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border-bottom: 1px solid #C3C3C3 !important; } .desktop-only { display: none !important; mso-hide: all !important; } .container { width: 100% !important; min-width: 280px; } .content { padding: 0 5px; } .walkthrough-image { width: 100% !important; } .performer-title, .performer-content{ font-size: 6px !important; } .header-msg { font-size: 9px !important; } .pre-header { padding: 10px 20px !important; text-align: left !important; } .side-bar { display: none !important; width: 0 !important; max-width: 0 !important; height: 0 !important; max-height: 0 !important; opacity: 0 !important; } .line-breaker { display: block !important; } .responsive-img { width: 100% !important; } } </style> </head> <body style=3D"margin: 0 !important; padding: 0 !important;"> =20 <table lang=3D"x-pre-header" class=3D"pre-header" cellspacing=3D"0" cellp= adding=3D"0" border=3D"0" align=3D"center"> <tbody> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, sans-seri= f; font-size: 14px; color: #78766f; -webkit-text-size-adjust: none;"><span = style=3D"color: #78766f; font-size: 1px; display: none !important;"> The ri= se of European defense tech; Stablecoin spreads; Q3 comp sheets and valuati= on guides... </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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font-weight: 500"><span>The 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-2BaqM7ONnvsnswouzWG2JXM-2BkjJ9zUDAp2vNxVQn1w= JpoIyaEZALC5lk-2FY4AA-3D-3DKEK3_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2B= HR4BiQVI43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2f= uY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5Je= gQZPMqeZzLdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWd= rPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FUmlpa9p-2FZAnUTmUkRkFjwH5= yUyBzYWOMwvMUpLV-2FTkVwvXM4V4KbTwmR4dFSUPmqjNKHz64R3-2BKoRa5cKyigwsL-2BPGIq= 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<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>Eur= opean defense tech</b>: The shock of Russia=E2=80=99s 2022 invasion of Ukra= ine reshaped priorities across the region. Our analyst note takes an in-dep= th look at Europe's defense tech ecosystem as it undergoes its biggest tran= sformation in decades, with private capital now viewing it as a legitimate = and scalable asset class after years of underinvestment. <b><a href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzWG2JXM-2BkjJ9zUDAp2vNxVQtqdzjoGMEmZZ7QhswzLS1A-3D-3= DcCzq_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3= 94uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVL= wh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ss= vIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUw= pYXduVyBrpiyst3wQcdqIw5FXdzf7NwBIeBcZsyDWzBd-2BE5eqVh-2FG0k8XU8kYVTqg9tXRyd= zVtRXWPSZ2zjtfAx2ckQS5UoIQYR-2Fy2fS-2Fi-2FPyK30fPOlJk7KwAFH1g9PA3Lk9AgGhlk9= rBQOY3Nt8946Jr1l3HTN2fR2vk-2BLkQaVyHStI6wjVdepnQCXFVSnb9sa-2FPh-2Fq6vgi0RHa= 2oOICOYKzY-2Fr-2Bao9Du947CUTOls6Eu0TJDu924oitt65hOLgRwc-2F8SECpa8PlIrF2xxQW= BQw-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Read it here= </a></b><br><br><b>Q3 comp sheets</b>: Our latest guides on public company = valuations and financials are now available for <b><a href=3D"https://url63= 80.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B= aqM7ONnvsnswouzWG2JXM-2BkjJ9zUDAp2vNxVQTWSCVpWApucK0N1UTvIhZw-3D-3D0nH8_Pr9= 66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwYj-= 2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfO= nV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBKOc= zftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyBr= piyst3wQcdqIw5FWRk-2F0MAwMCGJEnCDjXosQzY5HhJ3TA2fxendcT2azoOEb2RkHH0lSbEwjn= faCi5QJ-2FpvrD1lb7ME6IqBN1RYHT8TKtRfONmc8w7Wf3gzGL-2BnfWIsaoyHiLLnEGQnfQB-2= BUlZqxatFSzl364f7LwYP6bpRs2YW-2FEb0vYtKKeGDuq6EVCpe7gJ2VTBiB0gpRhn2naZWSSf3= HUtt8Xkf8Ok7Jmk5qAk-2FSxZOqxlwl5nqy58rZ1V4UCR-2B5xg3R3eKYRQXc-3D" style=3D"= color: #1D5080;" test=3D"" universal=3D"true">SaaS</a></b> and <b><a href= =3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWG2JXM-2BkjJ9zUDAp2vNxVQl-2FrJ-2FDuiVgsUGC1= 8L6wfWA-3D-3DQFuY_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc= Vf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUz= r-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOer= DihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2B= q-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FXh5b57ZM7xUP44xFtnnIiHS-2BgA4pYwFr3-2Fv= boBq3-2Bb5TnHAwWhzHu1fEegWWJFWlgGWcTjCav39Cxh4umViJ9fqeVvyXdMsxLXSqwRdFj6xP= 1VBVY-2FHTIcmgng44wvXvrxCYI-2FccKDszaVFFWriWJ3IfVe4FfhCiQqUO7WSCF3Hxj5wWte7= NPhg2xDzNDWhQu-2FB75BpwRpEZ3JUgbA8Me5gGGsfyC9qifNyagNL7Q0PjbYKt0DWV7y3iO0Vo= r-2FkCk-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">healthca= re services</a></b>.<br><br><b>The state of ESG</b>: We surveyed investment= leaders to understand how strategies are changing around ESG, DEI and Impa= ct in today=E2=80=99s volatile social climate. Join Tuesday's webinar, wher= e we'll unpack the survey=E2=80=99s findings. <b><a href=3D"https://url6380= .news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ON= nvsnswouzWG2JXM-2BkjJ9zUDAp2vNxVQ50WxV6sRjqtz-2B1iNyP3WKQ-3D-3DZY3C_Pr966kn= uaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwYj-2F5j= kmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7o= wneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBKOczftV= pvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiys= t3wQcdqIw5FVjTRlolAWVvf4eJ-2FRMBo9Nk9AZz1F50uX8vU5axH6suvbFI18KMvEGMoBCe-2B= -2BqcHKsBrwPJsak4mZw7CvRRBHovVkKXuDxVgmTXOw8L-2BQnj4IWxDjGsQLFDPsc-2F9mrlc4= -2Ft6Gupx8hc5-2Fz3r6Rn1eQTPfMZYN3dFSp-2BUteiFOuTiVBWfcNXExa-2Ftu-2FPJwEh181= 1pODhLnZWRm6YIASZ5r4AjnXxMHWBcJiiXM-2FZ629N9byel5OqAaeJUVptYdqXOo-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>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_573929" id=3D"n_573929" 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;"> AI use in PE due diligence dou= bled from 2024 to 2025 </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-2BaqM7ONnvsnswouzWG2JXM-2BkjJ9zUDAp2vNxVQn1wJpoIyaEZAL= C5lk-2FY4AA-3D-3DZ7nn_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43= kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfE= QcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzL= dOerDihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB8= 5-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FVaw5w7t58-2Fh4TQ8nydGGgZj13G1K-2Bmz= iZsKfLgCQs8i5Evwv6PD6fDBq5lDhOn4FIAH93Nvi9rjQNxEO4ke96LFFevExAA3-2B6ky7hm-2= FOc5ZtIPS7QEY7IEw8g8pRw2wq55PzpIUqeIsQZ3MLZMC7HbS34yf4REQnZmDcrpYtHfgzn10fN= -2FO33ev9-2FWwXXiCh5Ut2ejVEDCIV3yGTPU3hkkUmU4XSdX2v74h8L-2FcUC1lYXuuf8NbFLF= w-2FlA-2F-2F-2FkeUA-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.= pitchbook.com/news/71018.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>Last year=E2=80=99s AlixPartners Priv= ate Equity Leadership Survey revealed a major shift: AI adoption in due dil= igence jumped from 18% to 38% in just twelve months. The pace of change acr= oss deal teams and portfolio operations is accelerating=E2=80=94and with it= , new questions about leadership, talent, and execution.<br><br> As the 11th Annual PE Leadership Survey laun= ches, AlixPartners is asking: how are firms turning AI potential into measu= rable value?<br><br> Your experience can help define the next cha= pter of private equity leadership. AlixPartners invites you to share your p= erspective=E2=80=94take the survey today and ensure your voice is included = in this year=E2=80=99s results.<br><br><a href=3D"https://url6380.news.pitc= hbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW= G2JXM-2BkjJ9zUDAp2vNxVQn1wJpoIyaEZALC5lk-2FY4AA-3D-3DJo2__Pr966knuaHmaw6c7p= KvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2= B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0= mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5D= n0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5= FWSETXDJ8Jf3k0pQEYY3zuEw1HnoKX9EfVeAt9FxbajKuYfS22-2Fk0stYjNqmzFrhAlqANWmZS= sUf-2BZcf4g-2B6gGhQo7HFxno2jXWmbQptog-2BKIXQaLzUEHVqh8duENpRA45JZPjBgbo759y= KzhcUbWQtb3pfzJ1If7V5TXwM-2F-2Fr3vzBERt4kHBm5y3R4LnzJFegtTCCCOVJbOnjDDWgcYk= JI7TqF284K69hrdoD4xdKirLnCkqPA4gavloyX-2FwHbNCo-3D" style=3D"color: #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_573757" id=3D"n_573757" 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;"> US PE: What doesn't kill you m= akes you stronger </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> After a turbulent first half of the year driv= en by policy uncertainty, tariff risk and geopolitical tension on top of pe= rsistent inflation and still-high interest rates, US private equity markets= appear to have come out the other side with renewed risk appetite and stro= ng dealmaking activity.=20 <br> <br> Private equity deal activity reaccelerated i= n Q3, with improved investor confidence as markets adjusted to market volat= ility.=20 <br> <br> Q3 deal activity experienced both quarter-ov= er-quarter and year-over-year growth, building on the momentum seen in the = robust first quarter of the year. Total US PE deal count is on pace to surp= ass 2024 levels, while deal value has already exceeded last year's total. T= he impressive growth in deal value is driven largely by a surge in mega-dea= ls, reflecting the risk-on sentiment returning to the market. </div> <div> <br><a href=3D"https://url6380.news.pitchbook= .com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWG= 2JXM-2BkjJ9zUDAp2vNxVQJh8hFxF46pM5cf8WBDcOig-3D-3DqAmk_Pr966knuaHmaw6c7pKvB= -2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1J= UcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-= 2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D= 1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FXU= -2FNRLFh1jpiuopciRItWIyC4Eh4YYwrQ7mhcyLDVbGoM-2Bdn4pTHUFNTXukAyi7N7QvaYrlf7= NZaDpaewkMurNC1uZSb9AVjLghmWS0j3t7vVvR3PD-2B0-2FxxxOooNqirrYpQxdCX8kqN6Ob6g= buGIYNXFFIXSDwITwOAIyDfJOZCwUM5O89ZPbnjC2ZMQRXSWRYvRTBwtwf4LSibQgG29D7gf5uU= zxjpc-2Bpk-2F7Pii9PM9fucrtlqgrR1XuxJo8ESB8-3D" universal=3D"true"><img alig= n=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/70915.png" styl= e=3D"border: none; max-width: 420px;"></a> </div> <div> </div> <div> Exit activity presented a mixed picture. Whil= e exit value declined for the third consecutive quarter, the PE industry ha= s already outpaced full-year 2024 levels thanks to a higher volume of $1 bi= llion-plus exits.=20 <br> <br> Also notable is the 22% QoQ increase in exit= count, which suggests that more assets are beginning to move through the s= ystem. The growth in exit count is welcomed, as exit count recovery lagged = that of exit value in the recent exit slowdown of the past three years.=20 <br> <br> PE-backed IPO activity remained healthy thro= ugh Q3, another encouraging sign of a more robust recovery in the exit envi= ronment. However, the recent government shutdown throws a wrench into an IP= O revival that had been gaining steam.=20 <br> <br> Looking ahead, the Federal Reserve's 25 basi= s point rate cut in September=E2=80=94and the possibility of further easing= before year-end=E2=80=94could provide a much-needed boost to deal and exit= activity, offering a potential tailwind for sustained momentum across the = PE landscape.=20 <br> <br> Still, absent a sudden sharp revival in exit= flows in the final quarter of the year, fundraising is likely to remain ch= allenged, constrained by limited distributions to LPs. Fundraising activity= is expected to post a second consecutive year of declines in both fund cou= nt and capital raised.=20 <br> <br> For more data and analysis, download our <a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWG2JXM-2BkjJ9zUDAp2vNxVQ3yvdutJsLh0IwP2= IPWsYwg-3D-3DyGjR_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc= Vf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUz= r-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOer= DihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2B= q-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FVYiB-2BGmr8DxwTSwpYpPgOKDJdMTkNKr1JkbAc= F8mBpZcKccQRBHviza87hRX9rAX-2FxbrNGOoZTheE1C6-2FYROHE-2BgjtTXHJmVXYGxdA5elp= W14QdZokfqcZDPQKibwhzWhBMS2XWUbGeyFjSj29dtlPfDfVF-2FQ5YN2qHo50Rq8yG-2FRlq15= UmRRo4GCG05cyGhj5pOViqnIfFud6b-2FwJmtkAHfTSutpz1MuTVcenMq43yDCoN3XktGfqLczG= 3TcSsm8-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 2025 = US PE Breakdown</a>. </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-2BaqM7ONnvsnswouzWG2JXM-2BkjJ9zUDAp2vNxVQJh8hFxF= 46pM5cf8WBDcOig-3D-3DBHpt_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHr= wQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMq= eZzLdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt= 4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FWAKoIdOlJl-2By8-2Fvzz3Fvs8D6gAk= nCWIsu8jsn3TG3W9yXnIVQ3LlwL7a6uXQ8x5PCzIzp4aMRBhIcg-2BKfOh6ov2XlUmE2ocA17tl= jz38N4eKuaD9nQ6tIpCVhUrjLITjxWK6aDiSno3B7yriA-2Fcvhlgwo6y-2FSvzxYTugLDQJGDM= tp62PaJMlINx7V8uOR-2F-2FUJkgu-2FBmaaJ-2FpaOKnWQ43ccz-2BK9-2BXw35UmKL0uK8hIE= 8Q06VEbIaXI4FNnZmSeSid8-3D" 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/708= 90.png" 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:jinny.= choi@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Jinny Choi</a><br> Senior Analyst, Private Equity</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>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: 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-2BaqM7ONnvsnswouzWG2JXM-2BkjJ9zUDAp2vNxVQXRSYQf= ICJqQH0aHo-2BhczAg-3D-3DJLim_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4= BiQVI43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4= UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZ= PMqeZzLdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPr= KFt4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FXGEE4D7tOhZbQGfNCbjY2kH7U9oX= YZziU0az3a7BtVo3NbxzUSn50pHKCbut-2FDQ25F4ei8OijERCO6k-2FAesk7q-2FdcW9CmHiVf= 8Mx-2BUz1FlG5mN-2FSuKiHlvgSCXvoKMhenMtCuPQ5TxSh4ht3QGwYSs2LCp7YP0zsyAL-2FjI= GxzfcWh3FPTzpe2C4reAzXZuWV0O3MP2sgTbCnQwobf1PMPWk1jhz0N56YYg-2Be9sEjOj-2FZM= eh27RtSBr11j9zGsZDSM-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"t= rue">Stablecoins are imperfect but inevitable </a></big></b><br><br> Stablecoins are quietly becoming the new fin= ancial plumbing=E2=80=94not by replacing banks but by reshaping how money m= oves through them.<br><br> In many markets, stablecoins are no faster o= r cheaper than existing payment methods, but they are spreading anyway beca= use they solve problems traditional systems still cannot: moving value inst= antly across borders, blockchains, and time zones.<br><br> This report maps the value chain and explain= s how stablecoin transactions work end-to-end.<br><br> It also identifies which use cases, geograph= ies, and business models justify investment versus where traditional rails = remain superior.<br><br><em><b><a href=3D"https://url6380.news.pitchbook.co= m/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWG2JX= M-2BkjJ9zUDAp2vNxVQXRSYQfICJqQH0aHo-2BhczAg-3D-3DIu9v_Pr966knuaHmaw6c7pKvB-= 2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JU= cTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2= FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1= vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FXDQ= 0M9R8Z-2Bvae83QQDi9NRk0Cnt-2FmISVX3Rip6NAkU-2BLMexdpxIn0fVMfZ9pXGwtQx-2FGp2= q5eIeyxG4w50iS2KNArYRoM-2Bw-2FfaqThTefj-2BkUzbYRaHl2L3mr6-2FtKLr-2BjJI8Ungd= CPyP7R-2BNLoblRJoHqXcA83gOii0uQ7uFtypy-2FO4zYgpGj2unB5RLVaNLPnQiWeNAmYWbXwM= SDJXklMD9USReaGkCutkRxbt7xM17DK9wImrcQugtsxDn-2B1OUtc-3D" style=3D"color: #= 1D5080;" test=3D"" universal=3D"true">Read the 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: 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>Q3 Country Snapshots</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-2BaqM7ONnvsnswouzWG2JXM-2BkjJ9zUDAp2vNxVQEMiQuH= l2tLA5FOfJpAQ0Hw-3D-3Dao2S_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi= QVI43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UH= rwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPM= qeZzLdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKF= t4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FVMJxyNAP3-2BcJEI9xGOqDgF8-2F1S= 9wd1G9QDcgCZ9dBCOIov8hWqrtuwnzuQSUKkf9av60YJoCwtn-2B2IrzJH31lDeJ3hsbdwXqsF4= l5S3larG8GU62KUgsXqs9vOBMFfHEZI8EHHCl2NDh1jBUfpKeTMYotNNbGq-2FfmjTFbdYw-2Bl= 3-2BL4PEdYmy5QgX0svtWpPt-2BUefJIdUPMJsyIzujHq24GmGu8dpcG-2F1df5l4ZrCQlZJ9J0= xrBKqvSwCyTrRAiX0o-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tru= e">UK </a></big></b><br><br> PE dealmaking surged to near-record highs, h= itting =C2=A354.4 billion, powered by major buyouts and growing US investor= participation.<br><br> Exit value also rebounded strongly, led by a= ctivity in finance and healthcare.</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-2BaqM7ONnvsnswouzUgnY-2F3guJoea8g6t4RI-2BHGuktZA= MpLoZKXVUMoQLbKpw-3D-3D5Dot_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4U= HrwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZP= MqeZzLdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrK= Ft4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FVBUsoNhGnTkSIctyx65va9DpzidYA= nOs6IflD8xZtBSUOuA7vsCsfy-2BW2Zi-2FIzgcQokvT8kg2dsS3xZPPRZ8RqybFKyfsXnBrEsK= txI8megs793ZL-2BI2I9FCSC64ixOrVHvPGG1temzxLW469ytSp5M4wZ4SWmVHWfCK7d-2BQ1W6= STXjOc5gGhRlAHgU1DKttgkG-2Ftc2rPUDDN1SeHiGi3P-2BlA4V9P7hKjUHFulpToaIJCT55TO= mQqbZh4nqMM5mxM-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src= =3D"https://img.pitchbook.com/news/71036.png" style=3D"border: none; max-wi= dth: 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> Meanwhile, VC showed strength in deal value,= climbing to =C2=A33 billion, with AI in the spotlight again.<br><br> However, fundraising across both asset class= es softened, suggesting LP caution and smaller fund strategies are taking h= old. Macroeconomic uncertainty, delayed rate cuts, and looming tax reforms = continue to shape investor sentiment.<br><br><em><b><a href=3D"https://url6= 380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2= BaqM7ONnvsnswouzWG2JXM-2BkjJ9zUDAp2vNxVQEMiQuHl2tLA5FOfJpAQ0Hw-3D-3DUP0R_Pr= 966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwYj= -2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2Bf= OnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBKO= czftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyB= rpiyst3wQcdqIw5FVFVDnjAm4kChT7duVaUXTF6HSJ68TAt5YNBWf2d3zFmDJIp12h41IM6-2Fq= 7cp9Puolj-2F2VnB7OLPVA-2FxmdEWhcaFPraXCVJrlkSLC676ZJIZFKFqNmC-2BkqfST9g1stt= m402DS8CghmenmwhikCqhben7tVzBImJv7ACZf6v6rPyIojBUjwDbVxd8QgMRCb-2Fynt22pbws= EbbCmT-2BHuVYWTQ09BfYICMrI4-2BiHL5rRjRbdD2ZQuB6trGCLJCDXtumnR4-3D" style=3D= "color: #1D5080;" test=3D"" universal=3D"true">Read the report</a></b></em>= </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 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-2BaqM7ONnvsnswouzUgnY-2F3guJoea8g6t4RI-2BHGJvWP= k0A5kzHYQOoTUkCnXA-3D-3D2nat_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4= BiQVI43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4= UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZ= PMqeZzLdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPr= KFt4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FX8vi7qgQqKbIzrWP6UDHYAcyaHAa= vKOPxqJrGpBZr58qfh3jlm4MKDCGRtV6aMcxMBeSEWINC7lWzHZJUx1iDOQG2vYSjwOKcSyXw-2= FYbdW15-2Fw3TK3ct8AldKf-2BaslkonRtJvWf60AeaSpZIQ87JboyziLaFAokLO6XNRkNQKl6e= NTgTMQZkdUhGoeXGae-2BbD8N9CMPrr-2FJFpynymWnMr7ADsbNmFsS97Htmlq4D-2BvCUL-2F3= V6QHlNmDVHgjllfYXY-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tru= e">France </a></big></b><br><br> French public markets in Q3 clawed back thei= r losses from the early-quarter tariff shock, but the momentum remained fra= gile. Private markets lagged as sponsors took a wait-and-see approach, and = deal activity slowed and fundraising cooled during the quarter.<br><br><em>= <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4= n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUgnY-2F3guJoea8g6t4RI-2BHGJvWPk0A= 5kzHYQOoTUkCnXA-3D-3D-oWD_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHr= wQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMq= eZzLdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt= 4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FUPBWLFqczP9fftpZz9sCdeyUtGAKVvV= RjBGmsEv9Puv6Zp-2BIDGgPTDsOh9ZruWUwYCa4pN3Zq4fK3s-2FU2ZKDM3JZpFI06YDySjIcpz= JnSPRkyx4ZXKjikzgfXd8wVWZiROJzX1KYiJNekX0vqxr-2FoF8uKaLuGBUnl-2FR1yxgdziX8n= nzxUKqQyO0x1uyTMaqCDZ4i8fOBktr4CwzbqBden92LG6-2Fh9yMJ8DTthLS2ESyeNHZGKuw8az= nRcYD2NKHEo-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Read= the report</a></b></em></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 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><bi= g><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n= 73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUgnY-2F3guJoea8g6t4RI-2BHGYUhsIYtq= ApmlWUUA8o3M9w-3D-3D_nPH_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQV= I43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrw= QfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqe= ZzLdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4= rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FUC4ZjvZ4o6mWVDvCkfx6Uzt3vWVRm-2F= fFExvU-2BgG39ntSp-2Bh-2Bi2SKSWzxqY-2B3kvbSRViAS7dSOuJ-2BGkQa1zBtMfixAMOSnmn= ykPn3z-2FEcGEDsyVq7mvil7WqRoeEirfuyLJRTiKHOgFQbaWDAWm-2F0V-2F3fidj-2BxZsWkD= 97lJ-2BxM1fyGrDMiDORDGMGezybxVRU-2BUTRsWBeiO7jitXo3cItDRqlJE5rF-2BPiE3jL6Rw= c-2FzpT4kcbAfbh1AvEGOcadUyqU-3D" style=3D"color: #1D5080;" test=3D"" univer= sal=3D"true">Italy </a></big></b><br><br> Italy=E2=80=99s Q3 economy was mixed: GDP st= agnated and exports weakened amid trade headwinds, while inflation and fisc= al consolidation held steady. Public markets outperformed. Private markets = were more cautious, though VC deal value rebounded and PE deal count hit a = five-year high despite smaller transaction sizes.<br><br><em><b><a href=3D"= https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzUgnY-2F3guJoea8g6t4RI-2BHGYUhsIYtqApmlWUUA8o3M9= w-3D-3D7CnL_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA= 68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi= 5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFy= waU9ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4= UjHBUwpYXduVyBrpiyst3wQcdqIw5FWG1D2Eb6LcJyB1lx7yJtMi4q7dOljjRqQuVRoRm3vQOCu= NXy5V-2BmCpZc7O-2Btz7YauHy558b5TaybAAnhksAIPj7POhzprs57VEyePRhTdno8NNEcWTnB= 79faA-2FKGYlWCvbhSFnBvVqFrLXKw1Cn-2Bcug1wd3SBDF4f2vHiETytPOZT5T9Q4p-2F-2F6z= 9P97eGo8shF7KuUGm42ekZZJWCTjd5KgbJdpgUn4l3WcM3-2FpiT4H4Qdps4g6gqiD4D-2B6dL7= WSc-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Read the rep= ort</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>Nov= . 4-6</b>: PitchBook is a sponsor of the ILPA Summit in New York. Visit our= booth for a demo of the platform. <b><a href=3D"https://url6380.news.pitch= book.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUg= nY-2F3guJoea8g6t4RI-2BHG7VyH-2BGPKtVzyFQzSeRucpw-3D-3D-Wg6_Pr966knuaHmaw6c7= pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-= 2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u= 0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5= Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw= 5FVQZm8G6gLewgnOQq-2BcenB3wnqGTskWT3C24sKVXFpUG2QANfEI6RBsd0uaNh8WWM5DLDz8P= eZAii9iEgaU5h95pA2vPQ-2FCcJhBmMBK1b43R7A94S0FlIQMP5i6STnvIfALg0R7HyArVQKi5M= Ou-2F9HCgH5PYgKyEAzXx70elkNwfq31N2oHQgFIoS1MQVCUiYNXchkO3CzE2SfFy5JTNzDHC-2= FB7EIMt7MGU1aLagZZ-2BqCuozZLfqDE4O6UfxrLyn3Y-3D" style=3D"color: #1D5080;" = test=3D"">Register here</a></b><br><br><b>Nov. 12</b>: Experts from PitchBo= ok, NVCA, J.P. Morgan, Denton and EisnerAmper will discuss findings from th= e Q3 2025 PitchBook-NVCA Venture Monitor, current VC trends, and how upcomi= ng headwinds may affect the market. <b><a href=3D"https://url6380.news.pitc= hbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU= gnY-2F3guJoea8g6t4RI-2BHGGUTlVnImHE0QZlZNstBJcg-3D-3DHmFN_Pr966knuaHmaw6c7p= KvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2= B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0= mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5D= n0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5= FUdoogxjtPeNgYIsVZ4BkH8Z6tbxTgRdEh7UjN0TpkajiJUPf53sB9TrhqF3Fs2uLY6miMfYhl0= vihj-2B86wPO9CNvAeFBEQM-2BoLGOx9hNApVuapD6gCzneAMI8XWA6YUTDeBvz7B6IjmNswIjP= oourrF8MCa2n-2Be1gmRq-2Be-2BZ-2Fx-2F5qL2xD50cVFKEbhLA4NSY4uW3DWpBr1PtwrMTfI= jOXyj6KcDunt-2FrzwVMv0XjRJhn1-2FVZ1ebkf-2BwfdM764P8qU-3D" style=3D"color: #= 1D5080;" test=3D"">Register here</a></b><br><br><b>Nov. 18</b>: PitchBook i= s a media partner for SuperReturn Secondaries North America, where you can = connect with leaders in the secondary market. The event is free for many LP= s, and others can use our 10% discount code. <b><a href=3D"https://url6380.= news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn= vsnswouzUgnY-2F3guJoea8g6t4RI-2BHGAnk2fJ4bIpTsiEGF0ee-2FNw-3D-3DxRGX_Pr966k= nuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwYj-2F5= jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7= owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBKOczft= Vpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiy= st3wQcdqIw5FU-2F5ChE0bNipvnFzNpnKhbObqWWrz-2FdryJFETCC93Vn6vj11O76R4wwYTF1D= FNtmGByBHQiBFRCunejRtnvONqXEtjxjgxJjCSChxcC0B6c9VaaHyKMV5nr8TbeQ9bc-2FnbXsq= bJ2WjHEtx15zKkPDBV0zkiTd13s5lTy7efOxRycmplCkmcr8lD6u-2Bir1DIlxDZU9z-2BnfZo9= 4IUehqxPV6mRj7DCgKTW2Urwpmwy9nxUvH1DDCX8YqSSS7pV-2BskxTA-3D" style=3D"color= : #1D5080;" test=3D"">Get 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>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 Private credit funds more= than tripled over the past decade to $1.6 trillion in assets. [<a href=3D"= https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzUgnY-2F3guJoea8g6t4RI-2BHG6NTbov39MBxKWIyOdgxD0Q-3D= -3DLDbb_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV= R394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJr= VLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9= ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHB= UwpYXduVyBrpiyst3wQcdqIw5FWq-2BV8DENx-2FnBlHxww1RJuLvWIvI8md0y4NItZr9DDRqaw= Lvh3KA6DyztFvkXoxa0UkfxT7Jm88q269ZNdiBDuKLbjP92fmO4S-2BUobQs-2FIBi28sXON-2B= 6p4OS0nI9Ej1ulv8jSwV6ctHgE7ruVufCXFvV40U98kycHs2x1gkKH3Mend9-2FkRJIV9vkauJ3= YDjaGgPcWpsUIEdtA2YLjHoxMijoWU6pNyERuTTiVAYqF57OKnjRUtYgVNEMbYxLeRfurg-3D" = style=3D"color: #1D5080;" test=3D"">Reuters</a>]<br><br> =E2=80=83=E2=80=A2 Private-wealth-focused fu= nds hold more than $400 billion in assets. [<a href=3D"https://url6380.news= .pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns= wouzUgnY-2F3guJoea8g6t4RI-2BHG-2Br3sxAexml4MV390b-2BJBqw-3D-3DnMht_Pr966knu= aHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwYj-2F5jk= mz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7ow= neYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBKOczftVp= vez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst= 3wQcdqIw5FWlwuAVSZAM2anRxU5z94bnj9Gqs3Zs3HzutWaLloJUFTAKldGbQVFvBw5T9Nao9-2= FPveQvZCQzTPRzWKI-2BZFKNOdeQ7b-2FRmtPJZvBNKjAQowDfuAHzX0b5lKGTVsOkd91ZuHNsD= WED32BmPJ-2BPAxFEIXvbVEWuKsyQ-2FFG8c-2BvP36SD1RQ3oqYJrzQK1cLmXUGdr8xdYK-2Fr= yZUanYLtSWqpfpErK9RC7-2FKCVekA4NMmrj2rTj2-2BEEBLY7q2x1c2pZao-3D" style=3D"c= olor: #1D5080;" test=3D"">Reuters</a>]<br><br> =E2=80=83=E2=80=A2 PitchBook analyst Ben Ric= cio discusses how AI in drug development could be "insulated" from a potent= ial AI bubble popping. [<a href=3D"https://url6380.news.pitchbook.com/ls/cl= ick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUgnY-2F3guJoea8g= 6t4RI-2BHGImaUf0gs48w-2FfCC0DI0vyA-3D-3DsYQv_Pr966knuaHmaw6c7pKvB-2BCEiDnj5= UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2= Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa= 9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmF= TjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FWbjTQGj1IILL= N6S-2BPClPaoWUYDRYgtEft19B6Dc3z-2Bu0Zk6FEq4L02XKfjN8o60p08Aderwxw3k19PTlQhG= UurKJ1Ma7oKlzfPKQYDk-2Fb-2FpHgQ0BaIOoOhZfFhhnXm-2BjThIWjG3ajybPJPmhFnXhDJJo= 61t6G9Q16lRaVdZCkY66918Ct3X-2FDityhm9RJMev-2Bi91gzxdEZVD82DPU8JVEGjCHDF78cn= gILnlrbX1bhGI-2Fp2y-2FhQZRj3k2b5qFW2rM-3D" style=3D"color: #1D5080;" test= =3D"">PharmaVoice</a>]<br><br> =E2=80=83=E2=80=A2 Wawa=E2=80=99s estimated = annual revenue grew by approximately $4 billion, to $18.8 billion as of 202= 4. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73= BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUgnY-2F3guJoea8g6t4RI-2BHGyhjQCSXC8l= efBJ6Gh74ZmA-3D-3DY47b_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI4= 3kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQf= EQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZz= LdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB= 85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FUn92wdSLU498-2BZXgsopC4Jcy8hAi4e8j= 7eb-2FCi9HKGUMR-2FYhQjmziKwuIKTFXhap4k1EcMhnx90acFvud6KEXR5cLSHORUSpteBBYbD= kJo-2B9upzL-2FM-2F-2BRzXTrQGtsqECnmNmvPoiqtbY0otJbvmQtzitIh4pMwUg1YzFKUkIEz= han0Vqz2zyY23Vk6qoWorQPe-2FazgfiU4lTNqZUi0Xh8BpxOPhYj4YRASepO6VX07uVNhFCK4o= 0G85EvlpNh6KX8-3D" style=3D"color: #1D5080;" test=3D"">CNBC</a>]<br><br> =E2=80=83=E2=80=A2 Europe-based VC funds hav= e raised $8 billion so far this year. They raised $27 billion in 2024. [<a = href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU1u-2FEWKaEISQZXuY-2Boz6LKLY0eff97lcqD-2Bp9= 8-2F-2BGEzg-3D-3DffSZ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43= kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfE= QcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzL= dOerDihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB8= 5-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FXmt7gE76MO4ct2C4uzGW4-2FbZwuHr7CAqu= 6SxQlNQj07wFF7lehpavSeLj5qGH-2B82-2F4OVDssD2wexxhRk27JVnlhr-2BCRHcnD6RWXvqY= -2FFi6MRGcjFSbFTA133GUmVQI3kz4VjcfdGJhob-2BWQeqnANlYXJgV92bIMuPTYQEEHSsMRW9= VOvb-2BItVy4Lv2nKUxTAujCqTkrjWu1Aqq73rP4lnWR1aRjMUIA56DcaQ2icf8kB5ezd8HMy4P= eoEGTrgcBDE-3D" style=3D"color: #1D5080;" test=3D"">Forbes</a>]<br><br> =E2=80=83=E2=80=A2 Early-stage venture fundi= ng for consumer packaged goods brands has plummeted nearly 60% since the in= dustry=E2=80=99s peak in 2021. [<a href=3D"https://url6380.news.pitchbook.c= om/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU1u-2FEW= KaEISQZXuY-2Boz6LKOUHloOhM8LB6fkJGILlpTw-3D-3DymQK_Pr966knuaHmaw6c7pKvB-2BC= EiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz0pImw-2B1JUcTD= oSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owneYTPG8u0mX-2FcJ= xCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBKOczftVpvez2som5Dn0D1vfy= ujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3wQcdqIw5FUtXm5r= YZmw5qbH6k6RnsifZRDUeYtIGGDEMHM41eDW-2B3a75v8iv-2BTtx5x0ZN3BRgEGm3x7jkKvo0k= -2FdZBwhS9N0boZ2nRzJ4-2Bv3pCREPEMHknOG6Ygot0Fwl6E7pHYTC3KQttOIaLXbg-2F7TZeJ= caQZTlLDlt-2B0x-2FYX-2B6oBvXcNCh5dtHZx58h-2BhtiKmDaZwPtGXkeuUkA0uTSBKr1oDwl= tP-2BN1ULSiurfidiSZN2Omt39qFhgrppv8AxXO3dvsTtA-3D" style=3D"color: #1D5080;= " test=3D"">Inc</a>]<br><br> =E2=80=83=E2=80=A2 Buyout firms have investe= d nearly $12 billion in accountancy firms across 211 deals this year, nearl= y 40% more than they spent in all of 2024. [<a href=3D"https://url6380.news= .pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns= wouzU1u-2FEWKaEISQZXuY-2Boz6LKBvXKD-2Fch3hW5lZ4S7bXE1g-3D-3D4Gqc_Pr966knuaH= maw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwYj-2F5jkmz= 0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfOnV7owne= YTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBKOczftVpve= z2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyBrpiyst3w= QcdqIw5FXM4bxkKpRDXocPx5Lc5gshY0UrPjTuMC8EbFn2pwcmu-2F9zroa3D58dQb1fiyElf6S= qu2kdxYLf5W8k6Q3f4yuIYoPSmh01bqU2njYed2jbo-2BRGjlXFZLWQsuoXBEMPy1a-2FJkiSgZ= UedhpjIWPquxiVjPE-2Bx5pf4Lclw8pJgjaHIkHozu-2BqC1usx8l09rxqEycn0T5gANwFua985= -2BzBQaN0V7h0-2Fky7DSzo0fZHfP8OMKftqqA8D81ocZgJMkzU5U4-3D" style=3D"color: = #1D5080;" test=3D"">Financial Times</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-= 2BaqM7ONnvsnswouzU1u-2FEWKaEISQZXuY-2Boz6LKvLquCPrWhzwpctYix-2BcOjw-3D-3DiU= 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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-= 2BaqM7ONnvsnswouzVeaTdrLWxlXZBDA6o6mZ1WUW8DUn2TjKM8OXMbWqzjVw-3D-3DP0JB_Pr9= 66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR394uyLwYj-= 2F5jkmz0pImw-2B1JUcTDoSeV-2Bhm5ZoVxsqV2fuY4UHrwQfEQcUzr-2Byi5MJrVLwh2U-2BfO= nV7owneYTPG8u0mX-2FcJxCRexa9o9a4qISoC5JegQZPMqeZzLdOerDihyFywaU9ssvIO3zBKOc= zftVpvez2som5Dn0D1vfyujaxmFTjU0huBwIlYWdrPrKFt4rB85-2Bq-2BU4UjHBUwpYXduVyBr= piyst3wQcdqIw5FVqoCd9b96498n2CNZ0ZeRiMpvgrcjfF1BxWi90F959PAJzGF-2F2mE8y1sv4= 72JRdxstgWyfq6Ngc8pc9LltlcF8pDmDL9wrVJqKEHUrEOrg4XZigt1xJeLqnj0EuR-2F1da7ah= n-2FdoJCqKQ6NdlqJkQp1kH7habQKjHQdOc8he1M6qaLmTPLrlCOZF4xng-2BVvX1xdrk9nAB23= IpppTICxQnjc3gRpaovyaTjjkSOmL-2FQEr2DZ7wGWwlrO89BcFJsD23s-3D" style=3D"colo= r: #1D5080;" test=3D"" universal=3D"true">US Private Credit & Middle Ma= rket Weekly Wrap*</a></b><br><br><b>Coming next week (subject to change)</b= ><br><br> =E2=80=83=E2=80=A2 AN: Private Market Invest= ments In Your 401(k) May Not Be What You Think<br> =E2=80=83=E2=80=A2 AN: The Trillion-Dollar C= apital Frontier: Sovereign AI<br> =E2=80=83=E2=80=A2 Q3 Fintech Comp Sheet<br> =E2=80=83=E2=80=A2 Q3 Enterprise Fintech VC = Trends<br> =E2=80=83=E2=80=A2 Q3 AI Comp Sheet<br> =E2=80=83=E2=80=A2 AN: Seed Under Pressure<b= r> =E2=80=83=E2=80=A2 Q3 Global M&A Report<= br> =E2=80=83=E2=80=A2 Q3 Agtech Comp Sheet<br> =E2=80=83=E2=80=A2 AN: Takeaways From HLTH U= SA 2025<br> =E2=80=83=E2=80=A2 Q3 Clean Energy VC Trends= </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 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