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Envelope-to: vetyl@ponjosonek.com
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Date: Sat, 01 Nov 2025 10:10:44 +0000 (UTC)
From: PitchBook Research <news-noreply@news.pitchbook.com>
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Subject: Sovereign AI is transforming private markets
To: vetyl@ponjosonek.com

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style=3D"color: #78766f; font-size: 1px; display: none !important;"> Global=
 M&amp;A surges in Q3; The seed stage enters a new era; AI, stablecoin buoy=
 enterprise fintech VC... </span></td>
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just:70%; -ms-text-size-adjust: 70%; text-align: center;">November 1, 2025 =
&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;<a href=3D"https://url6380.news.pitchbook.co=
m/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV-2B8T76F=
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             <td style=3D"text-align: center; font-family: Roboto Serif, Ge=
orgia, serif; font-size: 44px; font-weight: 500"><span><b>The Research Pitc=
h</b></span></td>
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            <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&amp;A</span></td>
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             <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-2BaqM7ONnvsnswouzW3J7HNgJ032oiQvB-2B-2FZsW80=
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ne; color: #1D5080; font-size: 14px; font-family: Roboto, Arial;">Intapp</a=
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                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
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                              <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>Pre=
ssures on seed</b>: It's a new era for early-stage investment. Rising valua=
tions and longer holds are straining the traditional playbook that once del=
ivered outsized returns from just a few big wins. Read <b><a href=3D"https:=
//url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzW3J7HNgJ032oiQvB-2B-2FZsW8uxTvQjgjxaPou0jUGqcSTg-3D-3=
DcnOh_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRR=
iAQDPWpsrd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8Uy=
hxA9YIuAK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG6=
5AdnslfBN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2=
BgCVmWjd-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTRuUTzCDQhIGguLy0UsilbhbfDv-2By7BA=
ZRDIohUbqn9EvQ7uFeeWBTGVgKKpBRzOgbBk-2F7zivHT4mhbtslBfmGrHROXgJq6fSoLC4sTiK=
gHeOUuZH5B5rJ1SSh-2BrUxuZi7Ywd7OXc-2BwCKnQqvTS3Ea1v3-2FyExvO-2ByqsDkV3WuTAw=
OtrNecbT8xYxH2JxPMYzk6Q5biA35hsjg5AnP60T-2FRrrBwSd-2BGvp7C4p-2F5PggBz0-3D" =
style=3D"color: #1D5080;" test=3D"" universal=3D"true">our analyst note</a>=
</b> on how the landscape is evolving.<br><br><b>AI pays for itself</b>: Le=
d by payments companies integrating AI and stablecoins, enterprise fintech =
VC funding held steady in Q3 while early-stage valuations climbed to record=
 highs. <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW3J7HNgJ032oiQvB-2B-2FZ=
sW8QM9qniQpxQO7-2BBKiWBxxuA-3D-3D4pr6_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0=
YQP-2BHR4BiQVI43kbMcVf8UYA68NVRRiAQDPWpsrd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0k=
PcGUC7tARqxULIOEuqNHfhDtmcCGP8UyhxA9YIuAK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5o=
EyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65AdnslfBN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTe=
j5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCVmWjd-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTq=
gmnCWA-2FmYVraq9kuoSe1QHjGfoT3oIL0K3Pa3gZPqV8BxZxdP80bE9-2FCFL2oTI-2B9upW7N=
MKsHJNFLWsmEPo2lxP63LuhOA4N7jp1Pnbislf8OyU-2Fc5hvS0cCuORfKXIEkFXf1aZBHDdlTW=
-2BEhm2K10HQpLEgfX8BITJF1kJABhorbPNeSvpiwS9KOZMKsv5PMixjOF84ALPBXF8GBOtfU4J=
cEkrQ-2FJq7fulQJCQ4fw-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"=
true">Download the report</a></b><br><br><b>More comp sheets</b>: Our lates=
t guides on public company valuations and financials are now available for =
<b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4=
n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW3J7HNgJ032oiQvB-2B-2FZsW8yw6Gh-2=
FyQGMm2bROxFs2uoA-3D-3DN1or_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B=
iQVI43kbMcVf8UYA68NVRRiAQDPWpsrd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARq=
xULIOEuqNHfhDtmcCGP8UyhxA9YIuAK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F5=
6AQ6nrOSXJr2FudbnE9DG65AdnslfBN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb=
-2FCBQCZ7tu2vF8d7DAz-2BgCVmWjd-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTx9714-2Fgav=
Gl37jarIiNxqiB3K2kIKPPaTtGBX-2FKN5EP-2BtWZhdKM27-2BKo7nTYJ9ZUCX1wto9TT4cuwI=
PQidxCoJJ9swWP1Pzbq9Dl-2Bu-2FbDB-2FMu0Gr0ZFU3As-2FmhR-2BPTO5y00xGIyHJ8hajsC=
pIEIiK4Xheo7ulknxjUig6pPuuS88D3vhGOZVgpYLJuOAz8uFFhWGQYwSZWmjR8Zegkux-2BTGI=
lWgMcFdMeXfbTfqp9Gk-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tr=
ue">fintech</a></b>, <b><a href=3D"https://url6380.news.pitchbook.com/uni/l=
s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW3J7HNgJ032o=
iQvB-2B-2FZsW8EUPlPN9HSs5yDdNjld0hvg-3D-3DFkl1_Pr966knuaHmaw6c7pKvB-2BCEiDn=
j5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRRiAQDPWpsrd6vo5OHql4nNMa3s-2FidPLZ3=
LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8UyhxA9YIuAK0Qpj18J32hLDW-2FWWxpDUAD2=
1nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65AdnslfBN6ActOOHDsJo8r96BpgZDIYsBC=
8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCVmWjd-2FpMKCf620CbvryK53gw4KN1u=
yMiOtPFTmg-2FpjbYHyj3aIo3PHP2YcIUZQZmGMKdgzhaNtEYEJg3Db0YHdfX9FMCR-2BHdlbCy=
0VCLYs7Fom4BBKmg6CodN-2BRYxgHT-2F-2FAQ-2BFSDhhQDG7qXMMsFkbaSazVuKAw1YPatkrb=
olHA8MUQACh6qGYRjJRhRNvUzyDY4bq6AeT52Y1SclpsD6OLTOxAH54JBdpvAXoMyeaBrT-2BgP=
erc6xf8gXcv-2FllS72nB1VgQGxLpNFzPU-3D" style=3D"color: #1D5080;" test=3D"" =
universal=3D"true">AI</a></b> and <b><a href=3D"https://url6380.news.pitchb=
ook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou=
zW3J7HNgJ032oiQvB-2B-2FZsW89ZXG4OYmjf4y7UjLH2hTaQ-3D-3Dgrcw_Pr966knuaHmaw6c=
7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRRiAQDPWpsrd6vo5OHql4nN=
Ma3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8UyhxA9YIuAK0Qpj18J32hLD=
W-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65AdnslfBN6ActOOHDsJo8=
r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCVmWjd-2FpMKCf620Cb=
vryK53gw4KN1uyMiOtPFTUsJ5BWFSqoAoiX1BbqPUDHuKqW-2FAw9pQXPacdaeh4H7piaiqPIVm=
K7QENt0BckaiuG9PUIUE-2BfYbXYwgXuLnE08BstInrAJTxTBvr5JRCKCLdoCGj4vSEr9uPFD4-=
2FyMXRRP7EIvN3j4HgV7yXBLClXlUuf4H2F43ugqdaZ2WT1csCzKcQ1JBM4dLvjp-2B-2FmDWLP=
z-2FDN3oe9IdOigSdtcTNDKUW4DLq6O84jvPsWltVHs-3D" style=3D"color: #1D5080;" t=
est=3D"" universal=3D"true">agtech</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>
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                  </table></td>
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                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
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                     <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 Intapp</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
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                   </tbody>
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                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
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                     <td style=3D"padding: 10px 0 0 0; font-family: 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_574054" id=3D"n_574054" 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;"> Webinar for investment banks: =
Winning in a concentrated deal environment </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>
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                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 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">
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                              <table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" style=3D"float: none;
 padding-left: 15px; ">
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                              <td align=3D"right" style=3D"text-align: righ=
t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW3J7HNgJ032oiQvB-2B-2FZsW80YLtwKd4s-2=
Fk2meyEEgy6dQ-3D-3DAhjE_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRRiAQDPWpsrd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULI=
OEuqNHfhDtmcCGP8UyhxA9YIuAK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6=
nrOSXJr2FudbnE9DG65AdnslfBN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FC=
BQCZ7tu2vF8d7DAz-2BgCVmWjd-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTWrQPASJGteZnDkz=
Ye5iyCBRuvBG-2Bs4UpSr0CwJ023xcytdbM4-2FWuO5MAJ01pw1Tvq3F416xcmmRCWK9NrCixYG=
mEo3JGGWrc6DFVRWSfnGUriQoF73-2FWPF-2F21t07zc5mVeELM7PL0wGoZUak-2BYYwbxCatBX=
JgKxg5tTLmWCdKYe4odLwHj3UdUhV0-2Bt8-2F-2Bi6OCPErvhdtltNzMY1e0B87Vd63ltc2HZ9=
dauHjYuFQi4-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchboo=
k.com/news/71092.png" style=3D"border: none; max-width: 420px;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table>Competition among investment banks is=
 intensifying. With deal volumes down and large institutions claiming the l=
ion=E2=80=99s share of =E2=80=9Cmega-deal=E2=80=9D mandates, middle-market =
firms must compete smarter to win.<br><br>
                               Join Intapp and Monarch on November 18 for a=
 45-minute webinar exploring how leading firms are modernizing origination,=
 strengthening relationships, and using AI to find quality deals faster. Yo=
u=E2=80=99ll gain insight into key market trends, learn how peers are align=
ing technology with business outcomes, and discover the capabilities that d=
efine a modern relationship intelligence platform.<br><br><a href=3D"https:=
//url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa=
-2BaqM7ONnvsnswouzW3J7HNgJ032oiQvB-2B-2FZsW80YLtwKd4s-2Fk2meyEEgy6dQ-3D-3Di=
xEl_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRRiA=
QDPWpsrd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8Uyhx=
A9YIuAK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65A=
dnslfBN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2Bg=
CVmWjd-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTksstzDQsGGAaItvotK6b-2FU2uuoGzjeTMP=
e3lZ21Odv5-2FmVPBXob3JlkdJ8v-2BoccG95-2Bv1G1Y6ihpQIJ-2B-2F9-2BC2C9-2Bj-2BCK=
wqlxdyqT2UurEcLtRWZVbxc-2F52q6a3yI92K8JrgrragFrvbe6mOPwm67aT4muS5PdgKdzQ1Wi=
-2FxzZal3DmYoUliw1kTOyjZ8TXBIrA9KsYJwbuCkxMLg7cL0319xwvZFI0c3zM-2Bna868-2FE=
c-3D" style=3D"color: #1D5080;" test=3D"">Reserve your spot</a> to learn pr=
actical strategies for winning more mandates when every deal counts.</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: 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_574099" id=3D"n_574099" 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;"> How sovereign AI is transformi=
ng private markets </span></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">
                              <div>
                              Sovereign AI is emerging as one of the most p=
owerful capital formation trends of the decade. What began as a policy ambi=
tion to secure national control over critical technology has evolved into a=
 multi-trillion-dollar investment engine driving global AI infrastructure, =
model development, and data governance.=20
                              <br>
                              <br>
                               Governments are no longer passive regulators=
 but active participants in building the AI stack, directing funding into c=
hips, data centers, and foundation models that align with national security=
 and industrial competitiveness.=20
                              <br>
                              <br>
                               This wave of state-aligned investment is red=
rawing the boundaries between public and private markets. National funding =
vehicles and sovereign wealth funds are underwriting datacenter buildouts, =
compute procurement, and model training programs that anchor domestic ecosy=
stems.
                              </div>
                              <div>
                              <br><a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW3=
J7HNgJ032oiQvB-2B-2FZsW8Qq8GhtpgZk1wwXZx6IP7gw-3D-3Dt1is_Pr966knuaHmaw6c7pK=
vB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRRiAQDPWpsrd6vo5OHql4nNMa3=
s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8UyhxA9YIuAK0Qpj18J32hLDW-2=
FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65AdnslfBN6ActOOHDsJo8r96=
BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCVmWjd-2FpMKCf620Cbvry=
K53gw4KN1uyMiOtPFTGgXNngJB9PhHvOaHkkraMaX5kUShWlxWBBonyry7oCDa3ZdZsS5gSeHt0=
rNFy8O4DyBbR2Hn3dYKok-2FyJahG0B8PsTzjOqmIXElXUIuskUcYgLyrcHmQiRzUZfXEtiCPPT=
EK2RWgBZyqU2-2FCzsfmjfN5Q-2FUP9f0-2BstpWf8tvi0GakrVYNxjolCO8DxibDCK1W8-2Fm6=
-2FTj9ICUAZf-2FcQ8vrj0io8v4MSZ-2Batl8ooX3ZyM-3D" universal=3D"true"><img al=
ign=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/71123.png" st=
yle=3D"border: none; max-width: 420px;"></a>
                              </div>
                              <div>
                              &nbsp;
                              </div>
                              <div>
                              As a result, the AI supply chain is becoming =
increasingly geopolitical, with the United States and China driving rival a=
rchitectures and the Middle East positioning itself as a neutral hub throug=
h capital-intensive partnerships.=20
                              <br>
                              <br>
                               For investors, sovereign AI represents a dur=
able tailwind that will shape valuations and deal flow across the technolog=
y stack. Unlike cyclical venture themes, sovereign-driven demand carries mu=
lti-year policy visibility and large-scale procurement guarantees.=20
                              <br>
                              <br>
                               This has created a structural revaluation of=
 companies tied to compute, model orchestration, and AI infrastructure. As =
state capital accelerates into the space, the lines between industrial stra=
tegy and private enterprise are blurring, setting the stage for one of the =
longest and most capital-intensive growth cycles in modern technology histo=
ry.=20
                              <br>
                              <br>
                               Read more in <b><a href=3D"https://url6380.n=
ews.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7=
ONnvsnswouzW3J7HNgJ032oiQvB-2B-2FZsW8Qq8GhtpgZk1wwXZx6IP7gw-3D-3Dniwe_Pr966=
knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRRiAQDPWpsrd6=
vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8UyhxA9YIuAK0Q=
pj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65AdnslfBN6A=
ctOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCVmWjd-2F=
pMKCf620CbvryK53gw4KN1uyMiOtPFTIhekvJXWAOcCqrt04A-2Fzmnse1BCkGKLwh6b-2Byjyk=
p-2F0rDNAe46QdTjlFwMUZQE3TBWS7vIbATANcT2xOUXu0sVaG04Cqwa-2FYT3CNAAYzaYFWQym=
vb7o-2BXo3vs-2FWhPWXuPYGEUDX5IHyZwRaH8VW-2BuiofTGxmn7PaSvlZxPet4me7SgGtSD61=
75dmIPqrxqEsQfH-2FfSpDedVbjrUFpzQlKi1izF8-2B-2FSanT6LC-2FN6dQIA-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">Sovereign AI: The Trillio=
n Dollar Frontier</a></b>. The report is the first comprehensive analysis o=
f the technological, financial, and geopolitical mega-trend shaping the glo=
bal rollout of AI.=20
                              <br>
                              <br>
                               Please feel free to reach out with any quest=
ions or feedback.
                              </div></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table>
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-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/711=
21.png" style=3D"border: none; max-width: 420px;"> </td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table>Best,<br><br><a href=3D"mailto:dimitr=
i.zabelin@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Dimitri Zabeli=
n</a><br>
                               Senior Analyst, AI and Cybersecurity</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: 10px 20px 14px 20px;"> <a na=
me=3D"n_574157" id=3D"n_574157" 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;"> No tricks, just treats: Global=
 M&amp;A surges in Q3 =F0=9F=8E=83 </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>
                              When we reflect on global M&amp;A activity fo=
r the third quarter, there will be no tales about ghouls or goblins, but ra=
ther stories about the strongest quarter since the 2021 peaks, one that set=
s 2025 up to end with record M&amp;A deal count.=20
                              <br>
                              <br>
                               Q3 activity increased by 25.6% in M&amp;A va=
lue and 3.8% in deal count as buyers jumped back into the market after macr=
oeconomic headwinds disrupted momentum earlier in the year.=20
                              <br>
                              <br>
                               Moreover, 2025 is shaping up to be an incred=
ible year for global M&amp;A despite the spooky headwinds present in the ma=
rket, including geopolitical volatility, stubborn inflation, and a slowing =
global economy. YTD, there have been 37,096 M&amp;A transactions for an agg=
regate of $3.4 trillion.
                              </div>
                              <div>
                              <br><a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW3=
J7HNgJ032oiQvB-2B-2FZsW8WHr8YhDUUWIUpTphfYmH6g-3D-3DCpyO_Pr966knuaHmaw6c7pK=
vB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRRiAQDPWpsrd6vo5OHql4nNMa3=
s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8UyhxA9YIuAK0Qpj18J32hLDW-2=
FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65AdnslfBN6ActOOHDsJo8r96=
BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCVmWjd-2FpMKCf620Cbvry=
K53gw4KN1uyMiOtPFTA4sIGu5ycltAbBOUjKiBCkvSTxV0uZ4hlqafdhLzB7Jh1yQmNeoDPpxn7=
pZAqUg415QkHh75n5-2BX16KGvZ1XnTjiB-2F4HG6F-2FSmY8USA7xMBDj9H2TxCgB7qUwESw-2=
FiN6maBhmJuB-2Bu0N1mbRMaqGJsTh5ZiwHAPPkdjrhst5KfWgcZIiHpVA8DH0IgUMK0E5RWSBS=
0iMWT-2FKWFTUxz46p-2B8iHocDwBkgzhAzzGTWiww-3D" universal=3D"true"><img alig=
n=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/71160.png" styl=
e=3D"border: none; max-width: 420px;"></a>
                              </div>
                              <div>
                              &nbsp;
                              </div>
                              <div>
                              Undeterred by the market's lingering shadows,=
 dealmakers have embraced the uncertainty and charged ahead in pursuit of i=
nnovation and strategic realignment.=20
                              <br>
                              <br>
                               In fact, the ghosts that held back PE deal a=
ctivity in recent years have started to dissipate, with more sponsor activi=
ty taking shape to support the active corporate M&amp;A landscape. The US F=
ederal Reserve=E2=80=99s recent interest-rate cut and numerous rate cuts fr=
om European central banks are also easing financing pressures and boosting =
dealmaking appetite, especially in large transactions.=20
                              <br>
                              <br>
                               This resurgence in large-scale deals leaves =
the door open for two consecutive years of M&amp;A deal value growth for th=
e first time in over a decade. Deal count itself is on pace for year-over-y=
ear growth, with an active fourth quarter that could see the ecosystem hit =
nearly 50,000 deals for the year.=20
                              <br>
                              <br>
                               While macro challenges remain, the global M&=
amp;A market is positioned to carry its momentum through the year=E2=80=99s=
 end, supported by easing borrowing costs, dealmakers returning to their ac=
quisition pipelines that may have been paused or delayed earlier in the yea=
r, and PE buyers with ample capital to deploy from the last few years of st=
rong fundraising success.=20
                              <br>
                              <br>
                               Global M&amp;A is alive and well, having cla=
wed its way back from the sluggish pace seen in years past and looking to s=
et the stage for what should be an active 2026.=20
                              <br>
                              <br>
                               For more data and analysis on the drivers be=
hind the robust M&amp;A market, download our <b><a href=3D"https://url6380.=
news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM=
7ONnvsnswouzW3J7HNgJ032oiQvB-2B-2FZsW8Q9NGfdZ0cAZ-2BO0h-2B-2BeObwA-3D-3D0-f=
9_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRRiAQD=
PWpsrd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8UyhxA9=
YIuAK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65Adn=
slfBN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCV=
mWjd-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTjniacZDZ1cGSla4ShUetuaSk4d6ZjtORV42l7=
pHBxpQe61DKU2D4zXRP7YC1KxHzGQrFdamhWh8-2FKDsV-2FkgeAAmZH-2FHNZrI8k7YtMKJxAL=
-2FFsxruABiMHHUxEY3D9NnX5hJPSce18aWzzD3XmvKJ1RQArvlPMhXaC1Hj4xKDNroPEkUIDeS=
8CpIsaX-2BGgwg5wuUSCHFWJJsaahj33Qku4uf34LTaZ-2B64EUOvNqCrS5A-3D" style=3D"c=
olor: #1D5080;" test=3D"" universal=3D"true">Q3 2025 Global M&amp;A Report<=
/a></b>.
                              </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"><br></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/658=
07.jpg" style=3D"border: none; max-width: 420px;"> </td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table>Happy Halloween,<br><br><a href=3D"ma=
ilto:kyle.walters@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Kyle W=
alters</a><br>
                               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">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 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 &amp; Tech</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: 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-2BaqM7ONnvsnswouzW3J7HNgJ032oiQvB-2B-2FZsW8b5u7=
zVtqJIXvHrJFEUtpdg-3D-3DJt3S_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4=
BiQVI43kbMcVf8UYA68NVRRiAQDPWpsrd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tAR=
qxULIOEuqNHfhDtmcCGP8UyhxA9YIuAK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F=
56AQ6nrOSXJr2FudbnE9DG65AdnslfBN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lz=
b-2FCBQCZ7tu2vF8d7DAz-2BgCVmWjd-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTgq7GeOGmU6=
LcQWKMOAr-2FB8AIHhRLM-2FcpGrkgSbZznT-2FU3T9-2F7-2BPVQvA3eg8gGf5VdZmlGw0IqDH=
EjygwHfMyqOy1HwMoPXyWIQuuYfw9la5jim12QdhbXyIJ4pugAdyGQsJVHue9oGUEU26WrTsYtk=
5IBEMs2ndAkMGPl9LnPWiYP-2BwbEjcbtOnZ6BCXRLOj9517N-2FzBWdPcGiHFpSC9bepnxaGX5=
zTsHe8x3RIC7qQ-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q=
3 Clean Energy VC Trends </a></big></b><br><br>
                               VC investment in clean energy technologies d=
ropped to $3 billion in Q3 2025=E2=80=94a 40% decline from Q2, though still=
 above the Q1 low.<br><br>
                               Investor caution, driven by earlier regulato=
ry uncertainty in the US, continues to shape the market, but greater policy=
 clarity is beginning to restore confidence.</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-2BaqM7ONnvsnswouzV4n-2FewIunj-2B7o3x24k9p81W3wFo=
od-2F6POeosoPjo4amQ-3D-3DR1o5_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR=
4BiQVI43kbMcVf8UYA68NVRRiAQDPWpsrd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tA=
RqxULIOEuqNHfhDtmcCGP8UyhxA9YIuAK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2=
F56AQ6nrOSXJr2FudbnE9DG65AdnslfBN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5L=
zb-2FCBQCZ7tu2vF8d7DAz-2BgCVmWjd-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTI3XmD1Ekq=
DJ2x39Ia-2FchH9IHaMGzj6761Ob50ldv1qd51jCQ46n4nqnpczzG-2Bg2FpUSLIIQMiKR26585=
dkKgGeYGk-2Bm1btyO-2BkwlJzk9wLxx9ZUTUI8qPWQ1KB-2B9gNVv0LemECwg3BYHkmVAzjNoK=
t2mHh8xu3p-2Bg2SRc-2FpR24u-2BhIjAHytJe4QRnlaBvz1YQbVFgbjd6UGAB6oJ-2FWmMFv6J=
2UYf6LObUYWvtTMC-2FSQ-3D" universal=3D"true"> <img align=3D"center" alt=3D"=
" src=3D"https://img.pitchbook.com/news/71164.png" style=3D"border: none; m=
ax-width: 420px;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table>
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br>
                               Investment is increasingly concentrated in d=
ispatchable energy sources like nuclear and geothermal, as datacenter energ=
y demands rise and traditional renewables face headwinds.<br><br>
                               Grid infrastructure also saw strong activity=
, with $1 billion in deal value across 64 deals, highlighting ongoing inter=
est in energy resilience and modernization.<br><br><em><b><a href=3D"https:=
//url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzW3J7HNgJ032oiQvB-2B-2FZsW8b5u7zVtqJIXvHrJFEUtpdg-3D-3=
DmSLS_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRR=
iAQDPWpsrd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8Uy=
hxA9YIuAK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG6=
5AdnslfBN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2=
BgCVmWjd-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTukwM-2BFaFHTOnWsWuBvQ2WaUn2x1CUaB=
4wocnJkvwE7c02ZQaL-2FTWH7etzF-2BCI8B8-2FOjQr0m5BjRFSoZWFUHtgj73SOsjQdEYvNHW=
4V9wlSWvBO2NJVZSpCgO2S9mHt44WUTjYxk9ZbM5kFVzINZZsAXSbZ0JiyfAQOHwFrXYuQFK2R-=
2BfGDqifPs3DMFlHZQYj5fSQdaTiMAqdb6xo9oUfoWwqXW3NeWFSjmuyIdSV5c-3D" style=3D=
"color: #1D5080;" test=3D"" universal=3D"true">Read the report</a></b></em>=
<br>
                               &nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 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 &amp; Events</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
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                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
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                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
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                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
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                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
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                              <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=
. 12</b>: Experts from PitchBook, NVCA, J.P. Morgan, Denton and EisnerAmper=
 will discuss findings from the Q3 2025 PitchBook-NVCA Venture Monitor, cur=
rent VC trends and how upcoming headwinds may affect the market. <b><a href=
=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S=
pSWIrf6GFa-2BaqM7ONnvsnswouzV4n-2FewIunj-2B7o3x24k9p81Vkzeu9WkL0bCfWEF9H-2F=
QWQ-3D-3DjvtS_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8U=
YA68NVRRiAQDPWpsrd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDt=
mcCGP8UyhxA9YIuAK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2Fu=
dbnE9DG65AdnslfBN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF=
8d7DAz-2BgCVmWjd-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTx30G1b3iD4etdowmjagUBfu0A=
yw8JCFR9H9W-2BFLEhpAayF5A9bf-2F4Gv-2FLmzOux7hRVk5mc-2FqcdeAaKVw9Zp703LsDDCw=
-2B1jTMVfeGlL72GFlNm-2F4-2FlTBXSaRZuSvM6WkzLYaNzhFGNXuC6lIrPuTR73IHP2g0s5Lz=
1UavvndJz1GEvYL1yW3vih0Myi-2B0J6HZiwI1Ewj9nUq4BloeDdhNYfBFK6D20iYOvtYl-2BbS=
o1c-3D" style=3D"color: #1D5080;" test=3D"">Register for the webinar here</=
a></b><br><br><b>Nov. 13</b>: PitchBook is the supporting partner of the in=
augural Singapore CVC Summit. APAC Director of Research Ansel Tan, will be =
presenting on "Data Behind the Deals: APAC Corporate Venture." <b><a href=
=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S=
pSWIrf6GFa-2BaqM7ONnvsnswouzV4n-2FewIunj-2B7o3x24k9p81Ceb6ooYRJYUr62qvXcs6D=
g-3D-3DIMNb_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA=
68NVRRiAQDPWpsrd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmc=
CGP8UyhxA9YIuAK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2Fudb=
nE9DG65AdnslfBN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d=
7DAz-2BgCVmWjd-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTRbD2B-2BEaS-2FQK4iVBrrTYDAc=
d3XzPJBbF9RR0zLATsaiikW5EukXAuk3Yw0uGP6wJj8-2BM-2BgX3X9zg-2F-2B9FJhLA32xeg6=
TGUBiDUG2GKsfi-2Fcl-2BEtklHcF0q6MTO352ZGcCaEsHo-2BpQX-2BruqSsaopWnAag07Cn9K=
e01ZmZyMwf76QwCrGRphO0C0hSIxaGulTI9tPEP7RhCHdtdFAbDUVvCic4aJlzmsKF6dOGDVq5N=
EUI-3D" style=3D"color: #1D5080;" test=3D"">Register here</a></b>.<br><br><=
b>Nov. 19</b>: In our Q4 EU Leveraged Finance Analysis &amp; Outlook webina=
r, PitchBook LCD journalists and researchers will talk about where the priv=
ate credit markets in Europe will take us during the rest of 2025 and beyon=
d. <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n=
73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV4n-2FewIunj-2B7o3x24k9p81NtGm0tph=
1yHmSqZqBRBsEw-3D-3D9mS7_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQV=
I43kbMcVf8UYA68NVRRiAQDPWpsrd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxUL=
IOEuqNHfhDtmcCGP8UyhxA9YIuAK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ=
6nrOSXJr2FudbnE9DG65AdnslfBN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2F=
CBQCZ7tu2vF8d7DAz-2BgCVmWjd-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTyAT31uQO7ksRVv=
rC1BVYzsAkMwukOkG1aj63OCzw7xZ14IODKaTDlvHkrYLiC9lyXFAz0GgcJp-2BHNILziQUoU9y=
VZVgvMZmBgAHwOwmOhMre1w9PJFBJJgiyF-2Fq7oewF2YcqBOZaAAngiBPaSIwV9yCkdtCUh78z=
gI4p5hFNmxhPXXrqMeh30VCCtoUD1QgAMENBcRl5CiD-2FeBtevNwmBjQjaktlhWPC8gkBb0qkr=
eE-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">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 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;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: 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 Funding for biotech sank =
this year to its lowest point in more than a decade. [<a href=3D"https://ur=
l6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba=
qM7ONnvsnswouzV4n-2FewIunj-2B7o3x24k9p81J-2BfBufig7HlugauQOdbHgg-3D-3DdRbG_=
Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRRiAQDPW=
psrd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8UyhxA9YI=
uAK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65Adnsl=
fBN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCVmW=
jd-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTrZO8mRM6YQHFWsWhDM0swwKIYW5Qg6y1B0SHvas=
UphEpiFDJcZfL9M9CA4oLxpd97mx-2BZXO8lNKH9Hj5uz70qk-2BfmqQPoNJTojlabnOMKkVAvu=
TL6Wi5padjZIIMzgUVzHk0V50K2viaOWBHiYqM9tmHb-2F4o8vAS5Ddc2sHMgc7lbOPuY7qn8Ix=
ZvnCaeMJ5yOI92teKxoMupBWykURUXeYpfNT-2BIeQe0pbyUK3lF8w-3D" style=3D"color: =
#1D5080;" test=3D"">Bloomberg</a>]<br><br>
                               =E2=80=83=E2=80=A2 AI startups in the Middle=
 East and North Africa attracted $1.5 billion in H1. [<a href=3D"https://ur=
l6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba=
qM7ONnvsnswouzV4n-2FewIunj-2B7o3x24k9p81KgmlaDTlKb50fRseK2Wnvg-3D-3DO1vr_Pr=
966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRRiAQDPWps=
rd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8UyhxA9YIuA=
K0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65AdnslfB=
N6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCVmWjd=
-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTU3yClTbwpflhEHJEOjliD2Xqy0WZvRnQQpY-2Ft8m=
xvDdS-2FyR1Fyge7iWwlWo0HGmFibXSJffr9yGiviy1Yi7UpoZF1ce2-2F2OzEmuUwRt6NlzOGw=
Es7ALPd1SkNdeKbYcKHbbMPbnecCBRiqpN6JMOiZi1LL1vSjUhXpaKwHgT90w1wb6gNx-2BTL5R=
YcoIfKCO9-2FGtHSVyLChdQUlunbtKFVlgY-2BivxRTfT5Z2oot3Vt5Y-3D" style=3D"color=
: #1D5080;" test=3D"">Reuters</a>]<br><br>
                               =E2=80=83=E2=80=A2 In Q2, VC invested $19.1 =
billion into defense tech, triple the amount from a year prior. [<a href=3D=
"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW=
Irf6GFa-2BaqM7ONnvsnswouzV4n-2FewIunj-2B7o3x24k9p81qyz4JFVKybcHx1sGfwFIpw-3=
D-3Dq3A6_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N=
VRRiAQDPWpsrd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP=
8UyhxA9YIuAK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9=
DG65AdnslfBN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DA=
z-2BgCVmWjd-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTx3JFUeaMgO7TILqu0pW-2B5dU6fwlT=
wD9mriuQ7TwMSHEzstaFb5ha-2FnBgy-2BCXWF5jatP6PiVKInN2lJ9YWby5rBo9fxYoSiKFiAD=
ibH9DaEnHe-2BRQUUQCnj5PMPrHdWTNfJ0uQcttEECIPRVtW4qXdCRv4A8qD2SilWxEvU1yqTvy=
u-2Ffn4ajd9vKWbDLWbdbBDV8VGOUzrsw3muJBu4OSKwO6CEew-2BB9eRj-2BC0uepkHc-3D" s=
tyle=3D"color: #1D5080;" test=3D"">Bloomberg</a>]<br><br>
                               =E2=80=83=E2=80=A2 VC invested $24.9 billion=
 into life sciences companies through September, putting the sector on pace=
 for its lowest fundraising year since before the pandemic. [<a href=3D"htt=
ps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6=
GFa-2BaqM7ONnvsnswouzV4n-2FewIunj-2B7o3x24k9p813rpjrI4WEAkVFSl3-2BwGJxQ-3D-=
3Dq1QD_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR=
RiAQDPWpsrd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8U=
yhxA9YIuAK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG=
65AdnslfBN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-=
2BgCVmWjd-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTWS4m4ZoiQRJ7FwVyohdteTNqvBzlqLHc=
umuX-2FkP-2Ftc1M-2BZrm3W6x802jjrXOCXdtCTEJqZG9gEx89K0YzDjYafMtAlA5q3PsnIDvV=
oWpFbKyVMwKsMxQ5X3sR9Gf1KkaRmz1EbzPrGQGfow-2BW-2B5QTlg1AgCueavO0A0Gcu3Mz-2F=
DoIls0D07LuRZjiOwFmmTI2vRBmUQ6Ri9F2PFl17y4FyFUEg-2BsQlsU7lxKQZEkSM8-3D" sty=
le=3D"color: #1D5080;" test=3D"">Business Insider</a>]<br><br>
                               =E2=80=83=E2=80=A2 Logistics M&amp;A deal va=
lues have soared despite deal counts being down in 2025. [<a href=3D"https:=
//url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa=
-2BaqM7ONnvsnswouzV4n-2FewIunj-2B7o3x24k9p81sNnacnnoANPOh05RUsZYIw-3D-3D2cx=
3_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRRiAQD=
PWpsrd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8UyhxA9=
YIuAK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65Adn=
slfBN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCV=
mWjd-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTdS-2F7xtvJsa7UcKQx7dJ9an4M0K7lvggdM4W=
WJOwyzq-2Br7eYh01of2mjUaerfHtR0yT7tHhwfF9VAo-2F-2F4BWW2Jg-2B-2ByRp5C-2Fx8xv=
S0BtwUssDLk7I9IHNDZTvd6tjkHTO3pB6hvBD1PCznZhOEdYe0ogLuPNzsHETXyWvVdTzAaMZWL=
s5erxR2olt8XJbFYOwWEUG8wYG93YxdT-2BBO6lXYjKxZs8nLnqRLeZDvKtbJ8Lo-3D" style=
=3D"color: #1D5080;" test=3D"">Axios</a>]<br><br>
                               =E2=80=83=E2=80=A2 Nvidia has invested in 59=
 AI startups as of mid-October. That=E2=80=99s already more than the 55 inv=
estments it made in all of 2024. [<a href=3D"https://url6380.news.pitchbook=
.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV4n-2F=
ewIunj-2B7o3x24k9p81ODfKxjvFhL-2BXoqflKzY9fg-3D-3DlzBB_Pr966knuaHmaw6c7pKvB=
-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRRiAQDPWpsrd6vo5OHql4nNMa3s-=
2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8UyhxA9YIuAK0Qpj18J32hLDW-2FW=
WxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65AdnslfBN6ActOOHDsJo8r96Bp=
gZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCVmWjd-2FpMKCf620CbvryK5=
3gw4KN1uyMiOtPFT9JOQ-2Fr5nWD-2FAeyO81ANSZZGLYGUYyha2NdiexhJLTQN0HxZf18T2d8Q=
ePOUV0eCCjQ66xD1AZXfCFx4cO-2F-2FyxqrCMaMTWyxI7kDDUF4OkQRhDZ4E1rtL5S8iAzDm8X=
dKLvi595kFo3zLKWTeDGKRyDI4nLoTqYprLi4dWE-2FJpLsmupeNB0OnkYXcqDJh9RTR-2Fy8Z3=
DWQcKzIAPafZ6ZfYEdlDBUol9VTLTLWFPaN3v8-3D" style=3D"color: #1D5080;" test=
=3D"">Bloomberg</a>]<br><br>
                               =E2=80=83=E2=80=A2 Eighty-three percent of d=
ecision-makers at venture firms with $50 million or more in AUM are men. [<=
a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4C=
uylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWru4wL7VujTKQaew44dTTKGqirdlXMlWx7otvsgPe=
w2A-3D-3DtKX6_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8U=
YA68NVRRiAQDPWpsrd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDt=
mcCGP8UyhxA9YIuAK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2Fu=
dbnE9DG65AdnslfBN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF=
8d7DAz-2BgCVmWjd-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTJ-2Fp3-2FBRO7MiebWKSLn7Oc=
N2YMMZtxd7hth-2Fj0TRlCqT2Q53CpwUv5K6OsHIgEHiQl2Ic56u-2BzmZ7VX4jcS0lc2KB1Iqs=
NuCO8ANdvaQpIzaWl5qNaJ1OLMwB0SWswbuAqOzTY4fZBhf-2B-2FWuhZ-2BnM7zQQmWh3fILNc=
RnHsRmGpB0Yj5HZYVN-2Bbw4itKrA6qKpnUERFg8rGLOjdTLuv9U048OvXx1mpc-2B99Y7Phnu9=
7Zk-3D" style=3D"color: #1D5080;" test=3D"">Business Insider</a>]<br><br>
                               =E2=80=83=E2=80=A2 "The advantage you have a=
s a solo GP in this fast-moving market is you can make a decision at the me=
eting," said Kyle Stanford, PitchBook's director of US venture research. [<=
a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4C=
uylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWru4wL7VujTKQaew44dTTK6-2FwSRN3oqZcJ2Nm2Y=
bDt8g-3D-3DVre7_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf=
8UYA68NVRRiAQDPWpsrd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfh=
DtmcCGP8UyhxA9YIuAK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2=
FudbnE9DG65AdnslfBN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2=
vF8d7DAz-2BgCVmWjd-2FpMKCf620CbvryK53gw4KN1uyMiOtPFT58Ke8GHNLPrZFXUDAkVcAm3=
ontSmKSm80TwJa5EVY7UBjyYfL6FzvdpP6uZSDVvMSW6lBMgT4GfzAPN84bsC0xQkUqRv87qTo1=
UJrBWxD3wo9vP8R8NNooucR2hrnVie8bVaB4M6wyBQpv0bcSCV4qJfD32FwWRSG-2FLPGOUjbGZ=
BCLBblabA-2BpY3ZlsobiPWL2kU8P4HUZW8tOHeUeLF8uHf88zk7DVV-2B2Vq3-2BJAUKw-3D" =
style=3D"color: #1D5080;" test=3D"">CNBC</a>]<br><br>
                               =E2=80=83=E2=80=A2 PitchBook senior analyst =
John MacDonagh on sustainable aviation fuel: "Obviously, if you look at the=
 size of the overall aviation fuel space, in theory the [SAF] market is pot=
entially huge for those that can offer a product at a competitive price." [=
<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4=
Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWru4wL7VujTKQaew44dTTKBNrlYTqYa2RfsvtjJN=
IfeQ-3D-3DUg7y_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8=
UYA68NVRRiAQDPWpsrd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhD=
tmcCGP8UyhxA9YIuAK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2F=
udbnE9DG65AdnslfBN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2v=
F8d7DAz-2BgCVmWjd-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTqvO7Wn29ES9J9TcekPoorGu4=
3cGvdtYazAwDYJs4r4h7Gdh-2F0HxjGjZ2jeGQmVXNJKI6v-2BIn86FQsEYcdNw9vdYftCWke1z=
rU3-2FJTNZvt0owOX9N5Jx7Oa-2BkCd8SGg1NZ4t3ErVHCgPWIE-2FZxep5bc3nPTRl1qt-2FPG=
6Fvh-2FbrpVHMS5LVwF4gmEhUfyOOa85eBQnMdRPDJqXFzXRcL4ccgDnLZbx1bgfN0w585aYVd8=
-3D" style=3D"color: #1D5080;" test=3D"">Fast Company</a>]</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <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;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: 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>
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                              <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=
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d6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8UyhxA9YIuAK=
0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65AdnslfBN=
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2FpMKCf620CbvryK53gw4KN1uyMiOtPFTTMDHMv9gS2UlY0hoeMMlTAE18yIQ1VMavaAU0kZIDm=
yAKlgH4diVamXumSUerMbzw0diPtTD4Gerl-2FN8Kwky7Ullf67NrlqBShzGVI8FcjRfJo9FxYh=
kX-2FYkvSZODK-2FT2THIvqiOiQyMi82tTREFk8ogBvnsfbpyJcN4mmqQCAdPb5-2BAG4ILjNdY=
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2BaqM7ONnvsnswouzWru4wL7VujTKQaew44dTTKfD-2BZ87RSsl9DcthlgqnaUw-3D-3DOZkm_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRRiAQDPWp=
srd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8UyhxA9YIu=
AK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65Adnslf=
BN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCVmWj=
d-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTyVkD9R1b871nuNo4jmETDF1xlBACfqSVlC0xAPrq=
XXTbfshYpe-2Ba1e0MEGOXEaypHjloN7Snz8Amg3fThlukb4qdIUJPqNdTSw62cvsuquoLzGlF0=
eK2ILh3q7RpR85OlWeSQ1QHzOKZZ1uOvq4RjAxnkp251YDYjPxHvt3K8a68bDErMuFpWeMJi5sI=
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                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzWru4wL7VujTKQaew44dTTKNX2XJUNFtb3ltqtBShWa-2FQ-3D-3DiMbP_P=
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srd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8UyhxA9YIu=
AK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65Adnslf=
BN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCVmWj=
d-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTKRQWBJAvlSym3qxzyCpafKABhtScG2kw5oahK1XA=
yRZM-2FTUsl4hTuW2pojVnaXty-2Fh5u-2F3VctxQFK85VQdqHU-2BnVNIb13er1-2F6zCmGfU2=
r18phDompsNjwTvABZAAE01YrJhN4LGPtlOub1adFEv-2FmC8rJ2rOcBGd1YaMVUJ696t5Pq4Ux=
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                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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srd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8UyhxA9YIu=
AK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65Adnslf=
BN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCVmWj=
d-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTAICfP8mI9dxclc5cSBJGKRb4YGXCz4LfbQrExs8N=
sJIWnmce6LDxO8yhNSYkiSF6-2BnONYPgC4saX3Vt6WJGgANFBF2n4QmbbnOlrxMTuRPPWUdeyU=
sGycmO-2FIvf4nCNC5OE5vixa9otvTDIi8nj5-2BIz9o6MCIApOs6IgzhceGvCaSyMyyNCmJjAi=
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                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCVmWjd-=
2FpMKCf620CbvryK53gw4KN1uyMiOtPFThU3buOakwPAs9NszJgBA-2FqRCY4J39KPlalQPqSAP=
qZyFVj9gh8sYTypG6M8kIXLEF4P9FOA49HOX54K7A2YEpvvEYn2xjPvM8xFivn1n9rBwf9iE6Gh=
xYqt4jYBiMiNf8-2FmXGEg4z88YiL1-2BXWdRxruKTNMQjo-2BKJdHji8MMBHcHww0aSIz2N2MG=
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5080;" test=3D"" universal=3D"true">Italy Market Snapshot</a></b><br><br><b=
>Thematic research</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzWru4wL7VujTKQaew44dTTKwZj7XbfFmWUXl4-2BQQTsg-2FA-3D-3D1Zmq=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRRiAQDP=
Wpsrd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8UyhxA9Y=
IuAK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65Adns=
lfBN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCVm=
Wjd-2FpMKCf620CbvryK53gw4KN1uyMiOtPFT2GuHq-2FZfwcIC1yWOY8baX2mqhc2n2LcMU7Hl=
pVmQygl1BVeZrwFgJJt78N7HnwaW2-2BK6UFGESMC4XBBTnZWqbus-2FdqfxkHTwWt-2FzrCT89=
p1wZtEW0Qe3IMC9yw4WEmC5Nf9v97e3HviUzQknGdiCx3Tch3qB-2Bec41qNkMEryBbHsnWTKFn=
soWTvpil1XBB7dlEkioiO-2BT-2FlUm6qZpvD7ZHKvtE596pWfEhLrJbnyGqk-3D" style=3D"=
color: #1D5080;" test=3D"" universal=3D"true">The Rise of European Defense =
Tech</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-=
2BaqM7ONnvsnswouzWru4wL7VujTKQaew44dTTKgLSMJEp7b9mQcDYyuWJyYQ-3D-3DnYvj_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRRiAQDPWpsr=
d6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8UyhxA9YIuAK=
0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65AdnslfBN=
6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCVmWjd-=
2FpMKCf620CbvryK53gw4KN1uyMiOtPFTLwM-2BHqNMFhVgnl1poDsburKIYS48WpOmWeBxbn3o=
HPww86GS1j05J-2BDmfx72S3wKSxN4hqMjZEVkS4B6iC-2FxQYMXnR2HnwSkh0qhIPqOEZyibB-=
2BGp6E-2BWJdoNlISLkw9tS2541rJwK4wJ0NfEkXmiJN-2FepBqGVPcn-2FmlKcv-2BrlBUa-2B=
WwSfb26x5oae9baU6bFpQ0xB9ED953x9gDro8MZaCuxqgkNk7GJK59jkGVBQo-3D" style=3D"=
color: #1D5080;" test=3D"" universal=3D"true">Stablecoins are Imperfect but=
 Inevitable</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-=
2BaqM7ONnvsnswouzVgZ0-2BmmqBF3b1745UZih2tcWjun1yfBO27rf78FWzXHg-3D-3DuzlH_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRRiAQDPWp=
srd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8UyhxA9YIu=
AK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65Adnslf=
BN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCVmWj=
d-2FpMKCf620CbvryK53gw4KN1uyMiOtPFT-2FyRQiodPpwZEqOKhv-2FEguZy-2BIEJBryAA25=
EO7NaQLuSmvHt0aE0TmlZiwQhMNlxETtJ4ATGsKtBr510ROjVzLkzvO5KWuehw9gCST8t40m800=
i5196gEx8ulF4qmdWrvfWcZur2X7YTIdzF3K-2BjDAcUEWX2OzL1yKkZYRHxxuBeAxITjuiKNPk=
119fKPWtDZ7gIXVbbsd5wPvZ34HB8naBU-2B4LTrdjObAUVRWvSYy-2FM-3D" style=3D"colo=
r: #1D5080;" test=3D"" universal=3D"true">AI=E2=80=99s Impact on Supply Cha=
ins</a></b><br><br><b>Industry &amp; tech research</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzVgZ0-2BmmqBF3b1745UZih2trxQ6uiTpquaRVAd1V5sjZg-3D-3DUm1V_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRRiAQDPWp=
srd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8UyhxA9YIu=
AK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65Adnslf=
BN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCVmWj=
d-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTZXndBtWrXoBa9X9yvS-2F5pM0WolKhtP-2FNJ7Fz=
y6Z3MYAzCFl-2FT0s4Vvjw-2FM1DuvjQOqf0Zp28KFM2OdvwkDGZNuTVptoukdUwlC3J-2B4mLB=
kTYkuMjBQjSFjjZht6OzUEusgdFCDiIYkkyB1OQzV4M2g-2BqolA906Ka6adPCddBx1-2FdSxKI=
NHgG8AkvSHYD0mg2mstpbeMZOP4Yd5p8hJdiXl97tvXLl85JUuqXJ-2BgSDm4-3D" style=3D"=
color: #1D5080;" test=3D"" universal=3D"true">Enterprise SaaS Comp Sheet</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-=
2BaqM7ONnvsnswouzVgZ0-2BmmqBF3b1745UZih2twPRhYHFk7UGAD8OYiTQa0w-3D-3Dp6qx_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRRiAQDPWp=
srd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8UyhxA9YIu=
AK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65Adnslf=
BN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCVmWj=
d-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTaiSFhzYOFKPtc3aUZ0GSs0j5JvUj-2BVHNdPazfK=
u94QtOmBERuPp4d7oq-2BGyQyCZdTQkY24ZEKPw8roxTrS1dURzZ0pQWWso5MFFgPmvyq9SLsns=
gauR1e8Evs00l0-2FkST5UA9uPtIs5ePf7QELXov34vyBmvF0oXF6dtJwLBw7dCIGGfhkzRBdSh=
gPGG-2BpZBqgZHkJ4jLGgW5UoDO4VQvsZrdFomaL6WaUWba3XabqA-3D" style=3D"color: #=
1D5080;" test=3D"" universal=3D"true">Healthcare Services Comp Sheet</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-=
2BaqM7ONnvsnswouzVgZ0-2BmmqBF3b1745UZih2tP94EgmV5KgaHYxeY4WbH1Q-3D-3D_wyj_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRRiAQDPWp=
srd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8UyhxA9YIu=
AK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65Adnslf=
BN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCVmWj=
d-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTAjplBLAMPqsoDkC1LDne6dR0Y9A33bXqO2cDS8jP=
1JhfS7s6VQMWyMRQ-2BnGJSNWskuXLxCEnv-2FtPWxkmnyOgE5tz6owkPwkq8-2Bnge-2FlDPQj=
rd-2FCE12n9QJno0km1hTrqOmzvJb1iYxolZ1U9O-2FltD4BcQMn7Z8FOPt50VSpKMEYc2mv6ih=
VvjevNKYqe9g8v5JMnZZYqWcJFVr1miv-2BR2cGkFGCVKzBx6uvF1TMS6jY-3D" style=3D"co=
lor: #1D5080;" test=3D"" universal=3D"true">Q2 Infrastructure SaaS VC Trend=
s</a></b><br><br><br><b>Credit research</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzVgZ0-2BmmqBF3b1745UZih2tf1ywltYjLvQ3bJ1s3op-2Bgg-3D-3Dj5_k=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRRiAQDP=
Wpsrd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8UyhxA9Y=
IuAK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65Adns=
lfBN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCVm=
Wjd-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTLJSfiLADEJ-2FQ1kk99pqRTtRxTGrhwVDyJfm1=
b-2BT-2F-2Fb7vYBXy1OkhhmAkVoQHl8J8eYH2GLZthjBdrtuifetdkghCd3Ku1gK6IiGuiCECM=
nRpNutQGUuRixBT4wO1l3OnXCRCGNMq-2B7QmRg5o3fGEECfkB8P86NnrYdpazkPsjwo9Twn8vT=
O4mSjjBCKP7Z3z5RQlqlgsa3uVZmPd9ZIqRT0JEOsvO-2Fc3-2Fyuwwa0lonI-3D" style=3D"=
color: #1D5080;" test=3D"" universal=3D"true">US Credit Markets Weekly Wrap=
*</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzVgZ0-2BmmqBF3b1745UZih2tEp2AF09mEEZQOdaHrFj82A-3D-3DhWlz_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRRiAQDPWp=
srd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8UyhxA9YIu=
AK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65Adnslf=
BN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCVmWj=
d-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTKlLGVTui-2FtCKmXuN9wP9El2FYXM79wo6-2BAIe=
L-2FNYdHkh0-2Fsa3uFQCY3kvR0gStGRActlAxNb-2BFnlcNH2yvt9UHJ-2BT-2F-2BvWYZuYH-=
2BrLVTXivESeDAql-2BQsoxvAiG7iRUNsdVW0z4TH-2B-2BZH-2BtrJwgh7iYGB7OF2-2F8E3rn=
z44rgalAThkP9fQgR7f8cEFh-2BP2InezsYlNRbeDFhBNoACvvfxE1gHkQZ6CRHbPHv-2BsLSou=
ME-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">US High-Yield=
 Bond Weekly Wrap*</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzVgZ0-2BmmqBF3b1745UZih2tiKLlGoc75QQR52VfY8YOWg-3D-3DrbiL_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRRiAQDPWp=
srd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8UyhxA9YIu=
AK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65Adnslf=
BN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCVmWj=
d-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTW6yTxi4r97CaNnuGicvUezIa4bq4c368TsdJANRl=
09DdCcvDr5lj9O9mBS9-2BC-2BaAIPRzyT3Pkub-2FF62MgscKKvKoQx5ZqYXVLCz8vZRCG6bf0=
CQauVB7zgzqfDO8rHfn4kJhfNFsPniCJB9UEzPbhaRJ832l5esaSHM7R6-2FwYHIMnuTxlB-2FU=
3Zl-2F4PrJm4BnwmBQynaOIpryR8uuYlgBhOA4Tkxtt0GOwfr3pKpgZg8-3D" style=3D"colo=
r: #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-=
2BaqM7ONnvsnswouzVgZ0-2BmmqBF3b1745UZih2tKqJlzg3SaWVhnyni4auvzg-3D-3DPlKC_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRRiAQDPWp=
srd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8UyhxA9YIu=
AK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65Adnslf=
BN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCVmWj=
d-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTJYHm8RGVQCXi7oswKLKutq40WaPIDpDPa9mNaWbc=
6XziQzRbTdF48PKCZTMkGzdugmfqXxg3GcN7K-2BmZNuyFVvxwgN0Trw1-2Fh8mQHC0cOROUzS6=
lkC-2FUXhAUW-2FummZkvGRC-2F9KOBRRIM59bFa9VCCPj-2FfIXEMtEu0JX8JD-2FnZkkEvVIx=
4uzGF3AJT-2FfXY53wZjJfidv2gvXbPKOIp3c6cUViUHO5Q28UC3x0VpCgO04-3D" style=3D"=
color: #1D5080;" test=3D"" universal=3D"true">Global Distressed Credit Week=
ly 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-=
2BaqM7ONnvsnswouzVgZ0-2BmmqBF3b1745UZih2tKqJlzg3SaWVhnyni4auvzg-3D-3DYWMp_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRRiAQDPWp=
srd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8UyhxA9YIu=
AK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65Adnslf=
BN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCVmWj=
d-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTWsgHxgOMjDrYaqsY-2FpVxsGviCmyX8tYdgpz99f=
D8OeDTIdzuJI8HbIAsfSPWe2W5bY5CbuotruKfiO6wLV3E5a3IYVHg6MNs90SHKL5G31AfuElJo=
qRdtiSKG9ImVY3rpPbX4aIDZZxpFQnx0X53hWmWnIP5MIFZUEWoOdqOyHcXBV597sXNnrXPTXiJ=
8Xg-2B7a4dvdM-2BsgYZUXF7DQt1FhEkDG0VwZP9-2FOb4EW2q0Ak-3D" style=3D"color: #=
1D5080;" test=3D"" universal=3D"true">US Private Credit &amp; Middle Market=
 Weekly Wrap*</a></b><br><br><b>Coming next week (subject to change)</b><br=
><br>
                               =E2=80=83=E2=80=A2 Q2 PitchBook Private Capi=
tal Indexes<br>
                               =E2=80=83=E2=80=A2 Q3 2025 Retail Fintech VC=
 Trends<br>
                               =E2=80=83=E2=80=A2 Q3 Food &amp; Beverage CP=
G Report<br>
                               =E2=80=83=E2=80=A2 Q3 Mobility Tech Comp She=
et<br>
                               =E2=80=83=E2=80=A2 A Look at AI Deal Activit=
y in APAC<br>
                               =E2=80=83=E2=80=A2 Money20/20 2025 Recap<br>
                               =E2=80=83=E2=80=A2 2025 Global Markets Snaps=
hot<br>
                               =E2=80=83=E2=80=A2 Q3 2025 Medtech VC Trends=
<br>
                               =E2=80=83=E2=80=A2 2025 Global Fund Performa=
nce Report<br>
                               =E2=80=83=E2=80=A2 Q3 Consumer Retail &amp; =
Services Report<br>
                               =E2=80=83=E2=80=A2 Q3 2025 Biopharma VC Tren=
ds<br>
                               =E2=80=83=E2=80=A2 AN: McGuire Woods Healthc=
are Conference Recap</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: 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>
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                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
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                           <tbody>
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                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
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32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65AdnslfBN6ActOOH=
DsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCVmWjd-2FpMKCf=
620CbvryK53gw4KN1uyMiOtPFTNj-2FBuQMxXbIzd3cIoEQh-2B41O8odKJOlqeSMNKHaDlvObp=
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                         <td align=3D"center" style=3D"font-family: Roboto,=
 Arial, sans-serif; font-weight: 700;
                                        font-size: 14px; line-height: 27px;=
 color: white; padding: 26px 57.2px 37.3px 57.2px; white-space: nowrap;">Si=
nce yesterday, the PitchBook Platform added:</td>
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                         <td>
                          <table lang=3D"x-counts-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%; t=
able-layout: fixed;">
                           <tbody>
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                             <td style=3D"display: inline-block; width: 24%=
; min-width: 24%;
                                                    text-align: center; flo=
at: left;">
                              <div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Roboto, Arial, sans-serif;
                                                    color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
                              636
                              </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%;">
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                             <td style=3D"display: inline-block; min-width:=
 24%;
                                                    width: 24%; text-align:=
 center; float: left;">
                              <div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Roboto, Arial, sans-serif;
                                                    color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
                              2223
                              </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%;">
                              People
                              </div></td>
                             <td style=3D"display: inline-block; width: 24%=
;
                                                    min-width: 24%; text-al=
ign: center; float: left;">
                              <div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Roboto, Arial, sans-serif;
                                                    color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
                              934
                              </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;">
                              41
                              </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
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                             <td align=3D"center" style=3D"padding: 0 133px=
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tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
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r;
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                                                          background-color:=
 #F79B3E;"> Request a free trial </a> </td>
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