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Edit File: 1764411087.M105588P475558.server-619288.prediksijaya.com,S=135781,W=138279

Envelope-to: vetyl@ponjosonek.com
Delivery-date: Sat, 29 Nov 2025 17:11:27 +0700
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Date: Sat, 29 Nov 2025 10:09:27 +0000 (UTC)
From: PitchBook Research <news-noreply@news.pitchbook.com>
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Subject: Alt giants broaden the strategy set
To: vetyl@ponjosonek.com

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style=3D"color: #78766f; 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>
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                                -webkit-text-size-adjust: 70%; text-size-ad=
just:70%; -ms-text-size-adjust: 70%; text-align: center;">November 29, 2025=
 &nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;<a href=3D"https://url6380.news.pitchbook.c=
om/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVkKRWW-2=
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style=3D"text-decoration: underline; color: #1D5080">Manage your subscripti=
on</a></td>
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             <td style=3D"padding-bottom: 14px; text-align: center;"><a hre=
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pFvZRgbUPp5ASl2aruTAXgN-2FvbDSUdm-2BSPpehi0VXO-2BO-2BUz-2FsV5Iuqlb7xDOcxWR3=
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ne-2FS41bzFuIzDDz-2FXoc6fCsFlkGUkIVDfomXrsWLmIMjzh5gBur1r8OcbQA-2B7cMANYRmT=
9Y-2Ff7sL3C2Q-3D" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"h=
eight:1px !important;width:1px !important;border-width:0 !important;margin-=
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n-left:0 !important;padding-top:0 !important;padding-bottom:0 !important;pa=
dding-right:0 !important;padding-left:0 !important;"/><img width=3D"141" he=
ight=3D"39" src=3D"https://fonts.pitchbook.com/newsletter/pitchbook_morning=
star_logo.png" alt=3D"PitchBook"> </a></td>
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             <td style=3D"text-align: center; font-family: Roboto Serif, Ge=
orgia, serif; font-size: 44px; font-weight: 500"><span>The Research Pitch</=
span></td>
            </tr>
            <tr>
             <td style=3D"text-align: center; font-family: Roboto, Arial, s=
ans-serif; font-size: 24px; font-weight: 300; padding-top: 9px;"><span>PE, =
VC and M&amp;A</span></td>
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             <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-2FdqSOSZiO3oY2tndn4BI3F-2BBLZKg-2FL25pCC=
q2g-3D-3DSfYL_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8U=
YA68NVRTKEGmLexmSnq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs2l1gz5ZzneOcKo=
nGiOOsno8hDGvmeyhx-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4NdEcHEcyNICQYP=
oEQTMPknXwPkDT0H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeGt-2BAMO79EHnY=
c6n3c6ew6KKkxU9rZgd-2BnAC-2FIRsTlo5I1dOXuCVXcjna5zCI9KzrXGGmZsd5XqjTeGTO2QF=
L-2B3GZTo85ZMMAxjRl2Px4K2IgpzexIwyMLPEgjVLTL4aSjo-2BhpniKFRVPdmjro7K5eXxMuK=
nppL-2FiQ2zU538LtyANfRoG1tDblsNiDpKQos-2Bi5AANi5ejz-2Fba8i0UwhRQrf1aZaKfaBK=
AwHC6xmiJJv-2BOYTeMrosVOK77XDpIWx14GoGJKItcfvUdraj3aBHVc1b99GAG3NNRKgHckYTS=
dM0-3D" target=3D"_blank" style=3D"text-decoration: underline; color: #1D50=
80; font-size: 14px; font-family: Roboto, Arial;">the U.S. National Science=
 Foundation</a></span></td>
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             <td height=3D"38" style=3D"padding: 0; line-height: 38px;">&nb=
sp;</td>
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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-2FdqSOSZiO3oY2tndEq9FA-2FS5jjMmL2khPeA1hw-3D-3D9MOS_Pr96=
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q2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs2l1gz5ZzneOcKonGiOOsno8hDGvmeyhx=
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FJAQ3qXnRcbXwL-2FeWeAfQZRq00EljMo6UN5-2B9kCtw5EKAU0q2uhbl7-2B8XhkT4LeNLHbCq=
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Xy7BdMGtbCRAY4axe4gBEcMCTpmR8YtjxcPywVy1lfLMeB7XWY0kGtzSG0dcXwsGK0-3D" styl=
e=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.d4n7=
3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVkKRWW-2FdqSOSZiO3oY2tndghQWj-2FITw=
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xiLRO8tosQnJl-2BLCbrL1cz8O2Mg9vEX2-2BVsob0WkjFaLHN5dOJneDTEtVyi8vL78xkkaiDQ=
M-2Fa1y1c3TK2h7O0gdy4GyevoY9BB-2B3v0bDVIrTTC5Llxs2h58Wjv1JW89EL7TeB8RhilDQN=
r5tBzbIE22T5FUerHVAPfs5b06qgI1QSFBX22K9lHQbvQS7pXrbROmQwzC29DIX4EicfuIZP0g-=
2FnckUwDl-2FH86C8-3D" 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 Mornin=
gstar PitchBook US Evergreen Fund Indexes, a comprehensive benchmarking sui=
te for the rising universe of semi-liquid vehicles. <b><a href=3D"https://u=
rl6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B=
aqM7ONnvsnswouzVkKRWW-2FdqSOSZiO3oY2tnd2CLBeIeHN1J-2BXMP7T8mydw-3D-3DctJ9_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTKEGmLex=
mSnq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs2l1gz5ZzneOcKonGiOOsno8hDGvme=
yhx-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4NdEcHEcyNICQYPoEQTMPknXwPkDT0=
H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeGt-2BAMO79EHnYc6n3c6ew6KKkxU9=
rZgd-2BnAC-2FIRsTlo6tE97P-2FOFng3XvFraXY5env8DkDrOtdBXw-2FH4IdVcCbhbazfMLf9=
7Q5VURZNmxPyJdE4YdYGykl7twwI09iYh4HdsSwmU4dwck4I4o44VIT31XpYR9pEd-2FlQFCO5c=
4y-2BntOj-2F-2BF7Ogwn33yHWGXiO99VrJ8yKQ1QzFXOIsLLh9aChTH55vq-2FaOjdfOhbqg1r=
D0WdJgTSo-2F-2BgHddhfNXpLxIoCmKd0P9MfPwFCsxAn-2Fa9-2BhYZPukPpUbldBf7qAh30-3=
D" 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-2FdqSOSZiO3oY2tnduVuKe4ocWo=
Qs-2F6BaKLaoOQ-3D-3Djs8T_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQV=
I43kbMcVf8UYA68NVRTKEGmLexmSnq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs2l1=
gz5ZzneOcKonGiOOsno8hDGvmeyhx-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4NdE=
cHEcyNICQYPoEQTMPknXwPkDT0H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeGt-=
2BAMO79EHnYc6n3c6ew6KKkxU9rZgd-2BnAC-2FIRsTlo7Z7mwvmjTdlHZSliUQ-2BrERoE5P1F=
x6VSTo0yuBAIlCfBu53h9bIvQZyOJQosgmcm96TawYJUdNFzE4wFY0fCBdw-2BoR1o2Ua4amNMd=
C43ROrfMIOe-2F20dhRrpHRxKK0gXadz99ZUzdALwWO1ABPI9RZlgrLE592ZpFsUO-2BefLPdSg=
6UYkWmLOs9HwSjSUNTcDvNszImBT3JWGmBAWVVd4c2vgl-2FTsEn6gwiFFwp5yQiAMAxrqJNvxL=
gcKmhCiV5IOM-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Ben=
chmarking 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-2FdqSOSZiO3oY2tndn4BI3F-2BBLZK=
g-2FL25pCCq2g-3D-3D7bBn_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRTKEGmLexmSnq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs2l1g=
z5ZzneOcKonGiOOsno8hDGvmeyhx-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4NdEc=
HEcyNICQYPoEQTMPknXwPkDT0H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeGt-2=
BAMO79EHnYc6n3c6ew6KKkxU9rZgd-2BnAC-2FIRsTlo5M6y-2FgXfpM2Nswygec-2Fox37Fw0A=
UuGqsetNzq4m01BlbWNlnAX2ys1cIDu-2BGdRv8fqJc0cd9aO2Lsg1hI13p7ICLtelUk745L0pO=
SPDqR9mBFxiHc7COxmmcRD8N0-2B5RMb0z7Pacsrd7TDpp7CErZsc5jTA-2FdI4ATco5DF1IuD7=
6cR7AQNzevZ-2BIXQ8U1l8-2BSbzXyZL8SLUPeZL-2BEGWXMv7l8kOGJNCxSEi0cuVlrR-2FRxl=
oBkH2m7SzhzhkbEDLV8-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.=
pitchbook.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-2FdqSOSZiO3oY2tndn4=
BI3F-2BBLZKg-2FL25pCCq2g-3D-3DU265_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP=
-2BHR4BiQVI43kbMcVf8UYA68NVRTKEGmLexmSnq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsC=
GXjepUs2l1gz5ZzneOcKonGiOOsno8hDGvmeyhx-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB=
4S3Dri4NdEcHEcyNICQYPoEQTMPknXwPkDT0H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VV=
qBcvNkeGt-2BAMO79EHnYc6n3c6ew6KKkxU9rZgd-2BnAC-2FIRsTlo6PdSQFHyh-2FKLNvS9BI=
6mg9W7VzuOFs4-2BFk-2F4pTwKiBSlyyACm89bwzbyVkRXrNBJOkjoVo0mWfkXKHnzYf2v6Ko4F=
4HyC4bEfVKxynqO6ZWvWSOHByBnYIgB9NRWac2wQjFHDzw9qii107-2BKLxdRbUf0X8zdxI-2BC=
kHJBVDyHzj4mUKPvhtaEkxlxkFwmvpxrfb5bdxPIpvm3l3ElExstwBghcJ-2BUmLVAuhXkhxAAv=
0sZw50rRGk480O8ZGJWA93x0-3D" 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-2FgIqQXLYKdHcgFPLc3OILNc6Vnco7EHMQ-3D-3DRGWz_Pr966knuaHmaw6c7pKvB=
-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTKEGmLexmSnq2PnJVtLR88ey3Nu=
HoZGDObtb4o4-2F4yHsCGXjepUs2l1gz5ZzneOcKonGiOOsno8hDGvmeyhx-2Fv6I39T0l1hCq3=
-2FDlq6KmlWCMKxovKIB4S3Dri4NdEcHEcyNICQYPoEQTMPknXwPkDT0H-2B-2BrqEyvwsdS9uk=
BXcP-2FrSHoYlzbRW0VVqBcvNkeGt-2BAMO79EHnYc6n3c6ew6KKkxU9rZgd-2BnAC-2FIRsTlo=
76xmREGSES-2BLtc6H-2F0RA0hX2EeLV9A2NI5PVXY2MYFPMMaV3p9nvsgFHMmo275Y4EfdatQh=
fjQN34fAJDyn5OkosIPjxcGt6MM4qkSz8W14nV6NEIHPnn5Jswu89IGtpWj-2Bo6pdS5PABU-2F=
hn4lHbf0-2FHQWK850xDFWHXTt5cDUjRdQcsCaHuqOay7qGPd5F3okonhj6VMXWQgBtkbBeiIF-=
2B4AZQzPIV82HXt1QxQSFweddRAxhIkBDe8ZM0vOTAAo-3D" universal=3D"true"><img al=
ign=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/71554.png" st=
yle=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-2FgIqQXLYKdH2D2TQy13fonVriSMVa9ulQ-=
3D-3D6O4C_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68=
NVRTKEGmLexmSnq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs2l1gz5ZzneOcKonGiO=
Osno8hDGvmeyhx-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4NdEcHEcyNICQYPoEQT=
MPknXwPkDT0H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeGt-2BAMO79EHnYc6n3=
c6ew6KKkxU9rZgd-2BnAC-2FIRsTlo5CL4nVfTOz6U4dWHYt8Dbktib2hidNcIHl3Mpz4f3AKPc=
R-2FxvR5JUIKdcrMN2Ur88gZkjjBfZ1O09hahux59bQ2D5OhIab-2BlxyyPbVqBf7O0QoUb2-2F=
LTcjho-2BcQzjFRtT2XJyl5KsnXQxCxt4HmoliOgvNq-2FRpO3ZU-2BDDPsAlCO0cOJlbxGgVyM=
p0JRhMS-2BjbMFk7gJuYAN5QKftlYbCK-2BzYY4eHEkWZ0ciUsZT5vtXzGM2eRFryeOkyXMIpPe=
B88-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 2025 US P=
ublic 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-2FgIqQXLYKdHcgFPLc3=
OILNc6Vnco7EHMQ-3D-3DK7lM_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVRTKEGmLexmSnq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs2l=
1gz5ZzneOcKonGiOOsno8hDGvmeyhx-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4Nd=
EcHEcyNICQYPoEQTMPknXwPkDT0H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeGt=
-2BAMO79EHnYc6n3c6ew6KKkxU9rZgd-2BnAC-2FIRsTlo61s9yQ1ZAI1ArNM9R-2F8G-2F5AUp=
3wAzj4Qk3w71jTFzrFCce1sly695bvMyjhGDvZnbkvxT4irVVN6w2iLNhALf51Q5NT2rjnIK1Z4=
eH-2FGBjmugHThq8w59UFDshjTtvuVULaIplLietW5kDGH9lGTHcNo1DJMTich1sYz4or21qUhN=
j1xfkEVcfMatE9wZDh9VTPA8IC-2BMjxzaBg7WFHchx5yn99PohdtZPfkoiizEJ2u-2BBU5oW7S=
sWCnTAqF8CHtU-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-2FgIqQXLYKdHlD6iGBs-2BcbninTB0iy263g-3D-3DF6tg_Pr966knuaHmaw6c7pK=
vB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTKEGmLexmSnq2PnJVtLR88ey3=
NuHoZGDObtb4o4-2F4yHsCGXjepUs2l1gz5ZzneOcKonGiOOsno8hDGvmeyhx-2Fv6I39T0l1hC=
q3-2FDlq6KmlWCMKxovKIB4S3Dri4NdEcHEcyNICQYPoEQTMPknXwPkDT0H-2B-2BrqEyvwsdS9=
ukBXcP-2FrSHoYlzbRW0VVqBcvNkeGt-2BAMO79EHnYc6n3c6ew6KKkxU9rZgd-2BnAC-2FIRsT=
lo7h06NxgIQ3ZeR-2BSLTqLapVG4Vrl0XHETA8yxQE6QjBZ17wl15iLxENjpMC5dsYFloFNGOhL=
hZvWKj3UD-2FTLEwJtmnLH-2BsUQ5fYOZTe8Y98Sd-2FxIPYgaJyywd8j1y-2B6KLpso37jgUsX=
vUiKvVmUEk6BKcrRDCXbroYpPTS5WqJwr9cu8UB8PwoPcBZeTgjRdcQdord4oKnH-2B4kyMUUoD=
tt5TcNMw-2FsNCjXeY6ws6YEigmk1ehB7sjvuSvkzBZTcQbQ-3D" universal=3D"true"><im=
g 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-2FgIqQXLYKdHXg8lmyEcrkzVWRxpl2pJ6w-3D-3DlS5c_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTKEGmLexmS=
nq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs2l1gz5ZzneOcKonGiOOsno8hDGvmeyh=
x-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4NdEcHEcyNICQYPoEQTMPknXwPkDT0H-=
2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeGt-2BAMO79EHnYc6n3c6ew6KKkxU9rZ=
gd-2BnAC-2FIRsTlo6vL4-2B7QMzq1BgioeA2DBthnvzhbJoCKa8-2FhMmg73TOLJUybaKKe-2F=
FCViPnzNgfzaJuCBCxb-2FugShxVG6hTH2ZZYeN-2B9WjqvndrgEocZL0Uez7nctOoLEa8ki3ga=
fXD3eezilfmFmoKXbKFgpm4e0XDfNSLN-2FGI1u7exGFGVJO5DQkioE-2FtxFMayddEd-2Ba-2B=
9z8w-2BDnBd8GOQps-2BAl-2F-2FRRShbj-2F1WNvu-2BlAkE2So0pQZPWIcVxeBbQrSpKP1EIM=
piSE-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 2025 Eur=
opean VC Valuations 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-2FgIqQXLYKdHM2KkBB=
OflgYFGfoJsXq6lA-3D-3DWsdK_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi=
QVI43kbMcVf8UYA68NVRTKEGmLexmSnq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs2=
l1gz5ZzneOcKonGiOOsno8hDGvmeyhx-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4N=
dEcHEcyNICQYPoEQTMPknXwPkDT0H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeG=
t-2BAMO79EHnYc6n3c6ew6KKkxU9rZgd-2BnAC-2FIRsTlo7B6OTfMoDeXLlqkVUNZhsBlogLiw=
0QZI-2Fm-2B5pu3it3FJmQ7bedKy1cc4ti-2BrkRfC8QVsxpEuqJuv4lYje3OGf9P4JFRv7w281=
2vzOns5k9P-2FsPwNgUPUBAAPDrL-2BOJsBx9xlCEiiUgKMwqxEhIXjROZfArWZLItspP32AXAj=
NBA6jHCviBJ3lAydbE0MZsvK0RlHAImLcMJd9gEJ3oka3GE6lE3Q94wWfKBbuVBUtvz18a-2BuE=
jbf9QAzO6syBwzZw-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-2FgIqQXLYKdH3MNNFe5=
G0DvdCSggp-2FBLow-3D-3D7KiJ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B=
iQVI43kbMcVf8UYA68NVRTKEGmLexmSnq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs=
2l1gz5ZzneOcKonGiOOsno8hDGvmeyhx-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4=
NdEcHEcyNICQYPoEQTMPknXwPkDT0H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNke=
Gt-2BAMO79EHnYc6n3c6ew6KKkxU9rZgd-2BnAC-2FIRsTlo4Fe-2FkLDAMZZ4dBwlsUbQOLSVf=
jW9Uhpawx49RuBFIcmmemDifoX8fdEV8YsYlJqhCBcKNsy4fUdwbIZXqI3n-2F0PfRn18jj15uL=
eHnj76v7EY8qm-2BTrJwPG2bvCtFucLCuLJq2uyEld-2BqF67fq4Ri2N1otH9-2FhV344c1V9p8=
OFRUmg1-2B-2B8xVC1VaTi337UdXmkgnkqvZfVvwMjSmRAUu-2F6AknNpitSJ-2BtQoSmGPiyhV=
2tH0xpueBmR-2BxAAuJXzj60Y-3D" universal=3D"true"> <img align=3D"center" alt=
=3D"" src=3D"https://img.pitchbook.com/news/71582.png" style=3D"border: non=
e; max-width: 420px;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table>
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br>
                               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=
IqQXLYKdHM2KkBBOflgYFGfoJsXq6lA-3D-3DGjAB_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uwl=
JYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTKEGmLexmSnq2PnJVtLR88ey3NuHoZGDObtb4o4-=
2F4yHsCGXjepUs2l1gz5ZzneOcKonGiOOsno8hDGvmeyhx-2Fv6I39T0l1hCq3-2FDlq6KmlWCM=
KxovKIB4S3Dri4NdEcHEcyNICQYPoEQTMPknXwPkDT0H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoYl=
zbRW0VVqBcvNkeGt-2BAMO79EHnYc6n3c6ew6KKkxU9rZgd-2BnAC-2FIRsTlo6z1ARTPNC3Ui6=
0indGZxF6R4fcI1kmtglxZgCqmyAVwilIKHX3BkBQIBNO8pXkcfk1I1QY9EOVbDC6ZQ2xyBijwr=
inmOdwYAq1m0-2BsKnUq6c-2BUqftcOZajp-2BnxIuqqCXogjvxeBccd-2FlS6hNtuCvmpmVnA7=
a116VGbTPx2fne4wNTSjTgOuUW-2FLiJvF096pYJMBvohW6zz9au1Frl9KKXbXulFtLxP58OGPO=
uw2USEIgbKpnZj6t26KBQK3uSJUy8-3D" style=3D"color: #1D5080;" test=3D"" unive=
rsal=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-2FgIqQXLYKdHycjimB=
A5hNXzTO1xnjbm5g-3D-3D33Yc_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi=
QVI43kbMcVf8UYA68NVRTKEGmLexmSnq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs2=
l1gz5ZzneOcKonGiOOsno8hDGvmeyhx-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4N=
dEcHEcyNICQYPoEQTMPknXwPkDT0H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeG=
t-2BAMO79EHnYc6n3c6ew6KKkxU9rZgd-2BnAC-2FIRsTlo4J-2BMWSM5-2FmsUgiGaxuohF-2B=
7lky1uWcQQzZ1KD2asGuKQFIvyonqMZ-2BXcz7KStWDF-2FJrFM3bTZd-2F7b2GpIbzhFIgRDFj=
rsLS9VepPYITtpRvFsic4bAjsKz9KPvIAsub7YBG7v5eSp0bWP7ForIN2QL4aVb-2F-2BrFhGYn=
ZCnWBLhiZYjTdOE1s8JRDQaKkXmU68sFsjgOrlK3Xkkfhl6G7ffX82RRXtINzihNUQhly5PrOoY=
UwV9zIA3wAZJP6bH4iNQ-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"t=
rue">European Leveraged 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-2FgIqQXLYKdHycjimBA5hN=
XzTO1xnjbm5g-3D-3DOGXA_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI4=
3kbMcVf8UYA68NVRTKEGmLexmSnq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs2l1gz=
5ZzneOcKonGiOOsno8hDGvmeyhx-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4NdEcH=
EcyNICQYPoEQTMPknXwPkDT0H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeGt-2B=
AMO79EHnYc6n3c6ew6KKkxU9rZgd-2BnAC-2FIRsTlo5fC6qrkWDGFRTIoZsLfEw37v6y4rk2cT=
t-2F8zI5TkHSgjgpID4TScTkNQboII7riFWN2i3o7IHXApyc8ORJy1hT-2FSze-2FIkWXE7vEX2=
MLgYHL-2BMPbHDumkeFH1zU2-2Bpb0E02r0Rqwgf5uL9pBFTk2o-2F374HUA-2BqwIT2BScSnJD=
5wW4UhLrAuB3y-2BekMyI-2FxdqbW46h-2Fmwgd9NflPNDFP-2FDXD1puQl9aqtEiYUn-2BRMAr=
PHuaaoAMB11GBYLeGrWKvRoo-3D" style=3D"color: #1D5080;" test=3D"" universal=
=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-2FgIqQXLYKdHMJPX=
h6SgN8Irca0g9Be8Sg-3D-3DclgC_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4=
BiQVI43kbMcVf8UYA68NVRTKEGmLexmSnq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepU=
s2l1gz5ZzneOcKonGiOOsno8hDGvmeyhx-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri=
4NdEcHEcyNICQYPoEQTMPknXwPkDT0H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNk=
eGt-2BAMO79EHnYc6n3c6ew6KKkxU9rZgd-2BnAC-2FIRsTlo6FDAPDDgVRckUJX-2Fl6pRw6WI=
R1vY4Mb9bGSHGlzZSNch0WYMpWpcFn-2FMOzbeK2tEvtEewwYbKOw-2Fs2bZrX1AzRizUr2eGdm=
0pCGiUwrRU37xuHfbBU6Ld83FXjSPnaj7TiJlxH-2B75JkrU-2BAdzw0GlU97lXb-2B5L2u3tHE=
NsFMI1F9Wc-2BPuSSQX5aTJC5v31SBJsCRwXwQEfE9BOvFkGSTMNE3IjZCIFepi0y71LmJH6RjW=
zSoviYgHI-2FHEjmaUcUB8-3D" style=3D"color: #1D5080;" test=3D"">Bloomberg</a=
>]<br><br>
                               =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-2FgIqQXLYKdHQgh6UnNIa1zxzww6LqzW5w-3D-3DCYLW_Pr966knuaHmaw6c7p=
KvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTKEGmLexmSnq2PnJVtLR88ey=
3NuHoZGDObtb4o4-2F4yHsCGXjepUs2l1gz5ZzneOcKonGiOOsno8hDGvmeyhx-2Fv6I39T0l1h=
Cq3-2FDlq6KmlWCMKxovKIB4S3Dri4NdEcHEcyNICQYPoEQTMPknXwPkDT0H-2B-2BrqEyvwsdS=
9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeGt-2BAMO79EHnYc6n3c6ew6KKkxU9rZgd-2BnAC-2FIRs=
Tlo7nuSllIGXnbYHn0zrb-2BID6Pc5ktmUJzA8Nt4PtQ8te1kh7LYgdyTF-2BvQwlZompY7tD0s=
7lQhYU0HsvH0Ma4gzvxbbI98uUnEAPdPwl-2BQpBjXpNeHseIcdKDPnDAOoaUrJq2VVYiGTMBUs=
14z2GuMotTthwgR-2FnyLfMshANNjL10125dbWac-2BCzqqPGc-2FVhnNiUBxJh2Ky1Mo431Xny=
D-2BEhlI1mVmT0oiB9wsPQY9V-2FnvXsB2swJzrPMaBN-2Fcj1ek8-3D" style=3D"color: #=
1D5080;" 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-2FgIqQXLYKdH9Wm6RCO0om3BlwyrNgZIJQ-3D-3D5SLo_Pr966knuaHmaw6c7=
pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTKEGmLexmSnq2PnJVtLR88e=
y3NuHoZGDObtb4o4-2F4yHsCGXjepUs2l1gz5ZzneOcKonGiOOsno8hDGvmeyhx-2Fv6I39T0l1=
hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4NdEcHEcyNICQYPoEQTMPknXwPkDT0H-2B-2BrqEyvwsd=
S9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeGt-2BAMO79EHnYc6n3c6ew6KKkxU9rZgd-2BnAC-2FIR=
sTlo4uhv7rGrhaMJ50vZrQQDwpA144iY48BwkdCGOPaJXM91XaeRo6dk9zGdhO-2B79NDwEH3Jl=
gkTStcFzUqnXZ4bmeQ-2FvHyDwKg0V1qXof5iA-2BwAaVpGaSDudVmNzSJBUmEFYEp92w7GDhBV=
MDTLc01Smrmt-2BKNY7tunNQavREH3Hz2cgJjE70wDJ30tjHXOv-2FwStU30-2FuL8th94ISPTJ=
W-2BDhg7k9rnbNAHWXG1hSaEddKgJxTgVt13mY8YEWDzCpSyb8-3D" style=3D"color: #1D5=
080;" test=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=
DDa9mmBD84Gn-2BGgIz8KHhCvh3WDLSQ-3D-3DBtuF_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw=
lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTKEGmLexmSnq2PnJVtLR88ey3NuHoZGDObtb4o4=
-2F4yHsCGXjepUs2l1gz5ZzneOcKonGiOOsno8hDGvmeyhx-2Fv6I39T0l1hCq3-2FDlq6KmlWC=
MKxovKIB4S3Dri4NdEcHEcyNICQYPoEQTMPknXwPkDT0H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoY=
lzbRW0VVqBcvNkeGt-2BAMO79EHnYc6n3c6ew6KKkxU9rZgd-2BnAC-2FIRsTlo4eAQfJf9qvBu=
bUlgS-2BhwHj-2BE-2BSKIqZa-2BBqsvAaiMN2L7MStAdPwJWgjUqVGGLXXywnNtuPOYf1Wb6Mw=
TOXpY5hc4TyvR1nqdZ0S9Y7qRfOnT9T0YoMMFLXo7aNkXveRV9vipH8Sc5pTIXeWTWfr1VRf0a5=
pfRQP3MeVjfJnLpYWsBnxq-2FEl-2Fig02LV2S-2FCt-2B69nC-2F9h-2BpWod8eEfUzOPU5pDo=
8PfXyktYcov6h-2BV-2FkDtbsvYzPW60qxbQBD8F-2FSBk-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-2BaqM7ONnvsnswouzV00iYyP6XymE68DDa9mmBDdhafSGwCv1Np3F=
5nHZIIJQ-3D-3DmApS_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbM=
cVf8UYA68NVRTKEGmLexmSnq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs2l1gz5Zzn=
eOcKonGiOOsno8hDGvmeyhx-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4NdEcHEcyN=
ICQYPoEQTMPknXwPkDT0H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeGt-2BAMO7=
9EHnYc6n3c6ew6KKkxU9rZgd-2BnAC-2FIRsTlo5micIL0EVVvWs2TrLKUClGAqz9s-2BMAiMyA=
1vwRKVkfoj9AV4GYMwVUpFkxbmGj7dSEkr5nRvaPu5yWssKQ54iT9Pu7-2BjFr4cJhtHwL4jhIl=
NuRq11S2ZcmpB-2F124rBd7hk6vfD3Npc0Tm0jFD-2Fk3Y-2BPLVUzmG1dHNGPfk8AJgfYwNNKu=
FGhB57FkAbitn1diX9LTmAPHiBl4vO5IRJON-2BZt0MUL13eonFPCJAXyVrXlrWpj7TnlZevN6Z=
-2F23bKrQM-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-2BaqM7ONnvsnswouzV00iYyP6XymE68DDa9mmBDn=
xoHXDhdZpIZvISUVTUWkA-3D-3D_0zZ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2B=
HR4BiQVI43kbMcVf8UYA68NVRTKEGmLexmSnq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXj=
epUs2l1gz5ZzneOcKonGiOOsno8hDGvmeyhx-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3=
Dri4NdEcHEcyNICQYPoEQTMPknXwPkDT0H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBc=
vNkeGt-2BAMO79EHnYc6n3c6ew6KKkxU9rZgd-2BnAC-2FIRsTlo7t2O14BfUTpNLW2yUZMCl27=
pjIK79yuLXhBCkOpacdtexlIxPIHbAB4-2Fw8Q9F2iDUE3cWQN3ZGPGfHerA-2BHteBVngjBnM-=
2FiXHo6AxeqaLV-2FzEhHWukhPgDQozbHglTfAgmI9ncjiQIxb87T8sfMs37xRh1xdhd8Dn0PFU=
6vwyMJrd1oDc2QcWXoAfq-2BHiYq0dfIn1c4uhQPtwTSU4bdHViLDI-2BjbmT3mRfpgYJEcOeTZ=
UCGY1jc1AaQ045AWK5-2BlA-3D" style=3D"color: #1D5080;" test=3D"">The Wall St=
reet Journal</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-2BaqM7ONnvsnswouzV00iYyP6XymE68DDa9mmBDQe88=
cskHxIOuzAiZE7NF-2Bg-3D-3D0Ck4_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BH=
R4BiQVI43kbMcVf8UYA68NVRTKEGmLexmSnq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXje=
pUs2l1gz5ZzneOcKonGiOOsno8hDGvmeyhx-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3D=
ri4NdEcHEcyNICQYPoEQTMPknXwPkDT0H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcv=
NkeGt-2BAMO79EHnYc6n3c6ew6KKkxU9rZgd-2BnAC-2FIRsTlo5yRfcfY4k4tBpbIulQ0Upl9n=
WTHvbBMmXmyuvknJpzZ-2FGXoEw1-2BmpK4n5UQjdUUy-2BLjnpKo4MQ37qTSIWtf-2Fga2EtGZ=
CpbYasn-2FulHVy7zKzq9B7usX7aYgPVrcqrigPNnUlHeXnOIK8jqBmEp5C1xijHmVefrk5pPMy=
xYw4GQRMDdjqiXwep85TGIyV-2FQkfu9R8KOP-2BHac5c3gadAhaTMpE9r4JsccMUVmV4psU718=
k28D0551TnYbAmWzNMjY6k-3D" style=3D"color: #1D5080;" test=3D"">Register her=
e</a></b>.<br><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=
9mmBDAHi-2BSHdyWFBJRHlfoiu6ig-3D-3DJyFB_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJY=
L0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTKEGmLexmSnq2PnJVtLR88ey3NuHoZGDObtb4o4-2F=
4yHsCGXjepUs2l1gz5ZzneOcKonGiOOsno8hDGvmeyhx-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKx=
ovKIB4S3Dri4NdEcHEcyNICQYPoEQTMPknXwPkDT0H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzb=
RW0VVqBcvNkeGt-2BAMO79EHnYc6n3c6ew6KKkxU9rZgd-2BnAC-2FIRsTlo7hB1cfXv9EVNTGs=
OGeXl99MCUvNt7OtnEYNaWRwm7yeie5IjEm5Nz1pk0jKcpP5ziHA326l6ESWtX7nH5Jp6mk0T76=
9iGut3KG82gF75xyhTLCwIDBpsVGH9EYmWp-2Bcvr-2Bea1ibk1J3YdbjlW-2FPfOd-2BOesWQp=
jTNmX67o-2BkMXzJTPj-2Fr1iVkFjQrV6X8F-2F4PRnqQLGCJ19d91e0MwMN88VpCf8FLuZfIMv=
AvLYqDUHwlx8BVbj9zNPtbuN22kDmpw-3D" style=3D"color: #1D5080;" test=3D"">Reg=
ister 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-=
2BaqM7ONnvsnswouzV00iYyP6XymE68DDa9mmBDB-2FmLvMyDd8qaLlE5S4RcMg-3D-3DVFN1_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTKEGmLex=
mSnq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs2l1gz5ZzneOcKonGiOOsno8hDGvme=
yhx-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4NdEcHEcyNICQYPoEQTMPknXwPkDT0=
H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeGt-2BAMO79EHnYc6n3c6ew6KKkxU9=
rZgd-2BnAC-2FIRsTlo7rUK75QyxqUufDBi7pVmdmsDiLEvvq1csqvopz1F-2BPGRKZPCE2iWIM=
yMRU-2BN0iwfNaHh05xpnjUQZXtrIpmIKku-2FAUr4GJpsWnjSFOwqzAb6VjP0IPSHU3dKFs3ci=
sMxWVa4GpJ6YXIHb0Wuu9Biw4wppaST4Y0062wL7U7r9WNGptOokuNBFfEgp-2FCfpThVdxO0ui=
gYdcHAdChBYdMk49KUbPnqdmF5sGxo8GM48jERDuxX96aKaoJlWheIqqqAY-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-=
2BaqM7ONnvsnswouzV00iYyP6XymE68DDa9mmBDFRoVBM6fRMPWUNtP23NTZQ-3D-3DI3rk_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTKEGmLexmS=
nq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs2l1gz5ZzneOcKonGiOOsno8hDGvmeyh=
x-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4NdEcHEcyNICQYPoEQTMPknXwPkDT0H-=
2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeGt-2BAMO79EHnYc6n3c6ew6KKkxU9rZ=
gd-2BnAC-2FIRsTlo5SAsJLy4-2Fe6RjIu7TMDZ3L4qHgHy4zFNNBqnFTvBB3QiehfoXrdyveeH=
P7yfWc6AgbwTcSOP7lec-2BIhM7bZBw5ercuU4BFeipu7fL7d5-2BNCLrJkUpg5-2BAlsjrDEkn=
cC7V3EfGLDfFXPne5eFYfVFoIRw5rioGDStOzwvF-2FKPfYFY9u1gimanjjk6Z-2ByJjx4wD26y=
7Q4nzqMSNLDV47sOQUyPGfrA5BRMmL3xzvL3RFRXHefvqaHI752Bb8wj6ctq8-3D" style=3D"=
color: #1D5080;" test=3D"" universal=3D"true">Q4 Quantitative Perspectives:=
 Balancing Act</a></b><br><br><b>Thematic research</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzV00iYyP6XymE68DDa9mmBDURQFTzOuhq5y1saMxfTz6A-3D-3DeOA__Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTKEGmLexmS=
nq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs2l1gz5ZzneOcKonGiOOsno8hDGvmeyh=
x-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4NdEcHEcyNICQYPoEQTMPknXwPkDT0H-=
2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeGt-2BAMO79EHnYc6n3c6ew6KKkxU9rZ=
gd-2BnAC-2FIRsTlo4BKI2Lfgn9ft-2FpqwKSYJZKFK2vo6FRH3ZJyv8k7FGSJoN2IjOwdr5it0=
JkYx3fyClPT2wA9H1a5e0ryrah1DBMAhfWcQQYocS0ExzTL-2B2OgiANcYrxYKQ-2Fg8rOmmiUd=
Pcob4cKARIAF1VnkMtDzs51KDc3GHpFipoAzVTRaWD-2FQOyQncE-2Foqdgt8PeM1sBG28LW6uL=
2zlioA78unBqAB2UmmJmRs-2BgGUQSdOKVd0aEMOtkzqnF9yyJjtP51NpSmmQ-3D" style=3D"=
color: #1D5080;" test=3D"" universal=3D"true">Takeaways From the SuperRetur=
n 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-=
2BaqM7ONnvsnswouzV00iYyP6XymE68DDa9mmBDSbAMcuQU3CuNyn4zEsQ0fA-3D-3DaDfG_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTKEGmLexmS=
nq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs2l1gz5ZzneOcKonGiOOsno8hDGvmeyh=
x-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4NdEcHEcyNICQYPoEQTMPknXwPkDT0H-=
2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeGt-2BAMO79EHnYc6n3c6ew6KKkxU9rZ=
gd-2BnAC-2FIRsTlo5KU1WLIp3D0KoT8ZzEQQs50472Ffmtm4nHHBQCvIClQLVzH8URJ9W0N3SK=
FX3GsJ3xb95ogvnvnKfERB7ezYDX7xNDc-2F89pbHB1kTmBKDU0f0GAiqn6zNjswKrvL06YZDGN=
K8Z3ryt-2B8x2QLfSIaGEXIGweSyWtq9B2t2MmWebmdXpwV-2B5-2BdIgSnWahZUosn47UrtbFh=
Qe5-2Fu6dSzfzh5j-2FxbeuzTHuk0yhOrfoXlN1RTyTDYyDCqMAniBgZ8sidk-3D" style=3D"=
color: #1D5080;" test=3D"" universal=3D"true">AI in Drug Development</a></b=
><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzV00iYyP6XymE68DDa9mmBD9Eii2fY3uDMhN4No6hiZtA-3D-3DW67E_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTKEGmLexmS=
nq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs2l1gz5ZzneOcKonGiOOsno8hDGvmeyh=
x-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4NdEcHEcyNICQYPoEQTMPknXwPkDT0H-=
2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeGt-2BAMO79EHnYc6n3c6ew6KKkxU9rZ=
gd-2BnAC-2FIRsTlo4GOmU6vsv2vqENhYo6cWbdoCIQqEc7Y18Nz6afjCksS-2BLLbsE4HfqFXn=
cPYYP00NcayZlka6bM55-2B67Pr6JKYVoT7LknygNE7P24aADwzFE2fjRmcNvLVWFToqm8HqTqr=
v5i4pTGsiY38BYzmQ5qkOGZ-2Bmcz-2FZ7CUYwhmMnhrE1rjdKav9xJ18OCtdYnD7hEkq30bGb9=
nd6w4w7u4dNFe6MDbOGheFgEFzdcJ-2FbetnqpCvqm5msRkwENamf8WA0oE-3D" style=3D"co=
lor: #1D5080;" test=3D"" universal=3D"true">Should Seed Investors Ride the =
High 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-2Bygbc6FteZwHhZOidV1H7-2FuuKQCiR08VQVwEFMBw-3D-3DhGZW=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTKEGmL=
exmSnq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs2l1gz5ZzneOcKonGiOOsno8hDGv=
meyhx-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4NdEcHEcyNICQYPoEQTMPknXwPkD=
T0H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeGt-2BAMO79EHnYc6n3c6ew6KKkx=
U9rZgd-2BnAC-2FIRsTlo6v5hCJnMoCnuyujSys3Rt8rqFvMaO9GBhKaoiE1WGeswAOi-2B8fB3=
onPoP7MMWInZX94a1o6q8tWCSlH9CzpuSS7l0HqZuyjaliQuOo8VuQI3RHTnwymO-2BOdcml41y=
E9mPmMLH5YxWxxFcnqxuPPdD8Rywaljp-2FWcEWJUHei84RjFKWDshm8k8dZexIvkDfg2jclZRg=
WHhfrED6Xaj4bAe4EO9lsX79l29cvlPXkNIdpkraxD-2BK3H4-2BdzSEIWC8cSQ-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 Healthcare Services Re=
port</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-2Bygbc6FteZwHhZOidVcgqjG-2FCEr-2Fe3pG0mmAOm1A-3D-3DqS=
-k_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTKEG=
mLexmSnq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs2l1gz5ZzneOcKonGiOOsno8hD=
Gvmeyhx-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4NdEcHEcyNICQYPoEQTMPknXwP=
kDT0H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeGt-2BAMO79EHnYc6n3c6ew6KK=
kxU9rZgd-2BnAC-2FIRsTlo7qQNU4n5AdO9TJ2rqjTHmmWvZPQunaNxevbFvjM20lVm3vUAPdAp=
K9I7WKFD2NjgDk79iHwQzmMOraZfdUkXLWkj7gjVN1A3bcD0WVxceb1h5QRxKEkILZcZmF71nSo=
uxaRkyllhkEauC6O6bFbsYkU086-2BMvyLxx9c5IId0KgkxbnIuINz8E9rdmC6pQetGtZRfOV1j=
oGgptxxlx3-2BoxGHUlWW8Pk8XPE9mskv9AzdCQO86m3yOkpx9XV6yXeJR4-3D" style=3D"co=
lor: #1D5080;" test=3D"" universal=3D"true">Q3 Construction &amp; Engineeri=
ng Report</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzUjnc-2Bygbc6FteZwHhZOidVwT4MuCmS3c7cbegotbpkuw-3D-3D4fCS_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTKEGmLex=
mSnq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs2l1gz5ZzneOcKonGiOOsno8hDGvme=
yhx-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4NdEcHEcyNICQYPoEQTMPknXwPkDT0=
H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeGt-2BAMO79EHnYc6n3c6ew6KKkxU9=
rZgd-2BnAC-2FIRsTlo7yBj4ayFpCuRXSK7xK06eU6sPkJSWNjav7z-2B3fhf0lJ8XhIw-2B349=
ntAu-2BvaP67xPJ9Vd489WRQhLjhz47DLm-2FX3bZwS-2BQdtJAJ7umewieQAKyIxAXpvwuG7Sr=
8puz55BH-2FC-2Fatjx5x7od0TK5JmQsk0LgoeFTZh-2Bd9HnwjUbCcA92-2FzzkI1pEjkjllLC=
Hngosyexf0AohZKm6ZV4rVztZF2UHOw2kEbAeDm-2BBLL4NsgQ8-2FrYt0-2FcoRfvQvVgbrygs=
-3D" style=3D"color: #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-2Bygbc6FteZwHhZOidVc8oHM4FFg59p0tLo4HLX3w-3D-3D56VY_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTKEGmLex=
mSnq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs2l1gz5ZzneOcKonGiOOsno8hDGvme=
yhx-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4NdEcHEcyNICQYPoEQTMPknXwPkDT0=
H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeGt-2BAMO79EHnYc6n3c6ew6KKkxU9=
rZgd-2BnAC-2FIRsTlo5GPjI8PQ6rp30-2BdtBVuTekkgFV-2F7Nz9cROxk4eQUdIDj0l7adjKB=
BtAsX3C3GPSqdXW0878NNObulbrqrykhmyKU15S4vqs6bI3Bo01OK30QgaFFE0BlyeuXrvAGvbs=
-2FBTJn2zwYYSXr-2FyvHt4yhemAVxQod-2B-2F-2BncpVDzhZtiveBjtTKj09jQfFR7qg8Zx7n=
-2BFPPRZm3msTSaZBb3-2Bp-2F4Jdcp-2FS9EiDiXAQ2rU0vYm-2BWYzJ8MKt7rUZiqMM3nz8bc=
-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Healthtech VC T=
rends</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-2Bygbc6FteZwHhZOidVScQFKcY2-2FB7CsduXv0w1OA-3D-3DLb7o=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTKEGmL=
exmSnq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs2l1gz5ZzneOcKonGiOOsno8hDGv=
meyhx-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4NdEcHEcyNICQYPoEQTMPknXwPkD=
T0H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeGt-2BAMO79EHnYc6n3c6ew6KKkx=
U9rZgd-2BnAC-2FIRsTlo7N2Wp98sI1lRd-2BkKWa-2F-2FO54K0MH5GSEMXV8sweLoctIo1E4c=
e8fKJwwrAsZ0Ya8fmO3Pw-2FAMhzc6kcC7BMX6npidOeWfk7adkh0VncH4ZxEv55tiM-2BsQR1h=
GgRhqjKbuS2duqp5GeJfMONtByJdHNw1C201v5mtvPJ0j9TAGqtBIrT9RloeHyz3LfXxQAJKfS2=
V72Yo6AEdL8OnuEyRQn-2BSUk6Xz7RlD4ZlzTPztc8ZQz9uEnxR3N4ldje3xsDnWg-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-2Bygbc6FteZwHhZOidVYxlD-2BKGho2Rskx8Jgy3PVQ-3D-3DYXAK=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTKEGmL=
exmSnq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs2l1gz5ZzneOcKonGiOOsno8hDGv=
meyhx-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4NdEcHEcyNICQYPoEQTMPknXwPkD=
T0H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeGt-2BAMO79EHnYc6n3c6ew6KKkx=
U9rZgd-2BnAC-2FIRsTlo7pjgBJGewrF2CI-2BfzvjZS7UNmOLkWYfJot1RVkcrk3KqW8dwl-2B=
g-2FPEza4wFVpmPJJvBcjzL4KN-2BsyP5X6fN-2F54g-2F4pTpqjW5pl-2FU1ANFIySxxLLzpiI=
IMqGX25IBEjMx6o8AxxR5aJZqhP-2FnSbxFMlOXZ38R6lSjm8dur6DIsZ85sIkyT7q51WfxtcAf=
OF1pfdJZop-2FSifSuYhTtdXxCL74CkeBcJ9YyQnwqHUpAJvVoKpIvgBeYWtTlPzBEt0vS0-3D"=
 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-2Bygbc6FteZwHhZOidV-2FlheIermnN4-2FzJbt0v28Yw-3D-3D9J=
fh_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTKEG=
mLexmSnq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs2l1gz5ZzneOcKonGiOOsno8hD=
Gvmeyhx-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4NdEcHEcyNICQYPoEQTMPknXwP=
kDT0H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeGt-2BAMO79EHnYc6n3c6ew6KK=
kxU9rZgd-2BnAC-2FIRsTlo7mE17klA7VHj7ZK24OkppHwWPxCvZvzOkTyPGRcwT-2BZDyDQ5UR=
ImrBtsyuqmYO-2BjHfPbMHwc8PGpUxPPcIo8idc-2F3bGrQ0ALXruzKV66AxrFfto7lmTho9MuQ=
4bHMUSAr-2FbGcgxn8JLjmxpTDlB-2BIk-2F-2F04wGout2v516aapvQSTGoAcN5EKqApZSP9YG=
xy1NoPDrBnDYbvy-2BDU1VCvrJqP1Gq97EG238JTG30MrINgVnrKkUISgaoUM-2FWX-2Bt4kHBU=
-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Global CLO Week=
ly 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-2Bygbc6FteZwHhZOidV3JXR3wCvazN2u5pZV2K9aw-3D-3D10s9_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTKEGmLex=
mSnq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs2l1gz5ZzneOcKonGiOOsno8hDGvme=
yhx-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4NdEcHEcyNICQYPoEQTMPknXwPkDT0=
H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeGt-2BAMO79EHnYc6n3c6ew6KKkxU9=
rZgd-2BnAC-2FIRsTlo5s3wKIx-2Bfwdbp-2FJhCQeCp-2F5Go-2F72409BGGh9KnMOlLUaBahg=
RX22qdRXIlV0Ixohfk1t1TyWfKNspkZnHuzZ1oUuKUfw-2F8zd7PhR4-2B-2F8VIc8W9jMvp5Ud=
yY-2BqcMRGJZ-2FOpNl7AlBw9v1dokpbgken0sIOWfyVfb3mCa3aN5JhgZitRb8tf6vntbcE1SU=
5-2BxTrDIRZjl0MnD4XuYFZmI3t5raWSuMy-2F3-2FmNhlpYkilbFWiDEioXPG-2Bkijc9SbB52=
Gc-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Global Distre=
ssed Credit Weekly Wrap</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzUjnc-2Bygbc6FteZwHhZOidV4LrwGAVTX0xiQ0LvYgM4iw-3D-3DjsN5_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTKEGmLex=
mSnq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs2l1gz5ZzneOcKonGiOOsno8hDGvme=
yhx-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4NdEcHEcyNICQYPoEQTMPknXwPkDT0=
H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeGt-2BAMO79EHnYc6n3c6ew6KKkxU9=
rZgd-2BnAC-2FIRsTlo4Gc9eRvbJ1hPdg3JQewF4fGq4yTEIril7BOI8oS7kAkeZ4h2O-2F-2Bl=
ZqlX4ZEvmwfK0cdQJIvqYbE9-2FDYKOqI64-2FcZKuMUHo5ITE9N9oYI9Y-2FKNzPYdYTC0OHG8=
a732c-2FIPniu-2FZk5jh4wHXUM0oRgA3n2PFq1ZOABngk8rhfC3WvtP0JMotUP46Hc7Y5Y44bV=
bpWIi2glYrGEchjF72utNxkQrFkx3PDOQ9vv3ywrGx9y9vQXuVEAbP-2Fi0bjomFybo-3D" sty=
le=3D"color: #1D5080;" test=3D"" universal=3D"true">US Private Credit &amp;=
 Middle Market Weekly Wrap</a></b><br><br><b>Coming next week (subject to c=
hange)</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>
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JVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs2l1gz5ZzneOcKonGiOOsno8hDGvmeyhx-2Fv=
6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4NdEcHEcyNICQYPoEQTMPknXwPkDT0H-2B-2B=
rqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeGt-2BAMO79EHnYc6n3c6ew6KKkxU9rZgd-2B=
nAC-2FIRsTlo6zVXvZQHI0qvyMZHocOWsY3yMFhpPGtoCxLoiN6rqoCVgIp6TBFcTI1uF-2FgcV=
tyrlcDw6hU4sFDWoS9kOEZTm0hcitvgaVpH9Z07n4U70qTDImvhY08Wko6SOQJza3q4rAH2MRqh=
6JCnm06LQMdDemnuuMLx0vx3te4r9EbqmJ5zOKvtuKiqvjDZwkYDPf0QY37iTD1kiwEWQ0yvKwr=
KpTH4CC7PeKCoSDE0ELT3zB-2FigbEy0I0P8sYm6KzcXXdD0-3D" style=3D"color: #1D508=
0;" test=3D"">clients</a></b> and <b><a href=3D"https://url6380.news.pitchb=
ook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUGa=
B7H9uBMdwCo8-2BFA9QK1zIHp1vID7NY0kLVbaUFzrA-3D-3D80-Q_Pr966knuaHmaw6c7pKvB-=
2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTKEGmLexmSnq2PnJVtLR88ey3NuH=
oZGDObtb4o4-2F4yHsCGXjepUs2l1gz5ZzneOcKonGiOOsno8hDGvmeyhx-2Fv6I39T0l1hCq3-=
2FDlq6KmlWCMKxovKIB4S3Dri4NdEcHEcyNICQYPoEQTMPknXwPkDT0H-2B-2BrqEyvwsdS9ukB=
XcP-2FrSHoYlzbRW0VVqBcvNkeGt-2BAMO79EHnYc6n3c6ew6KKkxU9rZgd-2BnAC-2FIRsTlo4=
2uiWUmDZGtZn3A7osCIoQLiLlHLajppyIXnqp4aYSzksuJwhYTKecbKj7DVE-2FEBDfNCXCkjhE=
X8ITE7OE2Xv2BnVfDjudkxDt-2FYZHu6uZ8T2TZ8eFMFLqYuufVorT3jt54vdTCsczLEK2uYw2y=
-2BwHYRoVIJGBt857-2Ffrmvecw-2F3xKYXtHE1RySpP279SlZ-2B-2FugJhytsSvenr2y1ihVx=
7K4ZR-2FQtBl6WZBSbLymg1zw53TF29IhIpuiR0ycoycReU-3D" style=3D"color: #1D5080=
;" test=3D"">non-clients</a></b>.<br><br><em>Did someone forward this newsl=
etter to you? Sign up at <b><a href=3D"https://url6380.news.pitchbook.com/l=
s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUGaB7H9uBMdw=
Co8-2BFA9QK1esltp6fVTkt45W2SSzyc3Q-3D-3DUfDy_Pr966knuaHmaw6c7pKvB-2BCEiDnj5=
UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTKEGmLexmSnq2PnJVtLR88ey3NuHoZGDObtb4=
o4-2F4yHsCGXjepUs2l1gz5ZzneOcKonGiOOsno8hDGvmeyhx-2Fv6I39T0l1hCq3-2FDlq6Kml=
WCMKxovKIB4S3Dri4NdEcHEcyNICQYPoEQTMPknXwPkDT0H-2B-2BrqEyvwsdS9ukBXcP-2FrSH=
oYlzbRW0VVqBcvNkeGt-2BAMO79EHnYc6n3c6ew6KKkxU9rZgd-2BnAC-2FIRsTlo4aC6Im5pFI=
bVlEFzzTy5GVzfqgc7MWEEzLqE-2FKUTNQ9OpmAIe4ORQsMNKP867LRqbcufzwQ0WgXu8mK79z-=
2Bgdo-2F-2BSXVXo3PQS-2BZlJyeAJcudMTnwK0SNEul6bfAFShRUcs5MJNEhzJDQqQGTAg8UzV=
JcbV3HrzdFAPg0XPOF1AP9G0YXr-2BoSpIIYHjcfYJMXzdghmkR4uOmpuc9E6mp6ZpCLfU7o5NW=
e-2FSiqLHlLnF9ps1-2FV-2FE9-2Fn1IVzzUA-2FXhl8-3D" style=3D"color: #1D5080;" =
test=3D"">pitchbook.com/subscribe</a></b>.</em></td>
                              </tr>
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                              </table></td>
                            </tr>
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                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
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                   </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 class=3D"                " cellpadding=3D"0" cells=
pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%;    =20
">
                   <tbody>
                    <tr>
                     <td lang=3D"x-advertisement" style=3D"padding-bottom: =
20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzVkKRWW-2FdqSOSZiO3oY2tndn4BI3F-2BBLZKg-2FL25pCCq2g-3D=
-3DFIjN_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV=
RTKEGmLexmSnq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs2l1gz5ZzneOcKonGiOOs=
no8hDGvmeyhx-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4NdEcHEcyNICQYPoEQTMP=
knXwPkDT0H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeGt-2BAMO79EHnYc6n3c6=
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bae-2BrOvcLJonE0JO1jVg98tA2nesWfcWYQv2EoXRB5Z3oNSR7kOGucjhSxgAHTfpOPCmBkgUJ=
DuBB7t0n8014SOhf0apZzrneidvK0WyZ674QNFMQoXp7FFedXa6y3qoS7XUtCkyw-3D"><img w=
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                 <td>
                  <table lang=3D"x-counts" cellpadding=3D"0" cellspacing=3D=
"0" border=3D"0" width=3D"100%" style=3D"background-color: #051C38;  min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"width: 20px; min-width: 20px;"></td>
                     <td style=3D"padding: 10px 0 5px; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-counts-title" cellpadding=3D"0" cell=
spacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <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>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td>
                          <table lang=3D"x-counts-btn" cellpadding=3D"0" ce=
llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                           <tbody>
                            <tr>
                             <td style=3D"height: 25px; line-height: 25px;"=
></td>
                            </tr>
                            <tr>
                             <td align=3D"center" style=3D"padding: 0 133px=
 13.3px 133px;">  <a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzUGaB7H9uBMdwCo8-2BFA9QK1cmk9DZrSnJcjqeiQiirTIw-3D-3DG=
-Ax_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTKE=
GmLexmSnq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs2l1gz5ZzneOcKonGiOOsno8h=
DGvmeyhx-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4NdEcHEcyNICQYPoEQTMPknXw=
PkDT0H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeGt-2BAMO79EHnYc6n3c6ew6K=
KkxU9rZgd-2BnAC-2FIRsTlo6Z7NImsPQJAsXAJiHPKjbJ842a1bT1tdDq-2BUVeya210UFfSMP=
ZIQ9v9uumKZ1FnlvTGYU0QnRVeyvAFPF-2BxqlfvHGAUDTHoKpDj7PLEVL5WKILVm81snCpv0-2=
BlVz5lIayFfwCR5A0zs1pNQNRGg3fo5w6Go8gD6ZnRjLdGRR8DnXAzi8xmpC7JIyanILhd061UO=
5AJYonAo5wO0fE8IvO8CQV7Vanx-2FCfrMtwa8fHmifehcblPG1Imh5oWskbtiyQ-3D" target=
=3D"_blank" style=3D"display: block;
                                                          font-family: Robo=
to, Arial, sans-serif;
                                                          font-size: 12px;
                                                          color: #000000;
                                                          text-decoration: =
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>
                            </tr>
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                             <td style=3D"height: 25px; line-height: 25px;"=
></td>
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                     <td style=3D"width: 20px; min-width: 20px;"></td>
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                 <td height=3D"20" style=3D"line-height: 20px;">&nbsp;</td>
                </tr>
               </tbody>
              </table></td>=20
             <td class=3D"side-bar" width=3D"140" valign=3D"top" align=3D"r=
ight" style=3D"padding-left: 20px;">
              <table lang=3D"x-sidebar" align=3D"left" cellpadding=3D"0" ce=
llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
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                         <td style=3D"padding: 0;"><a target=3D"_blank" hre=
f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzVkKRWW-2FdqSOSZiO3oY2tndn4BI3F-2BBLZKg-2FL25pC=
Cq2g-3D-3DmMj2_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8=
UYA68NVRTKEGmLexmSnq2PnJVtLR88ey3NuHoZGDObtb4o4-2F4yHsCGXjepUs2l1gz5ZzneOcK=
onGiOOsno8hDGvmeyhx-2Fv6I39T0l1hCq3-2FDlq6KmlWCMKxovKIB4S3Dri4NdEcHEcyNICQY=
PoEQTMPknXwPkDT0H-2B-2BrqEyvwsdS9ukBXcP-2FrSHoYlzbRW0VVqBcvNkeGt-2BAMO79EHn=
Yc6n3c6ew6KKkxU9rZgd-2BnAC-2FIRsTlo52uCFfc-2F9Zo1beZ6oZCA9FHsrANZXHfxximMUX=
7QUbLxcLVBHnGRWLBRT-2FKiTjRNSJuVoJMhLxJhqKcmxH62hKDxWHinktwiF1vvYq2MWG71J5o=
-2BmU9ge7MN95HsFNYV1ZvWPPdpAa015tNYZ-2BYYHVZd-2BB-2B5M1k1cs4taFRo8JXmh4KUth=
jOrpnUDVtro1AHBpUJMolZ7Sro84HUYhqLmJpj0hfLEUdmgnlOQqsryjGbP-2BRT2Me8m0Novua=
ylJCXE-3D"><img width=3D"160" src=3D"https://img.pitchbook.com/ads/ad4403/N=
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        </tr> =20
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