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Edit File: 1764411039.M344316P475558.server-619288.prediksijaya.com,S=135322,W=137815

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Date: Sat, 29 Nov 2025 10:09:43 +0000 (UTC)
From: PitchBook Research <news-noreply@news.pitchbook.com>
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Subject: Alt giants broaden the strategy set
To: most@ponjosonek.com

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orgia, serif; font-size: 44px; font-weight: 500"><span>The Research Pitch</=
span></td>
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ans-serif; font-size: 24px; font-weight: 300; padding-top: 9px;"><span>PE, =
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ans-serif; font-size: 14px; padding-top: 11px;"><span>Presented by <a href=
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pSWIrf6GFa-2BaqM7ONnvsnswouzVkKRWW-2FdqSOSZiO3oY2tndYEnqAci5P81xbNytf-2BAZm=
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target=3D"_blank" style=3D"text-decoration: underline; color: #1D5080; font=
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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=
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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">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>A message from the U.S. National Science Foundation</spa=
n></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_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"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table>The U.S. National Science Foundation =
invests in the future today. America=E2=80=99s Seed Fund, powered by NSF, p=
rovides up to $2 million in non-dilutive capital to early-stage startups co=
mmercializing transformative research in AI, robotics, quantum, biotech, an=
d more.<br><br>
                               NSF derisks these deep technology ventures, =
positioning them for follow-on private capital. In 2024 alone, 255 startups=
 received their first round of funding from NSF. Most had under 10 employee=
s, were newly formed, and are now working to bring their innovations to the=
 market.<br><br>
                               NSF funding gets these high-potential startu=
ps ready for growth. From 2016 to 2024, the startups funded by NSF saw 300 =
successful exits and more than $20 billion in follow-on private capital.<br=
><br>
                               Explore the next generation of science-backe=
d startups at <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3D=
u001.d4n73BrX4Cuylw7SpSWIrf6GFa-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">&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_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&nbsp;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>
                              &nbsp;
                              </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&nbsp;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"=
>&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">
                              <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"=
>&nbsp;</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>
                              &nbsp;
                              </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"=
>&nbsp;</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">&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-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"=
>&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>
                               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">&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>Market Updates</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-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">&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 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&amp;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">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Webinars &amp; Events</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>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 &amp; 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">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>ICYMI</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br>
                               More of our recent research (* - premium):<b=
r><br><b>Market updates</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
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=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcbibIQcD71=
r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ53BVuonzv2Q-2FXgaSP7ZalOChVaGQCqre=
a4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko2eFJsHpiw5Yst5nA6ZvrnkQP1kPX7On0FzB=
vsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDpzjFssHGBEm8lkpChYpKvXSOC7ORLmJHqxGK=
FKtyTsvWiiuVfyMORcjq-2B8DmkigDjnQ8ulb-2BW4d4NC07ISKk5XraD10EWteP4XAVedHEcaV=
-2FUS5i-2FS9YhykI0T3q5bNex-2BYubYkkOipUysDMz-2BJy38OcmZONmg7P4TNfgmUZDG8G7p=
Kb4zZwn9xMoWXEfrKZeEqZy-2BLLqTxLKP06utSwapZNZM9hXqJFwdBMYWEI-2B9YpCvvFlHlSU=
rmlKeXZV6E6GYYEOYeP00V-2FapFyFw7p3-2BsVnZmYp3IMTXIm2gux2qPQ-3D" style=3D"co=
lor: #1D5080;" test=3D"" universal=3D"true">Takeaways From the SuperReturn =
Secondaries North America Conference</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-=
2BaqM7ONnvsnswouzV00iYyP6XymE68DDa9mmBDxTqFB2NEDR5hlqxw-2BwZL2w-3D-3D0EnK_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcbibIQcD=
71r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ53BVuonzv2Q-2FXgaSP7ZalOChVaGQCq=
rea4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko2eFJsHpiw5Yst5nA6ZvrnkQP1kPX7On0F=
zBvsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDpzjFssHGBEm8lkpChYpKvXSOC7ORLmJHqx=
GKFKtyTsvX5CHP3KCTp4Z3Qm-2FxoPi-2BpO6mJShUPgzlI4QIvJ3nnN9LXFXAGVjELpRrJZQOB=
mFk98bqMgIdkSPd9Ey-2BMD9764mb1WKUZOLk63phCo8gO5e4I3dwnHfiKQU7pNAQTYBDx05wgX=
01GO-2FHbGFRRARW-2Byn-2F3NrA9g-2FUHNjff-2B4lb3LLsEwQHOKZ0HpcSyWrnvs7gjhiFhr=
cWbe0EG8GLt-2B8HJFeFycZtLQPCkGrhUqcHd1PrGBJFp6pgmKATj8bPTQ8-3D" style=3D"co=
lor: #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-=
2BaqM7ONnvsnswouzV00iYyP6XymE68DDa9mmBDWgxFFv3HM9iqTwiloQElOQ-3D-3D4dAU_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcbibIQcD71=
r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ53BVuonzv2Q-2FXgaSP7ZalOChVaGQCqre=
a4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko2eFJsHpiw5Yst5nA6ZvrnkQP1kPX7On0FzB=
vsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDpzjFssHGBEm8lkpChYpKvXSOC7ORLmJHqxGK=
FKtyTsvVfwwBEonNcRb3l5-2ByOm6UxEGo49Y6z-2FlVm7NZuwYX2Aa28OMBbOs8IKqt-2FaBJL=
ebxVEYhzzpS5TOjmbztRFHX0ySS-2Fh3RFPMofZeeYthMzXzdEnlqzCGHZLiaLAV22rUopigknb=
Zkjps2E5P7gBwYwdemA0Br5LvQB5VtV9W-2FXRr2SCXi-2Fpkc1eC-2BglcP8Mj8fqRbtB8qrox=
zolJrRQeRdneymW7-2FB8SIowCk9c6euiVz4iMASe3r0dLc4u1wWD-2Fw-3D" style=3D"colo=
r: #1D5080;" test=3D"" universal=3D"true">Should Seed Investors Ride the Hi=
gh and Pay the Price?</a></b><br><br><b>Industry &amp; tech research</b><br=
><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzUjnc-2Bygbc6FteZwHhZOidVbxGZDE2fBPaOnsrFOsQOIQ-3D-3DkIFk_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcbibIQcD=
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=
Cqrea4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko2eFJsHpiw5Yst5nA6ZvrnkQP1kPX7On=
0FzBvsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDpzjFssHGBEm8lkpChYpKvXSOC7ORLmJH=
qxGKFKtyTsvUquVlIM4OQomruUsxypB6pS1h1RFbrznH9GhNdC8PZo-2BfEr3cLhSYfwIi6Dc86=
WCSKJmw8Bo-2FBKXtNMdJ-2Fcav3JpWAKrjWyAIh8docQE04whpC-2FchnpkNkZsRJ5HDA6zsqm=
y1blRf1EeOO-2BbKyau49mX7oxfNH2tHQ0-2BdEko5VZ45Hv-2B-2FMrWL1BrMwc2rh4zFfyy8p=
PyjbCKvUGIO7hsK-2BkXzWrC7zA2S3XmgmtWaRFbBTGe7rNMYIDLqYrWaXc8A-3D" style=3D"=
color: #1D5080;" test=3D"" universal=3D"true">Q3 Construction &amp; Enginee=
ring 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-2Bygbc6FteZwHhZOidVmIqyHUwjCBvuWfVu5hdIjQ-3D-3DC0Vh_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcbibIQcD=
71r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ53BVuonzv2Q-2FXgaSP7ZalOChVaGQCq=
rea4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko2eFJsHpiw5Yst5nA6ZvrnkQP1kPX7On0F=
zBvsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDpzjFssHGBEm8lkpChYpKvXSOC7ORLmJHqx=
GKFKtyTsvVoyVH5NLYfgMaaq-2BgGULoS203cHGlLfDe0Kfvh6OrPc32MtY-2B8i17v63DCiHxU=
Ro-2B6VF-2Bp91JxjgKy1kLmOsrtdx9XUrWACjdvy6L59rP7Bn-2FLQIJIKFL2Y5ZkJFg9C24CA=
S15dsA6iKywS808BszwVSvWsG1Lz8ZZrWT7OFrxZrdKwp0v8nvGKa-2BkLlG8Uu2OAhenBm8lvC=
RW8HmmQBxO-2BzOdHaqjmgmtcAzyyKEaFqWxmcOuEAo-2FWDSZB4pxPvI-3D" style=3D"colo=
r: #1D5080;" test=3D"" universal=3D"true">Enterprise SaaS VC Trends</a></b>=
<br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzUjnc-2Bygbc6FteZwHhZOidVQHMaEtVJgfeP4-2BXsF-2Fposw-3D-3DKA=
l-_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcbib=
IQcD71r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ53BVuonzv2Q-2FXgaSP7ZalOChVa=
GQCqrea4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko2eFJsHpiw5Yst5nA6ZvrnkQP1kPX7=
On0FzBvsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDpzjFssHGBEm8lkpChYpKvXSOC7ORLm=
JHqxGKFKtyTsvXgSqLvS00G9qHvekiiZRF7MbxCgky41oQmGWJusdwGyKTa80kjS8UJsoUH6TlV=
G4c0tciKY-2F1kIOeyZemAJb2JgyP9ahAFox64qR05jxo-2BBGOYSPvP0RJzesDXzbhzI-2B2Fg=
UrGPb2d1ggCcUdrlVEr7Xze5td5rPuiA2Q6OgGf-2FNx6HdWvp0-2FaG9BOasKu6aE7apt-2FPY=
W7loG0gaNl-2BD-2Bd-2BjFwNaWlZiS7xeiW7jqeUBmtTaVpJXhJESKQ1-2B1WY4Y-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">Healthtech 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-=
2BaqM7ONnvsnswouzUjnc-2Bygbc6FteZwHhZOidVahckwo5YgoECsvkM-2Fmp5wQ-3D-3Dk474=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcbibIQ=
cD71r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ53BVuonzv2Q-2FXgaSP7ZalOChVaGQ=
Cqrea4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko2eFJsHpiw5Yst5nA6ZvrnkQP1kPX7On=
0FzBvsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDpzjFssHGBEm8lkpChYpKvXSOC7ORLmJH=
qxGKFKtyTsvVZeBggYXN-2FF-2BfNsEJwJECQTYwAB7cpUpIt1gxvdMZ51-2BuSui2rMHidgnqH=
yD9NtUveiuWWr-2BUVEgh7NbeNs8YiUmsVev95KbNEwwOAfTAAz60Q0XTwRuJo5Gp1tgkfo2NCu=
VTURGW-2BxA4jENztSddr8C2anpylLY0ruEPxWtXUqqIbzhPjh2Bc0iNI1u9pUeR6hrKv-2BHUE=
F-2BDX-2BS8oVCbLzefRFmZ5aajY-2F1rMQEyMc4yMOTkjfp6pgvTqPPuySSU-3D" style=3D"=
color: #1D5080;" test=3D"" universal=3D"true">US Credit Markets Weekly Wrap=
</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzUjnc-2Bygbc6FteZwHhZOidVJYJuCMaLl6D97JZN4EjpPA-3D-3DTXyf_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcbibIQcD=
71r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ53BVuonzv2Q-2FXgaSP7ZalOChVaGQCq=
rea4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko2eFJsHpiw5Yst5nA6ZvrnkQP1kPX7On0F=
zBvsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDpzjFssHGBEm8lkpChYpKvXSOC7ORLmJHqx=
GKFKtyTsvXfh9dTafEyY588zrXozVHKd9rPs-2BeomWUelZJ1wtk6sqskJP43NSOj-2F9-2BLkb=
QRQ0Hv7-2B0QD4QwpTDxl1KD-2FUd0fEjdBOPjE7UUBHChvsZfnkP-2FaJBGhsQf8IyE1K86-2B=
60rEGX2r4gEnWqqT-2B84IaYQBjZ1-2Bl6ojchwIx6mP13kQLP2ynyquqIrpxlkvlM9bXat0YFi=
9bvgUGcTadDIs80ELvky3-2FLZCPUtvMZoM6Quw5CHqr-2Fb04a2F25yHgbncAs-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">US High-Yield Bond Weekly=
 Wrap</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzUjnc-2Bygbc6FteZwHhZOidVNAQWem416riwuJzavOAEzQ-3D-3DjQWM_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcbibIQcD=
71r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ53BVuonzv2Q-2FXgaSP7ZalOChVaGQCq=
rea4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko2eFJsHpiw5Yst5nA6ZvrnkQP1kPX7On0F=
zBvsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDpzjFssHGBEm8lkpChYpKvXSOC7ORLmJHqx=
GKFKtyTsvVq5f-2F01bijRK9jbOR4dKihve5DTYx-2BfFCQ6EDk6NW1U-2FINvo4Vn-2FwbSzDF=
kJXhpg8uUHZMTUFlp9k9GzwzoAVQs0ywOcoiTA80AeDGAAm7e6cTew5XTnS4ZiWo7qYEodyc7Qt=
aC7nxQocH9T6epXNM-2FahbGjdBpa3HnJUhFOej8Km8xtCShZ2rUjP6tC5-2F6b-2Bbk89PF-2B=
MNSNuuNVm5Et0Srgf5x36LUOc0ZFG-2BXZQnfm11Lt4r7ozn7SkklE2cisk-3D" style=3D"co=
lor: #1D5080;" test=3D"" universal=3D"true">Global CLO Weekly Wrap</a></b><=
br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzUjnc-2Bygbc6FteZwHhZOidVXI9bGA4-2BmL6L7KEPl3LAgw-3D-3DgE2F=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcbibIQ=
cD71r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ53BVuonzv2Q-2FXgaSP7ZalOChVaGQ=
Cqrea4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko2eFJsHpiw5Yst5nA6ZvrnkQP1kPX7On=
0FzBvsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDpzjFssHGBEm8lkpChYpKvXSOC7ORLmJH=
qxGKFKtyTsvUGVHdfHBekHfwc-2BqLOZrYpGutQXXuGdmrtmhggw-2FYI3QGNz2pNFbuWaNCU3h=
lGS3fXfnaME8aGDG9q-2BW4evxayBpn9Igg3GcOGXPHdH9Dt6cjw9a-2BKdjnlRZMTfblAuh82W=
3a5KLvv5Fdj1R5GWxvEc78S1AXf-2BOvgnipo0IiSrWeLHlwv46385Ys-2FoynOCae-2B5sf9cV=
eIf8m0HSBuoIowYTZKJ3d7lATMaTBpf1lc7OUcjrL1ofmK8OJL0BwUS10-3D" style=3D"colo=
r: #1D5080;" test=3D"" universal=3D"true">Global Distressed Credit Weekly W=
rap</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzUjnc-2Bygbc6FteZwHhZOidVOW6IEujGZi3n4ONtpYPxvQ-3D-3DAVEQ_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcbibIQcD=
71r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ53BVuonzv2Q-2FXgaSP7ZalOChVaGQCq=
rea4KmV4yzeF4lVyuJqiX9-2FGBOooBK-2BDScfyko2eFJsHpiw5Yst5nA6ZvrnkQP1kPX7On0F=
zBvsO-2BlTLLWKBgHPY0U4rDPKgthcrFAUeQEB6bDpzjFssHGBEm8lkpChYpKvXSOC7ORLmJHqx=
GKFKtyTsvXtjzieRDX9A8ErgpxHPH42uwTh1HMJ9BV6AHxCPwNs1hZQDr7jYUymVnMlbTxoIs7h=
lvWBGCYIBLtoCPpZEGTslfB24y7PtJxXkjhxTD4mOxz665NsqPhb8mI6M49yrsZwmhW1-2BpMNk=
hGqZE-2BM0iRR7SyGHcfyy47zQnCzuT2IuVNu-2BDZnKibxtGmhIjCh6QzBknEgfL1ABazSnRo1=
xfrCxLTE6kwptJWsAP5JD1lBoWTCMVhmjsFAlxxQhTT1Gjc-3D" style=3D"color: #1D5080=
;" test=3D"" universal=3D"true">US Private Credit &amp; 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 &amp; D=
efense Report<br>
                               =E2=80=83=E2=80=A2 2026 European Private Cap=
ital Outlook</td>
                              </tr>
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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=
spacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
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                        <tr>
                         <td align=3D"center" style=3D"font-family: Roboto,=
 Arial, sans-serif; font-weight: 700;
                                        font-size: 14px; line-height: 27px;=
 color: white; padding: 26px 57.2px 37.3px 57.2px; white-space: nowrap;">Si=
nce yesterday, the PitchBook Platform added:</td>
                        </tr>
                        <tr>
                         <td>
                          <table lang=3D"x-counts-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%; t=
able-layout: fixed;">
                           <tbody>
                            <tr>
                             <td style=3D"display: inline-block; width: 24%=
; min-width: 24%;
                                                    text-align: center; flo=
at: left;">
                              <div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Roboto, Arial, sans-serif;
                                                    color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
                              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>
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                           </tbody>
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                        </tr>
                        <tr>
                         <td>
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llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
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                            <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=
6GFa-2BaqM7ONnvsnswouzUGaB7H9uBMdwCo8-2BFA9QK1oRqRW2ZvDkuOqhprztWdBw-3D-3DZ=
Ekf_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcbi=
bIQcD71r6VRa8PSSiEltR9er81gfTNzhZxTpLKDsagPlR7dJ53BVuonzv2Q-2FXgaSP7ZalOChV=
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mJHqxGKFKtyTsvUcU-2FE3TzqURSHxUrUt5GZgIS60XTLCKkl-2BWuar81OzoXXr-2BPY1ZgFFe=
xEaJjEhc8HqbphTlKoUf-2FQe0i3Z1gCKnuylqrgJ-2Bi8K-2FzwKqZ7xh-2FD-2BDytYW-2BpH=
50NZ91p7Si0qaAIURbTeG7GU-2FBoVl8-2Ffb-2BPym-2B0L-2BWNvjvOHfqeBc3UcqzWL-2FsX=
qcTzykjzjEvi3sR1a545wFYv-2Fd3Eib3XuYkrYqsQckodhwPtbuV03IIY0itygxGMo-2BvpGOc=
-2BdScs-3D" target=3D"_blank" style=3D"display: block;
                                                          font-family: Robo=
to, Arial, sans-serif;
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none;
                                                          line-height: 24px=
;
                                                          text-align: cente=
r;
                                                          padding: 9.5px 21=
.5px;
                                                          border-radius: 99=
9px;
                                                          background-color:=
 #F79B3E;"> Request a free trial </a> </td>
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