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font-size: 1px; display: none !important;"> Also: = Our new map of the global VC ecosystem; Europe's AI boom tests market reali= ty; A webinar on evergreen funds; AI VC trends... </span></td> </tr> </tbody> </table>=20 <style> @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 800; src: local('Roboto ExtraBold'), url('https://fonts.pitchbook.com/ne= wsletter/Roboto-ExtraBold.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 400; src: local('Roboto Regular'), url('https://fonts.pitchbook.com/news= letter/Roboto-Regular.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 300; src: local('Roboto Light'), url('https://fonts.pitchbook.com/newsle= tter/Roboto-Light.ttf') format('truetype'); } @font-face { font-family: 'Roboto Serif'; font-style: normal; font-weight: 500; src: local('Roboto Serif Medium'), url('https://fonts.pitchbook.com= /newsletter/RobotoSerif-Medium.ttf') format('truetype'); 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text-align: center;"><a hre= f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzVkKRWW-2FdqSOSZiO3oY2tnd75N-2BJ5WJ5DY7b4F9N-2B= T0XA-3D-3D7qiw_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFV= a0m8PzsFcbibIQcD71r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ53BVuonzv2Q-2FXg= aSP7ZalOChVaGQCqrea4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko2eFJsHpiw5Yst5nA6= ZvrnkQP1kPX7On0FzBvsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDpzjFssHGBEm8lkpChY= pKvXSOC7ORLmJHqxGKFKtyTsvV3q-2FqX05QO4aB4h4jQ2Z-2Fx4Fyau-2Fv-2FavYn3S0JsDCy= 8mEqz-2Bp7-2B2VXrNY30488S6NESEXXTGlx0RDtyYqoZs-2F1Y58MJo-2BfPCxJuBmjTUJ7wUQ= -2B3jfLP1DE7P39Abcn-2F5neLxCsk-2BHnigwVy6TJWDRzci65joaYFsWROSdzon-2BknjMJe6= Z5KxlFfel78nWscJ1JOPsk5U2vu1ctCeLz-2BFfsxT3m51vEEVY8PEgDuyGrkaPBaFkMgi0C0Z1= 4-2B7d2alU-3D" target=3D"_blank"> <img width=3D'1' height=3D'1' opacity: 0;= style=3D'display:none !important; mso-hide: all;' src=3D'https://my.pitchb= ook.com/ms/pixel?userId=3D3DABLZ54MOPJL5Q&eventSource=3D3DZQDXJQ6VUBAECQE7X= Y5D5PSLQI&emailId=3D3D6SEPOXEYFEC4Y&emailName=3D3D6H3WX3QH7CXEMMMBQSMFL245Z= G625LDUYNYOD6M6QHVPV46EGQLU2DKV43QYFSZS&pixelPosition=3D3DUAZEVU3EPI6EYRHRS= C2KEHCFHGQ6ZMZBKVWWKQA.gif'/><img src=3D"https://url6380.news.pitchbook.com= /wf/open?upn=3Du001.4Qe7VL981gyAPMxYoCz8CBKmv7adpoGoGfpUfNDzw-2FIUFPDY6owZN= jRg8mspgm8jClu-2BMk7X8syGcxU70ydm2gKc18gZtdueWMdaop36mkIxxkJGW2sKM-2FGeOYf3= ku-2BQBPhqh5f9-2FiFsiWeAJg2UMPHK0hQoK4LgKeqbOw3i4aIJ7M1VLAZM1oxA4-2Biqldkaq= xkrbN9siZHlKODpv-2FpImgB014ztW-2FgqXWi8fZWsNvHb-2FBvXHN2SnDc8AR42Quf05nxtUN= jnBDyTOhTfgaSKZeKJFLD2gYISrs-2FVLSBFF7D7i4KifXthsQrRBLs-2F5UA4RsE8SWhPZLUxt= ZfXido8Fy-2FdFVpnHZeA7PBoP3GjoNXCvE36WtUpbcuTeld-2FRMhiwtFPPSi3qCnBDhfpbGhy= UDhBkdyEjth-2Bc1sXrs6MBdJmM7JI7sNvJlC95YzlmTwDq7DiMnbH6mkl017JVL3rv3Amf1rtF= JLo6Ti7BKeNOk9NtIIGrcuCYkje9cuYDW-2BQFgqig3xuUdEwP2ufV2OTprGlE5fsBa9-2BC6b1= r2ZP9y8-3D" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"height:= 1px !important;width:1px !important;border-width:0 !important;margin-top:0 = !important;margin-bottom:0 !important;margin-right:0 !important;margin-left= :0 !important;padding-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"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&A</span></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 14px; padding-top: 11px;"><span>Presented by <a href= =3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzVkKRWW-2FdqSOSZiO3oY2tndYEnqAci5P81xbNytf-2BAZm= A-3D-3DF7dY_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m= 8PzsFcbibIQcD71r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ53BVuonzv2Q-2FXgaSP= 7ZalOChVaGQCqrea4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko2eFJsHpiw5Yst5nA6Zvr= nkQP1kPX7On0FzBvsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDpzjFssHGBEm8lkpChYpKv= XSOC7ORLmJHqxGKFKtyTsvWeG8tm22TH6D6wiAg7bCvv-2BK6FcXNO27Gs0alhc4MLYBKOuYxO-= 2BOV-2FHJ8Khh-2B-2FOeb95MbmZek5pI90opNEqoHdzmse0RpRcd1egU-2FQvik1vXkqisZeqs= Beol-2B2fB7Z1tkrufgwcihXj9C3Lm92N2ZOK3KSD8NeagL36-2FwUrzNycGDT6SS94o9CeXnaU= zMHwU4QbjThXs9tDmTz1Ydtx7lhKh3CrD9Ums7MyvWrlTrZPo3ikRfxl22C5mmUkJj4syM-3D" = target=3D"_blank" style=3D"text-decoration: underline; color: #1D5080; font= -size: 14px; font-family: Roboto, Arial;">the U.S. National Science Foundat= ion</a></span></td> </tr> <tr> <td height=3D"38" style=3D"padding: 0; line-height: 38px;">&nb= sp;</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 <td class=3D"content" width=3D"460" valign=3D"top" style=3D"ma= 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%;"= > <tbody> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Ven= ture geography</b>: Which cities lead VC, and which are rising fastest? Our= new research maps the global VC ecosystem, highlighting how AI and geopoli= tics are shifting the balance of innovation. <b><a href=3D"https://url6380.= news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM= 7ONnvsnswouzVkKRWW-2FdqSOSZiO3oY2tndw6x8RupuQ8vH4Ufj2tEWbA-3D-3D2Rq9_I3w5d9= c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcbibIQcD71r6V= Ra8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ53BVuonzv2Q-2FXgaSP7ZalOChVaGQCqrea4K= mV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko2eFJsHpiw5Yst5nA6ZvrnkQP1kPX7On0FzBvsO= -2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDpzjFssHGBEm8lkpChYpKvXSOC7ORLmJHqxGKFKt= yTsvV2XZSZXQnRLiWtlN-2BO31NxusjCcei51-2FMhQvFr3-2FzfFniiEcC3ZCMh-2FxDQzQdCK= oyl1-2B92ZNU5PkOl0kP2szTu98zBviC-2BEpCLm08yZ3o1KBj96YVNxKLZVt506oNO0hPDc-2B= EVIpOWF72ySTMeqMQLq1AqZr7n3O-2FzT39EVgFbHw9Q0Sb-2Fh4du3LO0bNm28nT07NRZSYm-2= FoXqZwK9bsw6oI9EEkrFWqWiPQ9WCg07xOlXLluEiWL1E1qlcv71Jewg-3D" style=3D"color= : #1D5080;" test=3D"" universal=3D"true">Read it here</a></b> and <a href= =3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVkKRWW-2FdqSOSZiO3oY2tndDZcDK13ntbrn2ESoNyY= -2B7Q-3D-3DEIKx_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF= Va0m8PzsFcbibIQcD71r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ53BVuonzv2Q-2FX= gaSP7ZalOChVaGQCqrea4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko2eFJsHpiw5Yst5nA= 6ZvrnkQP1kPX7On0FzBvsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDpzjFssHGBEm8lkpCh= YpKvXSOC7ORLmJHqxGKFKtyTsvVICak77G9rOHDrQK50DjhAJEyA0-2B3Znc-2F-2BvlVf0FQYm= NaYZw-2FMOdwQMje3jcld1o4x9ZlgIRJHJ6NBJJXzreWjIrC-2BU2zZ5F-2BIJoBG64i7aGRa2m= i-2BLRsF0Whdswsq7XyLk1FZ0XAfobJDCTbxT1UNm-2F-2FAmmnY9w6SSP3jvsrdU1Wdb8sD2JQ= Yf2baP-2FNGts94Zpzc84iTI75N2rl0ayXcj4jI-2FDlG2atPi8FPocZHd9E3f9OFYT-2BoUUdG= s1xU5HM-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>check= out the dashboard</b></a>.<br><br><b>Indexing insights</b>: Join PitchBook= and Morningstar experts on Dec. 9 as they preview the new Morningstar Pitc= hBook US Evergreen Fund Indexes, a comprehensive benchmarking suite for the= rising universe of semi-liquid vehicles. <b><a href=3D"https://url6380.new= s.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzVkKRWW-2FdqSOSZiO3oY2tnd3fKbAcb9eRvY6PZnEw0seA-3D-3DxuSM_I3w5d9c01gkD8= gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcbibIQcD71r6VRa8PSSi= EltR9er81gfTNzhZxTpLKDsagPlR7dJ53BVuonzv2Q-2FXgaSP7ZalOChVaGQCqrea4KmV4yzeF= 4lVyuJqiX9-2FGBOooBK-2BDScfyko2eFJsHpiw5Yst5nA6ZvrnkQP1kPX7On0FzBvsO-2BlTLL= WKBgHPY0U4rDPKgthcrFAUeQEB6bDpzjFssHGBEm8lkpChYpKvXSOC7ORLmJHqxGKFKtyTsvU8-= 2B6S1pD0WIQm4t-2F1EnXHVEBODk-2Fs5S4MHxwVe5tU6TpkJVtu5y2-2FzsJ3gjORsM-2BPE1U= KgpAbCtPcH1jHbDGRyiDFSKgS7OrtjoEsynwqBJSz0yUUF4aGful5qNN9ncNssToyA9vTKxSENF= UzjoCpmgJbruBDPS4R-2FVdgreDrZYYwVzomITClQWXxWox-2BFQ22togbAFLk70uajyV9V60Di= 9FVqojTQFsFziIpsMQTb-2BUmCHikIXlCA5eiorJkjoa8-3D" style=3D"color: #1D5080;"= test=3D"">Register for the webinar here</a></b>.<br><br> For deeper context, explore our whitepaper <= b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n= 73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVkKRWW-2FdqSOSZiO3oY2tndX2tKrnQFXe= a3taM-2FJdaErg-3D-3DS5Z2_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZ= bcbdWeUgFVa0m8PzsFcbibIQcD71r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ53BVuo= nzv2Q-2FXgaSP7ZalOChVaGQCqrea4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko2eFJsHp= iw5Yst5nA6ZvrnkQP1kPX7On0FzBvsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDpzjFssHG= BEm8lkpChYpKvXSOC7ORLmJHqxGKFKtyTsvVsjwra2c3VpPqJqsXSO7UkwxV6xfqi3CLFlAKsS-= 2BgBFfeGhHRIz9nW-2Fw1D2tOOgEcb9kjLvXpvba-2F7H8QObp3dtlqIjhJQnHl-2FKsUbXpu1k= SzHFdpCVbVs2FwNdh-2BziI5b8PbdEPD4InnCvQQNhORV3Kykm2G37-2BUCLCK3Br1QcRfRsir8= m32XUIaXKRIUZu-2F7JB3-2BSubIsSZrIOPB8AeOHQbfon5qchOUowUq9Y2uTXJokk-2F7tRNBV= X8lErRTNO4-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Bench= marking the Evergreen Evolution</a></b>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>A message from the U.S. National Science Foundation</spa= n></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_574758" id=3D"n_574758" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> Deep-tech startups get their s= tart with NSF </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 1= 7px; font-family: Whitney, Arial; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" lang=3D"x-image" style=3D" font-family: Whitney, Arial; font-size: 10px; line-height: 22px; color: #7= 8766F;"> <tbody> <tr> <td align=3D"right"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" style=3D"font-family: Whitney, Arial; float: non= e; padding-left: 15px; "> <tbody> <tr> <td align=3D"right" style=3D"text-align: righ= t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVkKRWW-2FdqSOSZiO3oY2tndYEnqAci5P81xb= Nytf-2BAZmA-3D-3DSA8j_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb= dWeUgFVa0m8PzsFcbibIQcD71r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ53BVuonzv= 2Q-2FXgaSP7ZalOChVaGQCqrea4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko2eFJsHpiw5= Yst5nA6ZvrnkQP1kPX7On0FzBvsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDpzjFssHGBEm= 8lkpChYpKvXSOC7ORLmJHqxGKFKtyTsvVmlMjEJCdGaThEsCCQcqRf1gJh15sJxViMfXzUuscV-= 2FzwN4o1RFKcEWTrFrg3689lyrg7I6wTOO1WX-2BWF5S9sIGtahm1Qrwi19OvgUtq3WIo-2Ft6J= RwIkQ6Nxy2EYqxVOMIukBlSyBrM7LJ55BG7Xbhr-2BKzd-2F5IpAJt18wX49As2wdbu7HMYBmvU= LXHQJdXLwll7G-2FG5FlKStMWQVhs5yNrMqkYt-2BXVYT-2F-2BycG-2FB8oJoVZ8Dzzp-2BhLI= R7gJk4UdPcE-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchboo= k.com/news/68656.jpg" style=3D"border: none; max-width: 420px;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>The U.S. National Science Foundation = invests in the future today. America=E2=80=99s Seed Fund, powered by NSF, p= rovides up to $2 million in non-dilutive capital to early-stage startups co= mmercializing transformative research in AI, robotics, quantum, biotech, an= d more.<br><br> NSF derisks these deep technology ventures, = positioning them for follow-on private capital. In 2024 alone, 255 startups= received their first round of funding from NSF. Most had under 10 employee= s, were newly formed, and are now working to bring their innovations to the= market.<br><br> NSF funding gets these high-potential startu= ps ready for growth. From 2016 to 2024, the startups funded by NSF saw 300 = successful exits and more than $20 billion in follow-on private capital.<br= ><br> Explore the next generation of science-backe= d startups at <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3D= u001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVkKRWW-2FdqSOSZiO3oY2tndYE= nqAci5P81xbNytf-2BAZmA-3D-3DuU9M_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy= -2F3t1yZbcbdWeUgFVa0m8PzsFcbibIQcD71r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7= dJ53BVuonzv2Q-2FXgaSP7ZalOChVaGQCqrea4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyk= o2eFJsHpiw5Yst5nA6ZvrnkQP1kPX7On0FzBvsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bD= pzjFssHGBEm8lkpChYpKvXSOC7ORLmJHqxGKFKtyTsvUzKHrE974lofDKzxV-2BmAxouMH4f3sC= MmuO6aJUGmum2kc0KXzZo4jP7LaNCt60jyggCq3rQDOIocTmo7ChHrcImbUXCpxVhU69ehTZ3qt= J9Rg2WmR6Rr0dOneAxlWTu9hyZhVR7REzxr5YwcQMmGc878V3-2BYGHhFnDCl5UO1ybxT2xqHPF= qqsouhrvrZw-2F5ueqrsYMBM0vObbFELYNS7ora3tP1pf3A7VGxde0g3YnZmLrrHRU0vh8b7kox= 769Z84-3D" style=3D"color: #1D5080; font-family: Whitney, Arial;" test=3D""= >seedfund.nsf.gov/next</a></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </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_574999" id=3D"n_574999" 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;"> Public alternative asset manag= ers have their sights set on new growth areas </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 seven public alt managers we track=E2=80= =94Blackstone, Apollo, KKR, Ares, Carlyle, Blue Owl and TPG=E2=80=94who for= the most part started as PE shops, have morphed into something much larger= : alternative asset managers. These managers have strategies that now span = nearly every private market strategy in some capacity.=20 <br> <br> While PE was the asset class that enabled th= em to go public and achieve massive scale, other asset classes are helping = them sustain growth and reach new heights. Their growth over the last two y= ears has been driven by emerging opportunities, such as digital infrastruct= ure, specifically data centers, and various private credit strategies, espe= cially alternative credit, also known as asset-based finance.=20 <br> <br> Make no mistake about it, PE isn't going any= where and is still a core business unit for the majority of these firms. Bu= t the lion's share of capital raised is coming from other strategies, speci= fically private credit, which across these seven managers accounted fo= r 57.3% or $468.5 billion of total capital raised over the last 12 months. </div> <div> <br><a href=3D"https://url6380.news.pitchbook= .com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWi= yx0YnBI8j-2FgIqQXLYKdHI7h-2FEn3GpWWzH-2Blm46ZXkw-3D-3DmSY3_I3w5d9c01gkD8gLz= FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcbibIQcD71r6VRa8PSSiElt= R9er81gfTNzhZxTpLKDsagPlR7dJ53BVuonzv2Q-2FXgaSP7ZalOChVaGQCqrea4KmV4yzeF4lV= yuJqiX9-2FGBOooBK-2BDScfyko2eFJsHpiw5Yst5nA6ZvrnkQP1kPX7On0FzBvsO-2BlTLLWKB= gHPY0U4rDPKgthcrFAUeQEB6bDpzjFssHGBEm8lkpChYpKvXSOC7ORLmJHqxGKFKtyTsvXlhCAp= PqjQMC78xbvW3G-2BpnoNCiUsKQlpMKOFIues9Yj9F4kgDtv1SyF2L0ncNxoxwXWmTMVVmlg4j5= -2BLmSHcUybJkfbaNwrktW1N55cayamJo09rapDfBadXjngWLzHeTfxBQgWMroFK2J305-2BOeo= QQn-2Fs6nIHAcoDJmPFIA-2FagLXbryXmF42hWSbaHlZF7AZUHJc4V4DwMZ0FTIIhMfxyJB8-2F= PaWNKPMk4QdE6MftUr6THa4NlQKfKv3KK-2FY-2BsU-3D" universal=3D"true"><img alig= n=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/71554.png" styl= e=3D"border: none; max-width: 420px;"></a> </div> <div> </div> <div> Not only are other asset classes fueling this= growth, but so too are new fundraising channels, such as the private wealt= h (retail) channel and the insurance channel. The institutional channels th= ese managers have frequented for years may be reaching their ceiling, promp= ting these managers to explore ways to fundraise.=20 <br> <br> With the democratization of private markets = seemingly underway and insurers looking to gain exposure to higher ris= k-adjusted returns historically presented by the private markets, these man= agers are waiting with open arms, offering to be a one-stop-shop for this n= ew LP base, providing exposure to a multitude of asset classes, all while t= hey continue to expand their product suite, looking to capture even more in= vestors from these new channels.=20 <br> <br> These managers are not the only ones looking= to broaden their strategies and product offerings. Over the course of the = last two years, we have seen a wave of GP consolidation, with managers acqu= iring other alternative managers to expand products in existing asset class= es or to gain exposure to new asset classes and offer more diverse offering= s to investors=20 <br> <br> To see where these managers are expanding an= d what private markets trends they are driving, download the <b><a href=3D"= https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzWiyx0YnBI8j-2FgIqQXLYKdHAuISgfS02uqnuX4BKI-2Fi6= w-3D-3DounQ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m= 8PzsFcbibIQcD71r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ53BVuonzv2Q-2FXgaSP= 7ZalOChVaGQCqrea4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko2eFJsHpiw5Yst5nA6Zvr= nkQP1kPX7On0FzBvsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDpzjFssHGBEm8lkpChYpKv= XSOC7ORLmJHqxGKFKtyTsvVhRsWB9BWTytY9YBU5j4YKtGlGnYhSf1YYkaM9Tar-2BuUUpbirUk= -2FEdgsKKRVygX-2Bz181-2FkJzwGx9wXrHOBfNmNTi-2Bx92AXmfL19KIfWooAArJ1r07jGIDY= lND07C4zYBO7pBatZ9GHauT0wmSjTHChD7EefE4-2F3OdjxFB21QhTe92vH1hErAWaL3xBUOvuv= mQHReQNklcWhesp8-2BTZofCAs3yiCFT4BOEaAw2wcQHZgHzlAfTrk9g7i1-2B4zJ7QWdk-3D" = style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 2025 US Public PE= and GP Deal Roundup</a></b>. </div></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <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-2BaqM7ONnvsnswouzWiyx0YnBI8j-2FgIqQXLYKdHI7h-2FE= n3GpWWzH-2Blm46ZXkw-3D-3DMyIP_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F= 3t1yZbcbdWeUgFVa0m8PzsFcbibIQcD71r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ5= 3BVuonzv2Q-2FXgaSP7ZalOChVaGQCqrea4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko2e= FJsHpiw5Yst5nA6ZvrnkQP1kPX7On0FzBvsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDpzj= FssHGBEm8lkpChYpKvXSOC7ORLmJHqxGKFKtyTsvXBn1ejc4d2hd-2BHEvJ2coJGcZaF8C3BmTo= yAQmJ-2FTE68vJrgrElIE-2B5beRKtI0GlMo3zvRCNRMa58-2BKwjtp9wWOwbcTlPKWjD8eqBc9= y08QmZeUKs-2FHqdi03GR54Wc1JOeY-2BnBJY0FcvBpwkJaJQFqa5FAdvEXAXnvZtBEBR7WsVq0= il9TKY5kLVXClrVU8mu3KFJ5DzwUELo7muOuLlG8GjS-2BOpbMi20GbxZ6W5P5SGZTJvl3W3iqE= Ofx2shrKlrA-3D" universal=3D"true"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"right"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" style=3D"float: none; padding-left: 15px; "> <tbody> <tr> <td align=3D"right" style=3D"text-align: righ= t"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/658= 07.jpg" style=3D"border: none; max-width: 420px;"> </td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>Best,<br><br><a href=3D"mailto:kyle.w= alters@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Kyle Walters</a><= br> Analyst, Private Equity</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_575001" id=3D"n_575001" 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;"> AI bubbles to unicorns=E2=80= =94are European late-stage markets in fantasy land? </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 landscape for venture valuations in Europ= e has been mixed through 2025. The difference between AI and non-AI-related= companies has been stark, but not divergent enough to be deemed a tale of = two cities.=20 <br> <br> The broader environment has consisted of inc= reasing valuations across the ecosystem, with the biggest step-ups in Serie= s E+ startups. However, it is clear and well known that across venture, val= uations and activity have been buoyed by exponential, hockey-stick-like ste= p-ups for AI-related players.=20 <br> <br> The big questions looking into 2026 are ther= efore:=20 <br> 1. Is there an AI bubble?=20 <br> 2. If so, when will it burst?=20 <br> 3. And how resilient is the European venture= market without the crutch of bubble-like valuations?=20 <br> <br> We believe the answer to the first question = is yes, but the timing of a correction is unclear.=20 <br> <br> On one hand, European markets continue to be= underpenetrated compared to the US in terms of deal activity, check sizes = and density of AI ecosystems. This would suggest there is more room to grow= when it comes to European AI deal activity, rounds and valuations.=20 <br> <br> A correction is unlikely in the first half o= f 2026 if public market valuations continue to rally, especially in the US,= where players such as CoreWeave and Palantir have seen outstanding returns= this year.=20 <br> <br> On the other hand, we believe there may be s= igns of a correction starting to emerge, at least in Europe.=20 <br> <br> In Q3, the proportion of down rounds in Euro= pe overall continued to decrease to 14.9% from 15.1% in H1 2025. However, b= y vertical, AI and machine learning have seen a step-up in the share of dow= n-round deals in 2025. In Q3, this sat at 15%, up from 14.3% in 2024 and hi= gher than broader SaaS, which has seen 12% of deals take a down round so fa= r this year. </div> <div> <br><a href=3D"https://url6380.news.pitchbook= .com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWi= yx0YnBI8j-2FgIqQXLYKdH8JCUI5-2F7Aujh-2BopMUbOPXw-3D-3DJ6MQ_I3w5d9c01gkD8gLz= FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcbibIQcD71r6VRa8PSSiElt= R9er81gfTNzhZxTpLKDsagPlR7dJ53BVuonzv2Q-2FXgaSP7ZalOChVaGQCqrea4KmV4yzeF4lV= yuJqiX9-2FGBOooBK-2BDScfyko2eFJsHpiw5Yst5nA6ZvrnkQP1kPX7On0FzBvsO-2BlTLLWKB= gHPY0U4rDPKgthcrFAUeQEB6bDpzjFssHGBEm8lkpChYpKvXSOC7ORLmJHqxGKFKtyTsvU1x0Y-= 2FxwBPNS68pK-2FbOnwavvc-2F5PRq6w3PB9tR0GKFcwR1zFUVFka2hIiN4Be6mOxmP8-2F5m9n= CVAJ5C0rXplY0zmNg5-2F0Uypa9NmC2-2FitOE21hNurm-2F5wMPTm8mc6duCAmuN4fJ6pVeFq7= 7JZiys7KXgaL5TLfErS-2FPjIaL5E3JlN4bFYmvRFmVKaHdJu4N1O6qFBv0ky0eLKM2-2FcVtpz= -2B4E4yIYet162frnAifNvppk2PNStLVTRSiuLIvBo0qd4-3D" universal=3D"true"><img = align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/71558.png" = style=3D"border: none; max-width: 420px;"></a> </div> <div> </div> <div> The whisper of down rounds in the sector, con= trary to broader trends, could be a sign of things to come. Which leads to = the question of resilience for a non-AI-related European ecosystem.=20 <br> <br> YTD in Europe, we have seen a crowding out o= f capital for other sectors, with key areas such as fintech and life scienc= es losing share of deal activity to AI. However, there are still signs of l= ife, especially in the venture growth part of the market, where unicorn dea= l value continued to grow in Q3, pacing above 2024. The aggregate unicorn m= arket value has increased nearly 5% so far in 2025, as 14 new names were ad= ded to the herd.=20 <br> <br> By sector, half of the new names sit in the = IT space, with two in financial services and healthcare, as well as B2B. On= e was added in consumer, a sector where no unicorns had been added in Europ= e since 2022, and previously minted consumer unicorn Oura raised a $900 mil= lion Series E at an $11 billion valuation. This is all evidence that non-AI= -related startups are still able to scale and attract capital in Europe.=20 <br> <br> So, while sector bifurcation persists, with = AI-related companies now accounting for roughly 40% of deal value in Europe= , the ecosystem remains delicately balanced. Any shift in sentiment toward = AI valuations could reverberate across the broader venture landscape, testi= ng the resilience of non-AI sectors that have only recently begun to regain= momentum.=20 <br> <br> Read more in our <b><a href=3D"https://url63= 80.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B= aqM7ONnvsnswouzWiyx0YnBI8j-2FgIqQXLYKdH9AL62ptDyFatgyd7M6SPjA-3D-3DOqhf_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcbibIQcD71= r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ53BVuonzv2Q-2FXgaSP7ZalOChVaGQCqre= a4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko2eFJsHpiw5Yst5nA6ZvrnkQP1kPX7On0FzB= vsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDpzjFssHGBEm8lkpChYpKvXSOC7ORLmJHqxGK= FKtyTsvUWpHCUGY9ZnvraIIKTimDWOFLp7WAJ9EMb8Gn7nslT-2FL56ALGOIzBjnFm72-2FHniN= PwOgAG19LcOoFYSjIi7G350CBVEc5PgWiQs5K4QoXr1J-2F-2F-2Bzaifyfpu0qD-2FjFOC8LFW= C2sEFAvOfayRoeduNT-2FLuYt2N5VZe-2FHCfzZ6rFwmO7C9GEZ1rmQKcQc1pDBvBs5jyW8NoP-= 2BMo-2F68Cuuf3bGYRJ-2FgWFjbEmg6ptCgkLO2NlMbdWSC8XsLS2e6vx8xNY-3D" style=3D"= color: #1D5080;" test=3D"" universal=3D"true">Q3 2025 European VC Valuation= s 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/715= 59.png" style=3D"border: none; max-width: 420px;"> </td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>Have a great weekend,<br><br><a href= =3D"mailto:navina.rajan@pitchbook.com" style=3D"color: #1D5080;" test=3D"">= Navina Rajan</a><br> Senior Analyst, EMEA Private Capital</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Industry & Tech</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br><b= ><big><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWiyx0YnBI8j-2FgIqQXLYKdH-2BbOV= A7RDiUvqAmnNDWeDlQ-3D-3DXk2K_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3= t1yZbcbdWeUgFVa0m8PzsFcbibIQcD71r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ53= BVuonzv2Q-2FXgaSP7ZalOChVaGQCqrea4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko2eF= JsHpiw5Yst5nA6ZvrnkQP1kPX7On0FzBvsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDpzjF= ssHGBEm8lkpChYpKvXSOC7ORLmJHqxGKFKtyTsvW9LVTDgxTuBEKIZ7JYgWmor5ty-2B-2BaQYc= 7wlIgu2Zr6SZfRz9VUzlQ8jQkP-2FohHNCV1-2FBDZaV8qf7r0-2Bw3QJ5qtWaIG63QCMMup6ot= aA3Sb8u56BLQUOjtdimPG-2FlEp6fcgY-2B9YmsKcqAw-2B1QQ23ImFgiQqjAxMDuxQsBI9WVL-= 2Ffh9lLfHel7nbZXAHT7-2BQ1AnUjxbDiwiveGgFTbfhE7PdJbYKk6RrVT33qVJPNFUB4XRSATY= 65FcxBpmFeMXobLo-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"= >AI VC Trends </a></big></b><br><br> AI VC deal value in Q3 reached $54.8 billion= across 1,086 deals, up from $49.3 billion in Q2 but below the record $72.4= billion in Q1. Since Q4 2024, venture-growth rounds have accounted for the= majority of deal value, although late-stage VC deals narrowly led in Q3.<b= r><br> Horizontal platforms dominated capital forma= tion, tripling quarter-over-quarter to more than $33.5 billion, while verti= cal applications led deal volume with 663 transactions.</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-2BaqM7ONnvsnswouzWiyx0YnBI8j-2FgIqQXLYKdHiqUuNL0= 3dO9AlJ2nGRzOTA-3D-3DwCDl_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFcbibIQcD71r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ53BVu= onzv2Q-2FXgaSP7ZalOChVaGQCqrea4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko2eFJsH= piw5Yst5nA6ZvrnkQP1kPX7On0FzBvsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDpzjFssH= GBEm8lkpChYpKvXSOC7ORLmJHqxGKFKtyTsvX2GJbso4-2BiShOr9KR9DuOI8Lg6qXcf-2BVeY-= 2F351SiOxQrBmlNrps6L9CAKouqu13dUmBqQ1mWHRvDbdW21ttrsPYjdD9rvKRpM6COVH09waSp= wesOF58I2k7lQfWnxY9qpilXqCtTs3RGTSS7v5ZDZcmJ8Teb908ZL-2F26ybfspv5fLMCtaHjUb= aSuDWKYF89I9F1q5YDDamZclW5-2B04sTrKexOfxs2UrsNl7oQlc5aNH2s-2BpaXZWD2seZHhZJ= z0PHU-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https:/= /img.pitchbook.com/news/71582.png" style=3D"border: none; max-width: 420px;= "> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></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> Deal counts remained concentrated at the ear= ly stage. The concentration of capital at the upper end reflects the high c= ost of developing horizontal platforms designed to power the next wave of A= I applications across sectors and industries.<br><br> Valuations also rose sharply. Venture-growth= pre-money valuations jumped 95.7% year-over-year, signaling sustained inve= stor appetite for mature AI companies with scalable infrastructure. This wa= s underscored by Q3's largest deals: Anthropic=E2=80=99s $13 billion Series= F, xAI=E2=80=99s $10 billion raise, and Mistral=E2=80=99s $1.5 billion Ser= ies C.<br><br><em><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/c= lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWiyx0YnBI8j-2Fg= IqQXLYKdH-2BbOVA7RDiUvqAmnNDWeDlQ-3D-3D-1mF_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwar= HkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcbibIQcD71r6VRa8PSSiEltR9er81gfTNzhZxT= pLKDsagPlR7dJ53BVuonzv2Q-2FXgaSP7ZalOChVaGQCqrea4KmV4yzeF4lVyuJqiX9-2FGBOoo= BK-2BDScfyko2eFJsHpiw5Yst5nA6ZvrnkQP1kPX7On0FzBvsO-2BlTLLWKBgHPY0U4rDPKgthc= rFAUeQEB6bDpzjFssHGBEm8lkpChYpKvXSOC7ORLmJHqxGKFKtyTsvVrTMfoTTQ0aSqOBI7GYrE= wb5kBQpu3BkYyHAY8KU32JkoPgLqf76t3Ak7qYdYkxIxvQjV3XjOodQ8BviXbph6VwBfOOTUyHj= Lx4YX0Kohbbuj8cKt08lKJYoeIbdU4y14zGnr90cgWTInUs2D-2FJ7TQRoLUOzNQjHxG6hwy-2B= dn5mFCpMakCuQyH6dY6bssyyAhINzL-2F7vi7I8YxLTlj57inVzUDwwt5i3zJyrvSOBl-2BPE5P= qdF6XRyLRwfbn3-2FpmgE-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"= true">Read the report</a></b></em></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </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>Market Updates</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br><b= ><big><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWiyx0YnBI8j-2FgIqQXLYKdHD0Pu-2= BVpiFRU48Uk5mITYMg-3D-3Dx45a_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3= t1yZbcbdWeUgFVa0m8PzsFcbibIQcD71r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ53= BVuonzv2Q-2FXgaSP7ZalOChVaGQCqrea4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko2eF= JsHpiw5Yst5nA6ZvrnkQP1kPX7On0FzBvsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDpzjF= ssHGBEm8lkpChYpKvXSOC7ORLmJHqxGKFKtyTsvWHeayC0skXO5Ql6snIuvJPHeoO50dx3TSEOx= pzDEVNDtE3zT-2Bf7uk0brsJM6m4thk2jbUznr-2B-2BCeQQjIpM5frnMRXPR1A9x0tRh8vuUGr= ll1-2FXOXBvoF6RJlykrq6EoCdXcBNxFNKDKQZXvmTJYFz4MVbwDPLAZqbqksVRfq6Qtm9gNKzV= QiJUc0esCCJmtpo8DSnotll9XRT909fJHDVas0PnRpKLhVXSe0rQZFgwhbTlqTcQJ9IossO7GO7= xHfc-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">European Le= veraged Loan Default Monitor </a></big></b><br><br> This newest European Leveraged Loan Default = Monitor contains a new default rate for Europe=E2=80=94one including liabil= ity management exercises.<br><br> It finds that the use of LMEs by European bo= rrowers is increasing as the process migrates from the US market, where ins= tances of coercive balance sheet maneuvers for the benefit of a chosen few = have disrupted the status quo for lender recoveries.<br><br> In this evolving landscape of leveraged loan= defaults, the new report shows a preponderance of distressed exchanges and= LMEs since central banks globally began hiking rates in 2022.<br><br><em><= b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n= 73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWiyx0YnBI8j-2FgIqQXLYKdHD0Pu-2BVpi= FRU48Uk5mITYMg-3D-3DJZz-_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZ= bcbdWeUgFVa0m8PzsFcbibIQcD71r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ53BVuo= nzv2Q-2FXgaSP7ZalOChVaGQCqrea4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko2eFJsHp= iw5Yst5nA6ZvrnkQP1kPX7On0FzBvsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDpzjFssHG= BEm8lkpChYpKvXSOC7ORLmJHqxGKFKtyTsvXXTuoRtw5391XEcCjK6VK9vgtdmdM9qRyL2qUk-2= F-2FBshYAEd-2BELl0J-2BTFwo52Uob7X-2Bc69cffuko-2FpAs7GiqZ-2FCfEiJzgAtXQOKys-= 2FXDXO4ywklXIuTIIoX-2BhUzMY4PpV-2FpyAeBFeo-2Boxbe-2FqUhMiaLCS1xpsvqCW-2BLcc= i3eh3fjXj3EcpoIAYXzF7dXjsJq-2F5gs3-2B-2F2g4dw9Y2yK-2Fmf9-2Bq82W5eu03QpBHOii= LpeWgHmpA9sWg9ynok9lcnB5Z2ZI-3D" style=3D"color: #1D5080;" test=3D"" univer= sal=3D"true">Download it here</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"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>In the News</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> Our insights and data featured in the press:= <br><br> =E2=80=83=E2=80=A2 Defense-related startups = received more than $19 billion of VC funding in Q2 2025, up 200% from a yea= r earlier. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du0= 01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWiyx0YnBI8j-2FgIqQXLYKdHVoG7= 6I3rIy6GzR6FrXXhGQ-3D-3DKfYa_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3= t1yZbcbdWeUgFVa0m8PzsFcbibIQcD71r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ53= BVuonzv2Q-2FXgaSP7ZalOChVaGQCqrea4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko2eF= JsHpiw5Yst5nA6ZvrnkQP1kPX7On0FzBvsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDpzjF= ssHGBEm8lkpChYpKvXSOC7ORLmJHqxGKFKtyTsvWoT5mbtm06g9PYHo19msGtHsEAJ0M39IKq5t= NOJYEOxyVAxpnWP-2FpCFwtEXvywhjgUwJb57Vj-2BDbJpjcMgg-2FEeYyG6yOQ7P9f1gw7jjoa= j0T3IR-2FcsTGfcBk0O2EePxJSeG6FvkGs2bHCRJzbqaWl8aI9W4D3xWVugqZRmwN7N7UPPmRW-= 2FtuE-2BB0WHE5ZZQ99JA3-2Bpg1eBs0Mhi8ZKICqh-2Bg2kMEqcquXFqDZeTR7Eh8jH9qYYfU3= kFFWK4-2F8cm2Y-3D" style=3D"color: #1D5080;" test=3D"">Bloomberg</a>]<br><b= r> =E2=80=83=E2=80=A2 There are 1,600 companies= globally valued at $1 billion or more. [<a href=3D"https://url6380.news.pi= tchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou= zWiyx0YnBI8j-2FgIqQXLYKdHagC2mE9IJnIy-2FKbHkmdxbw-3D-3D6RW3_I3w5d9c01gkD8gL= zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcbibIQcD71r6VRa8PSSiEl= tR9er81gfTNzhZxTpLKDsagPlR7dJ53BVuonzv2Q-2FXgaSP7ZalOChVaGQCqrea4KmV4yzeF4l= VyuJqiX9-2FGBOooBK-2BDScfyko2eFJsHpiw5Yst5nA6ZvrnkQP1kPX7On0FzBvsO-2BlTLLWK= BgHPY0U4rDPKgthcrFAUeQEB6bDpzjFssHGBEm8lkpChYpKvXSOC7ORLmJHqxGKFKtyTsvU9-2F= AOAzCZU5ysux-2Bdte78LdcR731yPqP1bfgq90KmzNqHXZkXjAzB8PqCruiWtd453JDDht75Ti4= YA0GrEZD-2BxAXbFH-2FSiNVC0HlHMwPdY-2FEvh-2F4Rh-2B5ibA8c-2Fm26qLW19PKdUgJADo= BF-2B8B3IiRobGBVTTAnB8dcRGxZhqSiWkmiXKO2lC94w-2Fu4wQsN1cnLaqgcNLOUHb1KTDiHZ= uAWkmQLZmr59TrKNJEGX4LSXZZCvAl-2FA0VXkffvjhVUrsVQ-3D" style=3D"color: #1D50= 80;" test=3D"">Bloomberg</a>]<br><br> =E2=80=83=E2=80=A2 =E2=80=9CEverything is se= t up for a much more positive year (in 2026), because multiples are still p= retty strong for tech in the public markets,=E2=80=9D said Kyle Stanford, P= itchBook director of research for US VC. [<a href=3D"https://url6380.news.p= itchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo= uzWiyx0YnBI8j-2FgIqQXLYKdHb4t6CmDLFW5f2KpPVtENiw-3D-3DzQ36_I3w5d9c01gkD8gLz= FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcbibIQcD71r6VRa8PSSiElt= R9er81gfTNzhZxTpLKDsagPlR7dJ53BVuonzv2Q-2FXgaSP7ZalOChVaGQCqrea4KmV4yzeF4lV= yuJqiX9-2FGBOooBK-2BDScfyko2eFJsHpiw5Yst5nA6ZvrnkQP1kPX7On0FzBvsO-2BlTLLWKB= gHPY0U4rDPKgthcrFAUeQEB6bDpzjFssHGBEm8lkpChYpKvXSOC7ORLmJHqxGKFKtyTsvUnjIFa= -2BUcxbVmiwLV84Xu-2F8XAhXTKQDCSet-2FGw0Zi-2BMAeFglpKlxb2Sc8Z4uurzPSA26B6Vnl= V4qhgUl-2FwfG4NKNs4EOAmSwb4yVLhyf86AOje9O9JmU3aM8ELTUQZ7VMbbjPLAnLw5-2FHqDg= BER4A741wG27TqxssLlWBOJ2ivCuv8f6KFj9i-2B8eG5pG3bIohFciTX1DZ43JGS8Xpft6KZ4KB= PRZixa5ej6dXqGm4pJajQJcvkRAtf-2F9wHyse1UDo-3D" style=3D"color: #1D5080;" te= st=3D"">Fortune</a>]<br><br> =E2=80=83=E2=80=A2 The average cost of loans= used to finance M&A deals dropped by about 1.6 percentage points in th= e 12 months to Sept. 30. [<a href=3D"https://url6380.news.pitchbook.com/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV00iYyP6XymE68= DDa9mmBDGAl2yIMftfpApJiAVCY7OA-3D-3DoQzQ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkx= BRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcbibIQcD71r6VRa8PSSiEltR9er81gfTNzhZxTpLK= DsagPlR7dJ53BVuonzv2Q-2FXgaSP7ZalOChVaGQCqrea4KmV4yzeF4lVyuJqiX9-2FGBOooBK-= 2BDScfyko2eFJsHpiw5Yst5nA6ZvrnkQP1kPX7On0FzBvsO-2BlTLLWKBgHPY0U4rDPKgthcrFA= UeQEB6bDpzjFssHGBEm8lkpChYpKvXSOC7ORLmJHqxGKFKtyTsvVS0-2F7Lw9URve0HihG4qsvP= s5wRMdw4manCkTGdrWTTStHSjM8403kan0VgqmUl-2FLP8j4TX5X0KGeYFJaZnm1QZtYhHc-2Bv= 74W0O-2F6-2BJ66LfZ4A055TuhL-2FkMlOsvg8GeOiMXNNi1tqAfTSnLMfaJppzJyONPu6ewnt4= vXHst4loe1xiY9S-2BgtUZvkZ39VLGODOZltE2BiYyFTVmMGDJnGOutHIdHyPxpu-2Bht8siJ6M= Zf9VjUuSMEt7u-2FkhIfpskls0-3D" style=3D"color: #1D5080;" test=3D"">Reuters<= /a>]<br><br> =E2=80=83=E2=80=A2 US nuclear ventures have = received more than $4 billion in 2025, versus closer to $500 million in 202= 0. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73= BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV00iYyP6XymE68DDa9mmBDgemTsyQQuIK2vs= -2FJGmTHoQ-3D-3D4_kb_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbd= WeUgFVa0m8PzsFcbibIQcD71r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ53BVuonzv2= Q-2FXgaSP7ZalOChVaGQCqrea4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko2eFJsHpiw5Y= st5nA6ZvrnkQP1kPX7On0FzBvsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDpzjFssHGBEm8= lkpChYpKvXSOC7ORLmJHqxGKFKtyTsvX5cbCWoUPsDp-2BmDOjDqFtoMc6QAhdvAO7RDi97WaeU= DWqhu-2Bi21XtllehFBoIF6ss7mrO0D7zn6TeMA-2B23wAkL4ENY5AvQHnEZBlX698ApPj7MRqB= Db04SE5luZF1F6ii1LK-2BPQoq-2FaoiUr0fJzlNJP7FNdCZP5Q-2FZiTS6QdD-2FgJK-2FzrrS= Z4Rp7rfv2Q4s73cCg8WfH2p-2FIVqc0GK-2Bxy52Mt98gbgUdk4MnW8dnSObzi03vMh5BEe6FcT= TLostAAQ-3D" style=3D"color: #1D5080;" test=3D"">Forbes</a>]<br><br> =E2=80=83=E2=80=A2 Private-markets managers = launched more than 250 evergreen funds since 2022, including a record 77 so= far this year. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV00iYyP6XymE68DDa9mmBDD= pE25pBXFXQKcD29F5j4JA-3D-3D9H90_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-= 2F3t1yZbcbdWeUgFVa0m8PzsFcbibIQcD71r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7d= J53BVuonzv2Q-2FXgaSP7ZalOChVaGQCqrea4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko= 2eFJsHpiw5Yst5nA6ZvrnkQP1kPX7On0FzBvsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDp= zjFssHGBEm8lkpChYpKvXSOC7ORLmJHqxGKFKtyTsvUusWjuyfGhBZXOOrfGpRm5OuSIVrdOSEt= vGf2nW4iX27TYFm8GSTpxg1gAs0NysMv-2BSU86PL-2BiWKdF2QWh7h2TGbB-2B4a8D-2BlvW0A= khdeSR2fJwJ9-2Bz9LIHlHb8H9b-2BggnWBnWesY8k5h4yh7LoAmXR9zRds7GV-2BOqiT1-2Btz= HdoVCHKaRKnv9GbjRh8d4CiPo-2FGukbVFVk2IzRl70fuLzVWWB3lPM9XEslSsURHxz2HQVmOZS= R6F2TyqvU7vsyl3uQ-3D" style=3D"color: #1D5080;" test=3D"">The Wall Street J= ournal</a>]</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Webinars & Events</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Jan= uary-February</b>: Our new global outlook series is coming to London, Singa= pore, New York and San Francisco. These events will bring global thought le= aders to the stage to discuss private market trends from 2025 and forecasts= for 2026. <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3D= u001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV00iYyP6XymE68DDa9mmBD-2FK= mUUEY4djLbIFzJlNpPSg-3D-3DwGxl_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2= F3t1yZbcbdWeUgFVa0m8PzsFcbibIQcD71r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ= 53BVuonzv2Q-2FXgaSP7ZalOChVaGQCqrea4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko2= eFJsHpiw5Yst5nA6ZvrnkQP1kPX7On0FzBvsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDpz= jFssHGBEm8lkpChYpKvXSOC7ORLmJHqxGKFKtyTsvWWGx0Pj1OIiR7OxAgor8ErPtkQ31sbZtdZ= -2Bf6ajwaQ9Y8PTFk-2Bl2pNVlQjTle8gvhPZAIO73CHwqlSlzDCTc0WfjeqisJPO9HpHE1t0BX= sUuqw4E48Qh3vGU93R-2F3juGp1FRgJIaHbXX9Yhh2nO-2FNv-2BRtp1qXndddF24bOGFl3tpZQ= 2H1FWeeP-2FhCu432XVkj3ZLkhc7cvpJaWFTiDJE2RPiun4SydCLosMmyoF2IDcItRWqf33cu61= qyP8gc2LLI-3D" style=3D"color: #1D5080;" test=3D"">Register here</a></b>.<b= r><br> Can't make the in-person events? We've got y= ou covered with a 2026 Outlook webinar series. Sessions will focus on US le= veraged loan & private credit, US VC, EMEA private capital APAC private= capital and US PE. <b><a href=3D"https://url6380.news.pitchbook.com/ls/cli= ck?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV00iYyP6XymE68DDa= 9mmBDLCneRwrEWNqjXDy4z5sBUw-3D-3Dt7_e_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRF= Cfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcbibIQcD71r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsa= gPlR7dJ53BVuonzv2Q-2FXgaSP7ZalOChVaGQCqrea4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BD= Scfyko2eFJsHpiw5Yst5nA6ZvrnkQP1kPX7On0FzBvsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQ= EB6bDpzjFssHGBEm8lkpChYpKvXSOC7ORLmJHqxGKFKtyTsvXEodH31hzledlv7pRakeQoQop8c= N-2FTrJ6LIqJEdO7tggs7JxZT3uHeqR5pgUYHpQ0r0KF7aFdPrbkrS2bqjvckxIASCUKqjYIPCt= 2R0gHc1ksFKZTBzpBEZyx6hL-2Bo4WOyFwaA1o89EYg9xHPAKuyGQXRl1rn-2FkKAwZh-2FkFBr= L9DUPm8S1tdSITGMjJaG3OTB60rL86DeKYE2kez5D-2B-2FeEOvHe6GCOGGZo2S1ztFIeEWD1nt= pIlOkeQjIisoR34MQ-3D" style=3D"color: #1D5080;" test=3D"">Register here</a>= </b>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>ICYMI</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> More of our recent research (* - premium):<b= r><br><b>Market updates</b><br><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzV00iYyP6XymE68DDa9mmBDLa2acz-2BsUhnop76fjd1AtA-3D-3DIM85_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcbibIQcD= 71r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ53BVuonzv2Q-2FXgaSP7ZalOChVaGQCq= rea4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko2eFJsHpiw5Yst5nA6ZvrnkQP1kPX7On0F= zBvsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDpzjFssHGBEm8lkpChYpKvXSOC7ORLmJHqx= GKFKtyTsvXD29F-2FzPCMRwppbpsWYISFK-2Be4MYUAhV7BZBK-2Fa2NpmyjRVHNBIyaWWl8rhp= GJrgnDg1tIB0abNUbLREeeq-2Bhjr2vgUxwpCiPaD8aMyLpmKH-2FATrY6bJwOrOHTN01CcOeVW= zyBeRj5q9b-2FU6R7Llnf9laVeaVkUWzpFNbYzRYhR-2F9OJSGYNC4U-2BBPYUiY9gsjB1tv7cA= a9ouU9evmyAJFklgc2sw4KV2sD4Z0rtbD9UdJBTHnqEGiaHiFZVWqJ9-2FI-3D" style=3D"co= lor: #1D5080;" test=3D"" universal=3D"true">Q3 US VC Secondary Market Watch= </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-= 2BaqM7ONnvsnswouzV00iYyP6XymE68DDa9mmBDOnyLYNMqXELwmHR3MNqe-2Fg-3D-3DiSkW_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcbibIQcD= 71r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ53BVuonzv2Q-2FXgaSP7ZalOChVaGQCq= rea4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko2eFJsHpiw5Yst5nA6ZvrnkQP1kPX7On0F= zBvsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDpzjFssHGBEm8lkpChYpKvXSOC7ORLmJHqx= GKFKtyTsvUMRvbbkMKIdYZB9DwCfact5KLv-2Fvsh5rcG3qtMHDPJFnTqNmx-2Fb1Ru1kYNZOp5= ttcMP7Wc3M0S1c-2FUCL123j-2FLSMWy19lxujrLC3grduM78IPN3w8bo7dm5zfnDImcH2RMi3B= b6KYlyZGAs0N4M-2FgwerCHrTCo74NTxM-2Bx1f1sdezGBTDFiRL2VMeKBMtUijJShRoZ2y71Di= xd5iUmUVdDVg0ID6gKl-2Bs-2FVB6AARqVSe-2BUOJz8EgjGVgfdq4LRlcg-3D" style=3D"co= lor: #1D5080;" test=3D"" universal=3D"true">Q4 Quantitative Perspectives: B= alancing 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-= 2BaqM7ONnvsnswouzV00iYyP6XymE68DDa9mmBDrecOUK89q4ZFWQynzpBIBw-3D-3DwmKg_I3w= 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71r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ53BVuonzv2Q-2FXgaSP7ZalOChVaGQCq= rea4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko2eFJsHpiw5Yst5nA6ZvrnkQP1kPX7On0F= zBvsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDpzjFssHGBEm8lkpChYpKvXSOC7ORLmJHqx= GKFKtyTsvUzigLl-2B-2B8wjprUtLWXNl43WPbiHLLoxuECHEdxkxJQ9MlrshuovDDVCiPxiDcJ= ZkRsKmM-2BWuZIrFWdgKYl2qoMt94F-2B20tnJw1C1uc1YqXIdiK41OD4zJn-2FlQQ45qkhx17p= B6sCfobg6Kieot924ZVD0ghtao5cpYGEaDOfMeWHHlj-2FlS2U2Y3hMLo-2Bsj8AflBRYazqXVz= hVJRwnGigQgJKRYu2Vr-2BAxm0ofgfVpKzpqLfkAxHLvXQdym4RCjiI0U-3D" style=3D"colo= r: #1D5080;" test=3D"" universal=3D"true">Q3 Healthcare Services 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-= 2BaqM7ONnvsnswouzUjnc-2Bygbc6FteZwHhZOidV-2FEgBRoLjNQ7aiKCheKlOEg-3D-3Do0uH= _I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcbibIQ= cD71r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ53BVuonzv2Q-2FXgaSP7ZalOChVaGQ= 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universal=3D"true">US Private Credit & Middle Market Weekl= y Wrap</a></b><br><br><b>Coming next week (subject to change)</b><br><br> =E2=80=83=E2=80=A2 Q3 Foodtech VC Trends<br> =E2=80=83=E2=80=A2 Q3 Global Private Market = Fundraising Report<br> =E2=80=83=E2=80=A2 Q3 Emerging Tech Indicato= r<br> =E2=80=83=E2=80=A2 November 2025 Global Mark= ets Snapshot<br> =E2=80=83=E2=80=A2 2026 US Venture Capital O= utlook<br> =E2=80=83=E2=80=A2 AN: Australia Market Snap= shot<br> =E2=80=83=E2=80=A2 2026 Healthcare Outlook<b= r> =E2=80=83=E2=80=A2 2025 Japan Private Capita= l Breakdown<br> =E2=80=83=E2=80=A2 2026 US Private Equity Ou= tlook<br> =E2=80=83=E2=80=A2 Q3 Pharma Biotools VC Tre= nds<br> =E2=80=83=E2=80=A2 AN: Gaming Trends in Emer= ging Markets<br> =E2=80=83=E2=80=A2 Q3 2025 Aerospace & D= efense Report<br> =E2=80=83=E2=80=A2 2026 European Private Cap= ital Outlook</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; 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width: 24%= ; min-width: 24%; text-align: center; flo= at: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 495 </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;"> 1876 </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;"> 859 </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;"> 12 </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; 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