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Content preview: PitchBook Newsletters Our latest US and Europe PE, VC reports;
The 401(k) private markets push has a problem; Q4 Private Capital Indexes
April 18, 2026 | Read online | Manage your subscription The Research Pitch
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=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S=
pSWIrf6GFa-2BaqM7ONnvsnswouzVmQyEl9-2FaTyBftudfZAKuVlwSGB0jhxRdc7-2FZJc5zPP=
A-3D-3DcpG9_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA=
68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJ=
pbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdH=
xscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0=
tBHe06WztAVHmtLnuGsUYmXMz-2BWrpYLnPN0OF7p0m-2FF5-2BfGQtMEvubZx8w6cslwsUpheN=
schJuCfCo-2FRByGV2Wn-2BhXjUS68keR6n-2B-2BWrK-2BS5MqmhE95vMheoCxt-2BIEmtX1OR=
fq0ujWsYkcwzLHdHSMzFizr7WNUTee3CBgexUUMi2fm98j0B7-2BS3MveIEaGgPi2i1BSR1Ec0T=
zpohS1zaWoqjQEtP6wpwAEN8C2nOed-2Fs5BhYSI11CXloQ47mlR9VBnLAeBVNA3srXXKah8BVG=
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nderline; color: #1D5080; font-size: 14px; font-family: Roboto, Arial;">Apo=
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sp;</td>
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portant;">
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=20
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x-width: 460px; padding-left:5px; padding-right:5px;">
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0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"=
>
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dth: 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>Dec=
oding Q1</b>: The latest <b><a href=3D"https://url6380.news.pitchbook.com/u=
ni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVmQyEl9-=
2FaTyBftudfZAKuVVzDMguYNMPIY5aMfuZtLmg-3D-3DSl4-_Pr966knuaHmaw6c7pKvB-2BCEi=
Dnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbM=
KLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5=
fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsr=
pCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmWP8F11naPh-2FMu6=
Rb-2ByI3tY-2FCv6VSz0N8tQKV9kZkqBENQEJUxFpPToxgHF8IvYJ1hcicC1Ae-2BTH3BHJZOOG=
w1ZQWyEi8qt6fW9XxqbHZDFas1oF2mrwiTP0QWZtQCwgWsLA2TleBXtcHrl3sBfVLRJdVLOnS8t=
IA18Cp01LuGXurE7TO6uWHhZYDtHb-2FFwhp4l55yD99Hbw24fbgKCUmWRbLGjOXkfXkZyMQrJc=
NoJs6woGvrpsxpYyef4HSOSJj-2Bquy11g7bL4HupHATKGyVM" style=3D"color: #1D5080;=
" test=3D"" universal=3D"true">European PE Breakdown</a></b>, <b><a href=3D=
"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzVmQyEl9-2FaTyBftudfZAKuVPAZxRDu7IctM-2BTIkCH2B=
dg-3D-3DnkNp_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY=
A68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgV=
JpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhd=
Hxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL=
0tBHe06WztAVHmtLnuGsUYmXG0mZj7owFBm1rhJ8KcswYPY7vsM4X9xpWXdnS6IW7gRsUYvmXGp=
QsB7U78JFkYc9DWeu4EbJKUgRRol1N1JmUTi03R6rbZ8cLYX9JOvLUkDqiCOuzUgHdeNHgudTW-=
2FJ15lCUW1ATMaWx9-2BXcyJeAvsp5nLMG-2Fqx5WBtAXlbViAJMCZI8lzna5gPFlaRREaVj5HZ=
uGvC-2BGmWuOS6q0Y1tzh-2Bsq6EuL-2B8tWvaINBNAosBsPunXY-2BCg1-2BFbdiForCW87-2B=
nJ8yRuOoEo5ys2MtVs2" style=3D"color: #1D5080;" test=3D"" universal=3D"true"=
>US PE Breakdown</a></b>, <b><a href=3D"https://url6380.news.pitchbook.com/=
uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVmQyEl9=
-2FaTyBftudfZAKuVAA3w-2BEFk7UbIBd57wLRwoQ-3D-3DvEKg_Pr966knuaHmaw6c7pKvB-2B=
CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGF=
hbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKux=
oO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEEC=
bsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmXDTvoAh2JTdQT=
jMrbdt6eRTh3peM4iqqNcYTHCuimpVy-2FFofO2zUfFC8RWOjWjSP-2BUQm04A8ICRLApqFSSmt=
fjFeYwbmNvrGHQ6L43karf-2FGDf3POAd-2Bv9NozgsYUxZB3zHYcVVY8VvXQLLDU0ZR3mBK1g5=
yzBCReoAedOdg6K-2FzEztOTdSFhrh9OZmS7daye0hGCNOpmKnkDUMTQcOdA1rWfyGACfQ-2Bs4=
a5-2B7l-2BYkfp6KS-2Fyqt1SjviZY2hVhaTVSKiltwaO3BDdwsiqHLvvb" style=3D"color:=
#1D5080;" test=3D"" universal=3D"true">European Venture Report</a></b> and=
<b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d=
4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVmQyEl9-2FaTyBftudfZAKuV-2F1jf-2=
FqNmiR3isvNeVEj6cw-3D-3DCcBY_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4=
BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIa=
kJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x959=
5NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ=
7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmUP-2B6AXCFQktspIi1mO8io-2FAlvPRv56bV=
XYA6MPmxgrp28KC9RsqE-2BfTaX29Q2-2Bg3-2BVfrdmGiJgCnp6RqssbHLQ2Hc485Iheh27oWA=
kOp1qCxWPqWFUQnEq-2BQFHkd0waS2n2jDzQv4gZEjU4qdX72QBLeNnTi2aSjhFBon9TRuCG2Ir=
9QhHnZOPM6SgmmkE1BjYrPDTd790flHQmaxgC-2FqsB0q94WdEcDBsJICYIX-2BA7xRVXh4rQhv=
ISKNmCHy3hSLzz76Zmn5qJr4XZaHWQT1Z" style=3D"color: #1D5080;" test=3D"" univ=
ersal=3D"true">PitchBook-NVCA Venture Monitor</a></b> reveal trends shaping=
2026. Download the reports and dive into our analysis below.<br><br><b>Pri=
vate market returns</b>: Our Private Capital Indexes track returns across a=
ctive, closed-end funds, drawing on data representing $4.6 trillion in net =
asset value. <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?=
upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVmQyEl9-2FaTyBftudfZ=
AKuVT64y-2Fxa3fFm2bOFdPyP3BA-3D-3DQ4Kj_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL=
0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBr=
YorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sj=
il3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-=
2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmXuzUSdPJW6h7rKK6blfaA3nO3v=
PfmgqaV2YAvdpD7i85urVd207MJ-2FH1jGXoofUphxfpMTPBXadP7DEOu1NWzD2IMxbe3iMdWHq=
oTsm-2BTIraQe8jCW-2BwcSgrUIsZN5iC4U1Ec3auyJuItS0oNoiIwR0IxbWX3oI5vZ-2B6uVQn=
hXthKy7GEXazO5O9t38WcmDO8ro46l2NCxFBxwCIFKQNcetu-2Bz5Q-2BFd6Mj8bcIDT1-2BhL5=
pib-2FMloD13UMxx70xh6myHYeZOJNEkc6Ntj19vlpl" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true">View the Q4 report here</a></b>.<br><br><b>Comp sh=
eets</b>: Our latest guides on public company valuations and financials are=
now available for <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVmQyEl9-2FaTyB=
ftudfZAKuVDhRZ3e6gMFAOMLpsJeWO-2FQ-3D-3DW8KB_Pr966knuaHmaw6c7pKvB-2BCEiDnj5=
UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUW=
xBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTI=
b1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFm=
t9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmXCpnuibY17CvA9PyGIln=
YczCuJ3v-2FBfzZId-2BVFoEFyN6fqA7IgBhuJpiO0Ohbu20E2PhO9ExN-2FeyN1oy1NXxa0Tej=
CsyB1rrDBJLqCNN2m4BSO-2F2uVrCVp-2B9AevmbAwQsYBFnz1yHEOnvRTcu7EWn4-2Bs1BIewQ=
ru-2FyVkninEXybzbXqvVILhzk9hDTNolBmxZSx82ml9IXylFl9r6uyaqYf2jH-2B9RO2ghjPWP=
ZoG3uG7jbgxZS2Dna0otwkqOr-2BoRru8bMRfd-2Bz9vOluQhlK1R" style=3D"color: #1D5=
080;" test=3D"" universal=3D"true">fintech</a></b> and <b><a href=3D"https:=
//url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzVmQyEl9-2FaTyBftudfZAKuVoB18rpi-2FgJOhBShh8QjZXg-3D-3=
D6vXu_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRc=
F4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOx=
uppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47=
vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06=
WztAVHmtLnuGsUYmXgJZR0PfUxGn-2Bx7CC1Ba-2FYIoTxwJiVe-2FlHP1t1KZL9wfVhOFdQl5D=
GMYUUwD6mn9qY3f1gq5KTwlsYbKSRFyhmyKFgVTcwYFihSLSiOApzlM6Lz-2F3gmHrNilLp8yGf=
uMyj0pnfHZtSdcNG9PBm3ICLQeIbj8GWMpnBjuScD23o08SgWYGRPCeNHsqWf7lHFd9ARdarJw9=
-2FT61K2v9zSQXZZcBx2paxAIZU6NpAWrYcw4-2FIw31EIpRwrlLCQKcrowoPcyBKQnXFF2Qtyc=
olMh5N" style=3D"color: #1D5080;" test=3D"" universal=3D"true">healthtech</=
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 Apollo Global Management</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_579806" id=3D"n_579806" 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 other 95% </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; ">
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<tr>
<td align=3D"right" style=3D"text-align: righ=
t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVmQyEl9-2FaTyBftudfZAKuVlwSGB0jhxRdc7=
-2FZJc5zPPA-3D-3Drdbu_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43=
kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM3=
5cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqT=
KCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-=
2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmUnJujkOkGKySIUwI5mVqIM1l6encKW1fMZYIrmmNskn=
si5uEuhhpwWtKlg7ILzz6y89Rxubtzmw8NNM0A-2B4Q1anKCg4b4gTsUeMCWntrNfYelPYKzFB2=
DXrqQ-2FA-2FNRR0EsvBc26Fr6vN-2FS-2FBrqg4q0qeLYQ72p9gXYRlyQS7fRZqyyTNPWlqaam=
0dbk6BKFe4lYM4Erm6ylOwpHA52Z7horDkAF9USFTVS8PL92OK2GokcuI7jQDlXkIWM9deDYCa-=
2FtNUUmBmf5p7dm7WECIvb"> <img align=3D"center" alt=3D"" src=3D"https://img.=
pitchbook.com/news/73776.png" style=3D"border: none; width: 100%; height: a=
uto;"> </a></td>
</tr>
<tr>
<td style=3D"height: 20px; line-height: 20px"=
> </td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>The private credit market is a $40+ t=
rillion universe. 95% of that market is investment grade, financing the nex=
t generation of energy, infrastructure, and manufacturing. The future of ec=
onomic growth is private.<br><br><a href=3D"https://url6380.news.pitchbook.=
com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVmQyEl9=
-2FaTyBftudfZAKuVlwSGB0jhxRdc7-2FZJc5zPPA-3D-3D9Z3N_Pr966knuaHmaw6c7pKvB-2B=
CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGF=
hbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKux=
oO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEEC=
bsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmWn-2F6bkhDYof=
BNj-2BuT0MZMKACUMjfdEynX76R6g1QSkWMuulXs9TTl08Pdg1Vub6BLP4i0V69OmZQEYuMcsFs=
lK9gYyK6ozIqzVWS5mR2JPuUrXaiAMJwnk9eKAGVoAEriaqukAFeC355IZG8-2BqkAsrR-2Ba4w=
yhm3LS9LIxcXGb0c5xhvPBsOLNF-2FBXSO9Y1l63iE8vabrRfZqUCHZo-2B5LkIbB60MQPorT6S=
XfD3OtOmhy5Yu1wdl3UgOz7hWnlsV3CnfuXMrSPoDvIB-2BusUjeS6" style=3D"color: #1D=
5080;" test=3D"">Learn More</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_579909" id=3D"n_579909" 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;"> Different maps, same terrain <=
/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>
Q1 2026 was a stress test for global private =
markets. Tariff uncertainty, geopolitical disruption, and AI's accelerating=
dominance continued to reshape how capital moves globally, and the pattern=
s emerging across US and European PE and VC tell a surprisingly consistent =
story.=20
<br>
<br>
The liquidity problem is the one the market =
has yet to fully solve. Traditional exit routes that have been counted on i=
n the past remained either closed or unreliable. Investors on both continen=
ts are improvising in accordance, but the backlog of aging portfolio compan=
ies keeps growing. Secondaries and semi-liquid funds continue to build in t=
he background, but they aren=E2=80=99t able to fully alleviate the liquidit=
y issue.=20
<br>
<br>
These pressures have factored into poor fund=
raising figures globally, and dry powder stores have finally begun to see a=
meaningful drawdown. How long these pressures can build before fundamental=
ly changing deployment behavior is the question hanging over the rest of 20=
26.
</div>
<div>
</div>
<div>
<img align=3D"center" alt=3D"" src=3D"https:/=
/img.pitchbook.com/news/73816.png" style=3D"border: none; width: 100%; heig=
ht: auto;">
<br>
</div>
<div>
AI has stopped being a bet and started being =
the baseline. It's now the primary driver of deal value in both US and Euro=
pean venture, and it's beginning to influence PE deal selection and valuati=
on logic, too. But the capital isn't spreading evenly. Rather, it's concent=
rating, and the gap between who's benefiting and who isn't is widening on b=
oth sides of the Atlantic.=20
<br>
<br>
What's striking is that despite real headwin=
ds, conviction hasn't collapsed. Dealmakers are being selective but are not=
absent. And there's a growing sense that clarity on macro conditions could=
unlock meaningful activity quickly, whenever that arrives. The question fo=
r the rest of the year isn't whether the opportunity is there for private m=
arkets. It's whether the environment will cooperate long enough to reclaim =
its past strength.=20
<br>
<br>
These themes underpin our latest US and Euro=
pe PE and VC reports. Download them below to explore deeper analysis:=20
<br>
=E2=80=A2 <b><a href=3D"https://url6380.news=
.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn=
vsnswouzVmQyEl9-2FaTyBftudfZAKuVVzDMguYNMPIY5aMfuZtLmg-3D-3DHkDk_Pr966knuaH=
maw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtr=
iDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBjCR=
PRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg6O=
svO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYm=
VbR8-2BhOPLYHaztnFoML5HNxVNyQxXl1VUQselAnepXpWxSwHtYXSZfrHS4SnbbOPg8H8HKJTY=
s37IslRAQ58BZoGJ0VwQNivoqs88rgOdSzn1GFxLhIYPRKzr-2BKnMCOhhPZejqMDHeusydVSKG=
p-2FdduPvG9bU7-2B-2FwH67x3ToGWF7e1CkJTCpcqey4YrZmsA3g1GvnDf-2FPA4rtZwdn-2F8=
tzrgs0iZX8-2FUedEiPsevrMVH-2BhLjH-2Flt9Gyg2-2FMHbjHYHAoBP-2B3Tyw9VcKyiwY-2F=
zH6C" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q1 2026 Europe=
an PE Breakdown</a></b>
<br>
=E2=80=A2 <b><a href=3D"https://url6380.news=
.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn=
vsnswouzVmQyEl9-2FaTyBftudfZAKuVPAZxRDu7IctM-2BTIkCH2Bdg-3D-3DXeUQ_Pr966knu=
aHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSv=
triDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBj=
CRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg=
6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsU=
YmXVycaJ6wp31vr0PEY4EAUxESZQhmQAwTbCU3fVMfSLcTyTVAKGDq6S9varaO8QLFynn1ux4n2=
7US1mNAYD08Z2dy77gljpCNwDM9iueMWA8Cz2qpLoLzGlSooy-2B2QRu6-2F9EdnbQaxIOdPhs9=
yfMkgS8dPh4g8522MxU-2BEEu5de4xLJBH7HUTYBSn9KJuiDN5X6QaYFfGmeic1dHtioaBVYTta=
BFgg042SQPsFHpsobY0ksR1QJstgXhnc4bN3BjIEADmkMRIu94fEDJSoXW2py" style=3D"col=
or: #1D5080;" test=3D"" universal=3D"true">Q1 2026 US PE Breakdown</a></b>
<br>
=E2=80=A2 <b><a href=3D"https://url6380.news=
.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn=
vsnswouzVmQyEl9-2FaTyBftudfZAKuV-2F1jf-2FqNmiR3isvNeVEj6cw-3D-3DGI7m_Pr966k=
nuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcL=
SvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKr=
BjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWy=
Sg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuG=
sUYmUCVUONbo66sdsKyGNXhj0QK4WuXsNlWwjU06drC-2Fep-2F0lYUhFsBNCVwqf3jiakY45ED=
JzvNAWWO4orwJnS06YnFyxKMFuXCJdEle7M-2FAlY1HitF-2BVR-2FguGbL29ZZiBmkoohYg-2B=
FXy9Htpty3RRAClec5VbLoIXUmXDoXkCleau5zyTtXhrX5PBLt-2BJ-2BIdx9xRmFk5OSRWlUwM=
u8Tw-2F2Pu4UeMF7UVQZP3Ap31NWwurKYPSB-2B20YSA5cF16OREHoBtmYxa5rOiA-2FUnyOX62=
haS8" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q1 2026 PitchB=
ook-NVCA Venture Monitor</a></b>
<br>
=E2=80=A2 <b><a href=3D"https://url6380.news=
.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn=
vsnswouzVmQyEl9-2FaTyBftudfZAKuVAA3w-2BEFk7UbIBd57wLRwoQ-3D-3DD26n_Pr966knu=
aHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSv=
triDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBj=
CRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg=
6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsU=
YmV71Gj9S71zloNCEBhFxqVka6JCPezZFwWq-2FP4blOkKXKNE-2Byw8hbo3QB-2FM-2BPRNNaX=
oJf2l2-2FbXnHjkopTMTEnQ-2F-2Fzs8un8odKLjEko1YlhM1o99SONvbJNhiqVwR-2FVmyoKNC=
NVLsaFmJxqqJMq0-2FDM3Vl8cOHvvyAv7l7EkCEekP81e3Z1kAaFOifew-2BbuRKT5A4FoAWbrC=
cGp0jqgHWCe2IVBBMZwY9coxpv9XY9hXYuSP99c5S6d717lOQTzywn3h9QF5Qxy0XZo-2BIz8J5=
DG" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q1 2026 European=
Venture 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/532=
02.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>Best,<br><br><a href=3D"mailto:kyle.s=
tanford@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Kyle Stanford, C=
AIA</a><br>
Director of Research, US Venture</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_579826" id=3D"n_579826" 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 401(k) private markets pus=
h has a problem </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">The De=
partment of Labor made waves in March, releasing a proposal that could resh=
ape what American workers see in their 401(k) investment menus. But the fra=
mework may not deliver on its central promise: shielding employers from the=
lawsuits that have long kept retirement plan options conservative and limi=
ted.<br><br>
The proposed rules, which followed a 2025 ex=
ecutive order from President Donald Trump aimed at "democratizing access to=
alternative assets," establish six factors that employers must evaluate wh=
en selecting investment options for retirement plans: performance, fees, li=
quidity, valuation, benchmarking and complexity.<br><br>
But as our analysis makes clear, satisfying =
those six factors may be far harder than the Labor Department anticipates.<=
br><br>
The central dilemma is who, exactly, is equi=
pped to do this work. Most employers rely on HR staff or finance committees=
to oversee their 401(k) plans, people whose expertise rarely extends to ev=
aluating private equity, interval funds or semi-liquid private credit vehic=
les. The Labor Department rules explicitly acknowledge that plan sponsors m=
ay need outside help, but they stop short of requiring it, and final respon=
sibility remains squarely with the employer.<br><br>
On the subject of performance, the rules ask=
fiduciaries to assess "risk-adjusted expected returns," a challenge even f=
or seasoned investment professionals.<br><br>
On fees, the rules suggest higher costs may =
be justified if returns warrant it, but predicting future returns is a gues=
sing game at best.<br><br>
And on the subject of liquidity, the paper n=
otes that 401(k) plans holding illiquid assets have simply never had to con=
tend with mass redemptions because the idea is too new. Fiduciaries are bei=
ng asked to evaluate a scenario that so far only exists in theory.<br><br>
Perhaps most striking is the valuation probl=
em. Private market assets are notoriously tricky to price, and funds holdin=
g them alongside publicly traded securities typically only update those val=
uations quarterly. In a plan where employees contribute every two weeks and=
can rebalance at will, that gap could mean workers are buying or selling a=
t prices that don't reflect market reality, heightening the risk of litigat=
ion related to the purchase or sale of illiquid assets.<br><br>
Motivated by the prospect of tapping trillio=
ns in retirement savings, many asset managers, recordkeepers and retirement=
plan advisers are already building the documentation frameworks designed t=
o help employers satisfy the new standards.<br><br>
But whether the rules will accomplish their =
central promise=E2=80=94shielding employers from lawsuits=E2=80=94is far fr=
om certain. The proposed safe harbors may make suits easier to defend, but =
will not stop them from being filed. For many plan sponsors, the fear of li=
tigation may continue to be the loudest voice in the room.<br><br>
The 60-day public comment period is now unde=
rway.<br><br>
In <b>How safe is the 401(k) safe harbor?</b=
>, we raise pointed questions about each of the six evaluation criteria out=
lined above. <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?=
upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVmQyEl9-2FaTyBftudfZ=
AKuVN9iptjU0w8xVNNnY4D-2ByTw-3D-3DghJ5_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL=
0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBr=
YorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sj=
il3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-=
2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmXN5TC1HCy5e6oZk3az5hd3Ynbp=
XIpbg4ajXgE61CPORHBMXpLhm7qRIXmnovaNW2a9VLjWd1D7acrBu-2BTCefzwk8L2P1R1aVoB-=
2BK9CiTr-2BdH-2BXfBWxXxZ0q05EgFyLaGP8j4EwbN98DPhAMdBxCmFOwjTJ1SjWrixMCcWOgJ=
mkaklppsTtEFjbj6YbnXl6KGXRgWpuapnPpbsDg9fT3Mij9wtYsR1eAu0hRpl-2BQXGkh2kFGPo=
M1qGECr3IGWROpPTewb3awy6QCY9vfYX9BwN5" style=3D"color: #1D5080;" test=3D"" =
universal=3D"true">Click here to download the report</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/486=
57.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>Best,<br><br><a href=3D"mailto:hilary=
.wiek@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Hilary Wiek, CFA, =
CAIA</a><br>
Principal Analyst, Fund Strategies</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>Market Updates</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-2BaqM7ONnvsnswouzVmQyEl9-2FaTyBftudfZAKuVb3GPS-=
2Ft8XkN5xyO9y-2BA92g-3D-3DcR7R_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BH=
R4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlb=
IakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9=
595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRk=
EQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmV1pDmG94701lJIIkSXPff6F2XZJaYNlHQU=
j-2Fpi78jgwj4ji-2FEXSubECGXFXsM1W6Kpm4aANcHTYWer5yqnSjMhYBGmNeBv-2BHoRFdZDH=
5WwtAFmjB-2FMBbpMA3GlEjbdhM-2BshQBd8y-2BZwWUONWwFv18D0pRK4g5ftIrnoToee-2FV2=
nhVqjJvK-2F9j5Ev6g4f-2FJEqi3ga2-2FTlQWbIUfxsOSlL-2F-2FQrmX6riE6fiq2A6wrxQ4c=
gcB5LC36EgbadvDtq3nzUJJnqv9mBVZ3KegwUsHoX-2BG" style=3D"color: #1D5080;" te=
st=3D"" universal=3D"true">The State of Sustainable Investing in the Privat=
e Markets </a></big></b><br><br>
Despite a charged political environment and =
the proliferation of greenhushing, sustainable investing is proving far mor=
e durable in the private markets than public discourse might suggest.<br><b=
r>
Rather than retreating, many fund managers a=
re simply adapting=E2=80=94using less polarizing language and tailoring the=
ir messaging to different audiences, with a particular emphasis on financia=
lly material initiatives.</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-2BaqM7ONnvsnswouzW1pDB34RYISrHBH1QHI6XIG3wLor7yV=
Kzn7PM3t9AgaQ-3D-3DfoPH_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSw=
M35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4m=
qTKCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN=
6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmUQL4T1xxfemdqZyyjJY2QhpoEFf8qy7rovhkXpSov=
mrWHtWBXN4R2wEvYY0eheDIwOgB9RRgkNMVYblVi-2BlaWKz2WBULrZahE-2FKBJjYTTLwoyXKe=
VcbCA8Z8rIB19sNLHKaAcdxKFpmqUKq-2FU2gJp0lNCbnGEs-2B9c7btgoD-2FBrDNslHixmgEL=
BJbM-2BSSX2o047H-2FH74eMGjpM-2BOnx0Ke-2BkgPKOnMO3U-2F51IymctvrApw-2Fp-2BnzU=
S8DaQ4wSUU594Zcfc5woX-2Fxnvil5rVAOyNZL" universal=3D"true"> <img align=3D"c=
enter" alt=3D"" src=3D"https://img.pitchbook.com/news/73818.png" style=3D"b=
order: none; width: 100%; height: auto;"> </a></td>
</tr>
<tr>
<td style=3D"height: 20px; line-height: 20px"=
> </td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br>
Meanwhile, private climate-investing fund AU=
M reached a new high of $1.5 trillion in 2025, driven primarily by energy t=
ransition infrastructure fundraising, with projections pointing to more tha=
n $2 trillion by decade's end.<br><br>
AI is emerging as a meaningful tool for sust=
ainability-related data collection and analysis, lowering barriers for smal=
ler managers and helping sustainability teams do more with leaner budgets. =
Plus, there are opportunities to reduce AI's environmental impact via datac=
enter hardware and the architecture of the AI models themselves.<br><br><em=
><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n7=
3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVmQyEl9-2FaTyBftudfZAKuVb3GPS-2Ft8X=
kN5xyO9y-2BA92g-3D-3DA2Ft_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJl=
SwM35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG=
4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2=
FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmUUzgconVDJQan-2B4xEEi3-2BhyrQ4hcHReCzA4=
QYiYwhMyLoAqwnyHBkYMjPcUdOs6rOq8nINf3I-2FrQoJn3awFNDpRdEY4kpDI8pMHf0QS4BNG3=
sihnF-2BANL2jUM9Rv0-2F3p6-2FmG0ikkJV0oa3u7Q8Ck2wDUpSMc5lj89fSuFjWxs8oWviH3y=
8m6bEc8LLdIa7qu2wyB1pN8ofQpcRqJcSLrfrjD6KsoQ-2ByLwY0d0qFWxdxpDrF3m-2FMR0uVC=
QX5x7rVMCXJDLZikgoj7Zgy-2FaSWE0E" style=3D"color: #1D5080;" test=3D"" unive=
rsal=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 27</b>: PitchBook is a partner of the CLO Industry Conference in New Yor=
k. Glen Fest, our senior editor covering the CLO market, will moderate a pa=
nel on the future of SRTs, CFOs and other structured credit products. <b><a=
href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cu=
ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW1pDB34RYISrHBH1QHI6XIinmMySHvJsmN44q2m91q=
PQ-3D-3DL133_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY=
A68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgV=
JpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhd=
Hxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL=
0tBHe06WztAVHmtLnuGsUYmUoF31SGF3FBz9FvF8IXxsDhgBgzkOdw4yX4UbWlDxFFNGR91CM-2=
BMvCGjAxAc4Vh2OOsdTqiG4ArmdYmUx5cUeL7fjK2ftwEQdFi6dgAXceq8LQPZNDm-2Bl5NWX1v=
bihWyBhYRduDwsXMR6yncE9BWeOQVY65wnqWpXXbvYPmUbTKI-2B5CQGU-2FFuFwfAaZpOp8DP7=
J1asR8NkSGTnukEIOgJqaZVrYDxSIVPn5rHMqRCN-2FelqHZ0VtBGqyfAfTG0Q6lmD-2FXYDm75=
Ty9V3K12pThHL" style=3D"color: #1D5080;" test=3D"">Register here</a></b>.<b=
r><br><b>April 28</b>: At DealMax 2026 in Las Vegas, Hilary Wiek, our princ=
ipal analyst for fund strategies, will give a talk on the rise of evergreen=
funds. <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du00=
1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW1pDB34RYISrHBH1QHI6XIqU-2Fxu=
D5EJd01r0g-2BeHL7xw-3D-3DhPmJ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR=
4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbI=
akJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x95=
95NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkE=
Q7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmUFgr1Dy9qhlL46CXEF20rah-2Bbb6VfFCuU=
nAjBFZ6QozhDfkkjyd0-2BGWsySDPhQ1SvMEW-2BQJb2RMRTjz3we-2BpFjYUwF1jxXvGLbhgKW=
6NpSiaRqbpsQHR0dfx76yyKXvUu6JyP-2FSunTCKtQ4Tgi3g1MNI0-2Fk04NHi9I2jOuC7-2BZC=
mD-2BG-2BY049LJco7tz1ZQ04lELSjKzOtcpM5N5Kqb1LI3TrdGr7-2BGsV-2F0MTdJLMVQDgqV=
gz-2FD6CA7cE9DLNRabEK0WKiRLC4Y9IkmLUh6j9Lj" style=3D"color: #1D5080;" test=
=3D"">Register here</a></b>.<br><br><b>April 28</b>: Join us at ILPA Forum =
EMEA in London, where Juan Mier, our lead analyst for fund strategies, will=
give a presentation on the rise of retail capital in private markets. <b><=
a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4C=
uylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW1pDB34RYISrHBH1QHI6XINFISIdcOokFa-2BjaxG=
afJMQ-3D-3DkAye_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf=
8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROG=
XgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyv=
whdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1Kg=
qVL0tBHe06WztAVHmtLnuGsUYmVjilgk-2BUYGz4i72SbruRdtq0-2F5K-2FWQHY6TuWPUEnDmn=
8XIEq3FIxEZ0WDpQHB1CFSe5hhqlYRga9p2Rqd5FhaTZSYQo3LaUsiGWrVVvPQf41L5dwoGtSfa=
1ow-2FWdbZybUnB6RX8C9NVAl3aqjZ7rnZDiZ5RT0r5txFJleZUOifxKl7SPPTBgz3Fo4yvW5Mn=
SpsqBwNtPlr5OcevSPqcQxomFBNf72ug337UIruKJtRgqXArq8rmtw8i3paSgaoKm7njAYj0RG8=
YLk1Dx1dLcev" style=3D"color: #1D5080;" test=3D"">Register here</a></b>.<br=
><br><b>May 4</b>: In this webinar, experts from PitchBook, NVCA, J.P. Morg=
an, Dentons, and EisnerAmper will share insights from the Q1 2026 PitchBook=
-NVCA Venture Monitor=E2=80=94from AI's impact on investment and liquidity =
to the extreme concentration defining the market. <b><a href=3D"https://url=
6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq=
M7ONnvsnswouzW1pDB34RYISrHBH1QHI6XIkV5D2SIba9a5sDuMWUVvzQ-3D-3Dl9W4_Pr966kn=
uaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLS=
vtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrB=
jCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWyS=
g6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGs=
UYmURNFMpFI-2BBMCs3z5sEv0NmIVbcN46IDbmDmeoMsufj1SB0EE5r588rcmDNjnTe2UJkVVIG=
YkO3nns488Eb5qntzZENNvNd9tez-2BuNa51ZxWZsSNImfUuRYANMjQpDu2UP7gYCtEkmpO59mO=
LFWevkpBv2c-2FQ-2BEV0QukXIWM2bnzaZGf5NF2bo5Sho2L-2F-2BxGRLErEpbTayorOmnr4iw=
twrsdcB5C7-2BnaDEWQ-2BJPgDlEFvAXfcb0xH5hc9rAHMK-2FsKpu-2FrJg8rZTu4Mt7mLxJ3l=
u" style=3D"color: #1D5080;" test=3D"">Register here</a></b></td>
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ight: 6px; padding: 0; " colspan=3D"2"></td>
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<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%;">
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<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
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color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>In the News</span></td>
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>
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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>
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<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
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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"><br>
Our insights and data featured in the press:=
<br><br>
=E2=80=83=E2=80=83=E2=80=A2 VC investment in=
US defense tech has gone from $520 million to nearly $7 billion last year.=
[<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73Br=
X4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW1pDB34RYISrHBH1QHI6XIpLmHSmuD9kiWmx9E=
64-2FW4w-3D-3DCmOa_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbM=
cVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cC=
ROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCG=
kyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG=
1KgqVL0tBHe06WztAVHmtLnuGsUYmXrRopvzJrJ5otn-2BKJpSPt-2Bf20Oo-2Bqh0brZIM4RnV=
gOl-2Fwo5EfQYKJYGvcPUM-2FwPuO3sDPE30PRyTHGmkCFMXf0vAWrOqjMjWFQo73H1W9guOp3q=
FPDs0UHgmXKjPYcLj1M5vBac34C-2FPl1GsA3cCYeTgDHOz0limGWrZRRFSUnnhjbIANMaRMN-2=
FfKnTArAAjdXf1-2B5b3gEYfvGSZxz9ObwTJcmsap794Lair2WOlp-2B91YaqAl-2Ftu7Ary6eO=
Kg2bgkzZHO7VSBwiWiQ79HRCrBP" style=3D"color: #1D5080;" test=3D"">Axios</a>]=
<br><br>
=E2=80=83=E2=80=83=E2=80=A2 The broad reopen=
ing of the IPO window could then be pushed into 2027 if SpaceX goes public =
this year, said Kyle Stanford, PitchBook's director of VC research. [<a hre=
f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzW1pDB34RYISrHBH1QHI6XIlUYkY7kz7LMhiOlCPRzB2g-3=
D-3DXP_n_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N=
VRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbO=
jOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxsc=
r47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBH=
e06WztAVHmtLnuGsUYmVcLUODiWel-2BCp4i20ba-2FUqXeTgQ8gWmTaPLpKwW8g4O6H1lG2ZeR=
jhacp0qV87w-2BFRkfphrTqQrRfA4rpbHCPo-2FBcVhvrpQUaPVcd3oH2si0p9sm0pWK9fgk8h-=
2FaVjGF7yRIsAPXJD0PBBn86i5QFj3-2BTwj4nnzzIcx9TFVJIDHmgnHDjG-2BPvd-2FfeyP-2F=
gmc-2FAVsWevjY6aTzzJgwkZKrB1SHqBnGH4mV82qbOSxpxHbRPJ6-2FOkxgg-2BIcTFRSsMf2x=
mmDnxm3GamU1-2FxfDvdHaz" style=3D"color: #1D5080;" test=3D"">Reuters</a>]<b=
r><br>
=E2=80=83=E2=80=83=E2=80=A2 The Iran war tri=
ggered a 22.5% quarter-over-quarter decline in deal value and a 12.4% drop =
in deal count across European PE. [<a href=3D"https://url6380.news.pitchboo=
k.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW1pDB=
34RYISrHBH1QHI6XI4j0SRJDdYbzehLj0tJQ-2FdQ-3D-3D4ydA_Pr966knuaHmaw6c7pKvB-2B=
CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGF=
hbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKux=
oO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEEC=
bsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmVpW23cFKbwkEx=
Zq3WNNq693LAvqRi7ferOXPiEHwSYxMgx5ltlmX-2F-2By6oxviEXcFapBglGjyRJpPL0GGzI7J=
-2F0XcX7D-2B73VWS-2Fksak7JFWeBUnrFHt8gPH0ss4-2F6erRV72CO2vVvvzIaLvnAiOiNOnm=
P4w-2Fd1g7gN-2BFNkg7cI6RX1wpQD1nhMw-2FyMUDCvtgLjO9GorGDk3FLCXgfAWckC6pZ-2Fq=
9jHgF57BTESc5-2BNeiBpRPvo1nKW7WmriLsqfJEwYtojda-2BH8pkGun4WGhYlt" style=3D"=
color: #1D5080;" test=3D"">Corporate Adviser</a>]<br><br>
=E2=80=83=E2=80=83=E2=80=A2 There are almost=
33,000 PE-backed companies worldwide, and roughly 11,000 have been held fo=
r five years or more. [<a href=3D"https://url6380.news.pitchbook.com/ls/cli=
ck?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW1pDB34RYISrHBH1Q=
HI6XIf9PsQLhWNigiXvRQ3B-2Flcw-3D-3D79dv_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJY=
L0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVB=
rYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5s=
jil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ=
-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmUb6mhfLj7nsbre-2F5qdgaQSE=
7fC4nHW9ifF1NdK-2FJMqAl8Ufgr2TiW-2FUxWUwLcOgYvbL-2BMgFO-2BOY1Nlcvt6kvVsg0IO=
tRKS-2FLXsMi5CubynRvTm1YMhDD40jL-2BKiQ-2BwVcJh7vhO8WPB4loXqUtc0l-2FTro6VQzl=
NKIJeUoInhSb4fbnqopUb9ss-2F2bCYjkibKuE8zE7vaeU-2FfMfe2taCxp1VLcuhPmiueRYnTu=
NkSXVuKQ1ruSHW-2FyFfS-2BTm38Dw8hWlkciO1SFB-2BrgbnZ-2BNVSqr" style=3D"color:=
#1D5080;" test=3D"">Bloomberg</a>]<br><br>
=E2=80=83=E2=80=83=E2=80=A2 "Capital is incr=
easingly going toward ... defense-linked space systems, geospatial intellig=
ence, satellite communications and in-space services," said analyst Ali Jav=
aheri. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d=
4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW1pDB34RYISrHBH1QHI6XIivn37OjqVN=
4uoTfKGhbTYg-3D-3DAAMo_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI4=
3kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM=
35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mq=
TKCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6=
-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmWEBQw0vlYe08UF0bERREOeG8-2BtnEtbGgR7RFkC-2=
FeSmP5037D195hxvRMWt87Rgdi8rFUJzpR69-2BS4sO0x5IaMSx45JX25u0NdorAC8SGmK73Upv=
Sh05shIEaxv3vw118mTrCcfJLpey2y0HKcFYyogF0bpk49j0NvDj2Zsm6vhnFd3vF3o9gd9qJzk=
rkp2FfUskKxEpiYChtKRA77bowmCeq3bnxbIgJj-2BvWNeI2kffKoJrwF9STRrzdYEc3at5YMSB=
sT2PbNN4by1RXsIjitj" style=3D"color: #1D5080;" test=3D"">Tech Funding News<=
/a>]<br><br>
=E2=80=83=E2=80=83=E2=80=A2 More than 50% of=
the cybersecurity companies funded last year were for AI-native companies.=
[<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73Br=
X4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUf4Eoduzc8g1QFShFssX2uH5-2BTYz1aCo2XEG=
AUbohV-2FQ-3D-3D2TDb_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43k=
bMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35=
cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTK=
CGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2=
FG1KgqVL0tBHe06WztAVHmtLnuGsUYmWX0TeAwrDpndvAvPCVQplvp6uqi6RSRG9hfNTUWz33T3=
eRhESC2-2BoVbVFmuF2O8WdpHhHstDnb5psI8-2Fln7QOCXlerKhamXzqTZTZ6gj0V-2FCEjuXo=
hVnOij2k86W7Y3liUpNWC0a7Us6C-2FshnNy7G2EED-2FGZcyA-2Baj0Cwf-2FL3wcuNp-2B-2F=
Rw5kcdlavuWfiAGWWWuwFC-2FMcmj6pM-2BfpNZpc0Vsh87N8ehLmsGby51-2Bx3jFz0BYSx-2B=
71Yv1dFKm4trvHz5BSW9axlj-2BNcxi5FWV7P" style=3D"color: #1D5080;" test=3D"">=
The New York Times</a>]<br><br>
=E2=80=83=E2=80=83=E2=80=A2 "Continued licen=
sing, targeted fundraises, and differentiated science suggest China=E2=80=
=99s biopharma advantage will likely persist despite rising geopolitical fr=
iction," a January PitchBook report found. [<a href=3D"https://url6380.news=
.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns=
wouzUf4Eoduzc8g1QFShFssX2u4DNPKR1XZ-2BFE-2Ffxsyq6GTw-3D-3D1k6W_Pr966knuaHma=
w6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriD=
K6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPR=
PqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg6Osv=
O7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmXt=
N7IbDFn1nR35b3Xi80iJsf3xWUZk6rXpGxU3xMITEPSUUBPyb8a7xEt8sal57zGkPhV9N08E2o8=
ygzyjM3KYOU8qYHntwdEx0TgEESYzC2LLAF2rsTwk9WkYIwfYI5XdBSMFXDaf44Uerujct-2FBF=
YZT412jJD4i-2Beg277mYnn47M5lxl52gA8vaHqm96bUsS31eMIVQLCDJWOzHwGIbhnkLja32wc=
1ZwoDu7yoJbXu5zQObmRoKodFP7zjrnJj2J1qu9-2FYpm8sYm1DtIO9TM" style=3D"color: =
#1D5080;" test=3D"">CNBC</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>
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<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=
>
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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%;
">
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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>
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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-=
2BaqM7ONnvsnswouzUf4Eoduzc8g1QFShFssX2uyUj3j-2BRs0aP1udAsGmzDsQ-3D-3DBixy_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdV=
vXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPop=
oWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2=
BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHm=
tLnuGsUYmWw-2B74Oj68RdS3Z-2B-2BpUdAd2xoDxSIl69X2YkGGSfMWpoE8DaOMr6qZ2jtwou4=
VlH8XLZ-2B9BHvA4BVF9yuCj-2FJBy2CJFCZI030VWCDlePNk-2FNEBwj99LNYkXRe0XVJc3ZH3=
K59o2EL1U6IFAzqmaOV81oRWsF7Fk2FdfEcL0tYBfJlRmYTFhFptFZ-2Fbdfvss1sXG2X5F7oYI=
Vv6pN3Gy-2BXmqIBmpMyDYg0hUlQ01Wt8HGsmRq3XoUVhxsNSCalCuDUxMt867sWsKYiIpSl8C1=
QCw" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 2025 PitchBo=
ok Benchmarks</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-=
2BaqM7ONnvsnswouzVmQyEl9-2FaTyBftudfZAKuVVzDMguYNMPIY5aMfuZtLmg-3D-3DNUir_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdV=
vXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPop=
oWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2=
BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHm=
tLnuGsUYmVjxiHB1xdJdJTayQzD3MYDXhKD-2B-2FfAbamiDN5DZbDd2LQsDbyDJTc-2FIE99pU=
yktNY26H7sx4Hg5U8LvJtoYOZWAHtUYHZTjn5RU4AbrpFCpIjSYDxij7ld6likJl7Q6wcfzlnTm=
J3rh8Dd88XUH6MuWbpxoPKi5i9KCZV1oy4-2FaSlyGM5-2B-2FDsF-2F-2FhuZmiTjE3hHBlSJI=
f2eExXj3bTiAS7K5A5a0a4GftYJLRZ0C2DWxGzoOlrleBI4VqtxZz-2F4PhTRJ-2FQOUWX-2BHE=
6G-2BVsOz9u" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q1 2026=
European PE Breakdown </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-=
2BaqM7ONnvsnswouzUf4Eoduzc8g1QFShFssX2uZ-2BRzJPehZqtU54B6IGUuFQ-3D-3DAoUA_P=
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vXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPop=
oWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2=
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jcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoW=
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jcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoW=
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</tr>
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<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
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<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;">
621
</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;">
1970
</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;">
1081
</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;">
20
</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>
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