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Date: Sat, 11 Oct 2025 10:12:02 +0000 (UTC)
From: PitchBook Research <news-noreply@news.pitchbook.com>
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Subject: Does manager selection matter?
To: most@ponjosonek.com

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 color: #000000; font-size: 16px; line-height: 1.5;" valign=3D"top"><b>Euro=
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-2BaqM7ONnvsnswouzUdLDLIRJuxkTctFaZnoSXZqyNNOIsNCthpdWLhadDplg-3D-3DV-oe=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163sqU=
GIF7A65pjwCzj-2BK-2B49NaHe-2Fg8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2xgL=
fZhfkw5ZtsLgXN59n1DXGsAYO31UqUIjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BE=
p-2FF4jnTJVy5PdysfhshB6ZnXuqRBCxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYEed=
tl63CKPm94-2BFeIVy0YXYGnKZiD0PCvhAy5baIKZaEf2WOXV3y7PPOEuZ4czUjs3yMIN-2Be5q=
K-2FkIalsPsaBsbhSzIiOyiia5ALKjgOdC3jeM5A-2FTi5TUqmtUKnmV7vt5Zree7vp3r8LLAkL=
murNX1J7kdF4l-2FCFnQFVAkvEKqI65aSSbMtgVbuEi1l5YnSF5gJoJFHiyinU6p9QyAVy0dHUG=
n9PKopvIXULmGnX-2FOS2Yr-2FQlCA7AMWLjwhEBxbsQ-3D-3D" style=3D"color: #1D5080=
;" test=3D"" universal=3D"true">venture</a></b> and <b><a href=3D"https://u=
rl6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF=
a-2BaqM7ONnvsnswouzUdLDLIRJuxkTctFaZnoSXZqyNNOIsNCthpdWLhadDplg-3D-3DY1Ek_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163sqUGI=
F7A65pjwCzj-2BK-2B49NaHe-2Fg8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2xgLfZ=
hfkw5ZtsLgXN59n1DXGsAYO31UqUIjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BEp-=
2FF4jnTJVy5PdysfhshB6ZnXuqRBCxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYEedtl=
63CKPm94-2BFeIVy0YXYWTTQiM-2Fw31J5isrkJiLf0xI11odZfiMd6zDr-2BaA-2F33KE5SoOH=
odBIKYiagtLYRyTU90dUuT-2Fm4ZTOMNUc7Mir8qwMa6Nf0WRINfrOy6Dx5ZhtnDhVluBf2PcZa=
DrEMY1GCwksKnRRp3grySoFgzFRt0tE5SvDiIXBup0t-2FDUXPIh9k-2FUwq-2BLoe7vbBdKpdi=
UnJZxw4V9VQw-2BfMmVVZbdgPYsRPuN5NTGM-2Bs-2BzB021JA-3D-3D" style=3D"color: #=
1D5080;" test=3D"" universal=3D"true">private equity</a></b> in the region =
are now available.<br><br><b>An historic transaction</b>: Our gaming analys=
t breaks down how the Electronic Arts buyout places the company and gaming =
at the convergence of sovereign wealth, PE and geopolitics. <b><a href=3D"h=
ttps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7Sp=
SWIrf6GFa-2BaqM7ONnvsnswouzUdLDLIRJuxkTctFaZnoSXZFaoM-2FU7WHWG6S0HSq5elfw-3=
D-3DVvRX_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pz=
sF163sqUGIF7A65pjwCzj-2BK-2B49NaHe-2Fg8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCU=
ja0L2xgLfZhfkw5ZtsLgXN59n1DXGsAYO31UqUIjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbM=
XWBM-2BEp-2FF4jnTJVy5PdysfhshB6ZnXuqRBCxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pd=
MwfhYEedtl63CKPm94-2BFeIVy0YXbxgDzjoobFVozUgMWGpI8XeHo-2BYKzgsBOkKzGlzJwN9F=
GtKL-2B0tTcJx04FIHnWuUlhn3MqSWei98P6xCM-2B7Dp0KFjaRWR-2F9l1yvr9xZ8HkZ5oYrGk=
9EFA3-2Ba06FBDRpSQla0rL9PCZia4TF4HSNJTEym9YE0T-2FuNQtdAgAk1jGC7isdJ9nAt2NDT=
mEMfomTgw9MMoVY6-2BoQHvmJTEBRITAzIwU7mIuXOpP9KzZe4liWQ-3D-3D" style=3D"colo=
r: #1D5080;" test=3D"" universal=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 more rate cuts and greater market clarity ahead. <b=
><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUdLDLIRJuxkTctFaZnoSXZWwYAJ65-2FisI5NcG=
o9CWQoQ-3D-3DKaQE_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU=
gFVa0m8PzsF163sqUGIF7A65pjwCzj-2BK-2B49NaHe-2Fg8Y3ZyYj2Xm330rfCGt4XgOMarz-2=
Bo0lthFCUja0L2xgLfZhfkw5ZtsLgXN59n1DXGsAYO31UqUIjbsdnAEzXshT5yKFEsXIvlqR-2F=
JF6AqMPbMXWBM-2BEp-2FF4jnTJVy5PdysfhshB6ZnXuqRBCxS-2BJUpWkrRHebpwC26gzlgX3f=
3Gyo524pdMwfhYEedtl63CKPm94-2BFeIVy0YXYMRLR-2B2mgOh0snVW0skyUYNHSnAWJXK016m=
MFXsNfrA1NaZ71-2FfjNxib3uPUr-2BlfDFDCFYwcwPX9tZugrASfQJZjIvut70LNmMa5AXRlFd=
kOmMSmmbkhT1PhrfikeMsBQV3-2FSdd36mE8dktqOgENzrz2LeSAYv1Uha1bHCRi9jIL2gcBXsS=
NLRx3BTw3BBSg-2BZuELPE6hboAHCo3LhpLLV6JNaNv6tjHEJ7ExeoIfnVQ-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-2BaqM7ONnvsnswouzUdLDLIRJuxkTctFaZnoSXZu5P37lBK82qCIt8=
FTLFbIg-3D-3D8qXy_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU=
gFVa0m8PzsF163sqUGIF7A65pjwCzj-2BK-2B49NaHe-2Fg8Y3ZyYj2Xm330rfCGt4XgOMarz-2=
Bo0lthFCUja0L2xgLfZhfkw5ZtsLgXN59n1DXGsAYO31UqUIjbsdnAEzXshT5yKFEsXIvlqR-2F=
JF6AqMPbMXWBM-2BEp-2FF4jnTJVy5PdysfhshB6ZnXuqRBCxS-2BJUpWkrRHebpwC26gzlgX3f=
3Gyo524pdMwfhYEedtl63CKPm94-2BFeIVy0YXY-2FWw7Tue9d9R9v8n0xobOdYh-2Bfd-2Bb5p=
8kJ94utPiYHGPhLD-2FwgqDsLZ6znx3iq1sZxNaLt8IZBCFr-2FIFQdrP-2FPGI3JjXkvkAntB4=
yrF-2BaWkGQqchusXls4X-2B5A3Iphqa-2BeKR4n4lrp1oRUnycz7hncohPUb0kT4amVjbiN4Al=
I-2BPqZbridpjaPiQoC08gVrC-2FmHdRU-2FAqWHkyGYyP1N6czxcWnKgbiK-2B32Dn6FJQAMCA=
-3D-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/ne=
ws/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=
IRJuxkTctFaZnoSXZu5P37lBK82qCIt8FTLFbIg-3D-3D9Nv4_I3w5d9c01gkD8gLzFEofZR-2B=
h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163sqUGIF7A65pjwCzj-2BK-2B49NaHe=
-2Fg8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2xgLfZhfkw5ZtsLgXN59n1DXGsAYO3=
1UqUIjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BEp-2FF4jnTJVy5PdysfhshB6ZnX=
uqRBCxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYEedtl63CKPm94-2BFeIVy0YXbRG4j=
qGhpmH66vvTHXwvXeMC8PR6wBaIhwXg-2F5ULToMsYeSq2-2Fak8RIqoZrF1TYBeZ3-2BNu0wih=
kmJA5-2Bb-2F31JygzvgTH54iaT3V-2BmG33EN-2FkDHXQEr0J4d7XxvtQqBvumxN67yxqcpbkt=
Z554vzBEETO3uDRxVPyM-2FSn6-2Ba8TeuAKVJHAiH4wa35htrnSrU9fzXmoegmDi-2BD3YK9vL=
-2F1AX1QnMnEy9PiqZQ-2FtuyZUS2w-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=
RJuxkTctFaZnoSXZDtuQzqd1AuFcJYr91FY-2BSA-3D-3DfZxb_I3w5d9c01gkD8gLzFEofZR-2=
Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163sqUGIF7A65pjwCzj-2BK-2B49NaH=
e-2Fg8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2xgLfZhfkw5ZtsLgXN59n1DXGsAYO=
31UqUIjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BEp-2FF4jnTJVy5PdysfhshB6Zn=
XuqRBCxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYEedtl63CKPm94-2BFeIVy0YXadSH=
ojhBiBRZS3zvhgPIJdl40M358VnIQfDbQiZdLfb7pcm2BCHLpx-2FjZyY68BcBsz3VAs1bdXDQ8=
RTfj4dT5yVdX48UOqWY-2FR5v2NPi-2B1zEOvwS1IOk-2Fc25zpv7EjK4ttNXWkmNRn9IkSN5BU=
5ox-2FvWeOGuzc9UFN-2Bb7Y4Q5I3J2u0GmTFYnZn4VTZbUqcMg1IeQUD39CSmUUTkeGX0KCKQf=
Mbx4R-2BtyRBJsEqw7zOg-3D-3D" universal=3D"true"><img align=3D"center" alt=
=3D"" src=3D"https://img.pitchbook.com/news/70786.png" style=3D"border: non=
e; max-width: 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=
LDLIRJuxkTctFaZnoSXZDtuQzqd1AuFcJYr91FY-2BSA-3D-3D97eo_I3w5d9c01gkD8gLzFEof=
ZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163sqUGIF7A65pjwCzj-2BK-2B4=
9NaHe-2Fg8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2xgLfZhfkw5ZtsLgXN59n1DXG=
sAYO31UqUIjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BEp-2FF4jnTJVy5Pdysfhsh=
B6ZnXuqRBCxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYEedtl63CKPm94-2BFeIVy0YX=
a70abDmSde1D-2BWA2gJMt-2Bw95tDfGizrAYJQSiBHOh3Z1lhf3vn9CGKkZraq52qC06yboiSd=
8fY5g8fpX9A4SThGK1uMv3Gym6CSd4B-2FNLm5iXQmZkwYKhSdN7blPAtZy-2B-2BZxpu9byqrb=
lAyDOiLn0mmTYd7UL866ZT4hAPb-2B-2F-2B-2B9GAM1tv2JZSAkyQQ0zcyPsYF7j72-2FGxmCl=
BV1A5hzY3v9jViNCeCX69-2BWaa9REJqA-3D-3D" universal=3D"true"><img align=3D"c=
enter" alt=3D"" src=3D"https://img.pitchbook.com/news/70787.png" style=3D"b=
order: none; max-width: 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=
SXZQHgu1AtWmXyAYhpgQHLAvw-3D-3DwPBv_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf=
mzy-2F3t1yZbcbdWeUgFVa0m8PzsF163sqUGIF7A65pjwCzj-2BK-2B49NaHe-2Fg8Y3ZyYj2Xm=
330rfCGt4XgOMarz-2Bo0lthFCUja0L2xgLfZhfkw5ZtsLgXN59n1DXGsAYO31UqUIjbsdnAEzX=
shT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BEp-2FF4jnTJVy5PdysfhshB6ZnXuqRBCxS-2BJUpW=
krRHebpwC26gzlgX3f3Gyo524pdMwfhYEedtl63CKPm94-2BFeIVy0YXZ-2B10NhQXdzl2GZwMQ=
alosbgiGlD9zFb9Z4EN3FqJHAf9fRtGKAdScHXM9njhvfQe92LOTdL9apsBbSEdYE3ODH7qGzq-=
2BmaHJSSQqw0P-2BQj-2FjdcMpaEfTjCBw4sBS-2FUUoQHtnk9Z8y-2F-2FfboYuWXu5GVYxwez=
Jzzv6G-2Fpg6cEaRZavMhdbeyX9euIoPam5-2BDZWRI7nPq4D-2FFx9wJibjTw3EfAvq5v7tXQ7=
6tYkJriVt-2BRg-3D-3D" style=3D"color: #1D5080; font-family: Whitney, Arial;=
" test=3D"" universal=3D"true">Allocator Solutions: How Much Alpha Is There=
 in Private Markets?</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=
xkTctFaZnoSXZDtuQzqd1AuFcJYr91FY-2BSA-3D-3DPXCK_I3w5d9c01gkD8gLzFEofZR-2Bh6=
VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163sqUGIF7A65pjwCzj-2BK-2B49NaHe-2=
Fg8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2xgLfZhfkw5ZtsLgXN59n1DXGsAYO31U=
qUIjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BEp-2FF4jnTJVy5PdysfhshB6ZnXuq=
RBCxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYEedtl63CKPm94-2BFeIVy0YXYft-2F6=
UP0MXfDyk8TGH6NeMirERlpNxiQg3ofVOZbnmxSotsD60p1d4pVlp3zDILOV2u0gmb0RVMzlp6n=
QYJaFVNOyt1zLp4aFBMRCXvao-2BAbSgTvW4LbiI8KoYNWyKhwXnRHay2zoS1wcMkkSJT7WBMM1=
3WXVnxwTKsULTHI3vYq-2FVrjtKTGqq5MQ8apATfCcwVYwG815tvTMnOPKqwwNYffRizCNqTh5l=
ls9FUfmimg-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=
xkTctFaZnoSXZZ85ztrn6V63BIBSYVbC4Yw-3D-3DuIBF_I3w5d9c01gkD8gLzFEofZR-2Bh6Vw=
arHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163sqUGIF7A65pjwCzj-2BK-2B49NaHe-2Fg=
8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2xgLfZhfkw5ZtsLgXN59n1DXGsAYO31UqU=
IjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BEp-2FF4jnTJVy5PdysfhshB6ZnXuqRB=
CxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYEedtl63CKPm94-2BFeIVy0YXas93ATE-2=
BHlDTidsfwCtbewoFh19yMB1bD-2Bpd7JTaxtYNhBqrWIw6WCKl-2Fkp9bSER41yMPrcRN4iQOe=
97ng0M-2BCKdC3P7eI1H8-2F9ELuB7DV9vKiz4NqVkQucGi3BY9wc8-2FKTFCiEolEeK3A0ACai=
jQ0EXnDGWcYmjql32n1AtHTBiK3EYmcPAFSHuZAWMTr0jk-2BSxgU-2FNUL-2FXl0JjpcbdfXJ2=
HfK2-2FHWrUsamchsnpDZg-3D-3D" universal=3D"true"><img align=3D"center" alt=
=3D"" src=3D"https://img.pitchbook.com/news/70813.png" style=3D"border: non=
e; 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=
ZZ85ztrn6V63BIBSYVbC4Yw-3D-3DKR1F_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz=
y-2F3t1yZbcbdWeUgFVa0m8PzsF163sqUGIF7A65pjwCzj-2BK-2B49NaHe-2Fg8Y3ZyYj2Xm33=
0rfCGt4XgOMarz-2Bo0lthFCUja0L2xgLfZhfkw5ZtsLgXN59n1DXGsAYO31UqUIjbsdnAEzXsh=
T5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BEp-2FF4jnTJVy5PdysfhshB6ZnXuqRBCxS-2BJUpWkr=
RHebpwC26gzlgX3f3Gyo524pdMwfhYEedtl63CKPm94-2BFeIVy0YXYeitpqh-2FoJqeCbPdIqz=
1cRF-2B7i7ZP2rY5SgpN2tVdZNylDrRcxi80Bw3ciNZk6RLR2IfwnT7kGX5fnOqr-2Fcz2Zqt-2=
FOHvtP91ikEHAnEJfJfl2PGOYEvNw4fBsDVTJrKBxD7h69MNWl6vhrFafRl-2Fm1kRn8byk5jHA=
ofg2l2zSYw5j4iEcx55koO6KSylQyIPLT-2BMRFDYPFdTFPem0546NbgVhK5GJxaLru2assUEpJ=
Gw-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q1 2025 Pi=
tchBook Benchmarks</a> (with preliminary Q2 2025 data). Access prior editio=
ns of the PitchBook Weekly Commentary in <a href=3D"https://url6380.news.pi=
tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn=
swouzUdLDLIRJuxkTctFaZnoSXZ4pC78YGHZmANj7yfReJ2dw-3D-3DOmRX_I3w5d9c01gkD8gL=
zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163sqUGIF7A65pjwCzj-2B=
K-2B49NaHe-2Fg8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2xgLfZhfkw5ZtsLgXN59=
n1DXGsAYO31UqUIjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BEp-2FF4jnTJVy5Pdy=
sfhshB6ZnXuqRBCxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYEedtl63CKPm94-2BFeI=
Vy0YXZ4eP-2B5asnlbKPeqpJqXT03L0IOlutrOXyIC4RDY2kDUNl534JubnhW9h5E5IVd06gRw6=
Fi7rVW7WunQj1yiUPMZ04P5LQetamhbgT0X-2FkthPJgrjS879asiUyFNcwcQoZq3MlWk3pqMgo=
U1Y8TOM6fSQ0cXVWAEA9vWymdx-2F8NAembcZc1TyQvbVWS5p7gJqQT-2FmOQXGSZpFY6lmNlAR=
8PPd6-2BrNEbhs2iHHmeKoGSLQ-3D-3D" style=3D"color: #1D5080;" test=3D"" unive=
rsal=3D"true">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-2BaqM7ONnvsnswouzUdLDLIRJuxkTctFaZnoSXZEERti7Ab=
9OJmEO6VrWg1Qw-3D-3DKUyd_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZ=
bcbdWeUgFVa0m8PzsF163sqUGIF7A65pjwCzj-2BK-2B49NaHe-2Fg8Y3ZyYj2Xm330rfCGt4Xg=
OMarz-2Bo0lthFCUja0L2xgLfZhfkw5ZtsLgXN59n1DXGsAYO31UqUIjbsdnAEzXshT5yKFEsXI=
vlqR-2FJF6AqMPbMXWBM-2BEp-2FF4jnTJVy5PdysfhshB6ZnXuqRBCxS-2BJUpWkrRHebpwC26=
gzlgX3f3Gyo524pdMwfhYEedtl63CKPm94-2BFeIVy0YXaKApfqDXX9jt6STdGHOQvGd04Toq5p=
S9Pshan6yPx5YUB-2BC0LiqRh92u3cRifXr9MCU5eNMgMiV8h-2BSCV6JD5AMXpsZTSQfbFGAgt=
lWJEyWOLuqULhOTw98TaehF-2BK4H8TKeXF06BfBPvVyU6k8-2BBJlUt1Yi4goCTQWRc6bsMdeh=
mFBwIGJRCIf0u2XmUI3iWYjzzee1qS2dB9WzDurTwqcQ6RpFVsckEVvprQLopl4w-3D-3D" sty=
le=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-2BaqM7ONnvsnswouzUdLDLIRJuxkTctFaZnoSXZJEfg3CTcM=
EwXi-2F3vXLzTTA-3D-3D7RwF_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsF163sqUGIF7A65pjwCzj-2BK-2B49NaHe-2Fg8Y3ZyYj2Xm330rfCGt4X=
gOMarz-2Bo0lthFCUja0L2xgLfZhfkw5ZtsLgXN59n1DXGsAYO31UqUIjbsdnAEzXshT5yKFEsX=
IvlqR-2FJF6AqMPbMXWBM-2BEp-2FF4jnTJVy5PdysfhshB6ZnXuqRBCxS-2BJUpWkrRHebpwC2=
6gzlgX3f3Gyo524pdMwfhYEedtl63CKPm94-2BFeIVy0YXZDGTxaSfRDHnNMflDKCTCTaBkL48d=
YuDwlqe3h2-2BrPpJnWxJ-2Fu-2BeUyzx2ysVL-2F-2FuLTTOTovJRfPOCpcNw-2BpCStj6SFN9=
eE3gEKfUWTsvrJG9Vo60oLEHeHCQ1DmwazaYU10P6IPNUndTtKctKLEfQGe6re81Y4MwYp4syJV=
uCI93Y02yp9ooKfZlDCXuNo-2BWCHyFO7kmU5Me9vuSoQe-2FG-2BLO5unSIc3hHwsL7IX8Ee6Q=
-3D-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://i=
mg.pitchbook.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-2BaqM7ONnvsnswouzUdLDLIRJuxkTctFaZnoSXZEERti7Ab9OJmEO6VrWg1Qw-3=
D-3DcrkJ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pz=
sF163sqUGIF7A65pjwCzj-2BK-2B49NaHe-2Fg8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCU=
ja0L2xgLfZhfkw5ZtsLgXN59n1DXGsAYO31UqUIjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbM=
XWBM-2BEp-2FF4jnTJVy5PdysfhshB6ZnXuqRBCxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pd=
MwfhYEedtl63CKPm94-2BFeIVy0YXbEZtzCtB-2FVNVKk2ht0R9KG9NjvDTksZ0aQbrobzNzA5T=
3Vx2lA9tMCxIUVcsrWZy5uiSmNCdx-2F1upD1rMDZ3YDtsVRbRyVgxvoT9QPX7IQNPGhrb6M2zQ=
V1732UUZNG8-2FwfCnjU-2BUuXB4VhNocmbTfD77YnbBihxlBvfYZ5jk9y7PSRHui9I539Fgw8o=
DCMR3i3cELJm0gcjkIoQ1qUHBp-2Be8K3b4WNSMhN5Bp-2B7njVA-3D-3D" style=3D"color:=
 #1D5080; font-family: Whitney, Arial;" test=3D"" universal=3D"true">Read t=
he 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>
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                             <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-2FXnetDA63rrAnE8ACmzI4Y-2B3IaEcb4QVBnZGeFw-3D-3DSSan_=
I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163sqUG=
IF7A65pjwCzj-2BK-2B49NaHe-2Fg8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2xgLf=
Zhfkw5ZtsLgXN59n1DXGsAYO31UqUIjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BEp=
-2FF4jnTJVy5PdysfhshB6ZnXuqRBCxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYEedt=
l63CKPm94-2BFeIVy0YXZqBaGOr-2F0SOCu1yaelxV0fdeJEd3TCb1-2B4bZq5Cvz3ekDFEpEWL=
P7x9I8oWD9Rvm-2BR-2FytJ-2FNPGSKDEV8HUEHAQkHjGoDTBl0970iuHw9IwQRq4Cd5geaa8F8=
nHgoZC3RGuTUZz2TixsmvRWLnFfBm3yyxIDjUSszh2Q5j-2BcfTN-2Fg6VQevjPCA8ZWLNxMFJC=
Ab7iQ5ZPA6d3CNfrnGD8IMbJNwOGzvLm2P3aODY5mP8-2FQ-3D-3D" style=3D"color: #1D5=
080; 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 webinar on findings from our latest Sustainable Investment Survey. T=
hey'll discuss how priorities are changing for global investment leaders an=
d unpack investors' remaining commitment to ESG, DEI, and Impact strategies=
 in today=E2=80=99s volatile social climate. <b><a href=3D"https://url6380.=
news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn=
vsnswouzXLtZl-2FXnetDA63rrAnE8AC-2FMyJYeusUacjNXdS0tAyxQ-3D-3D035n_I3w5d9c0=
1gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163sqUGIF7A65pj=
wCzj-2BK-2B49NaHe-2Fg8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2xgLfZhfkw5Zt=
sLgXN59n1DXGsAYO31UqUIjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BEp-2FF4jnT=
JVy5PdysfhshB6ZnXuqRBCxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYEedtl63CKPm9=
4-2BFeIVy0YXYqwXaNiaZubzUE9E-2FMjmsVm5OAzzK8afp8F-2FA1xown91i5ues6OG-2Bma8i=
FwU9Pz3Toeu33RknONT4XQOKRTNa7ozXz0LwnHyVM5p15HiEpr6fauJnyeUyqfmvdLui9QvPjVZ=
SwH-2B0J9yu-2B1xctQdEHof-2FaeczoziT2gg-2F42lSQ6NXAcspEoVEb-2BxL9MK7lrXbtPt-=
2F5gERdYQa-2BL17x-2Fc0xBjfBxN7AArTylb-2BPG0gM8Q-3D-3D" style=3D"color: #1D5=
080; font-family: Whitney, Arial;" test=3D"">Register here</a></b><br><br><=
b>Oct. 20-21</b>: PitchBook is a sponsor of the Private Credit Sourcing Con=
ference in New York. Our senior director of US credit research, Kenny Tang,=
 will be speaking on the panel "Private Credit Through 2026: Opportunities,=
 Headwinds &amp; Market Evolution." <b><a href=3D"https://url6380.news.pitc=
hbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX=
LtZl-2FXnetDA63rrAnE8ACswbi-2BmegfTvEyMlIJ8-2BSVA-3D-3DrYeD_I3w5d9c01gkD8gL=
zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163sqUGIF7A65pjwCzj-2B=
K-2B49NaHe-2Fg8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2xgLfZhfkw5ZtsLgXN59=
n1DXGsAYO31UqUIjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BEp-2FF4jnTJVy5Pdy=
sfhshB6ZnXuqRBCxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYEedtl63CKPm94-2BFeI=
Vy0YXYCTXUqgzr7Q2C7jMTUYbfiy40-2F-2BI9ocIZEV2Sq06CH3Ekbbi2rnZBxcR6vPHJa6e2U=
dluRSy0TR3wANElGdDYB4pMCrmmtcYDHILe06nDQlGQR3TacKr1PsCAS70WRPk8Z65kuNXIuSzc=
qOFeZ5l4dOBPyKi0-2BsoTSTmcEnwjevBJB6kBkbBZgFLercUq-2FUlLCVmcu2uQIbRz-2BXfVu=
FJBDDfNaVl3Z7UWNQ-2FzqYaVv-2BQ-3D-3D" style=3D"color: #1D5080; font-family:=
 Whitney, Arial;" test=3D"">Register here</a></b></td>
                              </tr>
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                              </table></td>
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                           </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>
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                   </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%;
 ">
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                             <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>
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                              <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=
A63rrAnE8AC8Uw1HtAi-2BX94LGkVzTmnWA-3D-3Dc47Z_I3w5d9c01gkD8gLzFEofZR-2Bh6Vw=
arHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163sqUGIF7A65pjwCzj-2BK-2B49NaHe-2Fg=
8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2xgLfZhfkw5ZtsLgXN59n1DXGsAYO31UqU=
IjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BEp-2FF4jnTJVy5PdysfhshB6ZnXuqRB=
CxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYEedtl63CKPm94-2BFeIVy0YXYqZh741Tv=
-2FHmqppODMAfVPC-2FMRzw9XF1Gvh5zuHJZ3A583seywXoby6cCfN5BWKI0R1gGY-2BPC1PgJC=
YQffj-2FFFJMP5qB88LKCF43VFTYA92L4BaIzWuX8E5MIiKbBrwlDnSa6IVxTPzJpOOzm-2FfWg=
-2Bx5KfbXwYxvbq4o8IvTbLqRQwhTpp9IlYzmRTOMH0JG6cDEI8k5qByg28h07h2ShrWUg-2FPi=
6y0uuJhmcKOnCMEg-3D-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.=
pitchbook.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-=
2FXnetDA63rrAnE8AC8Uw1HtAi-2BX94LGkVzTmnWA-3D-3DmxuP_I3w5d9c01gkD8gLzFEofZR=
-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163sqUGIF7A65pjwCzj-2BK-2B49N=
aHe-2Fg8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2xgLfZhfkw5ZtsLgXN59n1DXGsA=
YO31UqUIjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BEp-2FF4jnTJVy5PdysfhshB6=
ZnXuqRBCxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYEedtl63CKPm94-2BFeIVy0YXai=
7VUnApBbdDorWkCDi3HP5UTLJ8qypd4Fq6jmjTA5h0BH7vK-2FZkxY1RLU-2FeLOBLScr5TK3TR=
kMRKu5J404QO719mDXSZFv41jDapr3iUqgufQnoX8GwJiv8V4038C78ZUmcGLFMxm8Ro7H3TOuJ=
QRsv0jxO4ZaYcE93C5c3bnW5uB8GQoT-2FEWi6526z4ZJT-2BnPT7kY3Yt5iJNUESwOgRcMec-2=
FuxHrgWpLVtwznaeH3Q-3D-3D" style=3D"color: #1D5080;" test=3D"">Yahoo Financ=
e</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=
3rrAnE8AC2bwrhAyBhnZhXf-2BcMSeg1w-3D-3DgcmI_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwar=
HkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163sqUGIF7A65pjwCzj-2BK-2B49NaHe-2Fg8Y=
3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2xgLfZhfkw5ZtsLgXN59n1DXGsAYO31UqUIj=
bsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BEp-2FF4jnTJVy5PdysfhshB6ZnXuqRBCx=
S-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYEedtl63CKPm94-2BFeIVy0YXb-2F91wxC2F=
dZbHHxYluJ84COdJLRE5e5s-2BT22zlInpa-2FYsXWz47lXlAwdHqLxrdquXLWXLooqbrQYWHJ0=
dzCA5A580iK5Hg9kA7SMvQTUxuNOUEjbPsnzRivDfgWJZX-2F3y4Ky7YOhBqLYYpOp4XW2aQO1A=
ILyzhy5Td38t6JRehKLkVPzzGzYyigH1ZkiUssqFKJQfwOCIr5Pv7hg4d-2FYhNVgNcSpvyKav8=
5vT3XttrTQ-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=
C93qRqOgoZ870FdIb8Z2ncg-3D-3DAdkp_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz=
y-2F3t1yZbcbdWeUgFVa0m8PzsF163sqUGIF7A65pjwCzj-2BK-2B49NaHe-2Fg8Y3ZyYj2Xm33=
0rfCGt4XgOMarz-2Bo0lthFCUja0L2xgLfZhfkw5ZtsLgXN59n1DXGsAYO31UqUIjbsdnAEzXsh=
T5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BEp-2FF4jnTJVy5PdysfhshB6ZnXuqRBCxS-2BJUpWkr=
RHebpwC26gzlgX3f3Gyo524pdMwfhYEedtl63CKPm94-2BFeIVy0YXYXLUTP6z2ilnD6MmKyVVX=
rtNVZXLBI6AXFFxZ2myZvXo7y-2BcGLyU1409HQaQPjfO6-2Fpifpu3ppQ0jmZyUO6rhLLbRB7l=
4v2KeP7DVWZ2OObZ84ZxD9wHO2CRKq5fXAy97Ak1CicMm3ePUrZ30fiGEMQJyRgFibueI5dhJm6=
W8epeNRu6iVsj7-2BnqABe-2BH9GjR24K5MuTbDnQWYhYFHtRxhTb7NIidkmeGiSEAjJ9TlRQ-3=
D-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=
63rrAnE8AC2DrWk8pcskmkbEVeT7KdrA-3D-3DxKGS_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarH=
kxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163sqUGIF7A65pjwCzj-2BK-2B49NaHe-2Fg8Y3=
ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2xgLfZhfkw5ZtsLgXN59n1DXGsAYO31UqUIjb=
sdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BEp-2FF4jnTJVy5PdysfhshB6ZnXuqRBCxS=
-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYEedtl63CKPm94-2BFeIVy0YXYaFdRs5b-2Bw=
7vR6cjwrlwTmmCzzWEs7O7gxrZrYxkMo5QwtCRJ6VtvVkGU8yYJ856hW90QgL7-2Fzxxi1tkY37=
a73Wu9AkXYj-2FMZUUgwpzQ1VFdYO0JF8BKbqLtrLAEKQ-2Bt-2BfQKu0YdtzireQdik7KNc2wY=
FuJTuEKOVKI75SSHPL5WX59lanrBHsT4G6yu-2Fg-2BI4El6ZeOOGLVZgTerpIvNH0Cl51R6FIQ=
S7nNYBDpd-2FIkQ-3D-3D" style=3D"color: #1D5080;" test=3D"">San Francisco Ex=
aminer</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-2FXnetDA63rrAnE8ACSs47Mb4jn20kaXfUPmgqdQ-3D-3Dsh6O_I3w5d9=
c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163sqUGIF7A65=
pjwCzj-2BK-2B49NaHe-2Fg8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2xgLfZhfkw5=
ZtsLgXN59n1DXGsAYO31UqUIjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BEp-2FF4j=
nTJVy5PdysfhshB6ZnXuqRBCxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYEedtl63CKP=
m94-2BFeIVy0YXYKcDDSC-2FKDuaePULDZ7wA9QyTQlnyS8GzykFivUhxlMR9HcR6MDabPBIWEl=
o2LTtoWr1mSWIgz8tAwOyWHAzgTuoLdWDUTZFjZrwEAUAgtuDuC3jpkH5N829vQ2OczgpAErwCu=
T5-2FBWTQUcwS7QQxkSzPiDg5fM-2F-2BMkZ7QMfI-2FJvjmdhYtrKgbiULMmWv9ShQorjM56eB=
AL7vaLa-2FEeGFOyWyGCBkzafyfPHbb80Yoiw-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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                    <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>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%;">
                   <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>
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0px; font-family: Whitney, Arial;
 color: #000000; font-size: 16px; line-height: 1.5;" 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-=
2BaqM7ONnvsnswouzXLtZl-2FXnetDA63rrAnE8AChxE1pLEELld-2BrQam9ISRkA-3D-3D0mYn=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163sqU=
GIF7A65pjwCzj-2BK-2B49NaHe-2Fg8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2xgL=
fZhfkw5ZtsLgXN59n1DXGsAYO31UqUIjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BE=
p-2FF4jnTJVy5PdysfhshB6ZnXuqRBCxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYEed=
tl63CKPm94-2BFeIVy0YXY8Tzlqcv-2BPlY0KJxKdG4yhxxdIflejGYEniMRM7FIXIJPdqxuVoO=
eeus0PbiYk-2Fzf1mHb8-2Bofh7aR7nPijaMaXlnnrkNv4UNB6ODZaF5YTwgXMLmYn2zu6crJFP=
YjTXNZndx9GJCxWhsqtnCCyO9zw2zd7kAetR5Oa-2FkBRBhJucpw6qRFyTeBkH-2BYVoMes4FQL=
wHjtm-2BEqTmi6DkZOcGh-2FOwUVs7d4BSU4X4SPY6qC5Q-3D-3D" style=3D"color: #1D50=
80;" test=3D"" universal=3D"true">September Global Markets Snapshot</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-=
2BaqM7ONnvsnswouzXLtZl-2FXnetDA63rrAnE8AC5-2Bj5alcTdrC8tvhRibi9Vw-3D-3D9SD8=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163sqU=
GIF7A65pjwCzj-2BK-2B49NaHe-2Fg8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2xgL=
fZhfkw5ZtsLgXN59n1DXGsAYO31UqUIjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BE=
p-2FF4jnTJVy5PdysfhshB6ZnXuqRBCxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYEed=
tl63CKPm94-2BFeIVy0YXYkourWpe1ZdbUioAWV7QSWHI37Xl0llt5D1zgBJB0wM5tpAdfHlNM3=
K02G01OBtuY-2F467oxLtBWSWpKbYmNQCT8g-2FlmZ2nTa0D0xGnqmfL36Puij3I5WcQLkXOf70=
Nkn7FsHH-2BzWDCT-2BizKHpwsdDQZ1sHM9HIzvAcl65jaAccmqRfjLVXufL6uTXZRqBXQ8j-2F=
1hpoomAx3qezD8RUshvWniXfUtejxpzo6pnuHYigoQ-3D-3D" style=3D"color: #1D5080;"=
 test=3D"" universal=3D"true">Q3 Global VC First Look</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzWrJZFSJoRJDYAIagEFJD3NkEES-2BUOvAuN-2FXLr0xcyefQ-3D-3Dyw-7=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163sqU=
GIF7A65pjwCzj-2BK-2B49NaHe-2Fg8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2xgL=
fZhfkw5ZtsLgXN59n1DXGsAYO31UqUIjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BE=
p-2FF4jnTJVy5PdysfhshB6ZnXuqRBCxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYEed=
tl63CKPm94-2BFeIVy0YXbMZhK-2FAKHIGfIu4n9DJnQ16IyJLg2AhRYPbMZmOIvVwwcoqvOxir=
gbkJdmksClWTIcm5SrwAymwbecDnJIlOIFNczgio1A7EUSLrBmI3JXKVixZuXDuVR0IXlUTueQM=
hs-2BhmDg-2Bbld-2FKdsUxouxoSyeMz-2F6g6D9uDI6zPbbLUvXh0RbM732jHUitcbUwkBdx9K=
9M9gBRxlL7YcAQ9GvXoJo-2FDfLhfwALdJIG6OcBA2Vg-3D-3D" style=3D"color: #1D5080=
;" test=3D"" universal=3D"true">Q3 Global PE First Look</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzWrJZFSJoRJDYAIagEFJD3ND-2BFZ-2FI2RcPs09Hf79s-2FFsw-3D-3D8W=
VH_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163s=
qUGIF7A65pjwCzj-2BK-2B49NaHe-2Fg8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2x=
gLfZhfkw5ZtsLgXN59n1DXGsAYO31UqUIjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2=
BEp-2FF4jnTJVy5PdysfhshB6ZnXuqRBCxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYE=
edtl63CKPm94-2BFeIVy0YXaQnR8-2FZQKwL4DKYhKUzleVNQC70QHd6uEJKeTBfVmMXA7-2BdS=
CAZAxtV23cXjcBsk-2FWCMdpg-2B8Y-2B8jnZbUVpyxe8EEBnqPPz5XweKrhbVunVTHAJF86Qah=
aY-2BxkRjQuvNQlB-2BsdX4FBBsbB-2F1n0nc-2BZ1SmUw7kG-2Fgvkw2ie8enncAciVjme2-2B=
4BgypYlNShvQS8zePb5bEshWIoON-2FvsAvspXNM4i5CEJlB7JKaI0-2F-2BGw-3D-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">Sustainable Investment Su=
rvey</a></b><br><br><b>Thematic research</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzWrJZFSJoRJDYAIagEFJD3NssoomhipWQ8P-2Bh6MSLKCZQ-3D-3DhAYG_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163sqUGI=
F7A65pjwCzj-2BK-2B49NaHe-2Fg8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2xgLfZ=
hfkw5ZtsLgXN59n1DXGsAYO31UqUIjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BEp-=
2FF4jnTJVy5PdysfhshB6ZnXuqRBCxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYEedtl=
63CKPm94-2BFeIVy0YXZtfOerXNKifHxZmaiXxOAP715cbj3jx705C0vbyE-2F564rltz97-2Fd=
pS-2FdpWl39AGp4GhmoqIidnh8KvMrzzJfW7bc5RB6y6talDpbQG5f-2FMh3la0qW-2Ba0XajbV=
1U6zpYWSd-2FO-2FssGFbhEKiQ-2BLvD7MM7sUaJXdbL4xRsYP6qTQba53t7PzkGLrlAb2osI5I=
23FBNvjuu6ktGfpGLrnz5Yn2Pz0DZfmk1Tg1cFrZgZhCAg-3D-3D" style=3D"color: #1D50=
80;" test=3D"" universal=3D"true">Allocator Solutions: Are Private Markets =
Worth It?</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-=
2BaqM7ONnvsnswouzWrJZFSJoRJDYAIagEFJD3NO6AvLWS0ObDdAOsXAog-2BRA-3D-3DRvUg_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163sqUGI=
F7A65pjwCzj-2BK-2B49NaHe-2Fg8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2xgLfZ=
hfkw5ZtsLgXN59n1DXGsAYO31UqUIjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BEp-=
2FF4jnTJVy5PdysfhshB6ZnXuqRBCxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYEedtl=
63CKPm94-2BFeIVy0YXZqkMTk8P4Rtmj-2BoEeRSmOHFHPyYI2-2B9yD-2Fzvt8BrkK98-2Fy6Z=
-2BWq9iXLt13-2FdyRqLcCQLprgo-2FyhSLZ5YWoHVnv7twxEVfbeCk2INOkKg0NWQS7TLvnIRr=
4v4-2BfD4o5t9YIeroF7DCiKCRe3CdAni7pa1pDwVOm8V-2BoIhU3LpcJ5Suo8SjO72FeqkFLeU=
epNyeUkfh01RB2tpmSJzPUAEh8vuRbx8KjfWhpwZoHGu1mVg-3D-3D" style=3D"color: #1D=
5080;" test=3D"" universal=3D"true">A Deep Dive Into Electrical Contracting=
</a></b><br><br><b>Industry &amp; tech research</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzWrJZFSJoRJDYAIagEFJD3NCp3Oo-2BH1OIu9thbEE-2F-2B5Pw-3D-3DIK=
TV_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163s=
qUGIF7A65pjwCzj-2BK-2B49NaHe-2Fg8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2x=
gLfZhfkw5ZtsLgXN59n1DXGsAYO31UqUIjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2=
BEp-2FF4jnTJVy5PdysfhshB6ZnXuqRBCxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYE=
edtl63CKPm94-2BFeIVy0YXbQLaMqC-2F8yOysrcc-2BzsRq6j8LXsG697tJB3iMh-2F3zCn1aL=
-2FYoSgD6oiFpXVHafv6yDRnH6cYbTJjuAajQx7VbnthTDm7HO1-2BDNK-2F9B-2BnRzWwZ-2BM=
hRq4JWIRjJb4YIrjUzAqKi9Z7FqFNzglTAjXud5vGjSUNylwvmCqsYTA-2BUPcamWHvyLJ6ccIS=
39z6sX93TeiFG8cSJ669OVBej3e65dqOxmMq5tdWVmsSvs-2BDcowA-3D-3D" style=3D"colo=
r: #1D5080;" test=3D"" universal=3D"true">H1 Healthcare Funds Report</a></b=
><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzWrJZFSJoRJDYAIagEFJD3NbljtfLdwgjve-2FWMhSq3cww-3D-3DqGeY_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163sqUGI=
F7A65pjwCzj-2BK-2B49NaHe-2Fg8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2xgLfZ=
hfkw5ZtsLgXN59n1DXGsAYO31UqUIjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BEp-=
2FF4jnTJVy5PdysfhshB6ZnXuqRBCxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYEedtl=
63CKPm94-2BFeIVy0YXajRKplZpNx39f0bHeHbsV-2F8wgyC9H2JcMs1z9gSSppGEoZaCJ57sO8=
dWcomXTo3KZosgf-2FsJorcGzyyWJXr4gC41eSeoNVFPOM7Ks7wTMGdoJ55SgA-2FtoCb77OSdn=
Vtqh-2FcKKPYEdb3Y3mTj3VJcGcLmQPj4PYLvP5DBoH0ofFqDEk4fhMNnArIxqmGiYgCaFw59lr=
cAkNnybUFumHWu41gWTIvoCSWcRsOpCZEkP0SQ-3D-3D" style=3D"color: #1D5080;" tes=
t=3D"" universal=3D"true">Q3 2025 Agrifood VC First Look</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzWrJZFSJoRJDYAIagEFJD3Njlh0MpPmtF64W2Xr8C9JUQ-3D-3DB-W9_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163sqUGIF7=
A65pjwCzj-2BK-2B49NaHe-2Fg8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2xgLfZhf=
kw5ZtsLgXN59n1DXGsAYO31UqUIjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BEp-2F=
F4jnTJVy5PdysfhshB6ZnXuqRBCxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYEedtl63=
CKPm94-2BFeIVy0YXZEONzyZPxGsU-2FSSWuu8YZ9rbbRg04WjmDZV8ECdwzHT2sQLpA1hpYjZp=
YrRRSVSk4kTWWI9xsPSjy41sicBKTAXr9Zagen88Z06p6bL-2F8qcnpCQvKRMLo8-2B-2BLAq6z=
uFzRuERYTCnDtzZm59VmmM2IjTP5VSKPRFlDLCpbXpbRMPxx8AtTjvddo1taaelLgXy9tltT-2F=
XLKrnZLiorKfPv8a8sk7czAp7l4mWOxcQMLeDw-3D-3D" style=3D"color: #1D5080;" tes=
t=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-=
2BaqM7ONnvsnswouzWrJZFSJoRJDYAIagEFJD3NshvRqaYcOgL9OZpfKwBpBg-3D-3DyEoK_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163sqUGIF7=
A65pjwCzj-2BK-2B49NaHe-2Fg8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2xgLfZhf=
kw5ZtsLgXN59n1DXGsAYO31UqUIjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BEp-2F=
F4jnTJVy5PdysfhshB6ZnXuqRBCxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYEedtl63=
CKPm94-2BFeIVy0YXb-2Fhe5K41lQAHfdr72xnyx5haCM9lPxwxDBzQV8x-2BEaQ-2BehbuClZo=
5VTkqQFFNz3SUMvD-2FKqicDUE9Rlg5FBm-2BdosNUGljJUDmvJMBQKuS4jUlN4kIDnDxMrT-2F=
7pcs-2BBJPaoK3ydT-2FsCRQHG49SO6Kje3GpsYTGjQijfIb3uY11v7QYP1fIk1DoxOX6UX6YC-=
2BVl2t7stys97ffR5OKGD8e7zlRHkWkD1Hh9Tue9ptQXLQ-3D-3D" style=3D"color: #1D50=
80;" 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-=
2BaqM7ONnvsnswouzWrJZFSJoRJDYAIagEFJD3Nti61hyzP3GlHalVmK99zBQ-3D-3DMvlm_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163sqUGIF7=
A65pjwCzj-2BK-2B49NaHe-2Fg8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2xgLfZhf=
kw5ZtsLgXN59n1DXGsAYO31UqUIjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BEp-2F=
F4jnTJVy5PdysfhshB6ZnXuqRBCxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYEedtl63=
CKPm94-2BFeIVy0YXaioWyXwdfqTCq-2FDZO0-2FPHPHmK5mq3VxnafYOvKb8V-2B1Fo3FvNwig=
9F2IynW-2Bzu7Yd7PLQg8CAuSeznTWAWoKLVUljJm-2FrSomaH484VH-2B2Q-2BGQWdtaX6EAql=
-2FExkkusYFTy-2B9ncJbJ-2BRQgXMTNGN8hCj-2Be8Kzk3kRCETqgffSadOYm1dpqGQa8aJq0Y=
gDduUao28zPFHxi415fLYQ07PofyHz0RmZBsgpnBaQS-2FUCF7Yw-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-=
2BaqM7ONnvsnswouzWrJZFSJoRJDYAIagEFJD3NNisJwQ1TjDtO4sk3LkAGhw-3D-3D4BRY_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163sqUGIF7=
A65pjwCzj-2BK-2B49NaHe-2Fg8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2xgLfZhf=
kw5ZtsLgXN59n1DXGsAYO31UqUIjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BEp-2F=
F4jnTJVy5PdysfhshB6ZnXuqRBCxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYEedtl63=
CKPm94-2BFeIVy0YXYe7D-2BI1x-2FZpbpqXDGitf7HI0usYFQiwmdaSYNjsrY9qeDAD9RkyIu1=
WgPVYWIkv9VSC-2Ftv88nVwpLZVGUJvqv0OPJceY7wQDs8LtIw7g7Xgj2OfRappr0VXIjFj7ZyL=
Ln9nd-2F-2FKzUlMtMmcu9bjwrzf6QzCVgvhV6FLiv3UcC1L1DnAIQyutN9FT4JLPGtMCUJGHWJ=
VTKykerzeI8dzoYUkuruFadPwB44JFUcpB1lVA-3D-3D" style=3D"color: #1D5080;" tes=
t=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-2BRu75bqFDe3O4-2BMhW9zZErjQLMmWDRmJA-3D-3DDT=
Bm_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163s=
qUGIF7A65pjwCzj-2BK-2B49NaHe-2Fg8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2x=
gLfZhfkw5ZtsLgXN59n1DXGsAYO31UqUIjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2=
BEp-2FF4jnTJVy5PdysfhshB6ZnXuqRBCxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYE=
edtl63CKPm94-2BFeIVy0YXYpIAhYC9UWuxNgO6G5m28IaH6F620xhh3dF5lYUeU8zPYwWd-2BB=
sbMi5J4JvfcBuM5dULKvfUd6MVgunOVCktG0RsS5UmIjiPyoU-2FSZHOC2Yne0TGBOMhhIsAxbF=
iJGez3vafQmgbqM5BKiYZLTTA5kLc3HLL8lpO2MRq52W0q3B5umlixAEQkeNOJcSobLQUc9xLrS=
-2BaKIglWlzYYZKaFtZ6lm8HGdOH52oprRGQIHig-3D-3D" style=3D"color: #1D5080;" t=
est=3D"" universal=3D"true">Global Distressed Credit Weekly Wrap*</a></b><b=
r>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzXA5ypW299-2Bg-2BRu75bqFDe3O4-2BMhW9zZErjQLMmWDRmJA-3D-3D-U=
kg_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163s=
qUGIF7A65pjwCzj-2BK-2B49NaHe-2Fg8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2x=
gLfZhfkw5ZtsLgXN59n1DXGsAYO31UqUIjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2=
BEp-2FF4jnTJVy5PdysfhshB6ZnXuqRBCxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYE=
edtl63CKPm94-2BFeIVy0YXabOF-2B5UNvLvvpy8jqU9MwJuz5ohk8T9UdIERnIJ-2FsU-2FnIy=
CLP-2B-2FYFWV-2Fn2CIiSTNzu7ZLyU7EyimfCimLCFuW3e4TjENFRODhtr0T2r4-2FDqYpD34h=
N1nxYvwDpK376KDIg-2FG071ZOzI0MDsA4sKHgGfaXLW0lb62PxeLU0xcERH2vY242ASzBwY1DB=
0byUDOvchCiGVZS4xlGYejz3c6IcDsBP7EdlOlK1GWOIugmc3g-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>
                               =E2=80=83=E2=80=A2 Q3 US PE Breakdown<br>
                               =E2=80=83=E2=80=A2 Q3 PitchBook-NVCA Venture=
 Monitor<br>
                               =E2=80=83=E2=80=A2 AN: Sizing the GP-Led Sec=
ondaries Market<br>
                               =E2=80=83=E2=80=A2 AN: Q3 2025 Germany Snaps=
hot<br>
                               =E2=80=83=E2=80=A2 AN: The Medtech VC Parado=
x<br>
                               =E2=80=83=E2=80=A2 AN: Impact of AI on Suppl=
y Chain Tech</td>
                              </tr>
                              </tbody>
                              </table></td>
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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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                  <table class=3D"                " cellpadding=3D"0" cells=
pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%;    =20
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                     <td lang=3D"x-advertisement" style=3D"padding-bottom: =
20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht=
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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: white;  min-widt=
h: 100%;">
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                    <tr>
                     <td style=3D"width: 20px; min-width: 20px;"></td>
                     <td style=3D"padding: 10px 0 5px; font-family: Whitney=
, Arial; color: #78766F;">
                      <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%;">
                       <tbody>
                        <tr>
                         <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>
                        </tr>
                        <tr>
                         <td>
                          <table lang=3D"x-counts-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%; t=
able-layout: fixed;">
                           <tbody>
                            <tr>
                             <td style=3D"display: inline-block; width: 24%=
; min-width: 24%;
                                                    text-align: center; flo=
at: left;">
                              <div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: 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
                              </div></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td>
                          <table lang=3D"x-counts-btn" cellpadding=3D"0" ce=
llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                           <tbody>
                            <tr>
                             <td style=3D"height: 5px; line-height: 5px;"><=
/td>
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                              <table cellpadding=3D"0" cellspacing=3D"0" bo=
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=
BRu75bqFDe3w54f-2BefI18gdp7PAwc9YRQ-3D-3DPyDO_I3w5d9c01gkD8gLzFEofZR-2Bh6Vw=
arHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163sqUGIF7A65pjwCzj-2BK-2B49NaHe-2Fg=
8Y3ZyYj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2xgLfZhfkw5ZtsLgXN59n1DXGsAYO31UqU=
IjbsdnAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BEp-2FF4jnTJVy5PdysfhshB6ZnXuqRB=
CxS-2BJUpWkrRHebpwC26gzlgX3f3Gyo524pdMwfhYEedtl63CKPm94-2BFeIVy0YXZPlBQPibU=
zX6VsOMwa7p3KC1vz6V5F1Ljetyqw28kQwTKWdgeCqZlFwATU29QW75pHEXF0-2FtcIX8s9J1-2=
F-2BhIr6MXx8-2FS7BNTLX2raJZSd3cR1YhAJ7JDThCaN7rkibeNqOoWpoEWTD-2BMVMZcC-2FQ=
zBMdjV9BEmi5psD-2FmJa6LFAUk6-2F4uMhuVZ96xSqZ4hbnYnliIjon2HJputj3evJG5M4aOEy=
NWHTn1-2FkayA4Bfuuyg-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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                            <tr>
                             <td style=3D"height: 25px; line-height: 25px;"=
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                 <td height=3D"20" style=3D"line-height: 20px;">&nbsp;</td>
                </tr>
               </tbody>
              </table></td>=20
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ight" style=3D"padding-left: 20px;">
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0fgl71jeuam-2BkiDx7BHXXOmfj8ezyhaqfYXm-2BteAmemLKM4WBT0pZyqD0lNpnTX-2FvsVEj=
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