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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;"> Global= M&A surges in Q3; The seed stage enters a new era; AI, stablecoin buoy= enterprise fintech VC... </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= /newsletter/RobotoSerif-Medium.ttf') format('truetype'); } td ul { padding-left: 1.8em; } td li { position: relative; margin-bottom: 0.5em; } </style> <table lang=3D"x-main-wrap" width=3D"100%" cellpadding=3D"0" cellspacing= =3D"0" border=3D"0" style=3D"min-width: 100%; background-color: #F0EBDE; fo= nt-family: Roboto, Arial, sans-serif;"> <tbody> <tr> <td align=3D"center"><!--[if (gte mso 9)|(IE)]> <table lang=3D"x-main-container" width=3D620" cellpadding=3D"0"= cellspacing=3D"0" border=3D"0" align=3D"center"> <tr> <td> <![endif]-->=20 <table lang=3D"x-main-container" class=3D"container" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"max-width: 620px;"= > =20 <tbody> <tr> <td class=3D"content" width=3D"100%" style=3D"min-width: 100%; pad= ding-left:5px; padding-right:5px;"> <table lang=3D"x-header" class=3D"container" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> =20 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font-weight: 500"><span><b>The Research Pitc= h</b></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-2BaqM7ONnvsnswouzW3J7HNgJ032oiQvB-2B-2FZsW80= YLtwKd4s-2Fk2meyEEgy6dQ-3D-3DDQUN_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-= 2BHR4BiQVI43kbMcVf8UYA68NVRRiAQDPWpsrd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGU= C7tARqxULIOEuqNHfhDtmcCGP8UyhxA9YIuAK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH= 3o-2F56AQ6nrOSXJr2FudbnE9DG65AdnslfBN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PR= el5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCVmWjd-2FpMKCf620CbvryK53gw4KN1uyMiOtPFT405fb= 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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>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> </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 Intapp</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_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> <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-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"= > </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"> </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> </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"= > </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&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&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&A deal count.=20 <br> <br> Q3 activity increased by 25.6% in M&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&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&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> </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&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&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&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&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&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"= > </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"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Industry & Tech</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br><b= ><big><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-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"= > </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> </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= . 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 & 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"> </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 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&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"> </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-= 2BaqM7ONnvsnswouzWru4wL7VujTKQaew44dTTKKIURpvKyvXA1ze9aCH6w4A-3D-3Dwod8_Pr9= 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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= 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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= 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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 & = 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"> </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> Thanks for reading! Feel free to <b><a href= =3D"mailto:pbinstitutionalresearch@pitchbook.com" style=3D"color: #1D5080;"= test=3D"">email us</a></b> any time with feedback, questions, or tips!<br>= <br> Learn more about the <b><a href=3D"https://u= rl6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B= aqM7ONnvsnswouzVgZ0-2BmmqBF3b1745UZih2ti36DeZ-2Bml6Mw97a0ZtmGVg-3D-3DVzys_P= r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRRiAQDPWp= srd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8UyhxA9YIu= AK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65Adnslf= BN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCVmWj= d-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTGgFBZwwq-2BURPaCgUozYy8jhWEIUksCHrzP5NkY= vzzHJ9py8hgLWiygNs1K5FIXvJ8F0Bix0ReChTKeL6vq-2B1WfjzrNHg0E44LOeVj8F4xHPUXMm= MSKPGTQBk4QJLY53Kn7nLjO7C-2FBpc92mHNb8c2OjwAUtSkUKGWdzaHdjuX0tfB2c9dwr6wy6E= EHbrBP01eq-2BMYRU6BiYbf1ttz6TBVhFioHk0-2F-2F827XUr5Q3tI98-3D" style=3D"colo= r: #1D5080;" test=3D"">PitchBook Institutional Research Group</a></b>, meet= <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73= BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVgZ0-2BmmqBF3b1745UZih2tJEMfVGA-2BuB= q7yTZIiNyNIw-3D-3D7PkW_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI4= 3kbMcVf8UYA68NVRRiAQDPWpsrd6vo5OHql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIO= EuqNHfhDtmcCGP8UyhxA9YIuAK0Qpj18J32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6n= rOSXJr2FudbnE9DG65AdnslfBN6ActOOHDsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCB= QCZ7tu2vF8d7DAz-2BgCVmWjd-2FpMKCf620CbvryK53gw4KN1uyMiOtPFTRTMR7odz4Pp07tms= -2BuzHE2Y-2BDaSfTAcqEzYTb-2BKk8w6o1cVRyCicqipH2bFJwW-2BWWzG72kDzHdalW2UMu3F= 2cR3exjoiHcsSwv5z78lKa9aVpxBqrWnn-2Bcc-2FuT3Ml6zk-2F9y-2BQWADGjfBvxs5kz2hDR= W-2F-2B-2FetbXAjiEw23ywFvN-2BJDlJ8v0c9iXPUTsx9qTCgQtSnKhc2daJqPUNdK4hUsOyo9= Jr-2FzDL12vXwyJEx76A-3D" style=3D"color: #1D5080;" test=3D"">our analysts</= a></b>, or access our research libraries for <b><a href=3D"https://url6380.= news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn= vsnswouzWq891daMu1-2FpwXYZgY7VA9LrojWKOBMFZRi1UT7mlL1g-3D-3DP15T_Pr966knuaH= maw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRRiAQDPWpsrd6vo5OH= ql4nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8UyhxA9YIuAK0Qpj18J= 32hLDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65AdnslfBN6ActOOH= DsJo8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCVmWjd-2FpMKCf= 620CbvryK53gw4KN1uyMiOtPFTNj-2FBuQMxXbIzd3cIoEQh-2B41O8odKJOlqeSMNKHaDlvObp= Pj-2BWmBjIJtcXkPz3pbccmyUPKZZu-2Fcxa5ESRnsMX7FnZ-2BIa4i-2F8YtqoH6k2ulRcfapg= XUFJr8TO-2BZQYPqlJIN00-2FAR88lWTMpjJlTm47owDuaqlRWc-2BlCtSHv0B2aRyuHF0dfazx= NCtQlynPhE6xWO4YQs9YcWERtgRVHRplN4snjUmupTsQ5MRWaIdANo-3D" style=3D"color: = #1D5080;" test=3D"">clients</a></b> and <b><a href=3D"https://url6380.news.= pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnsw= ouzWq891daMu1-2FpwXYZgY7VA9-2FrTRkWWbPVcOj87clMnYTg-3D-3DZhqC_Pr966knuaHmaw= 6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRRiAQDPWpsrd6vo5OHql4= nNMa3s-2FidPLZ3LcpygSH0kPcGUC7tARqxULIOEuqNHfhDtmcCGP8UyhxA9YIuAK0Qpj18J32h= LDW-2FWWxpDUAD21nh5xyD5oEyrH3o-2F56AQ6nrOSXJr2FudbnE9DG65AdnslfBN6ActOOHDsJ= o8r96BpgZDIYsBC8I3HUbQTej5PRel5Lzb-2FCBQCZ7tu2vF8d7DAz-2BgCVmWjd-2FpMKCf620= CbvryK53gw4KN1uyMiOtPFTamD6jKzi2RPcNGtOFPHU5TWariLBIisrQ37chdqSgm8ncVmyuyVF= m-2Ft8iJdWuf9icmASdp64FRiEJdzp58yzxX8uXEjfEuHQJlFzcjijkeT9-2Fap956W96yFRc4Z= NpSINriFmiJ-2BV9fTwZJ51LEeaRcqr7Zl5FABGBaCtvMNeIRV5jL0eJzh6IgjQyOGSZ98ywKs1= JpEzLvDmGavL1Z0oeBisvxXZHVH-2BspyMe4J-2Fmno-3D" style=3D"color: #1D5080;" t= est=3D"">non-clients</a></b>.<br><br><em>Did someone forward this newslette= r to you? 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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%;"> Deals </div></td> <td style=3D"display: inline-block; min-width:= 24%; width: 24%; text-align:= center; float: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: 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; 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