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Envelope-to: vetyl@ponjosonek.com
Delivery-date: Sat, 08 Nov 2025 17:09:53 +0700
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Date: Sat, 08 Nov 2025 10:09:10 +0000 (UTC)
From: PitchBook Research <news-noreply@news.pitchbook.com>
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Message-ID: <q-iogprWSz-ahPmdVVZ_-Q@geopod-ismtpd-12>
Subject: Fund returns stay subdued
To: vetyl@ponjosonek.com

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style=3D"color: #78766f; font-size: 1px; display: none !important;"> Biopha=
rma exit outlook brightens; Our new indexes for evergreen funds; Q2 Private=
 Capital Indexes... </span></td>
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orgia, serif; font-size: 44px; font-weight: 500"><span>The Research Pitch</=
span></td>
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             <td style=3D"text-align: center; font-family: Roboto, Arial, s=
ans-serif; font-size: 24px; font-weight: 300; padding-top: 9px;"><span>VC, =
PE and M&amp;A</span></td>
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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=
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-3D-3D" target=3D"_blank" style=3D"text-decoration: underline; color: #1D50=
80; font-size: 14px; font-family: Roboto, Arial;">the U.S. National Science=
 Foundation</a></span></td>
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0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Pri=
vate market returns</b>: Our Private Capital Indexes track returns across a=
ctive, closed-end funds, drawing on data representing more than $4 trillion=
 in net asset value. <b><a href=3D"https://url6380.news.pitchbook.com/uni/l=
s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV5PeIS2ONAWd=
9al6AhaBLVcjz8JgPuOJ15sOLap0GPbg-3D-3Du11V_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw=
lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCQJJH3iUu3HuCmVCUkgKyMwTzCF3VHCMwGgZdkf=
hxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4mC-2FIcxlnk7lqGvnXKyGiPMVxvxD0gbQ=
uawE5vMbz8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56WbeXGmRbk43yPSOQRr-2BRwyZvkwADAJay=
-2F8JtTauWbZvuRQb9CVTYD2A7OgbVj2kZwTAIYUST72g2-2BYMI1Z3ZsDNMa4fto-2FHowz5ni=
2elYXlt-2BGIroHuX5CaXcKBA-2FbMcdarzJFKlVAsrESrrGG04egAf1LwncAyV7-2BiiOQwllW=
eg1xQRO7rsVWBLjWwDSnx1ykkmiB68mz68vNIZelMuocBjqxpIZxdRyl8xgwR9PbWb-2FjumUOS=
FcW0Tb7461fxr773fSPCs5Qpz-2FBknGPZVrRXNi95bVUgcWSeN-2FM68-2F0a4eh0W3fc9I8zN=
r3uqhJH2dNQ-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">V=
iew the Q2 report here</a></b>.<br><br><b>Speaking of indexes</b>: Mornings=
tar and PitchBook announced the upcoming launch of indexes designed to meas=
ure the performance of evergreen funds. <b><a href=3D"https://url6380.news.=
pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv=
snswouzV5PeIS2ONAWd9al6AhaBLVRXnokeQ5r-2BsfmVyrFJeEKQ-3D-3Dtxei_Pr966knuaHm=
aw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCQJJH3iUu3HuCmVCUk=
gKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4mC-2FIcxlnk7=
lqGvnXKyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56WbeXGmRbk43yP=
SOQRr-2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD2A7OgbVj2kZwTP6xTRl-2FBtShU1E1M=
3oTSYKeLAxJshTZA-2BPwQVdxUbx4jZBCq1Vt0ape-2FKl53jkUUHYkhtw15TEXcr5DZvaESAyc=
BifuDFze8Y6mLe8H10SEglo5sdIWnc-2F704LVfeqjCmt5u6sTrwYWfAu5fgN4P8xXti6IgCy7v=
Os0cr0shODZtPIIu-2FX0mOKkVdXgwoupdKl3SGMAMETpNgNpyFjMj-2ByCTox1OwNWKBU3oFxO=
d-2BDyyOd7HJiBiRw42ZoH1e-2F3FA-3D-3D" style=3D"color: #1D5080;" test=3D"" u=
niversal=3D"true">Learn more here</a></b>.<br><br><b>Medtech's new growth w=
ave</b>: AI is at the forefront of advancements in the industry. Smart impl=
ants, wearables and surgical navigation are translating AI innovation into =
tangible, device-level applications. <b><a href=3D"https://url6380.news.pit=
chbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns=
wouzV5PeIS2ONAWd9al6AhaBLV4iD8hWZUCtOLF2VpDKhegg-3D-3Dh40R_Pr966knuaHmaw6c7=
pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCQJJH3iUu3HuCmVCUkgKyMw=
TzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4mC-2FIcxlnk7lqGvn=
XKyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56WbeXGmRbk43yPSOQRr=
-2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD2A7OgbVj2kZwTPhy8dunL1RQghRirt1XbcZ6=
re9XEcv3PEF0KJmbbAtoSwm4gfKH-2FMdDOWWO3L7OSjF8vRWJ9ubPiuRBY30ZIoL2cuEndrHCz=
BOUuEQTRZvdfygfgc8H1-2BKcOZdeA3Tsc5dz8BrFtHGMQvsyLAo20WU4Nw9iciXNv1-2FxLWEG=
fYBGI0PNCEQpJLUsCp4Xj7Hdi-2Fy9HSP11KKosJoRGMUa0ToUu1PkCbT6KxO4srl1wxGI4cOS0=
EN6XRKJQL-2BeCQ0Lqg-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D=
"true">Read our report</a></b>.<br><br><b>Tune in</b>: Join us Wednesday fo=
r our quarterly Venture Monitor webinar. <b><a href=3D"https://url6380.news=
.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns=
wouzV5PeIS2ONAWd9al6AhaBLVkCiAl4K3KLTExdybJbtDiQ-3D-3DZiKY_Pr966knuaHmaw6c7=
pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCQJJH3iUu3HuCmVCUkgKyMw=
TzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4mC-2FIcxlnk7lqGvn=
XKyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56WbeXGmRbk43yPSOQRr=
-2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD2A7OgbVj2kZwTHUxhmOph9wn8ZuvfdlbCKmA=
2bZPo12BMMQN-2FV8S-2FYy3FnUlI-2FDAhZEH95VOSug79GmYfjWwSitJeCr78izGm1mPE-2FD=
G-2B8uuRYQt-2BD8yp3GYKbC6-2F17OBwSHmo9mCV7rUWyXNQQcd7sV8xnYhlY1UzV-2BeVlYG7=
YaDYjUhe1oAKxrac0fnnSbbW0n5eS7yi3VwVmrPF3b-2FqEXLpB5cRohqVM9gwHzrW3lLwUwFr0=
oAuZ8FCsrLx7ovXbKtEXVoS90yQ-3D-3D" style=3D"color: #1D5080;" test=3D"">Regi=
ster here</a></b>.</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>A message from the U.S. National Science Foundation</spa=
n></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_574383" id=3D"n_574383" 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;"> Deep-tech startups get their s=
tart with NSF </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: 1=
7px; font-family: Whitney, Arial;
 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" style=3D"
 font-family: Whitney, Arial; font-size: 10px; line-height: 22px; color: #7=
8766F;">
                              <tbody>
                              <tr>
                              <td align=3D"right">
                              <table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" style=3D"font-family: Whitney, Arial; float: non=
e;
 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-2BaqM7ONnvsnswouzXjgCpVGPZ6Jaeo9ChfzAcjDHdGw0wyONRfF-2=
FsRgOxn8g-3D-3DTzDb_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb=
McVf8UYA68NVRCQJJH3iUu3HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8Yq=
opY1-2BDSls3Io6kyH4mC-2FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2=
B6AfZx8jqmzTGGPQ56WbeXGmRbk43yPSOQRr-2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD=
2A7OgbVj2kZwTL5AmqCBNXtGGYi7d4VOHrYMgmIs-2BqidDrWPleFgAADl-2FzBEKL-2Fo3NqjC=
s6rK-2B5mMs1BOkZksvx-2BcAbMIG9KW8zGCkXxIt7pq6688IisL-2FBVeWnc0Hk38gvcs8XABi=
oEr3eVHTIK9M9sWMsx-2Bb2-2FgBbajVYR7k1Rl59LUx3GuTSCI44xMlqCUyw58j9SRq-2FXJ-2=
FGsc17IyQHu1Nl5kZPPAssmS94I56cocpTByBHWDjHNIbbzg6teXHuUM5gOb2z11Q-3D-3D"> <=
img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/68656.j=
pg" style=3D"border: none; max-width: 420px;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table>The U.S. National Science Foundation =
invests in the future today. America=E2=80=99s Seed Fund, powered by NSF, p=
rovides up to $2 million in non-dilutive capital to early-stage startups co=
mmercializing transformative research in AI, robotics, quantum, biotech, an=
d more.<br><br>
                               NSF derisks these deep technology ventures, =
positioning them for follow-on private capital. In 2024 alone, 255 startups=
 received their first round of funding from NSF. Most had under 10 employee=
s, were newly formed, and are now working to bring their innovations to the=
 market.<br><br>
                               NSF funding gets these high-potential startu=
ps ready for growth. From 2016 to 2024, the startups funded by NSF saw 300 =
successful exits and more than $20 billion in follow-on private capital.<br=
><br>
                               Explore the next generation of science-backe=
d startups at <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3D=
u001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXjgCpVGPZ6Jaeo9ChfzAcjDHdG=
w0wyONRfF-2FsRgOxn8g-3D-3DJsnl_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BH=
R4BiQVI43kbMcVf8UYA68NVRCQJJH3iUu3HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Sp=
bj5HSaiD8YqopY1-2BDSls3Io6kyH4mC-2FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE5vMbz8Nx=
MeEBxVtAJ-2B6AfZx8jqmzTGGPQ56WbeXGmRbk43yPSOQRr-2BRwyZvkwADAJay-2F8JtTauWbZ=
vuRQb9CVTYD2A7OgbVj2kZwTJEf28v0yRN052JDCCsO02BKopEvmNWx4BgfXO-2FR0LXQViVVF9=
jjRWTPECwHOQ5jiRBgVqaaLJoejuLTOjSrMm-2B2rkrqx-2BeOT2HQG7tEPlIPG8KxvpsxJN42L=
wzOpeHpR6YS3-2BgPy-2F5SgD72JLQkTOrugdrrKCKHy97osqdpH8FWXKio6ZsUtnG-2FpJow4b=
htDZiJPporwS5R1e3S-2BxmPk6sMCwSByYsz3GBqHgkdAK2d0qaLYsEN95KEfW1zC6BrvQ-3D-3=
D" style=3D"color: #1D5080; font-family: Whitney, Arial;" test=3D"">seedfun=
d.nsf.gov/next</a></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" 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_574438" id=3D"n_574438" 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;"> LPs still focused on distribut=
ions, but VC continues to disappoint </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>
                              A depressed exit environment for VC has conti=
nued to frustrate LPs, as the 8.1% distribution yield over the past 12 mont=
hs continues the trend of historically below-average VC distributions. Only=
 following the great financial crisis and the dot-com bust were VC distribu=
tions so measly. In the drought of capital being returned, LPs have been re=
luctant to commit to new VC funds and end up overallocated to the strategy.=
=20
                              <br>
                              <br>
                               PE has been a bright spot, climbing out of i=
ts recent lows to a 23.8% distribution yield on beginning NAV over the past=
 year. This has not cleared out the backlog of holdings, however, as 35% of=
 PE NAV is in assets held for seven or more years, up from 27% in 2021.
                              </div>
                              <div>
                              <br><a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV5=
PeIS2ONAWd9al6AhaBLVXMzIYFgAA854ryNibWe6Jg-3D-3DizYx_Pr966knuaHmaw6c7pKvB-2=
BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCQJJH3iUu3HuCmVCUkgKyMwTzCF3V=
HCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4mC-2FIcxlnk7lqGvnXKyGiP=
MVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56WbeXGmRbk43yPSOQRr-2BRwy=
ZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD2A7OgbVj2kZwTIWyuBDxKw8aW5-2FTVQWZIUOs4qJ-=
2FUUdkzK0XaCgJ8gRirlfskqMSFCwOgJVMeVc45UFTNt8KKDeTBuUj1N1PVsFNKwWEY0lyQmJ7x=
L6fUMnjWdnNCud3JQBn5H0ZQuU07ilKgpNPRJHcZyHuh9N0SY6A15efH7-2BAla-2BAYhgVl-2F=
IQWe5t4hDVlD98aNF-2BND5FoqP-2FzlqJj4SR3-2BqIOBbJ6VirpO-2B-2FgEMEVvvtYnHEYyw=
KNAQto6yR2NaKP2ezfYOAbg-3D-3D" universal=3D"true"><img align=3D"center" alt=
=3D"" src=3D"https://img.pitchbook.com/news/71246.png" style=3D"border: non=
e; max-width: 420px;"></a>
                              </div>
                              <div>
                              &nbsp;
                              </div>
                              <div>
                              IRRs remain subdued versus the long term for =
most strategies=E2=80=94though these include both realized and unrealized r=
esults. With more assets remaining unrealized for longer, the returns have =
more reliance on NAV estimations rather than crystallized profits.=20
                              <br>
                              <br>
                               Real assets were the stand-out performer ove=
r the past year, with its one-year result of 9.6% outperforming its 10-year=
 horizon IRR of 7.7%. Every other strategy posted a one-year result that wa=
s less attractive than its long-run performance.=20
                              <br>
                              <br>
                               For more data on fund performance as well as=
 a spotlight on whether private markets are worth it in a total portfolio c=
ontext, please reference the latest <b><a href=3D"https://url6380.news.pitc=
hbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnsw=
ouzV5PeIS2ONAWd9al6AhaBLVKFDQMtwdOHnB0EyGqpZHPA-3D-3DJMgs_Pr966knuaHmaw6c7p=
KvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCQJJH3iUu3HuCmVCUkgKyMwT=
zCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4mC-2FIcxlnk7lqGvnX=
KyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56WbeXGmRbk43yPSOQRr-=
2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD2A7OgbVj2kZwTOZcmiAIdSkGMMp05YO-2BfIc=
p-2BOXtYyvak8uxq7w46uPXUpIaEN4-2FyJ1FChS51UtsvzDp4jHeUmJtCull5v9rLL7Bg6cpoB=
80GaJYDEranLDUSlwgJiJhip8lIXiRDhOBdsy5avBR9rw0UiPTy-2Fm5OGeRX3IYSrFuHPJCtcV=
S9IcYA91LYp4hRHlbGvGDgViUTcvX-2FyBX6b71HbhkmtuXA-2F5Wyl1Yez5fmbALePvoHS36MV=
yktzcgHIlcp0uXKOwJ0g-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">Global Fund Performance Report</a></b>.
                              </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/486=
57.jpg" style=3D"border: none; max-width: 420px;"> </td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table>Best,<br><br><a href=3D"mailto:hilary=
.wiek@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Hilary Wiek, CFA, =
CAIA</a><br>
                               Senior Strategist</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_574436" id=3D"n_574436" 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;"> Biopharma downturn persists, b=
ut signs of a recovery emerge </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>
                              VC funding for biopharma continued its extend=
ed downturn in Q3, capturing just 5.6% of total venture dollars deployed, c=
ompared to a five-year quarterly average of 8.2%.=20
                              <br>
                              <br>
                               Early-stage startups have been hit hardest, =
with seed rounds falling to a record-low 14% of total biopharma deals YTD. =
This trend reflects the muted exit environment that has characterized the s=
ector over the last two years.=20
                              <br>
                              <br>
                               With just 26 public listings in 2025, the ye=
ar is on pace to fall well below the annual average of 84 since 2020. Limit=
ed exit liquidity has fueled a risk-off sentiment, with investors prioritiz=
ing de-risked, clinical-stage assets or moving away from the sector altoget=
her to pursue faster growth opportunities in other tech verticals.=20
                              <br>
                              <br>
                               Despite the weak quarter, signs of a recover=
y are emerging. After several consecutive quarters of decline, deal counts =
have begun to stabilize, up 3.2% on a TTM basis and now on pace to surpass =
2024's multi-year low of 1,080.
                              </div>
                              <div>
                              &nbsp;
                              </div>
                              <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-2BaqM7ONnvsnswouzV5PeIS2ONAWd9al6AhaBLVI99timyoc=
VKpvx1IUMEC2w-3D-3DOq4l_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRCQJJH3iUu3HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSai=
D8YqopY1-2BDSls3Io6kyH4mC-2FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVt=
AJ-2B6AfZx8jqmzTGGPQ56WbeXGmRbk43yPSOQRr-2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9C=
VTYD2A7OgbVj2kZwTOZkxdZEoo0J9wIaYP79ZHNfz0TJLqLR43m9EFpAEaf9nnKNfe2hXvOJwiL=
XOVNAM-2F4JunAVZ14dDIL6YT9ma867kgtoIBuJLg94OqM5eNxgVGHChCF0VSZ0gc8oj4dgsuRm=
-2Fvi1n6QzTp08foKeGXQBYqRq-2Bv4dxNOZI6AbKrEB-2FjqoP5iQkAGDHWfEjYWE4X3zSs2U2=
DylRTPHuWzSV56g6aeVBJKmOFT9dIXQVLmVgpmQdTX5aC-2BKEkTKBVer0g-3D-3D" universa=
l=3D"true"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/=
news/71241.png" style=3D"border: none; max-width: 420px;">  </a></td>
                              </tr>
                              <tr>
                              <td align=3D"right" style=3D"padding-bottom: =
8px; font-family: Roboto, Arial, sans-serif; font-size: 10px; line-height: =
27px; color: #78766F; text-align: right; font-weight: 300">Source: PitchBoo=
k =E2=80=A2 Geography: Global =E2=80=A2 As of June 30, 2025</td>
                              </tr>
                              </tbody>
                              </table> More importantly, exit outlooks are =
beginning to brighten. Public biotech equities are outperforming market ind=
exes as US policy uncertainty clears and big pharma ramps up M&amp;A activi=
ty=E2=80=94often at sizable valuation premiums=E2=80=94ahead of major paten=
t expirations.<br><br>
                               Stronger public markets and rising M&amp;A a=
ppetite point to a strengthening exit environment for VC-backed startups. M=
apLight Therapeutics' successful IPO in October and Evommune's planned list=
ing underscore growing positive sentiment. The pace of recovery will depend=
 on these tailwinds continuing to clear the backlog of mature startups=E2=
=80=94delivering the exit liquidity needed to reignite fundraising and earl=
y-stage deal activity. For more data and analysis on the biopharma landscap=
e, check out our <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/cl=
ick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV5PeIS2ONAWd9al6=
AhaBLVGuev9tKEVL9TEtI0bd8PcA-3D-3DTF6C_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL=
0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCQJJH3iUu3HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1=
S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4mC-2FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE=
5vMbz8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56WbeXGmRbk43yPSOQRr-2BRwyZvkwADAJay-2F8=
JtTauWbZvuRQb9CVTYD2A7OgbVj2kZwTBXBw7qlnEtl0LkhosoRwOJgg-2FZG-2Bq-2Fadox8Db=
XoUS9mlKd4f9hsMl-2BbEgMoYGwtu7B-2F-2BABKx-2F0UUYXSewU-2FYJ7fqnPd-2FqRIBXHHq=
P-2FSrvOv-2BPgpr5QY6s9dNsapp-2BRW1NT9jT6G7l717n2Pnj9J1pKROeWyJiy06dqS0tkC5h=
b1W24cFBMj7KxS-2FQmixMdtP5fEAGWvBWXxNihO2NvPxYsptR4Zb0ql3jg14ov76xMZU7cq8TB=
a7Fpzt2VHbh-2Be0g-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"t=
rue">latest research on the segment</a></b>.</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/712=
40.png" style=3D"border: none; max-width: 420px;"> </td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table>Best,<br><br><a href=3D"mailto:ben.ri=
ccio@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Ben Riccio</a><br>
                               Analyst, Industry &amp; Technology Research<=
/td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Thematic Research</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br><b=
><big><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001=
.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV5PeIS2ONAWd9al6AhaBLVH-2F3AhB=
MDpECdDKP3cHajuQ-3D-3DwB-f_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi=
QVI43kbMcVf8UYA68NVRCQJJH3iUu3HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5H=
SaiD8YqopY1-2BDSls3Io6kyH4mC-2FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE5vMbz8NxMeEB=
xVtAJ-2B6AfZx8jqmzTGGPQ56WbeXGmRbk43yPSOQRr-2BRwyZvkwADAJay-2F8JtTauWbZvuRQ=
b9CVTYD2A7OgbVj2kZwTP801IJQMiSD4TNL-2B0DdcHmh8dXZneMIF2BqEiAcqHNtIaSNRPBBsF=
PyS5UVRHqxWeZ7mL2RiMJQAB-2BwozvA1F6zp0QfKZdYW4oIc7Htg85dhUTzs2sn30bNFq175l0=
vQ8nYRYYcT-2BHe5zSRoVmwaEncF9JO361Zb9YrRRtTZ91uZjh2WkQ8whk6Rs6TgO-2Ftdk-2Fp=
VCaKKl6TnvQgy5oNbdEqT1wpOSYyq30xFPY5NgdDNnuXZEQL9DhuQ0qKc5mjVg-3D-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">Tracking AI Venture Activ=
ity in APAC </a></big></b><br><br>
                               AI and machine learning startups in Asia-Pac=
ific are attracting a growing share of VC funding, even as overall dealmaki=
ng remains subdued.<br><br>
                               Total deal value in the sector rose 18.6% ye=
ar-over-year in 2024, though there has been a slight pullback in 2025 as tr=
ade uncertainty has clouded APAC markets.</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-2BaqM7ONnvsnswouzV5PeIS2ONAWd9al6AhaBLVH7CM9CmkQ=
QanniM-2FLt9-2FYQ-3D-3D9ZUt_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B=
iQVI43kbMcVf8UYA68NVRCQJJH3iUu3HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5=
HSaiD8YqopY1-2BDSls3Io6kyH4mC-2FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE5vMbz8NxMeE=
BxVtAJ-2B6AfZx8jqmzTGGPQ56WbeXGmRbk43yPSOQRr-2BRwyZvkwADAJay-2F8JtTauWbZvuR=
Qb9CVTYD2A7OgbVj2kZwTNmS0Ktewm72FQfPXUPaA6n6Dkc49R3c01zUVXbKneMWwYxR2N-2FKG=
9OD4SqASWzSWr7qEzUjLtcRrWCTXxfngTfZYewmBL8Vo91QME13J9upUucz5DmvmOhg8yAbFpfu=
3GuqK7Pj3t0qVwF6IXzRPVjnhsXLGyWZZRqzVRXFg-2FCwBTx2xoySRrx6NP578gH4cPxaKfTBb=
XGsJx4da3stPWLnLhsrnn8Mm7krQZwQ1Di0HyYNeTgocZ-2B0x8AWiyZ4Lg-3D-3D" universa=
l=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com=
/news/71254.png" style=3D"border: none; max-width: 420px;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></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>
                               Rising development costs for large models in=
 the US have pushed global investors to the region, where strong hardware s=
upply chains and lower costs offer a more efficient route to scale.<br><br>
                               Despite the growth, APAC's fundraising and d=
ealmaking environment continues to reflect broader liquidity constraints. I=
n turn, investors are expected to emphasize capital efficiency, clearer rev=
enue visibility and differentiated intellectual property.<br><br>
                               As a result, AI dealmaking in APAC will like=
ly expand at a measured pace: less explosive than the US surge, but more gr=
ounded in commercial validation and enterprise adoption. <em><b><a href=3D"=
https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7S=
pSWIrf6GFa-2BaqM7ONnvsnswouzV5PeIS2ONAWd9al6AhaBLVH-2F3AhBMDpECdDKP3cHajuQ-=
3D-3DiMGP_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68=
NVRCQJJH3iUu3HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSl=
s3Io6kyH4mC-2FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2B6AfZx8jqm=
zTGGPQ56WbeXGmRbk43yPSOQRr-2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD2A7OgbVj2k=
ZwTBYOmBlsIyzyIxZyzFgHWuPPy2ztdG-2FDuKIuiCr1bk7Ysk5CKv211LUOyUetyydjkCF2k4-=
2Fm48SEaL27rrK3Nm3oz-2FHtzesow5kkA9rP1Bnx61tA9bkz5zWWxtK09feeLgLalD5Q-2B1K7=
P6q0mRlOatlvkjQfTyr-2FvrRzv3F-2B7V7rzWSCi7DIc3ICDHGtc-2FeGQz6V4ISshaXycMgPF=
r1fNEIoPMJ7wCIoPCy6OW-2FIomiAGvYK-2F7rJwFZQzpiwX3is3A-3D-3D" style=3D"color=
: #1D5080;" test=3D"" universal=3D"true">Read the report</a></b></em></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Industry &amp; Tech Research</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br><b=
><big><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001=
.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVNBaX0dW2P4h5pnJAReQ5vpKHhDZST=
eYnoEdq5oKS0Fg-3D-3DD29__Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQV=
I43kbMcVf8UYA68NVRCQJJH3iUu3HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSa=
iD8YqopY1-2BDSls3Io6kyH4mC-2FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxV=
tAJ-2B6AfZx8jqmzTGGPQ56WbeXGmRbk43yPSOQRr-2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9=
CVTYD2A7OgbVj2kZwTGnsGhk50VdUQ7jEWH4AWkuyCqc2J5mFm5UitMzPSLK0N-2BagjNSDdunQ=
6CdI4YDHqrGzobCLDLZRaPpct6Tt-2BqhfyczqCFoBmjriYUxix9G-2BqJ1MAbhk9zqOnD2rgnh=
irLyVu97VhOqSWvfbH-2BLloyZmKg8hwUz4Id7IPRH89W1ChMmX6YSShmdmO8gUpgQUzYN7ae05=
ELsoJIsWxzmNMhubPfd-2FAX2KzFqeAJYBeDeMX-2FOZEP4-2BvQiwXjOvnHEm-2FA-3D-3D" s=
tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 Food &amp; Beverag=
e CPG </a></big></b><br><br>
                               Q3 2025 marked a notable shift in food &amp;=
 beverage consumer packaged goods PE activity, characterized by fewer but l=
arger deals and heightened selectivity among investors.<br><br>
                               Deal counts dropped 20% quarter-over-quarter=
, but capital focused on higher-quality, category-leading assets.<br><br>
                               Leading the way were GLP-1s and wellness tre=
nds--including functional beverages, vitamins &amp; supplements and protein=
-enhanced foods. The two factors in tandem drove shake-ups in consumer dema=
nd and investor interest.<br><br>
                               Expect activity to rebound in 2026 as valuat=
ion gaps narrow and investors pursue roll-up plays in packaging, ingredient=
s and sustainability-focused brands in an evolving, health-conscious market=
.<br><br><em><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?=
upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVNBaX0dW2P4h5pnJAReQ=
5vpKHhDZSTeYnoEdq5oKS0Fg-3D-3DPkVd_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP=
-2BHR4BiQVI43kbMcVf8UYA68NVRCQJJH3iUu3HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2F=
K6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4mC-2FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE5vMb=
z8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56WbeXGmRbk43yPSOQRr-2BRwyZvkwADAJay-2F8JtTa=
uWbZvuRQb9CVTYD2A7OgbVj2kZwTOwQse-2FCyqNgP5YXwUQwppKCgiNRCJ7pbfdx-2FfId-2Fb=
SJjY5rTRZvDZEyVbLr4OGqYIop9zrIbJ-2F-2FExXdRRqCTXAsyBUZQqfyTJOzak0vxzFEnez-2=
FDgBEGD1pKFL5SSiZ8x0HrhPvIwGEkyp9Qwl5RHbMLit5WViszgUQLF6kLLaC0w3z5P1Md-2Bll=
slUO1GMuYIJfCB4zQdoAezJi0VOODqeDqXymeSHU8zbi9jwafEXeQ7WuLz9QiafmpYAZxoH0hw-=
3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Read the repo=
rt</a></b></em></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Webinars &amp; Events</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </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=
. 13</b>: PitchBook is the supporting partner of the inaugural Singapore CV=
C Summit. Ansel Tan, our APAC director of research, will give a presentatio=
n titled "Data Behind the Deals: APAC Corporate Venture." <b><a href=3D"htt=
ps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6=
GFa-2BaqM7ONnvsnswouzVNBaX0dW2P4h5pnJAReQ5vh-2Be65M1hQI0jRZ-2FnKr7F1w-3D-3D=
IJ1T_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCQ=
JJH3iUu3HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6=
kyH4mC-2FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2B6AfZx8jqmzTGGP=
Q56WbeXGmRbk43yPSOQRr-2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD2A7OgbVj2kZwTFD=
xu1Rs-2B0YcUTWNjoiu22b5M-2B09J-2BDnTMV2Cw2vQ7RrZazTfpD5e7Pj6Tgnofss-2FNHYiU=
bYZLMcHJN1iO3bJQQafRYXojEtBLPOJZ7ADb0aZMVFerYU0CANawh2PkpEvoXvqiRjkRZdtKNw-=
2BYsSmymXLClU9fbGgyjJVwBOT9tErrb2ccHW3493VNhAAYJYc306k0dRQ4-2Fk9ul3Y7c-2FXh=
Y8bDCUE-2Bv0umyakDAKMpnzuofSD1j99ZlMizoyfLeIYQ-3D-3D" style=3D"color: #1D50=
80;" test=3D"">Register here</a></b>.<br><br><b>Nov. 19</b>: In our Q4 EU L=
everaged Finance Analysis &amp; Outlook webinar, PitchBook LCD journalists =
and researchers will talk about where the private credit markets in Europe =
will take us during the rest of 2025 and beyond. <b><a href=3D"https://url6=
380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM=
7ONnvsnswouzVNBaX0dW2P4h5pnJAReQ5v8P6lfLeFu1Ysed7XixOGBw-3D-3DJQWr_Pr966knu=
aHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCQJJH3iUu3HuCmV=
CUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4mC-2FIcxl=
nk7lqGvnXKyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56WbeXGmRbk4=
3yPSOQRr-2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD2A7OgbVj2kZwTO9rzqdsDpRGPNDb=
nUtdegYgMWNcGIEhEsvdteSO3i4iVM4uUk-2BAvntUZ-2F5pCrZx5hEuuEe-2FfHxaExhix-2FP=
DrNp09mYtedO9WIsfQcvVVFPfAk0UTAXSvChyypvTpcipEPn0vkoL-2BvofKh866pOpFHg6mDvX=
fHOBigqlT3v-2FJrq9mM-2BVJfp4IRgZCoHBYkWiLmqNE2sk07chkiYR4KfmkUkWg-2FpKNMd8v=
kzsMPXSyNxR7IGyX-2BdP0qeYFnm73pmuPw-3D-3D" style=3D"color: #1D5080;" test=
=3D"">Register here</a></b></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>In the News</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br>
                               Our insights and data featured in the press:=
<br><br>
                               =E2=80=83=E2=80=A2 VC funding in Latin Ameri=
ca has collapsed from a record of nearly $16 billion in 2021 to around $5 b=
illion in 2025. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVNBaX0dW2P4h5pnJAReQ5vC=
7pmZuPyKTscyjicR-2FK0vg-3D-3DpFkM_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-=
2BHR4BiQVI43kbMcVf8UYA68NVRCQJJH3iUu3HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK=
6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4mC-2FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE5vMbz=
8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56WbeXGmRbk43yPSOQRr-2BRwyZvkwADAJay-2F8JtTau=
WbZvuRQb9CVTYD2A7OgbVj2kZwTDkIrywbBfeWINdvZYb8Zd4nPCno83iUgqOaNAdc8xCm43MyQ=
6LuheYUyksbEFaV3DlSd-2FU8YL7RF6gAen7CHAHPZjN8-2FR-2BEp9XQFUbKY0CtMRtv3BMvtA=
xm1rDb-2FBVshP0XA7q7Av10D-2BtNm120m9Cw7oFNYEUB0sSjKA5K-2F6a9qBWgQw6dqeHZ8Ua=
9z3XoZG0ajD8aNK0i3mPT9qJ-2FWLS7q9vjqn7bBZLtxry2WagQNL29DmAuvqz8QZZkvF-2Bs5A=
-3D-3D" style=3D"color: #1D5080;" test=3D"">Bloomberg</a>]<br><br>
                               =E2=80=83=E2=80=A2 US VCs have invested $161=
 billion in AI so far this year, two-thirds of their total spending, with t=
he bulk of it going to just 10 companies. [<a href=3D"https://url6380.news.=
pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnsw=
ouzVNBaX0dW2P4h5pnJAReQ5v6yri7fk1NXUpfPJ1XbAoBw-3D-3DTBQH_Pr966knuaHmaw6c7p=
KvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCQJJH3iUu3HuCmVCUkgKyMwT=
zCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4mC-2FIcxlnk7lqGvnX=
KyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56WbeXGmRbk43yPSOQRr-=
2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD2A7OgbVj2kZwTJd5-2FQb-2BRoHDSXhYx-2BE=
qVqzBOinGhcCGs0bsyV8U-2FstJZ5SqpBeR-2BPe-2BUVlD8j1qW4xemw1zbAYkRcZg9-2Fm-2F=
7tFy9F3Pl5XDvPdhdXTpegoiK2qv-2F5mW4vUITU6vNoKgyx8EZBzipqAfoL5Ne5s6lycZdr-2B=
w1F66TudJo7l-2FZL2B5NVTsVv-2FC1VPcTl95MFLd1szzqvty-2F99KVYUSC0utoU0VsukEc00=
808fwcVq0ms51J0DNj11KFGXjt-2FuB2OVEA-3D-3D" style=3D"color: #1D5080;" test=
=3D"">The Telegraph</a>]<br><br>
                               =E2=80=83=E2=80=A2 VC is on pace for its wor=
st fundraising year since at least 2015. [<a href=3D"https://url6380.news.p=
itchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo=
uzVNBaX0dW2P4h5pnJAReQ5vwRYbzIY0TAa4tgk7N6srjA-3D-3DDnSD_Pr966knuaHmaw6c7pK=
vB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCQJJH3iUu3HuCmVCUkgKyMwTz=
CF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4mC-2FIcxlnk7lqGvnXK=
yGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56WbeXGmRbk43yPSOQRr-2=
BRwyZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD2A7OgbVj2kZwTHi6BEYZwFUL-2B0a1WoRdMOjo=
kT09RLmyHD0rBBJB5ad7JSXDBEUIBI884k4Wnhdf4drUVpZ-2FeMlWwpI6aBHJ0Ba6MNjAf2CMo=
LJCtC9IYoJFlynTI3jPvNsZh4Y4IsZEQLj28cCi3qR6KJd3YNoFI6nzwMmec21-2Bxg7ok9Fuom=
cLs7-2BMiX0w2i8urpXdn-2FTZpqfMQwMaD-2B53e3Z6HlRTmbq9WcXVytZslwPBSRex0KP7e-2=
Fu6gPOjq7bF-2Bjz-2FmCb0aA-3D-3D" style=3D"color: #1D5080;" test=3D"">Fortun=
e</a>]<br><br>
                               =E2=80=83=E2=80=A2 The universe of evergreen=
 private market funds is estimated to be about $427 billion. [<a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzVNBaX0dW2P4h5pnJAReQ5vITF4NKpx6dptT15uvrhFYg-3D-3DuXQ=
Q_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCQJJH=
3iUu3HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH=
4mC-2FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56=
WbeXGmRbk43yPSOQRr-2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD2A7OgbVj2kZwTGDe9v=
Kzw8jshljomcHPKV-2BM1D-2Fqjikjd62OqdMn1AHCPSJP4h373olKKKnUpPGdlpna2ctBzplMx=
QXD2ppZmtGiufB3i-2BXbrL1I5cxwmbenBpzwqWc4b6nCTXPb2z3ciSVih5Wog1-2B0wSkfjD5j=
6bT6V0nVcI44ybDXfNMmS3uS0aWDVwIvMUSfUfuKumsbt184so7jeS9hOW6yIpKOFVGWwgkxp7X=
ieZyOUGyOzU5cT3Qk2GqNTrCpG8Y9oARF1Q-3D-3D" style=3D"color: #1D5080;" test=
=3D"">CNBC</a>]<br><br>
                               =E2=80=83=E2=80=A2 Corporate loans arranged =
by banks and sold to investor syndicates are clearing at 7.4% all-in yields=
. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVNBaX0dW2P4h5pnJAReQ5vmV1Cj5TKt2w408Q=
v0-2FJWlw-3D-3DhjL4_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb=
McVf8UYA68NVRCQJJH3iUu3HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8Yq=
opY1-2BDSls3Io6kyH4mC-2FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2=
B6AfZx8jqmzTGGPQ56WbeXGmRbk43yPSOQRr-2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD=
2A7OgbVj2kZwTNtrG6fwomWbi6Jkzrgtk5U4jma1JLcxE-2B9evS30en8NHzJXf9LdM9t2c2Pxj=
qssytaJy610HKgrXhfZU6HMOdMG7JfUNTGoTjSbMSnc8StcxB0j1SPFXaJsk6vWiEcOnJSIYADL=
TutRTXEG8Bzvi8POL0oWJoswV-2BRoDdPhErylN1ntxUfUxg0gdqp-2F9786sfiBugmt1iHsu28=
-2BbmU3-2FtxARim67alPOTRF2rqWBYBV8HujuJSlOLJbiD9w2pcwIA-3D-3D" style=3D"col=
or: #1D5080;" test=3D"">Reuters</a>]</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
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nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>ICYMI</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
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g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
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 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%;">
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                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
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cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
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0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br>
                               More of our recent research (* - premium):<b=
r><br><b>Market updates</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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u3HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4mC=
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ZL9u7bOoXGUFZrhvlTNf41uTgnL7atFjgCo-2BhUkd-2F7UREiX0QOWJ4-2FCNWdLnzt74cFcKW=
0M1dgN0uwa-2BES-2By7eTQC-2FLko5zPZOCijKJjD-2BsgOGbzewCFcav1n3zb4c07KtsD-2Fq=
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                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCQJJH3iUu3=
HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4mC-2=
FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56WbeXG=
mRbk43yPSOQRr-2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD2A7OgbVj2kZwTDtu2sucRPu=
trY3EzZfJ40eJtzDtPTQoi7-2FdSTpajW4QOi8amSqU8q2tzp61hoyhmV7Ijs8DoNGkj5iS7jmL=
RT6qyD0v1qB5Zwg3CUiYE5fkZY1VFdphrQEh6FTis8nBwShVsekCsyrN2B5buPGWbYDz3LAuBmx=
Z2-2FK1W71dqCkWE9FtJd1yXvivNHrgx84r0aRWnBn7spRn1-2Br6kGwS5u4JHNqPn5ffnkMeoo=
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                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzUNfo6eqU43T2k0Xgbf26Nryyup3xWiHY-2FCDVEvk5RZmA-3D-3DqJCj_P=
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u3HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4mC=
-2FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56Wbe=
XGmRbk43yPSOQRr-2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD2A7OgbVj2kZwTJsFb9SZY=
v3MntMUnVSptnMCoLD0GNmhf5voItoeIDwyIvD5wY22SvmAz6-2FuwwpuG9Bnej9KdBPVza8xe-=
2FR9JROkTXp8Wy6u9Fm8dnSE6gI0uDIFdTgIJdZNHfdc4Xqh4QxhRVGJaQZcI0QOPjKiOnrC5HD=
KoqFnxa-2BZxpXtytaMm3zixsSe17n-2B3C7YObJgwZCdaQCpJwWfV3RBDoNTp0HDHuU4TppAfG=
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                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCQJJH3iUu3=
HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4mC-2=
FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56WbeXG=
mRbk43yPSOQRr-2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD2A7OgbVj2kZwTC5gjz9Kfx-=
2Bib-2BEpfgI8fFkuQRU5uakw0kPfZ7YkvxmHvw1vSDAVyt9ZJ-2FhIAu8WSLLJx99aI7UKMEj5=
zS7bOFFZ-2FvZFgfFZSMG6-2FVn7-2FwlGm4GghAT9Oib2q-2FmBeowrSKmBM7fvmcbkCk-2BGx=
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                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzUNfo6eqU43T2k0Xgbf26Nrkpt5fg2URow5GbKApm-2Bfsg-3D-3Di2QE_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCQJJH3iU=
u3HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4mC=
-2FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56Wbe=
XGmRbk43yPSOQRr-2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD2A7OgbVj2kZwTHHZsBxMF=
GuGTs1L-2FaSITA9L8qohsipE-2FpwTdkLftXB-2B-2Bc9PYby61XxZjhh-2BEQkf1dXvCf-2Ba=
n38CTEsGqB3NDlTBtIXqi9hrBtaJy57ZgJLErR7pWB1HXOcje6-2By30CcE2JfSTUNo-2BnoJtX=
MkgJ1kCDbZanYlv3bYInjk-2FcPF-2Fy2ibN55CfeCNfiRecxrrHoYApmnbxj9DR4NK2RM4E5HQ=
xLQPZxHBvUUabVKUmNKV9YqfT-2BQmPXVFlAqCQQDDCyZA-3D-3D" style=3D"color: #1D50=
80;" test=3D"" universal=3D"true">Sovereign AI: The Trillion Dollar Frontie=
r</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzUNfo6eqU43T2k0Xgbf26NrM-2FIMg28P5a2cvSxDcQhpRQ-3D-3DMWmY_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCQJJH3iU=
u3HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4mC=
-2FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56Wbe=
XGmRbk43yPSOQRr-2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD2A7OgbVj2kZwTDO6MfFE7=
df-2BftvpFhIzYchKoUuZ-2B3EOGaj-2BR6U4GRcUHSWsOwfPWS66wypfzhcKs0kVIKmcvrugJq=
ajlcM-2BSoUP4GYlbrMBnLApWHSHU9wqoarJ3r6yTGAe-2BQW8T20UZMSjRzFLS4kQQlrqneusE=
-2FfllM2mZozqRlsHlBEgZEAp8eBEvqHgpKEiDOKSYdvuyqjZ3gZbIglnpAvFmdthqb4DBEOVX9=
-2FQn97heVJz-2FhjmVpBrHoi5KiM42sOgK-2FgF2Q-3D-3D" style=3D"color: #1D5080;"=
 test=3D"" universal=3D"true">AI's Impact on Supply Chains</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzUNfo6eqU43T2k0Xgbf26Nr-2FaC4xab6bf6CWvHg1kSIEw-3D-3D9A35_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCQJJH3iU=
u3HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4mC=
-2FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56Wbe=
XGmRbk43yPSOQRr-2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD2A7OgbVj2kZwTDYsvBWYf=
qXCFTKdixVfe3lYbaMR-2BejRVIWasChGqhzLWzYMJHxE0bNYlL6CUYTbvPEjAgJQaWi-2FHb7H=
4BHyLqc6Gsyd9EDoJku1tPhcf5p2qySaBmAgG2KiHJlsC7VFPsGBhsJzCacVjDRUyi2bDVjFbO3=
yr7NORQUrx9kDQifLduRD542AGqU1ArWtGnlmwt8CIHq7acpVLxz-2BHTQzSB7lyqORtcgzcXee=
qG6CXwfyvNJ60Ae5N92HHXeDF8go2A-3D-3D" style=3D"color: #1D5080;" test=3D"" u=
niversal=3D"true">The Big Theme Rivaling AI at Money20/20 USA</a></b><br><b=
r><b>Industry &amp; tech research</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzUNfo6eqU43T2k0Xgbf26NrlLv5mmIqPv07SFSoCtLOYA-3D-3DhJxH_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCQJJH3iUu3=
HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4mC-2=
FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56WbeXG=
mRbk43yPSOQRr-2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD2A7OgbVj2kZwTJ6W4CZX5m2=
ptpO947JkAx9RUBeJh38Z1BRhZElYK49i11y-2BkJByZiUn2buxcJ4Le6OvHRA3hUZEMDN9JvEi=
7qiVuct-2BmdM8HlsPiGfyXV6-2FX5VgXEfb717MIE2cdom8PxkVwxpbDKJbDeBHuyjL8vEKjb0=
CgZguv6h88-2BjpH9G25ztCRWg1KM2Pn9u-2BWjtmtub7Zk0uNNs2iO-2Fd7Pfs3t2x7cglYWyv=
vGgNPs9JSIEzGrrw44CkOrAwhq4DV6AK7w-3D-3D" style=3D"color: #1D5080;" test=3D=
"" universal=3D"true">Enterprise Fintech VC Trends</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-=
2BaqM7ONnvsnswouzUNfo6eqU43T2k0Xgbf26NrpoTGBGzJAVV0mjVYBUrEhg-3D-3D9U-E_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCQJJH3iUu3=
HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4mC-2=
FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56WbeXG=
mRbk43yPSOQRr-2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD2A7OgbVj2kZwTGyqJW6LROh=
RH-2FPCiIUz874TbB-2F2fkJ6sIkS-2FCwBMlUQM3IgB31UtVncwaA3CjNPJNCCXJcvhhZMwDLV=
GhcpbCTxoBkcWTiBAMQCUdaWz8tGgz5ypbo80ZjS4SpPDVmnS3z-2BgsjfTGnsOUVJ3ro8LBnXT=
UfjBrC7AkdV-2FzwhHcB1ylpk9rzIoTYxjddRmXfqW6g3OG93Z2iiizCFhNG-2BjygbCEwFEGG2=
gwCY-2FTf7QfulnE3GCgC-2F8faBbbcTprHcMA-3D-3D" style=3D"color: #1D5080;" tes=
t=3D"" universal=3D"true">Retail Fintech VC Trends</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-=
2BaqM7ONnvsnswouzUNfo6eqU43T2k0Xgbf26NrWTnyBOHQ2mdBuqDqLMgNfA-3D-3DHiD9_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCQJJH3iUu3=
HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4mC-2=
FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56WbeXG=
mRbk43yPSOQRr-2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD2A7OgbVj2kZwTMlkt007E9w=
RfwgATO-2FXJXyjCnYTek6JuaD3XpvEqZaJ-2BHiV8K45m6HWUmttmJKpJLG9BqIO1VriM-2Bys=
5r7j1013MOqm7qsBtIiQLcUgaGIWFrR-2FEpE5eTcILo3d08-2BH0MSuA4rfgRSTonX7Sq05UhQ=
cUWjYi-2F6tZl-2Bee62g7gTkRo5qN7B3k7IT7qzKLYOmyOBpFgZ3r07glwNAMnNVo4gkafMMM3=
gkibF-2FicPOxB5M4LQLmwEJcze3Xj1FVKDjug-3D-3D" style=3D"color: #1D5080;" tes=
t=3D"" universal=3D"true">Fintech 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-=
2BaqM7ONnvsnswouzUNfo6eqU43T2k0Xgbf26NrL3ljbkBEzNKmW7pMT2wVQw-3D-3D27jB_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCQJJH3iUu3=
HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4mC-2=
FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56WbeXG=
mRbk43yPSOQRr-2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD2A7OgbVj2kZwTBXMWKuFJoa=
cjqD4m4y-2FUIlIUpHgeocYEQVAXPfMFeZibqBi1jvyX0st3SNOPveafpJF1x-2FyTKT5670r3w=
B-2BdQw5GI4IrQ-2FYPMA0Kv-2B1GoG1ItiKgmWRlapM2FmeA9XT-2BFRVsD2hSd4Dk4ShxlCxh=
8K4VtyLMRDCi4VT0u8vX2z5O6MDjYsnc5a5c7n39fV-2Be-2FA9L8176Vz-2BjxILTQgXRJtLJN=
4DebKQk5qKfUEL3UxDTzR0a28Jf7Oy6wl1iHuLKA-3D-3D" style=3D"color: #1D5080;" t=
est=3D"" universal=3D"true">AI 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-=
2BaqM7ONnvsnswouzUNfo6eqU43T2k0Xgbf26NrLXCiRenuhgXG3i6mZAVgLg-3D-3DhOGO_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCQJJH3iUu3=
HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4mC-2=
FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56WbeXG=
mRbk43yPSOQRr-2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD2A7OgbVj2kZwTG3jxGeRtkf=
f1VWf-2BtysTH9trcela-2Btt03ct5u4nic-2FowJIJ1nBGYRtd8cRiLnceaAQrYtwcXE8VEojM=
gBOk5zNNSGqVH9XzzrGAoNej47Jfg3Iue3SE5ESwwhpGONXykLUdloy8LixVetkz48yq1IJqxwx=
xx6keKnprC6Ov9ZPuX3t3AemTJGUWNuCPRO-2FJqbYbArVjr2bzfT4vhKmzyH3m8qiQs7AQ72bI=
oD1sN8OSYTszIYWvmxC0tBAMhqeJYg-3D-3D" style=3D"color: #1D5080;" test=3D"" u=
niversal=3D"true">Agtech 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-=
2BaqM7ONnvsnswouzUdSbS4DIpJHqPQXla6AgUSh-2FTJ6oEvn4SE2O2X4TQt4g-3D-3DOP71_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCQJJH3iU=
u3HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4mC=
-2FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56Wbe=
XGmRbk43yPSOQRr-2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD2A7OgbVj2kZwTJAzJ8WgK=
5ij9B4-2BvSAsoM04bHPJIxaKwzwCVRWfIG0U6HciOxxnt4DlEgrkLubs-2FBuPLjdHx95oIxcK=
yvNqbJ9OLHUHKoD7l9-2BY3Xu2lAlCIQbozBRLsukcwmfDyKKuVI1G2jfXNW21i1mAFXNbQNPmg=
Abxxq6YGnoIm1FnLPncYwB3ARk51t6oS2CLbOU3B4tIXO9F11Zm1RwrjcaPS6CpmraK31fSnyMD=
zk8CNUcUHWX2Jf1fd525h6koU1hyMg-3D-3D" style=3D"color: #1D5080;" test=3D"" u=
niversal=3D"true">Clean Energy VC Trends</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-=
2BaqM7ONnvsnswouzUdSbS4DIpJHqPQXla6AgUS4mQ1b-2FwgMKVEKpm-2BXCfUMg-3D-3DM-D-=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCQJJH3=
iUu3HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4=
mC-2FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56W=
beXGmRbk43yPSOQRr-2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD2A7OgbVj2kZwTPZ-2FT=
z3wvOavXF-2FUIYIwzCCaQRlIHNHJPJ4kcWTtX6cMvdG28n4pZowuwXmA-2FBdeN4F3W1SA-2FY=
bspJ5NSNfssvBiF45iiteE7RB-2ByI6Mjf5MrAMd6fEvEDyUrGU4CB8bgt5kqNj5KApLYz8g1R6=
NqGUqZzU4gF92yH1SsIz9Hm3MD-2BZKD1PlYQ5R85-2FLbxn4egDlCNR8DVgY6TrjgraJaBy23K=
eviQsbvorQlfQGCrb-2Bai4a5tgobK7dGupqflRVNg-3D-3D" style=3D"color: #1D5080;"=
 test=3D"" universal=3D"true">Q3 Consumer Retail Services Report</a></b><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-=
2BaqM7ONnvsnswouzUdSbS4DIpJHqPQXla6AgUSsN1dEx90NySGkyEWLTs91w-3D-3DPsyh_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCQJJH3iUu3=
HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4mC-2=
FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56WbeXG=
mRbk43yPSOQRr-2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD2A7OgbVj2kZwTAZuEzfPv-2=
FpZGwU7ukhzHOktShTdDYG-2Bi3zotY906HVajkg4M8uvz38VBTaNPsOxz-2BfVkoV6-2BOCm71=
MUi-2BJwENgPDCxlcSDNQqbGK26upOcnbSI3LenP4IsiOAtY0HtVbebNvuT-2BOap57sRD9FPry=
tcOeK-2Fcj-2B9GIn1SSRSwO0C5lBbnS4TcYgJHyWEGbDaVDUJEy-2FrMfEIbvAZEPVWjgsZVGj=
Gm7FUU8-2FSsm-2FiJy1-2FDa0TawQY41ECfeLGRdmoBcA-3D-3D" style=3D"color: #1D50=
80;" 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-=
2BaqM7ONnvsnswouzUdSbS4DIpJHqPQXla6AgUSF6uizPNwNqwYvvxqOimJdQ-3D-3D1KQT_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCQJJH3iUu3=
HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4mC-2=
FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56WbeXG=
mRbk43yPSOQRr-2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD2A7OgbVj2kZwTLeN-2BeS-2=
F6c7-2FJTxqKdPfy7mSqYY1GXLUHY8XNWC9NKG2W1Fb9pikv9kEHeidmZ6pWOfHiCKMRtXkBAeI=
9nYA2Q-2BqMtFrJMLF7faDDC7-2Fgh-2BiTerePpQP1QV6arGC4fEod0v1-2FBb-2Fj2ztJrFYz=
FjHrjHAbZ9Y9kL62b7PVekNa2TzxWMhg0EEvPWPSDo5SKTgzbY0jlaVCGqH0jiYb56qU2pD58Re=
Ng6c8niIUTa64XiMdQUiT-2FG0mQ8-2FhCm2-2F-2BSntQ-3D-3D" style=3D"color: #1D50=
80;" test=3D"" universal=3D"true">US High-Yield Bond Weekly Wrap*</a></b><b=
r>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzUdSbS4DIpJHqPQXla6AgUSz-2Fj6EeD706FVRIM6d2nVrQ-3D-3DhiSF_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCQJJH3iU=
u3HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4mC=
-2FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56Wbe=
XGmRbk43yPSOQRr-2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD2A7OgbVj2kZwTCEwEb-2B=
7iu4V2WTPhqmmxVRMP4gd0gk5UGNt6BuhtXrMdFLe-2FfTklVrpHTg-2ForN2hqlLba52LYDfBJ=
3ZWCbkSyfCHTUCnPksjNhE460a6QEJHaR-2FjtPOUhpZNAMZS6WcQqbrO5sAWzZloxPVXsxIsP-=
2F9j5ZCgeXOn6XIY9F8ZsqloOQdBEOPZaIPcYix30lyhQ8wB2DsuDYimmx1Fo5YXF2Xv-2FbSmd=
nnLyeHTdSC87XhjtXYF05GXa2TngSgoKCn-2Bg-3D-3D" style=3D"color: #1D5080;" tes=
t=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-=
2BaqM7ONnvsnswouzUdSbS4DIpJHqPQXla6AgUS7iuZKjS8NhgO8XvUmCsvqQ-3D-3DxYKq_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCQJJH3iUu3=
HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4mC-2=
FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56WbeXG=
mRbk43yPSOQRr-2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD2A7OgbVj2kZwTKvC6MvT-2F=
rSmPXhyrIU-2FRsK7RKH6YxNKM7wjP9aTlO5CFNzjEiyyBzkmaDlx0G-2FVFzXg6Xf8jCsVPCSh=
x5ecaBo7qc-2Bo-2BPsWx77BrYkowqPvGE1J-2Fg49bOqL8nZYu9UkeWyqVGYm0bBBkGbugp2vR=
GlklCCeiUZ7UFquWdSKNstxvZzeP3uHt-2F7EQyJdMGZH-2Fj59EOshKI46ECgq-2BvZklw5O5V=
UJTUoJ9H7d4O-2BCvHiZFWZjX-2BEouH-2B4RL4Oj95Dag-3D-3D" style=3D"color: #1D50=
80;" test=3D"" universal=3D"true">Global Distressed Credit Weekly Wrap*</a>=
</b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzUdSbS4DIpJHqPQXla6AgUSmFwKloOVWBHCYIBICj8RIg-3D-3Dtbpn_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCQJJH3iUu3=
HuCmVCUkgKyMwTzCF3VHCMwGgZdkfhxY1S-2FK6Spbj5HSaiD8YqopY1-2BDSls3Io6kyH4mC-2=
FIcxlnk7lqGvnXKyGiPMVxvxD0gbQuawE5vMbz8NxMeEBxVtAJ-2B6AfZx8jqmzTGGPQ56WbeXG=
mRbk43yPSOQRr-2BRwyZvkwADAJay-2F8JtTauWbZvuRQb9CVTYD2A7OgbVj2kZwTGgIjWkbaYH=
JOkasAkU4ZSaRuSTy3NmDvJ6T6MJ3fO1tVcwArDtIJzqdvUIKGFZ3fhLbQZAHAwceOrFMn1htbz=
x2epekcdRUwK3z5QZYnzDzdKANuj09-2BGpbmRXMNHuHQSFn35s0Xd5GxCCNYUZJzO5yTX0zxmN=
owzYUQ8UianjMOAYjazHIWpjSPCX2VqYbO5kLzAZ3A4M-2BMMPT9LtZ7eQYiSzq6W1uydK6WqEZ=
GzC7UgGPD9-2BjJ6obMN41-2FnokmQ-3D-3D" style=3D"color: #1D5080;" test=3D"" u=
niversal=3D"true">US Private Credit &amp; Middle Market Weekly Wrap*</a></b=
><br><br><b>Coming next week (subject to change)</b><br><br>
                               =E2=80=83=E2=80=A2 Q3 Supply Chain Tech VC T=
rends<br>
                               =E2=80=83=E2=80=A2 Q3 Healthtech Comp Sheet<=
br>
                               =E2=80=83=E2=80=A2 Q3 US VC Valuations and R=
eturns Report<br>
                               =E2=80=83=E2=80=A2 Q3 Carbon and Emissions T=
ech VC Trends<br>
                               =E2=80=83=E2=80=A2 Q4 Private Capital Return=
s Barometers<br>
                               =E2=80=83=E2=80=A2 Q3 Foodtech Comp Sheet<br=
>
                               =E2=80=83=E2=80=A2 Q3 Global League Tables<b=
r>
                               =E2=80=83=E2=80=A2 Q3 Medtech Comp Sheet<br>
                               =E2=80=83=E2=80=A2 AN: AI in Drug Developmen=
t<br>
                               =E2=80=83=E2=80=A2 Q4 Quant Perspectives: Pr=
ivate Equity<br>
                               =E2=80=83=E2=80=A2 Are VCs riding the higher=
, paying the price?<br>
                               =E2=80=83=E2=80=A2 VC Valuation Estimates Te=
chnical Documentation</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>
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                      </table></td>
                    </tr>
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                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
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g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
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cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
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dth: 100%;">
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                      <table lang=3D"x-counts-title" cellpadding=3D"0" cell=
spacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
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                        <tr>
                         <td align=3D"center" style=3D"font-family: Roboto,=
 Arial, sans-serif; font-weight: 700;
                                        font-size: 14px; line-height: 27px;=
 color: white; padding: 26px 57.2px 37.3px 57.2px; white-space: nowrap;">Si=
nce yesterday, the PitchBook Platform added:</td>
                        </tr>
                        <tr>
                         <td>
                          <table lang=3D"x-counts-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%; t=
able-layout: fixed;">
                           <tbody>
                            <tr>
                             <td style=3D"display: inline-block; width: 24%=
; min-width: 24%;
                                                    text-align: center; flo=
at: left;">
                              <div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Roboto, Arial, sans-serif;
                                                    color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
                              680
                              </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;">
                              2151
                              </div>
                              <div class=3D"count-type" style=3D"float: non=
e; font-family: Roboto, Arial, sans-serif;
                                                         color: white; font=
-size: 12px; line-height: 24px;
                                                         padding: 2px 8px 0=
 8px; -webkit-text-size-adjust: 100%;">
                              People
                              </div></td>
                             <td style=3D"display: inline-block; width: 24%=
;
                                                    min-width: 24%; text-al=
ign: center; float: left;">
                              <div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Roboto, Arial, sans-serif;
                                                    color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
                              850
                              </div>
                              <div class=3D"count-type" style=3D"float: non=
e; font-family: Roboto, Arial, sans-serif;
                                                         color: white; font=
-size: 12px; line-height: 24px;
                                                         padding: 2px 8px 0=
 8px; -webkit-text-size-adjust: 100%;">
                              Companies
                              </div></td>
                             <td style=3D"display: inline-block; width: 23%=
;
                                                    min-width: 23%; text-al=
ign: center; float: left;">
                              <div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Roboto, Arial, sans-serif;
                                                    color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
                              33
                              </div>
                              <div class=3D"count-type" style=3D"float: non=
e; font-family: Roboto, Arial, sans-serif;
                                                         color: white; font=
-size: 12px; line-height: 24px;
                                                         padding: 2px 8px 0=
 8px; -webkit-text-size-adjust: 100%;">
                              Funds
                              </div></td>
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                            <tr>
                             <td style=3D"height: 25px; line-height: 25px;"=
></td>
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                             <td align=3D"center" style=3D"padding: 0 133px=
 13.3px 133px;">  <a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzUIQvtCoxGk7PYl1GNM-2FBaotFMVUF53sGGGr-2F0v8hBRtg-3D-3=
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e=3D"display: block;
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to, Arial, sans-serif;
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none;
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r;
                                                          padding: 9.5px 21=
.5px;
                                                          border-radius: 99=
9px;
                                                          background-color:=
 #F79B3E;"> Request a free trial </a> </td>
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