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The original message has been attached to this so you can view it or label similar future email. If you have any questions, see root\@localhost for details. Content preview: PitchBook Newsletters The first of our 2026 outlooks; Q3's fundraising update; Japan's private markets defy global sluggishness; Aerospace and defense rebounds... December 6, 2025 | Read online | Manage your subscription [...] Content analysis details: (-2.0 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- -2.5 RCVD_IN_HOSTKARMA_W RBL: Sender listed in HOSTKARMA-WHITE [159.183.175.69 listed in hostkarma.junkemailfilter.com] 0.0 RCVD_IN_DNSWL_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to DNSWL was blocked. See http://wiki.apache.org/spamassassin/DnsBlocklists#DnsBlocklists-dnsbl-block for more information. [159.183.175.69 listed in list.dnswl.org] 0.0 URIBL_BLOCKED ADMINISTRATOR NOTICE: The query to URIBL was blocked. 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[159.183.175.69 listed in bl.score.senderscore.com] -0.0 SPF_PASS SPF: sender matches SPF record -0.1 DKIM_VALID_AU Message has a valid DKIM or DK signature from author's domain 0.1 DKIM_SIGNED Message has a DKIM or DK signature, not necessarily valid -0.1 DKIM_VALID Message has at least one valid DKIM or DK signature 0.1 MIME_HTML_ONLY BODY: Message only has text/html MIME parts 0.0 HTML_MESSAGE BODY: HTML included in message 0.5 KAM_REALLYHUGEIMGSRC RAW: Spam with image tags with ridiculously huge http urls 0.0 TVD_PH_BODY_ACCOUNTS_PRE The body matches phrases such as "accounts suspended", "account credited", "account verification" 0.0 LOTS_OF_MONEY Huge... sums of money 0.0 T_MONEY_PERCENT X% of a lot of money for you X-Spam-Flag: NO <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional //EN" "http://www= .w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns=3D"http://www.w3.org/1999/xhtml" xmlns:v=3D"urn:schemas-microso= ft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office"> <head> <meta http-equiv=3D"Content-Type" content=3D"text/html; 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} .desktop-only { display: none !important; mso-hide: all !important; } .container { width: 100% !important; min-width: 280px; } .content { padding: 0 5px; } .walkthrough-image { width: 100% !important; } .performer-title, .performer-content{ font-size: 6px !important; } .header-msg { font-size: 9px !important; } .pre-header { padding: 10px 20px !important; text-align: left !important; } .side-bar { display: none !important; width: 0 !important; max-width: 0 !important; height: 0 !important; max-height: 0 !important; opacity: 0 !important; } .line-breaker { display: block !important; } .responsive-img { width: 100% !important; } } </style> </head> <body style=3D"margin: 0 !important; padding: 0 !important;"> =20 <table lang=3D"x-pre-header" class=3D"pre-header" cellspacing=3D"0" cellp= adding=3D"0" border=3D"0" align=3D"center"> <tbody> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, sans-seri= f; font-size: 14px; color: #78766f; -webkit-text-size-adjust: none;"><span = style=3D"color: #78766f; font-size: 1px; display: none !important;"> The fi= rst of our 2026 outlooks; Q3's fundraising update; Japan's private markets = defy global sluggishness; Aerospace and defense rebounds... </span></td> </tr> </tbody> </table>=20 <style> @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 800; src: local('Roboto ExtraBold'), url('https://fonts.pitchbook.com/ne= wsletter/Roboto-ExtraBold.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 400; src: local('Roboto Regular'), url('https://fonts.pitchbook.com/news= letter/Roboto-Regular.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 300; src: local('Roboto Light'), url('https://fonts.pitchbook.com/newsle= tter/Roboto-Light.ttf') format('truetype'); } @font-face { font-family: 'Roboto Serif'; font-style: normal; font-weight: 500; src: local('Roboto Serif Medium'), url('https://fonts.pitchbook.com= /newsletter/RobotoSerif-Medium.ttf') format('truetype'); } td ul { padding-left: 1.8em; } td li { position: relative; margin-bottom: 0.5em; } </style> <table lang=3D"x-main-wrap" width=3D"100%" cellpadding=3D"0" cellspacing= =3D"0" border=3D"0" style=3D"min-width: 100%; background-color: #F0EBDE; fo= nt-family: Roboto, Arial, sans-serif;"> <tbody> <tr> <td align=3D"center"><!--[if (gte mso 9)|(IE)]> <table lang=3D"x-main-container" width=3D620" cellpadding=3D"0"= cellspacing=3D"0" border=3D"0" align=3D"center"> <tr> <td> <![endif]-->=20 <table lang=3D"x-main-container" class=3D"container" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"max-width: 620px;"= > =20 <tbody> <tr> <td class=3D"content" width=3D"100%" style=3D"min-width: 100%; pad= ding-left:5px; padding-right:5px;"> <table lang=3D"x-header" class=3D"container" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> =20 <tbody> <tr> <td> <table lang=3D"x-header-subscription" style=3D"min-width: 100= %; text-align: left;" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" = width=3D"100%"> <tbody> <tr> <td class=3D"header-msg" style=3D"padding-top: 20px; paddi= ng-bottom: 28px; font-family: Roboto, Arial, sans-serif; fon= t-size: 11px; -webkit-text-size-adjust: 70%; text-size-ad= just:70%; -ms-text-size-adjust: 70%; text-align: center;">December 6, 2025 = | <a href=3D"https://url6380.news.pitchbook.co= m/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUUul8q0Hl= hDR5-2FJU1SwcCrCK29rYLWT4J-2Bf3Xc7Kg20w-3D-3DG3Bh_I3w5d9c01gkD8gLzFEofZR-2B= h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcTzyCOpka1792tniOm-2BILV9JBQS1Q4= FgOAiaDupo2xmBLcMNwSeus5weGMkDqiIUZZrvQP90vtB8wCGYPUT2soeKFCqoGhX5jebW7eWdg= DPTCAusdvQLe7qoEG4qWtlBwXp0EeWmBGT-2BQ6sHnQhjl5GcOhfwt3AA-2BtXTDE5NQH-2BUNT= sZkCB2Qw7Kt6STjddetvDspIZCKhPEBKLS9pd0KuxoxFqDHrfTIfmtaag-2Fu1imHOQGUZsWmEh= MEPk4m6nzwSKwannExFS2PTWKIEohsGERRjyBuxKXmU9SHbpzB572eeLC-2FVHtBqExIq1umQbM= hzgvZQUxhfuqHAst-2Fpgdk5V-2FQcQq26iR5xtqdn9NLeKQi-2Fa3BQvdX-2Fqe1-2FHLjaha-= 2FnCcse2p-2FcGcd9pCzLrNOyxqBEzuFkdOnHW-2F1tynmimknxw5BzysBXn0jIggN55nydMV10= RFE5ybYS8aPr5kWeK-2FVsv-2Bf7ClBDhJBHiimns-3D" target=3D"_blank" style=3D"te= xt-decoration: underline; color: #1D5080">Read online</a> |&nbs= p; <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3D= u001.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12opJBSgX8wjgWQkjpY2yE70mtuFtQh5= JMynEp-2F-2B0ZsygXiW0dASWMAkXrIC3kg-2BeC0SuDoyGjKHmOSdfo63E0RLyaXhmtZcu9qyp= gyxWwak1NhA0coLyWLpIGucErQpvbIjaXQ-3D0mOX_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHk= xBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcTzyCOpka1792tniOm-2BILV9JBQS1Q4FgOAiaDu= po2xmBLcMNwSeus5weGMkDqiIUZZrvQP90vtB8wCGYPUT2soeKFCqoGhX5jebW7eWdgDPTCAusd= vQLe7qoEG4qWtlBwXp0EeWmBGT-2BQ6sHnQhjl5GcOhfwt3AA-2BtXTDE5NQH-2BUNTsZkCB2Qw= 7Kt6STjddetvDspIZCKhPEBKLS9pd0KuxoxFqDHrfTIfmtaag-2Fu1g8OmjZAthLrEoyk3rbtTv= LnLqp0nj6NLXv-2BVcN6dPu-2FRPxWDHsU-2BabZ2QzWAG5Vr3Tf5dR0ZuRNqEMzH-2F9M-2F6K= 48hAvx9pQOVY8Jck-2BxhVktOYNN5rWfCpvLEf6EEbl3w-2F-2B-2BN7on9eYthTr6U5FFpBacN= G3NlWSEyM4Cuo6xbxoo-2FisTBvbvVSoQRX1I3ZEL-2Fex9SEJXO3EdhEx0FzY84387pQvGbflh= AYXG30O8nlktODd0ZL-2BRflOCMIaVa67Yw-3D" target=3D"_blank" style=3D"text-dec= oration: underline; color: #1D5080">Manage your subscription</a></td> </tr> </tbody> </table></td> </tr> =20 <tr> <td style=3D"padding-bottom: 14px; text-align: center;"><a hre= f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzUUul8q0HlhDR5-2FJU1SwcCr91ts8BwvH4L93dtiIYwptg= -3D-3DZwS4_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8= PzsFcTzyCOpka1792tniOm-2BILV9JBQS1Q4FgOAiaDupo2xmBLcMNwSeus5weGMkDqiIUZZrvQ= P90vtB8wCGYPUT2soeKFCqoGhX5jebW7eWdgDPTCAusdvQLe7qoEG4qWtlBwXp0EeWmBGT-2BQ6= sHnQhjl5GcOhfwt3AA-2BtXTDE5NQH-2BUNTsZkCB2Qw7Kt6STjddetvDspIZCKhPEBKLS9pd0K= uxoxFqDHrfTIfmtaag-2Fu1hO9skzCa2qaq9BLG-2FXgslWuA8-2F642phL9AqOU3DmdgXnDGgF= pN-2BgO9FjAKYKcoWCwRwJuTKm3Atp-2BmWN724xW7LJPAF86CmYEBuMLNrD5IMYny2Jd-2F99h= hQCeXAdCpeMGam0WxeAf-2FGNpw5B7S4qSS-2FMzyeaUauhtjqiaD3jjqkYzBha2HP60KSLmFs5= DSvcqXiPxfJMF3J1Gn8K14AMqE6zfpgObrR3AAliVHIigalwBvGk2OtVsMnA7ej-2Be3UHM-3D"= target=3D"_blank"> <img width=3D'1' height=3D'1' opacity: 0; style=3D'disp= lay:none !important; mso-hide: all;' src=3D'https://my.pitchbook.com/ms/pix= el?userId=3D3DABLZ54MOPJL5Q&eventSource=3D3DZQDXJQ6VUBAECQE7XY5D5PSLQI&emai= lId=3D3DKPQMJHQZRDR46&emailName=3D3D6H3WX3QH7CXEMMMBQSMFL245ZG625LDUYNYOD6M= 6QHVPV46EGQLU2DKV43QYFSZS&pixelPosition=3D3DUAZEVU3EPI6EYRHRSC2KEHCFHGQ6ZMZ= BKVWWKQA.gif'/><img src=3D"https://url6380.news.pitchbook.com/wf/open?upn= =3Du001.4Qe7VL981gyAPMxYoCz8CBKmv7adpoGoGfpUfNDzw-2FIUFPDY6owZNjRg8mspgm8j7= 74HBQZXwidKZO-2BMe16wT5ktRn8oUQCBMOdWCYAJMu7QfFXUKXLNepueDZ7zVldyfj6WZnuDTB= 7PjCqbwSjS-2Bo-2FpeLXddQMmiLXsf7XRr1GeWlrRKREOUbBj17Uzs1LOvkVMbVe9HI7DxIty-= 2FsB0DC6wn0mwT72sHcFoSTFqZ7CF2QmN5tV-2BjWLl-2BjafKw7i8nOcadYwmA4ey0HBqG73X3= PCL6ozUg9jdBtwGY9ytfCc0T1muEWgip8LcLra2PuxnjfH3vfO2Y-2BrB6oD9KFQqbtGYYFQ5L4= WmxUag6hZC4OmUihIAV8X-2FGWLJhphfWOfZeVW3vYuw7AoP7LVXOxnykjArprVLTunbrsD9p-2= FnSeaVHDhpBx1F2gyh-2BsG2t8YNPGrgktgT27CYCGLmwzkDjSFyqSgD-2FhbBbnECKD7Gq1i-2= BKb-2F-2BYVXsG3BcqsQgVEUr122ADb-2FR7PKtSwYf9Agik2idr3vno41VXka3Y-2BrumOM-3D= " alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"height:1px !impor= tant;width:1px !important;border-width:0 !important;margin-top:0 !important= ;margin-bottom:0 !important;margin-right:0 !important;margin-left:0 !import= ant;padding-top:0 !important;padding-bottom:0 !important;padding-right:0 !i= mportant;padding-left:0 !important;"/><img width=3D"141" height=3D"39" src= =3D"https://fonts.pitchbook.com/newsletter/pitchbook_morningstar_logo.png" = alt=3D"PitchBook"> </a></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto Serif, Ge= orgia, serif; font-size: 44px; font-weight: 500"><span>The Research Pitch</= span></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 24px; font-weight: 300; padding-top: 9px;"><span>PE, = VC and M&A</span></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 14px; padding-top: 11px;"><span>Presented by <a href= =3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzUUul8q0HlhDR5-2FJU1SwcCr1Kwr-2FVfwLpz6K63c8h-2B= xFQ-3D-3DNPmT_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa= 0m8PzsFcTzyCOpka1792tniOm-2BILV9JBQS1Q4FgOAiaDupo2xmBLcMNwSeus5weGMkDqiIUZZ= rvQP90vtB8wCGYPUT2soeKFCqoGhX5jebW7eWdgDPTCAusdvQLe7qoEG4qWtlBwXp0EeWmBGT-2= BQ6sHnQhjl5GcOhfwt3AA-2BtXTDE5NQH-2BUNTsZkCB2Qw7Kt6STjddetvDspIZCKhPEBKLS9p= d0KuxoxFqDHrfTIfmtaag-2Fu1i03DCBONfMayH3YEVkmNn91EW9vbEWUpdSBcfR3b5lqjHoSf7= dhNOz-2Byy4QBOF-2Be-2BZyXU13mc2QVatIdndTjUOyDw1J8BlAu80arpTSf5chbgab2IDWqWB= -2FxBSJV4BEdnpkd9QLJl0jLkUhTAAyMCyzBqH7hEcjTukFBekrtI-2Fc7sYlRzKC8qq6pROEg3= -2FGiyGy0jTPrMsZMROSgrF8EqyY6vZbCXcVIzXbCS5GL84B9lJ-2BQGpbe2NYF41PKg3Eos-3D= " target=3D"_blank" style=3D"text-decoration: underline; color: #1D5080; fo= nt-size: 14px; font-family: Roboto, Arial;">Affinity</a></span></td> </tr> <tr> <td height=3D"38" style=3D"padding: 0; line-height: 38px;">&nb= sp;</td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-content" cellpadding=3D"0" cellspacing=3D"0" bor= der=3D"0" width=3D"100%" style=3D"min-width: 100%!important; width: 100%!im= portant;"> <tbody> <tr> =20 <td class=3D"content" width=3D"460" valign=3D"top" style=3D"ma= x-width: 460px; padding-left:5px; padding-right:5px;"> <table lang=3D"x-main-content" width=3D"100%" cellpadding=3D"= 0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"= > <tbody> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>202= 6 outlooks</b>: The first wave has landed. Check out our forecasts for <b><= a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUUul8q0HlhDR5-2FJU1SwcCrmVisXME1mCxc1= KkN2n4hJA-3D-3D1XnI_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW= eUgFVa0m8PzsFcTzyCOpka1792tniOm-2BILV9JBQS1Q4FgOAiaDupo2xmBLcMNwSeus5weGMkD= qiIUZZrvQP90vtB8wCGYPUT2soeKFCqoGhX5jebW7eWdgDPTCAusdvQLe7qoEG4qWtlBwXp0EeW= mBGT-2BQ6sHnQhjl5GcOhfwt3AA-2BtXTDE5NQH-2BUNTsZkCB2Qw7Kt6STjddetvDspIZCKhPE= BKLS9pd0KuxoxFqDHrfTIfmtaag-2Fu1jhaWjYtbvAbDj-2BTJhXh3PjLXcyW4nIVsZCOjTdZgA= aX9aP-2BpACP9FsvnrIngQS0GKg7gBfomm5710M9CRPyqowLjm1WWB1dlRkYOBElf7R06eZPT8i= TAeNNs1BGH3qIJ6RdY-2F1LoBjRpvzJzP6aNlQV8X9Yhtw8HTCo5VI0c2IshyQNYnj6FVME69MU= kIp7SPhh1s6cUyb-2BuNE0Qo5j4tKKr-2FMJQgt9a-2F-2BzqOYo8r-2Bpkv8-2Fnk7CHeHMYQW= -2FEJq8Vw-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">US PE<= /a></b>, <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUUul8q0HlhDR5-2FJU1SwcC= rweCmKkZZfh-2B37tBd1ibeng-3D-3DMhit_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf= mzy-2F3t1yZbcbdWeUgFVa0m8PzsFcTzyCOpka1792tniOm-2BILV9JBQS1Q4FgOAiaDupo2xmB= LcMNwSeus5weGMkDqiIUZZrvQP90vtB8wCGYPUT2soeKFCqoGhX5jebW7eWdgDPTCAusdvQLe7q= oEG4qWtlBwXp0EeWmBGT-2BQ6sHnQhjl5GcOhfwt3AA-2BtXTDE5NQH-2BUNTsZkCB2Qw7Kt6ST= jddetvDspIZCKhPEBKLS9pd0KuxoxFqDHrfTIfmtaag-2Fu1gN29LU0E-2FpkK7Pg89reQh7d5X= JxtwTC6fEcBPaI9C3HLvdkUfTBaYXg4qAHOoXH4NxdxO5xFRLvvAbkdZRzGw85-2BPuowMj8syh= E00GjddiZzkAMuS6n8izi2swqu3yhUK3sknmHZhkCh-2F6fIA-2BUK0XjG-2BAqo4bWs-2Fpa-2= FWyHKr3aYTNWEOtn6cOA0lc-2BaKvb0MlfMHo-2Fe3OYpPjuhuPOhHmMjfzeQRVDGcZZt3JF1Dn= HMqZ4RiMu1N4B7b9ZKM5FIA-3D" style=3D"color: #1D5080;" test=3D"" universal= =3D"true">US VC</a></b>, <b><a href=3D"https://url6380.news.pitchbook.com/l= s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUUul8q0HlhDR= 5-2FJU1SwcCrvtu9EB-2FlhLpp30isSP52ew-3D-3D7rtH_I3w5d9c01gkD8gLzFEofZR-2Bh6V= warHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcTzyCOpka1792tniOm-2BILV9JBQS1Q4FgO= AiaDupo2xmBLcMNwSeus5weGMkDqiIUZZrvQP90vtB8wCGYPUT2soeKFCqoGhX5jebW7eWdgDPT= CAusdvQLe7qoEG4qWtlBwXp0EeWmBGT-2BQ6sHnQhjl5GcOhfwt3AA-2BtXTDE5NQH-2BUNTsZk= CB2Qw7Kt6STjddetvDspIZCKhPEBKLS9pd0KuxoxFqDHrfTIfmtaag-2Fu1g4zFj03QJDd4Nf6U= ADL-2BqFVEV5x3jBI6N38j1FmpDm1qXXYbSvKLLX-2BZIa4QfMpUmZ2ViF17jEtoYKvCLWHpBEf= 8dwPOgFJ7awg9qxTY-2BBiMEKHhqb-2B-2FcV1nPb5Q4-2F6TfYD17neAfOp5-2BjHW6wVmLNZL= TgJWZcfEhC9FSr-2Bfvmh2wMuS9dXnDxeJGVuTFnXJOERR-2FgpNkwm2A-2B2uHZfIHOe7pa3rQ= -2BKEMz6DO6zw4wVY04jRpJ-2B6uSVInLNS4LBWU-3D" style=3D"color: #1D5080;" test= =3D"">healthcare</a></b> and <b><a href=3D"https://url6380.news.pitchbook.c= om/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUUul= 8q0HlhDR5-2FJU1SwcCrnljmlC-2FxviTnvtZg36cS2A-3D-3DncAG_I3w5d9c01gkD8gLzFEof= ZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcTzyCOpka1792tniOm-2BILV9JB= QS1Q4FgOAiaDupo2xmBLcMNwSeus5weGMkDqiIUZZrvQP90vtB8wCGYPUT2soeKFCqoGhX5jebW= 7eWdgDPTCAusdvQLe7qoEG4qWtlBwXp0EeWmBGT-2BQ6sHnQhjl5GcOhfwt3AA-2BtXTDE5NQH-= 2BUNTsZkCB2Qw7Kt6STjddetvDspIZCKhPEBKLS9pd0KuxoxFqDHrfTIfmtaag-2Fu1gHJsuIjC= iCapMds2S-2F8fTLuLGyT6i-2BFHEfdgztektTyFdc73AEWLVbQo5mBZEHwh14nVVWQFNdnDCcn= GlBOm26c7EZ2kGdCaavS0ZoBstmF38xPIoFdgB-2BA85xPAyRAsDqTs8C4JroCyTdYm0DsRkUel= SAYm-2FoageFT4gn-2BFWjIA4Gxm4p5snEDylCiQ00YB3v8-2F4DZAuYqnvsdTEaPWT8zCYP8-2= BL2IOSkEYPD10FW-2F06xkr9tw4nHOrGznkBSRao-3D" style=3D"color: #1D5080;" test= =3D"" universal=3D"true">EMEA</a></b>.<br><br><b>Q3's fundraising update</b= >: Private markets pulled in $900 billion through September despite a tough= fundraising year. Europe has seen a record 34% of commitments, and global = dry powder is climbing, though the clock is ticking for deployment. <b><a h= ref=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4= Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5Pm-2BgZKgCx6ctQZuFHbHV-2Fbrs5W9VtScS3J= 2cvL7bFw-3D-3DBBt1_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWe= UgFVa0m8PzsFcTzyCOpka1792tniOm-2BILV9JBQS1Q4FgOAiaDupo2xmBLcMNwSeus5weGMkDq= iIUZZrvQP90vtB8wCGYPUT2soeKFCqoGhX5jebW7eWdgDPTCAusdvQLe7qoEG4qWtlBwXp0EeWm= BGT-2BQ6sHnQhjl5GcOhfwt3AA-2BtXTDE5NQH-2BUNTsZkCB2Qw7Kt6STjddetvDspIZCKhPEB= KLS9pd0KuxoxFqDHrfTIfmtaag-2Fu1jD4jVKYgL4LdeD60NfnXAo8w8VAh1p9BLLS5Hszxlixb= 8qWgglHVUIfFFfB5S2WE8QAlMaQIkzjLsxaYYjlg-2B5E6g8jZMbow3W8JiQyM7bJxayzmryjtC= gc-2B-2BLVQbBCQbyz8IPpfPtJNnm2aMc9g-2F-2B0ft-2BT-2FHmbZ0lTPxxO4VDKRhaZb9xVi= 1Avr-2BzLpQE9jYAH2t37ZDc1pXQsV-2BnocvG2jyqKXj-2Bu1Xn5xiLFRhjTwREKflQwiDXr0U= 9XvCT3XU-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Read mo= re</a></b>.<br><br><b>Turbulence settles</b>: Aerospace and defense rebound= ed in Q3 with more clarity on tariffs and a new defense budget, our new rep= ort finds. <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?up= n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5Pm-2BgZKgCx6ctQZuFHb= HV6t8VBC7PgLPwX2ShaChR6g-3D-3DUxMe_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfm= zy-2F3t1yZbcbdWeUgFVa0m8PzsFcTzyCOpka1792tniOm-2BILV9JBQS1Q4FgOAiaDupo2xmBL= cMNwSeus5weGMkDqiIUZZrvQP90vtB8wCGYPUT2soeKFCqoGhX5jebW7eWdgDPTCAusdvQLe7qo= EG4qWtlBwXp0EeWmBGT-2BQ6sHnQhjl5GcOhfwt3AA-2BtXTDE5NQH-2BUNTsZkCB2Qw7Kt6STj= ddetvDspIZCKhPEBKLS9pd0KuxoxFqDHrfTIfmtaag-2Fu1hMsG543bP2TRCzG6tC3ryJpRlL-2= B4RQh1mySFUEnC60KXzGwak0NG26BM4DnhasLJ2zCtW6C3wAeV17CfVCUSU79JYbjIJc3IuN4JC= 0s8NN-2BaqQUmx-2BtfzNNGNsA5qx2x2nZlNNIgJErrBOA22qIGspsquTCXILaRLWedSC-2BXGH= VJKZ2rbsKXDKLDDT9uSS74oY9ZzkTRUlV7o8igFChDok8dpk9lgAe-2BLUkkrOylE-2BdzNY2h7= Hozt5zZ4cbhJ-2FWtY-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tru= e">Read it here</a></b>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>A message from Affinity</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_575142" id=3D"n_575142" 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;"> Watch: How AI is reshaping pri= vate capital (on-demand) </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"right"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" style=3D"float: none; padding-left: 15px; "> <tbody> <tr> <td align=3D"right" style=3D"text-align: righ= t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUUul8q0HlhDR5-2FJU1SwcCr1Kwr-2FVfwLpz= 6K63c8h-2BxFQ-3D-3D5mOt_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb= cbdWeUgFVa0m8PzsFcTzyCOpka1792tniOm-2BILV9JBQS1Q4FgOAiaDupo2xmBLcMNwSeus5we= GMkDqiIUZZrvQP90vtB8wCGYPUT2soeKFCqoGhX5jebW7eWdgDPTCAusdvQLe7qoEG4qWtlBwXp= 0EeWmBGT-2BQ6sHnQhjl5GcOhfwt3AA-2BtXTDE5NQH-2BUNTsZkCB2Qw7Kt6STjddetvDspIZC= KhPEBKLS9pd0KuxoxFqDHrfTIfmtaag-2Fu1j9CUuoY1N7QignAvlnDsdhWbJu1kj0wJafONhZ4= CValLu-2Frzr0CNX7nj12DhIy1JV7RlxBreMThpYS5VFJ8K3k7BHhJh3yQ-2FD11cKpi3paicv-= 2BaNxuNd97qINi-2Bw3jmehA6MmVwH5njLuynyQ2zp1SckhrbgvIosGasuuUwrUrkm9ZJZ4kfE3= hy1XF6aG0-2BGQkn7UNGgYcYTNVlYV3cXsQyXANG56EdgeHejrUsfEO-2FPcUE8tSgQN2lkkK3w= Fql-2Bs-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.co= m/news/71642.png" style=3D"border: none; max-width: 420px;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>AI has moved from theory to implement= ation. Some private capital firms are already reshaping how they operate. O= thers are actively exploring where it can drive the most value. Either way,= understanding this shift is now essential to evaluating not just AI-native= companies but the broader ecosystems your portfolios operate in.<br><br> In this on-demand session, you'll hear from:= =20 <ul> <li>David Hefter =E2=80=93 AI Champion for In= vestments, BlackRock</li> <li>Rohan Sahai =E2=80=93 Engineering Manager= , OpenAI</li> </ul> What they cover:=20 <ul> <li>Where AI adoption is actually showing up = in enterprise workflows and decision-making (with real examples)</li> <li>How generative AI is expanding deal teams= ' capabilities to process information, identify patterns, and move faster</= li> <li>Emerging tools, market signals, and what = to watch as AI continues to evolve</li> </ul><a href=3D"https://url6380.news.pitchboo= k.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUUul8= q0HlhDR5-2FJU1SwcCr1Kwr-2FVfwLpz6K63c8h-2BxFQ-3D-3DQ71y_I3w5d9c01gkD8gLzFEo= fZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcTzyCOpka1792tniOm-2BILV9J= BQS1Q4FgOAiaDupo2xmBLcMNwSeus5weGMkDqiIUZZrvQP90vtB8wCGYPUT2soeKFCqoGhX5jeb= W7eWdgDPTCAusdvQLe7qoEG4qWtlBwXp0EeWmBGT-2BQ6sHnQhjl5GcOhfwt3AA-2BtXTDE5NQH= -2BUNTsZkCB2Qw7Kt6STjddetvDspIZCKhPEBKLS9pd0KuxoxFqDHrfTIfmtaag-2Fu1gXljycf= 6UrQefFp2bwh3nyXr1USUBbt9oX0Kf-2Fp2fr1DHW-2Fgn3QvxtfZkVBZajM44-2F8aIseA5YIW= YZJHTZ9M1-2F4yUGbce2pXYRn-2FHg0Q5h3vriA9LpbA5G0X7mgP9C6taSjIlN2K-2F6DzzKCS3= 73zxoLkvBe3-2FIWK-2FMbeAr80aHTMXFebXJhd-2F46yAB-2FL6ua7C2W8J2EkZCyLfwJVVNnL= japDiUIRMOkgNdfbrezB1pf8OdyMaCpgTY-2FThQ-2BdA641A-3D" style=3D"color: #1D50= 80;" test=3D"">Get the video</a></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_575216" id=3D"n_575216" 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;"> For top VCs, early-stage strat= egy has evolved </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> Through Q3, a top 15 VC firm has participated= in 3.5% of all pre-seed, seed and early-stage rounds. While this figure re= mains in line with previous years, the total value of these rounds now acco= unts for a record 21% of all capital deployed at these stages=E2=80=94compa= red to 2021-2024 annual average of 14.4%.=20 <br> <br> This rising share of capital from top firms = highlights shifting dynamics in early-stage venture investing. With deal si= zes and valuations at record highs, large, multi-stage investors are playin= g an outsized role. </div> <div> <br><a href=3D"https://url6380.news.pitchbook= .com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5= Pm-2BgZKgCx6ctQZuFHbHVcPMNTJYDedm5yxlWBHlQoA-3D-3DXlN5_I3w5d9c01gkD8gLzFEof= ZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcTzyCOpka1792tniOm-2BILV9JB= QS1Q4FgOAiaDupo2xmBLcMNwSeus5weGMkDqiIUZZrvQP90vtB8wCGYPUT2soeKFCqoGhX5jebW= 7eWdgDPTCAusdvQLe7qoEG4qWtlBwXp0EeWmBGT-2BQ6sHnQhjl5GcOhfwt3AA-2BtXTDE5NQH-= 2BUNTsZkCB2Qw7Kt6STjddetvDspIZCKhPEBKLS9pd0KuxoxFqDHrfTIfmtaag-2Fu1jT4OXu0w= ReFNdhXPhrcH6mLfZdLs99NYmp7wH5F8wycq-2Bq-2FehCD0yfYkRMg2ApD59Jyk8vmoaS6i9fQ= RAiNAwbrM9lQTF80JAetmyPEyNHq520A-2FIYvy8cWqTVdb5nd8j-2BKIb2PHIS6CthWQV6eqpf= KED1GPCNaQ-2BNf17THA4yBvQWWumsREA6ynKeOSVEkxxBoV2MlLx6mPyPWC0PBa6oa6vW2-2FH= KGLkk5jcOBKQOSpsJTeALMQtt-2FN3frsglF8c-3D" universal=3D"true"><img align=3D= "center" alt=3D"" src=3D"https://img.pitchbook.com/news/71673.png" style=3D= "border: none; max-width: 420px;"></a> </div> <div> </div> <div> These firms, which we rank based on a methodo= logy considering exit rates and future valuation growth of past investments= , are leveraging their size and access to highly competitive rounds to plac= e larger early-stage bets.=20 <br> <br> Rounds with top investor participation now c= ommand a median deal size at 2.8 times the overall venture median at the pr= e-seed and seed stages and 6.1 times the median for Series A and B.=20 <br> <br> As top investors' portfolio companies are eq= uipped with significantly more capital, a distinction is growing between th= is unique subset of investment and the broader venture space.=20 <br> <br> Among areas targeted by this investor cohort= , AI saw the most activity, accounting for 57.7% of all transactions and 60= .7% of total capital deployed in Q3. Top investors also shifted attention t= oward industrial technology, driving a record $782.4 million in funding acr= oss 17 deals in the vertical over the quarter. Expanding defense budgets an= d a renewed emphasis on domestic production drove activity into the histori= cally niche area of investment, with Castelion and Mariana Minerals closing= headline rounds.=20 <br> <br> View more data in our <b><a href=3D"https://= url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G= Fa-2BaqM7ONnvsnswouzX5Pm-2BgZKgCx6ctQZuFHbHVJC4Nj1e7MLvyZirgWOjarA-3D-3D13r= F_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcTzyC= Opka1792tniOm-2BILV9JBQS1Q4FgOAiaDupo2xmBLcMNwSeus5weGMkDqiIUZZrvQP90vtB8wC= GYPUT2soeKFCqoGhX5jebW7eWdgDPTCAusdvQLe7qoEG4qWtlBwXp0EeWmBGT-2BQ6sHnQhjl5G= cOhfwt3AA-2BtXTDE5NQH-2BUNTsZkCB2Qw7Kt6STjddetvDspIZCKhPEBKLS9pd0KuxoxFqDHr= fTIfmtaag-2Fu1h2VRdndDPwZTZhAyFSPJuRM-2B8BeD2dh7HRZXA4Y7RKKsaxg2Me-2B4LkLJD= rBKssLNjDIiceOfYGYZRJiKItKyXQVDscYkz7ilCMyCqIKaZGWE9F2JD-2BgcaNZnjaLFFD818F= Cs9oS8ICGex05djtg-2B8e1uT0k5q3Bo79RlYcVUg4o11WWt9aHvjzsj92eL3zWsn8ld9sqNvVE= PX-2BTmQUUJqH-2FRr4sRCQnSxMyhDSyn-2BwBZJBt9dsrKpPmYJJNNzn2nY-3D" style=3D"c= olor: #1D5080;" test=3D"" universal=3D"true">Q3 Emerging Tech Indicator</a>= </b>, which tracks seed and early-stage rounds from the most successful inv= estors, revealing the products and technologies best positioned to alter th= e venture landscape. This report breaks down which startups these firms are= funding and what it tells us about where venture is headed next. </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"><br></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/712= 40.png" style=3D"border: none; max-width: 420px;"> </td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>Best,<br><br><a href=3D"mailto:ben.ri= ccio@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Ben Riccio</a><br> Analyst, Industry & Technology Research<= /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_575219" id=3D"n_575219" 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;"> Japan's private capital dealma= king shines despite fundraising slowdown </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> Japan's private capital markets continue to d= efy global sluggishness, maintaining strong deal flow across PE and VC even= as fundraising cools, according to the <b><a href=3D"https://url6380.news.= pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv= snswouzX5Pm-2BgZKgCx6ctQZuFHbHV2gnpSzic4REt2YD-2FrGXUwQ-3D-3DQAr3_I3w5d9c01= gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcTzyCOpka1792tni= Om-2BILV9JBQS1Q4FgOAiaDupo2xmBLcMNwSeus5weGMkDqiIUZZrvQP90vtB8wCGYPUT2soeKF= CqoGhX5jebW7eWdgDPTCAusdvQLe7qoEG4qWtlBwXp0EeWmBGT-2BQ6sHnQhjl5GcOhfwt3AA-2= BtXTDE5NQH-2BUNTsZkCB2Qw7Kt6STjddetvDspIZCKhPEBKLS9pd0KuxoxFqDHrfTIfmtaag-2= Fu1hl9WQFJuV4ZXiw6GIv0xoisEKTaTec-2FHXdgDhSMHFe7lQc-2BYLaZRf8g-2B-2Fo2crgjJ= F7FtaeQ52iueYE1P9nvbqzy8C1Banu-2BFUcx40vxI2O8SBEjs-2BifX5-2FX2Gzh-2BHjs9R9k= UfCPv9Yq2en3gEApHOBEUjR-2BAvWaH1RWzI4JsQ2s3eX7GL-2Bkrb4DBrFQXml1T7e9-2F2TXv= MyPJaeakvsswPrJo1RX1irDErenks1cXPAVgap9nvx-2Bgcdx-2FBfQr0tBvU-3D" style=3D"= color: #1D5080;" test=3D"" universal=3D"true">2025 Japan Private Capital Br= eakdown</a></b>.=20 <br> <br> At the heart of this resilience is Japan's u= niquely supportive financing landscape. Even as the Bank of Japan began gra= dually easing in 2024, leveraged buyout loans remained among the lowest in = the developed world at around 3% to 4%. A persistently weak yen further boo= sted dollar-based returns, giving nondomestic sponsors an added lift and wi= dening Japan's appeal as a buyout destination. </div> <div> <br><a href=3D"https://url6380.news.pitchbook= .com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5= Pm-2BgZKgCx6ctQZuFHbHV-2B2Dqs7kcpfSBvPE-2B4KXCpw-3D-3DVTKE_I3w5d9c01gkD8gLz= FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcTzyCOpka1792tniOm-2BIL= V9JBQS1Q4FgOAiaDupo2xmBLcMNwSeus5weGMkDqiIUZZrvQP90vtB8wCGYPUT2soeKFCqoGhX5= jebW7eWdgDPTCAusdvQLe7qoEG4qWtlBwXp0EeWmBGT-2BQ6sHnQhjl5GcOhfwt3AA-2BtXTDE5= NQH-2BUNTsZkCB2Qw7Kt6STjddetvDspIZCKhPEBKLS9pd0KuxoxFqDHrfTIfmtaag-2Fu1gczF= xXpeQTgqiGFVBE51w0m5sSy8eJPRXQKzg3ZfmCeV30h2a-2BNWXnYTvXA5vVxwniDy8lzHPMX6l= MZ4fP6P7HQ-2B2xb36JDhla-2FmU2S-2F34XbKcZQfJ5FI5PkgBGzapcD35DeNaiGFgBZHBOeTX= feYgi8kRuENwcWvQuONBNAEl6BTecWktw85Go1F6pL4divYGgAR3wBE5Cywk7qHoRqTTErmBT6R= lNPvrZdhomcParhjQj8f9PhV9hQoX010vkwc-3D" universal=3D"true"><img align=3D"c= enter" alt=3D"" src=3D"https://img.pitchbook.com/news/71677.png" style=3D"b= order: none; max-width: 420px;"></a> </div> <div> Corporate reform is powering the pipeline. Go= vernance pressures and the Tokyo Stock Exchange's campaign for capital effi= ciency have pushed conglomerates to streamline portfolios. Carveout deal va= lue rebounded to $4.1 billion, while take-private transactions have exceede= d 25% of PE deal value for six straight years=E2=80=94clear signs that dive= stments and privatizations remain central engines of activity.=20 <br> <br> Succession dynamics are adding another engin= e. Roughly one-third of Japan's SMEs are owned by founders over 70 without = clear successors, creating a steady flow of middle-market opportunities whe= re PE firms step in to support leadership transitions and modernization.=20 <br> <br> Venture dealmaking has been equally resilien= t. Late-stage deals have nearly doubled their share since 2016, reaching 45= %, underscoring the rapid maturation of Japan's startup ecosystem. Software= and business-to-consumer are the dominant verticals as corporates continue= to accelerate digital transformation and shift to subscription-based model= s.=20 <br> <br> Fundraising is the one clear weak spot. Japa= n-focused GPs have raised just $2.6 billion YTD, down sharply from $12.2 bi= llion in 2024, with only two funds exceeding $500 million. LP caution mirro= rs global trends, with capital flowing primarily toward thematic strategies= .=20 <br> <br> Even so, Japan's private markets will contin= ue to punch above their weight, as long as structural drivers remain intact= . A rebound in fundraising could unlock a fresh wave of capital, allowing J= apan's already-robust deal flow to accelerate into 2026.=20 <br> <br> For more data, download <a href=3D"https://u= rl6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF= a-2BaqM7ONnvsnswouzX5Pm-2BgZKgCx6ctQZuFHbHV2gnpSzic4REt2YD-2FrGXUwQ-3D-3D4Y= Wx_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcTzy= COpka1792tniOm-2BILV9JBQS1Q4FgOAiaDupo2xmBLcMNwSeus5weGMkDqiIUZZrvQP90vtB8w= CGYPUT2soeKFCqoGhX5jebW7eWdgDPTCAusdvQLe7qoEG4qWtlBwXp0EeWmBGT-2BQ6sHnQhjl5= GcOhfwt3AA-2BtXTDE5NQH-2BUNTsZkCB2Qw7Kt6STjddetvDspIZCKhPEBKLS9pd0KuxoxFqDH= rfTIfmtaag-2Fu1i1tkI4RjLQmqgEzTb0aRBBz07Z5eqMjec02qbirH2OLU0JCJmJr-2F0NkYDQ= hP51lyEDz0NGE2KZ4siktxt1JhQaxja25v74w6UdwtbiUqV6yJZWiSwVOcJpdlVFZ9TzRTcn-2F= -2FuqCUXxpuixKj7iaBi9vXW7uCqjjqpvCdYLckTRpQ2dGoRiewDGYIcFrHEHoRb3d4qwYf4U3g= yINNmCLVkoLXcM7oAlsHpHjPe9gLi63DO9HwpeUkyyzlZbx4NkjOM-3D" style=3D"color: #= 1D5080;" test=3D"" universal=3D"true">the report</a>, which is available in= English and Japanese. </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/716= 85.png" style=3D"border: none; max-width: 420px;"> </td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>Have a great weekend,<br><br><a href= =3D"mailto:ansel.tan@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Ans= el Tan</a><br> Director, APAC Private Capital</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Industry & Tech</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br><b= ><big><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5Pm-2BgZKgCx6ctQZuFHbHVHb3Dfr= PYx-2FYvdk4b6XoHCA-3D-3DJNbz_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3= t1yZbcbdWeUgFVa0m8PzsFcTzyCOpka1792tniOm-2BILV9JBQS1Q4FgOAiaDupo2xmBLcMNwSe= us5weGMkDqiIUZZrvQP90vtB8wCGYPUT2soeKFCqoGhX5jebW7eWdgDPTCAusdvQLe7qoEG4qWt= lBwXp0EeWmBGT-2BQ6sHnQhjl5GcOhfwt3AA-2BtXTDE5NQH-2BUNTsZkCB2Qw7Kt6STjddetvD= spIZCKhPEBKLS9pd0KuxoxFqDHrfTIfmtaag-2Fu1iPxFKYWye1P0HGvEIbS2jxF4PEc-2BleLL= 87gJc9sigc9CVd7oWrOD9j-2FcW-2F44UUQk26AJtP33bAA-2Fu88FQQNC64nhoxbmBPrhkEo-2= BxaA6wxcnuBSNUUbPR2-2FR-2BIFaiCRhQamZRZU6ZPN1Sd6TVmSYK8HeKJq1s7Gypud1miDWPn= IMbzUT-2Br7MjjGkKKl-2BTefnxb9gnv5sQcflTCpXDocPT-2BVlQ7ljaoOjlqCRfMHk3gB4zRX= xOWANMUhDm9Zrof1d0-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tru= e">Pharma Biotools VC Trends </a></big></b><br><br> The pharma biotools sector=E2=80=94which enc= ompasses technologies and services for drug discovery, clinical development= , diagnostics, and biopharmaceutical manufacturing=E2=80=94is on pace for 5= 13 VC deals in 2025, compared with a prior annual average of 399 since 2020= .</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-2BaqM7ONnvsnswouzX5Pm-2BgZKgCx6ctQZuFHbHVqBfy5ag= CFj6ivPVtH79SbQ-3D-3Do76f_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFcTzyCOpka1792tniOm-2BILV9JBQS1Q4FgOAiaDupo2xmBLcMNwSeus5= weGMkDqiIUZZrvQP90vtB8wCGYPUT2soeKFCqoGhX5jebW7eWdgDPTCAusdvQLe7qoEG4qWtlBw= Xp0EeWmBGT-2BQ6sHnQhjl5GcOhfwt3AA-2BtXTDE5NQH-2BUNTsZkCB2Qw7Kt6STjddetvDspI= ZCKhPEBKLS9pd0KuxoxFqDHrfTIfmtaag-2Fu1ig80Rj3ZxB2-2FP4khZDwfItxf7nK2Zb-2BUA= aDKh20WYiBsBbJnLqUJCdkJC62XqGU7mvYrWXdz3M5Mndx5cJpttWW0J8NMcyqdeJfZkQTI3TUP= TAqrsDqCyLE8yKgf6GubiWtRTjI-2BG9AZ7mSfZ79OhWMuj4-2Fve9PiT0VLEMb2qGC4tzbXoWH= AoAupO3FdXvK9SSrTw2B9NfR5pnnlBUCtPzumCLjkmtmuehKffuY8NEnpqpdtba9ivkvQ0Grixb= 6lI-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://i= mg.pitchbook.com/news/71702.png" style=3D"border: none; max-width: 420px;">= </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> Seed-stage startups have accounted for a rec= ord 18% of total capital deployed YTD, as investment is heavily weighted to= ward emerging technologies rather than mature startups.<br><br> AI integration into biotech has been a major= driver of the uptick, as computational tools and emerging biological found= ation models continue to attract significant capital.<br><br> Lila Sciences, pursuing "scientific superint= elligence" through autonomous labs, raised a $350 million Series A at a $1.= 3 billion valuation. Chai Discovery raised $70 million at a $573 million va= luation for its de novo antibody design model. Other notable deals and area= s of investment in Q3 included the synthetic biology & CRISPR category,= headlined by Colossal Biosciences' $120 million Series C extension.<br><br= ><em><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0= 01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5Pm-2BgZKgCx6ctQZuFHbHVHb3D= frPYx-2FYvdk4b6XoHCA-3D-3DElJd_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2= F3t1yZbcbdWeUgFVa0m8PzsFcTzyCOpka1792tniOm-2BILV9JBQS1Q4FgOAiaDupo2xmBLcMNw= Seus5weGMkDqiIUZZrvQP90vtB8wCGYPUT2soeKFCqoGhX5jebW7eWdgDPTCAusdvQLe7qoEG4q= WtlBwXp0EeWmBGT-2BQ6sHnQhjl5GcOhfwt3AA-2BtXTDE5NQH-2BUNTsZkCB2Qw7Kt6STjddet= vDspIZCKhPEBKLS9pd0KuxoxFqDHrfTIfmtaag-2Fu1huFmMIqi-2BnMoGWjFATSZDs11saPrJz= kA9sb8CsMhZIS-2FlKMHpq8HBKXJJHgRRU4akmwXvjCH39bdSPYiaNikTNgemN2l5urUD9SCZr4= -2Beap8o2N-2BIC8OLrwB4SO1d7fEoLi86e7jJQJ-2F89vFrhhZNUiwBRKmT0e9SVekT0b6gTy5= w-2FDRX1iiQaL90W1afJwJvothtU6-2Fcn4epW9-2BJWzrYwKhi7ZzWa-2FXTNwWm1PFm55unAx= sqEdNYBUVr3JfC1j7w-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tru= e">Read the report</a></b></em></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br><b= ><big><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5Pm-2BgZKgCx6ctQZuFHbHV6NKtcQ= GqGqASvlw2BNMinQ-3D-3DxDPX_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1= yZbcbdWeUgFVa0m8PzsFcTzyCOpka1792tniOm-2BILV9JBQS1Q4FgOAiaDupo2xmBLcMNwSeus= 5weGMkDqiIUZZrvQP90vtB8wCGYPUT2soeKFCqoGhX5jebW7eWdgDPTCAusdvQLe7qoEG4qWtlB= wXp0EeWmBGT-2BQ6sHnQhjl5GcOhfwt3AA-2BtXTDE5NQH-2BUNTsZkCB2Qw7Kt6STjddetvDsp= IZCKhPEBKLS9pd0KuxoxFqDHrfTIfmtaag-2Fu1hZwlLOD43IjJCtx6LhR7M0MqB2CDuU-2BZVR= xjDjYXA02hjCnxkw-2BWjJf4VJb-2FksvExuhgCwRClTDXms-2BeTN2SljwfjODc9hgkqaxf8v5= PIrdOfeOhpF07wwWcU0w5qT7O4deSo6sY0rG97SRgS80Y-2FFX-2F4ovNNA8JJRp-2FkGPb1NSj= W4XmtSVAVaek-2B6u56k57OajjchzEDtPaD2cBt7vTZJP-2FG1LvyM-2BIK8mKQBjP-2BhswFJU= 7MtOn187lg-2Ffv1lwms-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"t= rue">Gaming VC Activity in Emerging Markets </a></big></b><br><br> Gaming's center of gravity is shifting. Our = latest analyst note shows emerging markets=E2=80=94home to 86% of the world= 's population=E2=80=94now account for around 15% of global gaming revenue, = up from 4% in 2010.<br><br> Case studies like China's Tencent and NetEas= e Games, Singapore's Sea Limited, and South Korea's Krafton highlight how m= obile-first expertise is scaling into the PC and console market and the val= ue of franchise intellectual property.<br><br> The growth engines: the Middle East & No= rth Africa, Latin America, India, and Southeast Asia=E2=80=94regions benefi= ting from affordable smartphones, rising digital payments, and favorable de= mographics=E2=80=94are pushing toward 5% to 6% of global gaming revenue.<br= ><br> Tailwinds include regulatory enablement and = lower production costs; headwinds remain around monetization, banking acces= s, and policy volatility (notably in India and China).<br><br> Bottom line: While the US and Europe see gro= wth in the low-to-mid single digits, emerging markets can double that pace= =E2=80=94and could contribute the majority of global gaming revenue by 2030= .<br><br><em><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?= upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5Pm-2BgZKgCx6ctQZuF= HbHV6NKtcQGqGqASvlw2BNMinQ-3D-3DGhPB_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFC= fmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcTzyCOpka1792tniOm-2BILV9JBQS1Q4FgOAiaDupo2xm= BLcMNwSeus5weGMkDqiIUZZrvQP90vtB8wCGYPUT2soeKFCqoGhX5jebW7eWdgDPTCAusdvQLe7= qoEG4qWtlBwXp0EeWmBGT-2BQ6sHnQhjl5GcOhfwt3AA-2BtXTDE5NQH-2BUNTsZkCB2Qw7Kt6S= TjddetvDspIZCKhPEBKLS9pd0KuxoxFqDHrfTIfmtaag-2Fu1hfNJ-2Fei4Tz61wuRiIDC2OUNi= Om80BUDZ4kozVUTJf2gDlwR8V-2FG3GLRnkwylriN0jhPgirK2SSVd39woqAk80q83WH-2BE-2B= 49kujINzPU1RcIspbqnObie-2F2UCH-2BvMDvefChj2snhd8fKC4ubvgDUyROKSideClZu-2Bn-= 2FPiCnu-2Bdwy8Ny64UXWGR5BVkciFd7XiZeVSucbHEzyHJAuI-2BrLmpAmKzaobRJlWcKhDDvh= sTzCUVm204HnGkX-2BJlld8k4PyE-3D" style=3D"color: #1D5080;" test=3D"" univer= sal=3D"true">Read the report</a></b></em></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Webinars & Events</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Dec= . 9</b>: Analysts from PitchBook and Morningstar will discuss key considera= tions for evergreen funds as these vehicles become part of the allocator to= olkit. <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5Pm-2BgZKgCx6ctQZuFHbHV4-2Fq-= 2BdxeKEDuOjiu8DRPzkw-3D-3D1ZnZ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2= F3t1yZbcbdWeUgFVa0m8PzsFcTzyCOpka1792tniOm-2BILV9JBQS1Q4FgOAiaDupo2xmBLcMNw= Seus5weGMkDqiIUZZrvQP90vtB8wCGYPUT2soeKFCqoGhX5jebW7eWdgDPTCAusdvQLe7qoEG4q= WtlBwXp0EeWmBGT-2BQ6sHnQhjl5GcOhfwt3AA-2BtXTDE5NQH-2BUNTsZkCB2Qw7Kt6STjddet= vDspIZCKhPEBKLS9pd0KuxoxFqDHrfTIfmtaag-2Fu1h66c3TMhuLN1SFovi6xOClL46Fy4ydYz= cuRVUb6m2LpPmdPsnsKa7u44OK1-2BD9Z6X4ykHCDKxx74lb0Wb-2FASyFCTenY412pPpKcR1Rg= CHCzAvNDdwulKZsCqG1Dm-2B-2B9485c484iLyvCHGDAtaWYKC6U-2BrX4n2oCu6lCAzv-2FUGt= 04k9oGaoem39-2B9rXObfsAkBscr3qgIdolqzQNj-2BcqirNGnua1VdEPLfpnPBPIA7iHLxln4r= jmnUyL9TrhVn7iXw-3D" style=3D"color: #1D5080;" test=3D"">Register for the w= ebinar here</a></b>.<br><br><b>January-February</b>: Our new global outlook= series is coming to London, Singapore, New York and San Francisco. These e= vents will bring global thought leaders to the stage to discuss private mar= ket trends from 2025 and forecasts for 2026. <b><a href=3D"https://url6380.= news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn= vsnswouzUZfH-2B0B-2BegvDA02Jf1PtRFgkA6n1Ebl8uRO268fqgFLQ-3D-3DSMkE_I3w5d9c0= 1gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcTzyCOpka1792tn= iOm-2BILV9JBQS1Q4FgOAiaDupo2xmBLcMNwSeus5weGMkDqiIUZZrvQP90vtB8wCGYPUT2soeK= FCqoGhX5jebW7eWdgDPTCAusdvQLe7qoEG4qWtlBwXp0EeWmBGT-2BQ6sHnQhjl5GcOhfwt3AA-= 2BtXTDE5NQH-2BUNTsZkCB2Qw7Kt6STjddetvDspIZCKhPEBKLS9pd0KuxoxFqDHrfTIfmtaag-= 2Fu1jTCbaAcbxIUaKwkasUV3Qb-2BPTLRyNHHbymHe6Jc5qL7lF-2BWFY6T18QPGltjIgfBuZTD= LU5TbNNxIu6kSL1RD7o75G93PuhegT7Xm6zJ0ccnJ581yOesG9BZFaazWes5hpE6kl6GVq7jsCa= psf-2BVibq29zfuuH1x4OiSucOmDdZJ6ONBBmLdUsBjX1Wso8aHagL0TZhG2Qr3s0qOLJnOgV-2= BNfTohG4FIEWDfLIPfnWnL5BkSnJDkmynoyNlaSGx9bU-3D" style=3D"color: #1D5080;" = test=3D"">Register here</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 & 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-2BaqM7ONnvsnswouzUZfH-2B0B-2BegvDA= 02Jf1PtRFGBfFumWsZP1nFcMpogcLIg-3D-3DsYnt_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHk= xBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcTzyCOpka1792tniOm-2BILV9JBQS1Q4FgOAiaDu= po2xmBLcMNwSeus5weGMkDqiIUZZrvQP90vtB8wCGYPUT2soeKFCqoGhX5jebW7eWdgDPTCAusd= vQLe7qoEG4qWtlBwXp0EeWmBGT-2BQ6sHnQhjl5GcOhfwt3AA-2BtXTDE5NQH-2BUNTsZkCB2Qw= 7Kt6STjddetvDspIZCKhPEBKLS9pd0KuxoxFqDHrfTIfmtaag-2Fu1jawE18hJJ3izU-2B2Hv2V= s-2F-2FFhMWSbIpLJtn3187bhTVtBzO7v7T2xw8OxvK6BEM2ZvThDBpPgEAp718-2FsG9V1JVsI= 3MtoSCcoWBDu-2BgpoB59c5n8sJfvtty7QwFyyLL-2Bo-2BMv92QZ3dhSci0Gr7SQBascNsy4dy= M0ZxO5Za8eUD-2F8hwwOcVh1Ui9xxNXQPpMyH1nqc5Sirmv4eBYQuK-2BDCRqoDzrLjjNeSUoud= Y2KCn98tTzDHs6fHN9rbNFIAL1-2FWU-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"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>In the News</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> Our insights and data featured in the press:= <br><br> =E2=80=83=E2=80=A2 US venture deals in AI an= d robotics have more than quadrupled since 2023 to exceed $160 billion so f= ar this year. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUZfH-2B0B-2BegvDA02Jf1P= tRFXgaQrJW1M6XP3wbq-2F2PYYg-3D-3DXL1V_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRF= Cfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcTzyCOpka1792tniOm-2BILV9JBQS1Q4FgOAiaDupo2x= mBLcMNwSeus5weGMkDqiIUZZrvQP90vtB8wCGYPUT2soeKFCqoGhX5jebW7eWdgDPTCAusdvQLe= 7qoEG4qWtlBwXp0EeWmBGT-2BQ6sHnQhjl5GcOhfwt3AA-2BtXTDE5NQH-2BUNTsZkCB2Qw7Kt6= STjddetvDspIZCKhPEBKLS9pd0KuxoxFqDHrfTIfmtaag-2Fu1iOo8tDKsjfYflTva2lGL-2Fag= uYR4hiV1lJCQAs0xRrA8swMEjJjyAgYc8UJWizHdt-2FctnKUR0lYALJvzlk4MiwyOOlCh1ym-2= Fb63Shgne1wZ1KbafIXBadLUo5F-2B5Gc-2B-2BHhh5F0wmrSVBaKkv5J5xi1DBbT5Q4aEFsb6y= wbl3XJEcEvDIoXnvbwKEgSsMIn-2FTejzTlpdByJj2ZiJpjuJx36-2Bfm7wTGtArXlU94Jp-2Bn= eKZ4wmV7cVD2P75-2BcNFtgYFJ8-3D" style=3D"color: #1D5080;" test=3D"">CNBC</a= >]<br><br> =E2=80=83=E2=80=A2 In 2024 and so far this y= ear, Nvidia and its NVentures unit have made 117 investments totaling $62.2= 4 billion. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du0= 01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUZfH-2B0B-2BegvDA02Jf1PtRF1Q= zrdDkfDyvcN3Bd1x9kAw-3D-3DHlT-_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2= F3t1yZbcbdWeUgFVa0m8PzsFcTzyCOpka1792tniOm-2BILV9JBQS1Q4FgOAiaDupo2xmBLcMNw= Seus5weGMkDqiIUZZrvQP90vtB8wCGYPUT2soeKFCqoGhX5jebW7eWdgDPTCAusdvQLe7qoEG4q= WtlBwXp0EeWmBGT-2BQ6sHnQhjl5GcOhfwt3AA-2BtXTDE5NQH-2BUNTsZkCB2Qw7Kt6STjddet= vDspIZCKhPEBKLS9pd0KuxoxFqDHrfTIfmtaag-2Fu1iCEFr4-2BCGDs0YGFG1CLMi45cObgUsL= zINbq-2BIJlPyOYkabiiLXNCBbL6IYdADSjFyiTlhkR2N9nCvBVz2nS18-2Ff9tsb5iCE9PVuvQ= CZnO1ygQo3liwjpVSv9lTzIjJO1leLnt1fhJg-2FrWi8b2i-2BWj8DSPwApQlWRinAsFKa-2FT-= 2BU4Sq1cvwL2-2BWg2WN3jOy-2BsmSH0B90c8Vvgs05lk-2F99pVuZIS4udsHxiOQCy4orH5HPn= zUm0kWVsDj96B1dx-2FqMU-3D" style=3D"color: #1D5080;" test=3D"">Axios</a>]<b= r><br> =E2=80=83=E2=80=A2 The new tech unicorns min= ted so far in 2025. [<a href=3D"https://url6380.news.pitchbook.com/ls/click= ?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUZfH-2B0B-2BegvDA02= Jf1PtRFJZyRy-2BY3Bkj3NxyynA-2FPkA-3D-3DWGJk_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwar= HkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcTzyCOpka1792tniOm-2BILV9JBQS1Q4FgOAia= Dupo2xmBLcMNwSeus5weGMkDqiIUZZrvQP90vtB8wCGYPUT2soeKFCqoGhX5jebW7eWdgDPTCAu= sdvQLe7qoEG4qWtlBwXp0EeWmBGT-2BQ6sHnQhjl5GcOhfwt3AA-2BtXTDE5NQH-2BUNTsZkCB2= Qw7Kt6STjddetvDspIZCKhPEBKLS9pd0KuxoxFqDHrfTIfmtaag-2Fu1hoe3HqUtYlvNJfPXS3i= UAckgYm4UaThKa3sirFcSkxyWag0yzaaiPZaRWrV1Uzeuoz2AEJXi2t-2FFBT6vQLtOYC6y-2BH= 56CEpYdpkfc1BDMPH2flVqkkajqSVo1ckia21LbaT1PV6C6O8TMW6a3HUXuc1TkcmdHWdwJWtEm= aT-2Fw8E9yTVC8-2FhVNyFsuGHENPhTeFekmT88S9FbV5XWnPw5ScwGGvNNWNmwvFXcyJINqZr2= -2FbQhgWkiuF-2BCLDv-2F5wlUk-3D" style=3D"color: #1D5080;" test=3D"">TechCru= nch</a>]<br><br> =E2=80=83=E2=80=A2 AI tuck-in deals are on t= rack to drive M&A acceleration in the medtech industry in 2026. [<a hre= f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzUZfH-2B0B-2BegvDA02Jf1PtRFklYMcZcPjyIXY6gdCb92= Dg-3D-3DDpBt_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0= m8PzsFcTzyCOpka1792tniOm-2BILV9JBQS1Q4FgOAiaDupo2xmBLcMNwSeus5weGMkDqiIUZZr= vQP90vtB8wCGYPUT2soeKFCqoGhX5jebW7eWdgDPTCAusdvQLe7qoEG4qWtlBwXp0EeWmBGT-2B= Q6sHnQhjl5GcOhfwt3AA-2BtXTDE5NQH-2BUNTsZkCB2Qw7Kt6STjddetvDspIZCKhPEBKLS9pd= 0KuxoxFqDHrfTIfmtaag-2Fu1itARvLlwL-2BO85sCH9Q-2FM6RkSjMq-2Fwed61ANfvG56pUUO= WYFEepY-2BVEYexv4JjdF96I5HRYUisNy05BHoqO9rO8lFVw1mhLAn-2B3pcwV5JEmpBO-2F4wc= mNLX0cCOVadHb-2FB-2Flhoif8ZZaT7Uhz1bEb-2FQ6cBMFZkzDfFQa7WrVYirLlGMsHOiMuBJ8= Ge87mEc42xa-2FpWPEuGkp1yQVorNdqDGitgN8tlhx0KtrN0i09CzlWF4Cp4d0RXaNf-2BuhyTV= Q5sg-3D" style=3D"color: #1D5080;" test=3D"">Medtech Dive</a>]<br><br> =E2=80=83=E2=80=A2 "Major crypto companies h= ave become more acquisitive in 2025, with rate cuts, regulatory clarity and= the crypto bull market earlier in the year shifting them into growth mode,= " said PitchBook analyst Ben Riccio. [<a href=3D"https://url6380.news.pitch= book.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUZ= fH-2B0B-2BegvDA02Jf1PtRFAEa1A38R6wCNNOkzXf1byA-3D-3D9mYX_I3w5d9c01gkD8gLzFE= ofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcTzyCOpka1792tniOm-2BILV9= JBQS1Q4FgOAiaDupo2xmBLcMNwSeus5weGMkDqiIUZZrvQP90vtB8wCGYPUT2soeKFCqoGhX5je= bW7eWdgDPTCAusdvQLe7qoEG4qWtlBwXp0EeWmBGT-2BQ6sHnQhjl5GcOhfwt3AA-2BtXTDE5NQ= H-2BUNTsZkCB2Qw7Kt6STjddetvDspIZCKhPEBKLS9pd0KuxoxFqDHrfTIfmtaag-2Fu1iBQ-2B= Y4tL62KRDExjVTMT-2FG2No6gM-2BXPkK3k7xmrB-2F7hpJXGz-2FQ69SITxsy1lh1vI8MPJlc9= Y2o7433-2Fvk1KERlGJsH8qoNMzToKjG0qaIOiptEYbO6vSQrZAKGCDeCafbhUVnmG94Ij8DTx6= ma8zlCbkF3p-2FZrt17hTrDz7clhptXpoyBotwIKsXsTd08HFk6BcoExI5w2lAcIrRNdw9TLDgY= SiHazTpiWgJCa6PE5I5Z29QgenZ-2BU3yKfTgF5TOU-3D" style=3D"color: #1D5080;" te= st=3D"">Bloomberg</a>]<br><br><em>If you're a journalist interested in inte= rviewing our analysts or requesting data, <b><a href=3D"mailto:pr@pitchbook= .com" style=3D"color: #1D5080;" test=3D"">contact our PR team</a></b>.</em>= </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>ICYMI</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">More o= f our recent research (* - premium):<br><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-= 2BaqM7ONnvsnswouzUZfH-2B0B-2BegvDA02Jf1PtRF8MtzrOz1Q728M7RejipAdw-3D-3D55SC= _I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcTzyCO= pka1792tniOm-2BILV9JBQS1Q4FgOAiaDupo2xmBLcMNwSeus5weGMkDqiIUZZrvQP90vtB8wCG= YPUT2soeKFCqoGhX5jebW7eWdgDPTCAusdvQLe7qoEG4qWtlBwXp0EeWmBGT-2BQ6sHnQhjl5Gc= Ohfwt3AA-2BtXTDE5NQH-2BUNTsZkCB2Qw7Kt6STjddetvDspIZCKhPEBKLS9pd0KuxoxFqDHrf= TIfmtaag-2Fu1jsNbGx1jrdRHM0xhPlome87ZRg-2F6vUeHe9QVDXc60h2JMM-2F4mBa3LKtbUX= Xy1-2BmBG2zJgRiW-2F6mlc5t18XmaB3LxKoWhJN1bESXg2rLYtgy5VXJlLkh4dUHWK80GoZzAh= itMFNGNdF1MDDx4urEkZlCHfYqUpsO-2B5Xw7QieLpefGqYkxXLAqz1gV1q35VJzILWhl6harZ4= E1WbLCTaJgL4AlifkSpOppLSE3t4-2BdjgRKJXT2r75ik-2FaPP1guyWXOs-3D" style=3D"co= lor: #1D5080;" test=3D"" universal=3D"true">Global VC Ecosystem Rankings</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-= 2BaqM7ONnvsnswouzUZfH-2B0B-2BegvDA02Jf1PtRFyj25r5EsnGtQ9jynwvRcXQ-3D-3DfJSX= _I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcTzyCO= pka1792tniOm-2BILV9JBQS1Q4FgOAiaDupo2xmBLcMNwSeus5weGMkDqiIUZZrvQP90vtB8wCG= YPUT2soeKFCqoGhX5jebW7eWdgDPTCAusdvQLe7qoEG4qWtlBwXp0EeWmBGT-2BQ6sHnQhjl5Gc= Ohfwt3AA-2BtXTDE5NQH-2BUNTsZkCB2Qw7Kt6STjddetvDspIZCKhPEBKLS9pd0KuxoxFqDHrf= TIfmtaag-2Fu1gXWdkId-2FJfA5eOEUjiJggjQGA48ZPOUWQ3ZYHxYdJobCo25y8hTU5IgH5QgI= LCUaRB-2BKgs3FMiwnnRLExqXY43UCLfYAWXvoLyn7Zg140VP5YS3YsTmccf23att3IsHAEk60-= 2B2bIgNDAK6vLJVSpT0qCE9J3-2FBrAcj-2F4oj-2FPXcFtltcIIUMh69feZSC3cucuY4AlWWj8= DpoMYVptm1zvFqqbo-2Bers3S2EMUKe7MUpQMD9d4iRujUWsNXTnzxudass-3D" style=3D"co= lor: #1D5080;" test=3D"" universal=3D"true">The world=E2=80=99s top startup= cities</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-= 2BaqM7ONnvsnswouzUZfH-2B0B-2BegvDA02Jf1PtRFtRm4160NAhv4F-2Bf69VkSaQ-3D-3D00= 8h_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcTzy= COpka1792tniOm-2BILV9JBQS1Q4FgOAiaDupo2xmBLcMNwSeus5weGMkDqiIUZZrvQP90vtB8w= CGYPUT2soeKFCqoGhX5jebW7eWdgDPTCAusdvQLe7qoEG4qWtlBwXp0EeWmBGT-2BQ6sHnQhjl5= GcOhfwt3AA-2BtXTDE5NQH-2BUNTsZkCB2Qw7Kt6STjddetvDspIZCKhPEBKLS9pd0KuxoxFqDH= rfTIfmtaag-2Fu1jTwauhyNEGBK9Ku3iz73w9y2j44237SOdmmaQYb73ZgPaqzsEbQQ196P9VfP= UCvfpFraBEaqwlPo2Dq8J5nxLPLIRRtCW-2FROIKfD07xJ17ehksLsSa-2B6YCQhvQAfr8TdoGN= ga4xsLNvGYHDng8ePz5yXYoXhTmZICdo-2BtVvxGQCdP-2BzWJwlvLWsMV-2BOeJPkY7i7XBJ2P= 4XNmemHQW4tDWaoezMFTzOw860tAYAcaQldselTzGFD-2BQ7EcHFDYZ08JQ-3D" style=3D"co= lor: #1D5080;" test=3D"" universal=3D"true">Benchmarking the Evergreen Evol= ution</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-= 2BaqM7ONnvsnswouzUyGkqnWvnXpI-2F59NucX5KFySoMxWPCTuAgBIc6Dbjr4A-3D-3D8pA-_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcTzyCOpk= 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UT2soeKFCqoGhX5jebW7eWdgDPTCAusdvQLe7qoEG4qWtlBwXp0EeWmBGT-2BQ6sHnQhjl5GcOh= fwt3AA-2BtXTDE5NQH-2BUNTsZkCB2Qw7Kt6STjddetvDspIZCKhPEBKLS9pd0KuxoxFqDHrfTI= fmtaag-2Fu1h4KC6HiHFEwiKwxWvGo-2FDywwJ0pYP-2Bt5W-2FUWsTbJLHQiDTN8BfHCk7-2Bx= 8FTNO2rPXvi7FSj2MziwkkLHRtcEESnXGi-2F8fuNACb-2Bd4x3WaK3VUK-2FVqN4pNZJUeDXEG= rfs27x5gG0KB327ufqGPTtpcYArWRc74s2x6XXkWzQ6LWGXidqD5KUUe8nCKVlWr4NvnV84yc6r= LUSjdmMg4IyIPp1CzxdNMJcZcmPsNaFv79BbeYGjr6rbEmo6wd2VAdk-2B4-3D" style=3D"co= lor: #1D5080;" test=3D"" universal=3D"true">Q3 European VC Valuations Repor= t</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-= 2BaqM7ONnvsnswouzUyGkqnWvnXpI-2F59NucX5KFg-2Bc9EEunlsU21cMYB-2FU7dA-3D-3DPM= Ax_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcTzy= COpka1792tniOm-2BILV9JBQS1Q4FgOAiaDupo2xmBLcMNwSeus5weGMkDqiIUZZrvQP90vtB8w= CGYPUT2soeKFCqoGhX5jebW7eWdgDPTCAusdvQLe7qoEG4qWtlBwXp0EeWmBGT-2BQ6sHnQhjl5= 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test=3D"" universal=3D"true">Global CLO Weekly Wrap</a></b><br= > =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzUPGZXdvrdAGmHvOZ4dpMo58cYfXuv5WaRaEN-2Bb8Tn-2Fvw-3D-3DSwdg= _I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcTzyCO= pka1792tniOm-2BILV9JBQS1Q4FgOAiaDupo2xmBLcMNwSeus5weGMkDqiIUZZrvQP90vtB8wCG= YPUT2soeKFCqoGhX5jebW7eWdgDPTCAusdvQLe7qoEG4qWtlBwXp0EeWmBGT-2BQ6sHnQhjl5Gc= Ohfwt3AA-2BtXTDE5NQH-2BUNTsZkCB2Qw7Kt6STjddetvDspIZCKhPEBKLS9pd0KuxoxFqDHrf= TIfmtaag-2Fu1gnrcfGfLmDwEUsGf7antd2QcI6lqCqfehVwF-2FGLsfhotqTrI3dDFCL9wkYU2= eEzVPI0yBXUnji-2Bt586Yc71NcLPIy7qT1crHj7eART5w47lQ2x-2F3u59vZmh6-2FuXwQtJcH= xHmHLABmHvKnbr7fAfaGQlev5rcnfnnqyV63sY3Qa5n5QBNXBYkoTqDA-2FfCXf6dckJ2IP-2Fa= idUIe6-2B52mNkEvJzEdKo-2B-2BeRFRwdT-2BDmG70QNGRVz-2Foa1xcwZfPpYEWrI-3D" sty= le=3D"color: #1D5080;" test=3D"" universal=3D"true">Global Distressed Credi= t 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-= 2BaqM7ONnvsnswouzUPGZXdvrdAGmHvOZ4dpMo5Zt0Nk8kysxu23D0cBoPrpQ-3D-3DeQ1N_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFcTzyCOpka1= 792tniOm-2BILV9JBQS1Q4FgOAiaDupo2xmBLcMNwSeus5weGMkDqiIUZZrvQP90vtB8wCGYPUT= 2soeKFCqoGhX5jebW7eWdgDPTCAusdvQLe7qoEG4qWtlBwXp0EeWmBGT-2BQ6sHnQhjl5GcOhfw= t3AA-2BtXTDE5NQH-2BUNTsZkCB2Qw7Kt6STjddetvDspIZCKhPEBKLS9pd0KuxoxFqDHrfTIfm= taag-2Fu1h6HjwQiewTYBBBQvDgN0l5cG90CFFWtNq0S0M754a9sNGLpaKalIlLHDBOUWov7rA4= Pvwt2HIw62XC9ophSt1kduDRh1jl-2F9UOaAZFYFelgdIOhQqNpqtVBdLEt2ApF3up7Tl2U3HOu= ZRa9EuXFwVrtPGCm3ziCwKJAZUEI2sBl5nF6nW-2BcEc-2B8ZFAVTzJtP9P-2F-2BZJHI7Frtw9= F-2B1i4vQXU9kcy-2FzCv-2Bt4uE3qhdQLYBmS-2Bsr2SOW7rSPFYd0xgQ8-3D" style=3D"co= lor: #1D5080;" test=3D"" universal=3D"true">US Private Credit & Middle = Market Weekly Wrap</a></b><br><br><b>Coming next week (subject to change)</= b><br><br> =E2=80=83=E2=80=A2 2026 APAC Private Capital= Outlook<br> =E2=80=83=E2=80=A2 2025 DACH Private Capital= Breakdown<br> =E2=80=83=E2=80=A2 Q3 2025 Defense Tech VC T= rends<br> =E2=80=83=E2=80=A2 Analyst Note: Cislunar Ec= onomy<br> =E2=80=83=E2=80=A2 2026 AI Tech Outlook<br> =E2=80=83=E2=80=A2 Q3 2025 Advanced Computin= g Report<br> =E2=80=83=E2=80=A2 Analyst Note: India Marke= t Snapshot<br> =E2=80=83=E2=80=A2 H1 2025 Real Assets Repor= t<br> =E2=80=83=E2=80=A2 Q3 2025 Enterprise SaaS M= &A Review<br> =E2=80=83=E2=80=A2 Q3 2025 US PE Lending Lea= gue Tables<br> =E2=80=83=E2=80=A2 2026 Industry Research PE= Outlook</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table 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width: 24%= ; min-width: 24%; text-align: center; flo= at: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 572 </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;"> 1894 </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; 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