IhKXA9kdDb-2BRuz6ahtuHng09fCpXTjLpz=
V913RQMaYOzOskMn081b79s3RfTaO1PLtN2RTSHuQDLBsXYrrdlAwCixvwpq9sjcasbIm0KKtP-=
2BUTqvMQpdxGGqRbeUxC1Ls-2FtXZN4lG3a4r13xyXbFKERbBrGr0Gxo0YONkb11Pm-2B3YbzTT=
NadWVkbfAd-2FZq4grvCsEJTCf4kNuz4R0VBxz7K1hW3hnBIsRBdRsOXUegC-2BPDEoPWEEKU-2=
BisUDf9KathcR5v2X1UL6kJk96pL1" style=3D"color: #1D5080;" test=3D"">Axios</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-=
2BaqM7ONnvsnswouzVXBqq07cQdK5TK1ULvST4Jul1F-2F1SJ9ujJ8K1EyqHfUg-3D-3D01Nl_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-=
2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc=
-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe=
9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CFx=
B3mi-2BM5BB-2BVlDXU7ZtrK2A5xFeS7Cdny7XxPLzycmP8hJqioOUEUoC1TO1z2UjdIkmYRZP7=
hqGvhw07Swzmoe-2F9-2FUgrElknkUxcw-2B6epzAic4v-2BRUNyOiRFuseIVEj-2B79XU6vC-2=
Fyelr8FINoC8Mjn3eaEvDuDZNx4Hutqk5AlSPDliTVCvncu0k32eed4VTjQsN8nwUZwQB7CSdyH=
AoBLUTMRjAUQUMw35WhUtIsOZNmRPsk0k-2BMat8-2F01e-2Brmi7qTlHWNsCjexHmqWnan6mr-=
2BfAmDG9xxjgV2nBS49Xj" style=3D"color: #1D5080;" test=3D"" universal=3D"tru=
e">US Public PE and GP Deal Roundup</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-=
2BaqM7ONnvsnswouzVXBqq07cQdK5TK1ULvST4JAszA8muvo2Fb1lrR8u52MQ-3D-3DXm0K_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B=
1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2=
Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9J=
b5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CFxB3=
mi-2BM5BB-2BVlDXU7ZtrK1m9dKEY5q-2FBQ-2Bek95kvFd-2FlVIjOB-2FuI611pm6ix7Yjqpz=
JfKc2y-2BFxZbBeWiEK5UpHvoXP61ygFV5emeNm0-2Bomq-2BliINq9HkxnkJRd6ov6AINgtiBr=
w8rH31d3IYmlUdUcUaE-2Foy8Hu-2B8iNpg41P8W9GOmMCo61FYTsLZXnIoYloEO0SibcknYuQm=
wrI7kMi6tqaB-2Fm1u42FheqtNfD4i0E4aMmSzXWNFcMQCdLXKu9urbthw3ZzPiecqI9zfSSsPA=
AleSjLCF23Aeew2Hf-2Fk" style=3D"color: #1D5080;" test=3D"" universal=3D"tru=
e">US PE Middle Market 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-=
2BaqM7ONnvsnswouzVXBqq07cQdK5TK1ULvST4J4Cm5KNEDGT-2Fbvfl7BHTH3Q-3D-3DM6On_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-=
2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc=
-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe=
9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4COJ=
pXhh4NtW6yjekiW6QX6qudTaoqZjtEbsmgXw0VNw-2FmVpIRSrqHvNAiUqAbIi7bOLEwiH7HF1f=
yg6sQJWan6IGIcc4shc08NXOxMvUNQ1Yei02Y2q4L93BRBw6Nv9Cov5tWlXR-2FcKACXFQ8Cf0b=
gs-2B7HyLjZViezPsReqMZ7-2Fs8huRe4JF7hTCyhYEv4lNT70-2Fr2T6QEQsNCBgFWDdlUmeGH=
xIIZPardYqkgzE-2FsWT3KL8Ub-2B-2BhecdZn7plG8Hh0uuEHBvog6oq5mSA1v1K4qTDYoPj-2=
B8jU5BCVq6RXUZx" style=3D"color: #1D5080;" test=3D"" universal=3D"true">US =
All In: Female Founders in the VC Ecosystem</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-=
2BaqM7ONnvsnswouzVXBqq07cQdK5TK1ULvST4JUCks1DawTi8EHOjBTxxxaw-3D-3DMn7r_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B=
1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2=
Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9J=
b5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4COJpX=
hh4NtW6yjekiW6QX6pu3M2cCJGKfFWz4KPuYdpg9zs3h0NMmsRxu-2Bo9zeQi0XiowiTT02Bsgw=
xHFhPh5oOHgEoW3Uo-2FSOMvuHig9URyAtnSyfNTH47xGSmyXB76ElIxLJBg5jFvlWH0N0VV7RH=
4Nc9q0pKHCfIpiDmxEcNaBB7ubZcv3him6O-2FYFHl1NOBbNX4DMzB9kat1SrLKEd587ObzlQr5=
MudFtlVKK4xj-2FWG3ZtiUYM1n-2FEhhY3X8efZ0GoZICYDrrMnyf6krOD8GG-2FyxqZhe4jPMe=
Fekj9m5" style=3D"color: #1D5080;" test=3D"" universal=3D"true">European Al=
l In: Female Founders in the VC Ecosystem</a></b><br><br><b>Thematic resear=
ch</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-=
2BaqM7ONnvsnswouzVXBqq07cQdK5TK1ULvST4JIZ81AXU1alw5rnyz3VDuWg-3D-3DCB8-_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B=
1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2=
Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9J=
b5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4COJpX=
hh4NtW6yjekiW6QX6poPLqUzk-2B0VJqS-2BYb1-2Bb-2BDHDQvUE-2FIJEDR6EEcO2pg1VfYdr=
U46kc-2Fukcm-2BNgyL4q1d38bUCFbKP8hv-2BBLbEF5TwEk-2B-2BIcc5nlL9Bapq1kyLO9lci=
wp-2BH-2BrqWK2NeXN4R-2FGL1mpAWqsQCRUkXgxrc5E51k-2Fz3DEeJL7PZ88-2BYSA9X2HVM6=
G0HHw8jkM-2FbH1FKtQ2pIb2-2BxyzX4L1uTgaSnjlxVc0jNbKNQlEhYaT9mT2-2BrUpddsF-2F=
1HVeOZWQncJESiwGPS28DCXexcZE54qSp" style=3D"color: #1D5080;" test=3D"" univ=
ersal=3D"true">VC Investment in Consumer AI </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-=
2BaqM7ONnvsnswouzVXBqq07cQdK5TK1ULvST4J-2BoWIpW3ZOvKhCYaP-2FVeBLQ-3D-3D-24Z=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvz=
e-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQA=
dc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMU=
Ze9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4C=
OJpXhh4NtW6yjekiW6QX6qvhwPMkccEF1gFTdeilfkVRUXTbD-2FJlOz9VOR1c5KBP49TrgDE-2=
FjdKvnQdUGL1FaVg9Na5GS7MoP-2B-2Bcfq6VFXdcq0AzbsHNIZfGBjys8efafJgp3H-2BZzh7N=
Y4y1tbloKcEcNJ7328I4B3NeL0Soif3dIbz9QOo98f9voE-2FrKoPfc66KF1JGBWubsDOUjoZgg=
7JEG1Vggrq9nPc0Mfofynv1cIBjiHd6qfmtpiv7oOLX60T6ob213yGPdZlRW2PO53rH8k9lhvDr=
qf4achWeQY6" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Mega IP=
Os Could Threaten 2026 IPO Class</a></b><br>
=E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzVXBqq07cQdK5TK1ULvST4JEpzW34JNdwQP4DAJ8DxhCQ-3D-3DwQdG_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B=
1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2=
Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9J=
b5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4COJpX=
hh4NtW6yjekiW6QX6rDr4o5eOmYxxTnJjucFMkCPDVFxj84W5o1fSCzxPWgHgGhcB0-2FtwVumx=
g-2BHRaEdeD52Pmmb4T3pCx9zNDrw-2BUmgs-2BOnx-2BNqy2G5fmOvG2btHpF7-2FjNKW1qipx=
OLmiz8tLt0kFfTm7BVRS6cYrdBhG06mWDiitCxNDZcCgpoIGncflkqLdxd1d8pMf9yLRnlkawu8=
HZYDjb-2FLBjpOVXai3NJwtbUsVNLvcLtuNuirZPDDjcoYEIlBJOzCLMdHMeCWPdOwYLqw5MKxY=
vnLpxCU7K" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Through t=
he Looking Glass: The Race to Build Enterprise AI</a></b><br><br><b>Industr=
y & 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-=
2BaqM7ONnvsnswouzVXBqq07cQdK5TK1ULvST4J-2FAUj10-2FwkMHjOQpUEiduUQ-3D-3DdJ-E=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvz=
e-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQA=
dc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMU=
Ze9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4C=
OJpXhh4NtW6yjekiW6QX6roUJfU1yq3JJxUitZhWGTYgggXz8VmOhxFzQ8O5xSNXoDSjoviJoAi=
9QA8rSgZrDkNvZXUes1YjLE1cPCuHf9uMXH7g5-2FbAKSzo0fg8fvIe19qRBJq9VV30NbpKB80V=
0wP-2BAfILfkzHeMNV0NbYGywgdKJwxV3YCRZ9N9x9rOexUUoQNErtwtwkmEj57KUDHS79aQQa0=
zRIXpkegr97govl8pEtV6IsWBMcBcq-2BnlWh4krcFGVXgzjMX4Mv0xH58CT-2BJ4m6T5hpXxdv=
Vtq0Gxq" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Robotics &a=
mp; Physical AI 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-=
2BaqM7ONnvsnswouzVXBqq07cQdK5TK1ULvST4J3b6QhNmPBPp75jl8baS-2BgA-3D-3D7YlZ_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-=
2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc=
-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe=
9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4COJ=
pXhh4NtW6yjekiW6QX6rssDV-2BpDgg5H74x3BVbwn-2FrMinMSVT8Vzv4Rjtr03zeAM3OkP1ML=
2HziJVkCCISztyzsOGJNW9-2BnwRH-2BB7LOUOPbVIwlc2EQb3tGgIsSRt07pxsqDFtEmWohPHn=
jd0XpjrqJpRfpcxazBjgaVQqvJeJa67Sr-2FtRG-2BF-2Fiu-2Bc9MpzSuwA2Ghq3AUn4Oj6Ca0=
JJKhxaYo-2FOUFHQbK-2FyUzLryacxUwnKIhYd15UYCCapB1qmHV6u-2BcbwFEypP6NWGXauTDB=
IVnJElLrj4xsvKOb55U" style=3D"color: #1D5080;" test=3D"" universal=3D"true"=
> Advanced Computing PE and 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-=
2BaqM7ONnvsnswouzVXBqq07cQdK5TK1ULvST4JEqFOy0TogCb-2BO-2BCqLR07aw-3D-3Ds7Xn=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvz=
e-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQA=
dc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMU=
Ze9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4C=
OJpXhh4NtW6yjekiW6QX6qHAQNb2Y6pNX8CG-2BKXyMdqb4ltiqjbkIPZmuSy07Y1AMsB9p9rGC=
dSt6Saqw-2BIFTvyVkLL5phSzpjZbczWDRnNgf730oE0wO7e-2BnRm-2Bp63zFMaRO1kTpZq4Rr=
AF-2BX9EV2Lni8oXInn6hoMPlBjb9dtdziDyKuF-2FBjL3Lawy-2Br6-2ByXuF57heSfNK3ILtH=
Txc7zhuN0fviHBOpvexO8OsQSOeIaO46tQDr5EyFUXVScj24-2Fajbc5zt0ABRWimvnKn16K6-2=
FZ3EF1o-2BCuVMqBlWe96" style=3D"color: #1D5080;" test=3D"" universal=3D"tru=
e"> Q4 2025 Construction & Engineering Report</a></b><br><br><b>Credit =
research</b><br><br>
=E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzUXmrIhO1IdY5QXCWWrRB3K85U2yYJiJPFwJTi-2BE9L5YQ-3D-3Dk7sf_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-=
2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc=
-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe=
9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4COJ=
pXhh4NtW6yjekiW6QX6qFi6nyyxvT81Wzh6jg6vaTyAXfsq3J-2BLMwAAGI1M2WoEAiZZK-2F98=
r-2F44SuSrIqwQqwWXFsH0HfW5NmmIPGF-2B7bnyzpE9fzkRHZCzi8kbr0Hn-2FYmGD1r00Jh5G=
FJGRdiAQwBDsCvyFQIRlps05YripEkHlmLZgLupehglnQ-2FyTQ-2BPK8X7CzPLJiI3a-2B8gid=
bbxv2IubTcch0Qs3Jr8lo3xb1-2B75XEDf-2FPify-2FdFHnIivB1ONL4jkM9FvKCekHeM1TNoA=
2ACket2hn1I4UusG5lJ" 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-=
2BaqM7ONnvsnswouzUXmrIhO1IdY5QXCWWrRB3KqRA2Kfb1e1qnaRRrD97b2w-3D-3DGLZX_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B=
1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2=
Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9J=
b5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4COJpX=
hh4NtW6yjekiW6QX6oee7Eg6PaA43v1AikdjpV5uSpZ9VnIheh5m6gdm2ixPjXSIuWBDcRGEnBr=
vgW5eaY4Ufyc3Fgp4cDI3tkxqzJsxO3fRSGZfUsVvp6mNz3ct0HTPGdADLPp3vjIy39j9vsYwQ2=
75UUsCvbKB-2B2-2FWt3IRg61SUiLTacADbOn3mebqFJyUBIuEP81dZ4OA4gSqUFpSqcfO9IFDO=
m-2FB1sFZXFinxy5F1N09xocDK2be2RtZufSDytM-2BC0Mlz8h47qPbF1A1-2BYiTG1Gs8KlVLA=
0-2Bf-2Bd" style=3D"color: #1D5080;" test=3D"" universal=3D"true">US High-Y=
ield 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-=
2BaqM7ONnvsnswouzUXmrIhO1IdY5QXCWWrRB3Kj6XM3kWm3CxuE0V6WQ4qjA-3D-3DEXqO_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B=
1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2=
Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9J=
b5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CJmTk=
HhZ24ziH-2FQ3MWu8bzYLT0lGCVw2-2FtI1Hf0JSacjzOlipKLL7xp6Me79mglEROlxmXjfpGG4=
lE1WC3d-2FDf8pzYdR-2FxGS9J3lKNxDFAdzuo7k5JUjKls8A5wa5DVj8r-2FbcNZlvzQa-2Bo6=
HaoqIyWL-2BZ-2FL2oggAkC98WCB8p6iSeEBrMOozkm7iRIWqOgKnTY8uhOeJwuCM8JK3BKGzcr=
oao21BfnplcXV21N-2FeBkKEFJgUAxsrsd7zaRpTWbanD7NoQSlKgveLeqaR4BNs6Y7KOQTNnKF=
H1mCNcG5JLCm3" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Globa=
l 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-=
2BaqM7ONnvsnswouzUXmrIhO1IdY5QXCWWrRB3K0-2FNHddqHjaDvRqtJbv5ynQ-3D-3Dx4Gu_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-=
2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc=
-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe=
9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CJm=
TkHhZ24ziH-2FQ3MWu8bzauPzN3PCTFvGxV-2FeIH-2F8bz03PWRL4K2c42DyW5fatiLR12VH-2=
BBZa1zuWtnYvYnUX9-2FMEaUx2OzNW92bUTf2jOJr0LtKMGSg9s3eo7-2BXZGyHSH16uTE3UEce=
r2r18DZRgMKi-2Flz-2BvX1fm5L696q6afdB8O1KPuzDlwu2zVHXkEDVP1XaCjpe2DbmR9UVT-2=
BXNRuYtJawI0zLBv7ZfzIXdtxMeJS7hclSJeo3umDFVzRGieaojXaP6zKjU8Pes-2FvE-2BFgC8=
-2F4mt2BdyKFE2Ct0BV9y" style=3D"color: #1D5080;" test=3D"" universal=3D"tru=
e">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-=
2BaqM7ONnvsnswouzUXmrIhO1IdY5QXCWWrRB3Kp-2FLk3tG08dwLQcwWe-2Buxxg-3D-3Diwbi=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvz=
e-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQA=
dc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMU=
Ze9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4C=
JmTkHhZ24ziH-2FQ3MWu8bzb3dGexn83KSdPlBX4cwYybza-2Bud-2FCxdCszwxkxn-2BtS2Zq4=
WvKe3YxvbZmJ-2B6-2FWGbhxRo-2BYj0pGIgHYFXyeuSFdr10iI5PnPJD3pynK27Z1amw31uRXG=
K-2BdPqVdRVKcv1JZKm-2Ffp-2BH6DFTuPolbf0DJk8RUFWj5guvXfSV0OafHEbsIh0q5-2BNuF=
S7WdC6XSh0L3yBTAzRST-2FD71vlmrMqLTQZkNWw31ro9ZqAouPAqfr5C63fG-2FFMT9bToUPqG=
yRVvSNcilO0sxRpJ7SR4EszGb" 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>
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irst Look</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=
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<tbody>
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<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>
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/em></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>
</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>
<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"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-top: 26px; padding-bottom: 37.3px; white-space: nowr=
ap;">Since 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: 25%=
; min-width: 25%;
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;">
527
</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:=
25%;
width: 25%; 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;">
2300
</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: 25%=
;
min-width: 25%; 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;">
962
</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: 25%=
;
min-width: 25%; 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;">
16
</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=
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<tbody>
<tr>
<td style=3D"height: 25px; line-height: 25px;"=
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</tr>
<tr>
<td align=3D"center" style=3D"padding-bottom: =
13.3px;"><!--[if mso]>
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<center style=3D"color:=
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Request a free tria=
l
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<![endif]--> <a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
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Request a free trial </a> </td>
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</tbody>
</table></td>
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