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#78766f; -webkit-text-size-adjust: none;"><span = style=3D"color: #78766f; font-size: 1px; display: none !important;"> Latest= US PE Breakdown; Zooming in on secondaries; How AI is transforming supply = chains... </span></td> </tr> </tbody> </table>=20 <style> @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 800; src: local('Roboto ExtraBold'), url('https://fonts.pitchbook.com/ne= wsletter/Roboto-ExtraBold.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 400; src: local('Roboto Regular'), url('https://fonts.pitchbook.com/news= letter/Roboto-Regular.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 300; src: local('Roboto Light'), url('https://fonts.pitchbook.com/newsle= tter/Roboto-Light.ttf') format('truetype'); } @font-face { font-family: 'Roboto Serif'; font-style: normal; font-weight: 500; src: local('Roboto Serif Medium'), url('https://fonts.pitchbook.com= 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Research Pitch</= span></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 24px; font-weight: 300; padding-top: 9px;"><span>VC, = PE and M&A</span></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 14px; padding-top: 11px; padding-bottom: 38px"><span>= Presented by <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du= 001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWlvgf4AKBQgxG9vkHMp2uuHtv2e= 0pC2L1iEdaqC0b6vQ-3D-3DIXdO_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t= 1yZbcbdWeUgFVa0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555= hbgRHR-2FMq4pvsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wn= mojQAi3ucFudiT5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-= 2FlGlcN6F5uitIIecer5jFaJf43ugO1s4J2zxBnoHbPqj7Ch5P3gf5v0K5-2BiXRlFySkLOPQm9= R3gGOAI5HhQaGKEjtq-2F2uAig4t8YY54J2mg5Ws4ADywadIP5tPMl8aud6bgJVy9-2F-2B5D38= 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style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>US = PE Breakdown</b>: Q3's report is now available, featuring new overview metr= ics for PE deals and exits, a credit conditions section, and expanded secto= r-specific deal charts. <b><a href=3D"https://url6380.news.pitchbook.com/un= i/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWlvgf4AKB= QgxG9vkHMp2uu8OYL-2FIaMjGRT4Z5bDEmBbg-3D-3DtfSf_I3w5d9c01gkD8gLzFEofZR-2Bh6= VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2= FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp79tde= OHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53u-2Bo= nchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf43ugO1s4J2zxBnoHbPqj7BuCgMPUHw= nJ3OtYNUlv2ZL56J5ReDDEr9bHXImwaXIzG4D133LT4HMDtRIvG4KMKCCKVHzpqh3hUPcuD3Ylz= u8QkyjkL5aQpOQoj2QeqhtI1COL-2FupbQflYLrnpBYK9DYBaXXERBnGwuGqelGefSdAyoI8NOm= vNtWg6B2KL006QUEDFcbfEJSJlgq4-2BlZCpP-2FHoVf2TqEdzSz9NH4G5T-2FYHjiSn-2BSdtU= Rj3SECcSWUBzSzDf-2FgnUjJf1DWmIqCWWo-3D" style=3D"color: #1D5080;" test=3D""= universal=3D"true">Read it here</a></b>.<br><br><b>Zooming in</b>: Our new= analyst note broadens our secondaries coverage to include fund interests i= n US VC, breaking down how GP-led deals work and why they've trailed direct= secondaries. <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click= ?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWlvgf4AKBQgxG9vkHMp= 2uuL30k-2F5qarLojYLXyDwmmIw-3D-3Drjev_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRF= Cfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBS= doR8rYN555hbgRHR-2FMq4pvsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ7= 2dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC= 4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf43ugO1s4J2zxBnoHbPqj7DTboPekdCR2yWNNaJ36= K9GF2RSCGuSRh4E1o9HyFjVkw-2BgRq-2FfBbD0EG50Sg2JcvstFEzv9XUGfz6SuttyMiBh-2BG= C2H-2Bcc2U49ZH8kKHR1e3VQR6Iu2gqm5Inxlmf4TuEZuXi8M9hkFyEQPFCU0gre-2FvBdsPYiv= FN1oomQbO8H5BUoH-2FIJPUBhlIz32XRzN5-2FwSD8Xsxs601-2F3vc2yhQcK0z0ciGMNp2nCKt= -2BgQ8Bq76oUxduD4NLMdrorKuZnOb0-3D" style=3D"color: #1D5080;" test=3D"" uni= versal=3D"true">Read it here</a></b>.<br><br><b>Supply chains rewired</b>: = AI is reshaping every aspect of supply chains=E2=80=94and investors are tak= ing notice. Our analyst note explores how companies in the sector are putti= ng AI to work and who=E2=80=99s coming out ahead. <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzWlvgf4AKBQgxG9vkHMp2uucCq3Y04A69H0kMbQhLVNsQ-3D-3D4l7W_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri6cY9RS= I-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTydwPQurC= OOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oeO-2BRK= 8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf43ugO1= s4J2zxBnoHbPqj7BEU5rfAiApYWutLaIOPs5QXy6fpATVnENvYAdPjjtP6I6yIyQzDkF680NVrm= 5UqQKZ7fqkow7NivjW8GSqCz0jzDWI60i11BxW0iRZZbTnVgp2BDu1F2xivEtD86Jz-2FzvK5Ct= DrYhLP1HjjOoBNm864eM1qjNqtJ7jSq6Bw-2F4ZCdWmnsqDUEO9fXkrZqJjdSturYFfzvBZOjKd= M8ZfvNMZ8udKfehdSf4-2F8LdYGfm9fQBmWfkWQNLGzBA1whQCLP8-3D" style=3D"color: #= 1D5080;" test=3D"" universal=3D"true">Read it here</a></b>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>A message from AlixPartners</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_573687" id=3D"n_573687" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> Be a part of this year=E2=80= =99s AlixPartners Leadership Survey </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"right"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" style=3D"float: none; padding-left: 15px; "> <tbody> <tr> <td align=3D"right" style=3D"text-align: righ= t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWlvgf4AKBQgxG9vkHMp2uuHtv2e0pC2L1iEda= qC0b6vQ-3D-3DAHgl_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU= gFVa0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FM= q4pvsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucF= udiT5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5= uitIIecer5jFaJf43ugO1s4J2zxBnoHbPqj7B3nwJMOflAHzfui6kq3j25F15GsI8JnBYecDPAA= zlyDTv0tVrDpl3y0-2B1Tm2PhFJThE-2BZJSnAoLI4PvqXm33uJPwFQgV6MGiB7OMRL2CsOWZ8i= UXcsfyZiUB6yI3rWfLOkyFocHygoShYnL48GGq-2B9h7ZWYbUQsU-2BX2jObZjmdRtZBQYSp2ls= pFimAuXEBhRBCfV4phxHyHQzCkBy32xyH-2FSB6eUrfYBhubqlKlGqq66vRFs5X7SFZ0uCMuK07= kQE-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/ne= ws/70870.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>For the 11th year, AlixPartners is co= llecting data for its annual PE Leadership Survey. In last year=E2=80=99s s= urvey, 41% of PE executives cited senior leadership at portcos as a top con= cern. With hold times at record highs, PE firms sitting on top of huge amou= nts of dry powder, and economic uncertainty, a high-performing leadership t= eam is crucial to success.<br><br> Take this year=E2=80=99s survey to receive a= copy of the report when it=E2=80=99s published. The findings will be impac= tful as firms look to drive value in 2026.<br><br><a href=3D"https://url638= 0.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7O= NnvsnswouzWlvgf4AKBQgxG9vkHMp2uuHtv2e0pC2L1iEdaqC0b6vQ-3D-3D_ogB_I3w5d9c01g= kD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri6cY9RSI-2F-2F= f9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTydwPQurCOOOb1-2= F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oeO-2BRK8dfYks8= eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf43ugO1s4J2zxB= noHbPqj7ArLMQiUGtvXSmEK7T4HctZQtlEi702hVXx1jOWNK1jYFI1bhlWGiakaYWbXKbZu-2BO= UpoXY1G-2BrbJw5Bf7xpHSfsc2GMMDq-2BRPcEwav-2FsRVOeio0RzUV01Wjq-2FqL61qdeYG2z= MPRtTT3J7bzezQakz5-2FG5xVFb7DQemS8TItPWQlJpAB6ginjssB6-2FSRIr5HbSUt6w2mFP8p= JpTXPJirj1SPMV3zTGs4xD-2Ff4HiDs8gYsDZXPmrNj274Zi-2BdYTktHs-3D" style=3D"col= or: #1D5080;" test=3D"">Take the survey now</a></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_573691" id=3D"n_573691" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> The IPO 'comeback' isn't what = it seems </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <div> Figma led a string of splashy IPOs in Q3, and= several billion-dollar acquisitions reignited hope that liquidity is retur= ning. YTD dealmaking and exit value have already crossed annual totals from= the post-pandemic years 2022 to 2024. But beneath the optimistic headlines= , venture is still far from recovered.=20 <br> <br> Our latest findings in the <b><a href=3D"htt= ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW= Irf6GFa-2BaqM7ONnvsnswouzWlvgf4AKBQgxG9vkHMp2uuIaQnJGCAIDUFR2-2BXFohALg-3D-= 3DyhUi_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF= thri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeq= rTydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJ= s8oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5j= FaJf43ugO1s4J2zxBnoHbPqj7Bv4mEFWfC7UDwypwDtNHbZJVLd5iBkJ7eaOOHb1f1xi24P2d3c= O4trsjytl99SdjNEFRTZRBWaISOZ1NFaOW8x1TMrM0NJXo-2FBHZ7d-2BMktJaEsHvRI1ufVSLT= i-2FWb0NYlOzffA9qQSWXIGmZMICVn-2BOTDbfcehBxPXbszp5laVIy3GW9oXdoBeoDI1nu74Qa= i60K4gfRJUB6O-2BItSPr8CULYSPWTxupAYjpkPqHpEmpTfaf6AtB0Vw9DgmFl80H44-3D" sty= le=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 2025 PitchBook-NVCA = Venture Monitor</a></b> reveal that 2025 is on pace for the second-highest = number of exits ever, but three-quarters of those are small acquisitions of= early-stage startups, not the kind of blockbuster liquidity events that re= store market confidence. </div> <div> <br><a href=3D"https://url6380.news.pitchbook= .com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn= 62sMPFp1p8Ru0fDSUjE9I6ndLZwCPwEgcOyl0SSalg-3D-3Ddv9V_I3w5d9c01gkD8gLzFEofZR= -2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEl= lgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp= 79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53= u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf43ugO1s4J2zxBnoHbPqj7AXb-= 2FFXxmEajM7dxbntsFpJCoERcD2qYiu4-2F9bLJjzHL1nXNUw6LK2NoOOgXJPdoEc-2BsE1CZvf= kcLQdFJp3toFC7GSHp9Ql24kmHwnekset7YuBevIa-2F58Q-2F56b0au63OSW4ZyBDWL-2BHKkK= TOcpVMjwDR0zI1l5hbJrJ6Qmc630TwB0jLtOy-2BODgkQ4oEUF4WWlRmHxf4VwSLKy3SYlkBLp6= hbMbBiKpzJH8JtS683cVxNRQmibQGDxhif4BwemzLI-3D" universal=3D"true"><img alig= n=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/70874.png" styl= e=3D"border: none; max-width: 420px;"></a> </div> <div> </div> <div> Even the latest IPO wave, while welcome, rema= ins heavily concentrated among profitable or policy-aligned companies. Outs= ide of AI, space, and crypto, most IPO hopefuls are preferring to wait out = the macro uncertainty before going public, so the pipeline of filings remai= ns a trickle, not a flood.=20 <br> <br> Meanwhile, AI and mega-deals continue to dom= inate the venture narrative. Nearly two-thirds of VC dollars this year have= flowed into AI & ML deals, pushing valuations ever higher even as liqu= idity stays tight. Nine-billion-dollar-plus financings accounted for nearly= 40% of Q3's deal value, with standouts like Anthropic, Databricks, and xAI= raising enormous sums at record valuation growth.=20 <br> <br> The result is a top-heavy market. Though hea= dlines might say "venture is back," our data suggests otherwise. 2025 is a = transitional year for the asset class, and we are cautiously optimistic tha= t this year is setting the foundation for the beginning of a recovery in 20= 26. </div></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"center"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"float: none; "> <tbody> <tr> <td align=3D"center" style=3D"text-align: cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSUjE9I6ndLZwCP= wEgcOyl0SSalg-3D-3DHYXF_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb= cbdWeUgFVa0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgR= HR-2FMq4pvsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQ= Ai3ucFudiT5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlG= lcN6F5uitIIecer5jFaJf43ugO1s4J2zxBnoHbPqj7CDOj6DZMqJnDru0-2F3-2Bf8714-2FFtM= ntrRIkiyrOY5aWdRCvSs1OCgfOQtjB6T-2B6s9O-2F-2FNzzVXO6p-2F8PaxCdQphY-2FOF1UoC= yobwgn4aekj5Hd57AoeaMcLCzpDqiabX5xQA4BjpMa9XmgUbsecVyXPHbtgO2D1TQlejIN2zmCY= 9Vj95nTvt3G8836F4ito1ksnRgSDaMTZwWNQ1Lhtjq2VFakyssflymVZTl72lQe-2BQalPnlrck= GHCOrEd8-2F4qaELDFU-3D" universal=3D"true"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"right"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" style=3D"float: none; padding-left: 15px; "> <tbody> <tr> <td align=3D"right" style=3D"text-align: righ= t"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/615= 86.jpg" style=3D"border: none; max-width: 420px;"> </td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>Best,<br><br><a href=3D"mailto:emily.= zheng@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Emily Zheng</a><br= > Senior Analyst, Venture Capital</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Industry & Tech</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br><b= ><big><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSUjE96IsqEXIT= eSQF6algVknF3A-3D-3Dwudf_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZ= bcbdWeUgFVa0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbg= RHR-2FMq4pvsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmoj= QAi3ucFudiT5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2Fl= GlcN6F5uitIIecer5jFaJf43ugO1s4J2zxBnoHbPqj7Ds2F3KvDUpkyeguI1yzA-2FKVvBXDb93= z9tvc-2B-2B-2F3yDWPela6LBMwArGgdRjIVQNTRzfgAsy-2BwpIiyoxA73zXY1G3GUvotwnH0o= hL3hlieMLt6Ld611gFVPyj1xTrB4fVctgmohZu2kH37BtzztJH0eu4Z3ycuzVqeOEisyZ0Yym1a= hObOxQnrLiTUKYlOER5v-2BgOionZe9bpdizoAdOjYzT8h8s0QzdTqO2YXv1Vliaoe8nvrpND5y= MRcp0WFknUVM-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">H1 = Healthcare Funds Report</a></big></b><br><br> Fundraising performance between PE and VC he= althcare specialist managers diverged in the first half of 2025.<br><br> In PE, allocations to the sector remain elev= ated=E2=80=94with healthcare funds accounting for a record 3.8% of all PE v= ehicles closed.</td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"center"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"float: none; "> <tbody> <tr> <td align=3D"center" style=3D"text-align: cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSUjE9Vw0SVRGWE= tl4KX-2BeWUTWvA-3D-3D3EcQ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hb= gRHR-2FMq4pvsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmo= jQAi3ucFudiT5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2F= lGlcN6F5uitIIecer5jFaJf43ugO1s4J2zxBnoHbPqj7CSUHVeKfzG3Pjqodne1-2B-2FNssXhC= FQl1cwqk8uNG69WYulMhMFeoZPCVZk3pkvF6DnUaP1F4WC9Se9PltjZLvZWHbwD8k4xfP9XybZ4= Q6P81SyqPHXOR5-2Bw-2FNJFTs4lYPOSyi7g2fjn99MMGWrT8HnoEYIxMRJSXkDDdPTADNE8Mwe= 0pXkMfsx2iBtS1J-2BkmZx-2BGOtH6MtoJNY-2FGFFDp7hVrqJXsBWoipvjOoy-2FzVUN3I5oLZ= JEwDNCPF3N4eVBfDI-3D" universal=3D"true"> <img align=3D"center" alt=3D"" sr= c=3D"https://img.pitchbook.com/news/70921.png" style=3D"border: none; max-w= idth: 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: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> For VC, the picture is more subdued: Life sc= ience funds are on pace for the lowest tally in over 10 years, as the bioph= arma sector weathers a downturn.<br><br> But healthtech specialists are faring better= , according to our recent industry report, which covers over 500 healthcare= and life sciences specialist managers across VC and PE.<br><br><em><b><a h= ref=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4= Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSUjE96IsqEXITeSQF6algVk= nF3A-3D-3D3bzj_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFV= a0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4p= vsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudi= T5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uit= IIecer5jFaJf43ugO1s4J2zxBnoHbPqj7AyegLAW7dp1N7oSY-2BMuJUTzuN-2B1r8u6btXg7FG= vjfd6XzFwwm2yU5lD1qFJQvSM55Ghzx0Rp-2F9D0r-2FCmP5HaALIS3m8vkWkYFWcOMnIBgWvXC= GFAOAiLaZyaByM2r4R9YMBu3oo0bY6rQeTK-2Fzstr1-2BFjaThk2S1wPr8gCBI6WxMmBPQW-2F= -2Bgbu9QqLkdOBYh-2BeqSEc9t-2BOdyw7kgkgihGgYdBLz4P-2BREx-2FjLttZHItLf9G8K4Xl= -2BzDWrf3hOvNtiA-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"= >Read the report</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: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Webinars & Events</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Oct= . 20-21</b>: PitchBook is a sponsor of the Private Credit Sourcing Conferen= ce in New York. Our senior director of US credit research, Kenny Tang, will= be speaking on the panel "Private Credit Through 2026: Opportunities, Head= winds & Market Evolution." <b><a href=3D"https://url6380.news.pitchbook= .com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sM= PFp1p8Ru0fDSUjE9ygxwuHc4DOV3gFW-2Fc-2FJcgw-3D-3D5ArS_I3w5d9c01gkD8gLzFEofZR= -2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEl= lgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp= 79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53= u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf43ugO1s4J2zxBnoHbPqj7C3sd= uo9CofMyirTDcWZN-2BYA9nZT0LPJwBd5oLLckO-2FspM7J7fPnKMjmyGkwPQQ-2FUjb53x3M-2= F5xD4tor-2FJM289IbJu80ujxwjKPHU5L-2B38aUPb04ABnn9lXA-2FoR4Oktn6BmuAXW7Kt1bw= licwNyOkUUizHBmkVgV-2BFYG0emY4K6A9TfnHreo0JeYxItpj0NvN5U2TOPfRTx6tOqnmReYwX= Hq4RtPzh29bkbnsCiexz5JmJU98vLG0VICf2vU-2BmL0DI-3D" style=3D"color: #1D5080;= " test=3D"">Register here</a></b><br><br><b>Oct. 28</b>: PitchBook's Hilary= Wiek and Annika Villegas will host a webinar on findings from our latest S= ustainable Investment Survey. They'll discuss how priorities are changing f= or global investment leaders and unpack investors' remaining commitment to = ESG, DEI, and Impact strategies in today's volatile social climate. <b><a h= ref=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuyl= w7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSUjE9w76xtl9wAkJ-2F1-2FePDP= TgNA-3D-3DiRZ1_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFV= a0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4p= vsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudi= T5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uit= IIecer5jFaJf43ugO1s4J2zxBnoHbPqj7Bib-2FlTS6sYqF8yb-2FQE-2BwGUfTuKEUX48MDIN7= ffvrvsoxqZQIQdrPmuNVSFck2b8udY8Zd1B4YhAytIAxh-2BZTxgr2g-2FnEQzztlkA-2FIbu2Y= i1Mpr8DTsDvdbFrjq8hKoM00hy0JtYS-2F7LAXMVvZ-2FNdpsVUfcfYgdTiR-2F-2FpENAf2drt= xINj1uUE6YPe5IyUu22mtiHfcfNa4qHksV1hLH15asQ8gXNFcVps7CywIEfla7-2FTB9xJO6rZk= 3Gah4SbdDSnI-3D" style=3D"color: #1D5080;" test=3D"">Register here</a></b><= br><br><b>Nov. 12</b>: Experts from PitchBook, NVCA, J.P. Morgan, Dentons, = and EisnerAmper will discuss findings from the Q3 2025 PitchBook-NVCA Ventu= re Monitor, current VC trends, and how upcoming headwinds may affect the ma= rket. <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSUjE98ReY7Icwo= -2FlcN7oeTdGpDw-3D-3DIXzu_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hb= gRHR-2FMq4pvsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmo= jQAi3ucFudiT5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2F= lGlcN6F5uitIIecer5jFaJf43ugO1s4J2zxBnoHbPqj7DLVC9yCr7XfGhssT2Bcy34aKxtUsDUN= -2BwiwQp2SFQJWykFyEXd0G7YakGqUL4ZHm38jOpiM-2B08Sn2YPhKPXyt0iUZRbggcRBa-2For= QBtwXCIRvUOuH3x5eR27zgBjOZoGfX1w9qxy3C0cPFSZOY4H03stJQ7uYgmdSPS9DB-2F67J1Qo= PQPF0-2BPnonpZJgjvfvYDdwyEJdhS9iZSU1400EqexWo-2FAQo2WbsnbDmwzVdIamljKXWiK1D= ePXAf6PQVe-2Fzs-3D" style=3D"color: #1D5080;" 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: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>In the News</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> Our insights and data featured in the press:= <br><br> =E2=80=83=E2=80=A2 Amazon's prescription kio= sks may not drive significant revenue but could connect consumers to the co= mpany's broader pharmacy offerings, said PitchBook healthcare analyst Aaron= Degagne. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du00= 1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSUjE930WPRg2= Sqpxd6lR94aQWQg-3D-3DB2SR_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hb= gRHR-2FMq4pvsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmo= jQAi3ucFudiT5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2F= lGlcN6F5uitIIecer5jFaJf43ugO1s4J2zxBnoHbPqj7Bd-2BI4banohnjdk6k-2F3BJV1VNrzJ= LIcQ2aBuHm5XfCK5g-2FdHEKmZp6BA1kUqolpR85OTK-2Fn69xsxwxBBfWIAAPDhqmIDCAdxb-2= F832f-2FtwLHeegBRmYuYLo9E5wtZH76VqByxgBjYfJr9wpkFq0WZ3bEd-2BPZGwlW1Dw9WBTto= Psv1-2B4bKiBjfmd4UyWwADB8qdy35-2FeSd0jzzs7ZC18Md4kJDy-2BDQSArieeR36HzkzWj3T= ijhVX0qzWFM8JP8KaN2ko-3D" style=3D"color: #1D5080;" test=3D"">Axios</a>]<br= ><br> =E2=80=83=E2=80=A2 Climate tech VCs have rai= sed 3.8% of all venture capital this year, nearly double their share in 202= 0. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73= BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSUjE9YQh24itRVweMl-= 2FkbEQMl9w-3D-3DLhYm_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbd= WeUgFVa0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-= 2FMq4pvsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3= ucFudiT5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN= 6F5uitIIecer5jFaJf43ugO1s4J2zxBnoHbPqj7B63quES-2F3TSO0-2BUSP2JM-2Fwxhzk8zqA= HY9x2RlF8SLURramG2GlokaMaZdQgU7JxTheIcaiTsU3LNPboip5xOOz4yLLLqdNY86nE5xCM3V= 9R0R8rK6C3grUAGNNguuZAq7mWYsZqsX4j3PASwjDfmsxUc5WqWuOAzjar8a1uDPyQErUlo-2FP= db2A-2BxW-2BU9778wTN7JTm0kCVs90m1dIwWF8oSH2pI3Gzz6mJL0HvEy-2B4y-2Bk5I71D1Kc= NRmFj5gTWdmg-3D" style=3D"color: #1D5080;" test=3D"">TechCrunch</a>]<br><br= > =E2=80=83=E2=80=A2 Nvidia has participated i= n 50 VC deals so far this year, already surpassing the 48 deals the company= completed in 2024. [<a href=3D"https://url6380.news.pitchbook.com/ls/click= ?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSU= jE9-2Bw6-2Fmcg9TA3UJA4b0B-2F-2FaA-3D-3DpfXY_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwar= HkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSf= WuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4= dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJ= blx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf43ugO1s4J2zxBnoHbPqj7AwsXsYu9ZCQU0= Eb7Z3Db353vtEkdv4Ia-2FkVtME5X4auKd3UyYszPRrOvIJZ1OQSFycROuJ1EHfd5X1-2F7g-2F= ncDpEBcw-2Bw8T3kkDdu3UDvZi1-2Ffjw6XEm9tta8WNTvsBdC0m3PB4sbXJUk7CPo6iMxtqTff= va4lHhngG3slz2mGmw84CVtLS0OEWDsdkn8UN4L6s39yXYdef5AeFFqkRxNPRXCwENg-2FPlO4q= 6AttgG6PEtJK0LJVVR5xHAPOGwBL1rI-3D" style=3D"color: #1D5080;" test=3D"">Tec= hCrunch</a>]<br><br> =E2=80=83=E2=80=A2 Global PE fundraising and= deal activity have improved this year, but it is far from the peak perform= ance of 2021. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSUjE9W= bJrAro2rnh4gWNIT4GoUg-3D-3DEol8_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-= 2F3t1yZbcbdWeUgFVa0m8PzsFthri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rY= N555hbgRHR-2FMq4pvsMOMEeqrTydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnv= W0wnmojQAi3ucFudiT5zmcjfJs8oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bE= VCI-2FlGlcN6F5uitIIecer5jFaJf43ugO1s4J2zxBnoHbPqj7CooFV58Ec3GO53Bps-2FbpgLe= 6NXr1DV-2F-2BV-2BVu-2Be-2B-2FvW86tKyhffblzFBR42v1G4vm0GwDRBg4mJNxbI8HD4dje0= 8k4LBY8b0ONc70tEAql1BMGHkBxoYlZ-2FZP1as5Bix4k2cnDe5EnXcL207N8nLKsVZj-2BqcLb= OHulOtJn8JVKoV0CLnz-2BHx1CdfEIdLZolMJTdbu9gM-2Fbh4M2uWOj8Dw-2BoQkFLDTjP3uE2= jNko1PXOSmtC8wgHWIoKVDaK2c-2Fy3z8-3D" style=3D"color: #1D5080;" test=3D"">T= he Business Times</a>]<br><br> =E2=80=83=E2=80=A2 Startups in the San Franc= isco area have raised more money through the first nine months of 2025 than= in all of any other year on record. [<a href=3D"https://url6380.news.pitch= book.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWA= ghwR1tMW5-2B-2BlJ-2FW9wGff2eJiYFLeM19Mk4MMuxwg3Q-3D-3DitD0_I3w5d9c01gkD8gLz= FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri6cY9RSI-2F-2Ff9ZWaB= JC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTydwPQurCOOOb1-2F2HE5G= hLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oeO-2BRK8dfYks8eva6nB= 5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf43ugO1s4J2zxBnoHbPq= j7AVSwzJHIAvFrB5LXOuxrSi9wMhIlEX9aEBhTQaOTPTEg2QWpFbXCcgxFB9XdNjJePINFn4woF= FpZsywOGWyE5yerubD-2BEY2Mncb2ykXWtYVj16pv9fW4r-2BxvXFMDevbiscUC4Vkzzxq3kXSs= 0-2F8H38KMr1WlfEPT2ZKEr8tfYVlnOb-2BVc6pJaCTxyF6KXwW9-2BGHMsxZZWU7TqKDqVix5W= iRGtCuka1wWq15peW7kYfXEKC6lZy8srQ7WOT12RgwKI-3D" style=3D"color: #1D5080;" = test=3D"">San Francisco Examiner</a>]</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>ICYMI</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> More of our recent research (* - premium):<b= r><br><b>Market updates</b><br><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzWAghwR1tMW5-2B-2BlJ-2FW9wGffawbysuZ2pLkTLjXJVGP3Qg-3D-3Dpe= c8_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri= 6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTyd= wPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oe= O-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf= 43ugO1s4J2zxBnoHbPqj7DyAIOxgd0T1-2B8S4lorzjukZe-2F2m-2FXOiMsfIoajm-2FpvXjGn= lMY4Ylc57gkQB0f-2FM5XEH3mQnvTFxZlaJlUM-2Bkvd5yl2E3yZ3DvNGyUXKYaDpERtRcdsQI8= 8gsLEaPKWlT99VG7aQyI2lk9SJApUupw4EBMt23qGK4Zrs1a6QCO4ZXTn44-2Bz8rumw5VKRKZJ= Z7qWFvfFDuTjjS085TkiGAd9n14rXx3vHA-2F-2FY-2FxRNp4uSmHnvh1-2F2maz3l2TtU-2BkH= Bc-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 European V= enture 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-= 2BaqM7ONnvsnswouzWAghwR1tMW5-2B-2BlJ-2FW9wGffD-2FpfYdq2tAAFuAmJ7E2f0w-3D-3D= RSWe_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFth= ri6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrT= ydwPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8= oeO-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFa= Jf43ugO1s4J2zxBnoHbPqj7AN-2BkgaLaQytxkosTZqX4rO1TSOvjjrlWy3Ywkq7rA3gyzHWv7q= Ui7NBynU2AIQ97I72xYxOzTwm0XKUDRIoK0AHAGkEfUe00BwFjXFoOLZJpRyQDUQ8pIDzG0kx15= zSpstd3QZqDLPmuJFuobVu6w7gJOYzl8rqOyeHdNpb-2FMt8Rb3zALhzc5LfGtYCSQlG-2FtI7l= L-2BMeIPhs1GG873qtwf5TGQGXp1J-2Bd-2B19nKq4FF08KensCpcGhSSTa-2B7i2k1n4-3D" s= tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 European PE Breakd= own</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-= 2BaqM7ONnvsnswouzWAghwR1tMW5-2B-2BlJ-2FW9wGffHjyt72CRY53JsCf5obbDzQ-3D-3DHQ= 0k_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri= 6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTyd= 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O-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf= 43ugO1s4J2zxBnoHbPqj7ARef694hXyRp7-2BQA7-2BqzoR2AHwFuu3Cs-2Fw7sfCRatkF6Yzj3= 3F8e7nDiZkvJPwWa-2BCGvgx3wuAzkbt-2B5gkDa3LeyFAzQxVg4-2FPHimzQppEX-2F4C41ZcW= f77SB-2FmAGDtyve0YfKT8jcT3Dtc7BXG8QnH-2FEzPuOA-2Fu5rLdms0oVUnFIi9fj9XMjgeow= w46TmwFby2LYxiQTgaWmTG2sCrDmRpj42HuNRXbaqrSeMZtJJ68fBb4pdE-2FNNzQC2-2BN-2F8= iZbA-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Analyst Not= e: Discord IPO Preview</a></b><br><br><b>Industry & tech research</b><b= r><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSUjE96IsqEXITeSQF6algVknF3A-3D-3D80Bp_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri6cY9RS= I-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTydwPQurC= OOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oeO-2BRK= 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43ugO1s4J2zxBnoHbPqj7ARm5Q9ziCwwAvXkxwuNSR7t5sSLnaarcdDouoAoUvUuXk4Q8z8HDdd= q5VIotLFJT6xp3bIRYdwToWx0VvgAoB6-2BIwectV3V-2B-2FXbUWfHeRcNcg-2FMN0bI8ombno= 2C051lwRUq-2BbIIzGqbLH2mUFTk86JxyFAKpLDxywHpIPJKByRuVRCt2vUI4PErkhaHz9urb41= iA-2BUwol8VRvMe90SlJV2fq8hBgx7S-2BI6jidd9YwgYGruuB129t1fagsVcivSQyg-3D" sty= le=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 Agrifood VC First Lo= ok</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-= 2BaqM7ONnvsnswouzWAghwR1tMW5-2B-2BlJ-2FW9wGffdBjzhJOxyCmAmBxP9DJNGw-3D-3D5D= SA_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri= 6cY9RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTyd= wPQurCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oe= O-2BRK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf= 43ugO1s4J2zxBnoHbPqj7DaXKTBK-2BUrcKTFbjBszhEVkW7g-2BffRC-2FdReNyibmoq4Yhyiu= 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tt-2FUklY3k3tsteVf-2BCL9BOWjjE6JmkgeWX12FzgZmd7niYbEaqSWD8vRq3-2FCE-3D" sty= le=3D"color: #1D5080;" test=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-= 2BaqM7ONnvsnswouzXgCSKf1bwfMBVcvzSFrVQpM-2FQpHOa6vzyqtFvXDigWrQ-3D-3Dkcik_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri6cY9= RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTydwPQu= rCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oeO-2B= RK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf43ug= O1s4J2zxBnoHbPqj7Cl4nMePsucgjvxroBox-2BE6-2Fl-2FfGTpzz3zsiLgE6JlqGM6Cpg2jX1= YNRuK1hm-2BfKvk2uGyzugtXqJ33IUukzRmaqjZ6q9qDp74jKPkQZOmxu5Gyd69lin98g5tTdt1= lgqsgsWLIwaIvlGj1TYQNtNFcNPOAwPbKpq-2FbrwPKV-2Fo1uTNx3NpBbH1B7qQR3bdFWtsQFQ= 17eYLDE1tzT3OFwea4cf101-2B3TMd9e0QMhCliE1RK9QkpuWKgx3shtFCrP3rI-3D" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">Global Distressed Credit = Weekly Wrap*</a></b><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzXgCSKf1bwfMBVcvzSFrVQpM-2FQpHOa6vzyqtFvXDigWrQ-3D-3DGnuP_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFthri6cY9= RSI-2F-2Ff9ZWaBJC1IEllgC-2FdSfWuuZBSdoR8rYN555hbgRHR-2FMq4pvsMOMEeqrTydwPQu= rCOOOb1-2F2HE5GhLXKjp79tdeOHP4dOFWZ72dHUnvW0wnmojQAi3ucFudiT5zmcjfJs8oeO-2B= RK8dfYks8eva6nB5m0B53u-2BonchJblx7tC4pU0bEVCI-2FlGlcN6F5uitIIecer5jFaJf43ug= O1s4J2zxBnoHbPqj7BWVbY-2F6K2q3K9uy1KFER2OU0Wam83WZJ-2FxMZ1eZ5ii454xJG-2BG-2= FEd5L0iI6-2Fxc30LINHYebAO-2Fj35I8cIdIeYgCeb-2BjtpSXIP4zBsEBa3Bqh5DdxUtKag-2= FTg7Sp1LjzRD82Wsk4KShIWcP33sc5AVWAAfDLyIeoNeJixgCQh8N1KPsQdtfSPqhWiAEs1DXa5= psAxnqicwZ-2FQXbPPgD31uPanQEBxolEeNr9D-2B7eXvtl1vwcnPCId3VdHUNryPgooA-3D" s= tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">US Private Credit &am= p; Middle Market Weekly Wrap*</a></b><br><br><b>Coming next week (subject t= o change)</b><br><br> =E2=80=83=E2=80=A2 AN: Q3 France Snapshot<br= > =E2=80=83=E2=80=A2 AN: Stablecoins are Imper= fect but Inevitable<br> =E2=80=83=E2=80=A2 AN: European Defense Tech= Overview<br> =E2=80=83=E2=80=A2 AN: Q3 UK Snapshot<br> =E2=80=83=E2=80=A2 Q3 SaaS Comp Sheet<br> =E2=80=83=E2=80=A2 Q3 Healthcare Services Co= mp Sheet<br> =E2=80=83=E2=80=A2 AN: The Trillion-Dollar C= apital Frontier: Sovereign AI<br> =E2=80=83=E2=80=A2 AN: Q3 2025 Italy Snapsho= t</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%" 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width: 24%= ; min-width: 24%; text-al= ign: center; float: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 854 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> Companies </div></td> <td style=3D"display: inline-block; width: 23%= ; min-width: 23%; text-al= ign: center; float: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 29 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> Funds </div></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-counts-btn" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"height: 25px; 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