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style=3D"paddin= g: 20px 20px 25px 20px; font-family: Kepler, Georgia; font-size: 36px; font-weight: 700; = line-height: 44px; color: #051C38;"><b>The Research Pitch</b></td> </tr> <tr> <td style=3D"padding: 0 20px 20px 20px; color: #78766f= ; font-size: 14px; line-height: 22px; font-family: Whitney, Arial;">Octob= er 11, 2025</td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; text-decoration: = none; color: #000000; line-height: 24px; font-size: 16px; font-family: Whit= ney, Arial;">Presented by <a href=3D"https://url6380.news.pitchbook.com/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUdLDLIRJuxkTct= FaZnoSXZu5P37lBK82qCIt8FTLFbIg-3D-3DJqMg_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkx= BRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF163sqUGIF7A65pjwCzj-2BK-2B49NaHe-2Fg8Y3Zy= Yj2Xm330rfCGt4XgOMarz-2Bo0lthFCUja0L2xgLfZhfkw5ZtsLgXN59n1DXGsAYO31UqUIjbsd= nAEzXshT5yKFEsXIvlqR-2FJF6AqMPbMXWBM-2BEp-2FF4jnTJVy5PdysfhshB6ZnXuqRBCxS-2= 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cellspacing=3D"0" border=3D"0" align=3D"left" style=3D= "min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: 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= 0px; font-family: Whitney, Arial; 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"> </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;"> </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"= > </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"> </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> </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> </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> =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 & gas benefiting from rising power consumpti= on needs. </div> <div> </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"> </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;"> </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"= > </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> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0;" colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 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 & Events</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: 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-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 & 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> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0;" colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 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;"> </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= 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"> </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>ICYMI</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: 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= 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= 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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 & 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= 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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-= 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=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> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0;" colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: 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" 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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; 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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> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;"= ></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> <td style=3D"width: 20px; min-width: 20px;"></td> </tr> </tbody> </table></td> </tr> <tr> <td height=3D"20" style=3D"line-height: 20px;"> </td> </tr> </tbody> </table></td>=20 <td class=3D"side-bar" width=3D"140" valign=3D"top" align=3D"r= ight" style=3D"padding-left: 20px;"> <table lang=3D"x-sidebar" align=3D"left" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td> <table lang=3D"x-sidebar-block" width=3D"140" cellpadding= =3D"0" cellspacing=3D"0" border=3D"0"> <tbody> <tr> <td align=3D"right"> <table class=3D"desktop-only" cellspacing=3D"0" cellp= adding=3D"0" style=3D"border: 0; width: 100%; 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