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Edit File: 1766226225.M474736P435935.server-619288.prediksijaya.com,S=145707,W=148286:2,a

Envelope-to: vetyl@ponjosonek.com
Delivery-date: Sat, 20 Dec 2025 17:23:45 +0700
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Date: Sat, 20 Dec 2025 10:14:10 +0000 (UTC)
From: PitchBook Research <news-noreply@news.pitchbook.com>
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Message-ID: <oqnA3nzUTpmJHCx2TOtpmw@geopod-ismtpd-13>
Subject: Trekking the evergreen fund landscape
To: vetyl@ponjosonek.com

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f; font-size: 14px; color: #78766f; -webkit-text-size-adjust: none;"><span =
style=3D"color: #78766f; font-size: 1px; display: none !important;"> Also: =
Why the lunar space market is no longer a moonshot; Allocator outlooks acro=
ss asset classes; Unlocking UK pension capital for private markets... </spa=
n></td>
    </tr>
   </tbody>
  </table>=20
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                                -webkit-text-size-adjust: 70%; text-size-ad=
just:70%; -ms-text-size-adjust: 70%; text-align: center;">December 20, 2025=
 &nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;<a href=3D"https://url6380.news.pitchbook.c=
om/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWZx8Vwyt=
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k" style=3D"text-decoration: underline; color: #1D5080">Manage your subscri=
ption</a></td>
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             <td style=3D"padding-bottom: 14px; text-align: center;"><a hre=
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left:0 !important;padding-top:0 !important;padding-bottom:0 !important;padd=
ing-right:0 !important;padding-left:0 !important;"/><img width=3D"141" heig=
ht=3D"39" src=3D"https://fonts.pitchbook.com/newsletter/pitchbook_morningst=
ar_logo.png" alt=3D"PitchBook"> </a></td>
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            <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>
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             <td height=3D"38" style=3D"padding: 0; line-height: 38px;">&nb=
sp;</td>
            </tr>
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der=3D"0" width=3D"100%" style=3D"min-width: 100%!important; width: 100%!im=
portant;">
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            <tr>
             =20
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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%;"=
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                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
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                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
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0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>All=
ocator Solutions</b>: Where should private market allocators deploy their n=
ext dollar? In our new report, we highlight where allocators may find oppor=
tunity=E2=80=94and risk=E2=80=94when deploying marginal capital across asse=
t classes. <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?up=
n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWZx8VwytRl6BOr2Fid2m80=
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4EE3tTM0vrXS8z-2BQjzkSg26u-2BqRtumaXkMvtS8-2BDNOhJWMFkIXj2Lf1-2FWfjmxAsj2lO=
hnrtIdDHVAJ4YGUqiy3u-2BQr2IIBaJQak1XPEWJoDwso-2FhUKPhJCtE3hjJZisJSgFJeOtDda=
G0qGFN18m2tsHMMrYhwYVhlKZluUl2NHFedhgw7dFNL983KekjHKqJl9Ez55rHnFDznnlaGCKBi=
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e=3D"color: #1D5080;" test=3D"" universal=3D"true">Read more</a></b>.<br><b=
r><b>VC trends</b>: Updates on <b><a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWZ=
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x-2FvlaQLw-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">cy=
bersecurity</a></b>, <b><a href=3D"https://url6380.news.pitchbook.com/uni/l=
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dls6-2BxybXssrL0znD9w36eQhWuFMhixU5v0Tnr08yViznDXGwebTD2LH-2FOmNcKfgjXJpTiB=
o4OH1hZpJVy3SwA7k1DqMubOWaSBoIVG9lzRLgF1kASe6SBuvxnHR0q2tEoTotKmzdhVY4YIkDM=
MsYqGWMrZTLPMo1EA7d5-2FGxuEW9twJMQXEDOGqsHshgyYTDYcmFc6CQnC3hmApwo8RqYlhL8E=
IMs8vLKXWpE-2BFqIavn-2BeKSuXssFWp2mfTWyOdoBqy0rsfPg8eiLQGOcoYElFm-2BA-3D-3D=
" style=3D"color: #1D5080;" test=3D"" universal=3D"true">e-commerce</a></b>=
 and <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0=
01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWZx8VwytRl6BOr2Fid2m80junCEd=
77JxuJPESHWZpHKg-3D-3DOTnW_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi=
QVI43kbMcVf8UYA68NVRMSC2EHeZulhTTPx7eRILklaqOYEj02D7OpZgXbwTgkth7WRndM8KYSf=
xMRFCiVEDr72WWgyt-2FCLC-2BdZcGWQcRjUZ3yJuES2aF0IJjjsVrTYKuDCrPE3YFgzkvhlYBc=
PxJFBIEhbgsKx1Sz-2BZqxm8K0jbH5XD7W7qoKUERLy9zvTC-2FinKT8xwUgiV4Dkz40fBFHuqI=
W-2BdnYXYpwa8CDdMb6rdTyNOup9dCmRDUHnZy0maESQcWtdzDMAZN0WVvSKVJEkcfFEDIJN7Ic=
OUdeBzsmb6kGrnx7UVCL-2BOE0HSdRbcsacgfYKIdZro8oxWVvH2GBCJhWRixuPtIbGEjtmppKz=
IYJc28xbcJs4NpvfVLvcP1PITLZ4XQIWHkP3Yegoanfzrmyi11r-2Be0-2F-2Fd4cXk3TVuxcyk=
Lb1-2Fkf-2FCK-2BAjs2XjSV2Zy-2FsVUg8fjiC-2BK4ANY1Z9NFN4qtyUd-2F8SWvfrb7KcXgf=
cs5F5bkXU-2BaSvWWhUK-2BI7aLeAmS-2F2B3oEbQXMbVEj6kSrggz3z8RYKZ3Lpw-3D-3D" st=
yle=3D"color: #1D5080;" test=3D"" universal=3D"true">gaming</a></b> are now=
 available.<br><br><b>Contrasts sharpen</b>: PE's middle market stood out i=
n Q3. It posted its strongest quarter for deal value since early 2022 and a=
ccounted for nearly 69% of US PE buyout count YTD. Fundraising, on the othe=
r hand, remained a weak spot. <b><a href=3D"https://url6380.news.pitchbook.=
com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWZx=
8VwytRl6BOr2Fid2m806S8JWhaXNk7BZL3TggTi1g-3D-3D05PC_Pr966knuaHmaw6c7pKvB-2B=
CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRMSC2EHeZulhTTPx7eRILklaqOYEj02=
D7OpZgXbwTgkth7WRndM8KYSfxMRFCiVEDr72WWgyt-2FCLC-2BdZcGWQcRjUZ3yJuES2aF0IJj=
jsVrTYKuDCrPE3YFgzkvhlYBcPxJFBIEhbgsKx1Sz-2BZqxm8K0jbH5XD7W7qoKUERLy9zvTC-2=
FinKT8xwUgiV4Dkz40fBFHuqIW-2BdnYXYpwa8CDdMb6rdTyNOup9dCmRDUHnZy0laPJoY6NA3B=
UUmwtZaB-2Bmy9HG-2BGNrDHkgAzmPPH62kRmkfhf4RCSpWhXSXrOVzTCP4hcrYCGJn-2BLoH6D=
JnjQ-2F55bj8DLl815KkvhUJGJ-2BXKR8bgK-2FXpnxtYki0ZW4RL-2FkEo5gwwG2Au2YKVQ-2F=
7oRxhQA4RJGLyLVtg-2FdOUnSlrw1jSV6K3-2Baryy0E0Cv6AnaY-2FfqJNl6AF3vFPolhRHtUC=
7AsHEnPFTx1bVach4HZzxt7wfI-2FSrlbe1FOWd90y0NKdv2mp8pcvKWTBjZXxoxC36DHhUduv0=
zpHRtPTdfjI9w-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"=
>Read 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" 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_575963" id=3D"n_575963" 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;"> Trekking the evergreen fund la=
ndscape </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>
                              A seismic shift is underway, altering the lan=
dscape of private markets. It is a shift characterized by a broadening inve=
stor base, evolving fund structures and modernized distribution channels fo=
r access.=20
                              <br>
                              <br>
                               For decades, private markets were built arou=
nd closed-end, drawdown funds that favored institutions and ultra-high-net-=
worth investors. High minimums, capital calls, multiyear lockups, and compl=
ex, technology-lite reporting shaped the terrain, keeping most investors at=
 a distance.=20
                              <br>
                              <br>
                               However, several forces have converged to re=
draw the map. Institutional fundraising has slowed as legacy LPs run up aga=
inst allocation limits. Meanwhile, technology, digital reporting and modern=
 distribution platforms have lowered barriers that once made private assets=
 operationally challenging for advisers and individuals.=20
                              <br>
                              <br>
                               At the same time, the shrinking roster of pu=
blic companies has investors and wealth advisers seeking differentiated ret=
urn sources outside of public markets. And regulatory developments are poin=
ting toward broadening participation. New partnerships between traditional =
and alternative asset managers are being announced almost weekly as the inv=
estment industry jockeys for position.=20
                              <br>
                              <br>
                               Evergreen funds=E2=80=94interval, tender off=
er funds, unlisted BDCs, unlisted REITs and other perpetual-life vehicles=
=E2=80=94have emerged as the bridge between these forces. They offer contin=
uous subscriptions at NAV, periodic liquidity, and streamlined tax reportin=
g.=20
                              <br>
                              <br>
                               What once required million-dollar, multi-yea=
r commitments can now be accessed through low-investment minimums and distr=
ibution channels designed for a broader investing public.
                              </div>
                              <div>
                              &nbsp;
                              </div>
                              <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-2BaqM7ONnvsnswouzWZx8VwytRl6BOr2Fid2m80smg5BJZNB=
8M94QOP-2B8nDcA-3D-3DrH-3_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVRMSC2EHeZulhTTPx7eRILklaqOYEj02D7OpZgXbwTgkth7WRndM8KYSfx=
MRFCiVEDr72WWgyt-2FCLC-2BdZcGWQcRjUZ3yJuES2aF0IJjjsVrTYKuDCrPE3YFgzkvhlYBcP=
xJFBIEhbgsKx1Sz-2BZqxm8K0jbH5XD7W7qoKUERLy9zvTC-2FinKT8xwUgiV4Dkz40fBFHuqIW=
-2BdnYXYpwa8CDdMb6rdTyNOup9dCmRDUHnZy0lZoSpqc9rMxqR82hHI8KkSDelCcA-2Fz8Kcy4=
46F1QxV6Usx9BWa5BuYLL-2FFXSwfB2yaP30FclfcHS4305-2FIc9s4ejneOoZsZKF6D-2FYODk=
BhMoMUY8r7bHogUjJ4MR5l-2BZP4qAq0ciSnWvAKozMrdhj8xpfOVyhYg3HARkHu7QeGAwPxUcE=
gXGvVvKTgNo-2Fcvl4OrRyi7-2FOxngczfkAXBHvHfUltZaG1sVgb-2FllEv5KsjrqdhobBsl-2=
Bnw7-2B-2BKlNs-2FBroL0Kc2qfolt6MRKt2llSOahwY2rlqr30-2FzjOcMExykQ-3D-3D" uni=
versal=3D"true"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook=
.com/news/71914.png" style=3D"border: none; max-width: 420px;">  </a></td>
                              </tr>
                              <tr>
                              <td align=3D"right" style=3D"padding-bottom: =
8px; font-family: Roboto, Arial, sans-serif; font-size: 10px; line-height: =
27px; color: #78766F; text-align: right; font-weight: 300"><strong>Note: Da=
ta was aggregated on Dec. 4, 2025. The most recent dates of the disclosure =
documents range from June 30 to Sept. 30, 2025.</strong></td>
                              </tr>
                              </tbody>
                              </table> The result is a landscape that has g=
rown remarkably quickly.<br><br>
                               Since 2022, the number of active evergreen v=
ehicles in the US has increased from fewer than 300 to more than 500. Net a=
ssets have doubled from under $250 billion to nearly $500 billion.<br><br>
                               Credit strategies remain dominant, but categ=
ories like infrastructure, private equity, and multi-asset evergreen funds =
are expanding at a rapid pace. However, growth isn=E2=80=99t ubiquitous, wi=
th real estate funds struggling under pressures on property fundamentals an=
d NAVs, resulting in poor performance and lack of liquidity for some funds.=
<br><br>
                               Our inaugural <b><a href=3D"https://url6380.=
news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM=
7ONnvsnswouzWZx8VwytRl6BOr2Fid2m803u6ATlFJN-2F4axCmJZe8fIg-3D-3DWuBk_Pr966k=
nuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRMSC2EHeZulhTT=
Px7eRILklaqOYEj02D7OpZgXbwTgkth7WRndM8KYSfxMRFCiVEDr72WWgyt-2FCLC-2BdZcGWQc=
RjUZ3yJuES2aF0IJjjsVrTYKuDCrPE3YFgzkvhlYBcPxJFBIEhbgsKx1Sz-2BZqxm8K0jbH5XD7=
W7qoKUERLy9zvTC-2FinKT8xwUgiV4Dkz40fBFHuqIW-2BdnYXYpwa8CDdMb6rdTyNOup9dCmRD=
UHnZy0mzYHGXGRZemX4mv1X4Y7MgLKwOqkeZAUq3SckecoYEn4Yb2IeT4kkLxPkPMiCP1Y1YvyL=
Lig2lj4d1gMRRpyMTns4gU7i1wlFfWBGiMMbkhs-2BGbIQk3N3Zf8PRCMOPz9o-2FVurpBP5ud-=
2FDIM-2Bo2l5ZDJahxOfYx2WXuIRtnjRe7Tt1xhbvJa-2B5oZZFl3CU9KueanoC-2Fih7ZWOZFS=
hD5e4gnqsguzu6ElKlLSW08U66FKllM36PLwYuBZiFPz-2BLGIVljKdTwUFSfVjZmJhlPBynB-2=
Fjnz4omfUvqwwRjvOg2Mhw-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">Evergreen Fund Landscape report</a></b> brings clarity to this ev=
olving terrain, offering new data on flows, performance, fees and product s=
tructures. Inside, we preview our upcoming family of Morningstar PitchBook =
Evergreen Fund Indexes, the first strategy-aware peer benchmarks built for =
these funds. We also spotlight the rapid rise of evergreen infrastructure a=
nd natural resources funds in the US and Europe.<br><br>
                               As the evergreen fund universe grows and the=
 boundaries between public and private investing continue to blur, we=E2=80=
=99re committed to expanding the tools and insights that help investors nav=
igate this changing landscape. Stay tuned for more.<br><br><b><a href=3D"ht=
tps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpS=
WIrf6GFa-2BaqM7ONnvsnswouzWZx8VwytRl6BOr2Fid2m803u6ATlFJN-2F4axCmJZe8fIg-3D=
-3Dgd-l_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV=
RMSC2EHeZulhTTPx7eRILklaqOYEj02D7OpZgXbwTgkth7WRndM8KYSfxMRFCiVEDr72WWgyt-2=
FCLC-2BdZcGWQcRjUZ3yJuES2aF0IJjjsVrTYKuDCrPE3YFgzkvhlYBcPxJFBIEhbgsKx1Sz-2B=
Zqxm8K0jbH5XD7W7qoKUERLy9zvTC-2FinKT8xwUgiV4Dkz40fBFHuqIW-2BdnYXYpwa8CDdMb6=
rdTyNOup9dCmRDUHnZy0mNjcfvdQCKw3kt-2BxOV1siKSzTe958zR25OUHlT598CsDct9udTLGB=
p46QSpm8hIvBJ6Yh3IOnhbGGb8IVZj9ve2HhkpjlKcg3DRYmNiyFkNDc-2FLAWXZtKXfz5seVTv=
ktLl9khxyXjeRZ86Gec3GOrAF6trF8iVd9W4Sq8lMDNQQ4w0fgLyR3OWRvXW2pvelQm891rKfGv=
-2F-2BDDAgx05see-2B0BXUPGmpGfMqu8t-2BXbtjg2H0Uxo8XbIL3zuGQVOq6y5S0WkN8fBCEP=
9W2mQkcHt4FbYFA2Ua2ApewbtxqHxC3w-3D-3D" style=3D"color: #1D5080;" test=3D""=
 universal=3D"true">Dig into our Q4 2025 Evergreen Fund Landscape</a></b>.<=
/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-bottom" style=3D"width: 100%; min-width: =
100%;">
                              <tbody>
                              <tr>
                              <td valign=3D"top"><strong></strong></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/438=
69.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:zane.carmean@pitchbook.com" style=3D"color: #1D5080;" test=3D"">=
Zane Carmean, CFA, CAIA</a><br>
                               Director, Quantitative Research</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                        <tr>
                         <td colspan=3D"2" style=3D"padding: 0 20px;">
                          <table class=3D"                " lang=3D"x-news-=
group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid=
th: 100%; min-width: 100%;    =20
">
                           <tbody>
                            <tr>
                             <td style=3D"padding-bottom: 25px;">
                              <table class=3D"" cellpadding=3D"0" cellspaci=
ng=3D"0" style=3D"width: 100%; min-width: 100%;
                                                                           =
                                                         border-bottom: 1px=
 solid #C3C3C3;
                                                                           =
                                                 ">
                              <tbody>
                              <tr>
                              <td style=3D"padding: 1px 0 0 0; line-height:=
 0;"></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_575842" id=3D"n_575842" 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;"> Why the lunar economy is final=
ly becoming investable </span></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">
                              <div>
                              The lunar space economy is entering a new sta=
ge.=20
                              <br>
                              <br>
                               Commercial and government activities taking =
shape across the Earth-moon system, also known as the cislunar market, are =
shifting decisively from long-dated vision to near-term infrastructure buil=
d-out, according to <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls=
/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXXW5iLqWwLKPL=
H7g1-2B6GcGysmzx2SAlccxJKRSJdf1aw-3D-3DyUfl_Pr966knuaHmaw6c7pKvB-2BCEiDnj5U=
wlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRMSC2EHeZulhTTPx7eRILklaqOYEj02D7OpZgXb=
wTgkth7WRndM8KYSfxMRFCiVEDr72WWgyt-2FCLC-2BdZcGWQcRjUZ3yJuES2aF0IJjjsVrTYKu=
DCrPE3YFgzkvhlYBcPxJFBIEhbgsKx1Sz-2BZqxm8K0jbH5XD7W7qoKUERLy9zvTC-2FinKT8xw=
UgiV4Dkz40fBFHuqIW-2BdnYXYpwa8CDdMb6rdTyNOup9dCmRDUHnZy0lrmH1Xq9IYnT6HNH-2B=
QuGkQCou6ko1AKyhZw0l8csCUTfb1wDtgqn-2Bi7FBLBW0SYu0M1LrT8lqzeNUNYsuDm4VDaRbc=
rY8eyDrL6Qtu-2Fs7m-2B9QU6RyqHJCViCF1vCKUbI-2FIGye8-2F4f1Bq2HOuvH1pBrM-2FODX=
ZBo6Waz6-2FQ7DjIGVeIbMd2FJ0Qhw8kggHVsvLX52J8h-2Bfbyt7DVymvewn-2Fu2Rjsu4rUEF=
9i5Nk7v80F-2FXvS8j9t0p7aAoZqQgECBHYeke-2FKlvQmcS4T4afJE-2BOK1VBMEWEcZLKQ1sW=
cmTJSvg-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">new P=
itchBook research</a></b>. Falling launch costs and a surge in government-b=
acked lunar missions have turned transportation, mobility, communications a=
nd power into the investable foundation of the Earth=E2=80=93moon system.=20
                              <br>
                              <br>
                               The central finding is straightforward: Acce=
ss is no longer the bottleneck. Launch costs have declined roughly 20x over=
 the past decade, and more than 100 lunar missions are planned globally thi=
s decade. As a result, the constraint has moved from getting mass off Earth=
 to moving it efficiently across cislunar space.=20
                              <br>
                              <br>
                               PitchBook estimates that near-term infrastru=
cture demand=E2=80=94spanning logistics, communications and transport=E2=80=
=94could reach $15 billion to $25 billion annually by the early 2030s, with=
 the longer-run lunar economy expanding toward $100 billion to $150 billion=
 beyond 2040.=20
                              <br>
                              <br>
                               Venture activity reflects this shift. In 202=
5, cislunar startups have raised $1.9 billion across 114 deals, accounting =
for about 18% of all space-tech VC. Median deal sizes increased to $5 milli=
on, while median pre-money valuations compressed to $40 million=E2=80=94sig=
naling a more disciplined funding environment.
                              </div>
                              <div>
                              <br><a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXX=
W5iLqWwLKPLH7g1-2B6GcGJ-2FSZUdTMl-2FOIGWl9VlBlJw-3D-3DwQKK_Pr966knuaHmaw6c7=
pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRMSC2EHeZulhTTPx7eRILkla=
qOYEj02D7OpZgXbwTgkth7WRndM8KYSfxMRFCiVEDr72WWgyt-2FCLC-2BdZcGWQcRjUZ3yJuES=
2aF0IJjjsVrTYKuDCrPE3YFgzkvhlYBcPxJFBIEhbgsKx1Sz-2BZqxm8K0jbH5XD7W7qoKUERLy=
9zvTC-2FinKT8xwUgiV4Dkz40fBFHuqIW-2BdnYXYpwa8CDdMb6rdTyNOup9dCmRDUHnZy0naeg=
pJu-2FoIUQ0Tvm-2BdYQp2C232VXDuAFRw3hs3SBBTh12aTqaWZK1I14boPsPLNmHQfmC16SJoE=
WappdMJF1jmDLURaPTZWe41D-2Bba0TiwRj2JfXr7CfK6snB2w1u2ys7nye70-2BIzsZs2ll9bP=
QKuIgCIlIU13pG49zChUqze-2F9-2By-2FoBkVzC-2BPW7fra-2Brm-2Fsd6qkmsPIOa2IajUU2=
Kk72xktcexgBeC4ajmGFcw0nDmjrP2ZlSYRtLm7bZIKtd-2Fo3mb7NFBmZ84LKCxA2jzcXpE7Ml=
da-2F-2FRNfjJ64UtJXT7g-3D-3D" universal=3D"true"><img align=3D"center" alt=
=3D"" src=3D"https://img.pitchbook.com/news/71891.png" style=3D"border: non=
e; max-width: 420px;"></a>
                              </div>
                              <div>
                              &nbsp;
                              </div>
                              <div>
                              Capital is clustering around landers, in-spac=
e mobility, and "picks-and-shovels" utilities such as communications and po=
wer, rather than speculative downstream applications.=20
                              <br>
                              <br>
                               Government demand remains the primary econom=
ic engine. NASA's Artemis program alone accounted for roughly $53 billion i=
n contracts between 2021 and 2025, with additional anchor tenancy coming fr=
om CLPS awards and emerging Department of Defense cislunar initiatives. As =
the report notes, this sovereign spending "materially de-risks early market=
 phases," allowing private capital to underwrite infrastructure ahead of co=
mmercial demand.=20
                              <br>
                              <br>
                               For investors and operators, the implication=
 is clear: The next decade of the lunar economy will be infrastructure-firs=
t.=20
                              <br>
                              <br>
                               Higher-order applications like in-situ resou=
rce utilization and construction remain gated by reliability, cadence and l=
ow-technology readiness level utilities.=20
                              <br>
                              <br>
                               Survivorship will be determined less by visi=
on and more by execution=E2=80=94clearing technical milestones, securing go=
vernment backlog, and scaling repeatable systems in one of the most unforgi=
ving operating environments ever commercialized.
                              </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/718=
86.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:ali.javaheri@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Ali Javah=
eri</a><br>
                               Analyst, Emerging Spaces</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-2BaqM7ONnvsnswouzXXW5iLqWwLKPLH7g1-2B6GcGVP08Su=
BSDccSzbCTxcZcyw-3D-3D6bex_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi=
QVI43kbMcVf8UYA68NVRMSC2EHeZulhTTPx7eRILklaqOYEj02D7OpZgXbwTgkth7WRndM8KYSf=
xMRFCiVEDr72WWgyt-2FCLC-2BdZcGWQcRjUZ3yJuES2aF0IJjjsVrTYKuDCrPE3YFgzkvhlYBc=
PxJFBIEhbgsKx1Sz-2BZqxm8K0jbH5XD7W7qoKUERLy9zvTC-2FinKT8xwUgiV4Dkz40fBFHuqI=
W-2BdnYXYpwa8CDdMb6rdTyNOup9dCmRDUHnZy0kxpUYhxLZBCdrSRtCNL61-2FLI8UzCS-2FW1=
19nuykUoWE-2FN1Tclm-2B7cyFxmpST8hKCiynf0d-2BZHj8CsQ04NZZqKsReQ2I2qie9-2B00m=
LKpwaGnsBleSPrKCEN7bLQfDamPrtUW1VjiCpfESG2r7MSK-2FMGDA14xMOzfPTvogM8Nvf4C78=
I3M0An0-2BMA9Zqs2xSsZb6l7l9zDw73kJ6HOdw8TEMxaYFg3pJoxbWjEqXJ4qOc-2BhAfO4E0r=
o25MYaBuRkcsiYJBQxIGY0Obnue-2FKgMqV9S4mPY-2FTg29ct1uEvDztygQg-3D-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">Transportation &amp; Logi=
stics </a></big></b><br><br>
                               PE dealmaking in the transportation &amp; lo=
gistics sector stayed muted in Q3 2025 as tariff changes and trade uncertai=
nty continued to weigh on activity.<br><br>
                               Overall deal count slipped 4% quarter-over-q=
uarter to 43, and deal value dipped 1% to $4.1 billion. Exits fell to their=
 lowest level in more than seven years, totaling just four for the quarter.=
</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-2BaqM7ONnvsnswouzXXW5iLqWwLKPLH7g1-2B6GcGPqlp9mA=
ZvtEGaAccbroVSA-3D-3DI448_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVRMSC2EHeZulhTTPx7eRILklaqOYEj02D7OpZgXbwTgkth7WRndM8KYSfx=
MRFCiVEDr72WWgyt-2FCLC-2BdZcGWQcRjUZ3yJuES2aF0IJjjsVrTYKuDCrPE3YFgzkvhlYBcP=
xJFBIEhbgsKx1Sz-2BZqxm8K0jbH5XD7W7qoKUERLy9zvTC-2FinKT8xwUgiV4Dkz40fBFHuqIW=
-2BdnYXYpwa8CDdMb6rdTyNOup9dCmRDUHnZy0n7HJT0ZSll2xzEN3Xx6d-2FwUwXidly-2F8FS=
Tu1Htg0ZBasqD7NED6A26KmLg5knt-2BQ26FB2YK50TECWF0TVf6q7qUkQaAcWA1GoTr18Ud-2F=
9NEThYIbU4x2RGtuPO-2F47hLyskty3zFhvi0LayPI7pHewXNNhpSS1voh1LfulrHXyQuw170Ae=
QmMCUDYpK4FUmD5RqCJPTXoB2Heo-2Frwh3aHarEnwsUQ8wmoxjFJiBFB89IhWHgWeUpyv-2FBl=
ba4OSG6BAdlMA45cR2R48J7PsBkX2NADyrpsJevN-2FiByjmI19Pew-3D-3D" universal=3D"=
true"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news=
/71877.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>
                               Air transportation saw the sharpest pullback=
, with deals nearly drying up amid contracting Trans-Pacific capacity and l=
ingering questions about US-China tariffs.<br><br>
                               On the other hand, warehousing emerged as a =
rare bright spot: Deal count jumped 66%, and deal value climbed 49% as inve=
stors pursued bonded warehouses and nondomestic trade zones to hedge tariff=
 exposure.<br><br>
                               As technology increasingly reshapes supply c=
hains=E2=80=94from autonomous freight to AI-driven optimization=E2=80=94inv=
estors are watching closely for signs of volatility easing and deal flow re=
bounding across the sector.<br><br><em><b><a href=3D"https://url6380.news.p=
itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs=
nswouzXXW5iLqWwLKPLH7g1-2B6GcGVP08SuBSDccSzbCTxcZcyw-3D-3DSw9d_Pr966knuaHma=
w6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRMSC2EHeZulhTTPx7eRI=
LklaqOYEj02D7OpZgXbwTgkth7WRndM8KYSfxMRFCiVEDr72WWgyt-2FCLC-2BdZcGWQcRjUZ3y=
JuES2aF0IJjjsVrTYKuDCrPE3YFgzkvhlYBcPxJFBIEhbgsKx1Sz-2BZqxm8K0jbH5XD7W7qoKU=
ERLy9zvTC-2FinKT8xwUgiV4Dkz40fBFHuqIW-2BdnYXYpwa8CDdMb6rdTyNOup9dCmRDUHnZy0=
kp3RhZL3cj4MSJvi6erbyjW6B2yYd6tNBxRDv9GAB5g5hgPqG-2FzGFTnB-2FQYxVhjDf9MUEl9=
NgK9pRuBEEx6RvYLXHftoV-2FKPWHqR2KnoNfXEdYK7EAyY8-2FmwoNAliMtzJ0Tomh3XnfBQQ8=
Ud1iGPcJpCkqNJyveJCfGTUrigcf6GIHxdmlMt82RYlbTVt5YZoDbxVmvuT4MgPe5MjFGPQxACI=
YmTH90LxLYTtXTfx6ifQchtPJrpGpUJBE-2BNsqFggIvNpFMeREKrqMYP0zqc5QgigHFnhTtW8m=
qPDOijmlPA-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Re=
ad 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>Thematic 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-2BaqM7ONnvsnswouzXXW5iLqWwLKPLH7g1-2B6GcGl6v5Q0=
vtQuR6z5XdmNVkbw-3D-3Dy6S6_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi=
QVI43kbMcVf8UYA68NVRMSC2EHeZulhTTPx7eRILklaqOYEj02D7OpZgXbwTgkth7WRndM8KYSf=
xMRFCiVEDr72WWgyt-2FCLC-2BdZcGWQcRjUZ3yJuES2aF0IJjjsVrTYKuDCrPE3YFgzkvhlYBc=
PxJFBIEhbgsKx1Sz-2BZqxm8K0jbH5XD7W7qoKUERLy9zvTC-2FinKT8xwUgiV4Dkz40fBFHuqI=
W-2BdnYXYpwa8CDdMb6rdTyNOup9dCmRDUHnZy0n7WGuT79vJFojtU2Z6GAt99ddUuFS8EL-2Bn=
bXObljsQ40OWL3ShYleA-2F7wtPMg6oysuC4VsVvYu9N46vMT19iIky57Y-2BDV5iopD20l4AoD=
z-2BQL6ZB4BM6X26-2FvEpgtyOqchFGQH8efk5h5-2BO18-2B-2FOKp-2BZvybyONJB-2FeTQRQ=
9QoCFDb0VJchN0FiypZF2lkNxWaIKWsNin87WIyksq0YxB6bVniXRkMjqwnE1fLNcvmltsKDpE5=
3cAB7JGNE32i-2BA5nA6mYsjHWDjX-2BtbX-2BWy-2FPfZdyKAdilUO0EIC34xO2fJg-3D-3D" =
style=3D"color: #1D5080;" test=3D"" universal=3D"true">Unlocking UK Pension=
 Capital for Private Markets </a></big></b><br><br>
                               After years of relatively limited pension fu=
nd involvement in private markets, the UK is embarking on a major push to o=
pen and democratize private market investing for retirement savers.<br><br>
                               A series of recent policy initiatives=E2=80=
=94including the 2023 Mansion House Compact and 2025 Mansion House Accord=
=E2=80=94aims to unlock billions from pension funds (especially defined con=
tribution plans) to invest in PE, VC, infrastructure and private credit.<br=
><br>
                               This analyst note outlines the current imple=
mented and proposed policies driving this change, examines why the push is =
happening now and analyzes the opportunity size.<br><br>
                               We also compare the UK's approach with succe=
ssful models in Canada and Australia and discuss implications for private m=
arket managers and pension investors.<br><br>
                               The goal is to provide a structured framewor=
k for understanding this transformative shift of UK pension capital into pr=
ivate markets.<br><br><em><b><a href=3D"https://url6380.news.pitchbook.com/=
uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXXW5iLq=
WwLKPLH7g1-2B6GcGl6v5Q0vtQuR6z5XdmNVkbw-3D-3DYw3c_Pr966knuaHmaw6c7pKvB-2BCE=
iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRMSC2EHeZulhTTPx7eRILklaqOYEj02D7=
OpZgXbwTgkth7WRndM8KYSfxMRFCiVEDr72WWgyt-2FCLC-2BdZcGWQcRjUZ3yJuES2aF0IJjjs=
VrTYKuDCrPE3YFgzkvhlYBcPxJFBIEhbgsKx1Sz-2BZqxm8K0jbH5XD7W7qoKUERLy9zvTC-2Fi=
nKT8xwUgiV4Dkz40fBFHuqIW-2BdnYXYpwa8CDdMb6rdTyNOup9dCmRDUHnZy0mGrafK3mEygv2=
mnjzj7Z9sf5N0Loh8CLVGiqzRn40YQDWhPOaInNTeL6tojkKZry-2BprByNUnDbOty74tBgCDUa=
YPwDKHT9z99gPa5YXtp2tTnmdExFBYeZm1Gj6SitdH-2Bnc87fGqc8G3kV0tpwYSlhGd-2F5Xh0=
lrnTIyByr-2FluWQjCOyt4c3vNEsWTztCgQhmZA-2Fs1vHGb2p7l-2FplH93fLQ1nA05w4jeCD9=
zGTwBEbJKXUhu29w6Q3m-2FVBFFKrjw-2BmlsD4TH35LBSQNGpJBD-2FzXLHj6ahXZfOSV1Aear=
vJaEA-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Read th=
e report</a></b></em></td>
                              </tr>
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                              </table></td>
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                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
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                        <tr>
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                          <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
">
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                              <table class=3D"" cellpadding=3D"0" cellspaci=
ng=3D"0" style=3D"width: 100%; min-width: 100%;
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 0;"></td>
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                         <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%;
 ">
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                              <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%">
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                              <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-2BaqM7ONnvsnswouzXXW5iLqWwLKPLH7g1-2B6GcGnclEXx=
-2BBeBKS5adwYOHZGQ-3D-3DTooz_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4=
BiQVI43kbMcVf8UYA68NVRMSC2EHeZulhTTPx7eRILklaqOYEj02D7OpZgXbwTgkth7WRndM8KY=
SfxMRFCiVEDr72WWgyt-2FCLC-2BdZcGWQcRjUZ3yJuES2aF0IJjjsVrTYKuDCrPE3YFgzkvhlY=
BcPxJFBIEhbgsKx1Sz-2BZqxm8K0jbH5XD7W7qoKUERLy9zvTC-2FinKT8xwUgiV4Dkz40fBFHu=
qIW-2BdnYXYpwa8CDdMb6rdTyNOup9dCmRDUHnZy0mUbqMoKCGKxgkeIe6BYs-2FQ65406gNy5s=
Ks5wPGLxhJP0wz1u4EdXj9ZwNcyCalow9PQ-2F0MYAItUUXXxRafntanct0pxAzXImw-2Fw0xpg=
qybjIgUCL1CH1lVZc1n5qzjI24iN0sfd2MC3s-2FJPAt-2BPGvfZvD1fL7W-2FCt6UjxmYOndsM=
fdGaRwZrEfLR9nJdvzd9-2FEQbzafZAPstlJ24wa3py-2FDQwJIPZE6C8MnCEpbmGZSoYI05Bdl=
Hz0b47ohCTboOybNNAh8Ze619pPav44fhx-2FvFLhuJzZvQ6URFaIO-2F5CBA-3D-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">Climate Risk Analytics &a=
mp; Management </a></big></b><br><br>
                               Innovation in climate risk and resilience te=
ch investment is evolving fast, even as overall VC deal activity cools.<br>=
<br>
                               After peaking at nearly $500 million in 2021=
, annual VC investment in climate risk analytics has dropped sharply, with =
2025 on track for just $163 million.</td>
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                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: =
100%;">
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ing=3D"0" cellspacing=3D"0" lang=3D"x-image">
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                              <table align=3D"center" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" style=3D"float: none;
 ">
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                              <td align=3D"center" style=3D"text-align: cen=
ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXXW5iLqWwLKPLH7g1-2B6GcGQt-2BeU=
9eBB6A0gcB-2BrwUyzA-3D-3DqNw9_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR=
4BiQVI43kbMcVf8UYA68NVRMSC2EHeZulhTTPx7eRILklaqOYEj02D7OpZgXbwTgkth7WRndM8K=
YSfxMRFCiVEDr72WWgyt-2FCLC-2BdZcGWQcRjUZ3yJuES2aF0IJjjsVrTYKuDCrPE3YFgzkvhl=
YBcPxJFBIEhbgsKx1Sz-2BZqxm8K0jbH5XD7W7qoKUERLy9zvTC-2FinKT8xwUgiV4Dkz40fBFH=
uqIW-2BdnYXYpwa8CDdMb6rdTyNOup9dCmRDUHnZy0mwDngUy2yR2Bh8C4hJGGO9AW-2BaA4ICZ=
r-2B8vEYB-2BFKCjmO1Xhq-2Bvyp3gP-2B1HDuQmZo-2Bl0zA3iaAHxdyzBreC3VvWINv-2FUUp=
gfNFHssYXzvOmhYd7Dyd1C0NSWnMV843omfzDrpgcqfjn2ifU5fbwheFzgbFmhLz3GDCgJC5poC=
56kAMBrjKx4CiCWSq-2BDjL-2BwyHHfKOTEtjTKpqRUJdVdhoW8R-2BdDByJUout-2FzBfUtUcO=
HHfwMzawmEX3-2BvlIiZBpuFcBQbn0GqBv8QIa4D3703hWNiTC5w9E0U-2BkiOSqOxHA-3D-3D"=
 universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://img.pitc=
hbook.com/news/71919.png" style=3D"border: none; max-width: 420px;">  </a><=
/td>
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                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
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                          </table>
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
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                              <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>
                               Despite the slowdown, startups are innovatin=
g in critical areas, such as parametric insurance, AI-powered weather forec=
asting, and geospatial modeling, to help businesses adapt to climate volati=
lity.<br><br>
                               North America continues to dominate the spac=
e, accounting for the majority of deal value, while later stages are also a=
 core component of deal value. Companies such as Descartes Underwriting and=
 Climavision have led the largest fundraises, and 2025 has seen notable dea=
ls from Gridware and Mast Reforestation.<br><br>
                               From wildfire risk mitigation to granular we=
ather analytics, VC-backed companies are building the tools industries need=
 to stay resilient in an era of extreme climate events.<br><br><em><b><a hr=
ef=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4C=
uylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXXW5iLqWwLKPLH7g1-2B6GcGnclEXx-2BBeBKS5ad=
wYOHZGQ-3D-3DnCEb_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc=
Vf8UYA68NVRMSC2EHeZulhTTPx7eRILklaqOYEj02D7OpZgXbwTgkth7WRndM8KYSfxMRFCiVED=
r72WWgyt-2FCLC-2BdZcGWQcRjUZ3yJuES2aF0IJjjsVrTYKuDCrPE3YFgzkvhlYBcPxJFBIEhb=
gsKx1Sz-2BZqxm8K0jbH5XD7W7qoKUERLy9zvTC-2FinKT8xwUgiV4Dkz40fBFHuqIW-2BdnYXY=
pwa8CDdMb6rdTyNOup9dCmRDUHnZy0nahYYnqMpQH-2F8kpDg528OcnkiScFOlDCMsDNcSmw8Tq=
L16hcwrIle7trUMqHSfgcRGg-2FrATWJGhucZoGDE7Z6TivbSnYyo7iOTOYj2WK42CtAUW1Gpvv=
n9BnvZkPxwuCUDBlm-2FaFoSR1wbYKNQogoTNj5KM45ypVCshIQM3w5DU6mfrxKk-2FIkPOBNEL=
XFfBQo8xDLpycr7Fh-2F2kxxMcUE9vg4ptxXmhPiztCtlI-2FVcg5RgF50S6Zkn5zGiiecgQ-2B=
qpVG40zWDweL-2FFRHlfzj4UqDq4ktgreAaMZpiggoomFw-3D-3D" style=3D"color: #1D50=
80;" test=3D"" universal=3D"true">Read the report</a></b></em></td>
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ight: 6px; padding: 0; " colspan=3D"2"></td>
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                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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                  <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%;">
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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=
>
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dth: 100%;">
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0%">
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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-2BaqM7ONnvsnswouzXXW5iLqWwLKPLH7g1-2B6=
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YQP-2BHR4BiQVI43kbMcVf8UYA68NVRMSC2EHeZulhTTPx7eRILklaqOYEj02D7OpZgXbwTgkth=
7WRndM8KYSfxMRFCiVEDr72WWgyt-2FCLC-2BdZcGWQcRjUZ3yJuES2aF0IJjjsVrTYKuDCrPE3=
YFgzkvhlYBcPxJFBIEhbgsKx1Sz-2BZqxm8K0jbH5XD7W7qoKUERLy9zvTC-2FinKT8xwUgiV4D=
kz40fBFHuqIW-2BdnYXYpwa8CDdMb6rdTyNOup9dCmRDUHnZy0l6lguM9-2Bxl-2F8Tf7r7NxAO=
wWEaU3e3ontEPbOfQTlcFyLcvuksA9ZWsFNuTBXZeM24ft8sOla2vEqGfi90Hw0xLJTI1nmtOwG=
Y3jOCSQexhOY1Go53VUFXp-2FN986896ICXhv9lz8lkKOfLmU0Svsq2fJEx-2FEcJ3R5gsoxTCV=
jut16ctuElqvMwwPKhYLoimGQsiOhNd2Bzo1tAzOPDvqys7pb-2Byq8G3vQOdmjUrZjQapPyMW2=
xV-2F6pmz5Sobc09u-2Bitf9vW4xw7uHr9HcKoLPeILyPLPubML2NzzYrRjkamHw-3D-3D" sty=
le=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=
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j0A-3D-3DJsaW_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8U=
YA68NVRMSC2EHeZulhTTPx7eRILklaqOYEj02D7OpZgXbwTgkth7WRndM8KYSfxMRFCiVEDr72W=
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1Sz-2BZqxm8K0jbH5XD7W7qoKUERLy9zvTC-2FinKT8xwUgiV4Dkz40fBFHuqIW-2BdnYXYpwa8=
CDdMb6rdTyNOup9dCmRDUHnZy0m0gEONZZQvLfJj-2F4qml46yiC57wZ6yxXavvToDsxhgsec2W=
tA4-2FoLPCKC9vjRqib0hJ-2FF7dQex77Gqub6wpSzciMiI0ah0L1sFepwT5WH32CJ6rfLNHn7r=
npArIJWoT5uzp-2BO5Qjjjcv16lJV7q92mCaztHacFqWJDta12tNIJSe6yXjOmwp63gonNplw-2=
Bu4LsWy26T0Nv-2FR3wsqmC5y3wB0r4dhnNBiWaFoEUqw4f9FKOqo1OEdJ7LGbYnDswk-2FE1ca=
JfmiM0oZCRciElkO1Ja5RWG-2Bfx1-2Bm3jC7XRf4w3w-3D-3D" style=3D"color: #1D5080=
;" test=3D"">Register here</a></b>.</td>
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                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
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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>
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dth: 100%;">
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cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
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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 Space-focused stock listi=
ngs have increased. [<a href=3D"https://url6380.news.pitchbook.com/ls/click=
?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXXW5iLqWwLKPLH7g1-2=
B6GcGmc-2B0MoKyvoTJ9v0sZS8vyQ-3D-3DcA3E_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJY=
L0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRMSC2EHeZulhTTPx7eRILklaqOYEj02D7OpZgXbwTgk=
th7WRndM8KYSfxMRFCiVEDr72WWgyt-2FCLC-2BdZcGWQcRjUZ3yJuES2aF0IJjjsVrTYKuDCrP=
E3YFgzkvhlYBcPxJFBIEhbgsKx1Sz-2BZqxm8K0jbH5XD7W7qoKUERLy9zvTC-2FinKT8xwUgiV=
4Dkz40fBFHuqIW-2BdnYXYpwa8CDdMb6rdTyNOup9dCmRDUHnZy0ngZsX9ckyylsZqbOmPBFRN2=
bq8a36mmnCrByUQomRv-2FLyTalI6-2Bl-2FWdsL-2FDlsRhV8t0qEAYjh5tfOug99vZ8mZrhsK=
Vu09yHSx3r3XxUlOP321HQ1Ouv8Gq-2FqsPCsEMW-2F6mRI6ZIXII3dbdK24XuwF2DkaAN4TZzT=
7AedYqQFSnKRwKnO8mu2hXDF14LuDeCf6KCP0WnqwxexMEE-2BnIAEDj0DccSDc8rANgGFpC57F=
NAbdShmmYjH6BePpbhWr4DkRtmdhC9kKkWqaRp6J7wnwvXJLALizBhRpMYTX7NMwog-3D-3D" s=
tyle=3D"color: #1D5080;" test=3D"">Fast Company</a>]<br><br>
                               =E2=80=83=E2=80=A2 Eventually, Starlink coul=
d =E2=80=9Ctheoretically beam into every cell phone on planet Earth,=E2=80=
=9D resulting in an =E2=80=9Calmost an unlimited total addressable market,=
=E2=80=9D said PitchBook analyst Ali Javaheri. [<a href=3D"https://url6380.=
news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn=
vsnswouzWdqeYNts5zSimj46UPsh-2Fi8QYERa-2BnkKeBpI5rjViOgA-3D-3DsBOK_Pr966knu=
aHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRMSC2EHeZulhTTPx=
7eRILklaqOYEj02D7OpZgXbwTgkth7WRndM8KYSfxMRFCiVEDr72WWgyt-2FCLC-2BdZcGWQcRj=
UZ3yJuES2aF0IJjjsVrTYKuDCrPE3YFgzkvhlYBcPxJFBIEhbgsKx1Sz-2BZqxm8K0jbH5XD7W7=
qoKUERLy9zvTC-2FinKT8xwUgiV4Dkz40fBFHuqIW-2BdnYXYpwa8CDdMb6rdTyNOup9dCmRDUH=
nZy0mS5ZeQ4nc0ZKLAXe6gROFIbdet24Gsbxm7AdP9j9UvKd-2FbS51gtcS-2FqSeHsXoZI33Nr=
paN5D8TbTatDDtA-2BKKxrxm-2FbExGDctpR3D-2FoMOdK1qWQDR3cjKD02pihEedwGjz4UVzPB=
ALCq0GNXG7iRhVOrNuHc-2BFOSl6C-2BGmpv2PDgTzIinG7uSqxvQOieGJzgAMa9J3jg5F3rudo=
u2eIYECF3PAXHS5wyQeIldzI5ul30IuKi-2FKlokc9IQuucLPy0EMyzRTTkq5GQbroYHiaqMuiF=
uAC0jEl-2FkOMLmxABb19Q-3D-3D" style=3D"color: #1D5080;" test=3D"">Bloomberg=
</a>]<br><br>
                               =E2=80=83=E2=80=A2 Private debt funds raised=
 $154 billion in the first nine months of 2025. [<a href=3D"https://url6380=
.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ON=
nvsnswouzWdqeYNts5zSimj46UPsh-2Fih8XGq0gNiEna7SvuGqh4qg-3D-3Dm46F_Pr966knua=
Hmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRMSC2EHeZulhTTPx7=
eRILklaqOYEj02D7OpZgXbwTgkth7WRndM8KYSfxMRFCiVEDr72WWgyt-2FCLC-2BdZcGWQcRjU=
Z3yJuES2aF0IJjjsVrTYKuDCrPE3YFgzkvhlYBcPxJFBIEhbgsKx1Sz-2BZqxm8K0jbH5XD7W7q=
oKUERLy9zvTC-2FinKT8xwUgiV4Dkz40fBFHuqIW-2BdnYXYpwa8CDdMb6rdTyNOup9dCmRDUHn=
Zy0lTPCL6Tkp0v6sWeQWMQERLvhH-2BuAUSODNXLUanLMvhLA-2Bfr0wGnLyAWXBmQLPx6Rdvxv=
Q8WfJh3ZiQbBD2AJiCrgj2JAMDilZtIpQX9fz7VuIQFZwGcshEuUhnH6zJcL7TESpVb1s6ic0pn=
C9-2BamlZPXedPMVybN4f8-2BiPGaMAkvsbUj28ZdsJKYZ0JEVKDgW7cx81lr4hGdmciqf4H2dg=
7WWWsEX6y-2BfiS2-2BE9iENAZ-2BsL-2B9ZE27zEnAqx3oIQopmaGc-2BOwIVa2ZKNe0dFjqR4=
zh2r82nFrr8-2B1epBN22OQ-3D-3D" style=3D"color: #1D5080;" test=3D"">Financia=
l Times</a>]<br><br>
                               =E2=80=83=E2=80=A2 VC fundraising is headed =
for its lowest year since 2017. [<a href=3D"https://url6380.news.pitchbook.=
com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWdqeYNt=
s5zSimj46UPsh-2Fi3q9mPWIBmF2ITqD8dzCfZg-3D-3D-SSm_Pr966knuaHmaw6c7pKvB-2BCE=
iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRMSC2EHeZulhTTPx7eRILklaqOYEj02D7=
OpZgXbwTgkth7WRndM8KYSfxMRFCiVEDr72WWgyt-2FCLC-2BdZcGWQcRjUZ3yJuES2aF0IJjjs=
VrTYKuDCrPE3YFgzkvhlYBcPxJFBIEhbgsKx1Sz-2BZqxm8K0jbH5XD7W7qoKUERLy9zvTC-2Fi=
nKT8xwUgiV4Dkz40fBFHuqIW-2BdnYXYpwa8CDdMb6rdTyNOup9dCmRDUHnZy0k1iHcLmD-2FZk=
qb0RuUi9KQnuUHWzpmny17HZz9pWSTDfSepRzhmw7S-2FpJ7ntF0unsAzmXL9-2BvKYocJ1YHKv=
riM8yr70Mr-2F9qbG1SB5ivGY473gsqkR05wr0lZofj67guGQSHYyxR9WKWkfhe1jhRI-2BgW0N=
ScaAmq-2BwDczkQa-2Bftt71Oib1oM4hyzPoiV9udtX2h6GQCQik6q7JewMlQRQ4VtfSkFifod7=
V9ea8CTav-2BN6ezGd6Z-2Fy4pSV-2Bmer-2B7RKkBE4VfRD4tP-2Bc2bvr4pvzjGce927vgGVe=
9jNrZU0Oh3g-3D-3D" style=3D"color: #1D5080;" test=3D"">Inc</a>]<br><br>
                               =E2=80=83=E2=80=A2 "The IPO of Medline is a =
significant exit on multiple fronts. Not only was the initial acquisition o=
f Medline the largest PE deal globally in 2021 ... but it also represents t=
he second-largest IPO of a US PE-backed company ever," said PitchBook analy=
st Kyle Walters. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?up=
n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWdqeYNts5zSimj46UPsh-2=
FiS6LF8HGixuwKorHZsuxYTg-3D-3DwN5M_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP=
-2BHR4BiQVI43kbMcVf8UYA68NVRMSC2EHeZulhTTPx7eRILklaqOYEj02D7OpZgXbwTgkth7WR=
ndM8KYSfxMRFCiVEDr72WWgyt-2FCLC-2BdZcGWQcRjUZ3yJuES2aF0IJjjsVrTYKuDCrPE3YFg=
zkvhlYBcPxJFBIEhbgsKx1Sz-2BZqxm8K0jbH5XD7W7qoKUERLy9zvTC-2FinKT8xwUgiV4Dkz4=
0fBFHuqIW-2BdnYXYpwa8CDdMb6rdTyNOup9dCmRDUHnZy0nXt5vHXWjO-2Frboj6OTODuZ4W5V=
GXi7wjblu6lV2-2FRI7ossgXSJtuwb0-2F5WpINRlLZwAkRoR-2BmM9RxK6QJr05U2b8XY-2Bl1=
XH3aO7WUlF4ql6yxJP-2BpykjENy7cCGrpV9-2BfIuhelhnCJ9vaBC-2BayUiFYN7aMGl5fCuux=
VsNv8B5YsFY-2BiU-2F4S49A6tkgSacw9tpg0KRn3ynL8GgNN-2FeaH6UzsL9tS4-2FQE4vtjh2=
AetCBq2ju63yydVeujDWkiZQx7n3OgCN4TtsiewkmucgX6o3paAfxeQ22dZ-2BMSSo4IIewCQ-3=
D-3D" style=3D"color: #1D5080;" test=3D"">Bioworld</a>]<br><br>
                               =E2=80=83=E2=80=A2 In 2025, the top 10 large=
st venture firms have accounted for 43% of venture capital raised. [<a href=
=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S=
pSWIrf6GFa-2BaqM7ONnvsnswouzWdqeYNts5zSimj46UPsh-2FiRo7e5-2BlqZ20LQXZBesSym=
A-3D-3Doz0c_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA=
68NVRMSC2EHeZulhTTPx7eRILklaqOYEj02D7OpZgXbwTgkth7WRndM8KYSfxMRFCiVEDr72WWg=
yt-2FCLC-2BdZcGWQcRjUZ3yJuES2aF0IJjjsVrTYKuDCrPE3YFgzkvhlYBcPxJFBIEhbgsKx1S=
z-2BZqxm8K0jbH5XD7W7qoKUERLy9zvTC-2FinKT8xwUgiV4Dkz40fBFHuqIW-2BdnYXYpwa8CD=
dMb6rdTyNOup9dCmRDUHnZy0mDhfTnqV-2BVB-2BClodhilb50cfKxzZQZUVUcOYD8dQIiaLKWR=
cbkKmuz25V6WyRYxSGa2hBiEv5rS1cRf0EZvvaAtotMiQEsfs4kw9jiKt0CDNfnlRRxqVV4Gri9=
g1KhYtH-2FaG9PHo9RDRdVj43i0aBICX0yvv2PoaPfeuy7-2BdlWMVuMyY7159qU2TWLcRhlYo4=
q9Kc3gwQmeFbFexxlt-2Bt7jKQKE2vZw2ryGLLFUB0iV0PRke5p1PNkqCAx2CzwMHSX4-2BbmuM=
w24rxiw4pBBt2KguVGSyh5uNOxWC6WTQG0Hg-3D-3D" style=3D"color: #1D5080;" test=
=3D"">The New York Times</a>]<br><br>
                               =E2=80=83=E2=80=A2 Databricks' Series L is a=
n anomaly, said Kyle Stanford, PitchBook's director of US VC research. [<a =
href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWdqeYNts5zSimj46UPsh-2FiFjybLz1F-2BPe3htONM=
sPbyA-3D-3DRjOH_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf=
8UYA68NVRMSC2EHeZulhTTPx7eRILklaqOYEj02D7OpZgXbwTgkth7WRndM8KYSfxMRFCiVEDr7=
2WWgyt-2FCLC-2BdZcGWQcRjUZ3yJuES2aF0IJjjsVrTYKuDCrPE3YFgzkvhlYBcPxJFBIEhbgs=
Kx1Sz-2BZqxm8K0jbH5XD7W7qoKUERLy9zvTC-2FinKT8xwUgiV4Dkz40fBFHuqIW-2BdnYXYpw=
a8CDdMb6rdTyNOup9dCmRDUHnZy0mBUrp4jP58zbbqR-2FtkJgrSj2onU3G4so-2FLWa-2Bvfti=
3lgyFFj0ka-2FyNSLO-2FPtIaokvkRrAg9jPtpXauytcGG87Jsq-2BFZhepYn1kWLx7wOR-2B0-=
2FzXy17xIx25Z3asyJKjJYYqQVxwEa8BQOBhzRKbmxW8QUwhJ4x2GjPCJa3UOgoqhSuIVXumLgX=
8cCK-2BKhX8bCYSywsMm1z33VL-2B9YjiNU0EL5RJtHaLEZDKCVb6efVlQxJhl8yPcz-2FSVipX=
9g5R10Y0kKkSFM10IWJcxjhuANbW9SDBOiye39LhfAhdwpUrcg-3D-3D" style=3D"color: #=
1D5080;" test=3D"">The Wall Street Journal</a>]<br><br>
                               =E2=80=83=E2=80=A2 VC deals in US humanoid r=
obotics companies have totaled nearly $2.8 billion in 2025, up from $42.6 m=
illion in 2020. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWdqeYNts5zSimj46UPsh-2F=
iuU2dJJf0qhPYAZbucf7aXA-3D-3D6aTC_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-=
2BHR4BiQVI43kbMcVf8UYA68NVRMSC2EHeZulhTTPx7eRILklaqOYEj02D7OpZgXbwTgkth7WRn=
dM8KYSfxMRFCiVEDr72WWgyt-2FCLC-2BdZcGWQcRjUZ3yJuES2aF0IJjjsVrTYKuDCrPE3YFgz=
kvhlYBcPxJFBIEhbgsKx1Sz-2BZqxm8K0jbH5XD7W7qoKUERLy9zvTC-2FinKT8xwUgiV4Dkz40=
fBFHuqIW-2BdnYXYpwa8CDdMb6rdTyNOup9dCmRDUHnZy0nI9yES0kIDkux6-2FsFWzFtyiLY1I=
VM0bjFHfE75o8sXFa0z7bQWRvZAJKEex1XGxT2x3IvMXAub6B0CXiweeBC8e0-2B0NpUIzJe-2F=
fMUWShsxgziNN0-2BeydM6jrHA1EtgQVczuFiP2dpLmRbpxb4fza5s79UX17DnT2ikV9nfjcMh6=
4b4ZYOQPun21I6MngFEbGWrqEN-2F-2F8kWOjfDEMvEmUo2eB-2FiWs53UMOC2zCK7kPywpU33-=
2FCztSKYvtro-2BKoTOj1HLmsn7wuFMEQS-2BwG-2F7k2vnClqE5VLp8eZEwV8qqJTFA-3D-3D"=
 style=3D"color: #1D5080;" test=3D"">The Los Angeles Times</a>]<br><br>
                               =E2=80=83=E2=80=A2 Between 2017 and 2022, av=
erage debt-to-EBITDA ratios in leveraged buyouts were right at or just abov=
e 6 times EBITDA. . [<a href=3D"https://url6380.news.pitchbook.com/ls/click=
?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWdqeYNts5zSimj46UPs=
h-2FiBrcZ9OCsaTO2sAp0MKDBqA-3D-3D7-48_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0=
YQP-2BHR4BiQVI43kbMcVf8UYA68NVRMSC2EHeZulhTTPx7eRILklaqOYEj02D7OpZgXbwTgkth=
7WRndM8KYSfxMRFCiVEDr72WWgyt-2FCLC-2BdZcGWQcRjUZ3yJuES2aF0IJjjsVrTYKuDCrPE3=
YFgzkvhlYBcPxJFBIEhbgsKx1Sz-2BZqxm8K0jbH5XD7W7qoKUERLy9zvTC-2FinKT8xwUgiV4D=
kz40fBFHuqIW-2BdnYXYpwa8CDdMb6rdTyNOup9dCmRDUHnZy0l0M6IVTWq3yep-2B7o35voyzs=
HUjK5g2tKH-2Fu9te6vT06SnqXT1soyEQqeS8zTRh4pFmoivQhKbT884oz0N2Du5Rpa-2BtMqqG=
ABxcPwRGHXC29cxY4GJl8-2B8WyYDHAsqqJkKtinYNp2fdphVB0PiVZMnesVmK1-2F-2FNzD5vN=
sY35ZTix3ZZCD5hEVvikBescl6uLsd9DvragHwKjp-2FOGukhiTyLRRJruPfL-2F0a9e2EzDp13=
PrNRlbKXoHuvBUNlZiCk9Y7n27dkMvI6QejJmbtHtMyZoyRVl-2B7JXisVIbomTm-2FSag-3D-3=
D" style=3D"color: #1D5080;" test=3D"">Financial Times</a>]</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>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-=
2BaqM7ONnvsnswouzWdqeYNts5zSimj46UPsh-2Fi0KUbDwukg4UFoUHIzz9pYw-3D-3DqFnd_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRMSC2EHeZ=
ulhTTPx7eRILklaqOYEj02D7OpZgXbwTgkth7WRndM8KYSfxMRFCiVEDr72WWgyt-2FCLC-2BdZ=
cGWQcRjUZ3yJuES2aF0IJjjsVrTYKuDCrPE3YFgzkvhlYBcPxJFBIEhbgsKx1Sz-2BZqxm8K0jb=
H5XD7W7qoKUERLy9zvTC-2FinKT8xwUgiV4Dkz40fBFHuqIW-2BdnYXYpwa8CDdMb6rdTyNOup9=
dCmRDUHnZy0k72M4qL1XcvtewyU0SvFnHce8J4sdUQsY7JyGYj5fEh0QUwWcIrjf0HZhh1v7lJT=
k9ld7rFLpENaOdT2ZHPBDVoQIOdtkl9A6vZM07grITC0Xap7OD5-2FaqOAuzuPwV2NqmCpr9ZPF=
iEMFk7ItnkmMqHJNJh3FeduSmvZpaNvwJUO4oFNGfrHZ7e0VnYJxUWb-2Br20tuIXAFyHLYaGUw=
fGEjLdW-2Fufyj3uQXpFgJs1opAOQ4KkUDVdWa3RXa2g5T4qjfNivQU3RxFGvcrGEekyeXDIt6K=
Vhs3ZZEooPXgqxHmA-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"t=
rue">US PE Lending League Tables</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-=
2BaqM7ONnvsnswouzWdqeYNts5zSimj46UPsh-2FiQ4Ytj16W38xQ7BRE-2FewzeA-3D-3Diyl5=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRMSC2EH=
eZulhTTPx7eRILklaqOYEj02D7OpZgXbwTgkth7WRndM8KYSfxMRFCiVEDr72WWgyt-2FCLC-2B=
dZcGWQcRjUZ3yJuES2aF0IJjjsVrTYKuDCrPE3YFgzkvhlYBcPxJFBIEhbgsKx1Sz-2BZqxm8K0=
jbH5XD7W7qoKUERLy9zvTC-2FinKT8xwUgiV4Dkz40fBFHuqIW-2BdnYXYpwa8CDdMb6rdTyNOu=
p9dCmRDUHnZy0mQm3WIfYTIJrfsef1qgoYIYvVkPrddM-2F9pVaKVVv1mvZVNn9P98Sd3hZG7ru=
hpv-2BohdiFMugkQ-2BlbeQoSDmDOUC04LB2Gt9QF0dknykbxxEJAI9qlRhpS2PuGwe9Ktrh5jh=
QsO4e9jy3E6bLz-2FgMiauBswHE2VZhs0U-2BLcn-2BsTte5Ka5bwq3Wzx5fre2WDBx9lg6FEyE=
QB4v-2Bt6-2FiWRFeZ66kNFXbZ6f8xlTLOpDM-2BP63Kh8cf6osMhpwy0mxi15KxqUAtfIn0K8N=
oTCPLwjeH2UVwxmN3V2n7Z9pmSTWpIA-3D-3D" style=3D"color: #1D5080;" test=3D"" =
universal=3D"true">2026 APAC Private Capital Outlook</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-=
2BaqM7ONnvsnswouzVp7o7BuyPqIU83R8Q4ISR6Z4Ng0wNNU8d5zZc-2BkY2dTQ-3D-3Dz-Ot_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRMSC2EHeZ=
ulhTTPx7eRILklaqOYEj02D7OpZgXbwTgkth7WRndM8KYSfxMRFCiVEDr72WWgyt-2FCLC-2BdZ=
cGWQcRjUZ3yJuES2aF0IJjjsVrTYKuDCrPE3YFgzkvhlYBcPxJFBIEhbgsKx1Sz-2BZqxm8K0jb=
H5XD7W7qoKUERLy9zvTC-2FinKT8xwUgiV4Dkz40fBFHuqIW-2BdnYXYpwa8CDdMb6rdTyNOup9=
dCmRDUHnZy0nDXxjng6o5Y7IjqYrjIHHhR9X19J3WIXKATYO305XJ0ESxsJouW82lWNoEv-2BZR=
0VkbD1uikQui-2F1pkqz6mcjF-2FWyWDNJPSRojoW4Ibze0tdMAGEmGTWlOy3yunzjBRhhummSr=
hHThx2DxvhZxponFFrewNCStdoBU3zFaKRlg7Rjbq-2B68OrRGVfLbB5SpzYgJdF42emuhsASXh=
-2F4herV9lemry1JIKLl3CGlcIaHeWJYkd2SRiSiF6pejclaEiCAj5VpI4QxDhCSq0QUTS5mPpJ=
05Ll2D-2BNyXyw4xhl9nayQ-3D-3D" style=3D"color: #1D5080;" test=3D"" universa=
l=3D"true">2026 Industry PE Outlook</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-=
2BaqM7ONnvsnswouzVp7o7BuyPqIU83R8Q4ISR61MhihcgiZdE38seufiLuiw-3D-3DqZj__Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRMSC2EHeZul=
hTTPx7eRILklaqOYEj02D7OpZgXbwTgkth7WRndM8KYSfxMRFCiVEDr72WWgyt-2FCLC-2BdZcG=
WQcRjUZ3yJuES2aF0IJjjsVrTYKuDCrPE3YFgzkvhlYBcPxJFBIEhbgsKx1Sz-2BZqxm8K0jbH5=
XD7W7qoKUERLy9zvTC-2FinKT8xwUgiV4Dkz40fBFHuqIW-2BdnYXYpwa8CDdMb6rdTyNOup9dC=
mRDUHnZy0kdiPUTbqj6-2BdfVNM2bYpmTTNbVusduxOijwlh9ptrPKUaEomCaqyfZ2XKXFKP9n9=
8jjK6az4Cxzz86BgjrQDlhq5rMwg405SMfCiXxVwH8ENQN8KqSG0wrFvdQL-2F4HpQ6QtWauhPA=
AKU8275AFtoiLWvrv4bv6ZgPJ8Og69LjMDf4dORv1EjcT0ialjk9MprLoZP3H-2Bv2ShbCVNWWW=
97-2Fc3IywW3wAPWItZWvFpwkfQqm8GreN-2Fp4npryJ-2BpkFyiEd8fYZofr8UfmfFdbuKqdDu=
qLpc-2Bz1YiwlS0peuhbmiQ-3D-3D" style=3D"color: #1D5080;" test=3D"" universa=
l=3D"true">2026 Artificial Intelligence Outlook</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-=
2BaqM7ONnvsnswouzVp7o7BuyPqIU83R8Q4ISR6vxtNSzkZBZ6ezQa6T7yfaA-3D-3Dq4oc_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRMSC2EHeZul=
hTTPx7eRILklaqOYEj02D7OpZgXbwTgkth7WRndM8KYSfxMRFCiVEDr72WWgyt-2FCLC-2BdZcG=
WQcRjUZ3yJuES2aF0IJjjsVrTYKuDCrPE3YFgzkvhlYBcPxJFBIEhbgsKx1Sz-2BZqxm8K0jbH5=
XD7W7qoKUERLy9zvTC-2FinKT8xwUgiV4Dkz40fBFHuqIW-2BdnYXYpwa8CDdMb6rdTyNOup9dC=
mRDUHnZy0mne4ClHfjfHruxpxv50C-2BhCcBwcUYnDF09-2BALthUnljaQzbBZEuOcDroeA8K5s=
zLiMEFXQQA-2BZ-2B9GQvxL2-2Bu7KCJ0RoxnQ1xLk0AKKLZ89Tu0L-2FACO-2BG5bgggHT5gQs=
Eqrr70o0MUG9HVhny9wp5RkSRgCG3h2dfl0LQ655-2FTGnmY73QTTP820IvkgAvF4y279OTHwgk=
cjIwkdRGhQd6JZqdn-2Fyx-2B-2BOFzfvF87oGxv-2BUHb2HjTSVoQxnrg1JA1-2BGIlkKuLvBq=
L0yhw29n8TY8gkFVcwu2IJ1ITf8tAdRKcwQ-3D-3D" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true">2026 US Private Equity Outlook</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-=
2BaqM7ONnvsnswouzVp7o7BuyPqIU83R8Q4ISR6E3HgVyhboUoDnrbwECDdPw-3D-3DF9xL_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRMSC2EHeZul=
hTTPx7eRILklaqOYEj02D7OpZgXbwTgkth7WRndM8KYSfxMRFCiVEDr72WWgyt-2FCLC-2BdZcG=
WQcRjUZ3yJuES2aF0IJjjsVrTYKuDCrPE3YFgzkvhlYBcPxJFBIEhbgsKx1Sz-2BZqxm8K0jbH5=
XD7W7qoKUERLy9zvTC-2FinKT8xwUgiV4Dkz40fBFHuqIW-2BdnYXYpwa8CDdMb6rdTyNOup9dC=
mRDUHnZy0kHh-2FupGJl4LiJnZXuqakx8rxCRl-2BPLWOKF1SU1DhAiKzBpJrZr0AXxr-2FGQuD=
jvQJvqwRC1uq6jpr5DKxdF1BW5yjCO2oXPw1IlSGj3yjg4V5axvhoIzueM3SvecBo7S2MVHGF-2=
Fnx4p2z3oAeuP93v56DCA7ogaC5hpFScUly2qJA0HLo9cp1idMCcv46nZlcGHPCMUOhpyqAD5CE=
6TbMJpn-2F4p-2Fa4KD1dTODmMOsRP800sFJ-2F1QUeG3p8uRgFPmTgvIlCW8u3YV743G9JdSZK=
GMGzlCzJ80NCp6R6UkcYmPg-3D-3D" style=3D"color: #1D5080;" test=3D"" universa=
l=3D"true">2026 US Venture Capital Outlook</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-=
2BaqM7ONnvsnswouzVp7o7BuyPqIU83R8Q4ISR69d0e6aDTgSzBtMiu-2BSECHQ-3D-3DnBxv_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRMSC2EHeZ=
ulhTTPx7eRILklaqOYEj02D7OpZgXbwTgkth7WRndM8KYSfxMRFCiVEDr72WWgyt-2FCLC-2BdZ=
cGWQcRjUZ3yJuES2aF0IJjjsVrTYKuDCrPE3YFgzkvhlYBcPxJFBIEhbgsKx1Sz-2BZqxm8K0jb=
H5XD7W7qoKUERLy9zvTC-2FinKT8xwUgiV4Dkz40fBFHuqIW-2BdnYXYpwa8CDdMb6rdTyNOup9=
dCmRDUHnZy0ksnHjL-2FR5KZfiRFQZqIwIFoSF5gOCRmE6D-2BUWYBAEIZh-2BEZ5F3rkeSK-2B=
5l2KEAV5jIsSCY7BvIjca0kS6NDL2j8BiqzaTw2RNoFKAm2Ouyg9qVYR-2BXSRyTOgtFv8kaM1p=
ZbYMwiRIiId4pr2J-2FXsLZHDZM6PazhdsV-2BOAR-2Bz41O3gxoYJGzAsGt-2BtVXMHwYeMlog=
0-2BonrSIdGe5ZuvGsNKNXn5uDt38DmheOgiOpdA7BAZ1AJZNC3wc185yqbouUfl6o0wuHk2lie=
aM4z-2BpelyZQ-2Fc9YwKeTmdBYvom0NANg-3D-3D" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true">2026 Healthcare Outlook</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-=
2BaqM7ONnvsnswouzVp7o7BuyPqIU83R8Q4ISR63XsAsaDyPQhU1EmBvI6iiA-3D-3Dp_oY_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRMSC2EHeZul=
hTTPx7eRILklaqOYEj02D7OpZgXbwTgkth7WRndM8KYSfxMRFCiVEDr72WWgyt-2FCLC-2BdZcG=
WQcRjUZ3yJuES2aF0IJjjsVrTYKuDCrPE3YFgzkvhlYBcPxJFBIEhbgsKx1Sz-2BZqxm8K0jbH5=
XD7W7qoKUERLy9zvTC-2FinKT8xwUgiV4Dkz40fBFHuqIW-2BdnYXYpwa8CDdMb6rdTyNOup9dC=
mRDUHnZy0lAh0i6ZA43kvH4nmP-2BmaJs0tXqSkyfNbwwaxm7kuNZ0j-2F6JaLklm-2BS5xcAKf=
hl1rGeH12HAmoo0gccWn3tdCon5KdO-2BCAei0nPMDSQKO10f1p7VHE-2Fbu-2FYW0fwZrZCpm7=
e0Xh1O8nXKHrvNfc1svC-2BLIeAwomiMrmKB2awqb4yI8PY0dPD7-2BtN4PF1-2Bnzn3G4YuIBH=
D6hFm-2BJwvbeYWPYdwzfu7oQ-2Fe5oeH-2FXqZ5Lbsgw0h22y3jTtVFSKsLYoDpF4CE4dTy-2B=
JZ-2FE2KZ9AxIA0m3y0-2BTdoXI3iUijMQi6E4A-3D-3D" style=3D"color: #1D5080;" te=
st=3D"" universal=3D"true">2026 EMEA Private Capital Outlook</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-=
2BaqM7ONnvsnswouzVp7o7BuyPqIU83R8Q4ISR6HU59SVeJS3UgQ2gd4uPsxA-3D-3D0S6k_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRMSC2EHeZul=
hTTPx7eRILklaqOYEj02D7OpZgXbwTgkth7WRndM8KYSfxMRFCiVEDr72WWgyt-2FCLC-2BdZcG=
WQcRjUZ3yJuES2aF0IJjjsVrTYKuDCrPE3YFgzkvhlYBcPxJFBIEhbgsKx1Sz-2BZqxm8K0jbH5=
XD7W7qoKUERLy9zvTC-2FinKT8xwUgiV4Dkz40fBFHuqIW-2BdnYXYpwa8CDdMb6rdTyNOup9dC=
mRDUHnZy0lpXAWNThVfizvNHRXBJiH2QWu-2FsvY46mJZQs3CiCI5xaoPoVtRsG139vlJJZCGwW=
FNN84hlJy2mkF0RK-2F6OKOrXpJQZmHNXgZ8viedOfXYamQytQPowRInBanF2f7FfcX-2B0Tc6x=
osryJhakKR1FatVH3oZh9toTnD8PIJ-2B5i-2BDhBahSZS6su3APGq-2FLMcMnCsA7n8On4CurE=
xPIpJyYJt0HNknQihQ7nMyv1NRQkkw4IdhLhkb8scnslQqcZSXxGT0sAN8Atu83dryfTxksIUoA=
PBMt7-2BL-2BxFq8VlitF-2F-2BVQ-3D-3D" style=3D"color: #1D5080;" test=3D"" un=
iversal=3D"true">Q3 India Market Snapshot</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-=
2BaqM7ONnvsnswouzVp7o7BuyPqIU83R8Q4ISR67FBiWLGYtZhG4OJE98K9mg-3D-3Dx0XK_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRMSC2EHeZul=
hTTPx7eRILklaqOYEj02D7OpZgXbwTgkth7WRndM8KYSfxMRFCiVEDr72WWgyt-2FCLC-2BdZcG=
WQcRjUZ3yJuES2aF0IJjjsVrTYKuDCrPE3YFgzkvhlYBcPxJFBIEhbgsKx1Sz-2BZqxm8K0jbH5=
XD7W7qoKUERLy9zvTC-2FinKT8xwUgiV4Dkz40fBFHuqIW-2BdnYXYpwa8CDdMb6rdTyNOup9dC=
mRDUHnZy0n7IPeFp72L7bBELW4POqfTR2YkW7E9jFtSKpekkhu0rywAO1LvT7Gf2lduJlnYI3nL=
5codq5cRMdgzms3bAHfea9AMYzZWTeWx9OQwdn5ASPFGoKgnBoggaBN-2BWITmpc1o1VswmWSfM=
R1vHCBHhq-2BE1r6vBhu-2FjNAKcSpTJZcAC326ecAWvP9-2BM1sp9yFOYAOixNde-2F1LwcxlU=
ZI5-2FgCleS-2BOQnBytpQoTF-2Fargg44Icw5I4CKZtG2xsF-2BHCDYnLboV6GituemUK-2F3n=
jFuXex3DtrguABLZJqllt8nbxWjqg-3D-3D" style=3D"color: #1D5080;" test=3D"" un=
iversal=3D"true">Q3 Global Real Assets Report</a></b><br><br><b>Thematic re=
search</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-=
2BaqM7ONnvsnswouzVp7o7BuyPqIU83R8Q4ISR6CGIbSQgaTl8AmWfqOTLTew-3D-3DX90__Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRMSC2EHeZul=
hTTPx7eRILklaqOYEj02D7OpZgXbwTgkth7WRndM8KYSfxMRFCiVEDr72WWgyt-2FCLC-2BdZcG=
WQcRjUZ3yJuES2aF0IJjjsVrTYKuDCrPE3YFgzkvhlYBcPxJFBIEhbgsKx1Sz-2BZqxm8K0jbH5=
XD7W7qoKUERLy9zvTC-2FinKT8xwUgiV4Dkz40fBFHuqIW-2BdnYXYpwa8CDdMb6rdTyNOup9dC=
mRDUHnZy0mBZ8dxLgBaHlQi2IcwyPBPauy5x-2FWD9NrLW-2BtRmq0Dr5vQwG2bj3pLAAZk5PIl=
-2ByyXFVQH-2FxWmCXmPcRyBD9jF49MtInPHPjua78NZH9hUlHDUBQvX-2F0FfyS7uvvXiVdPhR=
wta-2B-2BF-2BHF1j-2BNJAurPhuEcFh5Ucwro0kOLXUfaihGYd0wPgL-2Br1xii2eZqrHLqUPc=
wHGie4kaVrZgvvaPAb55tp0pjsPYkXhMgcwL3bsyl36SAllJYTmXXeP91qd0pyo1ZmqFImRDwvt=
b5HB0QJuRTNFVJjcYvX8lEJPMmf8g-3D-3D" style=3D"color: #1D5080;" test=3D"" un=
iversal=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-=
2BaqM7ONnvsnswouzVp7o7BuyPqIU83R8Q4ISR6WHXWoUup9iqRbRUKZByzYw-3D-3DUaDp_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRMSC2EHeZul=
hTTPx7eRILklaqOYEj02D7OpZgXbwTgkth7WRndM8KYSfxMRFCiVEDr72WWgyt-2FCLC-2BdZcG=
WQcRjUZ3yJuES2aF0IJjjsVrTYKuDCrPE3YFgzkvhlYBcPxJFBIEhbgsKx1Sz-2BZqxm8K0jbH5=
XD7W7qoKUERLy9zvTC-2FinKT8xwUgiV4Dkz40fBFHuqIW-2BdnYXYpwa8CDdMb6rdTyNOup9dC=
mRDUHnZy0keUBe-2FFABxlkVu7HzVIpQcjCfe8fACh-2BjBhD2iIkIXMPlf1PM3qaMW-2BmSSp0=
GfKnpjXWPNdGdbnJN3U6Na5lTIIoM04088ydHaVt-2FH4WT2cbkjRT-2BSmXWLFBNNUHGXL9nNf=
kjJk0pvuhiE8Llh2u5W95Cj5HSvU6Do17KmgCicm-2BajHWW3lJYeUjz02T3Z3dxdgR098cMgMB=
Z4vOquAk9V2GDuDHenqppfS2kb-2FZazTdN10Aov-2BXKMmY-2FDBtUfaypENzR4UzuqdVrLaNA=
qe9Dk3arXA5velNhPFSiHzN1JyQ-3D-3D" style=3D"color: #1D5080;" test=3D"" univ=
ersal=3D"true">Stablecoins are Imperfect but Inevitable</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-=
2BaqM7ONnvsnswouzU7pwlxwrTpGm-2BU9E9riXWwNyCjuadH55zDluPbduZ2VQ-3D-3DeEB4_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRMSC2EHeZ=
ulhTTPx7eRILklaqOYEj02D7OpZgXbwTgkth7WRndM8KYSfxMRFCiVEDr72WWgyt-2FCLC-2BdZ=
cGWQcRjUZ3yJuES2aF0IJjjsVrTYKuDCrPE3YFgzkvhlYBcPxJFBIEhbgsKx1Sz-2BZqxm8K0jb=
H5XD7W7qoKUERLy9zvTC-2FinKT8xwUgiV4Dkz40fBFHuqIW-2BdnYXYpwa8CDdMb6rdTyNOup9=
dCmRDUHnZy0kS-2Buy-2BkUQWiL8uRC8BEsxFXZkhEABbkummVzNiwZ53D3sEA4Jtjrvbx5Dewm=
qR2lFboBmNCXNZhltOk3pOdgRLvUX-2Bh6AEknsRuoegfMjeKty6t9xmRkGaQJ8QZZUIiZ5Le-2=
B9yxAxRsKZMXg0k-2FXmN-2FSffOebIxfZcP79I82lo8-2Bzyqn4ZlDxacd8r-2FSpkiDs96X1V=
DrAVeUhBqxqZFk4MqcRBpgqML4pruGkWzC39LwXVl-2FM5iiKnmvgElv138pY-2F4XIOXiHL0DR=
iIrivlADdn7AhyxYWNPNa0GXlmNJokQ-3D-3D" style=3D"color: #1D5080;" test=3D"" =
universal=3D"true">AI's Impact on Supply Chains</a></b><br><br><b>Industry =
&amp; tech research</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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ulhTTPx7eRILklaqOYEj02D7OpZgXbwTgkth7WRndM8KYSfxMRFCiVEDr72WWgyt-2FCLC-2BdZ=
cGWQcRjUZ3yJuES2aF0IJjjsVrTYKuDCrPE3YFgzkvhlYBcPxJFBIEhbgsKx1Sz-2BZqxm8K0jb=
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>
                               =E2=80=83=E2=80=A2<br><br><a href=3D"https:/=
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Blik7ROjG7eri9keW6-2B23Q6F7PlMKI0iUwZQrMn9n54HlpdXy-2FRQD2vtbnV071ak2b86iO6=
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                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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ExQlHM-2BpoQGopeuq0BBR-2FCBDAnj2Q-3D-3D" style=3D"color: #1D5080;" test=3D"=
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/b><br><br><b>Coming next week (subject to change)</b><br><br>
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20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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                  <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%;">
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                     <td style=3D"padding: 10px 0 5px; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
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spacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
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                        <tr>
                         <td align=3D"center" style=3D"font-family: Roboto,=
 Arial, sans-serif; font-weight: 700;
                                        font-size: 14px; line-height: 27px;=
 color: white; padding: 26px 57.2px 37.3px 57.2px; white-space: nowrap;">Si=
nce yesterday, the PitchBook Platform added:</td>
                        </tr>
                        <tr>
                         <td>
                          <table lang=3D"x-counts-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%; t=
able-layout: fixed;">
                           <tbody>
                            <tr>
                             <td style=3D"display: inline-block; width: 24%=
; min-width: 24%;
                                                    text-align: center; flo=
at: left;">
                              <div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Roboto, Arial, sans-serif;
                                                    color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
                              558
                              </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;">
                              1921
                              </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;">
                              829
                              </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;">
                              31
                              </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>
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llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
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                            <tr>
                             <td style=3D"height: 25px; line-height: 25px;"=
></td>
                            </tr>
                            <tr>
                             <td align=3D"center" style=3D"padding: 0 133px=
 13.3px 133px;">  <a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzVV9-2FGh3IkhIEhr43qVLmkYWxOkjKeXLqwMqDWALlIfZg-3D-3DB=
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r;
                                                          padding: 9.5px 21=
.5px;
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9px;
                                                          background-color:=
 #F79B3E;"> Request a free trial </a> </td>
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