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Envelope-to: vetyl@ponjosonek.com
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Date: Sat, 11 Oct 2025 10:11:24 +0000 (UTC)
From: PitchBook Research <news-noreply@news.pitchbook.com>
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Message-ID: <O9VfNBKSR8yZUEBew87Z3A@geopod-ismtpd-16>
Subject: Does manager selection matter?
To: vetyl@ponjosonek.com

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pean market updates</b>: Our full Q2 reports covering <b><a href=3D"https:/=
/url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6=
GFa-2BaqM7ONnvsnswouzUdLDLIRJuxkTctFaZnoSXZ4ZfWdssaU0YPp-2BfyLMjBVg-3D-3DEI=
2H_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRZjy8=
SgxDz-2Bz-2BSc7FMiCyeJjMpxRb2jldYIqmsFUpk1Z-2FY-2F3DZtdMnSPtAe1XVRqPbgYUJuz=
6aO-2FLyHBuRMioFqw4ZTew4iFhzGuJNOxjgmLE5tLPm4B4kNS2wF8pwzje7859hL3zbbs63ZdY=
i6wlenDuFoQLYUwY2UAFc5bRziKBze8THfRbJBnVVMy1yZ5H4ScdP83P592hUPITmZGwHNnZ68u=
Uu3qAIFkjb5pvLaC5Pm9fFeboOVLoWaAvNc3OtIhMHCaq7bIXdZl-2BUo9xA5n0DJYYloOAxtYG=
ISoFBpFfIvnVnkawkGshGtXcglooFvyCMY07A3BB6hqa-2F1cCkESX0Fk18iqiuLzyjapKDIzpz=
Pv1YmDhx58v7kNU7nt03JJXXKm0VkS94HTzNghMLZky7MRdO2-2FfYjRmhHx6Tswf4vCVg0cMQ9=
6XZnqfKKVsfGBu-2BsaJJhk-2B1V7Q8Yxdlg-3D-3D" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true">venture</a></b> and <b><a href=3D"https://url6380.=
news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM=
7ONnvsnswouzUdLDLIRJuxkTctFaZnoSXZ4ZfWdssaU0YPp-2BfyLMjBVg-3D-3D2Imn_Pr966k=
nuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRZjy8SgxDz-2Bz=
-2BSc7FMiCyeJjMpxRb2jldYIqmsFUpk1Z-2FY-2F3DZtdMnSPtAe1XVRqPbgYUJuz6aO-2FLyH=
BuRMioFqw4ZTew4iFhzGuJNOxjgmLE5tLPm4B4kNS2wF8pwzje7859hL3zbbs63ZdYi6wlenDuF=
oQLYUwY2UAFc5bRziKBze8THfRbJBnVVMy1yZ5H4ScdP83P592hUPITmZGwHNnZ68uUu3qAIFkj=
b5pvLaBRLGwT76ViucDg3ZVZeiOHThwbnHrMfusF33n82bi9PCAMvmjC1MN4shUg5I8HTfxiLBU=
ocNFwNTu3HUTUJR-2BlrYjgrnQ7ihGe7TOziBH-2FDkrg84xk8O1V1X8qzLfX3-2FFikaGrQ-2F=
VH8tXJKB4atr2guyXjrOOWkBHimKR6jjStNMKuccVjVd3lIpQYrv4ul3qgzMJCzq4gvas1i2lyp=
2AAWt3j4QyhYynPp7oPIAB9Zg-3D-3D" style=3D"color: #1D5080;" test=3D"" univer=
sal=3D"true">private equity</a></b> in the region are now available.<br><br=
><b>An historic transaction</b>: Our gaming analyst breaks down how the Ele=
ctronic Arts buyout places the company and gaming at the convergence of sov=
ereign wealth, PE and geopolitics. <b><a href=3D"https://url6380.news.pitch=
book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo=
uzUdLDLIRJuxkTctFaZnoSXZh2OY8Als03-2FmY2m2zV4yDQ-3D-3DjGY8_Pr966knuaHmaw6c7=
pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRZjy8SgxDz-2Bz-2BSc7FMiC=
yeJjMpxRb2jldYIqmsFUpk1Z-2FY-2F3DZtdMnSPtAe1XVRqPbgYUJuz6aO-2FLyHBuRMioFqw4=
ZTew4iFhzGuJNOxjgmLE5tLPm4B4kNS2wF8pwzje7859hL3zbbs63ZdYi6wlenDuFoQLYUwY2UA=
Fc5bRziKBze8THfRbJBnVVMy1yZ5H4ScdP83P592hUPITmZGwHNnZ68uUu3qAIFkjb5pvLaAs7E=
0I2ndNGqZFRoTVsg3yjuJoJj7YemyT3FdpK-2B-2FkwTBbh6dA-2BmvLTKfGEBLzgReKgAE7m9w=
XR-2BRAYn-2BWWmuBon511z0XPR5EsFjLZTr-2FIIojf8wugnTHXnqzdX4zFdrf50dfTk7L6iU7=
u5UveLtFzTjZW-2Fh8k9EBnj6qN6-2FCYZLnMt3z7TOUYWxC43JLd6Oifw4DNZe6xF-2BZ2JX5i=
EQtuqbTM8-2BMmAWcbmqFHxbTIg-3D-3D" style=3D"color: #1D5080;" test=3D"" univ=
ersal=3D"true">Read the analysis</a></b>.<br><br><b>PE's potential</b>: We =
are seeking to understand PE industry sentiment with the possibility of mor=
e rate cuts and greater market clarity ahead. <b><a href=3D"https://url6380=
.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ON=
nvsnswouzUdLDLIRJuxkTctFaZnoSXZ2hlHifKK1rZCi0EizZ0QWg-3D-3DL67o_Pr966knuaHm=
aw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRZjy8SgxDz-2Bz-2BSc=
7FMiCyeJjMpxRb2jldYIqmsFUpk1Z-2FY-2F3DZtdMnSPtAe1XVRqPbgYUJuz6aO-2FLyHBuRMi=
oFqw4ZTew4iFhzGuJNOxjgmLE5tLPm4B4kNS2wF8pwzje7859hL3zbbs63ZdYi6wlenDuFoQLYU=
wY2UAFc5bRziKBze8THfRbJBnVVMy1yZ5H4ScdP83P592hUPITmZGwHNnZ68uUu3qAIFkjb5pvL=
aCzr9zsHjrqQBoF-2BqhFgLWYInADIogyQl82IptHai1ziWcKavs2U38E2m6OdX77x8unKYDG3L=
wZpP32pc-2BS-2BnLGKJjJV8LLjDGzS641SdYD0QvueEFXENl27w4gt4WaEtxj-2FieMhm-2F1Q=
tQWoGPnm-2B2ydX77-2BRZhW6oPk3wq-2FRBcfXipsbYO4cXOz8y-2F4pYkiXFi2Rw-2BF-2B5W=
EaAMGz9d3qm4-2FPAoUll7UbNW4aJ2ugJswQ-3D-3D" style=3D"color: #1D5080;" test=
=3D"">Take our anonymous survey</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">&nbsp;</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: 15px 0 0 20px; fo=
nt-family: Whitney, Arial; text-transform: uppercase; letter-spacing: 1.5px=
;
                    color: #051C38; font-weight: bold; font-size: 18px; lin=
e-height: 27px; text-align: left;"><span>A message from Fidelity Private Sh=
ares</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</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: Whitney=
, Arial; 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 25px 20px;"> <a na=
me=3D"n_573215" id=3D"n_573215" 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: #051C38; font-family: Kepler, Georgia;
                                                                font-weight=
: 700; font-size: 24px; line-height: 32px;"> Get started with a cap table t=
emplate. Prep for funding on the FPS platform </span></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px;">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 1=
7px; font-family: Whitney, Arial;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">
                              <table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" lang=3D"x-image" style=3D"
 font-family: Whitney, Arial; font-size: 10px; line-height: 22px; color: #7=
8766F;">
                              <tbody>
                              <tr>
                              <td align=3D"right">
                              <table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" style=3D"font-family: Whitney, Arial; float: non=
e;
 padding-left: 15px; ">
                              <tbody>
                              <tr>
                              <td align=3D"right" style=3D"text-align: righ=
t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUdLDLIRJuxkTctFaZnoSXZDr-2B26tjn4ud5J=
qb04aJDsg-3D-3Dec2i_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb=
McVf8UYA68NVRZjy8SgxDz-2Bz-2BSc7FMiCyeJjMpxRb2jldYIqmsFUpk1Z-2FY-2F3DZtdMnS=
PtAe1XVRqPbgYUJuz6aO-2FLyHBuRMioFqw4ZTew4iFhzGuJNOxjgmLE5tLPm4B4kNS2wF8pwzj=
e7859hL3zbbs63ZdYi6wlenDuFoQLYUwY2UAFc5bRziKBze8THfRbJBnVVMy1yZ5H4ScdP83P59=
2hUPITmZGwHNnZ68uUu3qAIFkjb5pvLaCguJdMlFxZVQHIkp6-2BjxEyZ2xg4CkjorKkJLi1dyZ=
9bVstXF1m6o28hhaiNNQVxqdzo-2BKK8jF1V7EGV7Egc0SkeqPdBaQSl46qRx8zDVevkMOf-2FD=
NNhS9f-2B4Xstmo9ueIPBLdf0vQtR6wbxxu5-2Fv2zes3sBCcSX3bvz2q8VKWsfaJrd6spQFplv=
htbfEgKEbhspQK5HE1PPHX9L6u6HGTEIMKYBFGAJsQeNjTfF-2FZFEA-3D-3D"> <img align=
=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/69527.jpg" style=
=3D"border: none; max-width: 420px;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table>Managing your equity in a spreadsheet=
 might work, until you=E2=80=99re raising your next round, onboarding new h=
ires, or navigating your first SAFE. Fidelity Private Shares=E2=80=99 free =
cap table template can provide you with a clean start. And when you=E2=80=
=99re ready to ditch the manual updates, Fidelity Private Shares will help =
you scale with confidence.=20
                              <ul>
                              <li>Free to download for startup founders and=
 operators</li>
                              <li>Built-in formulas with contextual example=
s</li>
                              <li>Fully editable and built for early-stage =
use</li>
                              <li>Easy migration to the Fidelity Private Sh=
ares (FPS) platform when you=E2=80=99re ready to scale</li>
                              </ul><a href=3D"https://url6380.news.pitchboo=
k.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUdLDL=
IRJuxkTctFaZnoSXZDr-2B26tjn4ud5Jqb04aJDsg-3D-3D7EIW_Pr966knuaHmaw6c7pKvB-2B=
CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRZjy8SgxDz-2Bz-2BSc7FMiCyeJjMpx=
Rb2jldYIqmsFUpk1Z-2FY-2F3DZtdMnSPtAe1XVRqPbgYUJuz6aO-2FLyHBuRMioFqw4ZTew4iF=
hzGuJNOxjgmLE5tLPm4B4kNS2wF8pwzje7859hL3zbbs63ZdYi6wlenDuFoQLYUwY2UAFc5bRzi=
KBze8THfRbJBnVVMy1yZ5H4ScdP83P592hUPITmZGwHNnZ68uUu3qAIFkjb5pvLaDpR7-2FVmha=
IM3te18up-2FNl0eM6pb6JNY-2BfwjyD9gsGlvw6Rk76QtayoWM7r6PpJB411q0ydZi7-2Fg0R5=
7BORvEplpT7WmWVXSXNfZfie2UFrAKKmrwSTorM7qNXazsJwHjgb2DeGUbGRCHhWxPOudLkZwBI=
q9WaqCL3Qg8liAvwnDbf3fju0RjLtScIgzuE6cKQu9G-2BCjge22tetGea8ln2bjPm8Ck-2BNrO=
6RnFSPi6xXdw-3D-3D" style=3D"color: #1D5080; font-family: Whitney, Arial;" =
test=3D"">Download the template or see FPS in action</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">&nbsp;</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: Whitney=
, Arial; 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 25px 20px;"> <a na=
me=3D"n_573568" id=3D"n_573568" 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: #051C38; font-family: Kepler, Georgia;
                                                                font-weight=
: 700; font-size: 24px; line-height: 32px;"> How much alpha is there in pri=
vate markets? </span></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px;">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 1=
0px; font-family: Whitney, Arial;
 color: #000000; font-size: 16px; line-height: 1.5;" valign=3D"top">
                              <div>
                              In last weekend's Research Pitch, we discusse=
d the performance impact of going beyond traditional 60/40 portfolios by in=
cluding allocations to different private market strategies.=20
                              <br>
                              <br>
                               This analysis was powered by historical simu=
lations that modeled randomly selecting closed-end private funds from each =
vintage year. Our main conclusion was that adding private markets to portfo=
lios has not been a surefire way to improve performance=E2=80=94strategy, t=
iming, and benchmark selection matter.=20
                              <br>
                              <br>
                               While running the simulations with random fu=
nd selection offered insights about performance differences between public =
and private assets, it only captured one piece of the puzzle. LPs are not r=
andomly selecting funds nor is there a passive index-like option available =
in private markets. Manager selection is the other key piece of the private=
 market performance puzzle LPs are looking to solve.=20
                              <br>
                              <br>
                               Allocators often point to the wide dispersio=
n of IRRs across individual private market funds, particularly when compare=
d to active public funds, as evidence of the importance of manager selectio=
n in private market investing. While this data is compelling at face value,=
 it fails to fully capture the potential benefits of manager selection skil=
l due to the limitations of IRRs and the fact that long-term portfolio outc=
omes depend on many manager decisions over time.=20
                              <br>
                              <br>
                               To get a clearer picture of alpha opportunit=
ies in private markets, we once again leveraged our historical simulation f=
ramework. Each simulation models the performance from 2000 to 2024 of a 60/=
40 portfolio with a 20% allocation to one of four private market strategies=
: PE buyout, VC, private debt, and real estate.=20
                              <br>
                              <br>
                               This time, however, we introduced three hypo=
thetical scenarios of manager selection skill when adding private funds to =
the portfolio: "moderate skill," "high skill," and "underperformer avoidanc=
e." Instead of random selection, the probability of selecting each fund was=
 weighted by its final quartile performance ranking and the skill scenario.
                              </div>
                              <div>
                              &nbsp;
                              </div>
                              <div>
                              <a href=3D"https://url6380.news.pitchbook.com=
/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUdLDLI=
RJuxkTctFaZnoSXZES3aXKpfM8Z63ckR65begw-3D-3Dlbfz_Pr966knuaHmaw6c7pKvB-2BCEi=
Dnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRZjy8SgxDz-2Bz-2BSc7FMiCyeJjMpxRb2=
jldYIqmsFUpk1Z-2FY-2F3DZtdMnSPtAe1XVRqPbgYUJuz6aO-2FLyHBuRMioFqw4ZTew4iFhzG=
uJNOxjgmLE5tLPm4B4kNS2wF8pwzje7859hL3zbbs63ZdYi6wlenDuFoQLYUwY2UAFc5bRziKBz=
e8THfRbJBnVVMy1yZ5H4ScdP83P592hUPITmZGwHNnZ68uUu3qAIFkjb5pvLaA1ePusBnqkyt3q=
-2F-2FPJRzGNgeYLAu17EVUY0nXJbqiuOnkcxiMHAMI-2F0G9XU3sAV0qh7zU49G3bzkdulfCrT=
XPDLotbmKsZ7elVTj-2BoTLG8qyOdXi3ifE8WIEy1P5tYw-2Bg24rlVUJiFoljT-2FbdkZNtf29=
BilCEKDVM5-2FHqTs6180Im6QcTfvT8ohcW9ObmJIkpYwhDbXAGvGqTbjrbA5YRWBdKLssFWJJP=
c7N3HbVHh-2Bg-3D-3D" universal=3D"true"><img align=3D"center" alt=3D"" src=
=3D"https://img.pitchbook.com/news/70786.png" style=3D"border: none; max-wi=
dth: 420px;"></a>
                              <br>
                              <br>
                               Simulated portfolios with manager selection =
skill were then compared to otherwise identical portfolios with random sele=
ction. Total portfolio performance differences between the two isolated the=
 value add of skilled manager selection over time.
                              </div>
                              <div>
                              <br><a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUd=
LDLIRJuxkTctFaZnoSXZES3aXKpfM8Z63ckR65begw-3D-3D_iYq_Pr966knuaHmaw6c7pKvB-2=
BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRZjy8SgxDz-2Bz-2BSc7FMiCyeJjMp=
xRb2jldYIqmsFUpk1Z-2FY-2F3DZtdMnSPtAe1XVRqPbgYUJuz6aO-2FLyHBuRMioFqw4ZTew4i=
FhzGuJNOxjgmLE5tLPm4B4kNS2wF8pwzje7859hL3zbbs63ZdYi6wlenDuFoQLYUwY2UAFc5bRz=
iKBze8THfRbJBnVVMy1yZ5H4ScdP83P592hUPITmZGwHNnZ68uUu3qAIFkjb5pvLaD5CQOkCCLS=
Ux7kuIjRGU9d8Mf-2BDxAvTHTF3bh06E3WIKwUrsVRCEgzQqN9byMI4c-2BYFRngmbOtRPf3OsW=
M0xFApNSQfYkMmss2FIXIIY74eo0vTrjYw-2Fq-2FQmREQqWjRmEOR7f2aTObQG4g5u1lpe-2Fj=
eHLw7uKQlq9-2FLx7f2uPkkUzP4ID04721pXSmGbd4D2y5fF22HEhYwbXZn2JfJkn6WqRiRKVKD=
LJxR0aiJFuhIg-3D-3D" universal=3D"true"><img align=3D"center" alt=3D"" src=
=3D"https://img.pitchbook.com/news/70787.png" style=3D"border: none; max-wi=
dth: 420px;"></a>
                              </div>
                              <div>
                              &nbsp;
                              </div>
                              <div>
                              How much alpha is there in private markets in=
 terms of total portfolio returns? The answer will of course depend on the =
size of the allocation, but for a standard allocation of 20%, our analysis =
indicates it is somewhere between 20 and 60 basis points per year.=20
                              <br>
                              <br>
                               Read more about the methodology and view the=
 full results in <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click=
?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUdLDLIRJuxkTctFaZno=
SXZPyk7bNLat3sxn4xKLO6f8w-3D-3DodIy_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQ=
P-2BHR4BiQVI43kbMcVf8UYA68NVRZjy8SgxDz-2Bz-2BSc7FMiCyeJjMpxRb2jldYIqmsFUpk1=
Z-2FY-2F3DZtdMnSPtAe1XVRqPbgYUJuz6aO-2FLyHBuRMioFqw4ZTew4iFhzGuJNOxjgmLE5tL=
Pm4B4kNS2wF8pwzje7859hL3zbbs63ZdYi6wlenDuFoQLYUwY2UAFc5bRziKBze8THfRbJBnVVM=
y1yZ5H4ScdP83P592hUPITmZGwHNnZ68uUu3qAIFkjb5pvLaBAkDOwQc-2F-2BWpnEfK8GUAv4P=
BFyzf-2BKufwS3nDu2kqCyiBzXPqaI94aVIPY6vFWIBF223qZoiuKb-2F6y2V3sP83djEWhsTo9=
mPVkIHvLnIBmkDpoE51UPUvDIxUDp0udHxzZYWXtpY1h5TrYeQhFKavOeoof1pebBBuUb9nGoV8=
qO5wbFCtWybJtWHDGkSzPBi4-2FfBLl9YuZsJZE30ejwYkomx6ySleSWIRS-2BxuTnePa9g-3D-=
3D" style=3D"color: #1D5080; font-family: Whitney, Arial;" test=3D"" univer=
sal=3D"true">Allocator Solutions: How Much Alpha Is There in Private Market=
s?</a>
                              </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-top" 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" style=3D"
 font-family: Whitney, Arial; font-size: 14px; line-height: 22px; color: #7=
8766F;">
                              <tbody>
                              <tr>
                              <td align=3D"center">
                              <table align=3D"center" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" style=3D"font-family: Whitney, Arial; float: no=
ne;
 ">
                              <tbody>
                              <tr>
                              <td align=3D"center" style=3D"padding-bottom:=
 12px; text-align: center"><a href=3D"https://url6380.news.pitchbook.com/un=
i/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUdLDLIRJu=
xkTctFaZnoSXZES3aXKpfM8Z63ckR65begw-3D-3DmIvH_Pr966knuaHmaw6c7pKvB-2BCEiDnj=
5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRZjy8SgxDz-2Bz-2BSc7FMiCyeJjMpxRb2jld=
YIqmsFUpk1Z-2FY-2F3DZtdMnSPtAe1XVRqPbgYUJuz6aO-2FLyHBuRMioFqw4ZTew4iFhzGuJN=
OxjgmLE5tLPm4B4kNS2wF8pwzje7859hL3zbbs63ZdYi6wlenDuFoQLYUwY2UAFc5bRziKBze8T=
HfRbJBnVVMy1yZ5H4ScdP83P592hUPITmZGwHNnZ68uUu3qAIFkjb5pvLaDuzoReX0BkqAL2rwD=
et3MMWUcptSzbOwP1E887A3qbPZpzxQPMjiPzmfitu2zjmIV-2FughOH6Rzt-2ByTevOHpgalmm=
fLVizQCTLVK0OWyNu42-2Ba5NKYMJ47IrIHNfzkmI4b98q95QrDhcUHutNU9AGCJFJFQnLVc7KL=
msl1P88tV-2BV0a-2F8tE3YncT6rRKoyC1seMUF6q-2Baz3EpmBh2ZYoyjGuNkDomjPHao3dzbn=
ZuTJvA-3D-3D" universal=3D"true">  </a></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 1=
0px; font-family: Whitney, Arial;
 color: #000000; font-size: 16px; line-height: 1.5;" valign=3D"top">Have a =
great weekend,<br><br><a href=3D"mailto:andrew.akers@pitchbook.com" style=
=3D"color: #1D5080; font-family: Whitney, Arial;" test=3D"">Andrew Akers, C=
FA</a><br>
                               Senior Quantitative Research Analyst</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: 0;">
                              <table class=3D"" cellpadding=3D"0" cellspaci=
ng=3D"0" style=3D"width: 100%; min-width: 100%;
                                                                           =
                                                         border-bottom: 2px=
 solid #F8F5EF;
                                                                           =
                                                 ">
                              <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 25px 20px;"> <a na=
me=3D"n_573593" id=3D"n_573593" 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: #051C38; font-family: Kepler, Georgia;
                                                                font-weight=
: 700; font-size: 24px; line-height: 32px;"> Real assets lead, real estate =
lags in 1-year returns </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>&nbsp;=20
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 1=
0px; font-family: Whitney, Arial;
 color: #000000; font-size: 16px; line-height: 1.5;" valign=3D"top">
                              <div>
                              PitchBook=E2=80=99s latest private market per=
formance benchmarks are out, and divergence in return profiles remains evid=
ent across 1-year horizon IRRs.=20
                              <br>
                              <br>
                               At the top end, real assets and PE strategie=
s led the way, while real estate stayed in the red. Commercial real estate =
continues to be an ongoing struggle, but VC looks to be shaking off its han=
gover from the 2021 boom as the IPO window has started to reopen. Real asse=
ts funds have found support from infrastructure tied to growing digital inf=
rastructure demand and oil &amp; gas benefiting from rising power consumpti=
on needs.
                              </div>
                              <div>
                              &nbsp;
                              </div>
                              <table align=3D"center" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" style=3D"font-family: Whitney, Arial; float: no=
ne;
 ">
                              <tbody>
                              <tr>
                              <td align=3D"center" style=3D"padding-bottom:=
 12px; text-align: center"><a href=3D"https://url6380.news.pitchbook.com/un=
i/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUdLDLIRJu=
xkTctFaZnoSXZvZIo3JdzXr69mZrPoQEIEQ-3D-3DfhzL_Pr966knuaHmaw6c7pKvB-2BCEiDnj=
5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRZjy8SgxDz-2Bz-2BSc7FMiCyeJjMpxRb2jld=
YIqmsFUpk1Z-2FY-2F3DZtdMnSPtAe1XVRqPbgYUJuz6aO-2FLyHBuRMioFqw4ZTew4iFhzGuJN=
OxjgmLE5tLPm4B4kNS2wF8pwzje7859hL3zbbs63ZdYi6wlenDuFoQLYUwY2UAFc5bRziKBze8T=
HfRbJBnVVMy1yZ5H4ScdP83P592hUPITmZGwHNnZ68uUu3qAIFkjb5pvLaCftgXfWd4gfWBZYRX=
mA8J3VEn1RpSXIjl8dquecYE90EHKVTdOi2J40psvc41KmogeirV91SzT9dpdsyg3brwU-2Fph4=
NzETfkJ2f-2BBsB0ohB1-2BGGoIfWgJdcCQbKzGVs03BC8WFGgMhJLX28aUHO9rlvn2HJJZvaJ3=
-2Bg1xyzaJCaPSZgCg3sCx6g21sr5LZvNrNucIdbpY-2BDmVRbECPk1AV6GhIPxvSkIBwe5gMQr=
6Uug-3D-3D" universal=3D"true"><img align=3D"center" alt=3D"" src=3D"https:=
//img.pitchbook.com/news/70813.png" style=3D"border: none; max-width: 420px=
;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"padding-bottom: 12px; font-famil=
y: Whitney, Arial; font-size: 14px; line-height: 22px; color: rgb(120, 118,=
 111); text-align: right;"><span style=3D"color:#000000;">Source: PitchBook=
 =E2=80=A2 Geography: Global =E2=80=A2 As of March 31, 2025</span></td>
                              </tr>
                              </tbody>
                              </table> Despite signs of stabilization, most=
 strategies continue to lag their long-run profiles. Real assets remain a b=
right spot, while PE, secondaries, private debt, FoF, and real estate are s=
till below their 15-year average returns.<br><br>
                               The market is still digesting the 2022-23 re=
set: With exit activity subdued, asset holding times have been extended, ea=
ting into returns and pushing down distribution yields to near 20-year lows=
.<br><br>
                               Broader uncertainty around tariff policy and=
 its downstream effects has further tempered momentum in exit markets, leav=
ing both GPs and LPs in wait-and-see mode. And while the Federal Reserve tr=
immed rates by 25 basis points in September and has priced in two additiona=
l cuts, inflation remains stubbornly above target, and labor-market softnes=
s continues to mute any rush toward sustained optimism.<br><br>
                               Check out our comprehensive fund performance=
 benchmarks in <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?u=
pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUdLDLIRJuxkTctFaZnoSX=
ZvZIo3JdzXr69mZrPoQEIEQ-3D-3DVBpC_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-=
2BHR4BiQVI43kbMcVf8UYA68NVRZjy8SgxDz-2Bz-2BSc7FMiCyeJjMpxRb2jldYIqmsFUpk1Z-=
2FY-2F3DZtdMnSPtAe1XVRqPbgYUJuz6aO-2FLyHBuRMioFqw4ZTew4iFhzGuJNOxjgmLE5tLPm=
4B4kNS2wF8pwzje7859hL3zbbs63ZdYi6wlenDuFoQLYUwY2UAFc5bRziKBze8THfRbJBnVVMy1=
yZ5H4ScdP83P592hUPITmZGwHNnZ68uUu3qAIFkjb5pvLaAlc6XYFO76v4n0AMGIfSe0iLgtPKv=
3F7PzFHbviS9U-2BjnjyeszAZdkLPbZos4dqL4igVgjm21DsTFTMv6hHgtKiV-2BBYxpbJilY9p=
L5v0s1EyewuhrASqZucLN9LBMI3SVqcwams7Yj1ByS9wuDTGOtpfyt3k-2FpH-2FAPw2jSOm17D=
3Yw6pUpFlNoEF9EMVh-2BJY-2Bz3BMpyfJ7u-2Bb5t3MFObjTeEBZnoaKQmyI5Q9Rx24ldA-3D-=
3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q1 2025 PitchBoo=
k Benchmarks</a> (with preliminary Q2 2025 data). Access prior editions of =
the PitchBook Weekly Commentary in <a href=3D"https://url6380.news.pitchboo=
k.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU=
dLDLIRJuxkTctFaZnoSXZbA1ptKN2HX3G48WwXm-2BxLw-3D-3Dy2C3_Pr966knuaHmaw6c7pKv=
B-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRZjy8SgxDz-2Bz-2BSc7FMiCyeJ=
jMpxRb2jldYIqmsFUpk1Z-2FY-2F3DZtdMnSPtAe1XVRqPbgYUJuz6aO-2FLyHBuRMioFqw4ZTe=
w4iFhzGuJNOxjgmLE5tLPm4B4kNS2wF8pwzje7859hL3zbbs63ZdYi6wlenDuFoQLYUwY2UAFc5=
bRziKBze8THfRbJBnVVMy1yZ5H4ScdP83P592hUPITmZGwHNnZ68uUu3qAIFkjb5pvLaBxJTXue=
roloffVdeivKx3-2BwQxlAQeMEgG-2FX3l26zLzgI022MMWXlF81BOvVS0ez-2FoqVS6Fs0UNo3=
25F-2BbizbsZW1vurKF5K93R0vkQI60ZfhgzldA7TZ4v3cXVJa8hXOE0MAwX1iAMwBdKWL0yDbM=
-2Bj9UW86xtr-2Be0yE5IwQMnIvkDTXjxbmIuRq73Qhw7xWxBuM6YBf7zybcKkTTD8p6DT3KAzC=
zmw8GSzaViXyeHdw-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tr=
ue">our dedicated workspace</a>.</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: 1=
0px; font-family: Whitney, Arial;
 color: #000000; font-size: 16px; line-height: 1.5;" valign=3D"top">
                              <table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" lang=3D"x-image" style=3D"
 font-family: Whitney, Arial; font-size: 14px; line-height: 22px; color: #7=
8766F;">
                              <tbody>
                              <tr>
                              <td align=3D"right">
                              <table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" style=3D"font-family: Whitney, Arial; float: non=
e;
 padding-left: 15px; ">
                              <tbody>
                              <tr>
                              <td align=3D"right" style=3D"padding-bottom: =
12px; text-align: right"><img align=3D"center" alt=3D"" src=3D"https://img.=
pitchbook.com/news/70799.png" style=3D"border: none; max-width: 420px;"> </=
td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table>Have a great weekend,<br><br><a href=
=3D"mailto:miles.ostroff@pitchbook.com" style=3D"color: #1D5080;" test=3D""=
>Miles Ostroff</a><br>
                               Associate Quantitative Research Analyst</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">&nbsp;</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: 15px 0 0 20px; fo=
nt-family: Whitney, Arial; text-transform: uppercase; letter-spacing: 1.5px=
;
                    color: #051C38; font-weight: bold; font-size: 18px; lin=
e-height: 27px; text-align: left;"><span>Thematic Research</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</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: Whitney=
, Arial; 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: 1=
7px; font-family: Whitney, Arial;
 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-2BaqM7ONnvsnswouzUdLDLIRJuxkTctFaZnoSXZ9S8FSd7L=
OKuhAXKkiBk6aw-3D-3DtbH-_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQV=
I43kbMcVf8UYA68NVRZjy8SgxDz-2Bz-2BSc7FMiCyeJjMpxRb2jldYIqmsFUpk1Z-2FY-2F3DZ=
tdMnSPtAe1XVRqPbgYUJuz6aO-2FLyHBuRMioFqw4ZTew4iFhzGuJNOxjgmLE5tLPm4B4kNS2wF=
8pwzje7859hL3zbbs63ZdYi6wlenDuFoQLYUwY2UAFc5bRziKBze8THfRbJBnVVMy1yZ5H4ScdP=
83P592hUPITmZGwHNnZ68uUu3qAIFkjb5pvLaDkQC5qJC4xqc5f8-2BAv2VL1PI50B9g1bWB-2B=
j16e-2F1Tix7dVMGv0eY9-2BnQk7V9890lo8h4F-2Bwq5cxmGUHw-2Fxw5BzLqcejCMcIktyerO=
Qyz-2FIVdlD8ba6oWy0EKdmUtIYDdJia2SI-2BmA66F7khRM7B-2FDCADikvSZAXXn5FzmalRyM=
Fra8JrPntpGTYKfJoksirAmHgfYv8v-2BmQoXrSqrhi8I8r5WohOHUYW7wO5fJ2FuTkA-3D-3D"=
 style=3D"color: #1D5080; font-family: Whitney, Arial;" test=3D"" universal=
=3D"true">Discord IPO Preview </a></big></b><br><br>
                               With Discord achieving significant revenue m=
ilestones, announcing key leadership changes, and amid broader IPO market t=
ailwinds, we have published a preliminary preview of the company's looming =
filing.<br><br>
                               Discord has become the go-to hub for gamers =
and online communities worldwide. It could be one of the most significant I=
POs in the gaming and social communication space since Roblox went public i=
n 2021.</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" style=3D"
 font-family: Whitney, Arial; font-size: 10px; line-height: 22px; color: #7=
8766F;">
                              <tbody>
                              <tr>
                              <td align=3D"center">
                              <table align=3D"center" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" style=3D"font-family: Whitney, Arial; float: no=
ne;
 ">
                              <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-2BaqM7ONnvsnswouzUdLDLIRJuxkTctFaZnoSXZ-2F8LfzMz=
-2F5lKh-2BembYDTU2Q-3D-3DcrWb_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR=
4BiQVI43kbMcVf8UYA68NVRZjy8SgxDz-2Bz-2BSc7FMiCyeJjMpxRb2jldYIqmsFUpk1Z-2FY-=
2F3DZtdMnSPtAe1XVRqPbgYUJuz6aO-2FLyHBuRMioFqw4ZTew4iFhzGuJNOxjgmLE5tLPm4B4k=
NS2wF8pwzje7859hL3zbbs63ZdYi6wlenDuFoQLYUwY2UAFc5bRziKBze8THfRbJBnVVMy1yZ5H=
4ScdP83P592hUPITmZGwHNnZ68uUu3qAIFkjb5pvLaB5brzaB-2FkqPDhjAxGIG5lv-2Bu7tFg5=
JrsSC8bycUXHdefrqjNfoF2YfdZVa7dw66HQJmmnUzMt22HS1TxX6lvv2IQTdSKctHmqbFlR-2B=
W2rzJqw-2FqHdTXeqPxAioiOkSjxc5WmgOPWTFRX3A18Ag8QTVbJmrXuw2y8LHta0GlIyOWFd-2=
Byqm81J3COBw9NPOBHaLzSANQDAqNn5nt-2FVU15WpHtOT2L-2BRvAH8VIxdWxmcgxg-3D-3D" =
universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://img.pitch=
book.com/news/70755.png" style=3D"border: none; max-width: 420px;">  </a></=
td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</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: 1=
7px; font-family: Whitney, Arial;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br>
                               But there are challenges on the road ahead. =
Valuation concerns persist as Discord's current implied valuation, based on=
 secondary market data, appears elevated relative to its revenue base and p=
ublic comparables.<br><br>
                               Discord's IPO will test whether investors be=
lieve the company's expansion into advertising, apps and digital commerce c=
an match its cultural influence and community engagement. <em><b><a href=3D=
"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzUdLDLIRJuxkTctFaZnoSXZ9S8FSd7LOKuhAXKkiBk6aw-3=
D-3DLMmA_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N=
VRZjy8SgxDz-2Bz-2BSc7FMiCyeJjMpxRb2jldYIqmsFUpk1Z-2FY-2F3DZtdMnSPtAe1XVRqPb=
gYUJuz6aO-2FLyHBuRMioFqw4ZTew4iFhzGuJNOxjgmLE5tLPm4B4kNS2wF8pwzje7859hL3zbb=
s63ZdYi6wlenDuFoQLYUwY2UAFc5bRziKBze8THfRbJBnVVMy1yZ5H4ScdP83P592hUPITmZGwH=
NnZ68uUu3qAIFkjb5pvLaDWra1gTdu-2FK8CSg1mgm1Xxq-2F0LOzoBtz3GwxOJQ0MBfi43ZEbm=
KsXCJd5AleNpz2AnRvV5J-2B62g7tful7PxIaFuYbA3VStGmTv9xgFPB3BXghmP6UXVeMd8AZo9=
5h8poYgBGB3ijWAjEafKAbzK5TZEWjL1YIiL88r-2BRngyaGGNi6xny15xxVmkKfvRFZZkLp653=
Vh4H5BCIHUnOXNrrEfwnWNNAoq-2FssvArb2gE1GpA-3D-3D" style=3D"color: #1D5080; =
font-family: Whitney, Arial;" test=3D"" universal=3D"true">Read the analyst=
 note</a></b></em><br>
                               &nbsp;</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">&nbsp;</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: 15px 0 0 20px; fo=
nt-family: Whitney, Arial; text-transform: uppercase; letter-spacing: 1.5px=
;
                    color: #051C38; font-weight: bold; font-size: 18px; lin=
e-height: 27px; text-align: left;"><span>Webinars &amp; Events</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</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: Whitney=
, Arial; 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: 1=
7px; font-family: Whitney, Arial;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Oct=
. 15</b>: Several of our credit analysts will share their insights on the c=
urrent US leveraged loan and private credit markets, examining the impact o=
f potential rate cuts. They=E2=80=99ll present on factors shaping the marke=
t and discuss predictions for the remainder of 2025. <b><a href=3D"https://=
url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2=
BaqM7ONnvsnswouzXLtZl-2FXnetDA63rrAnE8ACB8jkrHojgfBXdrkkZGc0Lg-3D-3DshoH_Pr=
966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRZjy8SgxDz=
-2Bz-2BSc7FMiCyeJjMpxRb2jldYIqmsFUpk1Z-2FY-2F3DZtdMnSPtAe1XVRqPbgYUJuz6aO-2=
FLyHBuRMioFqw4ZTew4iFhzGuJNOxjgmLE5tLPm4B4kNS2wF8pwzje7859hL3zbbs63ZdYi6wle=
nDuFoQLYUwY2UAFc5bRziKBze8THfRbJBnVVMy1yZ5H4ScdP83P592hUPITmZGwHNnZ68uUu3qA=
IFkjb5pvLaDAwPE9MynJounpHcPBsnDFlLftZZEeh9AfGNMdBugD-2FwLbhwJLdPvuOZxWaeZ1X=
g32nNpKSX3Dr6lkYhISx7BXdMCZFGs0uUDEfn5G9UG-2ByRWtM-2BOI1JDQV6VH-2BB-2BsspCn=
3AmnatJS0Xjx0iyGYzpm5AKYsIOVwH2eRcEoUuJVY2-2FAzGyc1-2BaV8HBh21FcG5sT-2BDMU0=
Ih2sJtVSL54gaHLOhHFtX70y68vHF8Sg4LA4Q-3D-3D" style=3D"color: #1D5080; font-=
family: Whitney, Arial;" test=3D"">Register for the webinar</a></b><br><br>=
<b>Oct. 28</b>: PitchBook's Hilary Wiek and Annika Villegas will host a web=
inar on findings from our latest Sustainable Investment Survey. They'll dis=
cuss how priorities are changing for global investment leaders and unpack i=
nvestors' remaining commitment to ESG, DEI, and Impact strategies in today=
=E2=80=99s volatile social climate. <b><a href=3D"https://url6380.news.pitc=
hbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX=
LtZl-2FXnetDA63rrAnE8ACGj8He5Jxzqnu-2BXrP911wEw-3D-3DdWR__Pr966knuaHmaw6c7p=
KvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRZjy8SgxDz-2Bz-2BSc7FMiCy=
eJjMpxRb2jldYIqmsFUpk1Z-2FY-2F3DZtdMnSPtAe1XVRqPbgYUJuz6aO-2FLyHBuRMioFqw4Z=
Tew4iFhzGuJNOxjgmLE5tLPm4B4kNS2wF8pwzje7859hL3zbbs63ZdYi6wlenDuFoQLYUwY2UAF=
c5bRziKBze8THfRbJBnVVMy1yZ5H4ScdP83P592hUPITmZGwHNnZ68uUu3qAIFkjb5pvLaDL-2F=
mnSyCiv5NaBooypm3HlfoDjmweX9doTOn9YuszOLt9QbhKtNTmV2GeWteErXjciyFjS-2FmGKSV=
yXz3pJw8PKwb9D-2FX0ZZgMcOf60nnlpryoQmiKrtb-2B9LnOhS-2B8H7N-2BXIv6PNH-2FmrfJ=
ZTZT4xujRgpGBhgbMQHY70wIms9hl9g6-2FDX1M1YGKPA-2FCTXtfiHYX6s1XM9LNUMaBNVcfZN=
sFrMJJO5z9dwz5ye1nAunnlw-3D-3D" style=3D"color: #1D5080; font-family: Whitn=
ey, Arial;" test=3D"">Register here</a></b><br><br><b>Oct. 20-21</b>: Pitch=
Book is a sponsor of the Private Credit Sourcing Conference in New York. Ou=
r senior director of US credit research, Kenny Tang, will be speaking on th=
e panel "Private Credit Through 2026: Opportunities, Headwinds &amp; Market=
 Evolution." <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXLtZl-2FXnetDA63rrAnE8A=
CH5jp59EjqHUoyaJfzJIwfw-3D-3DdE1N_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-=
2BHR4BiQVI43kbMcVf8UYA68NVRZjy8SgxDz-2Bz-2BSc7FMiCyeJjMpxRb2jldYIqmsFUpk1Z-=
2FY-2F3DZtdMnSPtAe1XVRqPbgYUJuz6aO-2FLyHBuRMioFqw4ZTew4iFhzGuJNOxjgmLE5tLPm=
4B4kNS2wF8pwzje7859hL3zbbs63ZdYi6wlenDuFoQLYUwY2UAFc5bRziKBze8THfRbJBnVVMy1=
yZ5H4ScdP83P592hUPITmZGwHNnZ68uUu3qAIFkjb5pvLaCyN92vNpQ-2Fw6hswnrjdjqly4BeA=
YUJOoDW3QxPgLjRoo1MY2IBCv0IjAOOvW9m-2FW7-2Bv3Rv-2FxH1S-2FoNh8ihUJqgSOi7KYVy=
VpYCzTriOTRhRS4A54meVpxUEbs5T9qgpBNcBQTVJEZUgPoMMJgF1gmfHhQsPX2EN5rRXUmREcr=
ZcrLgRmWCYyTidkxzq24c5VBbVjEJkEDwg9WC18Il7FbbLRXuemrRy-2Bd3jUiY61p-2Bxw-3D-=
3D" style=3D"color: #1D5080; font-family: Whitney, Arial;" test=3D"">Regist=
er 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">&nbsp;</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: 15px 0 0 20px; fo=
nt-family: Whitney, Arial; text-transform: uppercase; letter-spacing: 1.5px=
;
                    color: #051C38; font-weight: bold; font-size: 18px; lin=
e-height: 27px; text-align: left;"><span>In the News</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</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: Whitney=
, Arial; 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-top" 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" style=3D"
 font-family: Whitney, Arial; font-size: 14px; line-height: 22px; color: #7=
8766F;">
                              <tbody>
                              <tr>
                              <td align=3D"center">
                              <table align=3D"center" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" style=3D"font-family: Whitney, Arial; float: no=
ne;
 ">
                              <tbody>
                              <tr>
                              <td align=3D"center" style=3D"padding-bottom:=
 12px; text-align: center"><a href=3D"https://url6380.news.pitchbook.com/ls=
/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXLtZl-2FXnetD=
A63rrAnE8ACTn9BZZ3Irk1C9qZF3cGkPA-3D-3DofT0_Pr966knuaHmaw6c7pKvB-2BCEiDnj5U=
wlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRZjy8SgxDz-2Bz-2BSc7FMiCyeJjMpxRb2jldYI=
qmsFUpk1Z-2FY-2F3DZtdMnSPtAe1XVRqPbgYUJuz6aO-2FLyHBuRMioFqw4ZTew4iFhzGuJNOx=
jgmLE5tLPm4B4kNS2wF8pwzje7859hL3zbbs63ZdYi6wlenDuFoQLYUwY2UAFc5bRziKBze8THf=
RbJBnVVMy1yZ5H4ScdP83P592hUPITmZGwHNnZ68uUu3qAIFkjb5pvLaCKm9icKbCtaI-2BjemO=
66E4vZYuGRUGT27-2FI2FdM-2Ff1HxTJNFX-2BnQwVMkmClmaisL-2FQnBRH4ncGtEs2DzlD2e4=
5SZrkmUuBIN35xCbdIZjMJUkqNgsLcscGM4qGRLa-2FTRIdt2glcS6zuFsrfiMWXuJvKeI-2BeN=
uiOvixQ-2Bfpt51E9mfgQq-2BWaYeIXMXNFW5FygDDzIJ-2B9pRXj-2BKqh7iNsKb2Oyh7UBjgK=
Al1LlK6BsUh9BQ-3D-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.pi=
tchbook.com/news/70808.png" style=3D"border: none; max-width: 420px;">  </a=
></td>
                              </tr>
                              <tr>
                              <td align=3D"center" style=3D"padding-bottom:=
 12px; font-family: Whitney, Arial;
 font-size: 14px; line-height: 22px; color: #78766F; text-align: center;">P=
itchBook's Kyle Stanford speaks with Market Catalysts host Julie Hyman.</td=
>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 1=
0px; font-family: Whitney, Arial;
 color: #000000; font-size: 16px; line-height: 1.5;" valign=3D"top"><br>
                               Our insights and data featured in the press:=
<br><br>
                               =E2=80=83=E2=80=A2 Kyle Stanford, PitchBook =
director of research for US venture capital, discusses how OpenAI became th=
e most valuable private company. [<a href=3D"https://url6380.news.pitchbook=
.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXLtZl-=
2FXnetDA63rrAnE8ACTn9BZZ3Irk1C9qZF3cGkPA-3D-3DN4Q8_Pr966knuaHmaw6c7pKvB-2BC=
EiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRZjy8SgxDz-2Bz-2BSc7FMiCyeJjMpxR=
b2jldYIqmsFUpk1Z-2FY-2F3DZtdMnSPtAe1XVRqPbgYUJuz6aO-2FLyHBuRMioFqw4ZTew4iFh=
zGuJNOxjgmLE5tLPm4B4kNS2wF8pwzje7859hL3zbbs63ZdYi6wlenDuFoQLYUwY2UAFc5bRziK=
Bze8THfRbJBnVVMy1yZ5H4ScdP83P592hUPITmZGwHNnZ68uUu3qAIFkjb5pvLaC-2FhCBNEXtr=
C2M-2FjKRbr8Yl9wEkX-2Bt4vYR-2Fp3AGgWPMdqDElIGl3s4Dc-2FTTGdckovIymeynqs4F7-2=
FQ2oKkHP6PpPN4Xtd9mSZPata4dxpRTSLAy63MeZGDqquwi0-2FEppIU04ut9tJpfFgO17g2jPh=
Y76Wt5g91OlbnooiS-2F6mfiff65EEh1QEYVKOW0DLDE7xYCFO9f4jaqaUdXXpAPswNV8jg9LrL=
MM39tItzIa5b2JA-3D-3D" style=3D"color: #1D5080;" test=3D"">Yahoo Finance</a=
>]<br><br>
                               =E2=80=83=E2=80=A2 VC funding for US biotech=
 and pharma fell in Q3. [<a href=3D"https://url6380.news.pitchbook.com/ls/c=
lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXLtZl-2FXnetDA6=
3rrAnE8AC740JWNxuokfJOedBw9V2ew-3D-3Dc3Gt_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uwl=
JYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRZjy8SgxDz-2Bz-2BSc7FMiCyeJjMpxRb2jldYIqm=
sFUpk1Z-2FY-2F3DZtdMnSPtAe1XVRqPbgYUJuz6aO-2FLyHBuRMioFqw4ZTew4iFhzGuJNOxjg=
mLE5tLPm4B4kNS2wF8pwzje7859hL3zbbs63ZdYi6wlenDuFoQLYUwY2UAFc5bRziKBze8THfRb=
JBnVVMy1yZ5H4ScdP83P592hUPITmZGwHNnZ68uUu3qAIFkjb5pvLaBWS0p8svKPuGf8bguZtNC=
cA3539NEOcU4Fr2LGArlOzXrI24otaqDv0mVIg-2FeGio6iivv9RxkgyQGOjqOyFH-2B0Gg-2Fy=
-2F6Rf34QakbX9VWoOv8iJktf7SjZwd3R2RQf-2Fsdl13sgIyQ4sLDb5o-2FBG4n71BoHO1pKj8=
hAsg5SaLiJZ8e7ZHkpmK9HSLlsoPsfoeGz4LfdWxMEqHY6fQAC0CsjVUpKbr76FvqCarfZrPj-2=
BKIA-3D-3D" style=3D"color: #1D5080;" test=3D"">Axios</a>]<br><br>
                               =E2=80=83=E2=80=A2 PE exits in US utilities =
jumped to $14.6 billion this year, up from $430 million in 2024 and $3.16 b=
illion in 2023. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXLtZl-2FXnetDA63rrAnE8A=
CIqM4tbmClwCyDbIvOa4Vig-3D-3DDDnl_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-=
2BHR4BiQVI43kbMcVf8UYA68NVRZjy8SgxDz-2Bz-2BSc7FMiCyeJjMpxRb2jldYIqmsFUpk1Z-=
2FY-2F3DZtdMnSPtAe1XVRqPbgYUJuz6aO-2FLyHBuRMioFqw4ZTew4iFhzGuJNOxjgmLE5tLPm=
4B4kNS2wF8pwzje7859hL3zbbs63ZdYi6wlenDuFoQLYUwY2UAFc5bRziKBze8THfRbJBnVVMy1=
yZ5H4ScdP83P592hUPITmZGwHNnZ68uUu3qAIFkjb5pvLaDP3fxOe-2FRsLDCj0UWLSHZzaWdvC=
IEODIa1vj41wN03RD-2B7yF-2FI1gsbcEj3UbycgmDCrh-2Fdiyr1oSppD-2BBWdKFL45bHttz7=
X03C8SfIOl33wBtqiuuD9-2FPHEy-2FIeDWg48KofYbWQH81GA10BKqzqdls-2F1-2B17bC0Ho8=
hffYYkcv0X1pkCAjrlQlFYawgqZGdDgLaUzw7JxLejsQSyaFRlHsWxm6gkpzpwZh3kvmOXAuOAg=
-3D-3D" style=3D"color: #1D5080;" test=3D"">Financial Times</a>]<br><br>
                               =E2=80=83=E2=80=A2 Kyle Stanford discusses v=
enture's "strange" year. [<a href=3D"https://url6380.news.pitchbook.com/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXLtZl-2FXnetDA=
63rrAnE8ACckaqGIT-2FfVIW5gB1ojMQsw-3D-3DS-Av_Pr966knuaHmaw6c7pKvB-2BCEiDnj5=
UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRZjy8SgxDz-2Bz-2BSc7FMiCyeJjMpxRb2jldY=
IqmsFUpk1Z-2FY-2F3DZtdMnSPtAe1XVRqPbgYUJuz6aO-2FLyHBuRMioFqw4ZTew4iFhzGuJNO=
xjgmLE5tLPm4B4kNS2wF8pwzje7859hL3zbbs63ZdYi6wlenDuFoQLYUwY2UAFc5bRziKBze8TH=
fRbJBnVVMy1yZ5H4ScdP83P592hUPITmZGwHNnZ68uUu3qAIFkjb5pvLaCCBccsJ5hcCIIWiC-2=
FiprH099qLPKzTZvMSn92BUpVpYy-2BrBzqP5NykDAdfgEKlC-2B4ZNRwWdMC-2BxHP2g6ynIHX=
4IFRC5FfdAbVgUyyCcnpU8uHpI3ypZvCvE73OZRwPAzLt1NiHRTYaGyiyohrsTon6Nq54eoGQbK=
VCczNZYJbpsrMMFW9Y-2FwoSl2EfYy2jSiv5nwOOHIqNB0iyBnn-2FbGBIREImEpcVeNJr-2FYW=
2BIW9Kw-3D-3D" style=3D"color: #1D5080;" test=3D"">San Francisco Examiner</=
a>]<br><br>
                               =E2=80=83=E2=80=A2 Nvidia participated in 52=
 different venture investment deals for AI companies in 2024 and had alread=
y done 50 deals by the end of September this year. [<a href=3D"https://url6=
380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM=
7ONnvsnswouzXLtZl-2FXnetDA63rrAnE8ACwg-2Fw5qd312WwCyW60shVdg-3D-3De0OB_Pr96=
6knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRZjy8SgxDz-2=
Bz-2BSc7FMiCyeJjMpxRb2jldYIqmsFUpk1Z-2FY-2F3DZtdMnSPtAe1XVRqPbgYUJuz6aO-2FL=
yHBuRMioFqw4ZTew4iFhzGuJNOxjgmLE5tLPm4B4kNS2wF8pwzje7859hL3zbbs63ZdYi6wlenD=
uFoQLYUwY2UAFc5bRziKBze8THfRbJBnVVMy1yZ5H4ScdP83P592hUPITmZGwHNnZ68uUu3qAIF=
kjb5pvLaB3qZPC7ZG2pQDF1u-2BGZecg7kN9IktJOWHItDqA49GwhkG90wg7qM5Ae-2BXzf-2BA=
p73WB-2FqCzhnjVIGMUqmLk1sOq-2FXa1bfpTZQIFClIkDXpmIClpclXdjdi3jvgUKPOnjsApXK=
FmA-2BDeVnKwjGZh-2FdmNWv5U-2FN-2BhTAhsfL9NU8l1EgLRyVwNdqipCgtJmKPGtGO3tnmcJ=
hkgKQIeypNzCUdLyJ0Y45rgbNphLz2pOqnFag-3D-3D" style=3D"color: #1D5080;" test=
=3D"">Bloomberg</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">&nbsp;</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%;">
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                     <td align=3D"left" style=3D"padding: 15px 0 0 20px; fo=
nt-family: Whitney, Arial; text-transform: uppercase; letter-spacing: 1.5px=
;
                    color: #051C38; font-weight: bold; font-size: 18px; lin=
e-height: 27px; text-align: left;"><span>ICYMI</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</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%;">
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                     <td style=3D"padding: 10px 0 0 0; font-family: Whitney=
, Arial; 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%;">
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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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                           <tbody>
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                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
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                               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=
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wlenDuFoQLYUwY2UAFc5bRziKBze8THfRbJBnVVMy1yZ5H4ScdP83P592hUPITmZGwHNnZ68uUu=
3qAIFkjb5pvLaAkH74NCa9ri6GmXeJqBIq63poatU4-2FnA5RJFodbujKZNEMNRDTqmoZYLrOwX=
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OTA8QFZzlkBYowxYSbk87yqipOYmQFKRMjwRuw-3D-3D" style=3D"color: #1D5080;" tes=
t=3D"" universal=3D"true">September Global Markets Snapshot</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2FLyHBuRMioFqw4ZTew4iFhzGuJNOxjgmLE5tLPm4B4kNS2wF8pwzje7859hL3zbbs63ZdYi6wl=
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8Ds06rl5Q3dRExIo9af21tvYzG9yfXw8JC45joyYMouD6h2qEd3i2N5MmTs3OOGwacRUVaGuR2b=
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wlenDuFoQLYUwY2UAFc5bRziKBze8THfRbJBnVVMy1yZ5H4ScdP83P592hUPITmZGwHNnZ68uUu=
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                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2Bz-2BSc7FMiCyeJjMpxRb2jldYIqmsFUpk1Z-2FY-2F3DZtdMnSPtAe1XVRqPbgYUJuz6aO-2F=
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</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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t=3D"" universal=3D"true">A Deep Dive Into Electrical Contracting</a></b><b=
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                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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XLdg-2Fx0KXmRtvtUiyW9YPx39MlYSK-2FJsE1NtK3pvangEhK4uFB8phN9yHRG3-2FySOFl8Nc=
dgz5cumPBRf1qv9RIVvw9boSzReCfUnjPvLH0ZLsqgcldIfdBTUSmTWYo3iwRXxEWhKASaeO-2B=
58QNEaNDXHnESnt3tF3K2tIQgIiemZhwSA-3D-3D" style=3D"color: #1D5080;" test=3D=
"" universal=3D"true">H1 Healthcare Funds Report</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzWrJZFSJoRJDYAIagEFJD3NaocI8I-2BHHGZ8vUxbMDHcCg-3D-3DPCdl_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRZjy8SgxD=
z-2Bz-2BSc7FMiCyeJjMpxRb2jldYIqmsFUpk1Z-2FY-2F3DZtdMnSPtAe1XVRqPbgYUJuz6aO-=
2FLyHBuRMioFqw4ZTew4iFhzGuJNOxjgmLE5tLPm4B4kNS2wF8pwzje7859hL3zbbs63ZdYi6wl=
enDuFoQLYUwY2UAFc5bRziKBze8THfRbJBnVVMy1yZ5H4ScdP83P592hUPITmZGwHNnZ68uUu3q=
AIFkjb5pvLaCg4OYD-2FQr8mMhOUnfo6YaeruiRJbcyVDe5eIvwwDVIn2yH4clhjPae7yddS0Jo=
-2B-2FSwne3OB6B6aQfk02wZt3jMl4lwy-2BwccWfcyZkDgNIVaFuKgyaa-2FLc5lJlH1zasu9L=
OXMyqDZESzOyPdrz0Ba00bQ6RsHTuiiI-2B5PFCuHVJMh2Mlw0t8Z6ATjzB-2FChg87AkZR3n3d=
pprB1HzDTd-2Bm-2BQoftq9TWtTXyayAru4BqpOg-3D-3D" style=3D"color: #1D5080;" t=
est=3D"" universal=3D"true">Q3 2025 Agrifood VC First Look</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzWrJZFSJoRJDYAIagEFJD3NTI3ZrTipyOrv8PNPWPqXQg-3D-3D5Cje_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRZjy8SgxDz-=
2Bz-2BSc7FMiCyeJjMpxRb2jldYIqmsFUpk1Z-2FY-2F3DZtdMnSPtAe1XVRqPbgYUJuz6aO-2F=
LyHBuRMioFqw4ZTew4iFhzGuJNOxjgmLE5tLPm4B4kNS2wF8pwzje7859hL3zbbs63ZdYi6wlen=
DuFoQLYUwY2UAFc5bRziKBze8THfRbJBnVVMy1yZ5H4ScdP83P592hUPITmZGwHNnZ68uUu3qAI=
Fkjb5pvLaCvAvceiCpQ1erOxbcSb4bD3SbwumYNhn1PbcVPbx9V21ypbpdl8QBk24FRtxZ8q4iv=
m9gekYsy6l-2FfAGdRxBfcK67nwdTFmQWD9gVIPihxC5j1XaqUbaUqs9eiNhELSvtaZLHh9R3cv=
mYnHETd66uAaB7Oazunzp5in4-2FZVSK1zDuHYRkYpe4NtuvTFoG1-2FjR-2B-2F-2FzBD-2Fmm=
judmLO0Qd8g-2BYdZCb4Z9eUukXXinfusPCg-3D-3D" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true">Q2 Infrastructure SaaS VC Trends</a></b><br><br><b=
>Credit research</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzWrJZFSJoRJDYAIagEFJD3NT6XgAS-2BMvhIGZ10xIc91FQ-3D-3DQ0-W_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRZjy8SgxD=
z-2Bz-2BSc7FMiCyeJjMpxRb2jldYIqmsFUpk1Z-2FY-2F3DZtdMnSPtAe1XVRqPbgYUJuz6aO-=
2FLyHBuRMioFqw4ZTew4iFhzGuJNOxjgmLE5tLPm4B4kNS2wF8pwzje7859hL3zbbs63ZdYi6wl=
enDuFoQLYUwY2UAFc5bRziKBze8THfRbJBnVVMy1yZ5H4ScdP83P592hUPITmZGwHNnZ68uUu3q=
AIFkjb5pvLaBkmnCikOlkQov-2B1xFmQoWggj4kdbBQVxOID-2FTZWPBYV4yTw9549uMaukvsxR=
SPCfdM-2F1fborzqxA-2FynndIq0jxJLjSpJFSQMct8-2Fy4bkqu1k-2BcgYywsfMNySH3AT3ww=
ZWBiIpBd94AgGrvWDIt-2Fui8w-2BMnEwWHsGNpYR7LYlqPpoJm3L5Q33qQYKtoqzYwArGJaYh5=
aEFkjjJz7qd4bK1Q3dZVT-2BdI0TcwpeEZ5Dg-2FLA-3D-3D" style=3D"color: #1D5080;"=
 test=3D"" universal=3D"true">US Credit Markets Weekly Wrap*</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzWrJZFSJoRJDYAIagEFJD3NdSqFQ5zAa0xR8Nzdfg0m6g-3D-3DOMHy_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRZjy8SgxDz-=
2Bz-2BSc7FMiCyeJjMpxRb2jldYIqmsFUpk1Z-2FY-2F3DZtdMnSPtAe1XVRqPbgYUJuz6aO-2F=
LyHBuRMioFqw4ZTew4iFhzGuJNOxjgmLE5tLPm4B4kNS2wF8pwzje7859hL3zbbs63ZdYi6wlen=
DuFoQLYUwY2UAFc5bRziKBze8THfRbJBnVVMy1yZ5H4ScdP83P592hUPITmZGwHNnZ68uUu3qAI=
Fkjb5pvLaD-2BaGg1kt5ElmsNyzgMK2DpQWu1ZhbJF1nt-2FtxVT3WKnGB7CbcgZ9C4FLhLERhi=
OCifQQJkqhLnYDmSjfXoCdqJgcttE20i-2FlRkg6Mkbp57aYD06mqgexUG9v1L4oSeX3nrR-2B0=
zZ37IKOQj3eUhcuU-2FDanTotFtuvEPTKh3rpP23dfa1uz91xpx2gF9-2FGYQfjBeGVc8CIsyjl=
1Y5GkZF8OMNyADOdG4I5rxUFxmLyMy-2Fg-3D-3D" style=3D"color: #1D5080;" test=3D=
"" universal=3D"true">US High-Yield Bond Weekly Wrap*</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzWrJZFSJoRJDYAIagEFJD3NgrnZD5toKBhZ9fvJws2xUQ-3D-3D2Pa9_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRZjy8SgxDz-=
2Bz-2BSc7FMiCyeJjMpxRb2jldYIqmsFUpk1Z-2FY-2F3DZtdMnSPtAe1XVRqPbgYUJuz6aO-2F=
LyHBuRMioFqw4ZTew4iFhzGuJNOxjgmLE5tLPm4B4kNS2wF8pwzje7859hL3zbbs63ZdYi6wlen=
DuFoQLYUwY2UAFc5bRziKBze8THfRbJBnVVMy1yZ5H4ScdP83P592hUPITmZGwHNnZ68uUu3qAI=
Fkjb5pvLaB747etMIRbP7QsJE8kK4DR6fmb0iIKDC-2B466Qo9Aose4vSYkWE3v-2FVFwTva-2B=
Y04mxluMp-2BogWZo1ubzNYSjM4ygYRfmzLzteTdT3-2Ffp4Z2gHxBGQhbOuce-2BFAKpDl3Dwg=
XCjMDLd6acLRTeJWV2Yh-2F6UVI-2BOJXv17JN15YduPYDrFYqp-2BHwbUbZA3HnxrqHEPz-2Fm=
fceoD3OZ2FIVElxpiH70YfdIeQzmZ3wOHX3d7fzQ-3D-3D" style=3D"color: #1D5080;" t=
est=3D"" universal=3D"true">Global CLO Weekly Wrap</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzXA5ypW299-2Bg-2BRu75bqFDe32xESWXnPw87kDA-2F-2BRtyx9w-3D-3D=
AU_x_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRZj=
y8SgxDz-2Bz-2BSc7FMiCyeJjMpxRb2jldYIqmsFUpk1Z-2FY-2F3DZtdMnSPtAe1XVRqPbgYUJ=
uz6aO-2FLyHBuRMioFqw4ZTew4iFhzGuJNOxjgmLE5tLPm4B4kNS2wF8pwzje7859hL3zbbs63Z=
dYi6wlenDuFoQLYUwY2UAFc5bRziKBze8THfRbJBnVVMy1yZ5H4ScdP83P592hUPITmZGwHNnZ6=
8uUu3qAIFkjb5pvLaBZZHUB-2FcuJdWyJzCj18M4BzDcoEGV9MJ-2FP38Cf3KuBkVk3wwGNRRuo=
yBOMMkjXKRZFsQ2V1HHjeV-2FggHelXk2yeQLr4Tv1xl6BA-2FnkUlnknva-2FY1q3LUWsPt1C0=
Nvn4mFqIFuJnqcs4y7aw6RuT26cLMyjioUjv9tfCKXyy2MdFUgjPambei85PgNKopUo1HRyo48c=
L-2FHBYKlluypsnJgid7-2FLcE6Bpms5JfcuY1KqLQ-3D-3D" style=3D"color: #1D5080;"=
 test=3D"" universal=3D"true">Global Distressed Credit Weekly Wrap*</a></b>=
<br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzXA5ypW299-2Bg-2BRu75bqFDe32xESWXnPw87kDA-2F-2BRtyx9w-3D-3D=
Ci4H_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRZj=
y8SgxDz-2Bz-2BSc7FMiCyeJjMpxRb2jldYIqmsFUpk1Z-2FY-2F3DZtdMnSPtAe1XVRqPbgYUJ=
uz6aO-2FLyHBuRMioFqw4ZTew4iFhzGuJNOxjgmLE5tLPm4B4kNS2wF8pwzje7859hL3zbbs63Z=
dYi6wlenDuFoQLYUwY2UAFc5bRziKBze8THfRbJBnVVMy1yZ5H4ScdP83P592hUPITmZGwHNnZ6=
8uUu3qAIFkjb5pvLaDlhoFF7u0UhDdwsIQitrWAZKiOpNTTS2OjCqRhesHTzj7elXseTz9164EP=
nTp2nzMnt2BbU9rJpJZ3CddTxbrY-2Bw2CbKtVQhfzbl1iw6FNR7hqLhH5jfwJ2nNUEuiKQ7gWG=
qVTcP8Z2M1udksLcTMlyY266WL6lCuNHvI7DM6qLXNMQi4RcgCTEPYTW8STTlA-2BMS1vpsDWO7=
mwYQcDGYnM8j99MIuLi4Tt6N97GUNkEg-3D-3D" style=3D"color: #1D5080;" test=3D""=
 universal=3D"true">US Private Credit &amp; Middle Market Weekly Wrap*</a><=
/b><br><br><b>Coming next week (subject to change)</b><br><br>
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                               =E2=80=83=E2=80=A2 AN: Sizing the GP-Led Sec=
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                              </tr>
                              </tbody>
                              </table></td>
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                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0;" colspan=3D"2"></td>
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                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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h: 100%;">
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                      <table lang=3D"x-counts-title" cellpadding=3D"0" cell=
spacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: white;=
  min-width: 100%;">
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                         <td align=3D"center" style=3D"font-family: Whitney=
, Arial; font-weight: 700;
                                        font-size: 18px; line-height: 27px;=
 color: #1D5080; padding: 10px 0 10px 0;">Since yesterday, the PitchBook Pl=
atform added:</td>
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                        <tr>
                         <td>
                          <table lang=3D"x-counts-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%; t=
able-layout: fixed;">
                           <tbody>
                            <tr>
                             <td style=3D"display: inline-block; width: 24%=
; min-width: 24%;
                                                    text-align: center; flo=
at: left;">
                              <div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Kepler, Georgia;
                                                    color: #051C38; font-si=
ze: 24px; line-height: 32px; padding: 5px 0 5px 0;">
                              511
                              </div>
                              <div class=3D"count-type" style=3D"float: non=
e; font-family: Whitney, Arial;
                                                         color: #78766F; fo=
nt-size: 14px; line-height: 22px; padding: 0px 0 10px 0;
                                                         -webkit-text-size-=
adjust: 100%;">
                              Deals
                              </div></td>
                             <td style=3D"display: inline-block; min-width:=
 24%;
                                                    width: 24%; text-align:=
 center; float: left;">
                              <div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Kepler, Georgia;
                                                        color: #051C38; fon=
t-size: 24px; line-height: 32px; padding: 5px 0 5px 0;">
                              2387
                              </div>
                              <div class=3D"count-type" style=3D"float: non=
e; font-family: Whitney, Arial;
                                                         color: #78766F; fo=
nt-size: 14px; line-height: 22px; padding: 0 0 10px 0; -webkit-text-size-ad=
just: 100%;">
                              People
                              </div></td>
                             <td style=3D"display: inline-block; width: 24%=
;
                                                    min-width: 24%; text-al=
ign: center; float: left;">
                              <div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Kepler, Georgia;
                                                        color: #051C38; fon=
t-size: 24px; line-height: 32px; padding: 5px 0 5px 0;">
                              714
                              </div>
                              <div class=3D"count-type" style=3D"float: non=
e; font-family: Whitney, Arial;
                                                        color: #78766F; fon=
t-size: 14px; line-height: 22px; padding: 0px 0 10px 0; -webkit-text-size-a=
djust: 100%;">
                              Companies
                              </div></td>
                             <td style=3D"display: inline-block; width: 23%=
;
                                                    min-width: 23%; text-al=
ign: center; float: left;">
                              <div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Kepler, Georgia;
                                                        color: #051C38; fon=
t-size: 24px; line-height: 32px; padding: 5px 0 5px 0;">
                              27
                              </div>
                              <div class=3D"count-type" style=3D"float: non=
e; font-family: Whitney, Arial;
                                                        color: #78766F; fon=
t-size: 14px; line-height: 22px; padding: 0px 0 10px 0; -webkit-text-size-a=
djust: 100%;">
                              Funds
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                         <td>
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llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
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                             <td style=3D"height: 5px; line-height: 5px;"><=
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rder=3D"0" style=3D"line-height: 1; border-radius: 2px;
                                                            background: #FF=
FFFF; border: 2px solid #051C38; min-height: 60px">
                              <tbody>
                              <tr>
                              <td align=3D"center" style=3D"text-align: cen=
ter; padding: 16px 32px"><a href=3D"https://url6380.news.pitchbook.com/ls/c=
lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXA5ypW299-2Bg-2=
BRu75bqFDe3cAolBAOR50ymP66BL44Z0w-3D-3DGu94_Pr966knuaHmaw6c7pKvB-2BCEiDnj5U=
wlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRZjy8SgxDz-2Bz-2BSc7FMiCyeJjMpxRb2jldYI=
qmsFUpk1Z-2FY-2F3DZtdMnSPtAe1XVRqPbgYUJuz6aO-2FLyHBuRMioFqw4ZTew4iFhzGuJNOx=
jgmLE5tLPm4B4kNS2wF8pwzje7859hL3zbbs63ZdYi6wlenDuFoQLYUwY2UAFc5bRziKBze8THf=
RbJBnVVMy1yZ5H4ScdP83P592hUPITmZGwHNnZ68uUu3qAIFkjb5pvLaADJf4XVzpRXrcbPRd77=
05rDR4cBAL0NQu45GcKuqCCBfqFMUXIE46AJP8o8pVCM1cTXK1vLxUsAgHL-2FMjwO2cc5sutOk=
TfT4xDqucrv-2F63JHUM1L-2BlHyqHqyeZTQu6MukNyEZiReb-2FzIPWRQJPJwOfae-2BcNKHxZ=
udaEWI3dQdIoWNIEiZclCvlIkQpOrIINhAhJWjUfQiGmMWtV-2BbIw6sTzAo0TZY9qiVGWan74B=
53oA-3D-3D" target=3D"_blank" style=3D"display: block; font-family: Whitney=
, Arial; font-weight: 700;
                                                                    font-si=
ze: 16px; height: 24px; line-height: 24px; color: #051C38; text-decoration:=
 none;"> See what our data software can do </a></td>
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                             <td style=3D"height: 25px; line-height: 25px;"=
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