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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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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-2FZsW8G= VwC-2FIRXvSKpY04Gacc-2BLw-3D-3DqXas_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf= mzy-2F3t1yZbcbdWeUgFVa0m8PzsFgMaaq9pgEhOXx1g3tjqM78JGe6FI7rNvswkO00xvtqBskM= l7eE9sA9Hk9GX2kPFR4wvuVoMzWNWvIaKKXUyuoWRlwCuOOE9zJCjRlCdq0EN4bwaUK3ePm5LXI= 69RJTW8H8cTqOEMGskYuvJfPUgDvfpM-2BF5baJ03Q-2FCwywXoZbrs87V86H2-2FayxJvwEMfV= vw3PrlP34Ngmpc3cH-2FFs2wLP3WXVcL6-2FaW-2BID9aTQYS8myLNLxNfUq79bmbsRtWaZU4Pa= -2Fjm-2FbY8XJlfXW1bJmJyfh63CuNotFbk-2B00bms3XZ-2BSP21Vauz5JIvZpNe3vHewx2DzS= 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<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-2FZsW82ntUs1TFg7Yk5B-2FNA5FooA-3D= -3DOWcD_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs= FgMaaq9pgEhOXx1g3tjqM78JGe6FI7rNvswkO00xvtqBskMl7eE9sA9Hk9GX2kPFR4wvuVoMzWN= WvIaKKXUyuoWRlwCuOOE9zJCjRlCdq0EN4bwaUK3ePm5LXI69RJTW8H8cTqOEMGskYuvJfPUgDv= fpM-2BF5baJ03Q-2FCwywXoZbrs87V86H2-2FayxJvwEMfVvw3PrlP34Ngmpc3cH-2FFs2wLP3W= XVcL6-2FaW-2BID9aTQYS8myLNLxNfUq79bmbsRtWaZUrNDE525OkScyVBdnORjJaS6M6Fx4bvd= CTsSucPRcYNH-2BypZ-2F-2BV6XySAtuznhQWrw9y4XIu3ohODHTP7Vu60lknpTqNxlXSzVWjY1= ddWO5LPqM-2BuIeoUga914U1mw9WGbbmlGotunqzadGBw65BsZtuIxDam8YT6bzWj8XHdzKCddx= 1gjCQlxfsNwXKJnRzDPPh8i-2Fii9Ie4NPCzNhk-2FRITOX-2B-2Fs2LG887d8gTP5ImL8-3D" = 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= sW8wdbt7pIicBjOIwlhnHS7aQ-3D-3D0GC4_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf= mzy-2F3t1yZbcbdWeUgFVa0m8PzsFgMaaq9pgEhOXx1g3tjqM78JGe6FI7rNvswkO00xvtqBskM= l7eE9sA9Hk9GX2kPFR4wvuVoMzWNWvIaKKXUyuoWRlwCuOOE9zJCjRlCdq0EN4bwaUK3ePm5LXI= 69RJTW8H8cTqOEMGskYuvJfPUgDvfpM-2BF5baJ03Q-2FCwywXoZbrs87V86H2-2FayxJvwEMfV= vw3PrlP34Ngmpc3cH-2FFs2wLP3WXVcL6-2FaW-2BID9aTQYS8myLNLxNfUq79bmbsRtWaZUINi= 75mSlr0iO-2BT2NdzmP8hoHavEbgjnYTOxhKAYGU3xcga2jYW-2BY2-2BswgmazaIzY4fgfEzw4= 6Zht36N-2F2WIhAGdzTr4mubsmjFjk6xKKWegmDN-2FQ5ieWqqe44iYpV-2F1SuUlBLjKOM6UNJ= -2FwV23zYOwSGREDWVwEBLXlsBKqjf3rgIGhSCp-2BEpBe-2BZckoa-2BImmEuoqdcX4xYmnYUI= ajWoJWKB-2BcfnQVV15GtmvLmg62o-3D" style=3D"color: #1D5080;" test=3D"" unive= rsal=3D"true">Download the report</a></b><br><br><b>More comp sheets</b>: O= ur latest guides on public company valuations and financials are now availa= ble for <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW3J7HNgJ032oiQvB-2B-2FZ= sW8-2FXsyx3lgeZ5dgNRg0CsDPQ-3D-3DzX5s_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRF= Cfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgMaaq9pgEhOXx1g3tjqM78JGe6FI7rNvswkO00xvtqBs= kMl7eE9sA9Hk9GX2kPFR4wvuVoMzWNWvIaKKXUyuoWRlwCuOOE9zJCjRlCdq0EN4bwaUK3ePm5L= XI69RJTW8H8cTqOEMGskYuvJfPUgDvfpM-2BF5baJ03Q-2FCwywXoZbrs87V86H2-2FayxJvwEM= fVvw3PrlP34Ngmpc3cH-2FFs2wLP3WXVcL6-2FaW-2BID9aTQYS8myLNLxNfUq79bmbsRtWaZUp= 1h-2BTOOvB9YaqvcYnznOMRi5W-2BfPC0-2FeV-2FYtDorL7VK-2BHW0myFFN-2BSXb7l44jI3Y= rmD3OZ4osJ75VEZCR1E2kKZGcpUGV78xDi2NXO6OtvIGHgmWSZOXl5M8S-2BIjx4Ib6Ju62dco2= dcFL6C6HplniwBd-2FqCdnxZB4Se8fJ0xG3A0CWikC8KUn6tIw6VKV56UDgy-2FhUSIiqL6gerV= 7Oe3tm6GhXDm8Ra2h2Xox-2BhL5u4-3D" style=3D"color: #1D5080;" test=3D"" unive= rsal=3D"true">fintech</a></b>, <b><a href=3D"https://url6380.news.pitchbook= .com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW3= J7HNgJ032oiQvB-2B-2FZsW85t9ks2HGPZMeR4D7gR-2BSGw-3D-3DjcZx_I3w5d9c01gkD8gLz= FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgMaaq9pgEhOXx1g3tjqM78J= Ge6FI7rNvswkO00xvtqBskMl7eE9sA9Hk9GX2kPFR4wvuVoMzWNWvIaKKXUyuoWRlwCuOOE9zJC= jRlCdq0EN4bwaUK3ePm5LXI69RJTW8H8cTqOEMGskYuvJfPUgDvfpM-2BF5baJ03Q-2FCwywXoZ= brs87V86H2-2FayxJvwEMfVvw3PrlP34Ngmpc3cH-2FFs2wLP3WXVcL6-2FaW-2BID9aTQYS8my= LNLxNfUq79bmbsRtWaZUj3QC8doGwZB4SPxljc4ntlq6WiJ0Hzn7q2wE0kWtaGPSWgOKReLfWHo= BVWX-2FThr1XE-2BLifild3eqW6Z-2BOrT-2BqRd5ANTmG0bg1adsWpztG9uFdnOuuBHNJJ4rpJ= 9SoPhje2Pts-2Fh3JduwAZnYI3yT3AbX-2BGnB0piffPEEuOxEaDN37zGyN-2Bt5R57OygS22zK= PShiayjTI-2BW2mRXHT0wH5q3fvBNzMLlIBjASxViMzbPQ-3D" style=3D"color: #1D5080;= " test=3D"" universal=3D"true">AI</a></b> and <b><a href=3D"https://url6380= .news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq= M7ONnvsnswouzW3J7HNgJ032oiQvB-2B-2FZsW8xPFukkp1Bx4QsdbUEDnzXg-3D-3DYg-R_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgMaaq9pgEh= OXx1g3tjqM78JGe6FI7rNvswkO00xvtqBskMl7eE9sA9Hk9GX2kPFR4wvuVoMzWNWvIaKKXUyuo= WRlwCuOOE9zJCjRlCdq0EN4bwaUK3ePm5LXI69RJTW8H8cTqOEMGskYuvJfPUgDvfpM-2BF5baJ= 03Q-2FCwywXoZbrs87V86H2-2FayxJvwEMfVvw3PrlP34Ngmpc3cH-2FFs2wLP3WXVcL6-2FaW-= 2BID9aTQYS8myLNLxNfUq79bmbsRtWaZUFTwU4xXXOaQTK0-2FVoS9fnWVXobk5fVue1lgYTOgm= gzQBrfsA61a5JSFrbpIdSrXpdZD1C5pj-2F2eav7boacuvkZ-2BbSu0xYp0KKV7bq3pG4M1Pb3-= 2BzRfDOy91YXjd-2FLfvcclTGRVBey-2B4tJBfLDfqb8PQA37yVUMGtOH6qkpm2ynKSvFuuhcvE= ld36YVEIf4n4giMdVWvQTJyz8r0UeU-2Fo1IOyynIvTpgtxWDd8JCOOio-3D" style=3D"colo= r: #1D5080;" test=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-2FZsW8GVwC-2FIRXv= SKpY04Gacc-2BLw-3D-3DDTlp_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFgMaaq9pgEhOXx1g3tjqM78JGe6FI7rNvswkO00xvtqBskMl7eE9sA9Hk= 9GX2kPFR4wvuVoMzWNWvIaKKXUyuoWRlwCuOOE9zJCjRlCdq0EN4bwaUK3ePm5LXI69RJTW8H8c= TqOEMGskYuvJfPUgDvfpM-2BF5baJ03Q-2FCwywXoZbrs87V86H2-2FayxJvwEMfVvw3PrlP34N= gmpc3cH-2FFs2wLP3WXVcL6-2FaW-2BID9aTQYS8myLNLxNfUq79bmbsRtWaZUgOzxhR205g5be= qiwabUdXWU2cGXq-2B8JSGuYjaoBWSuDfzKAlrtEUo2IhoZvTG0-2FEqN0fjeaV2DcpgjnUXYVF= 11bkKsFUQG-2Fiwjt-2BnODCcQf2YuKk9O6AzXzwXGvDTUhwKWzlkZ8auuwtz58MVsgCkUp3LN9= nELnVMMNxdjRgygDdaUjcKs2xHhY4yC-2B0VinSMjaY1umCqk1vhj7CbjhQ3zkNcANtcWDdfxU3= NSDFlEc-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.co= m/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-2FZsW8GVwC-2FIRXvSKpY04Gacc-2BLw-3D-3= DHjfp_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFg= Maaq9pgEhOXx1g3tjqM78JGe6FI7rNvswkO00xvtqBskMl7eE9sA9Hk9GX2kPFR4wvuVoMzWNWv= IaKKXUyuoWRlwCuOOE9zJCjRlCdq0EN4bwaUK3ePm5LXI69RJTW8H8cTqOEMGskYuvJfPUgDvfp= M-2BF5baJ03Q-2FCwywXoZbrs87V86H2-2FayxJvwEMfVvw3PrlP34Ngmpc3cH-2FFs2wLP3WXV= cL6-2FaW-2BID9aTQYS8myLNLxNfUq79bmbsRtWaZUs4bydo0PE4MPAnU35RGeYMVPoMvdiJVcy= 58BlDNQzrRXCdr7S0o6-2B-2BYon0-2FYg6i59QA3j9BzykvtFajVgOT-2FBjICjufTb9PtvxEV= 1zc6l9HdBUiAWvqNzOKvqijpSR2gPPBYWqfvCvEpC6lp-2Bh-2BBjC8QRE3-2F4MVWFHI1TI-2F= p-2FiNGKOWSeHhxbHYGWXXQcnuzd3KRfVA3o9RxQbteZ3ZVCIXXtnYixn0aTTQ8czEma-2BQ-3D= " style=3D"color: #1D5080;" test=3D"">Reserve your spot</a> to learn practi= cal 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-2FZsW87rZDjvavU0bc7kDA2hGZBQ-3D-3D_rmj_I3w5d9c01gkD8gLzFE= ofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgMaaq9pgEhOXx1g3tjqM78JGe= 6FI7rNvswkO00xvtqBskMl7eE9sA9Hk9GX2kPFR4wvuVoMzWNWvIaKKXUyuoWRlwCuOOE9zJCjR= lCdq0EN4bwaUK3ePm5LXI69RJTW8H8cTqOEMGskYuvJfPUgDvfpM-2BF5baJ03Q-2FCwywXoZbr= s87V86H2-2FayxJvwEMfVvw3PrlP34Ngmpc3cH-2FFs2wLP3WXVcL6-2FaW-2BID9aTQYS8myLN= LxNfUq79bmbsRtWaZUj9WPGmTRpXHqX9BqjYuRpuC5Wo-2BbB8oFf9Bm6-2BkB-2BbrzY91Ifrb= OgWnYZGWXA3I-2FSW9toT3vWmeuzCVqw72pi-2Fn-2BPoKYB3FM9PpQDE7L-2FOYMew5KUrCYUO= -2F5g2GS-2FznXGMz-2FRynsKII0LQM5bZtNhcupo57YB9feMpY2GR6x4fsO7Zg7KtsyjW3BpV5= zi1ybwdhyq9qM-2BY05gXCkT-2Bp3Jfc2QHgeBHiwPTwxSXoLPI8-3D" universal=3D"true"= ><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/71123= .png" style=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-2FZsW87rZDjvavU0bc7kDA2hGZBQ-3D-3DfQLD_I3w5d= 9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgMaaq9pgEhOX= x1g3tjqM78JGe6FI7rNvswkO00xvtqBskMl7eE9sA9Hk9GX2kPFR4wvuVoMzWNWvIaKKXUyuoWR= lwCuOOE9zJCjRlCdq0EN4bwaUK3ePm5LXI69RJTW8H8cTqOEMGskYuvJfPUgDvfpM-2BF5baJ03= Q-2FCwywXoZbrs87V86H2-2FayxJvwEMfVvw3PrlP34Ngmpc3cH-2FFs2wLP3WXVcL6-2FaW-2B= ID9aTQYS8myLNLxNfUq79bmbsRtWaZUIx12RH4J2COtTGsKccpScTCuJaN2aiBmiA2YSM9gsQkL= YGEHEq57gGfCXkI-2BKtNltyJbL52nUJK049lOf1CciSZD-2Benh7RbtUUL7EYsizSJrFhN5g2r= JxDzra-2BJP8chgTVnoUy1qtjJs5m5-2BKNvSqhq1y3u9bRKJq-2BYPq0RoKk-2F0kX-2FNFc49= CUxFFueKvA7BEf0h-2BotgzdUOhRghYfhq1vejO6GoYQYdDSGq9zztPhc-3D" style=3D"colo= r: #1D5080;" test=3D"" universal=3D"true">Sovereign AI: The Trillion Dollar= Frontier</a></b>. The report is the first comprehensive analysis of the te= chnological, financial, and geopolitical mega-trend shaping the global roll= out 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-2FZsW8N70LLlX4wIo57YMmxa9DaQ-3D-3DNrmU_I3w5d9c01gkD8gLzFE= ofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgMaaq9pgEhOXx1g3tjqM78JGe= 6FI7rNvswkO00xvtqBskMl7eE9sA9Hk9GX2kPFR4wvuVoMzWNWvIaKKXUyuoWRlwCuOOE9zJCjR= lCdq0EN4bwaUK3ePm5LXI69RJTW8H8cTqOEMGskYuvJfPUgDvfpM-2BF5baJ03Q-2FCwywXoZbr= s87V86H2-2FayxJvwEMfVvw3PrlP34Ngmpc3cH-2FFs2wLP3WXVcL6-2FaW-2BID9aTQYS8myLN= LxNfUq79bmbsRtWaZUs6ucLDbVUGX5VwR1HbGoBiBBwvgtfPJXL80YAZcIim9n3kwNVXrsAueeq= sVFL0EOr5BKZ955B3US2qnAHnMr6anHSXR207jL0OtQj8WQUp0pFS3F6yN9lIY5YO5SVrimshZ3= JtfXxIYCuv0dJWLFvudraA-2FWbjK3KYbrnIRySdFPIroh-2BE1JytXTYBulOV1SfEmp1Sxr8OB= Va-2Bww-2BwGt7vAaYIQOSaJATS9322tioXQ-3D" universal=3D"true"><img align=3D"c= enter" alt=3D"" src=3D"https://img.pitchbook.com/news/71160.png" style=3D"b= order: 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-2FZsW8N-2FRQl1ZrPQPnvJe8h9e1oQ-3D-3DTuVI_I3= w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgMaaq9pgE= hOXx1g3tjqM78JGe6FI7rNvswkO00xvtqBskMl7eE9sA9Hk9GX2kPFR4wvuVoMzWNWvIaKKXUyu= oWRlwCuOOE9zJCjRlCdq0EN4bwaUK3ePm5LXI69RJTW8H8cTqOEMGskYuvJfPUgDvfpM-2BF5ba= J03Q-2FCwywXoZbrs87V86H2-2FayxJvwEMfVvw3PrlP34Ngmpc3cH-2FFs2wLP3WXVcL6-2FaW= -2BID9aTQYS8myLNLxNfUq79bmbsRtWaZU3SyEDkGgsZI46icOpKzjKanbXP-2FI9UEdXdbREMp= k7n248cEZEJzCfjde8kk2KNhpqiq3gAns6eVcSoGYtxGPeISicJOaNBKlIK6IAhH3xZUOmVbHSK= 8-2BkfBmzMJ5ZyNVRwzY66mzpKwiGeXEuVZQkhdubsfLNKWKOI1S-2Bl5oIsvxJhf-2FkOMnrC0= wO4CAKxiuJPdXtcpXzLpNaJCMw4R-2FJJn8xfIc57PrKMj5DUX-2FQAg-3D" style=3D"color= : #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-2FZsW8Mp15= 5d-2BHMk2H3wNYZJ8oNw-3D-3D9DYh_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2= F3t1yZbcbdWeUgFVa0m8PzsFgMaaq9pgEhOXx1g3tjqM78JGe6FI7rNvswkO00xvtqBskMl7eE9= sA9Hk9GX2kPFR4wvuVoMzWNWvIaKKXUyuoWRlwCuOOE9zJCjRlCdq0EN4bwaUK3ePm5LXI69RJT= W8H8cTqOEMGskYuvJfPUgDvfpM-2BF5baJ03Q-2FCwywXoZbrs87V86H2-2FayxJvwEMfVvw3Pr= lP34Ngmpc3cH-2FFs2wLP3WXVcL6-2FaW-2BID9aTQYS8myLNLxNfUq79bmbsRtWaZUhRuePKfI= Fo7sozy-2BcnEB8i99vmllapWs2sxnyYXJh0yroC03qSBiY1sY3-2Fr27Jtz91xAWrXN81HGxiL= SO6TBEbaFZKio7L8mzVpJD98t4g-2FxAMWithvrtdx7JNyr613a3RTSfqB6N8mz2GLTV09kEkpW= q6t7RWgZpgQoaw63BJT-2Fc8vew5uuwtJ3YBw9x-2Bu9YAHZnSA7jXtlNdpZCtYiUV0UduI7rKf= SjND-2B6EYhqcw-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-2B7o3x24k9p81wJlHB= wcTmk115Wai-2B16wjg-3D-3DUcXQ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F= 3t1yZbcbdWeUgFVa0m8PzsFgMaaq9pgEhOXx1g3tjqM78JGe6FI7rNvswkO00xvtqBskMl7eE9s= A9Hk9GX2kPFR4wvuVoMzWNWvIaKKXUyuoWRlwCuOOE9zJCjRlCdq0EN4bwaUK3ePm5LXI69RJTW= 8H8cTqOEMGskYuvJfPUgDvfpM-2BF5baJ03Q-2FCwywXoZbrs87V86H2-2FayxJvwEMfVvw3Prl= P34Ngmpc3cH-2FFs2wLP3WXVcL6-2FaW-2BID9aTQYS8myLNLxNfUq79bmbsRtWaZUJX-2BQiyR= A9Mze12Eu9r4ibj1k5F8IjlE5Gy6ThEd4xxo2CdhiV-2BRUOj2-2Bx5rN9-2BbRwQSUs1fR-2B5= sZROGWcs90-2FtQB-2B2wHW6B1Lk8170aEsF2hjoB5e7c9Ga6SMT1kXGE7pgDSqI-2ByXFKxMS-= 2BpdqDd9czLZ8hK-2FeGTIR4SFoOIiB393lkRevluDg91bGmUBn3Oo19vebKqXxd4ToibiXADSQ= 36vJQa-2B8HQ-2FuW4UoeIoms-3D" universal=3D"true"> <img align=3D"center" alt= =3D"" src=3D"https://img.pitchbook.com/news/71164.png" style=3D"border: non= e; max-width: 420px;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 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-2FZsW8Mp155d-2BHMk2H3wNYZJ8oNw-3D= -3DoG2e_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs= FgMaaq9pgEhOXx1g3tjqM78JGe6FI7rNvswkO00xvtqBskMl7eE9sA9Hk9GX2kPFR4wvuVoMzWN= WvIaKKXUyuoWRlwCuOOE9zJCjRlCdq0EN4bwaUK3ePm5LXI69RJTW8H8cTqOEMGskYuvJfPUgDv= fpM-2BF5baJ03Q-2FCwywXoZbrs87V86H2-2FayxJvwEMfVvw3PrlP34Ngmpc3cH-2FFs2wLP3W= XVcL6-2FaW-2BID9aTQYS8myLNLxNfUq79bmbsRtWaZUNkT8iAEqZoYgJm4h1nhS6a8TKOWOEuq= fcxQBKzG9tBaR0BbV5YX3dfgf-2FjxVTWkCPzsTkG24Mp-2Fcln3YNZzC4XQlOwBCXHRnE3GKzI= 8lI3-2BV5DnStPSR8QWmBziRLNap-2FOXyNNWZuIz-2B5C6-2F1Q3z-2BlVHRgN9O74Xq-2FkFR= XwEe5mLELegxa2zgLAshgEXk7w6dRLoAXGne7G3ypvUwKMlRaXRt1h-2BhL8fNNcfMYjUd9U-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-2B7o3x24k9p81-2FQNGl1d-2FI9jTzhfYN= uOQxg-3D-3DV9wm_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF= Va0m8PzsFgMaaq9pgEhOXx1g3tjqM78JGe6FI7rNvswkO00xvtqBskMl7eE9sA9Hk9GX2kPFR4w= vuVoMzWNWvIaKKXUyuoWRlwCuOOE9zJCjRlCdq0EN4bwaUK3ePm5LXI69RJTW8H8cTqOEMGskYu= vJfPUgDvfpM-2BF5baJ03Q-2FCwywXoZbrs87V86H2-2FayxJvwEMfVvw3PrlP34Ngmpc3cH-2F= Fs2wLP3WXVcL6-2FaW-2BID9aTQYS8myLNLxNfUq79bmbsRtWaZUWd0-2F0HKg5rX-2Bo-2BrNJ= wEp-2FkE8ampT6Dnrm7HonoYhwXm1KRdW-2BjMpqQo13yVRfWtTMw6vzF7icicJ742Xa-2BYSPh= K8nBrQPXr9w-2Bl7eWTGUvR1CsCqjCEozqlq6EwPsNXjEWLKh-2FJ17Sf8ySFMH-2BSuVe0LCEK= 0HFmuhbWvsj-2BBP2Xsjl08RnOYf7H5UBCcmQhiFnlxEMp-2F-2FFRWXPOkNqzr8s0DExRH-2BQ= W-2FdPHCieUaDB0-3D" style=3D"color: #1D5080;" test=3D"">Register for the we= binar here</a></b><br><br><b>Nov. 13</b>: PitchBook is the supporting partn= er of the inaugural Singapore CVC Summit. APAC Director of Research Ansel T= an, will be presenting on "Data Behind the Deals: APAC Corporate Venture." = <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV4n-2FewIunj-2B7o3x24k9p81jZGsYMkgxWg= ZIH-2Fo0JW2eA-3D-3D2qKL_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb= cbdWeUgFVa0m8PzsFgMaaq9pgEhOXx1g3tjqM78JGe6FI7rNvswkO00xvtqBskMl7eE9sA9Hk9G= X2kPFR4wvuVoMzWNWvIaKKXUyuoWRlwCuOOE9zJCjRlCdq0EN4bwaUK3ePm5LXI69RJTW8H8cTq= OEMGskYuvJfPUgDvfpM-2BF5baJ03Q-2FCwywXoZbrs87V86H2-2FayxJvwEMfVvw3PrlP34Ngm= pc3cH-2FFs2wLP3WXVcL6-2FaW-2BID9aTQYS8myLNLxNfUq79bmbsRtWaZUG2O2moN3F-2F0qj= Sk0D-2FSryPA-2FyV782-2BuQW2DBWrYBWJddV4s9VWwVUWRnWsN86UCZ1jVR-2BnN88emRnuCs= y2oh-2FpxuOyx2VyGsjsHsp2FWJ2SZaz-2F83MyxY4GzxI12AgxwSdWvoQno9u8-2BR1GKSp-2B= OFIz13Kio4Ui-2FetOr9KgHzB2JxyWMx7if1paEC71iWpFu-2Fxx4k-2FzC1IMyoV0peRE6AMPS= zHQjUGIR11Ua5G2gl-2FQ-3D" style=3D"color: #1D5080;" test=3D"">Register here= </a></b>.<br><br><b>Nov. 19</b>: In our Q4 EU Leveraged Finance Analysis &a= mp; Outlook webinar, PitchBook LCD journalists and researchers will talk ab= out where the private credit markets in Europe will take us during the rest= of 2025 and beyond. <b><a href=3D"https://url6380.news.pitchbook.com/ls/cl= ick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV4n-2FewIunj-2B7= o3x24k9p81D6-2BT5k6qy7ft6D-2FKNnAn0Q-3D-3DwaWm_I3w5d9c01gkD8gLzFEofZR-2Bh6V= warHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgMaaq9pgEhOXx1g3tjqM78JGe6FI7rNvswk= O00xvtqBskMl7eE9sA9Hk9GX2kPFR4wvuVoMzWNWvIaKKXUyuoWRlwCuOOE9zJCjRlCdq0EN4bw= aUK3ePm5LXI69RJTW8H8cTqOEMGskYuvJfPUgDvfpM-2BF5baJ03Q-2FCwywXoZbrs87V86H2-2= FayxJvwEMfVvw3PrlP34Ngmpc3cH-2FFs2wLP3WXVcL6-2FaW-2BID9aTQYS8myLNLxNfUq79bm= bsRtWaZUzSZyKbx76BCcfh1xXmAgjroZ-2Fsu9IFGzwmSfz3enhhoRJlDPOzNHh6-2Bzj5Ov-2B= tp2-2BXXAm1z27tMkWum7SvVujUsMFUfQhXZRTbOtxLVK7Su8SU6Gb9w3S2m2FmHg934LHPih3d= FztN6ljGdWcujjni-2FGkipirge10VU-2Bh8jvV8-2BagaOPQEKYraNGjAY9mpjCary47Bo8328= DC9RE7K1eljcxEwaxArEElIzpjhBXYuk-3D" style=3D"color: #1D5080;" test=3D"">Re= gister 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-2B7o3x24k9p81UNlb4sNVcv9VhJ0LOUcfNQ-3D-3DASqo_I3= w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgMaaq9pgE= hOXx1g3tjqM78JGe6FI7rNvswkO00xvtqBskMl7eE9sA9Hk9GX2kPFR4wvuVoMzWNWvIaKKXUyu= oWRlwCuOOE9zJCjRlCdq0EN4bwaUK3ePm5LXI69RJTW8H8cTqOEMGskYuvJfPUgDvfpM-2BF5ba= J03Q-2FCwywXoZbrs87V86H2-2FayxJvwEMfVvw3PrlP34Ngmpc3cH-2FFs2wLP3WXVcL6-2FaW= -2BID9aTQYS8myLNLxNfUq79bmbsRtWaZULzZCZpObwZcvs-2F9ZtZhRXJvPzwOy3Hvs8U40pUb= FfhRAXGbIvNVvT8Fxy3ga7OoHYkVhdNbaU836gYgbq6-2FZd5-2FaZRnnO-2BYDRkItmObjJP4D= Rj14757cxAzrlsOK2Ur1lYyBuVn0erzWPZ-2BjMJUXqAtqZ4PjlIq-2B7Qbvyj13OErHc07gC2D= 0eRPdXZ-2Bmis2M36BZDNCpELKf9S8m0egSsAkqs5L3aSF5C2kePh81eX4-3D" style=3D"col= or: #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-2B7o3x24k9p81GkyEqbfshh58NJWXpqoUSA-3D-3D_JEO_I3= w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgMaaq9pgE= hOXx1g3tjqM78JGe6FI7rNvswkO00xvtqBskMl7eE9sA9Hk9GX2kPFR4wvuVoMzWNWvIaKKXUyu= oWRlwCuOOE9zJCjRlCdq0EN4bwaUK3ePm5LXI69RJTW8H8cTqOEMGskYuvJfPUgDvfpM-2BF5ba= J03Q-2FCwywXoZbrs87V86H2-2FayxJvwEMfVvw3PrlP34Ngmpc3cH-2FFs2wLP3WXVcL6-2FaW= -2BID9aTQYS8myLNLxNfUq79bmbsRtWaZUqNPfCFrqJsIQtgV4qP62ig3nvc0lnw5jny7pmUSuU= 5jGRZrydMS1W5LKOQYqtTrf6ckX-2BBhLV-2B-2Fo7k5Ajp9EYiNItf-2Bj1iTzSEMYHS8RGYgw= aK3eV4SSHEkfBhdV3w9okZlXUWwoTcjpLudcdlbnONMwbkAIKrfs1Nf8JDhqUTj0QXpIzdcLteP= JkFX8431tzOVx-2FbjEWb316VqZXWv47jSyMfsGIoH9VxrxI2Q-2Fxdw-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-2B7o3x24k9p81ROa2Jeq-2BSK7Qx424uIZOCw= -3D-3DUjjt_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8= PzsFgMaaq9pgEhOXx1g3tjqM78JGe6FI7rNvswkO00xvtqBskMl7eE9sA9Hk9GX2kPFR4wvuVoM= zWNWvIaKKXUyuoWRlwCuOOE9zJCjRlCdq0EN4bwaUK3ePm5LXI69RJTW8H8cTqOEMGskYuvJfPU= gDvfpM-2BF5baJ03Q-2FCwywXoZbrs87V86H2-2FayxJvwEMfVvw3PrlP34Ngmpc3cH-2FFs2wL= P3WXVcL6-2FaW-2BID9aTQYS8myLNLxNfUq79bmbsRtWaZUUj4nwK8TcvI5DR-2B-2FzmjI2PxU= kxMQsgPGxDzxrGT1ZT84GykxUJShjZgTRUiBp4NUZYsl9UPnK9Jg4dzt7qtr0SGo79NwbVYF1mS= gqzPfAiRFp6L6osW-2BBZ7iAYKVRKNY7tvcE3GiUG-2FG9tJ-2B3je9VusHuJDdpYyoN0-2FyMb= 4-2FJPU-2Fv4WAO8v-2FvrXtvdOI943uSH7aQOs9RPk5g7Ng-2FdEKIF7eOJG-2BDv-2F7fUjQG= YZO9Og-3D" style=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-2B7o3x24k9p8114t-2BaOG7k3EafFULMS7A-2BA-3= D-3D7viN_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pz= sFgMaaq9pgEhOXx1g3tjqM78JGe6FI7rNvswkO00xvtqBskMl7eE9sA9Hk9GX2kPFR4wvuVoMzW= NWvIaKKXUyuoWRlwCuOOE9zJCjRlCdq0EN4bwaUK3ePm5LXI69RJTW8H8cTqOEMGskYuvJfPUgD= vfpM-2BF5baJ03Q-2FCwywXoZbrs87V86H2-2FayxJvwEMfVvw3PrlP34Ngmpc3cH-2FFs2wLP3= WXVcL6-2FaW-2BID9aTQYS8myLNLxNfUq79bmbsRtWaZU3BvHpfE7hRNVVzASi3Y6H64oM4LRDX= K-2BZ70TdZWuatq3B6yuwronm2ytyeQdO5-2BiDH0ngF8HFnyRvYjMZsXsHwMkTfzqC-2BmUJvO= hpO-2FUsS8a9GTM234o2WJ3KHJCzsty1sqsx9s9cy6aF8RsHt5DI-2BR3-2B89jxpQV6E4XgMEr= SuoUppA0rzwB9uFWtc87Y1EvmZNX2cfdoW-2F9wMX5iaD-2FnbBXBRwOvlPd-2BzQrBPH9u7Y-3= D" style=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-2B7o3x24k9p818V6FhEHJKjO5k7MsN7-2FbYg-3D-3DC= I2Z_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgMa= aq9pgEhOXx1g3tjqM78JGe6FI7rNvswkO00xvtqBskMl7eE9sA9Hk9GX2kPFR4wvuVoMzWNWvIa= KKXUyuoWRlwCuOOE9zJCjRlCdq0EN4bwaUK3ePm5LXI69RJTW8H8cTqOEMGskYuvJfPUgDvfpM-= 2BF5baJ03Q-2FCwywXoZbrs87V86H2-2FayxJvwEMfVvw3PrlP34Ngmpc3cH-2FFs2wLP3WXVcL= 6-2FaW-2BID9aTQYS8myLNLxNfUq79bmbsRtWaZUsheCTERMxXx5oFk3iGZ1QhVJ8v-2FbvhjRU= olwyg-2B6tpNFUX4v3PTX9-2FoxJy4TgKJjlTJQ2Lr-2BpWMZbyV73kX1kGMaetB6iBnN4tr4Cg= PySu-2BcNXLeTJlrIsc7JNwqm2g-2BelRZ4JBn8z3yheYHxtitOxEVb4oxX46JzyCCTGwLfo3Hw= -2Fo68uLt1Y-2Buh-2FrWc2-2BQP815zXyLKnSVXtnYFIowBPmg1hAx8nNZVK37HsYA-2B04-3D= " 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-2B7o3x24k9p81JtEZi2pJhFAkfba7zObhKg-3D-3DEaaj_I3w5d9c01gkD8gLzFEofZR= -2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgMaaq9pgEhOXx1g3tjqM78JGe6FI7= rNvswkO00xvtqBskMl7eE9sA9Hk9GX2kPFR4wvuVoMzWNWvIaKKXUyuoWRlwCuOOE9zJCjRlCdq= 0EN4bwaUK3ePm5LXI69RJTW8H8cTqOEMGskYuvJfPUgDvfpM-2BF5baJ03Q-2FCwywXoZbrs87V= 86H2-2FayxJvwEMfVvw3PrlP34Ngmpc3cH-2FFs2wLP3WXVcL6-2FaW-2BID9aTQYS8myLNLxNf= Uq79bmbsRtWaZUYnE9fb9Vr0aDqwpjX7RXs1Oh-2BYCMc8qMhXEpfYkwqIfHh2X0-2B3exkiOwo= hK90PPK6SKFW76hGzOGF25S3-2BK1-2BqOOL-2F-2BHpc3rUEhgsNut0IL5r-2BNsxVUsQbsfzF= n5g-2B3KyMrNikrxjXs-2B0HFn3g-2Bs5hpn4Z6SzbKEiZFGEBM9Exndxg6irrCTpZaenlnBVtR= WyN876KguzIzOEp9ApRmwKHE76EicNzox93oze7P43TQ-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-2BaqM7ONnvsnswouzWru4wL7VujTKQaew44dTTK9zRp9J-2BMJkcA-2FfM= ji6-2FTHg-3D-3DiH-b_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW= eUgFVa0m8PzsFgMaaq9pgEhOXx1g3tjqM78JGe6FI7rNvswkO00xvtqBskMl7eE9sA9Hk9GX2kP= FR4wvuVoMzWNWvIaKKXUyuoWRlwCuOOE9zJCjRlCdq0EN4bwaUK3ePm5LXI69RJTW8H8cTqOEMG= skYuvJfPUgDvfpM-2BF5baJ03Q-2FCwywXoZbrs87V86H2-2FayxJvwEMfVvw3PrlP34Ngmpc3c= H-2FFs2wLP3WXVcL6-2FaW-2BID9aTQYS8myLNLxNfUq79bmbsRtWaZUhvVXtpymqXcHnOMW6K5= L-2FTXA-2B9jSOyBKEiJC-2FvtoCiZAhMHz5kF-2B7AaMY-2F24RVijwCzob6yUiduD5nDgx7sl= UFefFVq9fSXQp1-2BssUUyfSa1yHG4edIR8ZeSA0WYJadW-2BiRl5rN9t9ANNlv1FKESWOOguzA= RLl65fgy4SwGWXoaAXJ7-2FPgY8W59Mw6Qrjhm7j7sAGYt4v0ubPUQRVGIJKNrOTt988-2BhPN-= 2FE3gB5Ge-2F0-3D" 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-2BaqM7ONnvsnswouzWru4wL7VujTKQaew44dTTKhKme6RMH9-2Fiq-2BIp= 3C0FTPA-3D-3DgZF1_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU= gFVa0m8PzsFgMaaq9pgEhOXx1g3tjqM78JGe6FI7rNvswkO00xvtqBskMl7eE9sA9Hk9GX2kPFR= 4wvuVoMzWNWvIaKKXUyuoWRlwCuOOE9zJCjRlCdq0EN4bwaUK3ePm5LXI69RJTW8H8cTqOEMGsk= YuvJfPUgDvfpM-2BF5baJ03Q-2FCwywXoZbrs87V86H2-2FayxJvwEMfVvw3PrlP34Ngmpc3cH-= 2FFs2wLP3WXVcL6-2FaW-2BID9aTQYS8myLNLxNfUq79bmbsRtWaZUKFpg-2Fz64LW6Hog0KZPd= Wy7kUZhxxJiEDvHvtj2jS17666GTAWCgYdbrdl9pLtmnJzURoOIn1EeqneDsQbPPzzzTHg-2FeR= 7DRUDYzXZFJBX-2FC1pUAMWv-2FXBW6ycvbHxgIaAtT7bP801C-2Bd-2B-2FKMwf5aGw-2BGPlo= DoUsYN9iRqr46xkeZ9sFDEQATUip63DwjXGqU-2BT6HLT0sR9-2BiOa35UWvODfCqiGJB3HD234= k6X-2FE4-2FFo-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-2BaqM7ONnvsnswouzWru4wL7VujTKQaew44dTTKx7ye-2Fk54zDptzPBp= -2FKrmzg-3D-3D5BEU_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWe= UgFVa0m8PzsFgMaaq9pgEhOXx1g3tjqM78JGe6FI7rNvswkO00xvtqBskMl7eE9sA9Hk9GX2kPF= R4wvuVoMzWNWvIaKKXUyuoWRlwCuOOE9zJCjRlCdq0EN4bwaUK3ePm5LXI69RJTW8H8cTqOEMGs= kYuvJfPUgDvfpM-2BF5baJ03Q-2FCwywXoZbrs87V86H2-2FayxJvwEMfVvw3PrlP34Ngmpc3cH= -2FFs2wLP3WXVcL6-2FaW-2BID9aTQYS8myLNLxNfUq79bmbsRtWaZUPL96jlnN9o9E7LcpABPg= pSTAWf4OGxn80eGX1tIW-2F3j5jvii1l-2FqhNafcE63ZrHetkEursqoYKUx8zitY5octpo91-2= BeYCx5ETtRF5W8mly4n7EytzZzG109QD17Hh8JtDSaTND1aogd17-2BuXN7AbeW7mPrvJNOuQdk= 4XsSEr6Y6PYnsQhqlw9bVJwZ9VU24nk7BiYx-2B3tSzJi2tqzSwwyJmeo9pPM5Ly8U3LrR-2Fx7= y8-3D" 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-= 2BaqM7ONnvsnswouzWru4wL7VujTKQaew44dTTKCUbtoxXTjV-2FTGdZ-2Fb1rjEA-3D-3DKV5o= 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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-= 2BaqM7ONnvsnswouzVgZ0-2BmmqBF3b1745UZih2tuURucv0iNerQztRa53niOg-3D-3Dv5wS_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgMaaq9pg= EhOXx1g3tjqM78JGe6FI7rNvswkO00xvtqBskMl7eE9sA9Hk9GX2kPFR4wvuVoMzWNWvIaKKXUy= uoWRlwCuOOE9zJCjRlCdq0EN4bwaUK3ePm5LXI69RJTW8H8cTqOEMGskYuvJfPUgDvfpM-2BF5b= aJ03Q-2FCwywXoZbrs87V86H2-2FayxJvwEMfVvw3PrlP34Ngmpc3cH-2FFs2wLP3WXVcL6-2Fa= W-2BID9aTQYS8myLNLxNfUq79bmbsRtWaZUiZ8EzWzTUa6Iug26eA-2B5UvkCsljGzoM6mv0KrS= exO9G06-2FGvkeVSb3A0fWKWtq6z0C-2Fp0RyDwZIgTvSYHfcum5O2dazpuvM-2BmuGxhrEc89t= gcUvHrUkSiZ1hIxGLV1MnPVb7R9yCAaOGIGT8xbQ-2FM2oaYFj0gp3ZO2m8LdzVH-2BRzTJW3DZ= ThNAay4MlxQo7KjiTLm0KcsBDWvT1kpCMt8APdoxDx6ospnuGngIONpU8-3D" style=3D"colo= r: #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-= 2BaqM7ONnvsnswouzVgZ0-2BmmqBF3b1745UZih2t1uaqQUITYZPug39im8qWsw-3D-3D29mj_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgMaaq9pg= EhOXx1g3tjqM78JGe6FI7rNvswkO00xvtqBskMl7eE9sA9Hk9GX2kPFR4wvuVoMzWNWvIaKKXUy= uoWRlwCuOOE9zJCjRlCdq0EN4bwaUK3ePm5LXI69RJTW8H8cTqOEMGskYuvJfPUgDvfpM-2BF5b= aJ03Q-2FCwywXoZbrs87V86H2-2FayxJvwEMfVvw3PrlP34Ngmpc3cH-2FFs2wLP3WXVcL6-2Fa= W-2BID9aTQYS8myLNLxNfUq79bmbsRtWaZUfMqV2VfMKeWqlpxdRyi3cqjOv48VLFHyweY5T4oD= yHMKX-2BzD49z0nOn6lz4R1jiH0Gp5aaACiOkF7wFlCbDGS9XO6rF-2FjptfUAziHKgEtTscH-2= F76WeaFBYekKXApF88n8CsJts6sxjFgg-2B7yUHlqP7avePufVVTZ1BGcC95U1DtGeba-2FwGFX= r7wp28PiGlDg55S8YIlx9qERryhTU-2BROILpzDf4zJpnzDZ-2FgbBkBafI-3D" style=3D"co= lor: #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-= 2BaqM7ONnvsnswouzVgZ0-2BmmqBF3b1745UZih2trXekHOPEehIDGzhuJiL3Fw-3D-3DpWHh_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgMaaq9pg= EhOXx1g3tjqM78JGe6FI7rNvswkO00xvtqBskMl7eE9sA9Hk9GX2kPFR4wvuVoMzWNWvIaKKXUy= uoWRlwCuOOE9zJCjRlCdq0EN4bwaUK3ePm5LXI69RJTW8H8cTqOEMGskYuvJfPUgDvfpM-2BF5b= aJ03Q-2FCwywXoZbrs87V86H2-2FayxJvwEMfVvw3PrlP34Ngmpc3cH-2FFs2wLP3WXVcL6-2Fa= W-2BID9aTQYS8myLNLxNfUq79bmbsRtWaZUKshCtvLnuREJYdrcf0pbqTHvwT1gVWzgEj5TTVQC= yO3W905P3OtWpjDeCVLXPMyuJbFJ1TilDo8eXn6Dquzt-2BrqH2OvTRqbxRLIIWiZNihXf2BiTg= KFlPN7wB2ETd0ARuxYgunbDjUA7-2BMmsPlzUioEQSrzIgz8DxOnLfYVerLXbAtUmW-2FYHkgrC= GTUVwemqoJNxTku9JuzhWzwOMg0mJ2oM6mcUhbDevrqz4ft9OnY-3D" style=3D"color: #1D= 5080;" 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-= 2BaqM7ONnvsnswouzVgZ0-2BmmqBF3b1745UZih2taGz0cKvTBbFlChi0pxDdCg-3D-3DZcbs_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFgMaaq9pg= EhOXx1g3tjqM78JGe6FI7rNvswkO00xvtqBskMl7eE9sA9Hk9GX2kPFR4wvuVoMzWNWvIaKKXUy= uoWRlwCuOOE9zJCjRlCdq0EN4bwaUK3ePm5LXI69RJTW8H8cTqOEMGskYuvJfPUgDvfpM-2BF5b= aJ03Q-2FCwywXoZbrs87V86H2-2FayxJvwEMfVvw3PrlP34Ngmpc3cH-2FFs2wLP3WXVcL6-2Fa= W-2BID9aTQYS8myLNLxNfUq79bmbsRtWaZUIzv13S-2BhmW1BvzoY9FWYe93HUc3ahDRLmIALRG= eJnR3Wv2uHP0hRcvNBT6kzHA8q8uv0tSQFPvPblBYERp54yHj98AQn4oG5-2B6epzDxUI608n-2= FJErZFop1tsIXzHz04vpUSDEXYwLxH2g4M-2BwbTPPyqVmVOZnW7EMBBs1n6FEo5-2BJ8BFQPvk= 6fWsWDI65-2B-2BXkvA9Sb27F7YF0CHc2r3pXmWokXveJR4Xnak4YmK-2BNNY-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-= 2BaqM7ONnvsnswouzVgZ0-2BmmqBF3b1745UZih2taGz0cKvTBbFlChi0pxDdCg-3D-3D7T9v_I= 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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 & = 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> 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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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