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Edit File: 1763807770.M421884P2166918.server-619288.prediksijaya.com,S=118430,W=120582

Envelope-to: most@ponjosonek.com
Delivery-date: Sat, 22 Nov 2025 17:36:10 +0700
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Date: Sat, 22 Nov 2025 10:09:52 +0000 (UTC)
From: PitchBook Research <news-noreply@news.pitchbook.com>
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Subject: Construction & engineering scales up
To: most@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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   </tbody>
  </table>=20
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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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style=3D"text-decoration: underline; color: #1D5080">Read online</a> &nbsp;=
&nbsp;|&nbsp;&nbsp;&nbsp;<a href=3D"https://url6380.news.pitchbook.com/ls/c=
lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12opJBSgX8wjgWQkjpY2y=
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e=3D"text-decoration: underline; color: #1D5080">Manage your subscription</=
a></td>
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             <td style=3D"padding-bottom: 14px; text-align: center;"><a hre=
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"" width=3D"1" height=3D"1" border=3D"0" style=3D"height:1px !important;wid=
th:1px !important;border-width:0 !important;margin-top:0 !important;margin-=
bottom:0 !important;margin-right:0 !important;margin-left:0 !important;padd=
ing-top:0 !important;padding-bottom:0 !important;padding-right:0 !important=
;padding-left:0 !important;"/><img width=3D"141" height=3D"39" src=3D"https=
://fonts.pitchbook.com/newsletter/pitchbook_morningstar_logo.png" alt=3D"Pi=
tchBook"> </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-2BaqM7ONnvsnswouzVZTiRQLw98HNP9G0iqlliVEuse5=
xRpuIiztmZctHpADQ-3D-3DSirp_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t=
1yZbcbdWeUgFVa0m8PzsFF7QfLS7RovFspvd0H9ggTO-2B3v2CHuWPlr3P-2BfBNvRTW56bYHyN=
2RN3k8MS4Qyf5Ao3aqP5Lus8eV-2Bkk4RgZ1xcScL3A6aYEwAxjGM483A04L7gDbbok4ZTd5Kcz=
6-2BuOl7QevlfHhnSvYBxyuN08duzsz6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSuJwP8B-2Baa0R=
4fQOEFYyss-2ByM1G1eA-2F4D8OkEG4-2BzSHV8vEqfCgZ4ydL35Awtss53pD9-2FUiNalLNSid=
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erLQ4jBPQ5WqgmL34d3Wlx2cCkCnOIlvhEkW8nAKWJNBWMaXrM3kM8XevzpMZf02Z-2FzIiKN7u=
QEE1Gl6j-2Fx4nRu4-3D" target=3D"_blank" style=3D"text-decoration: underline=
; color: #1D5080; font-size: 14px; font-family: Roboto, Arial;">Apollo Glob=
al Management</a></span></td>
            </tr>
           </tbody>
          </table></td>
        </tr>
        <tr>
         <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;">
           <tbody>
            <tr>
             =20
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x-width: 460px; padding-left:5px; padding-right:5px;">
              <table lang=3D"x-main-content" width=3D"100%" cellpadding=3D"=
0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"=
>
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                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
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                           <tbody>
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                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><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-2BaqM7ONnvsnswouzVZTiRQLw98HNP9G0iqlliVdpDK-2FlHSL8D1vB5N5iVooA-3D-3D=
uFTX_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF7=
QfLS7RovFspvd0H9ggTO-2B3v2CHuWPlr3P-2BfBNvRTW56bYHyN2RN3k8MS4Qyf5Ao3aqP5Lus=
8eV-2Bkk4RgZ1xcScL3A6aYEwAxjGM483A04L7gDbbok4ZTd5Kcz6-2BuOl7QevlfHhnSvYBxyu=
N08duzsz6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSuJwP8B-2Baa0R4fQOEFYyss-2ByM1G1eA-2F=
4D8OkEG4-2BzSHV8vEqfCgZ4ydL2ihy3bqbV3E4cHKq8ubNBxHHJULmbh9pyshXquEnZ-2FUgHT=
gjffVd8iYg9-2Fl-2BfVh0MmKOH9G7DD-2FxFyYr-2BFTmpQz00E8WEpI3AGzGzwtjroVDgvW0t=
TxUdzscBvRw66N8zY7A6QQpWGGhYn7puROTRaipkiKUUWuCdP48oYhTgrktVWQC6cA0CPvAtHMo=
jw0PYeCBj-2BGsWZm-2BGTBGECBeyM9uOrdwTBP6-2FoVRvu8afxJ1dRLrFd1crNpzp0zl1-2BJ=
64-3D" 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=
 evolve into a core pillar of the VC ecosystem, according to our <b><a href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVZTiRQLw98HNP9G0iqlliV-2BrFxLTW7nMc7ZkAMe6i=
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8ViyJd0wETVdHzAjKLPBw5SpwA-2BgGYBe69wqQeDg4EVVm8BdpKVcgLdunaxBi2SdKefwxtgat=
X8dWXPnj2EY7DhXzVry8uNkzRw8-2FMUVe9TX-2FSNiK5QlxX-2FaWageodXQdefnfBdoypn65u=
tUUInlnEUQK59dRr8e3mIND865oA3srAvm5y5PxraaF5avqA2ywt2BWpJWjjreRyiTv1v095eDn=
32vgA-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">US VC Seco=
ndary Market Watch</a></b>. Our analyst attended SuperReturn Secondaries, a=
 forum on the shifting market. <b><a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVZ=
TiRQLw98HNP9G0iqlliV-2BNwjF-2FUCPlXidFi3OyWrbA-3D-3DQTrv_I3w5d9c01gkD8gLzFE=
ofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF7QfLS7RovFspvd0H9ggTO-2B=
3v2CHuWPlr3P-2BfBNvRTW56bYHyN2RN3k8MS4Qyf5Ao3aqP5Lus8eV-2Bkk4RgZ1xcScL3A6aY=
EwAxjGM483A04L7gDbbok4ZTd5Kcz6-2BuOl7QevlfHhnSvYBxyuN08duzsz6vI-2FFa-2BKzZh=
ztxXpLmRuB8MNyiSuJwP8B-2Baa0R4fQOEFYyss-2ByM1G1eA-2F4D8OkEG4-2BzSHV8vEqfCgZ=
4ydL3xmSGDz2v7-2BzF5dkmLECkGK-2FpoSgtXwdVk639boEjfxL42OnLBbB9jgNag1M03JjVry=
7x6NeGOyn1ZKLjfkmt6qqUgHgtkH834zt9pmR-2FB5wlOh1MmdIMsz3hLOD3f6xmfZxzUDJt8Qe=
g5kwGiO-2FiL3uvV-2FvsiATjdkwCtHcRz7COJY1jYnjHs-2Fp5843WTA5wflkTuJsb7MijuMcE=
sAZX-2BovM6O1ZC0PKiECo8ODoXdWSqJvG-2BFv6AYruaxruNYbU-3D" style=3D"color: #1=
D5080;" test=3D"" universal=3D"true">Read her takeaways</a></b>.<br><br><b>=
European VC valuations</b>: Q3 continued to see elevated valuations, but ou=
r data suggests the region is entering a more rational phase. <b><a href=3D=
"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzVZTiRQLw98HNP9G0iqlliV1OBcTLoBv1w4ffB7qBgOmA-3=
D-3DeWuh_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pz=
sFF7QfLS7RovFspvd0H9ggTO-2B3v2CHuWPlr3P-2BfBNvRTW56bYHyN2RN3k8MS4Qyf5Ao3aqP=
5Lus8eV-2Bkk4RgZ1xcScL3A6aYEwAxjGM483A04L7gDbbok4ZTd5Kcz6-2BuOl7QevlfHhnSvY=
BxyuN08duzsz6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSuJwP8B-2Baa0R4fQOEFYyss-2ByM1G1e=
A-2F4D8OkEG4-2BzSHV8vEqfCgZ4ydL1UByuMxC1vg3tPr9xMD8HteisvltJtlFzvF8PZseApwE=
zt3xZRleE4ecY62hBCK6LkEUoypk6bnKvEGIjIeWHuEY0XLVCRJ6skqLkTyjZd2q8N7BhZiFHt6=
vV3qmw9Ig4FEcVAPzn5SBsAkJ-2B-2FbBrcq8MZ4XJrwYEiVaLemwlnAEx35AVqd7-2FzX4hdb9=
Sj4XgC5StF8TA4dA1biTPK6Mw-2BCQWOlIv6uqSEy1SXvjHTIWoFkU04ZF79L49UaX5-2BCo8-3=
D" style=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-2BaqM7ONnvsnswouzVZTiRQLw98HNP9G0iqlliVEuse5xRpuIiztmZ=
ctHpADQ-3D-3DpBF__I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU=
gFVa0m8PzsFF7QfLS7RovFspvd0H9ggTO-2B3v2CHuWPlr3P-2BfBNvRTW56bYHyN2RN3k8MS4Q=
yf5Ao3aqP5Lus8eV-2Bkk4RgZ1xcScL3A6aYEwAxjGM483A04L7gDbbok4ZTd5Kcz6-2BuOl7Qe=
vlfHhnSvYBxyuN08duzsz6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSuJwP8B-2Baa0R4fQOEFYyss=
-2ByM1G1eA-2F4D8OkEG4-2BzSHV8vEqfCgZ4ydL34BRs426Ga-2FGGV0fS4tCKdy78u6fSLEzY=
a5HJ4K2Pv5-2FbbFNwzzCXMYEc2QTKgZFdbZHOHH8CkZSwlHcRAaL6ch9y-2BSdH6g2JbOOX5G1=
SaUlwWfOjBZsB-2FxLOjdMvLtOb82RVexwhBf0Fd7VHyizGkcmhwuTqE-2FNKHPLUbertLZjZS2=
TD3wpL1m10J8I82WNPQNqWr7TIPBUlvwPZHypT0BJkZMPdFEjAnurlQvfjJI-2Bl6TVste5fM5k=
bcCfdiG-2Fc-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchboo=
k.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=
TiRQLw98HNP9G0iqlliVEuse5xRpuIiztmZctHpADQ-3D-3DRNUw_I3w5d9c01gkD8gLzFEofZR=
-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF7QfLS7RovFspvd0H9ggTO-2B3v2C=
HuWPlr3P-2BfBNvRTW56bYHyN2RN3k8MS4Qyf5Ao3aqP5Lus8eV-2Bkk4RgZ1xcScL3A6aYEwAx=
jGM483A04L7gDbbok4ZTd5Kcz6-2BuOl7QevlfHhnSvYBxyuN08duzsz6vI-2FFa-2BKzZhztxX=
pLmRuB8MNyiSuJwP8B-2Baa0R4fQOEFYyss-2ByM1G1eA-2F4D8OkEG4-2BzSHV8vEqfCgZ4ydL=
033MPtKtQY8Y1Mf5YKb-2FWTkbDh0EXyyTCHtm-2BXMwDMdrGaouNXahRKos23b0WbsT9eCtdQm=
cp43GVS3rMhWA8GoVF6Q-2BaRSZIWze2QmImi8jUnQrxZpOeRCUPe0YI2jFVRlYVgll8iTiqix-=
2ByhRKJ3L5vDOeDgq5t-2FrfYZ24kXMNa7-2B7k-2BpikpinBPLu7sUtCRg27Jrvv5eTFhL7zUD=
BV9pD-2FqH-2Bd3TEpURzfyXAYc9GTdIXe31G-2FLiImH6bt8anA-3D" style=3D"color: #1=
D5080;" 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=
TiRQLw98HNP9G0iqlliVDiNlER-2BGQoiWCHvJoiK8dg-3D-3D2v4R_I3w5d9c01gkD8gLzFEof=
ZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF7QfLS7RovFspvd0H9ggTO-2B3v=
2CHuWPlr3P-2BfBNvRTW56bYHyN2RN3k8MS4Qyf5Ao3aqP5Lus8eV-2Bkk4RgZ1xcScL3A6aYEw=
AxjGM483A04L7gDbbok4ZTd5Kcz6-2BuOl7QevlfHhnSvYBxyuN08duzsz6vI-2FFa-2BKzZhzt=
xXpLmRuB8MNyiSuJwP8B-2Baa0R4fQOEFYyss-2ByM1G1eA-2F4D8OkEG4-2BzSHV8vEqfCgZ4y=
dL1G2VP4k3yl8Nj6I643rW03k9-2FzcRrBxWTVu4-2BxxVV8eBE0m2AaXk7z7zGgACDf8UiPeBx=
W8Tx3J9XFtBQ3snLtmlvjSZzKxeokSBwsdySTjTSCeVCio6GrmUD-2BqdzBXWGHx-2FxiZuTi23=
l0WdJDojASQcFIk497nWfS9ZiEvLj-2B9M-2FuwvoGK2ory-2F2fV-2BPejbmxD-2FnL-2BA4m7=
T3OU8-2FeMHgNruF7ugcugqvDJ3n7umAZ8uvo9wslU38PUO8RbiX9pnE-3D" universal=3D"t=
rue"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/7=
1440.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-2BaqM7ONnvsnswouzVZTiRQLw98HNP9G0iqlliV7GxFv8yRWZ-2BKEG5zyrbL5Q-3D-3D=
h1mv_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF7=
QfLS7RovFspvd0H9ggTO-2B3v2CHuWPlr3P-2BfBNvRTW56bYHyN2RN3k8MS4Qyf5Ao3aqP5Lus=
8eV-2Bkk4RgZ1xcScL3A6aYEwAxjGM483A04L7gDbbok4ZTd5Kcz6-2BuOl7QevlfHhnSvYBxyu=
N08duzsz6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSuJwP8B-2Baa0R4fQOEFYyss-2ByM1G1eA-2F=
4D8OkEG4-2BzSHV8vEqfCgZ4ydL24soQ3vk-2BfOnJX7x832NDCEDC4KNNTDu9g5taCHv8-2B61=
hQuoTrDNR-2FDopUSSwazmAfFZn4zTfuizi-2BUrYfhmKiojL1XWKKd-2B4NO4fOAwMz25j9ihx=
qfw8W-2Bml2icReT5xn9XOgmYkifLcnnEX9R5-2Bveuy-2Bdyi4CiVOQCImEr4b3dMEq7m4DFgK=
buVvnIhNE8T8aI38okhdRsPxFShjkSF3SGsQ1uQGKcM2qnpL85itPP9Xjjz056KZ4ii3333kNj8=
-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 Construction=
 &amp; 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-2BzPrnV9fZxkqC-2=
FqMeF9SaJURJYJdO9I7A-3D-3DogrU_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2=
F3t1yZbcbdWeUgFVa0m8PzsFF7QfLS7RovFspvd0H9ggTO-2B3v2CHuWPlr3P-2BfBNvRTW56bY=
HyN2RN3k8MS4Qyf5Ao3aqP5Lus8eV-2Bkk4RgZ1xcScL3A6aYEwAxjGM483A04L7gDbbok4ZTd5=
Kcz6-2BuOl7QevlfHhnSvYBxyuN08duzsz6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSuJwP8B-2Ba=
a0R4fQOEFYyss-2ByM1G1eA-2F4D8OkEG4-2BzSHV8vEqfCgZ4ydL1zXojbqm9eTaafiFVyYkQO=
l5tdINHHv9q4xWaQp-2FVeKzO0tWEZ9EY6CQYp-2FmV42xRRTPHonBuNX4mCWAiDJUig9liG2xa=
A27WXdYI8PZB6Qc5k-2F2eu3feDbtdPrQTMj-2FIHg4gyK0Cnpg0LS5tnzWlsSyRqf2cWii-2BI=
OdBXjZep5av7f-2FuqMDrcumSxNCnohe7cMFaZ3UIyhPIz9dvmYoJ2ndm7RsQi0s-2B7djjiG8r=
YlykyIBWsMObrC5E5WhdAp94-3D" 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-2BzPrnV9fZxkxMSqD=
HPd8A8esN58hikSlw-3D-3DvUaU_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t=
1yZbcbdWeUgFVa0m8PzsFF7QfLS7RovFspvd0H9ggTO-2B3v2CHuWPlr3P-2BfBNvRTW56bYHyN=
2RN3k8MS4Qyf5Ao3aqP5Lus8eV-2Bkk4RgZ1xcScL3A6aYEwAxjGM483A04L7gDbbok4ZTd5Kcz=
6-2BuOl7QevlfHhnSvYBxyuN08duzsz6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSuJwP8B-2Baa0R=
4fQOEFYyss-2ByM1G1eA-2F4D8OkEG4-2BzSHV8vEqfCgZ4ydL2mGGPWxh96ToF1yUwhd-2FZJY=
NiI-2F-2Ffo67wWwIOhCPcbfcuLLuglfLZxlwnqCeBRkRLDQ2-2FDx5eHf0BLXcWpmGPQOLJN8b=
bKafPrRixiGPtiBCRWtpfws-2FVTbmeUX1PoMjhkYxfKnLdRNWatvH3essBqSQQYO-2BfIqGbhE=
1n3Dqy1m8lSGKPpkeLbdcuPOwgdZc5V-2BCO-2B-2Bk2Agoe5YCzLvs2y9p5YLxF9ShTN0duVz0=
Hq6iO5p0RJPHN-2FdPMMh1dmyfk-3D" universal=3D"true"> <img align=3D"center" a=
lt=3D"" src=3D"https://img.pitchbook.com/news/71474.png" style=3D"border: n=
one; 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-2BzPrnV9fZxkqC-2FqMeF9Sa=
JURJYJdO9I7A-3D-3DbQO6_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbc=
bdWeUgFVa0m8PzsFF7QfLS7RovFspvd0H9ggTO-2B3v2CHuWPlr3P-2BfBNvRTW56bYHyN2RN3k=
8MS4Qyf5Ao3aqP5Lus8eV-2Bkk4RgZ1xcScL3A6aYEwAxjGM483A04L7gDbbok4ZTd5Kcz6-2Bu=
Ol7QevlfHhnSvYBxyuN08duzsz6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSuJwP8B-2Baa0R4fQOE=
FYyss-2ByM1G1eA-2F4D8OkEG4-2BzSHV8vEqfCgZ4ydL3Il9ao612C-2Fqeu59hyo9f5q4T0mD=
vP0sErXVJmJrtTeJY8leEiOfnBMg4Lf4Qh6P10SgJ5UyNKLy3czz8lqex4FsTwaZ7cZ1RmvKaDF=
D-2B2CiBubBQrIYY9BjGWXh5-2B1y6TYdMmvuot6grJYKCv1RDS46g7bwyx2b5OweP9pDuPta89=
-2BEyNI-2BzNw-2B-2FbVy0a-2BMXMGcR2rE2Zj8A7G2ElsmNqSeSraMzzAC-2BT-2Bk-2BFoVx=
xikJcftbNRJaF7TFKoeuRHpg-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-2BzPrnV9fZxkkJ0l=
Oxcg38f6VIxznn7ktQ-3D-3DkCet_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3=
t1yZbcbdWeUgFVa0m8PzsFF7QfLS7RovFspvd0H9ggTO-2B3v2CHuWPlr3P-2BfBNvRTW56bYHy=
N2RN3k8MS4Qyf5Ao3aqP5Lus8eV-2Bkk4RgZ1xcScL3A6aYEwAxjGM483A04L7gDbbok4ZTd5Kc=
z6-2BuOl7QevlfHhnSvYBxyuN08duzsz6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSuJwP8B-2Baa0=
R4fQOEFYyss-2ByM1G1eA-2F4D8OkEG4-2BzSHV8vEqfCgZ4ydL3MA5L3maaY98oPhGYGBox7NA=
w8xj-2FFMLyIMlk9TPnNiBbeUqG9sCxU5a1yWTAR44C2K3FapW2o-2B9o8cF1EQjAk-2BCuAgCH=
OZejDaxa5Xi07kjofXS3ic-2BIWYnLQSk2WgvWwiJk2gNj8Zq0Ua5GEvuInZPrxifa5i23UgJk5=
UkKIURPuq-2FTjKPN-2B-2BdzN7EVeeSgoRoCExMLzJTDj1OLQD5iOYx3M9bcu1hO4IJDWWbIC-=
2FWBjBqKELf0875NpxZZhBqs-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-2BzPrnV9fZxkGrLaL=
bIDSETvqeKf5U27tw-3D-3DL7as_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t=
1yZbcbdWeUgFVa0m8PzsFF7QfLS7RovFspvd0H9ggTO-2B3v2CHuWPlr3P-2BfBNvRTW56bYHyN=
2RN3k8MS4Qyf5Ao3aqP5Lus8eV-2Bkk4RgZ1xcScL3A6aYEwAxjGM483A04L7gDbbok4ZTd5Kcz=
6-2BuOl7QevlfHhnSvYBxyuN08duzsz6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSuJwP8B-2Baa0R=
4fQOEFYyss-2ByM1G1eA-2F4D8OkEG4-2BzSHV8vEqfCgZ4ydL1HvDAxNRjgkL2FfazPW81Nkqp=
eLynJUdUpLvuPU4ELdBpPWqAyK-2Bh8sBUPBl7Aw1uDbXr7T2-2FCkzCn6DyPxDtPenMWkMmsRD=
caHpnsyqPJeyRZPsAOhzMouBP7HwFtfnZJk0k7NjJwCUvzLsjzjNZzc4CUoUn96ZAQGYLd76-2F=
QUoGEBPE9IxdtkIDGxxe3OOA9kULyv2he3KTDbfpHcbdytwD8pQlPhvT8ZhxZFPh-2BU76e2h-2=
FPIu6TC8T4JORdQbY-3D" universal=3D"true"> <img align=3D"center" alt=3D"" sr=
c=3D"https://img.pitchbook.com/news/71477.png" style=3D"border: none; max-w=
idth: 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-2BzPrnV9fZxkkJ0lOxcg38f6VIxznn7ktQ-3D-3Dzt3t_I3w5d9c01gkD8gLzFEofZR-2B=
h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF7QfLS7RovFspvd0H9ggTO-2B3v2CHuW=
Plr3P-2BfBNvRTW56bYHyN2RN3k8MS4Qyf5Ao3aqP5Lus8eV-2Bkk4RgZ1xcScL3A6aYEwAxjGM=
483A04L7gDbbok4ZTd5Kcz6-2BuOl7QevlfHhnSvYBxyuN08duzsz6vI-2FFa-2BKzZhztxXpLm=
RuB8MNyiSuJwP8B-2Baa0R4fQOEFYyss-2ByM1G1eA-2F4D8OkEG4-2BzSHV8vEqfCgZ4ydL3Kg=
vM4Mho5vcvaKuiHu5UEn3VLitDC6hDfzJ0PX-2BQ4PS-2F50khld6GzaljZAddG55-2Bo16iFyq=
8V4zPXYYHLCMuTaEM-2BdOO-2FPNbSjQSlOvyfSOYRXQgpPPShWgFfLDWwj2aVDT4mqGTxQDUM-=
2F-2FT4-2Bs3uUPBbumtVBI8OeF7N2uH3IZzrMpCK3BpBIqeIW-2BA1HufJ5o66Kyj9Fnp1RPrG=
amBAtaMfOiif6ncsNjR-2BuBdnk-2FDiGN86i7NCZh4l37wXBqA-3D" style=3D"color: #1D=
5080;" 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-2BzPrnV9fZxkyCt35LFXMgX2bCGp8IJ7pg-3D-3DXijy_I3=
w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF7QfLS7Ro=
vFspvd0H9ggTO-2B3v2CHuWPlr3P-2BfBNvRTW56bYHyN2RN3k8MS4Qyf5Ao3aqP5Lus8eV-2Bk=
k4RgZ1xcScL3A6aYEwAxjGM483A04L7gDbbok4ZTd5Kcz6-2BuOl7QevlfHhnSvYBxyuN08duzs=
z6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSuJwP8B-2Baa0R4fQOEFYyss-2ByM1G1eA-2F4D8OkEG=
4-2BzSHV8vEqfCgZ4ydL2QQnokJoT4sl22G8-2BA5z88Iy25-2FSfxHqi12PBk4Sxcyxiqq-2B5=
V4kL7QT9nTv6SZDj2ELWeQrTrmCsFR-2FHP952lmG-2BwOKu4Q-2BpXDaFdR-2BcHCGj7ySBOGu=
4YRGRdLI8KJrtNZphDTN610XRoxmHM-2BL8AjwNDx-2FyzoiOQOes0R809HAKLl-2F9Pg-2BOp7=
dp1e7hY-2FGcVbWoS9JzpBqvRve0pO5n3IwM3V8DDVagsqcqWix5aXlv1gpvY4mMfqkzhhrUBZA=
g-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-2BzPrnV9fZxk63w6jRYpq4F2xXq=
fDJ8mfQ-3D-3Dnnhi_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU=
gFVa0m8PzsFF7QfLS7RovFspvd0H9ggTO-2B3v2CHuWPlr3P-2BfBNvRTW56bYHyN2RN3k8MS4Q=
yf5Ao3aqP5Lus8eV-2Bkk4RgZ1xcScL3A6aYEwAxjGM483A04L7gDbbok4ZTd5Kcz6-2BuOl7Qe=
vlfHhnSvYBxyuN08duzsz6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSuJwP8B-2Baa0R4fQOEFYyss=
-2ByM1G1eA-2F4D8OkEG4-2BzSHV8vEqfCgZ4ydL0rNt3oTJZah-2FUzos4iJSH5h6y9VlHb5Xo=
t5KdtwzfVWudUFKnWQuWqIAbsuEAnM-2FvyzLZAZZcqM2p49DZ3ZILpEAtgbQe8I9rC9Q-2FCL7=
ZGkKVDtRVbTfRjCY9R9TVG06FuP5hplGoTK7XdgAuoxSRpp1HUvIXTJkmwMkS-2FpEApchpSrsJ=
j4bSVbKp5fM6o0aqPO2g59VlwmkqFWGBitfpX7ljJ-2BYnGc-2FFKz84PC3AhkWDpk1W-2FhjH8=
nRKz7jI-2BgX4-3D" style=3D"color: #1D5080;" test=3D"">Financial Times</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=
BzPrnV9fZxkEYWPDw8xc9Cr-2B9OxtSo7ow-3D-3DtyTH_I3w5d9c01gkD8gLzFEofZR-2Bh6Vw=
arHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF7QfLS7RovFspvd0H9ggTO-2B3v2CHuWPlr3=
P-2BfBNvRTW56bYHyN2RN3k8MS4Qyf5Ao3aqP5Lus8eV-2Bkk4RgZ1xcScL3A6aYEwAxjGM483A=
04L7gDbbok4ZTd5Kcz6-2BuOl7QevlfHhnSvYBxyuN08duzsz6vI-2FFa-2BKzZhztxXpLmRuB8=
MNyiSuJwP8B-2Baa0R4fQOEFYyss-2ByM1G1eA-2F4D8OkEG4-2BzSHV8vEqfCgZ4ydL2xj48Gd=
DQ2fcwf08h0Ddn3kIdDT9IMbYQ4lQJH3VGZBElglsjv51kh7Blwwkln66qrV-2B1q-2BMS5vjwg=
uO-2FxHXk0sFf-2Bao84MiBs9-2BF79R7fQohfff31nnoEp3crWBvUscCjjaT33YpCM7wdufxYj=
-2B5z2kwW9VIiW8kFXtVz3KnZ1Lo0ownwT7xQRNnzEwj-2F5mtmYJPjNrjMGv-2BvgyJzLuTboj=
uFJB5OxbJ1zaljNviCuZUOcz6dO21dB-2B035zWY0Cc-3D" style=3D"color: #1D5080;" t=
est=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=
V9fZxkmSiLETzp3OMYq2Y3dEnZQQ-3D-3DJnsq_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBR=
FCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF7QfLS7RovFspvd0H9ggTO-2B3v2CHuWPlr3P-2BfBN=
vRTW56bYHyN2RN3k8MS4Qyf5Ao3aqP5Lus8eV-2Bkk4RgZ1xcScL3A6aYEwAxjGM483A04L7gDb=
bok4ZTd5Kcz6-2BuOl7QevlfHhnSvYBxyuN08duzsz6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSuJ=
wP8B-2Baa0R4fQOEFYyss-2ByM1G1eA-2F4D8OkEG4-2BzSHV8vEqfCgZ4ydL0VJBDbF94YvBG1=
n5-2FalusDRz5Qn4S6-2Fwwj5cyJAjcnhlIH-2BVPKPHUgT-2FK33L3vAY7ywtxjJB-2FCmVWUh=
aiodonEhS1CRKKK-2B2kL80TJgNqiWVS5qquCAHUvlnEFOeu-2BdcHjTGLDi6fKL3-2BYlatayX=
RmwLFK-2FjK7QHF966OlqHyZD5-2BEJ5-2BEcamf64hMs-2FqY0zBDZeL82xQRaKn4KrnkuTiwr=
y0cKhF2t1ghu1xqwI-2FxlOWTOMTw8nM0QwNgRq7Ex28-3D" 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-2BzPrnV9fZxkRYiLWa-2Bgv3oFdtdOuqaKWQ-3D-3DVWaT_I3w5d=
9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF7QfLS7RovFs=
pvd0H9ggTO-2B3v2CHuWPlr3P-2BfBNvRTW56bYHyN2RN3k8MS4Qyf5Ao3aqP5Lus8eV-2Bkk4R=
gZ1xcScL3A6aYEwAxjGM483A04L7gDbbok4ZTd5Kcz6-2BuOl7QevlfHhnSvYBxyuN08duzsz6v=
I-2FFa-2BKzZhztxXpLmRuB8MNyiSuJwP8B-2Baa0R4fQOEFYyss-2ByM1G1eA-2F4D8OkEG4-2=
BzSHV8vEqfCgZ4ydL2-2BfQo9DlQRyuMKyku45vCe0ELLZWeykUoJ1x3HhKvwer81OpZHaJ95Fw=
GP17FRIlX7Xjp-2Bm-2BoVZ8maEeXAHgW-2Bz87B9im-2BpmaPreXOySDYhgLo6opmhuWXT-2FE=
IM2E-2Ff4fbj-2Bmi-2BhyAk2ZqnVemEM5-2FoUKVA6JsvrOJqpjjSqYvy4qb5fue9hzOLy4Jq7=
L6qthZtzESK6RQ1O8VGHHZ1RbbiIzQLoOE2Z41CFBElkBKLtZjYO9LiuT8WYBUA7O8ZmU-3D" s=
tyle=3D"color: #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-2BzPrnV9fZxkHSW93du3nmeT9fwJeer2GA-3D-3Dw6OO_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF7QfLS7Rov=
Fspvd0H9ggTO-2B3v2CHuWPlr3P-2BfBNvRTW56bYHyN2RN3k8MS4Qyf5Ao3aqP5Lus8eV-2Bkk=
4RgZ1xcScL3A6aYEwAxjGM483A04L7gDbbok4ZTd5Kcz6-2BuOl7QevlfHhnSvYBxyuN08duzsz=
6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSuJwP8B-2Baa0R4fQOEFYyss-2ByM1G1eA-2F4D8OkEG4=
-2BzSHV8vEqfCgZ4ydL2dOudfCmKJjFiM8iTvCcJ5ezMGZs-2Brxj-2FYvbukvl4bDUsORrCshD=
Vj1kpbSSda9zGF7QXEtmuDJMv-2BmmG8xOOKbGsAWqzfYStv3hbLh-2BCLaTx0uTEfjnliPriv-=
2BKLQNvizs3WKpSMiWHbq9Z3dMq9rFABiCrOLczyZ26epJKRXmND4WyZlvrjFzUSFhmjmRSfP38=
5fRF9BRzAiyjA-2BsPHmCPZsBGokzcJMUz-2BGSnPtJ31qqxmd-2BFLUsyb4jSvlAG0-3D" sty=
le=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=
4kAm145b0pk2vr4E50pcazcRU2RnQ-3D-3DAzS6_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxB=
RFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF7QfLS7RovFspvd0H9ggTO-2B3v2CHuWPlr3P-2BfB=
NvRTW56bYHyN2RN3k8MS4Qyf5Ao3aqP5Lus8eV-2Bkk4RgZ1xcScL3A6aYEwAxjGM483A04L7gD=
bbok4ZTd5Kcz6-2BuOl7QevlfHhnSvYBxyuN08duzsz6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSu=
JwP8B-2Baa0R4fQOEFYyss-2ByM1G1eA-2F4D8OkEG4-2BzSHV8vEqfCgZ4ydL23v9rNTzEXUBu=
YIRzJI0jcsoawR3Mb026aaBE56n7CbBr8pB01wf1z4Hc2vIoNH7rQaRQYdjKe6tx851722aDL82=
1tF2eorb7JyrA9h-2BkzQg-2BT2KK1GsEMlDV4LTdN-2B8hwDonC6eU8MxbDm-2FjMlEx-2BVWG=
-2F6nzEHSbfeoNiHrotl6d7YIlkk3khksPPlFGicFRwiurnbWUXaS0aIVkdVK9m1RyCxChVPHjE=
yOhgcgW9wsoAbCjEXxbCfjqhOVJa4pA-3D" style=3D"color: #1D5080;" test=3D"">Blo=
omberg</a>]</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>ICYMI</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
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                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br>
                               More of our recent research (* - premium):<b=
r><br><b>Market updates</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzVsL7MjJenoz-2B5W04kAm145wLlOXqonSw93Nlx-2BLaS04g-3D-3D8lMR=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF7QfLS=
7RovFspvd0H9ggTO-2B3v2CHuWPlr3P-2BfBNvRTW56bYHyN2RN3k8MS4Qyf5Ao3aqP5Lus8eV-=
2Bkk4RgZ1xcScL3A6aYEwAxjGM483A04L7gDbbok4ZTd5Kcz6-2BuOl7QevlfHhnSvYBxyuN08d=
uzsz6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSuJwP8B-2Baa0R4fQOEFYyss-2ByM1G1eA-2F4D8O=
kEG4-2BzSHV8vEqfCgZ4ydL3KKgdwoyOnVE-2F8QP29WhQeY-2B8D6luI4W6b9nRmL-2BQWRhVT=
9R2wqROBEMKakq43AFfpKRja4pN07lB46pN8gRbPzi70DfuRLCDzlCXbu-2BtDilL9kAgcnHe4N=
DJ86wKEec1IU-2FWypLabbki7vf5lLqkpEwlP6ppOd2qWvTRkxJdz9gT-2FDz814eGyq6C7ewVK=
6xhPlMb7SsawkfeNW0QFMA-2B6YjfHAGjYZqXU0lfj7lmny6evsNOrNc2-2BmoN-2BmjLDxF8-3=
D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 2025 Private C=
apital 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-2B5W04kAm145gbHYyk1bU4WY7rvL4SlFHw-3D-3DgoB0_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF7QfLS7R=
ovFspvd0H9ggTO-2B3v2CHuWPlr3P-2BfBNvRTW56bYHyN2RN3k8MS4Qyf5Ao3aqP5Lus8eV-2B=
kk4RgZ1xcScL3A6aYEwAxjGM483A04L7gDbbok4ZTd5Kcz6-2BuOl7QevlfHhnSvYBxyuN08duz=
sz6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSuJwP8B-2Baa0R4fQOEFYyss-2ByM1G1eA-2F4D8OkE=
G4-2BzSHV8vEqfCgZ4ydL1U-2Bky8qMVBqHpYmrhQAMbmWjf3AKd5IbSuwvVo0Fh3TnSvvUQUVv=
-2BjqXwZwZ5tqhmkCDt1ImtyNRiMzQiB-2FntSiJRFJ0orSlEyl3f43rn3zejUMAPiPt2edua1H=
VqJUzPZd1YJcoDkL5P8rMxtKaEztQW4DFsfi2b-2FOc2t8044JKsXDLteGRHkkzQ4a2ggxB1AuJ=
kZIlgvlDcpiKJBwRnWJ77xgeUxBqlR-2FUpAHsFSqEsbynwd7v7UuCsFDErmOvE-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 US VC Valuations and R=
eturns 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-2B5W04kAm145GLIBHiaglayQTe2ZutwAOg-3D-3Dh6dL_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF7QfLS7R=
ovFspvd0H9ggTO-2B3v2CHuWPlr3P-2BfBNvRTW56bYHyN2RN3k8MS4Qyf5Ao3aqP5Lus8eV-2B=
kk4RgZ1xcScL3A6aYEwAxjGM483A04L7gDbbok4ZTd5Kcz6-2BuOl7QevlfHhnSvYBxyuN08duz=
sz6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSuJwP8B-2Baa0R4fQOEFYyss-2ByM1G1eA-2F4D8OkE=
G4-2BzSHV8vEqfCgZ4ydL3M6su9c2-2FnPpyj2t6AT-2FYo8zUxdGmCjuJLBICQPo8u48Eamv77=
TKhGozVw7-2FtndxDTnKk4755un3CdulNwd-2BfM-2FLqBnBKvmtRU9io2uCPAZLhOVKGN8RGPW=
zFft479n1sS8QR-2BHN83uPHPnIENhm94nZw0oRcZMPbFmsUJZd3IFfBqWS5PWF3GNofO7Y61od=
1pk6SvH1ebPU1XIkz0-2BNvspOfZZm5M26sLqsDuxxpTywTJEha2hu1iOM-2FZS6sUr8Q-3D" s=
tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">Q4 2025 Quantitative =
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-2B5W04kAm145JkrvQv9X4ovO1lkSlrNPzQ-3D-3DhpMp_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF7QfLS7R=
ovFspvd0H9ggTO-2B3v2CHuWPlr3P-2BfBNvRTW56bYHyN2RN3k8MS4Qyf5Ao3aqP5Lus8eV-2B=
kk4RgZ1xcScL3A6aYEwAxjGM483A04L7gDbbok4ZTd5Kcz6-2BuOl7QevlfHhnSvYBxyuN08duz=
sz6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSuJwP8B-2Baa0R4fQOEFYyss-2ByM1G1eA-2F4D8OkE=
G4-2BzSHV8vEqfCgZ4ydL0Z6jKsYFMh42GBCC8n8PFbNTnrhzy5BOS9H31dZb0CWppDC881vej-=
2Fp9ee7SX-2BP-2BlIxOrHt2DNTMEBCTs8ANgmQjFV-2B7q-2F2ymU9igwnrovgU42zMqa84dt9=
AwDesA9D5-2BWf-2FCbZ6Ti2m-2B0q45NYmzbi67RsOVquZlLlJq-2FhLROuO3cVMUN1UA-2Bzy=
6nnJcudvbr3ludQRG-2Fgzx0MUc7FzKgAP8dod8uDnYaxRoj6UwLmc0FQtO62XNPg1eFNkYq79E=
-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-2B5W04kAm145KxnHaO-2Fc1cIv0lvrGR7Iyw-3D-3D39wU=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF7QfLS=
7RovFspvd0H9ggTO-2B3v2CHuWPlr3P-2BfBNvRTW56bYHyN2RN3k8MS4Qyf5Ao3aqP5Lus8eV-=
2Bkk4RgZ1xcScL3A6aYEwAxjGM483A04L7gDbbok4ZTd5Kcz6-2BuOl7QevlfHhnSvYBxyuN08d=
uzsz6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSuJwP8B-2Baa0R4fQOEFYyss-2ByM1G1eA-2F4D8O=
kEG4-2BzSHV8vEqfCgZ4ydL0RGuVea9HFwdPAmu6zfByU6jAaWGn8ywJrr0eBEDUwFQ-2BNz8ID=
rv4W-2BQXWwbwvrbI0oGJ0T7GFL3Y1pEx7FPTw5lgpqXCk3MuOSBJA1Bn8wxl-2F-2B8TK44etI=
3vf1kLwmcqq124UPIoPWPIts8eRV6-2FLQatB63AeyzbD0GgbDq-2BemeNPC3W0sQyqS3-2BiJ-=
2FUzRShxcoFIliCdAvOQPk48jyuVLG3J7teK4HgMkO8SGM4-2Bov-2BUHOZkO-2B-2BRweg6TE7=
rkKY-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">AI in Drug =
Development</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-2B5W04kAm145T9TcSZaIo0Gkpzh6cD0wDA-3D-3DY5ZV_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF7QfLS7R=
ovFspvd0H9ggTO-2B3v2CHuWPlr3P-2BfBNvRTW56bYHyN2RN3k8MS4Qyf5Ao3aqP5Lus8eV-2B=
kk4RgZ1xcScL3A6aYEwAxjGM483A04L7gDbbok4ZTd5Kcz6-2BuOl7QevlfHhnSvYBxyuN08duz=
sz6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSuJwP8B-2Baa0R4fQOEFYyss-2ByM1G1eA-2F4D8OkE=
G4-2BzSHV8vEqfCgZ4ydL2fYo5-2FfUYtuJF8TYEJTW1gBvGnQMiyrI5uqs1dyRLzkO93tVwIQt=
YaW7LobeLFdE0UlatQ0HLrir9kGVTk-2B5kOtB40bn2pjxohMsbRfVC03xqGdE8go7ABe2ixGaF=
LTz2yeHevhKbqRqeXU-2BnKwicz39jN-2BWn5E1FUlNhubcpdLNYViLZ1x2cRRlj3E017tERltk=
hxhEZxOox-2Ba1G9iH5gy0HtMUdfwkAHiLQq0ekWyvk7rHE6eEW-2F1UppwK35Bck-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">Should Seed Investors Rid=
e the High and Pay the Price?</a></b><br><br><b>Industry &amp; tech researc=
h</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-2B5W04kAm145XaAQvNESXIGT-2BbHHAo8dGA-3D-3DpHDd=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF7QfLS=
7RovFspvd0H9ggTO-2B3v2CHuWPlr3P-2BfBNvRTW56bYHyN2RN3k8MS4Qyf5Ao3aqP5Lus8eV-=
2Bkk4RgZ1xcScL3A6aYEwAxjGM483A04L7gDbbok4ZTd5Kcz6-2BuOl7QevlfHhnSvYBxyuN08d=
uzsz6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSuJwP8B-2Baa0R4fQOEFYyss-2ByM1G1eA-2F4D8O=
kEG4-2BzSHV8vEqfCgZ4ydL0x-2BCOxLyVw1lCtbPIraV3eu6Jm2QmsSFgg5-2Fgk-2BOaAh2Sn=
9kqA5JTW67g43N69ecuWpH8-2FliJ6g0CEQVsBQ6B82VWWDgaRR-2BgVDThCcmWYGbyVlDAGW1U=
jfbGvryDOMraxrQP406w6W47fJjg-2BpQ-2FqyhmUPyfI-2BAuVwN2kVx2sdZfVzJsB0ZBG9MQr=
GcO4FYYD-2BmoeVGguR-2BIsW76OhEJtge1zBwgYKZmCwF2p8gDnHeJNevKo1cEefELP-2BqkDK=
xY-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 Healthtech=
 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-2B5W04kAm145MEXj-2B7PQtINsXryPVJOi6Q-3D-3DOTLN=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF7QfLS=
7RovFspvd0H9ggTO-2B3v2CHuWPlr3P-2BfBNvRTW56bYHyN2RN3k8MS4Qyf5Ao3aqP5Lus8eV-=
2Bkk4RgZ1xcScL3A6aYEwAxjGM483A04L7gDbbok4ZTd5Kcz6-2BuOl7QevlfHhnSvYBxyuN08d=
uzsz6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSuJwP8B-2Baa0R4fQOEFYyss-2ByM1G1eA-2F4D8O=
kEG4-2BzSHV8vEqfCgZ4ydL2HUe-2Fvkaw6xuAhTcaMIKB-2FS2kX-2F6Bv-2BIShSOeZQbvHVJ=
0uxxSD-2BDpJw6rsmaA-2BB-2FNHa8U0qNwQfLkXxy-2F4OlNIhDgq6h6S94PlWEMXd6-2Fqavj=
x4tL1ge-2FnVeIp4uaHkxOI91txmOsMmt4PSxcuyTY8F-2F9tjpGAeuU2ANF6kEQmr5LnQrxdIP=
XtKKvlLYKECm8HRqCSPev0J8w33camSAp70siMH5bliwxOGubkVeZuTTWPKFAuqUfv9HwFQmGym=
Vc-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 Foodtech P=
ublic 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-2B5W04kAm145rE7GJyUuXa0KdXnuQsgNww-3D-3DNtqA_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF7QfLS7R=
ovFspvd0H9ggTO-2B3v2CHuWPlr3P-2BfBNvRTW56bYHyN2RN3k8MS4Qyf5Ao3aqP5Lus8eV-2B=
kk4RgZ1xcScL3A6aYEwAxjGM483A04L7gDbbok4ZTd5Kcz6-2BuOl7QevlfHhnSvYBxyuN08duz=
sz6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSuJwP8B-2Baa0R4fQOEFYyss-2ByM1G1eA-2F4D8OkE=
G4-2BzSHV8vEqfCgZ4ydL3eCBXO4L6JTpVspu4mJPYGgpLbNsNXUIhBAgGGYI76tdfaCeu7h61M=
pyrOmA4-2BFhKgFDwvwTPN2qRo6mecKQ4UcoIP6VEN1-2F9WaXwe0YlveZtOPiM7f1NdDGJrg6T=
aJ9nrHKpC6ccLW6uwkzbzxi-2BVu1uVVte-2FKTmJSD25QZwp7DVTsDHBRrem-2FgOnZO3WH6Dy=
HH8g6g1o6J3vKogmH5CA1pAaNBjy2kt6nHqYL55JyHZTeOX49zQ6Fp8J9vymjng-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 2025 Medtech Public Co=
mp 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-2FpyffgJ7DOYA9xZoNsbCUjF9XcD6cnK18kEHQ-3D-3DZkQx_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF7QfLS7R=
ovFspvd0H9ggTO-2B3v2CHuWPlr3P-2BfBNvRTW56bYHyN2RN3k8MS4Qyf5Ao3aqP5Lus8eV-2B=
kk4RgZ1xcScL3A6aYEwAxjGM483A04L7gDbbok4ZTd5Kcz6-2BuOl7QevlfHhnSvYBxyuN08duz=
sz6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSuJwP8B-2Baa0R4fQOEFYyss-2ByM1G1eA-2F4D8OkE=
G4-2BzSHV8vEqfCgZ4ydL12wLSP3xINcp2JDnpo87xcKqDPSraSN-2BFGOIU2FigEsly6W6WBjR=
wFVz1l8qk7Be5kMDp-2FRDeODgMiIsGLUkAK61K5zChBVLsYjiU0Lvv6PljfS0EAEpDatLYASHv=
2BDHCCSsJmDfJALjcukRpwR0re8kN3ZACaBhhUmipam-2FQFL6SbudBQQCiohp-2BtpYUbQxuqx=
1anyDEBYjv8vDdRgu9n5aUM-2F9yWe3HuIxHAcqfUJI6V2hwraWBqpavDRJeMew-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-2FpyffgJ7DOYA9xZTin29mdWW-2F3AR-2BW-2FmedcJQ-3D-3D=
CKR8_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF7=
QfLS7RovFspvd0H9ggTO-2B3v2CHuWPlr3P-2BfBNvRTW56bYHyN2RN3k8MS4Qyf5Ao3aqP5Lus=
8eV-2Bkk4RgZ1xcScL3A6aYEwAxjGM483A04L7gDbbok4ZTd5Kcz6-2BuOl7QevlfHhnSvYBxyu=
N08duzsz6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSuJwP8B-2Baa0R4fQOEFYyss-2ByM1G1eA-2F=
4D8OkEG4-2BzSHV8vEqfCgZ4ydL1SPlHp-2BRgUY8e-2BejVPwvcbm0tU24Ll7UWbWKA81THyuA=
r2Dyr1zGiWiPliOfVin-2FIn4d-2B5bRO1NGtiBwufPNtzlBoVQIW2i5wQ-2BQ6jt79Z90uYkZ6=
PdFmiHDZzY9TIMCvjpEPLoWK43mMqOOrKNJ-2Bm6Ya3-2BMdxn2Q-2BRP72nvTbSQi9-2BtGVOT=
Et457LxEdu7Z40QpN1SZEhFU56f-2F19rQmJWsFwWHBOa9isWkacT1UNE9Hmo4lvwGID8CzZPAv=
Pwc8-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">US Credit M=
arkets 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-2FpyffgJ7DOYA9xZHFMSgzp-2FbDHx6tuRp-2FeeQw-3D-3D8X=
Rc_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF7Qf=
LS7RovFspvd0H9ggTO-2B3v2CHuWPlr3P-2BfBNvRTW56bYHyN2RN3k8MS4Qyf5Ao3aqP5Lus8e=
V-2Bkk4RgZ1xcScL3A6aYEwAxjGM483A04L7gDbbok4ZTd5Kcz6-2BuOl7QevlfHhnSvYBxyuN0=
8duzsz6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSuJwP8B-2Baa0R4fQOEFYyss-2ByM1G1eA-2F4D=
8OkEG4-2BzSHV8vEqfCgZ4ydL37esFBAZhZ2TqTwoRIEBQytg7WIYmiI1vCHikx5elifE5gIyMo=
ntevP6MnMwFYBqs-2Fb0aIAo0TNvfojfU2ubYe1RaFAXOHfZlrGQKHC9Ez63ei9UF-2BWyJiyqa=
bJSRcixX4ouyWXWRPTMPqLafOSAagsqJ6ds7vlv0texhdCoUwN5cvnBfDjFZnIdTBwyMAF94EN4=
Y8NN-2BBjeJn4CCDjouY50OQ-2FU-2Fs-2FnL3K9f8ufTlQTvMuXkniQSwAc5CbtuKneI-3D" s=
tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">US High-Yield Bond We=
ekly 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-2FpyffgJ7DOYA9xZcyHFsoqQI2OdP7ieirpmJg-3D-3DOnWe_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF7QfLS7R=
ovFspvd0H9ggTO-2B3v2CHuWPlr3P-2BfBNvRTW56bYHyN2RN3k8MS4Qyf5Ao3aqP5Lus8eV-2B=
kk4RgZ1xcScL3A6aYEwAxjGM483A04L7gDbbok4ZTd5Kcz6-2BuOl7QevlfHhnSvYBxyuN08duz=
sz6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSuJwP8B-2Baa0R4fQOEFYyss-2ByM1G1eA-2F4D8OkE=
G4-2BzSHV8vEqfCgZ4ydL31Vj6aqpg32sTrDnKGKXfb6ISP5MQE1LBuho1V-2BM-2BJ2QMGx60n=
bmjA-2BLNiFzuRtozdu2koNBFbwyete6ddAvuuWetQIhpRskCna-2Bgs8gKRBeRHKnmA-2B-2BY=
P0lTPEgAQwkzREZxMmbCY-2Bgpw-2FeDevvdcoZOg3JZBPe7mNHL9ER2tiwGOzsi32h4doF0J0k=
C0CEdUrVyykSjzQCFOI-2FZ1vRv26zRkUdMRMwtPRmO36bqkhupPcx-2FvM8S-2Bg3f-2BkvdxU=
ts-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Global CLO We=
ekly 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-2FpyffgJ7DOYA9xZiaoXFb-2F2hpw4t342580Stg-3D-3D4wtw=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF7QfLS=
7RovFspvd0H9ggTO-2B3v2CHuWPlr3P-2BfBNvRTW56bYHyN2RN3k8MS4Qyf5Ao3aqP5Lus8eV-=
2Bkk4RgZ1xcScL3A6aYEwAxjGM483A04L7gDbbok4ZTd5Kcz6-2BuOl7QevlfHhnSvYBxyuN08d=
uzsz6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSuJwP8B-2Baa0R4fQOEFYyss-2ByM1G1eA-2F4D8O=
kEG4-2BzSHV8vEqfCgZ4ydL2iHfXoqG5UG97-2BwzyLVR891eiZgJsOu3z10G8-2F7Oi-2Bep5q=
QumIN3Vu2T4INAotMQeO8g8SGXzrYcGCuS8N3HI-2BJho1ugY-2FEbuZ-2B0Yargl32KzCb-2B7=
RnJgJCbI9NRAtfWoT20bSGYHRBP38WDTg23bkSUtt6wzL41ZyWx9WxAFH1RQvpqs4PQmzadwcVX=
sF7-2FGPBbWv7v2fY3CYdzQKpAFKhsSldOVHCSA4AcUxse7KUH-2BGlIjVX2C01aA-2Bx336tz0=
-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Global Distress=
ed 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-=
2BaqM7ONnvsnswouzX9VhHbN-2FpyffgJ7DOYA9xZmsCtojdnvHraWlP6FH-2FRKw-3D-3Dddjp=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF7QfLS=
7RovFspvd0H9ggTO-2B3v2CHuWPlr3P-2BfBNvRTW56bYHyN2RN3k8MS4Qyf5Ao3aqP5Lus8eV-=
2Bkk4RgZ1xcScL3A6aYEwAxjGM483A04L7gDbbok4ZTd5Kcz6-2BuOl7QevlfHhnSvYBxyuN08d=
uzsz6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSuJwP8B-2Baa0R4fQOEFYyss-2ByM1G1eA-2F4D8O=
kEG4-2BzSHV8vEqfCgZ4ydL2UUqAGnWr3uOi-2FLoOjMERGSKK5yFzYZ1pCqJAwngrjJkf1f-2B=
3H-2BbdQ87RjycAwvkhMPykXh9gWnn3YxC00NP33rot5OGsO9Kg3N8FPN-2BQxe3-2Bb0yCS-2F=
7vYaiuWLJssHsgKOJYBMB9RhDjsl5-2BWrug-2FCpDpGLMhSQbLHA2-2FlMTFFUEU6WEOVwrva5=
rFzzn1iMNBA5WZFA3E-2F-2BzekhvNejkLbrNgkqOLw-2BYPNPq-2FkwD06HyMmKRKinF37v1YY=
cF7hD0-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">US Privat=
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pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%;    =20
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dth: 100%;">
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                     <td style=3D"padding: 10px 0 5px; font-family: Roboto,=
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                      <table lang=3D"x-counts-title" cellpadding=3D"0" cell=
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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>
                        </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;">
                              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>
                            </tr>
                            <tr>
                             <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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3D-3DBpR4_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8P=
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 #F79B3E;"> Request a free trial </a> </td>
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           </tbody>
          </table></td>
        </tr>=20
       </tbody>
      </table></td>
    </tr>
   </tbody>
  </table> <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du00=
1.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12opJBSrnS8sfA-2FdXQL6-2Bsw8UD0pH79=
k_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFF7QfL=
S7RovFspvd0H9ggTO-2B3v2CHuWPlr3P-2BfBNvRTW56bYHyN2RN3k8MS4Qyf5Ao3aqP5Lus8eV=
-2Bkk4RgZ1xcScL3A6aYEwAxjGM483A04L7gDbbok4ZTd5Kcz6-2BuOl7QevlfHhnSvYBxyuN08=
duzsz6vI-2FFa-2BKzZhztxXpLmRuB8MNyiSuJwP8B-2Baa0R4fQOEFYyss-2ByM1G1eA-2F4D8=
OkEG4-2BzSHV8vEqfCgZ4ydL3WkwPUxnxeupaQxLbOGJ8IJ3OKpniUMrn2nWC2ycKGMb-2FMkPE=
86L7Jly0tw-2FrTE6QFn2RorRXFWG4GZHYMhcAB4VxnyAZOhN6-2BeMXmXSFHmozwLS4a5t9EE-=
2BNvirAoF5dBIsV3ZgCPzQMhDaU-2FhoU3J2xm1zm6QdY9s2t4zYgSFUKbaitGRetvxgUNbgWIK=
3bi1zQrKZVFUGwU-2FFEBo7-2BAtbsGBHBjg0G4FpsW7rq8Yc4eeGzfd4hXFcgNUQu2dzI-3D" =
style=3D"display: none"></a>=20
 </body>
</html>