Google

Edit File: 1765620905.M559846P454819.server-619288.prediksijaya.com,S=145496,W=148115:2,a

Envelope-to: vetyl@ponjosonek.com
Delivery-date: Sat, 13 Dec 2025 17:15:05 +0700
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset=utf-8
Date: Sat, 13 Dec 2025 10:12:05 +0000 (UTC)
From: PitchBook News <news-noreply@news.pitchbook.com>
Mime-Version: 1.0
Message-ID: <A3CJo2H8RM6BybN32JGXYg@geopod-ismtpd-10>
Subject: The sectors poised to lead in 2026
To: vetyl@ponjosonek.com

<!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; charset=3Dutf-8">
  <meta http-equiv=3D"X-UA-Compatible" content=3D"IE=3Dedge">
  <meta name=3D"viewport" content=3D"width=3Ddevice-width, initial-scale=3D=
1.0">
  <meta name=3D"x-apple-disable-message-reformatting">
  <title>PitchBook Newsletters</title><!--[if (gte mso 9)|(IE)]>
    <style type=3D"text/css">
        table {
            border-collapse: collapse;
        }

body,table tr,table td, div, a, span {
            font-family: Roboto, Arial, sans-serif !important;
        }
    </style>
    <![endif]-->
  <style>
        /* Windows Phone Viewport Fix */
        @-ms-viewport {
            width: device-width;
        }

.mobile-only {
            display: none !important;
            mso-hide: all !important;
        }

.desktop-only {
            display: table !important;
            mso-hide: none !important;
        }

.newsGroup-border-mobile {
            border-bottom: 0 !important;
        }

@media only screen and (max-width: 800px) {
            .mobile-only {
                display: table !important;
                mso-hide: none !important;
            }

.newsGroup-border-mobile {
                border-bottom: 1px solid #C3C3C3 !important;
            }

.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;"> Also: =
Introducing our advanced computing vehicle; PE flips the script for enterpr=
ise SaaS M&amp;A; defense tech surges toward a record... </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">=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 13, 2025=
 &nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;<a href=3D"https://url6380.news.pitchbook.c=
om/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW1g0SsZG=
dBYVHZco5eFVD5BQDxXKYli84ZXcQ0-2Fl3hgg-3D-3DLGhY_Pr966knuaHmaw6c7pKvB-2BCEi=
Dnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1=
VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyC=
jjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXD=
RIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo29KQDzs6gI6g41A2Rh4z-2Bputaz=
DDrAwWa-2B-2BriECwIKGZzeYqZES5kSXsUKLc985tY3jRKcNwABz1nG-2FE35XlKRTOMCZlQZB=
994Ma2MLQJXtov8PwZw1ldYPJbPBK5r2ZKqKcqOi6-2F99N7bEE1xGULnRLzOaSFwl-2BqKpMYy=
5HcoKNoEcyKCLhQSVMp6N-2FBuJQe7eIFVUBV2OD-2B8M0Wgd1XY14r6DhUp8ZOymQ3UeKd1dNU=
7Su2am3BWEPdDdjIhPto5AdFiKZY-3D" target=3D"_blank" style=3D"text-decoration=
: underline; color: #1D5080">Read online</a> &nbsp;&nbsp;|&nbsp;&nbsp;&nbsp=
;<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12opJBSgX8wjgWQkjpY2yE70mtuFtQh5JMynEp-2F-2B0=
ZsygXiW0c8xb0JNNkFtjTfdSBLrG5odLYHQXzZYap3xyjo613CQL5EKIRNY6DZpApxW-2FtnBQ7=
rUuqNohbArjpNQasEdfyU-3DwDz__Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4=
BiQVI43kbMcVf8UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2=
ArVH36EBz1DlduKQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAO=
rw01mtzmiAqJIJ5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMO=
GIojgUUvMKCy0Gm4lWEt-2BGwUo29KQDzs6iFx8hZ2xxDpriu0ERpkQZSuPfleboKC2bY4JO5Ek=
rlGkye6i6NQLFz0bNsxqcyrPDp7kopy5rJlSqFkiqAXrHzia7htzhsNtaGT3lCuYzoh3NBXBJ48=
0F4-2BEMMFZY1NtMiPDrb-2FOpn-2BamV-2FPcfpthQCReJXmmMx9A3cjipbHTWgXly2Y7c0VIN=
lGn5Eg3akR2okpQHGML-2Fr2u-2Fiq8M2r35fMXqIPINskCe-2FNFtHEUVP99gb-2F2vnyq6TSb=
35L5zvbo-3D" target=3D"_blank" style=3D"text-decoration: 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-2BaqM7ONnvsnswouzW1g0SsZGdBYVHZco5eFVD5GZfGVmVscHC5TMFPjrmaFg-3=
D-3DtHU7_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N=
VRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qn=
Q252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cm=
LF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt=
-2BGwUo29KQDzs6hfkDBj9CjGNh7F61ZGvD60ClUH80znDhVdNZbRVlLpNoN4mwNkOR90IBkIMV=
nS4ZwW-2FDBmHoprbketniTUnI52InKe3evZj865Rq-2FTTI2DUyv3kVxWjG8knlpiuieRSM2Bb=
oCJcOY-2FsEVKhz9DVQeWx-2FXn5DdCeGDKjKEOJ0cbDl683-2FTIEJzNmq5eLnIAvLl8F39DEl=
lA57o3MeVOnPzTrZcoLGgJWTWEp7O9x5FacYNiOYrzzFi461-2FHNmhi560-3D" target=3D"_=
blank"> <img width=3D'1' height=3D'1' opacity: 0; style=3D'display:none !im=
portant; mso-hide: all;' src=3D'https://my.pitchbook.com/ms/pixel?userId=3D=
3DUK23EBU6P5WAW&eventSource=3D3DZQDXJQ6VUBAECQE7XY5D5PSLQI&emailId=3D3DEEQH=
JTJVX67N4&emailName=3D3D7ETUXSUVU4M3HX3TDHQYK4L3UUMVWWC3672JJBI&pixelPositi=
on=3D3DUAZEVU3EPI6EYRHRSC2KEHCFHGQ6ZMZBKVWWKQA.gif'/><img src=3D"https://ur=
l6380.news.pitchbook.com/wf/open?upn=3Du001.3gwe9GsF-2BTAFq5zC5EhFQ2a8abB1q=
TlMwYRLNzMolGjSmCPqRZuyzb5tQBOnSwcKSXmwBt33wlQ7wvWnUHaqfo7RS1QrftyAgHXjFkS9=
YfPKZcKCsR5eGAHnU-2FXFQdiLr8-2BQqSP5p9wWc11E9Gw7Fk6AX-2FRvgnVxVOErc1mc6Z83f=
IXFxjNPYIiZyFE7Iq3oI1tVgiuO01YPFMmzozqKlek-2BCzmHrbZIMYlWUlBFUg5EVpidQU2hkE=
uzEAa6CgeBO16NOHsxoeUXhfwC6APpCOAUjlhXIrN6UcmTXM3agIbpkwqL5EnlxmwU7ema2UR5A=
yWVomFEk0MD40iMb8K9ChBhEr1bpHvCASZK9zu4vmYoeJLI6U-2F-2Bn3kHbkFK-2FvAVPHc9dF=
NCEGFNKr2CriyE3IeI8BbghWOoWfn0Kwlc1MUTac8buME3-2BvG-2FSSymUCJ-2FHEptGIYwafS=
G7DqXYsCDeVDSnos4iL14nkmjLxHIIDFlIBnJdxnmCgGnO15zTy0mzk53b2NTnNqBuUaeI-2FFt=
whHd3-2FD43N-2BUo-2FO-2FP097gg0-3D" alt=3D"" width=3D"1" height=3D"1" borde=
r=3D"0" style=3D"height:1px !important;width:1px !important;border-width:0 =
!important;margin-top:0 !important;margin-bottom:0 !important;margin-right:=
0 !important;margin-left:0 !important;padding-top:0 !important;padding-bott=
om:0 !important;padding-right:0 !important;padding-left:0 !important;"/><im=
g 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: 14px; padding-top: 11px;"><span>Presented by <a href=
=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S=
pSWIrf6GFa-2BaqM7ONnvsnswouzW1g0SsZGdBYVHZco5eFVD5BZPh2pQEwjCkG3vmsBVHlQ-3D=
-3DoZGP_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV=
Rz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ=
252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmL=
F5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-=
2BGwUo29KQDzs6hleThc-2Bkn8oA3edD-2Ferx3iMU8MuMQ7ETyayJlQMWM2YFNOQmVGRcEes5A=
1eNA9wWePR0Vp4xLuF7Zk3iF-2FN5kZpM0VzDUMjvR4-2BHvE0ie2kkOxMIKE6MJ3iqP2HgyxXU=
2yK7TPHGjEQNZF10YoiSJJ0SB5Zzd5oMJ8crtev4aQH7mmsHKB5NuAC5sN5-2BQhxI-2F1SEetC=
U9t7xRvdwyZHiAcfSuAgm7Pheb12skMsBijSQ48YLCGO-2BGXEYVKOnTvevQ-3D" target=3D"=
_blank" style=3D"text-decoration: underline; color: #1D5080; font-size: 14p=
x; font-family: Roboto, Arial;">Citizens</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 full series is now live. Check out our forecasts for <b=
><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n7=
3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW1g0SsZGdBYVHZco5eFVD5vEo7eXgO7QuHF=
iJY-2BI7c8g-3D-3D6cbE_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43=
kbMcVf8UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36E=
Bz1DlduKQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtz=
miAqJIJ5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUU=
vMKCy0Gm4lWEt-2BGwUo29KQDzs6hOA2v4xouXWXuYCP8HZV0OFVWhHhOIwclLdjcjONIXTI7L2=
YQ2-2F3OrpGe6eq0e8peWSawe1SiidOrtUZ8u22EiUboJzaLRMslmiJSKndB8VSklJ355YXehYj=
x1pUxaSI8nvKU-2F5q9V-2BUk5dRdPLaT-2FqNVb4kGXdUHgCXq73T-2FAb-2F5a9MiyZurrXDa=
94ZjWDrQqaxCx5h03c-2BrdT0JrgGEaclju5ylteJqVxvJInt1XKOg-2BLJiDvYd6kmvMgOB3iY=
U-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">APAC</a></b>, =
<b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4=
n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW1g0SsZGdBYVHZco5eFVD5wkVxknZg6nd=
C96jPVpmYXA-3D-3D1kKd_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43=
kbMcVf8UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36E=
Bz1DlduKQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtz=
miAqJIJ5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUU=
vMKCy0Gm4lWEt-2BGwUo29KQDzs6hhm9XQkfAHRMNvoU3Ut701Dyv7-2BKZfkRn3IbfdBSjoy5d=
D2k06AkZVsVfzF2ZN8nXlKUXIxsWfZzOVlnIkrGprbWR1r5HAzO0BhCZDyOeH1k3JpPf436vFob=
Il-2Blbq8RVpfV2B4IbfD5RPPm7G3IVbDaTPb2BrcoV4hrBoNGRWrWpUHX4fBxQGGDYHyX7A4Ad=
sc3AkIgmAL4WDNZo1EtiGksYUnFFWr1wKv61CbIIcjtJ5X9DsA-2Bx9DHI5qDeeHW4-3D" styl=
e=3D"color: #1D5080;" test=3D"" universal=3D"true">DACH</a></b>, <b><a href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW1g0SsZGdBYVHZco5eFVD5Pu3oebhpj7rxkE3fteyzt=
w-3D-3DemAX_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA=
68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk=
0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi=
3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4l=
WEt-2BGwUo29KQDzs6iw6M-2BCRcUcvpKJ8a5BEMurOVn478RrNunvkUUCGGhDqs4vnb3aN9-2F=
FvDhpHczruKy5knPqmdst0nUH1XKxrGsBOcxu-2BOUFRP-2FwkV8t-2FvXPm4PtRpWUE4so1Kcv=
xgCmjW3l8wHCjrf17eOfB-2FdRWhCYqefP12nNEjpJC9b9kfzgzYpPAYpvPl09z9Q-2FGLrWe78=
-2BKBm8NhCD3qwwxRWheXaCS0gRYYs983ADAcBBDeT4R2tNAz6dwRa1RYDP1lWm5tE-3D" styl=
e=3D"color: #1D5080;" test=3D"" universal=3D"true">industry PE</a></b> and =
<b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4=
n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW1g0SsZGdBYVHZco5eFVD5WcQSFD7bCwQ=
GelND3LOeig-3D-3D68dT_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43=
kbMcVf8UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36E=
Bz1DlduKQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtz=
miAqJIJ5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUU=
vMKCy0Gm4lWEt-2BGwUo29KQDzs6guNVHMksTxB5cw3u31nBHn-2BMvG1-2FFJyRC0YQe5265ca=
pc-2BY3xRul5ba-2BxdSFxrMGwnoA4CregvdWqljTvhDbCRF-2FKX-2BKnrbE8MGLyc6TPYJSvs=
FqImNcbR09UZfZm5LiVKeSepPahw0-2BVkBCZF-2FZij-2BZqoNlJn3pkSSfOMRSQCWjCDEiLOb=
Ihly-2BcLLHYS1iZXp8gnKMDJBvbzWuygkE-2FVnf2F6kOCa3YwuGYsl-2B7h4rVCEzNc4qp0oH=
xSpIpNOZs-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">AI</a>=
</b>, and scroll down for extended commentaries on the latter two. <b><a hr=
ef=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4C=
uylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW1g0SsZGdBYVHZco5eFVD51N2kaQ8uXZVTx9WhYnd=
CBQ-3D-3DKyf3_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8U=
YA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduK=
Qk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5=
Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm=
4lWEt-2BGwUo29KQDzs6jrGmXLJiC2enyHc8v1PQzpwHwtCk9ST6w7g8WOExHfDocCyEX25SAlz=
5slzdEsJN6wr6dYoIllHVT-2BBhx4kiMVRw-2BTDHh-2FrNd2Zc9njv-2F4j3PKOP0cuMmHGBfj=
FVhFFoSpNGGIt47ZhFXSzIQvzPmArofrx7r6hZm9nDl00FhA2TVExpLugx1mCVHk-2BLJioqn-2=
FVi8Lwo6XhCsVJbN16RfT-2F8vjgWk8xVdTOv1D0J-2FFGZnDEOhKmOlf1se6QsFCOdY-3D" st=
yle=3D"color: #1D5080;" test=3D"" universal=3D"true">US PE</a></b>, <b><a h=
ref=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4=
Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW1g0SsZGdBYVHZco5eFVD5aPVxfyAYjdBGGUXLMh=
EOkw-3D-3D6w0N_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8=
UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1Dldu=
KQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ=
5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0G=
m4lWEt-2BGwUo29KQDzs6hio4l3LbMeut1J5jD3-2BkwjdsStlVZ1KTA8LqLmlFV-2BlMrxQSG7=
bumE3mk4OHV93tpD7J86klLrWSHQV1-2BFrvTVYYuB9BD-2B-2BMLhyGqgyRa9bUUoGP8cvX9T-=
2FH2gSNrJsMQQv0wZNG72xzfffNNAbLnxmY8-2FXM4h4Nr1npAxWa-2FcdK3dgLsMUnwBfxfViB=
CxQ9uD4w4dmMMRVMh7cMPAR8T0WvEESqPTDZLoa1eg9izEYKkJtaGEemvYhxsskr-2BYIfw-3D"=
 style=3D"color: #1D5080;" test=3D"" universal=3D"true">US VC</a></b>, <b><=
a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVWaBsobJgsjAiIHdrRhfmpb94TyLo3DFBizCL=
SHAc1fg-3D-3DsV22_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc=
Vf8UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1D=
lduKQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAq=
JIJ5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKC=
y0Gm4lWEt-2BGwUo29KQDzs6i2a78ozXBWXNu-2FRjNy95dZGsatJ-2BdKFnDdo2dZh1NJu5FEV=
ozmeqqVFnwALKgZYjoUeRPBNrzju9DTCK9RwIl1UwWRMMZu-2FbpxctAaPo-2FoDw8A431z90nh=
-2Bz-2BJwLuGor1RP4-2Fh0eNluJVwOXRRKk5dM7yXyDwHOKcDLRBftSNmP40ALjG1F4sb7Jrsp=
mN6PTKebqUOzR8wNt-2FLVBkn-2FTr3mzgxhZmQu8QphU9PGu3jWTGQx5sN5EpR7qx0K2U7DU0-=
3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">healthcare</a></=
b> and <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3D=
u001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVWaBsobJgsjAiIHdrRhfmpMeN4=
JsI5mdPPpgU0-2FDeEzQ-3D-3DT0b4_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BH=
R4BiQVI43kbMcVf8UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZ=
e2ArVH36EBz1DlduKQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEm=
AOrw01mtzmiAqJIJ5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTy=
MOGIojgUUvMKCy0Gm4lWEt-2BGwUo29KQDzs6ijBmgN-2FTpvtg-2BvCRFEg056RgvE6zAyQXF2=
zni45ytISLUKRoez3tU1SMLA4NWSkVX7KWn5dnD8OM1fSbAv96-2FCONPV4atfIIjPSJTb9DC92=
8xhVrzNsFH5A7fuD8cuduPSGc7DyGTlqFShsoYj1dfcta-2BUP6f43VKg1Wb8XJP4xfIeCj0LRl=
3TnYmUnqF2DdwJbSiG75JeM-2BWzRoN3-2BzYll-2Bn0HT4Ru9YIuo-2BaPolrkHwXqm7iwrKwR=
mPbjJN6M0o-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">EMEA<=
/a></b> are also available.<br><br><b>Our newest research area</b>: We're l=
aunching an advanced computing vertical, which will chart the technologies =
that enable AI at scale. Our first report defines the vertical and offers i=
nvestors a framework to track growth and risk in what may be the biggest so=
cietal shift since the assembly line. <b><a href=3D"https://url6380.news.pi=
tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn=
swouzVWaBsobJgsjAiIHdrRhfmpcKVlgX-2FUByKoYSEr-2FZyiSA-3D-3DBhPh_Pr966knuaHm=
aw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa0u5mSVaGcdve=
njZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SNkPASfkiRD8jb=
7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4oFvoyAhGjKRa=
aaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo29KQDzs6g2hu8=
LLsXkfabV-2FVsCACGyp9n5G98nK5eYYdbaG5UULIdSvyEDTRG2fCA1a30tCBPcVDXlKuUycwnE=
DW4-2BEySvAuCmDIbGsWQIaIly93ZLSvDyTdLEzIGg55j8LxDkVkPbTvIn7P-2Btxo2z8ofG10d=
3lt09tYpTbp3dWEyJhHwV5F6FvRWt1NWfnbcJPqy0r4rvmlOGX0bSV-2BnkS0RDhz9kfqdB8USb=
FYfnUEEYy1E9GzTdGWVA4YsI8Euq32RpFKc-3D" style=3D"color: #1D5080;" test=3D""=
 universal=3D"true">Read it here</a></b>.<br><br><b>Industry trends</b>: De=
fense tech is surging, with some subsectors showing particularly sharp incr=
eases. <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3D=
u001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVWaBsobJgsjAiIHdrRhfmpDO9g=
2dEBqxP6iLbpR6rhKg-3D-3Dd-ky_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4=
BiQVI43kbMcVf8UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2=
ArVH36EBz1DlduKQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAO=
rw01mtzmiAqJIJ5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMO=
GIojgUUvMKCy0Gm4lWEt-2BGwUo29KQDzs6i5sTsHiaC4PSVmesf30UyyOd1-2BX-2BVOqv0kPd=
MtqHRCXWyKSX0nGqLCQ8TzvDIt-2FHRmu4K-2FePpPcgfBMj8Kf4WeB2Ixjq3mseO7q7-2FENjH=
WhF4vpXCeNTDZ78-2F3BkONuJetFMHyV0jkyvYLMV5ckkfZ-2BVJ9RzJ-2FB0R29ZewGnc-2Fbo=
oQkKzB7S9LK5BWauJF-2F3l9JdS1OMk52tq81gbBKfmpWtNooIgCaEF5fTT5s5RdRnD5lVcOdJR=
jrggym302EAQ-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Rea=
d more</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 Citizens</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_575370" id=3D"n_575370" 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;"> What=E2=80=99s driving AI adop=
tion momentum? </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-2BaqM7ONnvsnswouzW1g0SsZGdBYVHZco5eFVD5BZPh2pQEwjCkG3v=
msBVHlQ-3D-3Ds9wJ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc=
Vf8UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1D=
lduKQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAq=
JIJ5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKC=
y0Gm4lWEt-2BGwUo29KQDzs6hpBLoJ1tPblkrgKBfT84W-2BDb9BWZ-2FRNPqmRptc85LXmwJWM=
R4hJs3fsEUWv6JCge5-2BCngm170SQUoIhmReInog4CwVWAT4ymffDJ0xVYATUlIVRIGluq4WfQ=
NJp8bMyLTEl1GXTvvZviHL2pp62Mm0NwRlOTA0MY9g0AbRfM8QjZ92VPMhDDBebDTtY6n5hJEiL=
P9VrilePL24H0bKbj3gm3MPn9OfR94hJX-2BqQieYRUvd-2BuEcxaZQbD5HZyadRXs-3D"> <im=
g align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/71744.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>For the 300 leaders surveyed, the rea=
lized ROI on recent AI investments is finally meeting expectations. As a re=
sult, leaders are putting more toward the tech, such as exploring agentic A=
I and even in-house AI capabilities. Explore the use cases identified in Ci=
tizens=E2=80=99 2026 AI Pulse Survey and gain insights that can help inform=
 your own AI strategy.<br><br><a href=3D"https://url6380.news.pitchbook.com=
/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW1g0SsZGdB=
YVHZco5eFVD5BZPh2pQEwjCkG3vmsBVHlQ-3D-3Denlb_Pr966knuaHmaw6c7pKvB-2BCEiDnj5=
UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJAL=
IDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrs=
aHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQ=
VmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo29KQDzs6hGuVnRcKQOOgVwW-2FtgTftw=
qtDD4I-2Bq-2BDHnbscJDzUS-2FVX26UGuk8m-2BLfXdlwMD6oJReIIXTG4-2FhhwEWKK547HOi=
9F-2BDZ7Ib90Soe76lQTP3q8lz-2FcypHcDCcoGmwGbZf0xG8BkmRkDGsUuYFTcbWCvGHipWx2u=
yIM6DRh-2BNs4L1D5MEtxHCKDW8V0-2BFab7KMMzYjxwYJ1AFgAZkcxMqR0M9NGOYMaTTzAp4g5=
Rgi4CY7Gc-2FsaD1SwNDTCUaGGprXs-3D" style=3D"color: #1D5080;" test=3D"">Read=
 the report</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_575435" id=3D"n_575435" 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;"> The PE Roadmap for 2026: Theme=
s, risks and the sectors to watch next year </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>
                              Private equity investors in 2026 will increas=
ingly look to mature industries for outsized returns, according to a new cr=
oss-sector outlook from PitchBook's PE sector research team.=20
                              <br>
                              <br>
                               The analysts see 2026 defined by AI adoption=
, data center growth, demographic shifts and geopolitical risk.=20
                              <br>
                              <br>
                               To bring those insights into sharper focus, =
PitchBook analysts were asked a common set of forward-looking questions: Wh=
ich subsectors would they back first in a new fund? Where is competition ov=
erheating? Which struggling areas may offer attractive valuation entry poin=
ts? And where will mega-themes, from reshoring to aging demographics to AI,=
 create the biggest winners and losers in 2026?
                              </div>
                              <div>
                              &nbsp;
                              </div>
                              <div>
                              <a href=3D"https://url6380.news.pitchbook.com=
/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVWaBso=
bJgsjAiIHdrRhfmp4ZKhCNIwp1IAm4a4Ze5NSQ-3D-3Dq6rw_Pr966knuaHmaw6c7pKvB-2BCEi=
Dnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1=
VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyC=
jjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXD=
RIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo29KQDzs6jHSgOOoBgrFDbzAnYqTe=
3k7fHuwa1ArD6a0iFLbtwds5yYo514UxkA2BJ8KGfZQtgVlAz-2BKBRBrV2hozisp4cKeUTKGUx=
KvijYnnuj2nrniuRWx3vT39VM0aNhpW2cZAelbuQ4-2BQGGqldHK-2BV2xR9SzMe5686SqHeydP=
6s-2FHg9Rr2F3Zulc0DndA1dTbBxvGWJlsuYnJLeFG1rhTEWDJwOAjUGoAg7-2B9-2Fd-2FxN4R=
HlkSc3AlzSYKvr85pnGUEJXKbo-3D" universal=3D"true"><img align=3D"center" alt=
=3D"" src=3D"https://img.pitchbook.com/news/71789.png" style=3D"border: non=
e; max-width: 420px;"></a>
                              <br>
                              <br>
                               In aerospace &amp; defense, the sweet spot i=
s shifting from pricey MRO platforms to commercial aircraft parts and defen=
se electronics. Aging fleets and constrained OEM production mean parts are =
needed to service older planes, even as rising build rates pull through mor=
e components. On the defense side, electronics and AI-enabled systems shoul=
d capture a disproportionate share of expanding military budgets.=20
                              <br>
                              <br>
                               From there, the full report widens out acros=
s nine mature industries, each offering its own twist on value creation opp=
ortunities and emerging risks. Construction &amp; engineering will benefit =
from the "power, cooling and data" boom, while consumer bright spots includ=
e premium goods and outdoor recreation. In healthcare, outpatient care mode=
ls and AI-enabled workflows are shifting industry economics, and cost-manag=
ement platforms are gaining momentum to combat margin pressures.=20
                              <br>
                              <br>
                               The outlook also spans medtech, where aging =
populations and advanced diagnostics present structurally rising demand; so=
ftware, where sticky enterprise systems continue to dominate PE attention; =
transportation &amp; logistics, where autonomous trucking and tariff-driven=
 supply chain redesign are setting up major dislocations; and food &amp; be=
verage CPG, where functional drinks, better-for-you snacks and AI-enhanced =
forecasting are redefining growth strategies.=20
                              <br>
                              <br>
                               This new outlook doesn't just answer those q=
uestions, it reveals where consensus is forming, where opportunities lie, a=
nd where PE investors may want to look next. Read <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzW1g0SsZGdBYVHZco5eFVD5Pu3oebhpj7rxkE3fteyztw-3D-3D33pg_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa0u5m=
SVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SNkPAS=
fkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4oFvo=
yAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo29KQD=
zs6iIhb2JkgVkuN-2B8I6HcwtZjXwlPMT0YKBvih-2FjmhLIQvWGpCIXDlirIddIHRpDkoVaiAk=
O5Fy58qqcDWjWikPfDcUqDFPI-2FJVpgbyXyVJIrZ1xyx4MUnAsMhTJry1CaJVZl-2FuYHKFkuS=
KK5Qe62M8-2FNVSit2IqCs-2FANE1V3zt9LuYPrLnk3l1fFta22QRnuPnZt6W1LTj3Y2pwYYM4i=
swYX8dwYjTxjYtVEN2UiNINIEqkY5SaMGKSpWFRIQzA4V1M-3D" style=3D"color: #1D5080=
;" test=3D"" universal=3D"true">the full report</a></b> to see how each of =
the nine sectors stacks up=E2=80=94and which subsectors could be 2026's big=
gest surprises.
                              </div></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table>
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">
                              <table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" lang=3D"x-image">
                              <tbody>
                              <tr>
                              <td align=3D"right">
                              <table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" style=3D"float: none;
 padding-left: 15px; ">
                              <tbody>
                              <tr>
                              <td align=3D"right" style=3D"text-align: righ=
t"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/646=
81.jpg" style=3D"border: none; max-width: 420px;"> </td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table>Warm regards,<br><br><a href=3D"mailt=
o:jim.corridore@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Jim Corr=
idore</a><br>
                               Senior Analyst, Industrials</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                        <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_575437" id=3D"n_575437" 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;"> 2026 AI Outlook: Trillions up =
for grabs </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>
                              After a few days of thinking about what to wr=
ite for this newsletter, the thoughts finally coalesced for me: The way AI =
can supercharge PitchBook's research team, or put us at risk, is the same w=
ay AI will reshape the global economy.=20
                              <br>
                              <br>
                               If our research group doesn't innovate with =
AI, we risk standing still. Whereas when our analysts discuss cutting-edge =
AI research projects, we think we can add 10x, or even 20x, more value to c=
lients. Make no mistake, we're pursuing the latter.=20
                              <br>
                              <br>
                               These extreme levels of opportunity and risk=
 represent the perfect framing for our <b><a href=3D"https://url6380.news.p=
itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs=
nswouzW1g0SsZGdBYVHZco5eFVD5WcQSFD7bCwQGelND3LOeig-3D-3DZhh5_Pr966knuaHmaw6=
c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa0u5mSVaGcdvenjZ=
hmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SNkPASfkiRD8jb7cm=
5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4oFvoyAhGjKRaaaJ=
KVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo29KQDzs6iqHOO-2F=
X2bOdBUmo-2FW7RToPFOiuBxIJDhxuglPR5lvVRfSFDgYRZ-2B4L-2B5-2FRCVRujRH4viE9-2B=
QvRoIX2ul1CroTiGntFpUee54yOE6MUJvis8EdR0K8s4z-2B7b2fS77JqxXVx4sPYbk8PFf24eW=
JhAoGdzQ68Otvc4FNmwEtTrcJQX3B-2B-2FHTjv15nDTTO4YfJiAg5-2BedxTNy16ygkUnByrNO=
h14JId-2F9wa0ryw37vrPD1mns2Yrf-2FeLN0iIOYLUpnoLU-3D" style=3D"color: #1D508=
0;" test=3D"" universal=3D"true">2026 AI Outlook</a></b>.=20
                              <br>
                              <br>
                               In our outlook, we asked our tech analysts t=
o help VCs find the top AI subsectors fertile for creating the next decacor=
n and potentially trillion-dollar company, avoid investing in overheated co=
mpetition and identify at-risk incumbents.=20
                              <br>
                              <br>
                               And they answered. Our team is positive on A=
I drug discovery, which could double clinical trial success rates; foundati=
on models as they fight to specialize; agentic payments and commerce, as ag=
ents transact for us; AI for customer service &amp; support, where industry=
-specific specialists will create real moats; autonomy/perception software =
ahead of a 30-year autonomous vehicle supercycle and more. We identify our =
15 top AI subsectors and another 40-plus that we like.
                              </div>
                              <div>
                              <br><a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVW=
aBsobJgsjAiIHdrRhfmp-2FEaILrnMTvMwA3c5ODjp2A-3D-3DZ8GN_Pr966knuaHmaw6c7pKvB=
-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwH=
ucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5=
XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF=
7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo29KQDzs6iJsw4PkiwKHNQ6=
NNDyzb8rZHagfpoBZ8UhJwRIJ8BfJ6BIcXHzIArtzgAmStDpgB0vvNA8NkfLbM0rUFdPNxDoke-=
2BPFbAvdIO268kVBOF75tZrTcHt98N2RN1JzlEaPDt-2BTyivp4A6EYXDD7upodcSNY9AowtVUt=
zUlNsucsaPxw5e9hSikikYSTcWsh1EzM7sCraoQKgPZXyxpOBrm1Fk1rXjWOW6cokj8aNXLECzn=
ds9x62cXadzdB5Dfu-2BuU-2Fc-3D" universal=3D"true"><img align=3D"center" alt=
=3D"" src=3D"https://img.pitchbook.com/news/71797.png" style=3D"border: non=
e; max-width: 420px;"></a>
                              </div>
                              <div>
                              &nbsp;
                              </div>
                              <div>
                              Feel free to email me (<a href=3D"mailto:jame=
s.ulan@pitchbook.com" style=3D"color: #1D5080;" test=3D"">james.ulan@pitchb=
ook.com</a>) for lists of companies in these subsectors.=20
                              <br>
                              <br>
                               We also see intense overheating in areas of =
AI including second-tier AI medical scribes; parts of AI precision medicine=
 (genomics, biomarkers); aerial defense drones; areas of AI gaming content =
development; parts of code gen; certain parts of AI for marketing; some CFO=
 stack and capital markets software; search as a service; GEO visibility an=
d placement; drone-based crop monitoring; and capital-intensive supply chai=
n ops.=20
                              <br>
                              <br>
                               And lastly, we know that many incumbents wil=
l cede share to the point of collapse. These categories unveil prime areas =
for founders to harvest rich deposits of revenue.=20
                              <br>
                              <br>
                               Incumbents at greatest at risk include big-b=
udget content production in gaming (AI upstarts compete at a fraction of th=
e cost); legacy ERP, accounting, capital markets software (AI-powered real-=
time analytics, forecasting, and workflow integration will be sticky); trad=
itional trucking (regulations limit truck-driver hours); traditional health=
care administration (AI is excellent at processing unstructured data); and =
more.=20
                              <br>
                              <br>
                               And so, if we can reinvent how we conduct re=
search with AI, we'll not only avoid backpedaling, we'll deliver sharper, f=
aster and more actionable insight to our clients than ever before=E2=80=94m=
uch like the aims of today's AI startups and the incumbents they are trying=
 to disrupt.
                              </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/717=
96.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>Have a great weekend,<br><br><a href=
=3D"mailto:james.ulan@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Ja=
mes Ulan</a><br>
                               Director of Emerging Technology</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-2BaqM7ONnvsnswouzVWaBsobJgsjAiIHdrRhfmp-2FypV-2=
FCD0enJW0lG0YeHO9w-3D-3DSgH1_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4=
BiQVI43kbMcVf8UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2=
ArVH36EBz1DlduKQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAO=
rw01mtzmiAqJIJ5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMO=
GIojgUUvMKCy0Gm4lWEt-2BGwUo29KQDzs6hviNji27thHFWPq3DzoEXmow-2Fz-2BD49uFsnlG=
FO-2BKDcuCrj684VWzka05G6txYrZU-2BdmCwyHvKRo9e8SMYYYUFqKygu9Q2zPzyLFDNlIYp0Z=
tVKErQdaRwDKa18ignwMUa2ptf56UHpW5g34rX7J2YgQcM1ZTbagPd-2Bny9-2B-2BWEi4mkFPp=
jUiqduKZFFVRjR-2BlTBdrJcqAt7eavYt1-2BEBKXjEBT2kpgpJTlnMl3diMtTx4S6FxV7bt63c=
BBZcoHGo4c-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 Gl=
obal Real Assets Report </a></big></b><br><br>
                               Global real assets fundraising surged throug=
h Q3 2025, fueled by powerful mega-trends in energy security, AI and digita=
l transformation, and supply chain restructuring.<br><br>
                               Infrastructure led the charge, with $115.8 b=
illion raised YTD=E2=80=94already surpassing 2024 totals and on track to ex=
ceed $150 billion by year-end.</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-2BaqM7ONnvsnswouzVWaBsobJgsjAiIHdrRhfmpUseiPGaw-=
2BPl4TSo-2BfUIX-2BA-3D-3DRF_j_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR=
4BiQVI43kbMcVf8UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe=
2ArVH36EBz1DlduKQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmA=
Orw01mtzmiAqJIJ5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyM=
OGIojgUUvMKCy0Gm4lWEt-2BGwUo29KQDzs6i9BQSS9t1ZV-2Bz-2BIdw8Wvnu1bXwCto5lMIWU=
kyoqI5oJO7GOD-2Bg4qMZixvqwPg0l-2FcZ4ZhmleSahWqfF6v-2BzYTUrV5HzEVyDEplruqXNt=
WyCvt4wqQhR3pRSV8BrwZwJm-2FC6gaKs3Uzl8AlG1aMazCe2cHSreJn2MkXjQQOwgjRJJ0YcGO=
BmDNmyW26XcQw8x3NN82kq9WDaGwAQImSI-2BaoqchIdg5ZN-2Bf44X56Ts5mUzft7pmxyULFJP=
jc3pHF3d0-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"htt=
ps://img.pitchbook.com/news/71805.png" style=3D"border: none; max-width: 42=
0px;">  </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>
                               The AI-driven boom in demand for datacenter =
capacity and thus electricity has played a major role in redefining energy =
and infrastructure priorities. Natural gas, nuclear, and renewables are all=
 benefiting, and Europe=E2=80=99s energy policies and lower interest rates =
have helped make it a fundraising hotspot in 2025.<br><br>
                               In the natural resources segment, oil &amp; =
gas fundraising regained some momentum, led by the $2.3 billion Kayne Priva=
te Energy Income Fund III, while M&amp;A activity highlighted the attractiv=
eness of companies poised to meet growing liquid natural gas demand and sup=
ply specialized gases for industrial applications and the energy transition=
.<br><br>
                               Across the board, private real assets vehicl=
es continue to position themselves to take advantage of the next phase of g=
lobal reindustrialization, digitalization and decarbonization.<br><br><em><=
b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n=
73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVWaBsobJgsjAiIHdrRhfmp-2FypV-2FCD0=
enJW0lG0YeHO9w-3D-3DlDvS_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQV=
I43kbMcVf8UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH=
36EBz1DlduKQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01=
mtzmiAqJIJ5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIoj=
gUUvMKCy0Gm4lWEt-2BGwUo29KQDzs6imvy1gQ3wfDlmEMgrcn9dTLP4TEBroXLwEzmdGT-2BgL=
BBmIFFNtjzUVkalapctrrETZ7gNyNf7IxQz9u8T7ZeGNpqybrPPJ5yeheH2KVUk-2FYxFtfbibl=
XG43qgte7RDyhez236nsAmPPTLIEYjY4afmZwM8bqPTE6vSVG2h3k4rYhH9WVpYkvP9aP980eq1=
M-2BTYODZ9u-2FbbAhncvxoHNibzYeU39x2p0v3MSgG9d9kioMvHYZl1lGZ5aIHvvj3cIdU-3D"=
 style=3D"color: #1D5080;" test=3D"" universal=3D"true">Read the report</a>=
</b></em></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Industry &amp; Tech Research</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-2BaqM7ONnvsnswouzVWaBsobJgsjAiIHdrRhfmpbRCdB5Vd=
JUQeGZhxbbP7bg-3D-3D9TVS_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQV=
I43kbMcVf8UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH=
36EBz1DlduKQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01=
mtzmiAqJIJ5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIoj=
gUUvMKCy0Gm4lWEt-2BGwUo29KQDzs6gToTgcV9x6UNCDapYL1KFSVI1TiZdv3PCRiRtppsQzLa=
9KZRpKNXsx3SSTkYBMTHuStAseRrNNSRdD3uRO6P0GOVvS3VjFIAmB7lMywkpW4pab8B5dXormt=
lmwwVPUT6zZfx2uXluZIc8r7EHsHGwDPIt7-2BtlS0sps1EOvtSMJdLqNOnt8REoIyBFeSzhL7H=
5d3-2Bha8-2BLvZV78GMjQ-2BQkptLubWBAEOcQR43oV-2BheeB4H7LUaRwusIwxh6d3e0oEQ-3=
D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 Enterprise Saa=
S M&amp;A Review </a></big></b><br><br>
                               Global enterprise SaaS M&amp;A is defying ex=
pectations, turning Q3 2025 into a hot streak that rivals the activity reco=
rds of 2021.<br><br>
                               Deal volume surged more than 26% QoQ, fueled=
 largely by a dominant shift toward private equity. PE buyouts captured two=
-thirds of total deal value, significantly outpacing corporate acquirers.<b=
r><br>
                               While heavyweight segments like enterprise r=
esource planning and customer relationship management maintained the larges=
t market share, the knowledge management systems segment emerged as a break=
out star, achieving a staggering 545% increase in value.</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-2BaqM7ONnvsnswouzVWaBsobJgsjAiIHdrRhfmpvAN-2BiYc=
ePpftc-2BEj2lwDIA-3D-3D4bQ__Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B=
iQVI43kbMcVf8UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2A=
rVH36EBz1DlduKQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOr=
w01mtzmiAqJIJ5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOG=
IojgUUvMKCy0Gm4lWEt-2BGwUo29KQDzs6jpknaKNFThRu9AE6TCG1hR9cpYCRUYfydWctF8-2B=
xXLSIosFNwUX8uwO0jnR2Gefjgf5DvOczNMzmYFLXDPDjUnbyNDLQA42YTmoMd6geDPoH2jaG2w=
cVF66bVQYfiDjKGqxWhgnBFXmNOhs7XTd2d3mCcC9769eRI78-2BbZqeo2h7ltsGvvnW5JbSgwc=
y28GwTVJjhPjLvnZ-2FKrH9g4FdhUNED4sndGkusYMTZhtOIW3TigOsUKxNnTdQbuQ42J9uw-3D=
" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://img.pit=
chbook.com/news/71814.png" style=3D"border: none; max-width: 420px;">  </a>=
</td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table>
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br>
                               The quarter was defined by 17 multibillion-d=
ollar acquisitions and PE buyouts, led by the $12.4 billion take-private of=
 Dayforce and Blackstone=E2=80=99s $6.5 billion acquisition of Enverus.<br>=
<br>
                               As interest rate cuts begin to take hold, in=
stitutional appetite is returning for market leaders, particularly in human=
 capital management and digital commerce.<br><br><em><b><a href=3D"https://=
url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G=
Fa-2BaqM7ONnvsnswouzVWaBsobJgsjAiIHdrRhfmpbRCdB5VdJUQeGZhxbbP7bg-3D-3DdkEL_=
Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa0=
u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SNk=
PASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4o=
FvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo29=
KQDzs6juZiYpSJzOQBHrntC7UufvIj0RFpWMfBY21k-2Fnxve4QFH6y8iL6b-2F0dKzTyPSA5v2=
ygA7WW9rL9ZYglXlauTXBRauamZNAejE98QumXbvFujuYenCBKMKKZ-2Bh5Xeoc3z08xWd7FFfQ=
L-2BNV6nc1xwumwFp5NRTyn-2BAHN7lpD-2F7S3dM5hWo0PyV8MCfXueqRYXETu11Iej6dL4pIg=
7SwCUp08pQx8s-2FudS3nq3c0PaPyUoWJe1QPFG5Uh9DTEkZJN7I-3D" style=3D"color: #1=
D5080;" test=3D"" universal=3D"true">Read the report</a></b></em></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>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 2026 Outlook series is coming to London, Singapore, =
New York and San Francisco. These events will bring global thought leaders =
to the stage to discuss private market trends from 2025 and forecasts for t=
he coming year. <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?u=
pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV-2F2B0zH-2FjHgH66NWB=
itnzzhI9JDEGAlkUmnTvsIwbsgQ-3D-3D7aPg_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0=
YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR=
2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKo=
HIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou=
-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo29KQDzs6jT9ClVK4rJEAVfsOuj95Bqv-2BCvGpa=
DEAj78H22zLA6C2fJ6GU5oJiJIonis-2BtdNfeblW6lLEHjC1QIUspSCzuvYE2m9SEIF-2BA2D9=
HEWmV3z2R-2FP5RWTmhuVfEZzjcUJ34mEmfZKGJP-2BT7AtXVu8cIbImhDTRKrnQJlgMgtcgXGQ=
YKfRCjA2owUuqgw5UxtgF-2FtnAU371FV4cTIcZXsE2L9xO-2Ft2l-2FTXT1BIbafHWzAEzb-2F=
pUY0AkzQFKgqwMN-2B9iM-3D" style=3D"color: #1D5080;" test=3D"">Register here=
</a></b>.<br><br>
                               Can't join in person? Tune into our 2026 Out=
look webinar series. Sessions will focus on US leveraged 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/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV-2F2B0zH-2FjHgH66NWBitnzzcCWN2FZCADucwrLoT=
BoQPg-3D-3DT6AG_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf=
8UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1Dld=
uKQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJI=
J5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0=
Gm4lWEt-2BGwUo29KQDzs6jSMgNW1SPF1QgwVm1l3rjoVPFFxxRnuGERjsGF2-2BFYvRcIwyMqk=
0EYHwjqTY45rCAKYOtdxSeflvVUvlzKm0OE9su2chRBKAU-2FONc79jHntcp3Eoai7-2FZzoLMm=
M2nA0Q3xzU6Tv-2FWIA2xRqYKUr7d5Uvt-2BVMcvrrgTb2ks4SG4aAX2q4rZbSLDArVD7d-2FGm=
yRpGL7CBUHsfxR0pmMUAC90eMcAUs9mGQlSgW9CqgP-2F3KBeGOT07FK5Cs-2BA1sDZm4g-3D" =
style=3D"color: #1D5080;" test=3D"">Register here</a></b>.</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>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 Nearly 46% of all PE capi=
tal raised in 2025 has been secured by the 10 largest funds, up from 34.5% =
in 2024. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001=
.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV-2F2B0zH-2FjHgH66NWBitnzz3biB=
WUEVohnMQpy9u5JVuw-3D-3DYiVV_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4=
BiQVI43kbMcVf8UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2=
ArVH36EBz1DlduKQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAO=
rw01mtzmiAqJIJ5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMO=
GIojgUUvMKCy0Gm4lWEt-2BGwUo29KQDzs6gnI8yZSiszWwThixZMLvSENC8u9A7o5KEfLBvZ8R=
ND9mGV6A0d3q9OPsbOFC5xDEKB2VEigP6SYK4b3U2oaPtBvKo7Jb5VYG7SUhAz0Q-2FPSFn5yMt=
8fgZuaBe2wMukTgJoa-2FDbAxWr3lMeKZP9hkitM5yHPC0s93Razj4-2F0rv4Z9umWWzrJcHuXS=
MKGDEbwhRwOLHDnEmbAxGqzLXjxm-2F9-2BjeduonmDy6CsCMIoDTMFfhxISfjmBVpgPLwG1BeY=
aM-3D" style=3D"color: #1D5080;" test=3D"">Business Insider</a>]<br><br>
                               =E2=80=83=E2=80=A2 PitchBook analysts discus=
s our latest global private market fundraising report. [<a href=3D"https://=
url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2=
BaqM7ONnvsnswouzV-2F2B0zH-2FjHgH66NWBitnzzzgg1kc5kDDZ75E795Flu6w-3D-3DGZox_=
Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa0=
u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SNk=
PASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4o=
FvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo29=
KQDzs6hXVhY5f6pgzVuVxcS8bJXQ-2FT72WsO0j5Q64LvquDW-2Ftot61U-2FGkVtUsi43D-2BX=
DL-2FJGDDb-2FWHmW1KsBN4NY3QPI-2BBSG7Ev6bE2BBZyW2zJ-2FBicO6fXpsHGLjvMIwMDt7y=
CUjbx0RRMdGmiY26y8-2FDRLCoZBRdJUMhlOwVogplCl6AhXDD8jUSj73jOd2qWE5JbticMRP7x=
ZGxOZXQ9TmhxjaJ-2FfPqMcqBJMCgU5DV9aAE0kxwTK8CkNbcxeAjL9lgg-3D" style=3D"col=
or: #1D5080;" test=3D"">Institutional Investor</a>]<br><br>
                               =E2=80=83=E2=80=A2 US PE exit deals are on t=
rack for a second year of recovery. [<a href=3D"https://url6380.news.pitchb=
ook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV-2=
F2B0zH-2FjHgH66NWBitnzztLuYpH7sWPAgU5qJ1kL1kQ-3D-3DkFDv_Pr966knuaHmaw6c7pKv=
B-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmw=
HucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM=
5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0g=
F7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo29KQDzs6j5yx61SEuCvJb=
-2B4G-2FoLQInS8usdeY6Zmumow9X2jBH42ygJ8WqKkf65Q532dkH3mg83OQNI-2FW6dzOstTs0=
EG4JSt5GywM-2B6oYO7uxvDQ6mZs9GfMGsa4kg35EMLjiD7TK-2BOCX9Nlf2amzJBlXBX0eTtli=
6Xo6mqWP1kmTjkJ-2FosarL-2FyZIy-2BcxdeO3d72u0BwaASJMcwnGXigq2W6QwWVMB-2FRDWp=
caR2JomLGeq4SRwCYXG8SwMOAZc8pNGSr-2Bpzc-3D" style=3D"color: #1D5080;" test=
=3D"">Reuters</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-2BaqM7ONnvsnswouzV-2F2B0zH-2FjH=
gH66NWBitnzzifr8KgpLNVd6gmmWsi7Keg-3D-3D_oLP_Pr966knuaHmaw6c7pKvB-2BCEiDnj5=
UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJAL=
IDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrs=
aHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQ=
VmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo29KQDzs6j6fpvg2pI9ncJxTqTZMrMG7s=
81mS-2FPxRx-2BqEnnA24WcLlKX9H3kimoO9cktsBI61Gx07JY1sqP8Q40jB-2BV6aDVcwnd5Xz=
0vMhzaM9Ik-2FEQbW2Dv4xDGP5Ik2SgzgY76yXhpdUS6-2F5kklKrJ-2Fl6mqacVCc7ZfeB33rk=
puK6UY5gkO5kmLvWRGwVMpiSkd2soSLscaEEsvyjov4jSh4kgZWi8MuPJHg-2FMuhQHjrhINa-2=
FUv0bn-2Bp-2FzuWJhaBqck1Y0ok-3D" style=3D"color: #1D5080;" test=3D"">Reuter=
s</a>]<br><br>
                               =E2=80=83=E2=80=A2 The amount of total debt =
piled onto companies during buyouts has fallen slightly, from nearly six ti=
mes trailing EBITDA in October 2021 to 5.7 times in the past year. [<a href=
=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S=
pSWIrf6GFa-2BaqM7ONnvsnswouzV-2F2B0zH-2FjHgH66NWBitnzzCyTBdgYSjR533sNKSsrLn=
g-3D-3DgksR_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA=
68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk=
0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi=
3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4l=
WEt-2BGwUo29KQDzs6gBq4LArfe0CXVAzRbC7QEyMuJOw-2B5NGlKrFkA4apI-2BoyG3hzh-2Br=
B0SDPlUpRDBfpwTrRrXdpzfTUgYhXIATtAIr1F0k1MPVxPYkjaKVRF6vuYeQZtxzQTi2Vg6GVtn=
uAH9454vho-2Fm5K3Dbq8uG8Qm1zFb8DIl-2BqaRvntLmj-2FiKrWHQ4p7GuItMLC3lCjwtrQhE=
SKQdQ39jMhN5UVGbY3cOOoKHFSReIFooMStdCVnUcjonR67Djhh4G13N0I3d1Y-3D" style=3D=
"color: #1D5080;" test=3D"">Financial Times</a>]<br><br>
                               =E2=80=83=E2=80=A2 OpenAI has now taken on $=
57 billion in funding from investors, more than any previous start-up. [<a =
href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV-2F2B0zH-2FjHgH66NWBitnzzibj6upP42n5X0nyye=
0WseA-3D-3DecWf_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf=
8UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1Dld=
uKQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJI=
J5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0=
Gm4lWEt-2BGwUo29KQDzs6h28bX6fZKLHuZNm7Xn67TG5jIAZgDhikaqSxt-2BGRYa-2BmcKG8m=
OUhDHaZbXFlGeufcPS4b0PIgLzcw5G9vfSMYdo2cDXVOBixYaQUGnwBwT-2B068xVx1ne4Nq3O3=
uQ-2Feeo-2FC-2FY3Df3uVNJcdmd3rfutqhXESWPQND4W6eO0EDnABlfv7V2CH2KKFaFow6MlQk=
LBhdv-2Bga9LJVp7h-2FeNKWBShaIBYq-2BNw2pObFwXSjJEEhc623gemgJpxmqf6zpC6b6w-3D=
" style=3D"color: #1D5080;" test=3D"">The Washington Post</a>]<br><br>
                               =E2=80=83=E2=80=A2 Crypto companies have rai=
sed about $23 billion in VC deals and IPOs this year. [<a href=3D"https://u=
rl6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B=
aqM7ONnvsnswouzV-2F2B0zH-2FjHgH66NWBitnzzCLRzfIAqmP8Wgs-2BRXGG1LA-3D-3Dmy9_=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa=
0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SN=
kPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4=
oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo2=
9KQDzs6hgpjdDjef5nvQQwQ4YrN6t7ZK-2F7UiLwTcaY8RFTOroGeBaIo4S570TIn-2FQh85YUS=
kZ1iCVQ1YwL3iFvpfVyeHrGbJRPbwnznrssLeIJYEzc1ANCxm8sTehBucDHhXUjrpbM7vfX5FAq=
CCanUtxZrdo-2FdMVprO1mwiHkr2OjWjADaEHBkCQbKtCj7rHT3WnX2FGac98GP-2FddveS9bzB=
Toxed6EReEvlGJmyYMPl4C5zRjUeBYEIIu-2BH14zu-2FzeLHkY-3D" style=3D"color: #1D=
5080;" test=3D"">Bloomberg</a>]<br>
                               &nbsp;</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-=
2BaqM7ONnvsnswouzV-2F2B0zH-2FjHgH66NWBitnzzoaedZGLOeKwXp0R5i95bqA-3D-3Drf1R=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa=
0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SN=
kPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4=
oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo2=
9KQDzs6jIgZCd79p4k3hHbuIS453HGkTZ3qBDjnCkYu0l4mFalhup9IX-2FT3jzpW4x8uLPXi1k=
plRzF-2Fzjq4eUUZd-2BNExBNxcuP62-2FCFGsZWMRKewcxnE4DjlPWCPLsbidQ4X6Hx43ovvEV=
s7Sa3p-2FpRK1CHzwHn10u5B90eF6ZeWuFirgpzPAM42srRr4HkzTvgt-2BvvBUNfM1Si2HeIjE=
RdyotA4QJCe8XNTlrQr0EQQov80dnE8HmrbeWnd6NmkVFX6yQcU-3D" style=3D"color: #1D=
5080;" test=3D"" universal=3D"true">Q3 Global Private Market Fundraising 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-=
2BaqM7ONnvsnswouzVIBQTxDRm1uLkPgfpXhcD4e2WYPiFF-2B7NHQjvn3pafsw-3D-3DJZ68_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa0u=
5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SNkP=
ASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4oF=
voyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo29K=
QDzs6hDQjsjTNgRsAeHqBuPMPao7rxQki3-2FR3i7IYANNYZs5wKUpOla97S4XTZe-2FKw2xL0-=
2BY1JUUvyb1JnyxyDQC1L2mwmWbDZLbejuM0uX7NtJIefJ9ADAE6IHqc2q-2F-2FkgQEa0jn82N=
aCky7-2BPdRozSkiXvVZxD3pl4IYSujAP0afJFtCIaX9gCdFm3v1wuzrVI6xraYvhKtXDbV8wI8=
wdY7RmRef0qEPAE8rQ7RY6wVkJtLobVv8jWOcs5CKAhTC4FOg-3D" style=3D"color: #1D50=
80;" test=3D"" universal=3D"true">2025 Japan Private Capital Breakdown</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-=
2BaqM7ONnvsnswouzVIBQTxDRm1uLkPgfpXhcD4aHLUz6K733XLWEGCqAMI9Q-3D-3DpqtE_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa0u5m=
SVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SNkPAS=
fkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4oFvo=
yAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo29KQD=
zs6hJt4-2Fgma2BvtHmlbbjQ5lbSksZATViEXgtO1SJ2j-2BOZBvROc-2BT5goOnl9T145IRmDX=
rLd03bcS1mrzfbTvcFfRkHHSV9RQ6F-2BOAfwnev9iWib1dgWakNXKc0oBWUQAQBttSZseZXPid=
fbm2W86-2FuyfgSkdeXYl4v5zDeGGbqCCAr-2FwPClmslr92OYoybg5JkmYTPYzOwUNkYSZz7iV=
tAbTuonpQP0IBj4arjetD7faO6KDKlIDX2i1rIWZgxoPiys-3D" style=3D"color: #1D5080=
;" test=3D"" universal=3D"true">Benchmarking the Evergreen Evolution</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-=
2BaqM7ONnvsnswouzVIBQTxDRm1uLkPgfpXhcD4nnhGLxexpZR3y5w8Y8uVeA-3D-3DHkYc_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa0u5m=
SVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SNkPAS=
fkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4oFvo=
yAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo29KQD=
zs6jvHAmoCTNPGwjuahpmuUdHtXNIBaq1LyRwkTq2XWK8kUx6BVphxm9F53qqIV-2B1B0WHYtua=
9HE6zMunkNT5o5F9Wi9mc87h5bv8zUXh8KN-2B70-2FqQdCI-2FH2H8YDiF5vJ0Hjny1X-2Fi19=
kBSGLXspn2qZuzVR-2FInCMj00XwuTWnxFxeZtUMogeMQ1JYKgARpSz1-2B0eihZj80pMALFmBZ=
OJxkxJw2H9wSuE7NbvtyFQdfOheRtPgC7H70ShyjUNhMb38EI-3D" style=3D"color: #1D50=
80;" test=3D"" universal=3D"true">US Public PE and GP Deal Roundup</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-=
2BaqM7ONnvsnswouzVIBQTxDRm1uLkPgfpXhcD4uhMCyrgSpklDvH7M8bndVg-3D-3DSEfn_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa0u5m=
SVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SNkPAS=
fkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4oFvo=
yAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo29KQD=
zs6g9FUv-2Bzzi1gbc-2BWw782jiJoh56YuYW03CXeoCRlz3B5GHfELqCOevDn-2F2D7MT-2FGN=
WFpEAFdAoAR8V5P0nYHPHDjng0dQUu8Qa0yybtcT9JNed54WEUsc5bxgsC676aJpd3SRR4uX-2B=
0pGsEksBDRKYtz1CxlbWXbRVgGIEQep5CLdPx9qVHh-2BjFlPOpGaMrRs50E3AhVi8CoBkEbRMz=
i27xT0aNSgRQttHkjs-2BpJtUCOjd-2FOIMeZF6ievQmAbFSBLs-3D" style=3D"color: #1D=
5080;" test=3D"" universal=3D"true">Q3 European VC Valuations Report</a></b=
><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzVIBQTxDRm1uLkPgfpXhcD4W9euYZpUzasXkYc1iS5HEA-3D-3DpI1v_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa0u5m=
SVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SNkPAS=
fkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4oFvo=
yAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo29KQD=
zs6jtAOE-2FAc-2FrJlLAAWiQaV63YPNIiXju8sem5ko2-2FwmsXmpOGENuSuFa3T4Gv7AIiiMG=
DtZfCcvXFVuZva-2BM5Mwyo-2B9IkbICsOUmUncj0Zl-2F3l1f6RpQ8kzP0BHuXREmpPRyWG-2F=
Kd-2FvAZRVKzKcfwFpI6b6MXEBFJQjN-2FajlNwgf-2B1Ey1wfkOyaMnhQyCTHnOx1b-2FfVmo9=
52YcFooWA3CRc0MjSMMf8ZhmZzAGN2dYLR20K3pMrSknNIcPGCsduUbmE-3D" style=3D"colo=
r: #1D5080;" test=3D"" universal=3D"true">Q3 Australia Market Snapshot</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-=
2BaqM7ONnvsnswouzVIBQTxDRm1uLkPgfpXhcD4RZHV4NFVO0po8Ag85Um4DQ-3D-3DEa2o_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa0u5m=
SVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SNkPAS=
fkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4oFvo=
yAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo29KQD=
zs6hMlV6XfnnyBW3vLXslMnUE492iZzjcR9X7MWT0cvmU5RbncW1eKjoURwE5NVh4rlNar9HnLD=
F56WyOiyxusguJ1nsPOEZOKl-2BKculD9DoJnbuMYroP9TTdZ7DiM6mNVsGZA-2Bgz4j6-2BF-2=
B0HWOGVwikVqxhBPQqSg7V2TVOJYJunIVDpvEao9lfJNBRXvvdmMdZmSny98ebcdYmagxDzlsFQ=
aY1G4pu5jCZBVHxLM35Qj6jic-2FokqMK9yGM6YmHrBwU-3D" style=3D"color: #1D5080;"=
 test=3D"" universal=3D"true">The Rise of European Defense Tech</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-=
2BaqM7ONnvsnswouzVIBQTxDRm1uLkPgfpXhcD4ssbznT0f4Vo5oi6BvQgLdQ-3D-3D6i51_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa0u5m=
SVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SNkPAS=
fkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4oFvo=
yAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo29KQD=
zs6iJbl-2B5GcpOZyC0CYLZidlaJemmFNTX7RqIizfssTcnS8G35I6oEPwiMf54IhMw02Mnq41e=
PwZwiqbnxuIurR63aj1-2BelDE3V-2BFojEMAH2lR6jETyAkGPv-2BjuK5EiGfNsbJ6CZ-2BGPx=
qY7BKmJN9bQh-2FNok9K83E3-2FrAr6quxLWF9DXNaLlT8LUTRwjOQH4VwuvNswHQrbHUmY7Tty=
HXQklAwMDdsALkhNG1sh2uFPasc-2BKxJi1X2nJgnRCg-2BeasiRo-3D" style=3D"color: #=
1D5080;" test=3D"" universal=3D"true">Stablecoins are Imperfect but Inevita=
ble</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-=
2BaqM7ONnvsnswouzVIBQTxDRm1uLkPgfpXhcD4Usd1OywOrI6npNjYWp0r1w-3D-3DEf8f_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa0u5m=
SVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SNkPAS=
fkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4oFvo=
yAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo29KQD=
zs6gn2QrW-2F5Fq5YOjlKphlLhBqHzeVwmKPI8pZqdsWmyOfKI-2F2xtFPRTyzUXq04bw6p03R4=
Pf-2BKlZTPnI-2FJqlC6Ok-2FM2LFD8kVj0DXxI-2FF1jRYyG7FAf7SDkenn5d5MRBCfd5AZ7-2=
FBxCEb-2BmE9LEDtP0yqGR4bIrC1x0s1KDq7jx9efu2aM1fQZqRYlV8nQRkM-2BkfkFm9cNMzi-=
2FFaMzUHU1YpEwtwakefBPyN5-2BaO3-2FpGyZudH-2B3pC5BKB64o5t-2FmiRQ-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">AI's Impact on Supply Cha=
ins</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-=
2BaqM7ONnvsnswouzVIBQTxDRm1uLkPgfpXhcD4B2-2FwzBCgv-2FivaWDZ9yxFuA-3D-3DF9Li=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa=
0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SN=
kPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4=
oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo2=
9KQDzs6jV61AL-2FAlnUw2miRvPGEn4jmfvw3xI0QCIHjCRq4MS6-2BsSHcHCf04-2F4Ai5lQgG=
PgElvAKtWFolzKwhEvQJ5GjmnJiyqkFJuKXSfCaCrZs7iuhDGrCOb6Hbegl9WSxoLlGo7WmimQM=
L6BC-2FSYx3Hxc4qLusL495NtE0D0mXBbwLSD3gf0jnppCm08S9MQUU1bQrtXn9Vk6vMVoHjS73=
i1QG8wIVFmdoSTmKhgHDPgf9pemjKi2AhV4JKFp5vBhOCZk-3D" style=3D"color: #1D5080=
;" test=3D"" universal=3D"true">Q3 Aerospace &amp; Defense Report</a></b><b=
r>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzVIBQTxDRm1uLkPgfpXhcD4UPxS1fDXD-2F8vC6buN2xsgg-3D-3DxIMU_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa0u=
5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SNkP=
ASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4oF=
voyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo29K=
QDzs6jberuGdbAs562t-2BbEzWMimnI5IS3pZmO6orRwTLD7quizpEsQTSUPGDJ6ds460XCc0dW=
AIEaCdrjYVwn3U31hev85nHTcrGDGzFH0XVP1yOSUeamFHf164obYaecY-2B6f6DA6Z3hfRLgFK=
SEytVurJQAX1iraq5X-2Bx-2Fuf2PQ9V5GzNfDxCXCOPyqoL6v1tozOh0U9rAVlBw74p-2FC9KR=
6QQ211k-2Bj-2BkDdGFrlA5joq2O7hEYdsHdJ9yvoU19GzKBCnk-3D" style=3D"color: #1D=
5080;" test=3D"" universal=3D"true">Q3 Emerging Tech Indicator</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-=
2BaqM7ONnvsnswouzUqawKp5dnRxeXp-2FAzoySLwxYJSN8ABvNamU6-2Fxp7RVwQ-3D-3DbbZP=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa=
0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SN=
kPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4=
oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo2=
9KQDzs6jAchMfHZWXwtc0OTBO5Mg0s1p1mPxeTEaKr1qVqjyCKdswhC3OdLYJT0AwTZoSI0P5Wp=
NoCce-2FjjNpnWLjqx6v7qqGk17O7JJS2ySoe5jYjAnywqjA-2BYD2BRl-2ByuFySq2GKPKGh2N=
-2FmUPYn-2F8RGV-2BqPEnc4eWTftZjYKGgZ7IfIqQ6g-2FOgG2-2Fd-2BUls0E-2FZKfmZJo4r=
ISkvOz5UCF2ZcLziW4zMZePw3To1W7mMgPPZDUkImSVBfRE2PHfQPad-2FWG8-3D" style=3D"=
color: #1D5080;" test=3D"" universal=3D"true">Pharma Biotools 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-=
2BaqM7ONnvsnswouzUqawKp5dnRxeXp-2FAzoySLwWEkITuwL3mRZE-2Br-2FzKaoIA-3D-3D7q=
5e_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rb=
xa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9=
SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5tru=
A4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwU=
o29KQDzs6itvaiEvWYpI8m1UC-2BzZFu8SrHwNy4pJYmJBjX-2BG0gLCZj3HApb-2BNSn-2FIC1=
NdDiYovvw1u1v8A-2Bo9pd9A4HQKmJvZFZzDiS7Xc5NGTI6Z1D8E7RtZbMgeNl5jHKo43s-2B1Q=
Lv-2F1qZIKmBQfaYldma1dZ-2BioynbcK77i7dheXKGaiLZZ1QUu-2FS0hEeP2tq1NYb7se9wDj=
4uNP26h6uOXNbgTj9HnJVHx7LzXOfE-2Bioq8AyT38advVDMgpy3pVzEAM3m8-3D" style=3D"=
color: #1D5080;" test=3D"" universal=3D"true">Gaming VC Activity in Emergin=
g Markets</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-=
2BaqM7ONnvsnswouzUqawKp5dnRxeXp-2FAzoySLwLvrs9s1aGFROLdqu4-2FgzjQ-3D-3D4FS7=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa=
0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SN=
kPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4=
oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo2=
9KQDzs6hTIrFRsF-2F8k-2BsdTJK-2BOHwrt5-2FZ-2FlanBu61rsdwvdmFqkQjLuTv2g8prHBH=
m51muz9-2FIb8UBrnFo8-2B-2FBf20EPeLw2WlJ68sLNVQfXCJ45i2GTbOpBEkD6VxgxQulWHro=
0cP5c3PdeQzs8AmNbqJ3NNEA4yZdEcS9jjEOtAez2An3wrLvBKC7eUk3JpAmvuC5M1Pqo4vsnoq=
dzxOsarKngmHn8uwD8fIW1Zu2GgEYfxVHo5e8gPZZvFjX6aG26MtYxE-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-=
2BaqM7ONnvsnswouzUqawKp5dnRxeXp-2FAzoySLwWX8Zus8y0ODnH78hZ8uDRA-3D-3DWszJ_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa0u=
5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SNkP=
ASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4oF=
voyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo29K=
QDzs6jZYo1HqH9mIGKBU9lc15sviH9Gd-2FpetRircB1ujii6F8fu5S09c7kIrPvi0jiea1vpx6=
6ucDDqDespScIh-2BqPw0LRVLZOsBoELTvXkGbP8MscOlXplg-2Fa1mbFAI0T4bL8o62ggSqq6E=
PFF7dI0zGTx2tsQylYgFIjaanvN9aOcYdKuJiBjvhlFao-2BpVQuinx7Hwdk2YBQdzi-2Foz3Rh=
K-2FxR1bcrocpAZmu95E35vd-2BCZACz7hLnAfKX9dlbzHrcXwU-3D" style=3D"color: #1D=
5080;" 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-=
2BaqM7ONnvsnswouzUqawKp5dnRxeXp-2FAzoySLwAYKzAhIatC-2Bu-2BCXHXO2KQw-3D-3DEC=
nl_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rb=
xa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9=
SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5tru=
A4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwU=
o29KQDzs6hoKVX89R4Ng-2FOOxymcvdGbXQZp98H5cabzRjCdCHmOrP6PhwdftTqZ50jMvn6R3F=
KGTTRzDbCGy3Lwz1BUer76ApD5o6Y5IFYUmCrmzBaOMDlr6Eox6H-2BvvRDMNRxook0rP3l6qy-=
2BYRlru27foZdnvmcKF7zKtdGyA77XZ0KfHNsv16mNMSYStrlNeius5GKMUkSMVaDwoO7pVTHU5=
2ygYvz2d537GTdP-2FTIgiYHyQFvh50E523mKNeNBrYJEsfCU-3D" style=3D"color: #1D50=
80;" 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-=
2BaqM7ONnvsnswouzUqawKp5dnRxeXp-2FAzoySLwz2MfcomQZkPI9Iag-2BY-2B4qw-3D-3Dbd=
0g_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rb=
xa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9=
SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5tru=
A4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwU=
o29KQDzs6iZhoWPgpFgZcVlFR-2B6UDNKoPjLFhJAo38OtHPhO4Iw4cUd-2B8FC97RnF8VYrhWu=
CDjYjiTRitCYne-2Ftm0hTJmo5UFLDOM-2FGba-2Fqkw0YijeSeyRq1FDBmU-2BcL-2F2SYFgOC=
8MCXqN5KNBWgsxWdWgutoRDeeC1fPIocsgRMPj-2B731e61iJBBqeBSexia90SKuiu1AUrECb8I=
LU9plc3m-2BAUJA7NdDB3bmtOZcN6bUB9Tm0PC-2Fm-2FxuvG5zpg878rFbRMis-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">Global Distressed 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-=
2BaqM7ONnvsnswouzUqawKp5dnRxeXp-2FAzoySLw9KnOGq2-2F0yrsW0WHWX0irQ-3D-3DgaXL=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa=
0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SN=
kPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4=
oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo2=
9KQDzs6jDt1-2BguX82O526fde4Eo3TVjSW2AtBaiV6I-2B0u6F1mYp8XkHDQgQxIWLheRAZ6-2=
BrdVXPiVO5WNjqP1GUG24VQ5YPAVFghJubzsna8fikLSDcbVMb3uZxKU-2B7lC3hVNQuONgGm-2=
Fp8W6bYESIUeMn-2FtLkVg1YsrAud6s9eUeUQKrgaCRFMdBnazD6aI6JYfeRlO32-2BtOyZXRmY=
sJ5uyougZ4ClfkG-2F68XIpEe-2FOnCzmNUqtO-2Fzg4h4KUSOPdD5fiTfo-3D" style=3D"co=
lor: #1D5080;" test=3D"" universal=3D"true">US Private Credit &amp; Middle =
Market Weekly Wrap</a></b><br><br><b>Coming next week (subject to change)</=
b><br><br>
                               =E2=80=83=E2=80=A2 Moonshot: The Next Stage =
of the Lunar Space Economy<br>
                               =E2=80=83=E2=80=A2 Q3 US PE Middle Market Re=
port<br>
                               =E2=80=83=E2=80=A2 Q3 Defense Tech VC Trends=
<br>
                               =E2=80=83=E2=80=A2 Q3 Transportation and Log=
istics Report<br>
                               =E2=80=83=E2=80=A2 India Market Snapshot<br>
                               =E2=80=83=E2=80=A2 Q3 Cybersecurity VC Trend=
s<br>
                               =E2=80=83=E2=80=A2 Analyst Note: India Marke=
t Snapshot<br>
                               =E2=80=83=E2=80=A2 Q3 E-commerce VC Trends<b=
r>
                               =E2=80=83=E2=80=A2 Climate Risk Analytics<br=
>
                               =E2=80=83=E2=80=A2 Allocator Solutions: 2026=
 Private Market Opportunities<br>
                               =E2=80=83=E2=80=A2 Q3 Gaming VC Trends<br>
                               =E2=80=83=E2=80=A2 2025 Evergreen Fund Repor=
t<br>
                               =E2=80=83=E2=80=A2 Q3 Infrastructure SaaS VC=
 Trends<br>
                               =E2=80=83=E2=80=A2 UK Pension Funds Open to =
Private Markets</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: 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>
                               Thanks for reading! Feel free to <b><a href=
=3D"mailto:pbinstitutionalresearch@pitchbook.com" style=3D"color: #1D5080;"=
 test=3D"">email us</a></b> any time with feedback, questions, or tips!<br>=
<br>
                               Learn more about the <b><a href=3D"https://u=
rl6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B=
aqM7ONnvsnswouzUqawKp5dnRxeXp-2FAzoySLwu5rt5WClt1CSY6q1-2Bnxw-2Fw-3D-3D_GE1=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa=
0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SN=
kPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4=
oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo2=
9KQDzs6iMqp8qVWA9WHH0rqjrwqZIYIIDQPT4WeYSzLMy3P55eFOPJxUZr1kGrL87vDB-2BvD7r=
Z-2BiJXVp5zG3J1tZKD57lKiAzNgbOBY8rpF8gSZTRGOZutFbNKmu0Avf2gvQ8DKM7CPbwzFKyT=
l-2FE8Q6uvQSNQ53DQ0mlTJ0ruTlcgiDkYUCRmo-2B9po6T9VPUYpARfCAsRpoCsGJPFVB8-2B4=
3S0LlSLVSqzzR9hnWoUrbF-2FMZcUSLkReKpKKMa7EgvbG4pBeE-3D" style=3D"color: #1D=
5080;" test=3D"">PitchBook Institutional Research Group</a></b>, meet <b><a=
 href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cu=
ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUqawKp5dnRxeXp-2FAzoySLwczuIlToEp1-2Fstfzl=
7wQKKg-3D-3D3qAq_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcV=
f8UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1Dl=
duKQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJ=
IJ5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy=
0Gm4lWEt-2BGwUo29KQDzs6jMmTfL8y-2BdOKiZD2ZMSiPimXeFU44ijTRhqHsVJgw1xln2slFe=
hksk-2F0W-2BLZgU-2F4pnyn1cCKZx70dv3ruf8TE61J8nEEWIWtb4WMNAWSI8b7R9QTq19f7-2=
FX39Mok-2FMOkVdkP5s0RRW7Hxj1eS1gA9rJd6Znc-2FcggS87-2FOdWr4-2F2p9grdjO1lobTT=
EC89W8XwX3uXa5CK69SjAVE9ktCNPHhSCTmKlIyLoaExEysPsZXhrVB1003xpFE5dobaWYPu0-3=
D" style=3D"color: #1D5080;" test=3D"">our analysts</a></b>, or access our =
research libraries for <b><a href=3D"https://url6380.news.pitchbook.com/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUqawKp5dnRxeXp=
-2FAzoySLwQ56NaujbsLRzPJhIt-2B4SVA-3D-3DADoo_Pr966knuaHmaw6c7pKvB-2BCEiDnj5=
UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJAL=
IDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrs=
aHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQ=
VmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo29KQDzs6h3BQBIQCa9Ior4lEq1-2B4zs=
HOSj2jHoFHR6eKDFgEWv4T3TVM0e9bq-2FWQkIzTtXTgPbtkPsJy5kaKKt-2FcmTa-2FqHhRXRu=
-2BOBhBp1kdm79gmEtB9NGfy65q5nTtZy5sYTXVaOrI4GAdms7EypZrMnw5bR0zqt5vxIQqpZik=
jkJaXmK4Gzbxx251p-2B9lU8IrfNX-2FMn7nCXApt8zpeYksp85X-2F7VCrwzyWyIsmFUPTmox-=
2FPyt38Oe1aXx-2Bl-2BongaaqeQdU-3D" style=3D"color: #1D5080;" test=3D"">clie=
nts</a></b> and <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?u=
pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXBRCoDMinWpSFWJeiiTLf=
Hv2S5Owc-2BbupvczHpbRGQ-2FA-3D-3DiJLy_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0=
YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR=
2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKo=
HIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou=
-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo29KQDzs6jho-2FPMxqt5-2BNA6ddIX4AeoaYqAJ=
REWx-2Fwn7PZSUQmRpYBwfYcQhaiXa4VtNRjpoWhnYgrxaQ8Ypsj1i1SqiQrFFxuS-2FL54fERu=
hrSzceVdlSx-2BQnF3djTILKCg19vme7KKL6j7etev4tLth2Rd-2FFAQi9ta5fmNr1KcBti8pPG=
LD5UmiQKA6tgZRCpwUQQFG5EGiF7Pnm8EARfjRrl8n-2Ba4TN9j1tB-2B5xcPsdKUucMPzCrpNd=
Ovhyd7EQa8-2BOo5NG0-3D" style=3D"color: #1D5080;" test=3D"">non-clients</a>=
</b>.<br><br><em>Did someone forward this newsletter to you? Sign up at <b>=
<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4=
Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXBRCoDMinWpSFWJeiiTLfHdflGngBvX2Yv0n-2B-=
2FAYGjOA-3D-3DhyZl_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbM=
cVf8UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1=
DlduKQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiA=
qJIJ5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMK=
Cy0Gm4lWEt-2BGwUo29KQDzs6in2Xkit2YEJd18or8nKBs-2FXEzLlVdQMtiUpD-2FE-2FAV9CV=
umSezKx2cQrwekHrFQAl03domCw3ZfEODiU-2B6nZfDEEZaLNVDAY-2FOROYhPol-2BieaMUudw=
VI5Hltf5eCzx-2F8TqRIcfejSvaMn-2BJKWtQnCqbX-2Fa-2B-2B3N-2FgI5YiJr4K7eDeSrf3R=
Tl2LMVzTl7vEvv4dwZMaowJtZAE86ziqCxeq8gXxkB892BNz0mT6SQxeaFarGmj-2BXOcxmTI6w=
bp8nQ-2FZY-3D" style=3D"color: #1D5080;" test=3D"">pitchbook.com/subscribe<=
/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 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-2BaqM7ONnvsnswouzW1g0SsZGdBYVHZco5eFVD5BZPh2pQEwjCkG3vmsBVHlQ-3D-3DYnd=
W_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbx=
a0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9S=
NkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA=
4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo=
29KQDzs6jpSpdymjFUT7QBQ-2Frz-2FR01fQwr9reQlunKbjk6ghC8vYDxIQQ92b8FNhNgek4fe=
hZMpe131q2xF-2FNAm1dYj19X09aobKBcGrRkEz2Qk4a39-2FJI7VPYgCoCLTcmAtlMhDPvsYF-=
2F7fytald12cwV39-2BRP2xZZzt0XFI-2FqDuMnkaFCkTTeQF7iEz8nJV-2BLp1byPh-2FxzOln=
Wfa0vT57YghkCz4nTB-2FFxXeynMRjUn-2BcDBCn95bouI65CbZpMEmBZ1Mrs8-3D"><img wid=
th=3D"460" src=3D"https://img.pitchbook.com/ads/ad4436/Citizenshorizontal.j=
pg" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; border: 0px; display: b=
lock;"></a></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <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"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;">
                              713
                              </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;">
                              2133
                              </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;">
                              954
                              </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;">
                              22
                              </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-2BaqM7ONnvsnswouzXBRCoDMinWpSFWJeiiTLfHflwQdzjWMuC8ylbJYKRHJw-3D-3DEtx=
6_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbx=
a0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9S=
NkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA=
4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo=
29KQDzs6hjFPb2ANPHDOdaoMkYPev4GP0uw0igvkPSd9LX9dfBMC7HfF1EwBLs4PtEerKz-2F2Q=
XRwVtJs-2BlcMKW9FrmSGbfOKDkvhCH7xdMent9YdR60EoH471rLImm4YqTJgBh6-2FsUXBsoyL=
6PyLf5Nq4i-2FEwa5cKSh2rOfayEAZDCF0mWPEPwquqO4KfO05zjt8MQ9vlSmtev6SdEwi1Gj8s=
fVfWg9NujrChlqZNndmn9bDQab404V7W-2FuZHjfbFRFQ6bINk-3D" target=3D"_blank" st=
yle=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>
                            <tr>
                             <td style=3D"height: 25px; line-height: 25px;"=
></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <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%;">
               <tbody>
                <tr>
                 <td>
                  <table lang=3D"x-sidebar-block" width=3D"140" cellpadding=
=3D"0" cellspacing=3D"0" border=3D"0">
                   <tbody>
                    <tr>
                     <td align=3D"right">
                      <table class=3D"desktop-only" cellspacing=3D"0" cellp=
adding=3D"0" style=3D"border: 0; width: 100%; min-width: 100%;    =20
">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0;"><a target=3D"_blank" hre=
f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzW1g0SsZGdBYVHZco5eFVD5BZPh2pQEwjCkG3vmsBVHlQ-3=
D-3D4mv8_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N=
VRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qn=
Q252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cm=
LF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt=
-2BGwUo29KQDzs6jJLZPhFEU1-2FdhetHn9fmNYPIOW0S3E8pvO7r9hMiDmCMUXVYBqA-2BGwNC=
SHK3n40WKfTDtGW3PwxHibvWZzWHWlH6okFlgGuwGpURHsu18e-2BQEiUfK4zHM6JKZMChnRZE3=
wXSl14o-2F036GdCLUHm6YmCqajF5MgzqErfXSgrNx-2F8nl9hx9eDjKSQGLaPAoMvBLlxpP8hj=
xdxRKd78Kkn-2BaB-2F0hHRUQVAka7CmXGL3F7bAdJYoqc2okpU1aXMiPcmiM-3D"><img widt=
h=3D"160" src=3D"https://img.pitchbook.com/ads/ad4435/Citizensvertical.jpg"=
 alt=3D"Ads" style=3D"padding: 0px; margin: 0px; border: 0px; display: bloc=
k;"></a></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 0; height: 20px; line-height=
: 20px;">&nbsp;</td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
               </tbody>
              </table></td>
            </tr>
           </tbody>
          </table></td>
        </tr> =20
        <tr>
         <td>
          <table lang=3D"x-footer" width=3D"100%" cellspacing=3D"0" cellpad=
ding=3D"0" border=3D"0" style=3D"min-width: 100%;">
           <tbody>
            <tr>
             <td width=3D"460" class=3D"container">
              <table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" bor=
der=3D"0" style=3D"min-width: 100%; padding: 0px 10px 20px 10px;">
               <tbody>
                <tr>
                 <td style=3D"font-family: Roboto, Arial, sans-serif; font-=
size: 10px; -webkit-text-size-adjust: none; text-align: center;" align=3D"c=
enter"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4=
n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXBRCoDMinWpSFWJeiiTLfH-2FgfmbcEzA=
VM6jIl-2FjB-2Byow-3D-3DFem-_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B=
iQVI43kbMcVf8UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2A=
rVH36EBz1DlduKQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOr=
w01mtzmiAqJIJ5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOG=
IojgUUvMKCy0Gm4lWEt-2BGwUo29KQDzs6gLWPIJcHD9rsoZL8w2QqfZXKP2wVK2n1SVcoyBkFZ=
RaKmRPVTiP-2FSAMF7csRbiKbT-2FN9pvN5Xfub1AxkRiASL-2Bwq4K-2BDlDSXJ7syST-2FG0E=
HN8qpMrjccXbbztK6VBqAb5lUIIRZV6HAQLI7oKb073-2Fb6b89oQHbUgs-2B6xP9GOVFuY7JHu=
zZ4-2Fv99AB7HKltZH-2FQ2NWPpJQFndEoHl579H-2B7Dyw-2BkFeULjMcOTZQWISoXhO-2BeLq=
vGRF22LRy4j95kE-3D" target=3D"_blank" style=3D"text-decoration: underline; =
color: #1D5080">About PitchBook</a> | <a href=3D"https://url6380.news.pitch=
book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo=
uzXBRCoDMinWpSFWJeiiTLfHsU-2F4tKDxd8Zh71MJ-2F-2BA4Fw-3D-3DncDi_Pr966knuaHma=
w6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa0u5mSVaGcdven=
jZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SNkPASfkiRD8jb7=
cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4oFvoyAhGjKRaa=
aJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo29KQDzs6gukzVG=
HC5I-2FkAHfvGakt9rkUIYFvb0QVPkymjKEsMpQY72wJek83gD0tc4tkEjGAvcJfayexff6rkBZ=
gUvwt9zQuXHSI6BSX0k2E-2FDQZHHQ2o7stEtkigu3jLqfLXY7vOu3vP7RyXUA3hXeV-2BjgmsK=
zYlXTc64GkyJ8EUlyoVL6kSTG0ChztPLnFeHxT9mIEQ2Cvh7Uh7wwY7SAfRtI0rz0JjqZn0odRY=
1v3BrqMhoSs7ojduuU3aH4W0gA2THHMU-3D" target=3D"_blank" style=3D"text-decora=
tion: underline; color: #1D5080" universal=3D"true">Terms of use</a> | <a h=
ref=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuyl=
w7SpSWIrf6GFa-2BaqM7ONnvsnswouzXBRCoDMinWpSFWJeiiTLfHtrw9vRWfJfnLqgU7slMgeg=
-3D-3DG_Tg_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6=
8NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0=
qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3=
cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lW=
Et-2BGwUo29KQDzs6i8KrcA95CYbzz0mXWAU6WqrnOMgnwr226Mp2Y56fi70aWkDQwLxrWjwEja=
bYiCC2N-2BLZUAcTuqD8XsltavrtzElVrx4eutA3TuKgO6E3kbOpm2kaHV3Dj9xxZRiqgPv2yUb=
6tpkwqsF-2BcZeka6hivI4mxaSITqAWewGTvdrdb68NsrmTynjw4C5o9PCx4S5stnal9gX0PeGV=
W-2BzdswGGMJW2ZHHjCjTn4pJL4pkD-2B8AF-2Bry9H42Dc0u2-2BLMLnCjsE-3D" target=3D=
"_blank" style=3D"text-decoration: underline; color: #1D5080">Advertise wit=
h us</a> | <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXBRCoDMinWpSFWJeiiTLfHj=
CDnksHgcQVhcjgVGrw3rA-3D-3DiI_q_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2B=
HR4BiQVI43kbMcVf8UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlM=
Ze2ArVH36EBz1DlduKQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioE=
mAOrw01mtzmiAqJIJ5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyT=
yMOGIojgUUvMKCy0Gm4lWEt-2BGwUo29KQDzs6it0-2BtEjo1bFzo-2FOujeZgUuxM0cCU6AUxa=
yj-2BdZZxp8Chh57DutoI-2BkfUqdMj4e1ro9YqmlhOpiBmqHgxZoe64tHCUOBafGFYtgoAM-2B=
KizjnPGgR9hMbXTsNMyPSxs1-2Ff5PJgQM2gNGL3Ws4atu8IowIyDPWcOmrmuftF-2BBcxcVGtc=
M8-2BnShF5bh-2BBvfDA9GJNSkWNEIrvwvlpAuKui18zSyTcdzv5O3qNzZTKoO4xsrFRAOZP6Xv=
CWbyqlaZ5vGCc-3D" target=3D"_blank" style=3D"text-decoration: underline; co=
lor: #1D5080" universal=3D"true">Contact</a>
                  <table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"=
 border=3D"0" align=3D"center">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 15px 0 0;" align=3D"center">
                      <table cellspacing=3D"0" cellpadding=3D"0" border=3D"=
0">
                       <tbody>
                        <tr>
                         <td style=3D"padding-right: 10px; font-size: 10px;=
">Follow&nbsp;us:</td>
                         <td style=3D"padding-right: 10px"><a href=3D"https=
://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF=
a-2BaqM7ONnvsnswouzXBRCoDMinWpSFWJeiiTLfH6DQzjGYQOn-2FS2x6ABqjxQg-3D-3D-yU5=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa=
0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SN=
kPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4=
oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo2=
9KQDzs6jKwmFMh-2BWCsOqP-2BXdVyPIdMARX1RyUUHFEeRZeZmgy0JHbPkB-2BYbFP-2F0tizA=
jT9w8ClUsRyaPqWP66b0wM8tSp2u5uKMcNtVAx02OjsBWFpJS9bGOrZdhae7Ve-2F6nhpctj8WL=
96amjVTg8IAdqj9s-2Fs1VW3qPGEQ3Prm2mkKm0jbGKDgEzmJlBsYj0-2FouYOqTpG3YFJOTzk0=
LDg9aXD1gN2uOFhdRw7r1PjXvgTK3dBdSIhnJmOrNFMmTzErfnog4-3D" target=3D"_blank"=
 style=3D"text-decoration: none"> <img src=3D"https://fonts.pitchbook.com/n=
ewsletter/linkedin.png" width=3D"25" height=3D"25" alt=3D"in" style=3D"bord=
er: none; padding: 0 0 1px; vertical-align: middle;"> </a></td>
                         <td style=3D"padding-right: 10px"><a href=3D"https=
://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF=
a-2BaqM7ONnvsnswouzXBRCoDMinWpSFWJeiiTLfHJwhHDEUBgoCkQuKSrgfbEg-3D-3DSScd_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa0u=
5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SNkP=
ASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4oF=
voyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo29K=
QDzs6hc-2BAI6FluvoOlBtBaECs-2BNLeDLQsafMtPAgbL1OomaslkaqHYnVK5dHIxzqzsG47y-=
2Biu8AnAOxaolhzUqECJg-2FtKYdrSmlkvLjHCyYneM7QxxF4cv0JOVW8M-2B1h2EEflZ0HD0r9=
eG1EQGrrbWH6uL1IZY0lyG1LafwGnUSvW5w1JFlrgF4d-2BI17jbcNWc-2F-2FAI4AzZDzr-2BZ=
xyAkVguPK3u1bTNW5l7bjA2ckXIHU-2Bj5nSzje-2F0O4KEaOUrMYxl-2FLhs-3D" target=3D=
"_blank" style=3D"text-decoration: none"> <img src=3D"https://fonts.pitchbo=
ok.com/newsletter/twitter.png" width=3D"25" height=3D"25" alt=3D"twtr" styl=
e=3D"border: none; padding: 0 0 1px; vertical-align: middle;"> </a></td>
                         <td><a href=3D"https://url6380.news.pitchbook.com/=
ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXBRCoDMinWp=
SFWJeiiTLfHIn4Sgn5am8VOeuYS-2BPR7VQ-3D-3DRYJ1_Pr966knuaHmaw6c7pKvB-2BCEiDnj=
5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJA=
LIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjr=
saHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIK=
QVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo29KQDzs6ggu-2Bfdmn2ndfwuQ4Nwjgf=
iqGLTWiiZ6X8EUtOs3ZA3Lz0FwujHs9oVIRwbDCM8RBVP0NuuRaLeiQLIO2ITP1G8yzWuRvfTHd=
PGwssjDEUwNBHDSXNffqRC-2FkoA-2FRebVFrZMfJod6zwK5l7AOrRMFs82X0Ksj0k2CozjfvRq=
OsMC4HlFDaUuAAushIm0MrsNS0qrc-2FGN5AA2U9BJEL0vY9-2F7xqd1S-2BUEdTbBkiwP9Eyxa=
-2BHEGP6WBOhTA9kBDH7mv4-3D" target=3D"_blank" style=3D"text-decoration: non=
e"> <img src=3D"https://fonts.pitchbook.com/newsletter/facebook.png" width=
=3D"25" height=3D"25" alt=3D"fb" style=3D"border: none; padding: 0 0 1px; v=
ertical-align: middle;"> </a></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table>
                  <p>This email was sent to <a rel=3D"nofollow" style=3D"te=
xt-decoration: underline; color: #1D5080">vetyl@ponjosonek.com</a> via the =
PitchBook Platform.</p>
                  <p style=3D"margin-top: 14px">Click <a href=3D"https://ur=
l6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx=
1VdE7sYl12opJBSgX8wjgWQkjpY2yE70mtuFtQh5JMynEp-2F-2B0ZsygXiW0c8xb0JNNkFtjTf=
dSBLrG5odLYHQXzZYap3xyjo613CQL5EKIRNY6DZpApxW-2FtnBQ7rUuqNohbArjpNQasEdfyU-=
3DIOWz_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR=
z5rbxa0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ2=
52R9SNkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF=
5truA4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2=
BGwUo29KQDzs6h-2FbnsktsD8PuyMUXkLu16BdRSc8Kg6YjtilYoCph2XazUANR2OPHC3VLbbu8=
LaUDZahegME3b4EjQRxJEa4ISiguDk7KkWYXCv-2B5A0CR5sLE9q893VECEdQpyodczfFfA5XgG=
h0rrDfTppid8Qrr0gDVWY8YP5MhX5vNx8TqtqC6GoozueJ4bEBqzk3QoPOzNrSQcVIgcVZIbqRE=
yehgOpaGgtS-2BurBJs-2Fd8-2BQjlh8fPYTQwNu84G2dMrkaehfhIM-3D" target=3D"_blan=
k" style=3D"font-family: Roboto, Arial, sans-serif; font-size: 10px; text-d=
ecoration: underline; color: #1D5080; -webkit-text-size-adjust: none;">here=
</a> to manage your subscriptions, or if you no longer wish to receive thes=
e emails, you can <a href=3D"https://url6380.news.pitchbook.com/ls/click?up=
n=3Du001.d4n73BrX4Cuylw7SpSWIrVRvnzbxJbWwDftsHe-2FnJ3PNCbp5fVdgUVvM0uKhBfSh=
b0-2FXm4f84Oam-2FsIf-2BQHY-2F6l9Vc44O6YYP5nyZstiuA0hPHiOTJvTphTwYVVcDj-2Fgz=
VFL55dZKzjozFN3yY7gCIsYMfgntqA3dtkzUkMdjMxNMaTW3U4Jgin5KWUJrd8ZEChj_Pr966kn=
uaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbxa0u5mSVaG=
cdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9SNkPASfkiR=
D8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA4oFvoyAhG=
jKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo29KQDzs6i=
yy6PMTs9nwNGLv6K6GqaOOICMthjLVI4Rj5kSAmmo4DFwoCU08gboPcgBgUIy814DTiwjwBaPUO=
qLZQvTsKOcbiVM0jYz0QlpoJnS1o0n0JTD0MytCfvW-2B31dJ6tfNuCiKbjax3NW3FIQb-2FPXR=
zmSbqQFMTzITdzpWve-2FAF8RxbH-2Fuyh4T4l4iAPIQXzQL0jn25xraFR-2FuZAB-2F1XGlTf9=
ziEx6OSDffvsn1ytof2Ansg5KqyJCpnOzIWIS7-2FEkTM-3D" target=3D"_blank" style=
=3D"font-family: Roboto, Arial, sans-serif; font-size: 10px; text-decoratio=
n: underline; color: #1D5080; -webkit-text-size-adjust: none;">unsubscribe.=
</a></p>
                  <p style=3D"margin-top: 14px">PitchBook Data Inc., 901 Fi=
fth Avenue, Suite 1200, Seattle WA 98164, United States</p>
                  <p style=3D"margin-top: 14px">=C2=A9 2025 PitchBook. Win =
what's next. All rights reserved.<img width=3D'1' height=3D'1' opacity: 0; =
style=3D'display:none !important; mso-hide: all;' src=3D'https://my.pitchbo=
ok.com/ms/pixel?userId=3D3DUK23EBU6P5WAW&eventSource=3D3DZQDXJQ6VUBAECQE7XY=
5D5PSLQI&emailId=3D3DEEQHJTJVX67N4&emailName=3D3D7ETUXSUVU4M3HX3TDHQYK4L3UU=
MVWWC3672JJBI&pixelPosition=3D3DPED7RLFD4GN3BVMRTFQEHYZOOJCKA34MS5JA35Y.gif=
'/><br></p></td>
                </tr>
               </tbody>
              </table></td>
             <td lang=3D"x-sidebar-place" class=3D"side-bar" width=3D"160">=
</td>
            </tr>
           </tbody>
          </table></td>
        </tr>=20
       </tbody>
      </table></td>
    </tr>
   </tbody>
  </table> <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du00=
1.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12opJBSrnS8sfA-2FdXQL6-2Bsw8UD0pLIF=
9_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRz5rbx=
a0u5mSVaGcdvenjZhmHmwHucFKG1VJALIDr20UR2GcLlMZe2ArVH36EBz1DlduKQk0qnQ252R9S=
NkPASfkiRD8jb7cm5b9SM5XRqyyCjjrsaHEaNKoHIuioEmAOrw01mtzmiAqJIJ5Oi3cmLF5truA=
4oFvoyAhGjKRaaaJKVG0gF7EFZXDRIKQVmhaIou-2BZyTyMOGIojgUUvMKCy0Gm4lWEt-2BGwUo=
29KQDzs6ihl7Kb2CGxBltpt-2B4jhah-2FZwtcF2jHmQx6OqpJlqRaL15umRI0mucYzjDLZLs0K=
uOpZOZRa6eDF9EcZnDWnz0F5wbqGF6CUKmh0q-2FO4OA2-2FpPbk25r0d-2Bfh-2BNO1SJ-2B9x=
jiXT33-2B7Ea2uqZHeyOnzXGSHQW-2BMQX0smIgR71r7JrcXnFSrPYi8XO5zCI93x-2BVJVkeYY=
ZGxlwBpqqFD8IpXOjJX2JK4gZF-2B1HaMUYXjf7Wd9WAHfCuA-2FTjNr-2BHW2-2FSOk-3D" st=
yle=3D"display: none"></a>=20
 </body>
</html>