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Edit File: 1763807767.M220814P2166918.server-619288.prediksijaya.com,S=118598,W=120753

Envelope-to: vetyl@ponjosonek.com
Delivery-date: Sat, 22 Nov 2025 17:36:07 +0700
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Date: Sat, 22 Nov 2025 10:10:08 +0000 (UTC)
From: PitchBook Research <news-noreply@news.pitchbook.com>
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Subject: Construction & engineering scales up
To: vetyl@ponjosonek.com

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f; font-size: 14px; color: #78766f; -webkit-text-size-adjust: none;"><span =
style=3D"color: #78766f; font-size: 1px; display: none !important;"> The se=
condaries market takes hold; Policy shifts hit healthcare services; Enterpr=
ise SaaS exits explode... </span></td>
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                                -webkit-text-size-adjust: 70%; text-size-ad=
just:70%; -ms-text-size-adjust: 70%; text-align: center;">November 22, 2025=
 &nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;<a href=3D"https://url6380.news.pitchbook.c=
om/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVZTiRQLw=
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             <td style=3D"padding-bottom: 14px; text-align: center;"><a hre=
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ght:1px !important;width:1px !important;border-width:0 !important;margin-to=
p:0 !important;margin-bottom:0 !important;margin-right:0 !important;margin-=
left:0 !important;padding-top:0 !important;padding-bottom:0 !important;padd=
ing-right:0 !important;padding-left:0 !important;"/><img width=3D"141" heig=
ht=3D"39" src=3D"https://fonts.pitchbook.com/newsletter/pitchbook_morningst=
ar_logo.png" alt=3D"PitchBook"> </a></td>
            </tr>
            <tr>
             <td style=3D"text-align: center; font-family: Roboto Serif, Ge=
orgia, serif; font-size: 44px; font-weight: 500"><span>The Research Pitch</=
span></td>
            </tr>
            <tr>
             <td style=3D"text-align: center; font-family: Roboto, Arial, s=
ans-serif; font-size: 24px; font-weight: 300; padding-top: 9px;"><span>PE, =
VC and M&amp;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-2BaqM7ONnvsnswouzVZTiRQLw98HNP9G0iqlliVzbRla=
ysM6UKsXIUa08VywA-3D-3DsnyH_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B=
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JPPpsBOIyPaSS7ml-2F1F3-2FlmWQz3pOlHb3WWSSltZ-2B3z3l29kqKvIrqzKSWLmzExSPkrvn=
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IWHkn3ez-2FZJodNAAJiQ-3D" target=3D"_blank" style=3D"text-decoration: under=
line; color: #1D5080; font-size: 14px; font-family: Roboto, Arial;">Apollo =
Global Management</a></span></td>
            </tr>
           </tbody>
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        </tr>
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         <td>
          <table lang=3D"x-content" cellpadding=3D"0" cellspacing=3D"0" bor=
der=3D"0" width=3D"100%" style=3D"min-width: 100%!important; width: 100%!im=
portant;">
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             =20
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x-width: 460px; padding-left:5px; padding-right:5px;">
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0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"=
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                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
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                        <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%;
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                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
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                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Hea=
lthcare services</b>: PE deals in the sector fell 13% quarter-over-quarter =
amid shifting regulatory and policy conditions. Our report breaks down area=
s that are most affected and the outlook going forward. <b><a href=3D"https=
://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIr=
f6GFa-2BaqM7ONnvsnswouzVZTiRQLw98HNP9G0iqlliVNK7J2VrdwPxVOxha2KwcYg-3D-3DU6=
_O_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCCp-=
2F7e6hrzUUzP8RMohwvlVZjR1R-2BvPKFAmmbYBh77-2BlzS7WQMCRNf8Vg2O6-2BAjtjP0lwUN=
PiKawzKar6tGrL1NtJMYHrBcCWZG-2BkyMgnTsTbE-2B9pDselJPPpsBOIyPaSS7ml-2F1F3-2F=
lmWQz3pOlHb3WWSSltZ-2B3z3l29kqKvIrqzKSWLmzExSPkrvnXLbxeHpfkaSvsxLBrPVYevFQY=
OmsIXE3qAFlj8zzi8H0gMy-2F9CLAcH4JTzotw88n3JWhGo6ic-2B-2BzG8QMI6weLR44QSLOCY=
11m9tMuFobgu9eSfMFv6zTL-2B3mwwv9Y22FAGrkmOr1pN1UsApV1Q8FaoSZqSjEjiKXSI1wv3N=
OFweb1ibi5vw5mq9V0h58RWCddTn4Au2hPATB1i3FkYXqAWMg9J7gHBcm2xen6n7YAyo-2FNVsg=
aCT-2F10T4utf5z-2FbequVLKTuR5k1FaDSetZ-2Bnwj02UrFr1UAtKvrpnM4rhThf666BQ-3D"=
 style=3D"color: #1D5080;" test=3D"" universal=3D"true">View it here</a></b=
>.<br><br><b>A market emerges</b>: Secondaries are well positioned to evolv=
e into a core pillar of the VC ecosystem, according to our <b><a href=3D"ht=
tps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpS=
WIrf6GFa-2BaqM7ONnvsnswouzVZTiRQLw98HNP9G0iqlliVtc83XlqSNlFP5eI0V1HdIQ-3D-3=
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1JfubLA8Seof7jlqNKmqQpTNoeOMOYU5ZVXkjgv6F6O9jgUhFx5F2IH2J6DR1R9M-2BTgMPBy5L=
XLhLQNFx-2B0LXZc-2Fkm47IdRJhqyjeyTZYcKBVwUAP8bVQdOPkobMyFNiX3ina9xyY-3D" st=
yle=3D"color: #1D5080;" test=3D"" universal=3D"true">US VC Secondary Market=
 Watch</a></b>. Our analyst attended SuperReturn Secondaries, a forum on th=
e shifting market. <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVZTiRQLw98HNP9=
G0iqlliVKzPIN2n9ouqHlNZWsl57HA-3D-3D2xwc_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJ=
YL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCCp-2F7e6hrzUUzP8RMohwvlVZjR1R-2BvPKFAmmb=
YBh77-2BlzS7WQMCRNf8Vg2O6-2BAjtjP0lwUNPiKawzKar6tGrL1NtJMYHrBcCWZG-2BkyMgnT=
sTbE-2B9pDselJPPpsBOIyPaSS7ml-2F1F3-2FlmWQz3pOlHb3WWSSltZ-2B3z3l29kqKvIrqzK=
SWLmzExSPkrvnXLbxeHpfkaSvsxLBrPVYevFQYOmsIXE3qAFlj8zzi8H0gMy-2F-2FdmWRl9YsR=
P1-2B58-2FEW4d0vACBnDhUPUDahYF1OJsQ-2BjCbpwrE7ux4veFfejdd574S5UFpbKjtSyq0-2=
Bkz71nwLlnn-2FFCQp5FsrS6F-2FqWGFpxIx7oGDdh6GuMqoHCDdmb6lJSCFStbcruZZk7-2FmN=
YZTOliZzakcvp4tIW5A004MUxXYX5t2M14-2BI2IHjlEpTjLmudnfSRr-2FfPQas7pt1QZoS7OK=
RKnRJCKHJQZpYpKhw0UMtBqGO-2FiDC4Btw8ooQawI-3D" style=3D"color: #1D5080;" te=
st=3D"" universal=3D"true">Read her takeaways</a></b>.<br><br><b>European V=
C valuations</b>: Q3 continued to see elevated valuations, but our data sug=
gests the region is entering a more rational phase. <b><a href=3D"https://u=
rl6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF=
a-2BaqM7ONnvsnswouzVZTiRQLw98HNP9G0iqlliVJBZ1YGgbMXjtwNa8HtYJmw-3D-3Dx3TV_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCCp-2F7e=
6hrzUUzP8RMohwvlVZjR1R-2BvPKFAmmbYBh77-2BlzS7WQMCRNf8Vg2O6-2BAjtjP0lwUNPiKa=
wzKar6tGrL1NtJMYHrBcCWZG-2BkyMgnTsTbE-2B9pDselJPPpsBOIyPaSS7ml-2F1F3-2FlmWQ=
z3pOlHb3WWSSltZ-2B3z3l29kqKvIrqzKSWLmzExSPkrvnXLbxeHpfkaSvsxLBrPVYevFQYOmsI=
XE3qAFlj8zzi8H0gMy-2F8LNTnXg0AVi8M6ZtFCh9ujqDrJArHhR6xoWnBqvOvXd-2FQUPkB-2F=
hudAt9C-2BzoiXBsXdjwXNp9JldanMkpjUoAvWBS19V3XzFYAiYyaKwdpUE2T01QKnCH90MUcdt=
qGXsx96i7y1XbjoZeKV75pA-2FhhePB6whnorvU1KcxRN6LcF8xeCxF07VcqpFjuhA3d5ekgrE-=
2F7-2FrQSSXiVFUdOnciHZOEiAXnOlRKOe5XhcAZB7-2FoskpffD3QUuPjDk6B4eoC0-3D" sty=
le=3D"color: #1D5080;" test=3D"" universal=3D"true">See the data</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 Apollo Global Management</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: 10px 20px 14px 20px;"> <a na=
me=3D"n_574826" id=3D"n_574826" 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;"> Think it new </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-2BaqM7ONnvsnswouzVZTiRQLw98HNP9G0iqlliVzbRlaysM6UKsXIU=
a08VywA-3D-3Dpk-1_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc=
Vf8UYA68NVRCCp-2F7e6hrzUUzP8RMohwvlVZjR1R-2BvPKFAmmbYBh77-2BlzS7WQMCRNf8Vg2=
O6-2BAjtjP0lwUNPiKawzKar6tGrL1NtJMYHrBcCWZG-2BkyMgnTsTbE-2B9pDselJPPpsBOIyP=
aSS7ml-2F1F3-2FlmWQz3pOlHb3WWSSltZ-2B3z3l29kqKvIrqzKSWLmzExSPkrvnXLbxeHpfka=
SvsxLBrPVYevFQYOmsIXE3qAFlj8zzi8H0gMy-2F8BoCzN0ba8-2FxLYp1icpR3f3uiSo-2BwV0=
kHXVyqEjwSMaPw2Kp95Q0OpPuSWOzajR-2FgGJRqCpWlXApGDS-2BkcKEoDKl9YFWkfzBG4CaWh=
Z58gsUl-2BefpwTG0V0cgxTd0fbj540xG-2FbPHd-2FRXwW3wk3QovtL1-2BJk1EsUmNvD1rG4o=
2sttqr3LGKPK1EBSID2dvCGWdT7khKeJo4xmXZPTdvprnMzTR-2FC4lSA3uX1O-2FH-2F3mocNz=
CpEFhWgggLznz5-2BBNOI-3D"> <img align=3D"center" alt=3D"" src=3D"https://im=
g.pitchbook.com/news/71460.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>In a world moving forward, your think=
ing can=E2=80=99t stand still.<br><br><a href=3D"https://url6380.news.pitch=
book.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVZ=
TiRQLw98HNP9G0iqlliVzbRlaysM6UKsXIUa08VywA-3D-3D8yqv_Pr966knuaHmaw6c7pKvB-2=
BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCCp-2F7e6hrzUUzP8RMohwvlVZjR1=
R-2BvPKFAmmbYBh77-2BlzS7WQMCRNf8Vg2O6-2BAjtjP0lwUNPiKawzKar6tGrL1NtJMYHrBcC=
WZG-2BkyMgnTsTbE-2B9pDselJPPpsBOIyPaSS7ml-2F1F3-2FlmWQz3pOlHb3WWSSltZ-2B3z3=
l29kqKvIrqzKSWLmzExSPkrvnXLbxeHpfkaSvsxLBrPVYevFQYOmsIXE3qAFlj8zzi8H0gMy-2F=
-2BE-2Fgj2RSv9P5yDdFuQzDBoDjSEh9S4wmawQ12g4iFN8Figu7wXok620tURpw9Nt0X-2F6PB=
pxmfnyXljplBtBL3h8IM4LHHALfnheAyiADOa6fmE2px1UOq6D8qi93ucBtTONeYmB61m-2FPvt=
Q8D-2F2lhqhcXs-2BM2D-2Fkf4imoZs9ROK3CaHe0TGibP6JNx-2Fq-2BaI7bB5Q9QawgEpBhCF=
SsY7DFROgkPxewxW03quwNFT5BTIrz95tAeGsBasuEcKmZ2ivA-3D" style=3D"color: #1D5=
080;" test=3D"">Learn more</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_574800" id=3D"n_574800" 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;"> Construction and engineering i=
s booming </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>
                              The construction and engineering sector is ha=
ving a moment=E2=80=94and it's not subtle. In Q3 alone, deal value surged t=
o $36.7 billion, a 34% leap from the previous quarter.=20
                              <br>
                              <br>
                               Fewer deals closed, but they were bigger, bo=
lder and more strategic. Over the first nine months of the year, deal count=
 rose 14% year-over-year, and total value hit $79.6 billion, up 19%. That's=
 serious momentum.=20
                              <br>
                              <br>
                               PE is clearly shifting gears. Investors are =
chasing scale, not just stacking small add-ons. Rising valuations may be ma=
king those smaller deals harder to land, but the appetite for consolidation=
 is still strong.
                              </div>
                              <div>
                              <br><a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVZ=
TiRQLw98HNP9G0iqlliVMYneduYHtK-2BWRRpRc1m-2FNw-3D-3DkXAZ_Pr966knuaHmaw6c7pK=
vB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCCp-2F7e6hrzUUzP8RMohwvlV=
ZjR1R-2BvPKFAmmbYBh77-2BlzS7WQMCRNf8Vg2O6-2BAjtjP0lwUNPiKawzKar6tGrL1NtJMYH=
rBcCWZG-2BkyMgnTsTbE-2B9pDselJPPpsBOIyPaSS7ml-2F1F3-2FlmWQz3pOlHb3WWSSltZ-2=
B3z3l29kqKvIrqzKSWLmzExSPkrvnXLbxeHpfkaSvsxLBrPVYevFQYOmsIXE3qAFlj8zzi8H0gM=
y-2F-2Fb4ZJJ5r8bZ5TLIswtyBv5YiFQ5FIK5X2ZUhpYo4bvqMZpdq84jMZliT7CXsYbeYfUEca=
lXP-2BRFE9pWjO2zvsdl1heEbrpSTJBbIg9a6gtbVR9AAHKTpp2Fz4nrAOk-2F8BRInoWyZJOJQ=
hG-2FXkXB3E0YQRKRX3Ks55XZIaR-2BhanncKC6JZ0yK-2BOST5-2Bj226lxTyKYMUqjoBlA4p1=
bHbKOaxUQ-2FWgdP14FyR851rXQatfI98YsjphpOjgmqkddkiOs8-3D" universal=3D"true"=
><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/71440=
.png" style=3D"border: none; max-width: 420px;"></a>
                              </div>
                              <div>
                              &nbsp;
                              </div>
                              <div>
                              Specialty construction, including HVAC, plumb=
ing, electrical, interiors and facades, remains fragmented and full of pote=
ntial. Elevated valuations may be making deals harder to close, but they ar=
e still happening; underlying demand is too compelling.=20
                              <br>
                              <br>
                               And then there's the data center boom. As AI=
 and tech continue to explode, the need for infrastructure, especially elec=
trification and cooling, is skyrocketing. PE firms are jumping in, seeing c=
onstruction and engineering as the backbone of the digital future.=20
                              <br>
                              <br>
                               There's also a practical edge to this sector=
. It's relatively shielded from tariffs, thanks to its service-heavy revenu=
e model. Even when material costs rise, many firms can pass those costs on =
to customers. Projects have long lead times, and revenue streams are highly=
 visible.=20
                              <br>
                              <br>
                               Scale can add significant value, enabling bi=
dding on increasingly larger projects. Add in the push for nearshoring and =
reshoring, and you've got a recipe for sustained demand in factories, wareh=
ouses and infrastructure.=20
                              <br>
                              <br>
                               Big deals are making headlines. KKR's $6.5 b=
illion buyout of Spectris and Vista Energy's $2.0 billion acquisition of Ac=
umatica are just two examples. On the exit side, activity mirrored the deal=
 trend: fewer exits, but bigger ones. Exit value rose 14% to $33 billion, w=
ith Apollo Global Management's $2.3 billion acquisition of Kelvion and Blac=
kstone's $1.6 billion purchase of Shermco Industries leading the pack.=20
                              <br>
                              <br>
                               Read more on this in our <b><a href=3D"https=
://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIr=
f6GFa-2BaqM7ONnvsnswouzVZTiRQLw98HNP9G0iqlliVH0XP5HMV4aAy11abOUAewg-3D-3Djw=
J1_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCCp-=
2F7e6hrzUUzP8RMohwvlVZjR1R-2BvPKFAmmbYBh77-2BlzS7WQMCRNf8Vg2O6-2BAjtjP0lwUN=
PiKawzKar6tGrL1NtJMYHrBcCWZG-2BkyMgnTsTbE-2B9pDselJPPpsBOIyPaSS7ml-2F1F3-2F=
lmWQz3pOlHb3WWSSltZ-2B3z3l29kqKvIrqzKSWLmzExSPkrvnXLbxeHpfkaSvsxLBrPVYevFQY=
OmsIXE3qAFlj8zzi8H0gMy-2F9eS3uza6BQqJHAH5dtwO36o77GQ4ZM8r-2BU62gfY8WH-2Bf7f=
qfk-2Fu2a02stcwRdwVGj4YTkLtHdQkFfa2ROl7bUWb3JzB2DR-2FowuvEOIwvTXspPy6H7KyJH=
ITysRF8mXEUHETwhmiGFVlbFyN4XygmRxi9waMwvHPbpP-2FuhlBKbhCvRMRqEAflYP7LG-2BDs=
knsx60MTYhsUQubVWczgstuoZ4EprsKZQQTP2wBFbbUT4PP0Yqzng22TMIP3emEJTeF-2FI-3D"=
 style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 Construction &am=
p; Engineering 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/646=
81.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>Warm regards,<br><br><a href=3D"mailt=
o:jim.corridore@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Jim Corr=
idore</a><br>
                               Senior Analyst, Industrials</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Industry &amp; Tech</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br><b=
><big><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001=
.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX-2Bh0d49capa-2BzPrnV9fZxkcKNB=
iNTdm85kwzePGnqJBQ-3D-3DF4fj_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4=
BiQVI43kbMcVf8UYA68NVRCCp-2F7e6hrzUUzP8RMohwvlVZjR1R-2BvPKFAmmbYBh77-2BlzS7=
WQMCRNf8Vg2O6-2BAjtjP0lwUNPiKawzKar6tGrL1NtJMYHrBcCWZG-2BkyMgnTsTbE-2B9pDse=
lJPPpsBOIyPaSS7ml-2F1F3-2FlmWQz3pOlHb3WWSSltZ-2B3z3l29kqKvIrqzKSWLmzExSPkrv=
nXLbxeHpfkaSvsxLBrPVYevFQYOmsIXE3qAFlj8zzi8H0gMy-2F-2BA-2BWoKnc3XcN174iHNeK=
x0R-2B3LxNDlrgxoEyrB8pQndR3eSr2wRrLRC4jtMIoysaoZDG8vcJ9n1KIarfggauE0HYuNWUL=
uB4Zi2nSWFuD-2BLMZ16RuWqWqNXUIxA-2FzTNmvPKlYkHt0Am3TCjobMNYxnYNY-2FoVlcpRyu=
eju9o50e5SlLzYm3ed-2FZZCnvykZ-2FHVGYXzOrsLk1HEvl0bZtOxRh6OAJ2M7TqC8PoWVqP2Q=
cO3Pp4Xl9tEGySqf0GkXY0Bo-3D" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">Enterprise SaaS VC Trends </a></big></b><br><br>
                               The big story in enterprise SaaS in Q3 was t=
he explosive return of the exit market. Our Q3 2025 report shows exit value=
 skyrocketed 206.6% QoQ.<br><br>
                               Two massive public offerings from Figma ($15=
.7 billion) and Klarna ($14.9 billion) dominated the quarter, signaling con=
fidence to the private markets.<br><br>
                               Deal count also remained remarkably stable, =
holding flat at a healthy, post-bubble level. This suggests that while mega=
-deals grab headlines, investment in everyday enterprise solutions continue=
s at a steady pace.</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-2BaqM7ONnvsnswouzX-2Bh0d49capa-2BzPrnV9fZxkwiy6l=
rEhdX2d9EV0-2F0R9pw-3D-3DAtxq_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR=
4BiQVI43kbMcVf8UYA68NVRCCp-2F7e6hrzUUzP8RMohwvlVZjR1R-2BvPKFAmmbYBh77-2BlzS=
7WQMCRNf8Vg2O6-2BAjtjP0lwUNPiKawzKar6tGrL1NtJMYHrBcCWZG-2BkyMgnTsTbE-2B9pDs=
elJPPpsBOIyPaSS7ml-2F1F3-2FlmWQz3pOlHb3WWSSltZ-2B3z3l29kqKvIrqzKSWLmzExSPkr=
vnXLbxeHpfkaSvsxLBrPVYevFQYOmsIXE3qAFlj8zzi8H0gMy-2F8-2FvMGKUw-2F0d2YGi2h5m=
e2ph5q8LzPe2ILvNfNhOi7g-2BL6NppDwiY8zMN5aPZOkg00cYU457L5SL6j4gINU1MuRcxJRX1=
gIF-2FAPZd7z9KuZ4s5LbDM7wGstvtqnmBL6MV7tlyrhcmPb7z1KYV8I6aorvhSnnVvB7eGEoqC=
IZXVj9AIUNPH7drAoDdbn8oT7Zu1raKm-2BrcbyCAtYC72y-2BNLcwO-2B-2FVyOLiBKd7qNt6R=
sI8e1ZDUgDJ4L1aJRmSusTVgg-3D" universal=3D"true"> <img align=3D"center" alt=
=3D"" src=3D"https://img.pitchbook.com/news/71474.png" style=3D"border: non=
e; 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>
                               Beyond the funding numbers, AI is fundamenta=
lly changing enterprise software, becoming a core operational component, wi=
th major vendors in CRM, SCM, and knowledge management all shipping new AI-=
driven features.<br><br>
                               The biggest strategic pivot of the quarter c=
ame from OpenAI with ChatGPT's new =E2=80=9CInstant Checkout=E2=80=9D featu=
re, evolving it from a discovery engine to a direct commerce platform. This=
 move to monetize transactions challenges established e-commerce models and=
 puts OpenAI in direct competition with Google and Amazon.<br><br><em><b><a=
 href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73Br=
X4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX-2Bh0d49capa-2BzPrnV9fZxkcKNBiNTdm85k=
wzePGnqJBQ-3D-3DVTFB_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43k=
bMcVf8UYA68NVRCCp-2F7e6hrzUUzP8RMohwvlVZjR1R-2BvPKFAmmbYBh77-2BlzS7WQMCRNf8=
Vg2O6-2BAjtjP0lwUNPiKawzKar6tGrL1NtJMYHrBcCWZG-2BkyMgnTsTbE-2B9pDselJPPpsBO=
IyPaSS7ml-2F1F3-2FlmWQz3pOlHb3WWSSltZ-2B3z3l29kqKvIrqzKSWLmzExSPkrvnXLbxeHp=
fkaSvsxLBrPVYevFQYOmsIXE3qAFlj8zzi8H0gMy-2F-2BSM63mFRwKGeHgoMKz16JGcNfbKwL8=
xAVaFdgLfdes0AYTdEQt6F-2FLN-2FKRsiphW-2BgJl03KCkR5zb1cuC0Qnz39VPNpoQlCYaer9=
4Z86WPqJph9G83otyvV3ajJIvGP06yPJnzaf9XXPg77LYfucr3RDVOUDVd6jPwZf1EICpg-2FrO=
xwYkOmrXUiOmEOFeTm9EgYIkH8zrSmrs7h09ktPlD14xR1MorGIs-2Ffw5KH8kJ-2B3poqygOoU=
Ms-2FH5OIlDwrObM-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"=
>Read the report</a></b></em></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                        <tr>
                         <td colspan=3D"2" style=3D"padding: 0 20px;">
                          <table class=3D"                " lang=3D"x-news-=
group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid=
th: 100%; min-width: 100%;    =20
">
                           <tbody>
                            <tr>
                             <td style=3D"padding-bottom: 25px;">
                              <table class=3D"" cellpadding=3D"0" cellspaci=
ng=3D"0" style=3D"width: 100%; min-width: 100%;
                                                                           =
                                                         border-bottom: 1px=
 solid #C3C3C3;
                                                                           =
                                                 ">
                              <tbody>
                              <tr>
                              <td style=3D"padding: 1px 0 0 0; line-height:=
 0;"></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br><b=
><big><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001=
.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX-2Bh0d49capa-2BzPrnV9fZxkF5j9=
N4QtKBE-2FGYQoSsVFNw-3D-3DCaOH_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BH=
R4BiQVI43kbMcVf8UYA68NVRCCp-2F7e6hrzUUzP8RMohwvlVZjR1R-2BvPKFAmmbYBh77-2Blz=
S7WQMCRNf8Vg2O6-2BAjtjP0lwUNPiKawzKar6tGrL1NtJMYHrBcCWZG-2BkyMgnTsTbE-2B9pD=
selJPPpsBOIyPaSS7ml-2F1F3-2FlmWQz3pOlHb3WWSSltZ-2B3z3l29kqKvIrqzKSWLmzExSPk=
rvnXLbxeHpfkaSvsxLBrPVYevFQYOmsIXE3qAFlj8zzi8H0gMy-2F-2FTWGIIw0vbTqnE9ftyBj=
8Ro1awsKlwQNr8l9jUqMdfDAxMRqApRDjHVKCmDkYdTRK7ypDXtB2wSKaqz1gO7Dr2bvLkjLI0z=
Zi8xSb6hkrTwufqG-2FjBdmWZ8acnDp5gensLNFSnmxL1ufvQuRysAmTpUGgxgeVJJ7SChQRJWr=
fGamC-2FPFVKiT-2Fbtxpoed00TiLNGCHq5iNzzqHoQZHrWqN-2BwmiAL4-2B2y9w5wbjDB-2Bg=
BAr7TTrsBTTzainfKJJs5cPQ-3D" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">Healthtech VC Trends </a></big></b><br><br>
                               Healthtech startups raised $3.9 billion in Q=
3, marking a sustained recovery as deal volume rose 12% and investors doubl=
ed down on later-stage, AI-enabled platforms.<br><br>
                               The median VC pre-money valuation climbed to=
 a record of $38.5 million, even as deal activity remain below its 2021 pea=
k. These trends signal renewed momentum in healthtech VC after two years of=
 uneven funding activity.</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-2BaqM7ONnvsnswouzX-2Bh0d49capa-2BzPrnV9fZxkJN2ZA=
d13aljuDLFcyRvaUw-3D-3D9lO1_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B=
iQVI43kbMcVf8UYA68NVRCCp-2F7e6hrzUUzP8RMohwvlVZjR1R-2BvPKFAmmbYBh77-2BlzS7W=
QMCRNf8Vg2O6-2BAjtjP0lwUNPiKawzKar6tGrL1NtJMYHrBcCWZG-2BkyMgnTsTbE-2B9pDsel=
JPPpsBOIyPaSS7ml-2F1F3-2FlmWQz3pOlHb3WWSSltZ-2B3z3l29kqKvIrqzKSWLmzExSPkrvn=
XLbxeHpfkaSvsxLBrPVYevFQYOmsIXE3qAFlj8zzi8H0gMy-2F8d7aGjKY2FVrehUsxIRerY-2B=
vFyfJTYuhTdaHrMfPJJOnV9h-2B-2FeZRojePAN4NnswBPxZYRJfYLK-2BpKjgej31lFY7IggM7=
yZmliSHSUWWPQvpmV-2F5wP3Z9yTU0JoHwBXcM0uWtAwI0mXgIpkF7j89NKHdQWyNg3VkAkHDsc=
-2F5ugt-2FMkAwfVkWP43-2FtsOr-2FiqazF-2FM2vrhlp4rMigkDE29oDiY9COxBFpha4lKajN=
jOPKiIrzPdiYUJYWXUS6179-2FZRA-3D" universal=3D"true"> <img align=3D"center"=
 alt=3D"" src=3D"https://img.pitchbook.com/news/71477.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>
                               VC exit count hit an all-time high of 42 in =
the quarter, reflecting greater liquidity for smaller startups even as IPO =
activity paused.<br><br>
                               With more than $1.2 billion in venture fundi=
ng to date, RCM remains one of healthtech=E2=80=99s most investable AI subs=
ectors as provider and payer automation enters a new =E2=80=9Cbot-versus-bo=
t=E2=80=9D phase. Meanwhile, a growing roster of late-stage healthtech name=
s, including Zocdoc, Spring Health, and Ro, are positioned for potential 20=
26 listings.<br><br><em><b><a href=3D"https://url6380.news.pitchbook.com/un=
i/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX-2Bh0d49=
capa-2BzPrnV9fZxkF5j9N4QtKBE-2FGYQoSsVFNw-3D-3D8Dtx_Pr966knuaHmaw6c7pKvB-2B=
CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCCp-2F7e6hrzUUzP8RMohwvlVZjR1R=
-2BvPKFAmmbYBh77-2BlzS7WQMCRNf8Vg2O6-2BAjtjP0lwUNPiKawzKar6tGrL1NtJMYHrBcCW=
ZG-2BkyMgnTsTbE-2B9pDselJPPpsBOIyPaSS7ml-2F1F3-2FlmWQz3pOlHb3WWSSltZ-2B3z3l=
29kqKvIrqzKSWLmzExSPkrvnXLbxeHpfkaSvsxLBrPVYevFQYOmsIXE3qAFlj8zzi8H0gMy-2F-=
2Bd8scgq-2FDoSN6HE3wldKWWrvW-2FjYv6esrEDAMA-2FkYognBG08bZnV1EcWambU6CEjvUz5=
wBnJBdWY0EUBhFCiOTrEJE68UfgaLEjoGmVZNAEL8Gp3j3JO370cJ90N4QRxlC-2F-2F3hAzsX7=
wIksPVJUhmvjjGBZdMu8nF8-2F21DV4NHwKCt1xBAk9MIFekzTJIctYGBq-2F7lBvVIrkPy1u48=
VxlbsMRSwc3onNbvpYEgIfG1JzjkXbq1sW-2F4sYF9bOcqxtk-3D" style=3D"color: #1D50=
80;" 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>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 Supply-chain tech compani=
es raised $3 billion in Q3, up about 28% year-over-year, while deal count f=
ell 9% annually to 154 deals during the same period. [<a href=3D"https://ur=
l6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba=
qM7ONnvsnswouzX-2Bh0d49capa-2BzPrnV9fZxk0llwlHzX2nj-2BOocv1u-2BRYA-3D-3Dquy=
S_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCCp-2=
F7e6hrzUUzP8RMohwvlVZjR1R-2BvPKFAmmbYBh77-2BlzS7WQMCRNf8Vg2O6-2BAjtjP0lwUNP=
iKawzKar6tGrL1NtJMYHrBcCWZG-2BkyMgnTsTbE-2B9pDselJPPpsBOIyPaSS7ml-2F1F3-2Fl=
mWQz3pOlHb3WWSSltZ-2B3z3l29kqKvIrqzKSWLmzExSPkrvnXLbxeHpfkaSvsxLBrPVYevFQYO=
msIXE3qAFlj8zzi8H0gMy-2F-2BRO6kXlKRvY9NvT3J7-2BjJYqaPLquFTOVxahEDzuPeTZR71S=
9QIOkvSk2by-2Bds9RlMEmb3byGxJZAL19TDfhUxoTDL9TBQNU-2FMsasBnR5kRvxA3BsckgAyF=
GLooB-2B5VAflE73y1c0WxT0EkUmgzBxXW-2BvoLuW4OazB9l0XuHN3xL3tWGCYB5iQMCn2JO9W=
lw4mfKiJ7Wj7IpnDmvt4-2Bs8LR0ILuN4-2FPm1QSdcOWZMEgbqAtDFmo8u7SNMbeaqRzqm0-3D=
" style=3D"color: #1D5080;" test=3D"">The Wall Street Journal</a>]<br><br>
                               =E2=80=83=E2=80=A2 Over the past 12 months, =
overall debt as a multiple of EBITDA has been lower than it was in 2021. [<=
a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4C=
uylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX-2Bh0d49capa-2BzPrnV9fZxkPSCiYwq8YAbuRMe=
-2FAiCc4w-3D-3DV6Bb_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb=
McVf8UYA68NVRCCp-2F7e6hrzUUzP8RMohwvlVZjR1R-2BvPKFAmmbYBh77-2BlzS7WQMCRNf8V=
g2O6-2BAjtjP0lwUNPiKawzKar6tGrL1NtJMYHrBcCWZG-2BkyMgnTsTbE-2B9pDselJPPpsBOI=
yPaSS7ml-2F1F3-2FlmWQz3pOlHb3WWSSltZ-2B3z3l29kqKvIrqzKSWLmzExSPkrvnXLbxeHpf=
kaSvsxLBrPVYevFQYOmsIXE3qAFlj8zzi8H0gMy-2F9to-2BTzxnu5RIMaV5NQu6XWz0-2FY9VZ=
r23GgB4sQT7bCeDeQWL4BUuuGWRIgBH1lUL58rwPwhFbHWbjUx7KicGplzWiVH6vrrrZ4EP-2Bj=
9rF18IjIIsbNCuBXiq1fD0-2BNCB0rNAO9PExcyg5nPDs-2FVYlUMLLZ4VqhsUSN5lEvhboe5l3=
VPiQiuIW6op14iSaFN1JweMaSz5jtzw8Gb1m7Tlw-2BI1SeV-2B3SpOtmWoXz9bK-2FMA8-2F-2=
B-2BslVken1jgtjD-2FPDTc-3D" style=3D"color: #1D5080;" test=3D"">Financial T=
imes</a>]<br><br>
                               =E2=80=83=E2=80=A2 Only 823 venture funds ha=
ve raised over $80 billion=E2=80=94a drop from 2022, when 4,430 funds raise=
d roughly $412 billion. [<a href=3D"https://url6380.news.pitchbook.com/ls/c=
lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX-2Bh0d49capa-2=
BzPrnV9fZxkMWOZCEiI7JvgKYqNHcDO3Q-3D-3DJXiY_Pr966knuaHmaw6c7pKvB-2BCEiDnj5U=
wlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCCp-2F7e6hrzUUzP8RMohwvlVZjR1R-2BvPKFA=
mmbYBh77-2BlzS7WQMCRNf8Vg2O6-2BAjtjP0lwUNPiKawzKar6tGrL1NtJMYHrBcCWZG-2BkyM=
gnTsTbE-2B9pDselJPPpsBOIyPaSS7ml-2F1F3-2FlmWQz3pOlHb3WWSSltZ-2B3z3l29kqKvIr=
qzKSWLmzExSPkrvnXLbxeHpfkaSvsxLBrPVYevFQYOmsIXE3qAFlj8zzi8H0gMy-2F8PYfR6hNy=
BKLJPBkscdlV5u0mpnbL6IOVgJq9E-2Fv9GTYwKFX29U6PGcSY-2Buv7PT7QjI5IThF-2F8i8Dv=
Rfey2rcYWzQ-2BKOvchN4f5wD2v-2FYpzRseAw8-2FytLKT98NcLhuP4D9KIkOAKNv9gz2rzDIZ=
m1Rkb3FPPtvffNBNqVjEEJvrZvNRE97trTXP2CXVbZIMYX5eR-2B-2BupscDRQ7KJeHiKFoKF-2=
FOmzKuhR90SWCNhheIK7YUPNZ1t05slZVuXB2xsFU-3D" style=3D"color: #1D5080;" tes=
t=3D"">Institutional Investor</a>]<br><br>
                               =E2=80=83=E2=80=A2 The PitchBook-NVCA Ventur=
e Monitor projected a dip in total life sciences venture deals in 2025 comp=
ared to last year. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?=
upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX-2Bh0d49capa-2BzPrn=
V9fZxk820sNbdtWG4lnkUM5pUrvg-3D-3D8qU8_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL=
0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCCp-2F7e6hrzUUzP8RMohwvlVZjR1R-2BvPKFAmmbYB=
h77-2BlzS7WQMCRNf8Vg2O6-2BAjtjP0lwUNPiKawzKar6tGrL1NtJMYHrBcCWZG-2BkyMgnTsT=
bE-2B9pDselJPPpsBOIyPaSS7ml-2F1F3-2FlmWQz3pOlHb3WWSSltZ-2B3z3l29kqKvIrqzKSW=
LmzExSPkrvnXLbxeHpfkaSvsxLBrPVYevFQYOmsIXE3qAFlj8zzi8H0gMy-2F8adgr0UTHkyHY1=
BVY3sveGfmHl2fwuTpJ8a5kLE3vk5-2FRcmyiebOrUTWB1Kzolx1Lg152GQf-2BURQ2xXRHbP1k=
ZUt96Z3bSK9CbpMnaxxtCYkj9UmVKCbvDtz5e8xeyoSi0jcvTpKM-2BsSPS8CTvcIMd2auQE08d=
iIQv-2FRmviA1xca-2BSnw5IUS60NdFVibghZwLtdX4rHStsfCib7unPgDQLDHRUt0S56X-2F0j=
7AI6kFmbqFe-2BmjFvuaoFmFx-2FfQhCwk-3D" style=3D"color: #1D5080;" test=3D"">=
BioPharma Dive</a>]<br><br>
                               =E2=80=83=E2=80=A2 AI-related deals in APAC =
have expanded their share of total VC activity. [<a href=3D"https://url6380=
.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ON=
nvsnswouzX-2Bh0d49capa-2BzPrnV9fZxkHYk7WJB1CGrJyU-2FGqX5p3A-3D-3DVZqp_Pr966=
knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCCp-2F7e6hrz=
UUzP8RMohwvlVZjR1R-2BvPKFAmmbYBh77-2BlzS7WQMCRNf8Vg2O6-2BAjtjP0lwUNPiKawzKa=
r6tGrL1NtJMYHrBcCWZG-2BkyMgnTsTbE-2B9pDselJPPpsBOIyPaSS7ml-2F1F3-2FlmWQz3pO=
lHb3WWSSltZ-2B3z3l29kqKvIrqzKSWLmzExSPkrvnXLbxeHpfkaSvsxLBrPVYevFQYOmsIXE3q=
AFlj8zzi8H0gMy-2F8Auh2yDpIUZJT44jKA5s7pC7K-2F3tx2fC8D3lTKnsdpNthcef75BcJCrM=
GuciCct3ibIhtI5VpVuyXaHe2wKMSCWp9ypI74T4ebQo7TrdyBVpcj6morGbU3BNhE2oNpfPZDR=
X-2BdzOMIh46QOm-2FF81EKhw2c5mchLQH1dh0vQES21ksigk6kdu3FH9IcP6IGFMTaxbwm96xV=
2DqXKNzTbpbLVaFlo2Vu3uzZzI-2FsJYdTRQbufMzB4-2Fc3XiH5Vguv6R0-3D" style=3D"co=
lor: #1D5080;" test=3D"">Axios</a>]<br><br>
                               =E2=80=83=E2=80=A2 In Europe's top five foot=
ball leagues, 36.5% of clubs have PE participation. [<a href=3D"https://url=
6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq=
M7ONnvsnswouzX-2Bh0d49capa-2BzPrnV9fZxkHRwkotcZtyfr2theO34YfA-3D-3D-uqB_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCCp-2F7e6h=
rzUUzP8RMohwvlVZjR1R-2BvPKFAmmbYBh77-2BlzS7WQMCRNf8Vg2O6-2BAjtjP0lwUNPiKawz=
Kar6tGrL1NtJMYHrBcCWZG-2BkyMgnTsTbE-2B9pDselJPPpsBOIyPaSS7ml-2F1F3-2FlmWQz3=
pOlHb3WWSSltZ-2B3z3l29kqKvIrqzKSWLmzExSPkrvnXLbxeHpfkaSvsxLBrPVYevFQYOmsIXE=
3qAFlj8zzi8H0gMy-2F9h3CjcUFZjI-2FvB9cfZspRau6Ju2amLaSjIJdDB-2ByM0oTbk2QZZpu=
e2T9QJb-2Bcp71vZ6wwDFE5mYY03OHn8yrbUhEYBdb3eIsT0n-2BCa93OKcqT6nAo79rdiE-2Bq=
69-2BNo8s-2Bd8VAHa6aoePNAPq7tUQcNnrfUvFOww0wU6Jo8B0Iml4NPZzzIVDaVK-2BIIS-2B=
8XcWor8AP-2B55bErLfgCMfGP5iroxE3SEbfk7PaYHjnKMgn8Ddv8l7rJJwTwNDMdTYPmMY-3D"=
 style=3D"color: #1D5080;" test=3D"">Bloomberg L=C3=ADnea</a>]<br><br>
                               =E2=80=83=E2=80=A2 Defensetech funding is up=
 200% year-over-year. [<a href=3D"https://url6380.news.pitchbook.com/ls/cli=
ck?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVsL7MjJenoz-2B5W0=
4kAm145epaKh8DDpQJMS0iFiWFhlA-3D-3DGQJC_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJY=
L0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCCp-2F7e6hrzUUzP8RMohwvlVZjR1R-2BvPKFAmmbY=
Bh77-2BlzS7WQMCRNf8Vg2O6-2BAjtjP0lwUNPiKawzKar6tGrL1NtJMYHrBcCWZG-2BkyMgnTs=
TbE-2B9pDselJPPpsBOIyPaSS7ml-2F1F3-2FlmWQz3pOlHb3WWSSltZ-2B3z3l29kqKvIrqzKS=
WLmzExSPkrvnXLbxeHpfkaSvsxLBrPVYevFQYOmsIXE3qAFlj8zzi8H0gMy-2F-2Bv1ZKDtOirL=
UU5Bfz74l3jXiANhaQGlPmpumjizkDzSN1yxplzvvWVwZthyCfy47bGpX8-2FSn58cFoO840aXQ=
Tm3PPcwDXWM-2BB7ETLiyv6tGqwuEujahWxUIImdM9Dfr9vhReeD6lubiktNXPfKQ5-2FSPUnq9=
OjAxZsJlUPKsy2dqW-2B-2BvyLdildp5-2BrlpRQTFUnz8K876zB-2BgfMMAbU5WSFVK9yqxuiz=
-2BYMoX1zaGtzLCqop0zovJwBPyg8GnqnRipU-3D" style=3D"color: #1D5080;" test=3D=
"">Bloomberg</a>]</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>ICYMI</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <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-=
2BaqM7ONnvsnswouzVsL7MjJenoz-2B5W04kAm145CsFfMbN2JmmZX-2FsWMnsExg-3D-3DjnmU=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCCp-2F=
7e6hrzUUzP8RMohwvlVZjR1R-2BvPKFAmmbYBh77-2BlzS7WQMCRNf8Vg2O6-2BAjtjP0lwUNPi=
KawzKar6tGrL1NtJMYHrBcCWZG-2BkyMgnTsTbE-2B9pDselJPPpsBOIyPaSS7ml-2F1F3-2Flm=
WQz3pOlHb3WWSSltZ-2B3z3l29kqKvIrqzKSWLmzExSPkrvnXLbxeHpfkaSvsxLBrPVYevFQYOm=
sIXE3qAFlj8zzi8H0gMy-2F-2FWZ-2Bkwk-2BvFsSsm6Vbq30dvcsob-2F4-2FL0e8p3tdgq5zB=
7ROcZWO8TT2LFBLf8J4Sj55rgnlZY91ojNFhYVEpPHwW-2FoZfy4eZM53c23-2BjNgIKMDwQyAO=
fWfOYiQkyIqLQ1yOB3H-2BLLSYEs8PB79-2FBgQN-2FEZssNtaTN2DNHDBVj464EsQzERv21mR8=
dt3FmxHaiX0rtCF-2BC3-2BwxHhTd28Vcp4Wgx0am5w-2FJe7BU6yoI6Jb7wccJQ0HheHKM5Pgq=
Mof4Hg-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 2025 P=
rivate Capital Return Barometers</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-=
2BaqM7ONnvsnswouzVsL7MjJenoz-2B5W04kAm145UUg62mb34RJzUc1fOKG-2BFQ-3D-3Dr7gD=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCCp-2F=
7e6hrzUUzP8RMohwvlVZjR1R-2BvPKFAmmbYBh77-2BlzS7WQMCRNf8Vg2O6-2BAjtjP0lwUNPi=
KawzKar6tGrL1NtJMYHrBcCWZG-2BkyMgnTsTbE-2B9pDselJPPpsBOIyPaSS7ml-2F1F3-2Flm=
WQz3pOlHb3WWSSltZ-2B3z3l29kqKvIrqzKSWLmzExSPkrvnXLbxeHpfkaSvsxLBrPVYevFQYOm=
sIXE3qAFlj8zzi8H0gMy-2F9ZtRhErJprXvWd-2BA5aW2abEy3P84cSA76ZjEQoJ4lfXqDLEQz5=
KzYzFcy8v5amCEG-2B-2F0Ljkcvy9TnBx6Kcp-2BZyokbtLBEN6xI5vbdYaRWgTC-2Bm6orH1gq=
c2bzPV-2FDWys22Nx7kBE6Ixi7SQa7oXd5Vs3emUS88Il69eOXV0RAcWzMwxGH0YsFRRaR83sSj=
-2B0yUCD0kuMHknBh-2BIZfw6bAGuxChI-2FQqvqhvfj6crRzYXd9k20SzLCsES16-2BL7hH0HQ=
-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 US VC Valuat=
ions and Returns Report</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-=
2BaqM7ONnvsnswouzVsL7MjJenoz-2B5W04kAm145ECDnbT789nusjQoS7XDbiw-3D-3DleUx_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCCp-2F7e=
6hrzUUzP8RMohwvlVZjR1R-2BvPKFAmmbYBh77-2BlzS7WQMCRNf8Vg2O6-2BAjtjP0lwUNPiKa=
wzKar6tGrL1NtJMYHrBcCWZG-2BkyMgnTsTbE-2B9pDselJPPpsBOIyPaSS7ml-2F1F3-2FlmWQ=
z3pOlHb3WWSSltZ-2B3z3l29kqKvIrqzKSWLmzExSPkrvnXLbxeHpfkaSvsxLBrPVYevFQYOmsI=
XE3qAFlj8zzi8H0gMy-2F-2BCavP4YcGdyXZVTfNswlONTHQ0xyFcuoU6PbVoJ7lAvSt3VkJm20=
JB8iheMw7N5u8GJgy9AG6-2F-2F8vtSKUlZ50ELNBNLB-2Fxm8WQcDkyL-2BUBCsCatox0c-2FG=
z-2FmGawmMJbmKe-2BZys4FSU75iMtpp-2BXcVmKYuNEC3IQBBe3AYkcxWbE63SQjOwoGFrDGwA=
23b5UqeDreNOw0rwAxmsYeaPSH20ZPmyxwhw5xdQ53HXkHdgNXsfnCDw14-2Bigwbt83VZhR0-3=
D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q4 2025 Quantitat=
ive Perspectives: Balancing Act</a></b><br><br><b>Thematic 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-=
2BaqM7ONnvsnswouzVsL7MjJenoz-2B5W04kAm145J5gVTK7zP-2F1qJkfwUKMb7g-3D-3DLSEe=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCCp-2F=
7e6hrzUUzP8RMohwvlVZjR1R-2BvPKFAmmbYBh77-2BlzS7WQMCRNf8Vg2O6-2BAjtjP0lwUNPi=
KawzKar6tGrL1NtJMYHrBcCWZG-2BkyMgnTsTbE-2B9pDselJPPpsBOIyPaSS7ml-2F1F3-2Flm=
WQz3pOlHb3WWSSltZ-2B3z3l29kqKvIrqzKSWLmzExSPkrvnXLbxeHpfkaSvsxLBrPVYevFQYOm=
sIXE3qAFlj8zzi8H0gMy-2F-2BEux5ZnNmFA44-2F9dNRr-2F-2F2j47ZUVaU30YsncILWnlUvP=
ewHC1DOqFIVlWlD4TUHySS27Okoa18KRYmuB5BNRiYfMgB5O-2BKAYmp5FfFFdPiHh5mR2SI5z1=
eNVHTHekYW4A-2BrKe2sxqj6LhuwEzCecpXp5G9RGbFYSYjnvZk-2BimhP-2B8lMCYvKqHg0f2E=
bxLwpN-2FOAWvqujCkTDBnJHdvExOXceKVkBlVE2DRpHaf0BkAgVlKJ4Gfnf6a1voMmSHb-2F34=
-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Tracking AI Ven=
ture Activity in APAC</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-=
2BaqM7ONnvsnswouzVsL7MjJenoz-2B5W04kAm145FSNwEHxYptY1ERuHlQrYkA-3D-3DJYli_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCCp-2F7e=
6hrzUUzP8RMohwvlVZjR1R-2BvPKFAmmbYBh77-2BlzS7WQMCRNf8Vg2O6-2BAjtjP0lwUNPiKa=
wzKar6tGrL1NtJMYHrBcCWZG-2BkyMgnTsTbE-2B9pDselJPPpsBOIyPaSS7ml-2F1F3-2FlmWQ=
z3pOlHb3WWSSltZ-2B3z3l29kqKvIrqzKSWLmzExSPkrvnXLbxeHpfkaSvsxLBrPVYevFQYOmsI=
XE3qAFlj8zzi8H0gMy-2F-2FAziez3Wstgbu1TMdRo2-2Bbfny7vTNdBwpi9pOwRZWSH2QZ-2FR=
37rxgAtkBPISub5xqLuPIUrDBJzE8FNOXIkgQEiqtDj-2Fx9EZRJIozdSOTIR0VrVPReCm9iy07=
sty8E-2BKnjBXtS8FrU33hE89pmU6eDlDO-2FIqns1s7N-2B3ifVi9PhEopGhWf1xKPIGZABZN2=
oCHB3GWvOVRGqOc19Hk2EwzdWJVTc-2FbkePeaJF-2FcYWVXC-2B9kqlRy8cYqh9oq9fyVRVo-3=
D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">AI in Drug Develo=
pment</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-=
2BaqM7ONnvsnswouzVsL7MjJenoz-2B5W04kAm145WJXu15aPLTdTHI-2Fgqgji-2Bg-3D-3D83=
Xz_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCCp-=
2F7e6hrzUUzP8RMohwvlVZjR1R-2BvPKFAmmbYBh77-2BlzS7WQMCRNf8Vg2O6-2BAjtjP0lwUN=
PiKawzKar6tGrL1NtJMYHrBcCWZG-2BkyMgnTsTbE-2B9pDselJPPpsBOIyPaSS7ml-2F1F3-2F=
lmWQz3pOlHb3WWSSltZ-2B3z3l29kqKvIrqzKSWLmzExSPkrvnXLbxeHpfkaSvsxLBrPVYevFQY=
OmsIXE3qAFlj8zzi8H0gMy-2F-2B69SS95FiHFyjvonrUg8InuRYzOy-2Ftko-2BxOB3lgdGqNp=
YXJrNOTUOnmlksOV31gq5flUJXo6IA54DDwRWEiOiq-2BaiMdjcfdgMS2Pb6WFZgOk1iefMk9o9=
k4FgDoVMsFwgdsVXwjD3WOMqK4kH3-2BlSc1kbfnr5zDGAI-2FD1gVqopj2fByE-2BOes1M7PjD=
6n5S-2BsZGu3wkqBbm-2F7XSEOsyYrEmsmbAQFpPDPXSMvMGxXPQF1P8-2F-2Fxx-2F2yaLiBfA=
npV7Kk-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Should Se=
ed Investors Ride the High and Pay the Price?</a></b><br><br><b>Industry &a=
mp; tech research</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzVsL7MjJenoz-2B5W04kAm14544MWX8mtnmS-2BmiaBWR33Tw-3D-3DWaX_=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCCp-2F=
7e6hrzUUzP8RMohwvlVZjR1R-2BvPKFAmmbYBh77-2BlzS7WQMCRNf8Vg2O6-2BAjtjP0lwUNPi=
KawzKar6tGrL1NtJMYHrBcCWZG-2BkyMgnTsTbE-2B9pDselJPPpsBOIyPaSS7ml-2F1F3-2Flm=
WQz3pOlHb3WWSSltZ-2B3z3l29kqKvIrqzKSWLmzExSPkrvnXLbxeHpfkaSvsxLBrPVYevFQYOm=
sIXE3qAFlj8zzi8H0gMy-2F-2BEMYcAfBJQK-2F8US-2FMMJbVcUMeYiGfAA0UWHz8-2FNzSR-2=
FZFuLfgvlHRs9AdlZQEB05wsBAhNiQIKmEhSy5weP1OzdoJ4p9tfvbO5JB1-2Fqbw6cLzC92x2f=
XKj8TuoCgg3ACBFXSpadGUgcUojEl-2BKdvExc3FhK8IZwsaK0D4IO6DTKdUpdeSICXqXzIQF1t=
wZ-2BJWivi-2FwJIouh4VRYe98r6x3l-2FxTcF-2BoVaxWXb6Uq-2B7i18BDe18kp3YZsMvIEHQ=
6KHw-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 Healthte=
ch Public 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-=
2BaqM7ONnvsnswouzVsL7MjJenoz-2B5W04kAm145NJvpA6gZTunNKUWYK8zyhg-3D-3Dm6EA_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCCp-2F7e=
6hrzUUzP8RMohwvlVZjR1R-2BvPKFAmmbYBh77-2BlzS7WQMCRNf8Vg2O6-2BAjtjP0lwUNPiKa=
wzKar6tGrL1NtJMYHrBcCWZG-2BkyMgnTsTbE-2B9pDselJPPpsBOIyPaSS7ml-2F1F3-2FlmWQ=
z3pOlHb3WWSSltZ-2B3z3l29kqKvIrqzKSWLmzExSPkrvnXLbxeHpfkaSvsxLBrPVYevFQYOmsI=
XE3qAFlj8zzi8H0gMy-2F-2BH6s7jQ1PJFCHP4d5-2BXXVO00vSTPsQGQY18Kj40HQp4Y-2ByRZ=
SYBqpqQtlB4kF9OgzcCc81XlllaMA-2BNnU-2Bw-2BF5ttTr1n4MDhmtMScztVREKZgqsDbk2qu=
jacAq6SpD2zF6ieXDK6nLHxs6IFwslTURsTgis-2F9AFy6svvvIVO-2BHFubyDCIW88r-2BteAP=
yjMEpcVDOSlLv8YMzeCLju3Wl2sTGHqMWNtl89IdPzGcYA1z4sJHX5G9-2BMlzLbvua6tkwgI-3=
D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 Foodtech Publi=
c 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-=
2BaqM7ONnvsnswouzVsL7MjJenoz-2B5W04kAm1457O09dLtEZgQpZJde3cq8FQ-3D-3D32aP_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCCp-2F7e=
6hrzUUzP8RMohwvlVZjR1R-2BvPKFAmmbYBh77-2BlzS7WQMCRNf8Vg2O6-2BAjtjP0lwUNPiKa=
wzKar6tGrL1NtJMYHrBcCWZG-2BkyMgnTsTbE-2B9pDselJPPpsBOIyPaSS7ml-2F1F3-2FlmWQ=
z3pOlHb3WWSSltZ-2B3z3l29kqKvIrqzKSWLmzExSPkrvnXLbxeHpfkaSvsxLBrPVYevFQYOmsI=
XE3qAFlj8zzi8H0gMy-2F-2FABSP09gCiIU-2FEzb1m4Z6Z6vTiuTGiu023yMGjOU1gsou-2Brs=
iHrZnql2k-2FuKBWB7RuogJXC2ZGvvTchK-2B-2FKSFwrh-2BDcgfRaZuKkgxd3N-2BgnvHyjrG=
XPCEmSpr-2B0MkFFOoFLSg-2FEb7oqFm7dVAv6fKd38ecB12QdW3xme38W8q2MODlYR24DfTyiG=
4s4gBoMc55f8rhlIf5ZuED-2BHf-2FiwBS7PbbQlrGJtgZFKhZiYXiheuLZh-2BCFPjXelsYGPF=
NxOE-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 2025 Med=
tech Public 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-=
2BaqM7ONnvsnswouzX9VhHbN-2FpyffgJ7DOYA9xZrQM6GcUX-2FM-2FuMIQWElX9Jg-3D-3D2b=
Zw_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCCp-=
2F7e6hrzUUzP8RMohwvlVZjR1R-2BvPKFAmmbYBh77-2BlzS7WQMCRNf8Vg2O6-2BAjtjP0lwUN=
PiKawzKar6tGrL1NtJMYHrBcCWZG-2BkyMgnTsTbE-2B9pDselJPPpsBOIyPaSS7ml-2F1F3-2F=
lmWQz3pOlHb3WWSSltZ-2B3z3l29kqKvIrqzKSWLmzExSPkrvnXLbxeHpfkaSvsxLBrPVYevFQY=
OmsIXE3qAFlj8zzi8H0gMy-2F8LNjsm10vTuKFQB1jvbU-2FpF3Uu9Iut7p37oaUwaDvTIQBydP=
GvfEqp0GZjBuHtxxIAB-2BWu9IqLwOT7pLsoY2tPZYge8CiqNDjvELiW-2F-2FOmv7Kvd4CwbJJ=
35jVeGW5NAtzin8jornc-2FVuLdpdgtm6lNp2SHyb1atUdvQTarqEJRKG3IxdT-2F-2BAd-2B-2=
FZMXmMGKdwAS0oMb0-2BwUDofpfpU9eYvnMt2LxE2jIau9oxUaS5O0g-2BJlMEEZfJpulUmz1hj=
uFyA-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 Carbon &=
amp; Emissions Tech VC Trends</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-=
2BaqM7ONnvsnswouzX9VhHbN-2FpyffgJ7DOYA9xZEV7V-2FN-2ByMU4yIOgyeTLopA-3D-3Dv4=
6O_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCCp-=
2F7e6hrzUUzP8RMohwvlVZjR1R-2BvPKFAmmbYBh77-2BlzS7WQMCRNf8Vg2O6-2BAjtjP0lwUN=
PiKawzKar6tGrL1NtJMYHrBcCWZG-2BkyMgnTsTbE-2B9pDselJPPpsBOIyPaSS7ml-2F1F3-2F=
lmWQz3pOlHb3WWSSltZ-2B3z3l29kqKvIrqzKSWLmzExSPkrvnXLbxeHpfkaSvsxLBrPVYevFQY=
OmsIXE3qAFlj8zzi8H0gMy-2F-2BFGvrYs1tceZ5eCBk6wXuSdegvBTo3GQLQUjH5cqBpBCv2D3=
HwuZ1hi1tMJxvQUe61Y-2BB-2BBHatj7jNMNDifXAmoQt4VGtbiIChIYQyCWISz7f4HkQE-2FQN=
b1I9yA7TsK9mp0XslLlFMyvZUdTV22HPzurbxjJxEKpWEjJtcPOzOpWQclIEyM17oTD73xo37UD=
8GzNjETWm9uzK30Mq1-2FWKxbAWEFMVMB36DjyfBjlkf5UoY7OhqBnSAhayj9XcOMpY-3D" sty=
le=3D"color: #1D5080;" test=3D"" universal=3D"true">US Credit Markets Weekl=
y 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-=
2BaqM7ONnvsnswouzX9VhHbN-2FpyffgJ7DOYA9xZLrLCy7-2BKqGVfCCpLoAQWVA-3D-3D7cev=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCCp-2F=
7e6hrzUUzP8RMohwvlVZjR1R-2BvPKFAmmbYBh77-2BlzS7WQMCRNf8Vg2O6-2BAjtjP0lwUNPi=
KawzKar6tGrL1NtJMYHrBcCWZG-2BkyMgnTsTbE-2B9pDselJPPpsBOIyPaSS7ml-2F1F3-2Flm=
WQz3pOlHb3WWSSltZ-2B3z3l29kqKvIrqzKSWLmzExSPkrvnXLbxeHpfkaSvsxLBrPVYevFQYOm=
sIXE3qAFlj8zzi8H0gMy-2F8FXwGK5yHYVL23x-2FJD7G-2Fn-2FXGQwWnpM2tET9W9-2FngAQ4=
c69Fbw96k4aHb5-2BOy0pPhyPVQUSXvOZVQSwmie-2FEYL1yi-2Bm7Vm-2BM5fhNa5i-2FzpnwZ=
GPRYNsWUIe3ogr0rRGtg1mxaCVeWMUomCZw8vaWi1gwIEaIZVqKDXZhBK3M-2BKPNG6f-2BGLJX=
dMMJ3xMEKpCTz4ZF6-2FeQg-2BKr7u-2Fqo5yb5Owuu37PrUbCNRyFrgl3y-2BpMxULskaZlcLO=
0vUTfcQZ5Y-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">US Hi=
gh-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-=
2BaqM7ONnvsnswouzX9VhHbN-2FpyffgJ7DOYA9xZJDb0nhi3cfG7yBi9Pn4wAA-3D-3DqGfz_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCCp-2F7e=
6hrzUUzP8RMohwvlVZjR1R-2BvPKFAmmbYBh77-2BlzS7WQMCRNf8Vg2O6-2BAjtjP0lwUNPiKa=
wzKar6tGrL1NtJMYHrBcCWZG-2BkyMgnTsTbE-2B9pDselJPPpsBOIyPaSS7ml-2F1F3-2FlmWQ=
z3pOlHb3WWSSltZ-2B3z3l29kqKvIrqzKSWLmzExSPkrvnXLbxeHpfkaSvsxLBrPVYevFQYOmsI=
XE3qAFlj8zzi8H0gMy-2F-2FdDATQAs-2F45Sh7NeFFnGjobA-2FlpTP6Nw7kOTHXl01H4Ldcov=
jzvpCLufZtSnnJKmWY8qOO1xR6Wa8Vb6EPoWPw3iwJHtLjb1JHKgrPmnnMs3JkerUr-2BE1Oojj=
4UFIFeXcEpiUwJBahLok6NciC0RAaLgBIcg6cngUsbVyj2bu-2Fwbo8nMeIDMBqgB1Enj34RMV-=
2B7xdIjsA-2FlMcye6lKj6F8Gc-2BfTnvFQnE2Cnq5IEnSwPR7Xf8ng2n8Nyn7MRQ-2FbW8-3D"=
 style=3D"color: #1D5080;" test=3D"" universal=3D"true">Global CLO Weekly W=
rap</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-=
2BaqM7ONnvsnswouzX9VhHbN-2FpyffgJ7DOYA9xZmSipOxIWQuRHi-2BnbWLoxvg-3D-3DWBo9=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCCp-2F=
7e6hrzUUzP8RMohwvlVZjR1R-2BvPKFAmmbYBh77-2BlzS7WQMCRNf8Vg2O6-2BAjtjP0lwUNPi=
KawzKar6tGrL1NtJMYHrBcCWZG-2BkyMgnTsTbE-2B9pDselJPPpsBOIyPaSS7ml-2F1F3-2Flm=
WQz3pOlHb3WWSSltZ-2B3z3l29kqKvIrqzKSWLmzExSPkrvnXLbxeHpfkaSvsxLBrPVYevFQYOm=
sIXE3qAFlj8zzi8H0gMy-2F9-2FaOquzwd7Yq2EtGoXReJbpYli7w6-2BUnj3uSenCBY3QwmR1j=
TD7Zz6Itui0NC9YfyGGnPROUiAFZhW-2BXeeFPG87R6bO2CTI6xC-2BDuCYGo4bUp-2BKDdypkI=
Qg11XVUpKTVJqYPDsHGNyVjn4gq58vNSJbId817yN0HncETrauINjnNfjR-2FYUYwDufZafwMM0=
HA8X-2BuQw0s5x70q48Fekh3c68ITMxkcVXcfB9EqWuL0220YZVZWtu5Pl-2FvwH3zTEjug-3D"=
 style=3D"color: #1D5080;" test=3D"" universal=3D"true">Global Distressed C=
redit 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-=
2BaqM7ONnvsnswouzX9VhHbN-2FpyffgJ7DOYA9xZVmRddsrnqgTSXfgbn3YA1g-3D-3De6g2_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCCp-2F7e=
6hrzUUzP8RMohwvlVZjR1R-2BvPKFAmmbYBh77-2BlzS7WQMCRNf8Vg2O6-2BAjtjP0lwUNPiKa=
wzKar6tGrL1NtJMYHrBcCWZG-2BkyMgnTsTbE-2B9pDselJPPpsBOIyPaSS7ml-2F1F3-2FlmWQ=
z3pOlHb3WWSSltZ-2B3z3l29kqKvIrqzKSWLmzExSPkrvnXLbxeHpfkaSvsxLBrPVYevFQYOmsI=
XE3qAFlj8zzi8H0gMy-2F-2F1qFroij5qtau51T4BE4mxPk-2FbpPLfflrFVy7nMxaHVBGVoKsp=
ojZ18q6yYWu5QXtwoUG6M-2FzH3870BaQmAES6HA92ix16Q8vtNmkfARXSEEkgLLUueS8iCd8cf=
7s3xWSb6s0-2BWECyZWpnFlj53jHq6eCVYbC5N3voX1Nk-2B1ycS9Bgf6hN2MFXhq7jgqAKp5Bh=
ipJLWiZi-2BPGiFsV4ORE-2BZa1ylC-2FjZlmwB6BNfVrEWQDJBA1ryZ5fASkzKPXRh8g-3D" s=
tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">US Private Credit &am=
p; Middle Market Weekly Wrap*</a></b><br><br><br><br><b>Coming next week (s=
ubject to change)</b><br><br>
                               =E2=80=83=E2=80=A2 Q3 AI VC Trends<br>
                               =E2=80=83=E2=80=A2 Q3 2025 Public PE Roundup=
<br>
                               =E2=80=83=E2=80=A2 Global VC Ecosystem Ranki=
ngs<br>
                               =E2=80=83=E2=80=A2 Q3 2025 Public PE Roundup=
</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
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                     <td style=3D"padding: 10px 0 5px; font-family: Roboto,=
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                         <td align=3D"center" style=3D"font-family: Roboto,=
 Arial, sans-serif; font-weight: 700;
                                        font-size: 14px; line-height: 27px;=
 color: white; padding: 26px 57.2px 37.3px 57.2px; white-space: nowrap;">Si=
nce yesterday, the PitchBook Platform added:</td>
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                         <td>
                          <table lang=3D"x-counts-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%; t=
able-layout: fixed;">
                           <tbody>
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                             <td style=3D"display: inline-block; width: 24%=
; min-width: 24%;
                                                    text-align: center; flo=
at: left;">
                              <div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Roboto, Arial, sans-serif;
                                                    color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
                              575
                              </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;">
                              2305
                              </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;">
                              781
                              </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;">
                              32
                              </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>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td>
                          <table lang=3D"x-counts-btn" cellpadding=3D"0" ce=
llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                           <tbody>
                            <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=
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r;
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