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The original message has been attached to this so you can view it or label similar future email. If you have any questions, see root\@localhost for details. Content preview: PitchBook Newsletters Thanks for reading! Feel free to email us any time with feedback, questions or tips December 27, 2025 | Read online | Manage your subscription The Research Pitch Thanks to you, our readers, for anoth [...] Content analysis details: (-2.0 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 0.0 RCVD_IN_DNSWL_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to DNSWL was blocked. See http://wiki.apache.org/spamassassin/DnsBlocklists#DnsBlocklists-dnsbl-block for more information. [159.183.175.69 listed in list.dnswl.org] 0.0 RCVD_IN_VALIDITY_SAFE_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to Validity was blocked. See https://knowledge.validity.com/hc/en-us/articles/20961730681243 for more information. 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font-family: Roboto Serif, Ge= orgia, serif; font-size: 44px; font-weight: 500"><span>The Research Pitch</= 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">Thanks= to you, our readers, for another strong year. In 2025, we expanded our res= earch bench with key hires, broadening coverage across PE, fund strategies = and performance, AI and the broader APAC region, among other areas.<br><br> To close out the year, here are our analysts= ' picks for the best research of the year.<br><br> We hope you find it useful as you look ahead= ! Here=E2=80=99s to exploring new insights in 2026.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 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><bi= g><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n= 73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUv9qsUHxOhhPClf2m81IOjgy1023DrNE6V= Yx7nISg08A-3D-3DgxSS_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43k= bMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIkcRY= ud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKVf67= H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIsluX= FmJNjvrV7Q39jKwdlGFq8MxUbV11duBljdRO4tR86sJqWRCsxN6nBr-2BKNkmgbxN0gkAz6pyrK= oOx5FAygGkL7Z-2Bt3Sggm3KRPbwZk0NXW1FIoByQ8Y9FJCiGRZw8goC5aTctdGoexf-2BMu-2F= ewk3-2FQGEaTaRL8GcyUAob-2B-2Bw1i47jm-2BsYXGEzpEzUPusCVIiH3PZzxe5Rms-2BQM-2B= kIg9WTcsJ3pnRfTk8rj5CTIDUc7-2FLdkyCwY36N5J0pH-2BmCa73YBa85svVLyYiFX-2Bn7FqN= oFlMswXkIPyMnw-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">I= naugural US Evergreen Fund Landscape report </a></big></b><br><br> Evergreen funds are reshaping the private ma= rkets, with assets doubling to nearly $500 billion since 2022 as investors = seek institutional-like allocations blending public and private assets.<br>= <br> In 2025, regulatory changes encouraging priv= ate market exposure in retirement accounts are accelerating this shift. Fun= d managers have responded with a record number of new launches, and acquisi= tions and partnerships have proliferated across asset managers and distribu= tion platforms.</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-2BaqM7ONnvsnswouzXKVz8SLp0NGB1VnBNl5mdPvYWxzpsZX= WHTBlTFHg8m5g-3D-3DGldz_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIk= 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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> In 2025, our department broke ground on deli= vering data and analysis on these funds to readers.<br><br><b><a href=3D"ht= tps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpS= WIrf6GFa-2BaqM7ONnvsnswouzXKVz8SLp0NGB1VnBNl5mdPV0-2Fy5CJalpBlwL5ttpo5Eg-3D= -3DJ7y8_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV= R3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIkcRYud8aCkccXLbe-= 2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKVf67H66fKCX4Cj1Qh= -2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIsluXFmJNjvrV7Q9JJ= ieJ7KmQcYN-2BqtGdb62w37gmFBi-2FIIX8Il0QSMt6-2FgFGNAFn1tqbLLqSpwZWOzw-2BVdhB= -2FhvBE1y9nPxcjIzPmySrTmd6P-2FUiv7Z5v3IiaBOUchzbHXCPta-2F0Oh8pirxeLQp-2BrbL= UWAHCqJkzjFRwxHHRqmfhospNReAmxLQitMySqWWIY-2Fbt9An6VnK3azD5ndNnjnWOvHxMOYU5= eufT4iEuklTRGRNwyWQ7iQmHJ5oWWiAnNnHv4zE-2FJ5JlzMCkvaT-2BmTwCinVfDu3vlgXs-3D= " style=3D"color: #1D5080;" test=3D"" universal=3D"true">Issues Around Priv= ate Assets and 401(k)s</a></b> and <b><a href=3D"https://url6380.news.pitch= book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo= uzXKVz8SLp0NGB1VnBNl5mdPySzaSZXRLLfzsTEtSg-2F0aw-3D-3DVAi-_Pr966knuaHmaw6c7= pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiS= Qk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIkcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYV= PIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q= 3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIsluXFmJNjvrV7Q8Iru7FX8t4R54Jsh4BG7EcnESmr= 0PMkuxk9iTo9fnfKqSk5bOiaGA5RxCYJpCiiXJzGb8oPDUt4LwXBaAlX8bgMbMxti12-2BxRuxD= W7ogNVHcds1ImLc7fcrkPtJ8SY460C0CDZV1X8vpGWylr7uosvNiD-2Bw7vJAH7pR7zdFTfowm8= OVCSP0c2MLcJhMIHnIES6wmD9r3rjPLbs-2FR48jJGiarTBfzA1z4qEC90qtJmjLyLyXA2qY9Ep= vdnMPXBLFfAlDK8KkyGCrzjbfiA4d9qE-3D" style=3D"color: #1D5080;" test=3D"" un= iversal=3D"true">The New Face of Private Markets in Your 401(k)</a></b> exp= lored the regulatory changes. <b><a href=3D"https://url6380.news.pitchbook.= com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXKV= z8SLp0NGB1VnBNl5mdPqX0KIZppOwmGNtbAHUiKqQ-3D-3DRKE8_Pr966knuaHmaw6c7pKvB-2B= CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoA= TZ1GE6qzU8l6S4tDnK2NEMdTIyIkcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEg= IgvxgENOLTIr9dsXZjIRWxgXGwKVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5= ln7-2Bc6vGj83wdpXbFmtHT66SIsluXFmJNjvrV7QxKgvu4mjp-2BSOT6PtlHpay4IVkCuLkO8R= PO3Z4HHATUvTGfPE2HUCUdfhy7wArdBzHE2jpVBifGCUPEpzW1a3kga0NeALBBXtG242aHmGSHH= VORq1VniYiPQ-2BFVNuy2kn-2B19P-2B7J91Tau9IIG3v5JvEdC0UU-2BcRay69PRpNSWbyajgu= ZC15QrD5iw6755FBnXhCME5sqgnfZlb1xvNIoKJDevwSvAD4G0TCNB-2FEgfwE3lk8zfmfFtlO-= 2FeG19pnK2BYVgyFaMgWHG1WQyI8ayPtE-3D" style=3D"color: #1D5080;" test=3D"" u= niversal=3D"true">Allocator Solutions: Are Private Markets Worth It?</a></b= > used simulations to evaluate how private market exposures might impact ou= tcomes. <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXKVz8SLp0NGB1VnBNl5mdPC= UPUqZnLXuZ52OViJweBsg-3D-3DIrmD_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2B= HR4BiQVI43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2N= EMdTIyIkcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIR= WxgXGwKVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFm= tHT66SIsluXFmJNjvrV7Q-2FzFlvnLxAcqaX-2BfEFsY49iK1QsiLgYbTG-2Bl44nH14gwyfKuk= NROonS-2B9xluoNCH-2FShZWk3Lql1WcVeS0ydsPZ-2FH9XIWDoCZovTK04QgEWffANayCxulB3= ke3h6kQ2DOcdZ9SGhAV84O-2FqWJbZ716qy5a-2FK1nJcVWUINXxXy71-2FYPI6y11RT25iMbO7= zZadrmKvfH-2B7oIyWzdWGFF9PhPRgLIIaD2MxR12BVC-2FQOx1ldBEAoZ9Pvte01gVPg-2FlfA= -2FVkuJH7DwDEbbJxSMBqe-2FMk-3D" style=3D"color: #1D5080;" test=3D"" univers= al=3D"true">What=E2=80=99s Old Is Now New Again</a></b> traced the evolutio= n of crossover funds and assessed their risks and opportunities.<br><br> Morningstar and PitchBook also <b><a href=3D= "https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzUv9qsUHxOhhPClf2m81IOjgy1023DrNE6VYx7nISg08A-3= D-3DB-KT_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N= VR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIkcRYud8aCkccXLbe= -2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKVf67H66fKCX4Cj1Q= h-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIsluXFmJNjvrV7Qzt= kEDkrT9q1ENUX5CxwkVK2-2BaoB8xM3M31PF5CpSTec-2FhT7oWsuEiH0VYJt4-2F4vvIQYmeGr= 4rD-2FMfn1UIAv4GT61L0VCaDDuf022Mm5FY2-2BcXztKfuOKenFYee0aRhNMCURLv9kQQ8ILZ1= 5vXDx4ncnOJJu0iTgDUChRE1iVvLoEt6lBFv8NbDU0G0hu6v68PtGCzWUdEQprV3-2BloZ4vmJd= -2BYnjmhk1J3JfSabfor6u4cG3dnmX5DSHMBhYpwFy8h0A4bn1lBw1F81Clrrca7E-3D" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">announced a new suite of = investment indexes</a></b> focused on evergreen funds, slated to become ava= ilable in Q1 2026.<br><br> To close out the year, we released our inaug= ural <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0= 01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUv9qsUHxOhhPClf2m81IOjgy1023= DrNE6VYx7nISg08A-3D-3Dn35S_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi= QVI43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTI= yIkcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXG= wKVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66= SIsluXFmJNjvrV7Q8TpqL-2B-2B15-2BqZjD7BqkmNGqwrfyn5d9xaaRBd6JrEQw1YToQ2zhACh= oKZcNtHXH0WfhUkaF9vL1GToM-2F3Ao67JfnngWNdOqVolVC8FdPXX9ctVbsTwfFa0H5JuY2-2B= 32H6VQtXRJTUmvTOh-2B3y53FSkRWpqoQOfIatcFbWLg18SNIWZ-2BsYV1iUaKgWdOUpSx5HymA= CTCl2F3vmCuyoHQ9fM2vSAlI3G796Y-2FQ9wLey1WpVbugEmEHGQihIJOXNAHQm-2Fhpgx87zp4= -2BcWjbgJ14UNs-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">E= vergreen Fund Landscape report</a></b>, kicking off a series that will aim = to bring clarity to this evolving terrain.<br><br> Be on the lookout for future quarterly editi= ons of this report as we explore key trends and data driving the ongoing ev= ergreen evolution in 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> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><bi= g><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n= 73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXKVz8SLp0NGB1VnBNl5mdPuW6UElyHw0HY= 1y5zJuuc1A-3D-3DHI8i_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43k= bMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIkcRY= ud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKVf67= H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIsluX= FmJNjvrV7QycXC3twNgdG2-2FlL1Vbfuk8eHZNhrgpaLSSqsIR5vGll4CmHasX5JgSVVoRgRwuu= ueeLhZd6MVu-2BwJN9e5PJlp-2F8zKpFCzRdznSuJotkhSghhlVKDygsVJCIlLhILCQ-2FnW1EO= QPDlLY8So1MCT8Lmh8fiQch0tKJiIhcjXvNVFzYgxljL6uPD5MlRHq4aWZd6RlTq9HZzRwyyyOq= -2FZivkJ5YvAKpXQSr5q-2BfS9QqjV85yzOKtaVSZfZj-2FqpP-2FClLqOeURzGRJzQl4wCvLNy= lYVw-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 2025 US = VC Secondary Market Watch </a></big></b><br><br> The US venture secondary market is accelerat= ing, reaching an estimated $94.9 billion in annual value across direct comp= any stakes and continuation funds in Q3.<br><br> Record activity is being fueled by rising va= luations for top startups and persistent liquidity pressure, pushing second= ary exit values toward levels comparable with IPOs and M&A.</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-2BaqM7ONnvsnswouzXKVz8SLp0NGB1VnBNl5mdPL7r5sw9fo= TceswiJ3-2FPFdw-3D-3Dvfvj_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIy= IkcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGw= KVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66S= IsluXFmJNjvrV7QwbIPvMat64AvKniazWIH5t4cB4uxugsZv5MkLAcke2gSCFqxQ7ewucBQV-2B= hMDAlTDua3r0EdHiZOuaEqTuH1hCYMgBbNYovnxlwpQ9AQbA3fw2maeMkqnfQE48ZzK87gfLKta= Hs9NfLtM1jN7RnyGogE92x6j4Sv5cMw3vVLCMUXVJTHamE1JYlrxz2RS39pz2JYmZ6l0U9JR3Av= nNfIo65K7yC0s9qHIJ-2FLJDwzWzSI89-2BeWGyBVZEYKREEe59chvmp73iOcuouzlGIECDl9E-= 3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://img.p= itchbook.com/news/71949.png" style=3D"border: none; max-width: 420px;"> </= a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> Increasing interest from Wall Street and ret= ail investors is further propelling the market=E2=80=99s growth, highlighte= d by major acquisitions from Goldman Sachs, Morgan Stanley and Charles Schw= ab.<br><br> With $3.7 trillion in value locked inside un= icorns, the secondary market is poised to become a core pillar of the ventu= re ecosystem, offering a growing path to liquidity as traditional exits rem= ain uneven.<br><br> For additional context, you can explore earl= ier reports from our 2025 US VC Secondary Market Watch series, including ou= r <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXKVz8SLp0NGB1VnBNl5mdPUqNkT7GGT= fiIBztOjzchtw-3D-3DAPWm_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIk= cRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKV= f67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIs= luXFmJNjvrV7Q0RWmgwBGVvlBosFmMHnpGMFEHwJGWYTXvCFj7ylaSjWaKOchsz73MFTIRI8yla= qLUwFE9yh25REgs6XNaKJ0j7ynwdVetmDrrYGLAHvIEu-2FSQaaAuQTOlZCFMC9kJxy9vyD2Uqp= W3SR2u-2BKEh3LqdxCZpoEJhimUI7ZOFM8DKNg92RFwsdSGVj7FQV6x5YVYiukdzTibh-2FtGYi= PW9IfI1IkndE2WAIPfQYWEsDOEB4A6l-2F60hDi6DGY5UfBGvLD4ExyZqydr4w2o1LJnWBHkj8-= 3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q2</a></b> and <= b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n= 73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXKVz8SLp0NGB1VnBNl5mdPsPooT8Qu3uuS= JiXsMDjp4w-3D-3DqT7y_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43k= bMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIkcRY= ud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKVf67= H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIsluX= FmJNjvrV7Q9PU2W-2FLAu5DWeR-2Bm5xRFSjsRYdpMipE-2FIyPYEppfbAOIZOQedgTyfTXYPK8= v5P2n20NgvEySKypUXnF7qF4maCEOmg4O4OEaubdAsC73gNe6OtpsiUtWAqNfhbospFiiGPIy7N= ifTgu1hV-2FSypIlQ-2BrJByTE81oFWw0vP6s-2Fb-2BKxDV6aYXhI-2B3HDNxlq85guQjs6Rve= 7-2Bm8XbUODGh-2FVOohbM7-2FBfaik32tg1lxCdawnydggx-2BWtXk4fLNHxtZpqE42jrX1CqG= xbnXhdVNcB8M-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q1<= /a></b> updates, as well as our notes on <b><a href=3D"https://url6380.news= .pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn= vsnswouzXKVz8SLp0NGB1VnBNl5mdPRsqLiBono4-2F5XeFP44gmww-3D-3DZzhj_Pr966knuaH= maw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpA= t0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIkcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Z= o1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LX= pE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIsluXFmJNjvrV7Qy5mpc2jr2e1CpAI4YT1Xq= z50FKaCIKLwKGnVgOd4utfeM2JxT-2B8UuDXAFQx2dFHfEAs111JNIWby2yr9QIyWCztFh38ZGp= ddvHmY4-2Ff1uYR8j-2F52fIt6FhamlejTcjmhIJyevqFJSoi2Y9t0ylWVP4sEEQqk9dFVwaqcG= M-2F1UZAtMiBCo4o2fHJekFVRB5NgOrYO0ZUbOeJriqyWpsfx1moDNJMXcsyC6kLx7aTBlEbEEI= WKQ7CDGRRdL78B53rgdX1A02ebebITsytXSjSpas-3D" style=3D"color: #1D5080;" test= =3D"" universal=3D"true">GP-led secondaries</a></b> and <b><a href=3D"https= ://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIr= f6GFa-2BaqM7ONnvsnswouzWqrVddo3slSCVOGWg0q5E6NQeSTrt-2BaLRPrPtynNLz6A-3D-3D= EwBz_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3c= tF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIkcRYud8aCkccXLbe-2F8= CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKVf67H66fKCX4Cj1Qh-2B= r79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIsluXFmJNjvrV7Q-2BMmv= yD7P-2BrwDhU1yWLejvhmm-2BM4SIE5-2BzOlqLekbrX1Otq7hw6Z7qpmUDpVanPwn87diX1zfG= HC2W3XV3DXnv9imo5z6JM4ilMZv2jA52-2Fvrf8meOK8lWztcpEXy-2F1hWFCqg3H5v-2FlzKF6= QDBAjr95EiYiWMdGgkCCg4G6Tm84aWi3TOcvBSGwH8UJ5Pi1tCsChMQCS9PxLqtb5lVu8QpnHnB= q8XGYyehvx04GciFQ5BvYNmW4jHj6Y50OgshdgvuJ4t8nCaMJz1SvwtnD-2FkP0-3D" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">the state of the global m= arket for institutional VC direct secondaries</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> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><bi= g><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n= 73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWqrVddo3slSCVOGWg0q5E6lf0DwrYmSvo-= 2FXp-2BznvloCQ-3D-3DBsho_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQV= I43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyI= kcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwK= Vf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SI= sluXFmJNjvrV7Q-2FDUSctVAzQujDN4i91m7kp0YkKLzAHGdFW3xLFECKRWpyTqwvSK4wQ21uaV= vCdTxI8tA5h80YmEne8y3XVO6u3-2FqeesmI8mj3W5wiAL3fQz43ljyUX1NOLTLIlKdCLryDh4x= FwGn3DBWmlnAW5-2FapCa3qubUuh-2FJbQCnE3fBunTWNga-2Bi5Gq1n8Jg0SI-2F3saSINYs1h= qhma89qDq79Jx8iBGcOdPBSfUa9jj1fVA4-2Bp4FSwskwHoBFBKqNq6FSOmTR7L2-2Bkq0PmfJh= UXcGBetY-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">2029 Pr= ivate Market Horizons </a></big></b><br><br> The 2029 Private Market Horizons report comb= ines PitchBook=E2=80=99s extensive fund return and cash flow data to produc= e quantitative forecasts of assets under management over the next five year= s. This edition also debuts our forecasts for evergreen funds, spotlighting= the rise of semiliquid structures.<br><br> The forecasts estimate that global AUM manag= ed by GPs will eclipse $24 trillion by the end of the decade, driven by ste= ady expansion in private wealth channels, evergreen fund structures and ins= urance capital.</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-2BaqM7ONnvsnswouzWqrVddo3slSCVOGWg0q5E6NGSG2p5aT= K0h5j0tjbwP8g-3D-3DPCIi_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIk= cRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKV= f67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIs= luXFmJNjvrV7Q58emmJpl0dO-2FtmJTkk5MjGHpjNXjPzeMKVMcOlKNJtxcHF-2By-2F0K0swQh= EPGfwDfaepUjOk6nCXiB1ffAGKjeIqx12DBSalJoCGSNVUqhUQXhV4hR8Dn-2BHyla8K3varBmh= IJt-2BLPex-2FHnvDSA5hGF1Q2AOOYy-2FS68jH3dMrlbiEH0JV32sZwdkyvVYsTYrrj7lOzq2Q= ZiffAw3Oum-2FdcwC3-2Bf8L3lMtkeQzQAZS7bOs8cXNsTESusr288On-2FEjG8K-2BelNluKe9= CnR7zkeqGAUiw-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D= "https://img.pitchbook.com/news/71956.jpg" style=3D"border: none; max-width= : 420px;"> </a></td> </tr> <tr> <td align=3D"right" style=3D"text-align: righ= t; font-size: 10px; line-height: 27px; padding-bottom: 8px; color: #78766F;= font-family: Roboto, Arial, sans-serif; font-weight: 300">Our base case fo= recasts AUM will reach $24 trillion by 2029.</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> Incorporating a range of potential outcomes,= the report highlights both the opportunities and constraints facing global= private markets through the end of the decade.<br><br><em><b><a href=3D"ht= tps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpS= WIrf6GFa-2BaqM7ONnvsnswouzWqrVddo3slSCVOGWg0q5E6lf0DwrYmSvo-2FXp-2BznvloCQ-= 3D-3DeXXh_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68= NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIkcRYud8aCkccXLb= e-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKVf67H66fKCX4Cj1= Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIsluXFmJNjvrV7Qx= D3rmw01KdapenSevolHJK7dpZ-2Fxf7GER57F8hvFjMgqeAtI9C-2BJyd-2BX8SOIH5U4V4u1tw= WsqGs5oRzu90EJgtjqKm3rxj07ni-2BcciJAhMZnKvWVbUQv3O1IIsQqNnx9Zn0DaisyfscaStA= RsMVn4IbiKgCNX1CDWExYg8kLI2BZa5rPbkoeOxxusCLPNBYe36HPncpdi95e5Xyn9Gi2uFAiER= CaHNhrwh257n3PQ2uyikZ0Rsz6a8jU40k3wR3AM3XpgNxGfG6meGmaAb8pzw-3D" style=3D"c= olor: #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> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><bi= g><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n= 73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWqrVddo3slSCVOGWg0q5E6zVCHvEiI6mto= XMThTQz4rw-3D-3DE_RK_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43k= bMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIkcRY= ud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKVf67= H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIsluX= FmJNjvrV7Q3hcICmuOhG93Gpn8t4V-2Bi19Q7L16FVOAFmzJaD7lTEATbK2DVUzG0xptHTLHoxK= tORY70QH-2FAHgKUxt3mB8fY9kqteuRvrNn2hTD-2FUYUglvQnGpv3qkdvlQwUJtCj9NB2d0H1Q= fWktkydFpK-2Fbubrz7B4jg0jSrx-2FA6v7SobUMoTF-2BleQ1BFtfaI2GrjN-2B01xM3zOR95d= h3wfYGDdhRVYXaJ1cB6wHAW9fCemA6Ix3zCF-2Fxmuv-2FEqMNbFYeB3y8lZkZ0Xh2O8ebiuQtE= xH-2F7ww-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Healthc= are Services AI Agents: A $155 Billion Opportunity </a></big></b><br><br> AI agents=E2=80=94software that can autonomo= usly execute multistep tasks=E2=80=94are poised to become the next major pl= atform layer in healthcare tools, as they are becoming increasingly capable= of absorbing the administrative burden that has been ballooning across US = healthcare for decades.<br><br> US healthcare administrative spending reache= d roughly $950 billion in 2019, according to McKinsey, and could exceed $1.= 5 trillion by 2030 under conservative growth assumptions.<br><br> If AI agents capture just 10% of that spendi= ng, the resulting addressable market reaches $155 billion annually. More im= portantly, if AI reduces total administrative costs by 30%, net systemwide = savings could exceed $300 billion per year=E2=80=94an outcome with material= implications for provider margins, payer cost trends and labor dynamics.<b= r><br><em><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWqrVddo3slSCVOGWg0q5E6z= VCHvEiI6mtoXMThTQz4rw-3D-3Da-ZG_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2B= HR4BiQVI43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2N= EMdTIyIkcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIR= WxgXGwKVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFm= tHT66SIsluXFmJNjvrV7Q-2FZOfqkt-2Bt4xQyGyvQ59skelq79T2JHdiBnTyABzheVsCm1DOja= phH7Y12cYD-2BDsBeID1iX9OvyRQ9skKyarBFTIgIqRaQIaRyMgvCo5txVDyntUVnYgpeGgVX5G= tBFH6ewuumv63VHYCnzh5v1OAPzAzK-2FrLFQlPQnDeFYGjkIx5Am0pMJhelvQI0vDYl6LyxkCb= -2FbIJyVUxIG19-2BdVXbLy4o-2BTW6GRWZfyDifb0gWptTKKVKCQz8eN0GjLrgTkWTx65rETGU= 9q5fo3QJ0qTtM-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> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><bi= g><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n= 73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWqrVddo3slSCVOGWg0q5E6zlMoGEb79NJe= 6tZ9GHb6kQ-3D-3DZckx_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43k= bMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIkcRY= ud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKVf67= H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIsluX= FmJNjvrV7Q-2FjAgeNJ7auxnvsrOT-2F2hskIudX4VWY3yEctDfszLgzb8GK8qPNeDXjVdyt-2B= 3jIVVVcpc3x9Wz1J7kvg-2FLivyj1ayYZWDaK32kIsBu4HgJo6lRY697NW0aaya83ITVJ7Zjpz-= 2BxkSjPclHroo-2Fx4EzzukPHtdJ2m-2BUQ7lcrrpBGVN0wehAVuGLoXsDfGG7hXjaGonwNEdTv= CpebGXys-2FfB943Yw3NUH-2B-2BrT32lknVvnaCPMlmO60ayVq20Tjlz3KhlFp0SdO91Q1LovX= txF1Ph38-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">How Muc= h Alpha Is There in Private Markets? </a></big></b><br><br> Investors often stress the importance of man= ager selection in private markets, but measuring its true impact on portfol= io performance can be challenging.<br><br> This analyst note tries to get a clearer pic= ture of alpha opportunities in private markets using a historical simulatio= n of PE buyout, VC, private debt and real estate allocations within a diver= sified multi-asset portfolio.</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-2BaqM7ONnvsnswouzWqrVddo3slSCVOGWg0q5E6YrUvkIHk0= 9cDbI1Xe0Rzfg-3D-3DnyAO_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIk= cRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKV= f67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIs= luXFmJNjvrV7Q0M4vtEOQwWuZYd5tKfsy3vhL-2BJ-2BGtTreeVnIAYhEzF7OB3Rntl-2F65lFA= tD9gwqin4J3tvHTARxwuoxNBXD-2B4O-2BFbEQBTCJjU9-2BX-2Bim0-2FUAwUOI2lHAASgeUQ4= edkNP0R-2BPGebscAED042Rf2gRGfgpg-2Bjpj69Yvoy-2BDH8n5sLhAYBgaBMgRr-2BhfDBDXd= Dyl-2BVWUn-2FiHywazMak5naXbPfh6W-2BP-2B9T1Q9SkgGfFvzaRRQ9lagyyX7L25S5LdCvWM= s1-2FWJI1c9FgGwn9BWi13IQQ-3D" universal=3D"true"> <img align=3D"center" alt= =3D"" src=3D"https://img.pitchbook.com/news/72020.png" style=3D"border: non= e; max-width: 420px;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> By modeling different scenarios of private f= und selection skill=E2=80=94ranging from moderate improvements to underperf= ormer avoidance=E2=80=94we estimate how much performance can improve compar= ed with random selection.<br><br><em><b><a href=3D"https://url6380.news.pit= chbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns= wouzWqrVddo3slSCVOGWg0q5E6zlMoGEb79NJe6tZ9GHb6kQ-3D-3DbWLt_Pr966knuaHmaw6c7= pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiS= Qk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIkcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYV= PIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q= 3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIsluXFmJNjvrV7Q0QxCIPkLG8ISWFumxIlbDN1vWUd= -2BpkJpltyRllBl0ptenRYx3fuEU4NVGy2c1FMscYoD-2FwF-2B9nmzy-2FlwkZ6Lwyl30aQIfy= mJI7KDPPBF40bBnJm2QuNAo7LAQ168dLLLC6Ad97CKrIeR7SVgpvTHyY3JQtg-2FW0K0u9mhasL= 01g1D-2BU8ctjuWzow5jPcgAiyWAIbIpdO3ziBuPw8GmeDL-2FtxCjz9I2CXMBquyXYA1-2BdZ0= 7ESxoKFzBkwQQPIWkvIWBQ4t3TEuSA6cWoc2-2F-2F3Hbw-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> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><bi= g><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n= 73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWqrVddo3slSCVOGWg0q5E6-2F-2FlkA-2B= ZUtUKeNxYFS-2ByoqA-3D-3Dn5EI_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4= BiQVI43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMd= TIyIkcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxg= XGwKVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT= 66SIsluXFmJNjvrV7Q4he66dVdJziwW3OMNJ8Rzyn1lolGlCg0NLdOZDA8va3xOt0AZCEy-2BUY= 6EuLg76zxxOHupL1x0FSBXpnqD-2F8iDiVRWVP20bfwpVn0DJ4S9v8L-2FnWHCGsl-2B-2BBFV1= Q1BqLOf-2BewONbj1zXCm9ouzHzXnnNhoxds-2B6u7beA9IFGVm4Pe39GR7OBZflICjtsHzzivK= 64WMyHJvqyJr192x23Cg3wdtw3SSYMJIxs-2BhaHtTe1kTMkqWp6cIsI0tRzJUqRtg-2FBoJepR= qbcwIhMVwBXGxg-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">T= he CVC paradox: High investment activity, low acquisition rates by corporat= e sponsors </a></big></b><br><br> Corporate venture capital has been an undisp= uted force in the US venture ecosystem.<br><br> Since 2014, it has accounted for more than 4= 6% of total VC deal value and 21% of deal count. Yet despite having deploye= d massive capital, CVCs haven=E2=80=99t converted many of their portfolio c= ompanies into acquisitions.<br><br> This analyst note examines 25 years of CVC a= ctivity, exploring the reasons why M&A may not be the end goal for many= of these investors.<br><br> It lays out some of the strategic and financ= ial considerations for these investors and examines how a changing M&A = landscape may impact potential CVC-backed acquisitions.<br><br><em><b><a hr= ef=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4C= uylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWqrVddo3slSCVOGWg0q5E6-2F-2FlkA-2BZUtUKeN= xYFS-2ByoqA-3D-3DXSiy_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43= kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIkcR= Yud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKVf6= 7H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIslu= XFmJNjvrV7Q4tOzkBgDOZF1vhZMwzaTk1fSs3R-2FSmN-2Bry7VK0-2FF2iYUsno2WuGYksek63= wMKbkpPfawzDGEHdDofZWvzZ-2FRTQky7YROUV0k6m8w77WdI4JQ7c7c0HM4wEWJYnmg1saefwp= 6nUorFMd3SNWSF5cqEA8pZW0-2Fr83ig6Nc9hHTRIy5x3RrIOSQy8W-2FOZVmujbqdiy1r3YZLI= L2GsRJt9NHYNoBoDNqvUXtSHEK0f5EMQHhDlzbu5kdX3un10yn5oJaDWJwg9vwWDtsIcIyiSLHT= E-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Read the repor= t</a></b></em></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><bi= g>Private credit research from PitchBook LCD </big></b><br><br> Private markets have shown an extremely acti= ve focus on private credit this year, and our PitchBook LCD team continues = to bring comprehensive data and research across asset classes.<br><br> The <b><a href=3D"https://url6380.news.pitch= book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo= uzWqrVddo3slSCVOGWg0q5E6WMc2n0e7f-2BAVhE08P4AEkw-3D-3DNLAq_Pr966knuaHmaw6c7= pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiS= Qk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIkcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYV= PIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q= 3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIsluXFmJNjvrV7Qzhe-2ByJWDpNam-2B2iuQ4PtyHQ= pqWJpLqjgn-2FP94NnpaaY2-2BN8SILFxxuZu0WuADd1iJ-2BJeYgIbLlV0KG-2BnoF6q3Jnomb= SR13ooIZP1SNbkaCymLv6I4lCC9nlmRMLfsa8i7m6oxVhl-2BlNQ6Y3bHMvvEvgII3PNaRr4KQ2= -2FWHU407TV9XqB6IRFkOJqsD-2BbVwW4d-2FWBqcCypjezcrwUfdfaaUx2DowRlCZsxqDAYZ4q= xigfORFHMkQQh-2Fix6FIheTqb1BXUNsDpLiFedOLJM128iU-3D" style=3D"color: #1D508= 0;" test=3D"" universal=3D"true">US Private Credit Monitor</a></b> provides= a high-level view of private credit market activity. This report, new in 2= 025, showcases trends from the direct lending market, which is opaque, givi= ng clients the key data points they need to digest market trends. It also p= rovides analysis contextualizing the direct funding market alongside the mo= re traditional broadly syndicated loan market.<br><br> It covers estimated volume and counts, sprea= d distribution, syndicated and direct lending takeouts and middle market CL= O issuance, among other topics.<br><br> PitchBook LCD also released a <b><a href=3D"= https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzWqrVddo3slSCVOGWg0q5E6xC0mk5iKjlP-2BbotvSfisrQ-= 3D-3Dpp7p_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68= NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIkcRYud8aCkccXLb= e-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKVf67H66fKCX4Cj1= Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIsluXFmJNjvrV7Qy= 2SRRAeboDPxd40MoIheTr-2BBRNVwqDxKw0oROKSMKjGXW8-2FX9cluiOp45DbMwpaXogrMnJt7= Pg8E33FtF39p-2Fc3MSmLt2RA3FoUucvDqK55fKSS6O1-2FXfJ0wOuO9s1z2hhjZW-2FVSFJWy-= 2F9XXZy92aEOLxNFlc9UR-2FelWxQQoho-2BHqk-2FdMCwk9pzmW5iBWui-2Fuhuo0fLOWiZsua= 2R-2Bhs8pMZzaCi2dKFiLjmeT9lZ2SbWHWnbWCWz61eSI5WaJthBnBZnRzV4cYXJ9Yx9-2BQPpo= A-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">European Priva= te Credit Monitor</a></b> as the region pushed 2025 into record-breaking te= rritory.<br><br> We also enhanced our private credit coverage= with deep dives into paid-in-kind interest loan exposure of BDCs. This res= earch helps readers see not just investment opportunities in the private cr= edit space, but also potential distress within these markets.<br><br><em><b= ><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n7= 3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWqrVddo3slSCVOGWg0q5E6k4a3shv3CuES5= j5HHVWGCg-3D-3DRcH0_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb= McVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIkcRYu= d8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKVf67H= 66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIsluXF= mJNjvrV7Q2gQHskuptPRSeb8N0HWl2Vz0kJsK4TSMW2op5o-2F-2Fk-2BBsO6OLzKiq4xTxBuCb= hVdSIeyZDF4s-2BCrIreDrDn8-2FEDqqSPqxcRX4Z-2FqA73Qodjv5FKCSOQ7hWcmfgED3VnbTi= -2FpBAKunMpKPj6yNvtAzsqucvZvItGLDpGCYl3fcHqrhR9Z9Ye-2FpfwZCx5QRlckjSBHDBNuM= jOWGwNXXjRD7js2htR5hbq2bkw-2BE8XxHpITvMbe2Vu7Oh7gsUVr-2FEmb3F8qUKHZB2-2B8oI= I232BhZmI-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Explor= e our most recent coverage of PIK loan exposure. </a></b></em></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><bi= g><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n= 73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU9g-2B8FHYHFRCeDFhENSUNwR3m6X14cUZ= 9cklN30l88ug-3D-3DuSKL_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI4= 3kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIkc= RYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKVf= 67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIsl= uXFmJNjvrV7Q0ivwt3a2vNhafXQYrHih04pBfB-2BVKsLbGR-2BqPmh35cvgMC70q2BtTPEDZxu= UNs2W740sU4MiGDxsJ6JAB0RwMWG5UmgWdsnWx-2FNy18-2BcNCS2pwYkYgzvwoATJGs7XF4o1a= LSqcsK6hwAYH9lWXDrmS4v735zl6xbDUpJ9gGuctDrNxWUlAVZNHeEe3rufbHuKDmEYam2zzGaj= t40fB6vIwnx3ueUMzlAVqSll2UPFlf8fgkh45WczZ4U8Cp-2Be0bEnXrcmZdaUWhg0ScL8PE78k= -3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Launch Report: = Advanced Computing </a></big></b><br><br> The generative AI era has officially graduat= ed from experimental chatbots to "expert intelligence," triggering what we = assess to be the largest deployment of investment capital in human history.= <br><br> In 2025, we introduced our coverage of the a= dvanced computing vertical, a dedicated research domain mapping the seven s= egments and 40 categories=E2=80=94from semiconductor supply chains to datac= enter orchestration=E2=80=94that enable AI at scale.<br><br> With hyperscaler capital expenditures foreca= st to approach $6.4 trillion through 2030, this launch report dissects the = market forces driving this unprecedented spending, identifying the "elastic= ity of intelligence" as the new economic law governing tech investment.<br>= <br><em><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU9g-2B8FHYHFRCeDFhENSUN= wR3m6X14cUZ9cklN30l88ug-3D-3Dz1sG_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-= 2BHR4BiQVI43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK= 2NEMdTIyIkcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZj= IRWxgXGwKVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXb= FmtHT66SIsluXFmJNjvrV7QyAv3XLtrugRBgws2q4nt-2FvlUvO96-2FybUe-2FqMKFVY5DlKDZ= TBUpXaGTCV9AUuiScwDi8x2cMeGPl6o6l7-2BLjJnm6nuVi75EW2-2FEUTOoNhZ0uhJe-2B-2Bd= KWAAZmjfQDzYpCzltWUZ-2BBZ0K3koRF8tclXhZUZWN99jriQgFL8-2FuzplQmvqjjVtfbskWCM= qVrPoHgd9jUIA6ZxwYHuA35G0-2FLzU6J2Bn5arytYqumHrL4PdLbzu1-2Fp9GO0PKklUHLU2Zm= W0n06DoEj8Rmr6DFNzpaChc-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> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><bi= g><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n= 73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU9g-2B8FHYHFRCeDFhENSUNw4nrTWs8oog= bH2Fl4M4gE1w-3D-3DP_2C_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI4= 3kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIkc= RYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKVf= 67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIsl= uXFmJNjvrV7Q06aYFULvYG8DH-2BRqWIy1D7GWFA1-2F4afYhRuTSw3lZVpJQrNigieaxW4D8Cf= X7-2BI-2FOge9Ippa2ABJN9nt0Z8ODAKWJv2bhB1xQEWv58q4xulfpBF1D0tQ0jZyrz4X1uw0CE= kZTGwpg6HxeYtJbQVJYvmqXXNJqA0M3ITyJnZ9J72HRSZKxkMXndhxioDeDpcmUjy1UAaUH-2Fy= D3Ar2ALDXuO43tUO9ZTmXat6EWHZ-2F1K7OZqmI4DL6a6mTdivOffD6ClWqYeISM6fFogNgN1ah= Eo-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Private Capit= al in European Football: Part III </a></big></b><br><br> As of the start of the 2025-2026 season, 36.= 5% of Big Five clubs have PE, VC or private debt participation, whether it = is a minority or majority stake.<br><br> In addition, 39.6% of Big Five clubs have US= -based capital participation at the ownership level, up from 34.7% two seas= ons ago.<br><br> In this third note on the topic, we examine = how these trends have intensified over the past two years since our last up= date. More importantly, we examine the lessons learned for investors, clubs= and leagues when the outcomes didn=E2=80=99t quite go as planned.</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-2BaqM7ONnvsnswouzU9g-2B8FHYHFRCeDFhENSUNwnhjyW2V= DuDkptS08-2BKSnaw-3D-3DBPqI_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdT= IyIkcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgX= GwKVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT6= 6SIsluXFmJNjvrV7QzoCf-2BuiIQOzMSEwrdKQLJXHIuvu5py-2BDGTtulgl4cNoHt49x6OIbwl= jzw3yJqHrI7Ko6Pm4jrOcLrmvt6Jc6sda35pHKJSSt9wmfNFYOcvq9pNKsbL2mu5W2ZKurxRxPj= yaj-2FYpcC4owovguSLWFx0DgOW3l-2FU1XbVakXjqJloiMnVPItGEsf-2FU8E3DMSYOBb81cil= DvOxlgqR72vUTwA-2F2abW52xUpSWq5swmbPZt5vot1icHlPgzSvErL6i9IUJo0PvAITPLsT2hX= ZZrVxfE-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https= ://img.pitchbook.com/news/71932.png" style=3D"border: none; max-width: 420p= x;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Read o= ur research: <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?= upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU9g-2B8FHYHFRCeDFhEN= SUNwC3H4LJdxntCgbAEu8-2FONhg-3D-3DAh8l_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL= 0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S= 4tDnK2NEMdTIyIkcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9= dsXZjIRWxgXGwKVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83= wdpXbFmtHT66SIsluXFmJNjvrV7Q0kW-2BOnNVtShJBouf0YTmSMDuX53z-2F-2F48f77KX2-2B= bIB35ljz4QBQPJ-2BMFFI313aVi-2Br96l5twVLadjmOXkvxtbnNRDW2roWutSs6IoRDoXwo6xc= mFXpDNQhEHFghavVVnGhQds3m-2FZoqgU5CSsvurZO6h-2B-2BGJvY0SWeISFNg2AjHnFJiIz9G= QLhGRenheZlc0IIVKaQRu21FWSt0DXMkmKl8-2BkkCAhgUAtXxeAPHqBse0okq-2F41XW3lRxnw= 0IjZqhrjBvkEiclDEJ-2B-2BAYf9APGQ-3D" style=3D"color: #1D5080;" test=3D"" un= iversal=3D"true">part one</a></b>, <b><a href=3D"https://url6380.news.pitch= book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo= uzU9g-2B8FHYHFRCeDFhENSUNwyYVA16nWODBTKVmHNL5xXA-3D-3D0woD_Pr966knuaHmaw6c7= pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiS= Qk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIkcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYV= PIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q= 3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIsluXFmJNjvrV7QziZr9v8ZZYRmcx7bGCRtVO9vJPi= clGjL3gzKGr3JCzQN9ristSdA7eP4g9pN7kvUirCB4hE5OW9iMXLpwXgz1CknT2E7E9jDSUH2QU= zHDA3EqHc1GeimRWGRZCsrauk0yONBrj016Nbhi9TBS8qMk34dUbBBVE1nUZMcTGaIx2S6JHeOz= j7NVzW0LBDDTk0zf0scmFHTp7PJnZv8nSM8jWbPNM5zd4PGU-2Fq5LBKkPExY-2BU0EAFWjvMZb= vYWuMzalCzTrOO3X8gTO1bKCJq9uGo-3D" style=3D"color: #1D5080;" test=3D"" univ= ersal=3D"true">part two</a></b> and <b><a href=3D"https://url6380.news.pitc= hbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnsw= ouzU9g-2B8FHYHFRCeDFhENSUNw4nrTWs8oogbH2Fl4M4gE1w-3D-3Dn-0-_Pr966knuaHmaw6c= 7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZi= SQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIkcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWY= VPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8= q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIsluXFmJNjvrV7Q5vm4pHihSMpMsrr17eD9gYUv3a= L7Oc8xdpUJ3-2FsuYdtIsWnlilqEQY8d3qA7qcF1hFNeV3DNyzeqosm-2BHAqk7TvFa8l2ya073= PBtUcTo9VLcRSEUoFLXpJn4vpMJXGEHj8lMTTePN7nf4xgsyvpGSj0a9vPM7AxcgoOW6ugi4Qbd= -2Fb0YQfGinHA-2FcAszJlq5ycEvcTit039FT3jw0Ci14nVVaQxSc63dzXFGdcQ6oAKwKA9fb-2= BQ-2Br2ys-2FpvhCS1ytDbqXYTMh0gvIK65vQRy1A-3D" style=3D"color: #1D5080;" tes= t=3D"" universal=3D"true">part three</a></b>.<br><br> Bonus: <b><a href=3D"https://url6380.news.pi= tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzU9g-2B8FHYHFRCeDFhENSUNwU2UNoyG0YlVtnk5wWdm0GA-3D-3DVlPO_Pr966knuaHmaw= 6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0g= ZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIkcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1M= WYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2= e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIsluXFmJNjvrV7Q76jMLLAlUy6YmGsKHPliPfrz= 9tsfA-2B7mnKLvOWGgdDevFngi9fYedbKReIDvHGaC6DzmfwdnlCRoOJUSuNNqHq2Kf1lAYsZx3= Fa-2BOd9BMpoyOf7loTyrNmd5RLXmAu5wj7u3V8-2FnFeoeAuaYmBJTUy-2B-2FkTwTg6wSoUn1= bYjsUOgYSASa-2FXWqNSUxZ4CUN3snTTBBcZlcSJ24oeCvebtMdu6fBkDpL73AaxuNC-2Bl77-2= Bpa8C1HB4LzaudAnOjvVAlv1aUx1XE9fgsS2v3BuxBm8Q-3D" style=3D"color: #1D5080;"= test=3D"" universal=3D"true">An interactive dashboard</a></b> for every PE= connection to Europe's top football clubs, updated in real-time as news de= velops.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><bi= g><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n= 73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU9g-2B8FHYHFRCeDFhENSUNwtdmGKr4qIc= -2BhGFmSpcN7Mw-3D-3DyvJf_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQV= I43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyI= kcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwK= Vf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SI= sluXFmJNjvrV7Q9Qi383AZGrKgN-2BShg42ueerC9KPPWMo0-2BIyTwRM8KWCta65QNtl5YRpPc= fIX3VmRSQs7oIwpBMemvoCgRl6wzZmwo9YQH3hVhUGQYlJKr2u-2Frhmv3LXr7cO7SNa-2Fa0TR= -2FkZGBXtQqfL-2FXLlLe3N7ssiqhi-2BmKd6h6NLLyYnDiYR-2Ft-2B0FQv1tr2QLbvBeNUa7B= f7zKlahzUabUEjlb00oIS2YiSu-2Far25ISGm28KYg4MpTOFVB5gHhWCnRV7JcmeNr1JwL4QZ-2= F0FWsIemgV1dlE-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">H= inge Health Breaks IPO Logjam </a></big></b><br><br> Hinge Health's IPO was a defining digital he= alth moment in 2025, following a lengthy period with few public listings or= major exits in the sector.<br><br> The listing cemented healthtech's valuation = reset since 2021, and was a key example of the type of business models prov= ing more durable in an employer-driven market.<br><br> It also served as an early test case for a r= eopening IPO window=E2=80=94both for digital health and the broader tech un= iverse.<br><br> This analyst note provides a view on Hinge H= ealth's valuation metrics, virtual MSK market dynamics, and key business ri= sks for the now-public firm as it looks to rapidly scale.<br><br> The report also provides context on broader = implications for virtual care peers such as Omada and Sword Health, and the= dozens of still-private digital health unicorns weighing their exit timing= .<br><br><em><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?= upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU9g-2B8FHYHFRCeDFhEN= SUNwtdmGKr4qIc-2BhGFmSpcN7Mw-3D-3DH03e_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL= 0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S= 4tDnK2NEMdTIyIkcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9= dsXZjIRWxgXGwKVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83= wdpXbFmtHT66SIsluXFmJNjvrV7Q2br6RiVH644GbNhH9iKaGXJgsEiSjClW3jZOiAxdHB6QRlM= O-2BuDfCDI7Wow9s1Wi0-2BVI747HmNk6NoQRc-2B7PfqGUijUnU42vS-2F3HEfnawl4-2FsUt8= xn-2B0so9yw-2B80tg5uW-2BtcOHDu3n6PVQ8wKwMCuqIdNNJ4R84oJG9JkgYVcpovx2ENXFdop= yZAPqLIvVG6Pd6YCACrHHPwkHLUUDlGuQ8bQJxVZZG8OzrY2y-2Bg-2BWvrLJShOHcGkxr3II52= o9W0pWJ8rPr3EC2GdKZW0WYXPA-3D" style=3D"color: #1D5080;" test=3D"" universa= l=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> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br><b= ><big><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU9g-2B8FHYHFRCeDFhENSUNwU7VB33= C1Sz6vRPsYOjSTnA-3D-3Dh7UA_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi= QVI43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTI= yIkcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXG= wKVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66= SIsluXFmJNjvrV7Q-2BdJIrHF7KZvxVbdrLGIW-2FUTb91aAvkq5aahAYcndCC8zCwShmLzeeiu= bIORadMSPI1BUkwlZFp1uqhS1jwBpavvRIen3dpaykLgWeuGkn-2Fs4eEirqigedGIDByRBQFxK= GtE8ztLZF-2FmSAYrAmb4lMTvW3k-2Fo-2F1DhepDWFpI9SiTjwz-2FoUD-2Fzm69IlVxW935CS= XuVoWrmXD-2BAMIZ5DnjdlhHhon0AFV4z-2FZ2Xi2IvE6Lv50Xat5fBoDavIWdz2DMax8DgcPu0= Uay-2BlC-2BHHUhMRM-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tru= e">Climate PE Funds: Heating Up or Cooling Down? </a></big></b><br><br> This year, we published our first report on = the universe of private equity funds that make climate-related investments.= This new dataset completes our coverage of the last of the three private c= apital strategies in which climate investing is most prevalent and impactfu= l, the other two being VC and infrastructure, which we explored in 2024 ana= lyst notes.<br><br> The report covers both fundraising and perfo= rmance trends, including how stakeholder pressure to decarbonize portfolios= and the expansion of the climate-related opportunity set have influenced i= nterest in the space.<br><br> Additionally, the dataset allowed us to buil= d out our Global Private Capital Climate-Investing AUM Forecast, which we r= ecently published in <b><a href=3D"https://url6380.news.pitchbook.com/ls/cl= ick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU9g-2B8FHYHFRCeD= FhENSUNw41muOonmM3QqdjhPZbyxlQ-3D-3DFd5-_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJ= YL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l= 6S4tDnK2NEMdTIyIkcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTI= r9dsXZjIRWxgXGwKVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj= 83wdpXbFmtHT66SIsluXFmJNjvrV7Q0v8mYkMX-2FGXuJhqXmepmS3KLJleWO1jBUIzwKcoc0-2= FQmGjZq2jU08N2ytlOuhbpYgN-2BduGj5m71D8nWnKaVm9LVbYGN-2FkUU5tllbTWAImhHTt2b2= XkRdal9mczy2eU296sDUXkN61Bm8g6ZUl2cqrfH0hDG7dJFJ7rmCvS0CAuIjujBHsRr0O9rcfca= 16RU42RG3lZVXgQkK-2FXD39PR2w2wmP1B1o6oY3hm0G5wa8W71tk-2BcTAobalW227JFFn8Jvk= xroDwZATw8YpfYHZWXtA-3D" style=3D"color: #1D5080;" test=3D"">Morningstar Su= stainalytics' Sustainable Investing Trends to Watch in 2026</a></b>.<br><br= ><em><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0= 01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU9g-2B8FHYHFRCeDFhENSUNwU7VB= 33C1Sz6vRPsYOjSTnA-3D-3D5nVy_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4= BiQVI43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMd= TIyIkcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxg= XGwKVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT= 66SIsluXFmJNjvrV7Q516VV0tX5EkJQKEJolgparJmFvcrzpAEXY-2FBRSu1Fhtwj7UyhFsHvUR= 4-2FXRtweRbtw5KQ9-2B9l5yvK6zFMGND2M5-2BortcKlMvJ6Ss17Ltsts6lAc97u54DeSO8fcs= W8UYKfj6TL5KQ4ZNktOaJGNwZUNNL62y1HbVpZ01HsVizw6ITmiZsr6fOY40T3pJy7xvu-2BBG1= ZU-2BTjk8hY5780OYXiyybN0xTDLuYinJd66VZVH8ToAd5b8s4MmuJZb9BPqqvMUN6O7h5MBESq= Wb4UKk-2Fg-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> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br><b= ><big><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU9g-2B8FHYHFRCeDFhENSUNw9-2FYB= kWNqqpf-2BXcAQTwXPFA-3D-3Dyn6m_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BH= R4BiQVI43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NE= MdTIyIkcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRW= xgXGwKVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmt= HT66SIsluXFmJNjvrV7Q1YSo9X-2BjVij-2FvI6S4PWOnih-2FEfMNeuagRIQ95bl3JR1n3pr31= PIcRnjIDeeJkY6iXkmowUTYHgoEJIJhy7B-2Bceun0Snhvyezf7psDSOz1Z-2Bz7i-2F3sXMXBD= 9-2B22G-2Ff61UAxTVnkrIqwq9CiBOvHB8gAhmQqJE1DgNQf-2F9k1f6LwvgFbLUgRVV3zLhFqf= Qhu9mkf5CDslsWIkLQorVJL4tBYZEBBG2ade3XdFMjFFAWGmlWYkHhn5TEnMhiuU73Nq-2Fsgpq= aWfgCZNQxFy6R5lJiU-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tru= e">Benchmarking and Returns: Why Are There So Many Numbers </a></big></b><b= r><br> Measuring investment performance isn=E2=80= =99t as straightforward as it seems.<br><br> Some may have heard that you should not comp= are IRRs to public market indexes, but the explanation was always hard to f= ollow. There are many metrics, so when benchmarking investment performance,= it=E2=80=99s important to use several, like IRR and multiples, to see the = whole picture.<br><br> This analyst note digs into these more techn= ical questions about different return metrics, including how to calculate t= hem, when to use them, and how to understand the value of an investment.<br= ><br><em><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU9g-2B8FHYHFRCeDFhENSUN= w9-2FYBkWNqqpf-2BXcAQTwXPFA-3D-3DFm55_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0= YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4= tDnK2NEMdTIyIkcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9d= sXZjIRWxgXGwKVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83w= dpXbFmtHT66SIsluXFmJNjvrV7Q9irGuR4AiCCpgGH1aFej-2FSz95W9AQ7Yx20eyTUNc5ZjBNd= 6ypqiauHjI5uaWAmif9GYn4Yv6-2FZiAirWl70O61fH-2FwyuMxOfNhN7PHrYookmfDkJHFEK8P= -2Bp8T8Ygen4jEoLSaDVSN9Rus4xLF70VDlbudT5A9OZV-2BUUpg-2F-2BVOaNkv970XXKVjFTd= g9tmIJy8t41LEOCrlWxivUe0hUrRPxgci9XrVLmmF35e3JkIhpJp2OYSCIzGOAor387fi5pqSfE= OvyKAZSCliYjSRZu-2Bys-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"= true">Read it here</a></b></em></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><bi= g><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n= 73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUWhVrZAEefTfop-2FC6ge9CtvQSEClnvPj= p6YfaKnQ0D5w-3D-3DfR2u_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI4= 3kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIkc= RYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKVf= 67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIsl= uXFmJNjvrV7Q074-2FDGGm-2FJgyyMAIGCQNHcqcOUJrn9me-2FmT-2FBOkLPXeObOBh0oxkRe9= LBItXJF6wx80HdYg-2F-2FZt6spDwT9jcRIIoSFq3u9W0CIjnyAGZuU0A6h9MCvj0ZqGu4FIT9d= QqfOAuKbn3NW55N7RFiKCd1zzoZhrOR1Hf4Ghe28ShLMXgaXpZrsb9tPY-2FFOEm0F3rKFAMXxv= BQNiunrUminYWY9cFXxJtUbTXcKfKeAk-2B-2B2Uhownty2U4lboJh7Kq03aGPJtRfkMXpEnOfC= CDNhy-2BZc-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Track= ing AI Venture Activity in APAC </a></big></b><br><br> AI and machine learning startups in Asia-Pac= ific are attracting a growing share of VC funding, even as overall dealmaki= ng remains subdued.<br><br> Total deal value in the sector rose 18.6% ye= ar-over-year in 2024, though there was a slight pullback in 2025 as trade u= ncertainty clouded APAC markets.</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-2BaqM7ONnvsnswouzUWhVrZAEefTfop-2FC6ge9CtEoe55Ye= B5FUXskM48tlN7Q-3D-3DJGdb_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIy= IkcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGw= KVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66S= IsluXFmJNjvrV7Qw01Vj-2FdNPJ8RbU9BmlCfo09lHOOuNLbfsdUGAC5mHpIUh319sgmphH5bUE= GIXYYVaVys-2B-2B4qD2og1eJQlrtG7jC7PMU5wzH08MQrWnZohJKYY0RKL4bHUs4wYhJ7jlI6N= 4cTt3ZpBNpKySOwq61eK4IVqjyv9nd-2F9RZLB76h0-2BQM6gpridRykW7ll56luMZ8-2BIjZis= FLH92tv-2F8-2FU0LetRoL-2BOQYn-2FLijM-2FbKai0aB-2BakDpkD7tPgY0Att01lHPMcEZNe= 8xLNZonakXzPjm-2BUg-3D" universal=3D"true"> <img align=3D"center" alt=3D"" = src=3D"https://img.pitchbook.com/news/72022.png" style=3D"border: none; max= -width: 420px;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> Still, investors are prioritizing AI as a sa= fer, more strategic play while pulling back elsewhere. Rising development c= osts for large models in the US have also pushed global investors to look t= o the APAC region, where strong hardware supply chains and lower costs offe= r a more efficient route to scale.<br><br><em><b><a href=3D"https://url6380= .news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq= M7ONnvsnswouzUWhVrZAEefTfop-2FC6ge9CtvQSEClnvPjp6YfaKnQ0D5w-3D-3DJoes_Pr966= knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3ctF2BKyouTe= L1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIkcRYud8aCkccXLbe-2F8CkmhOS36-2= FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKVf67H66fKCX4Cj1Qh-2Br79Or1N8DC= Td6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIsluXFmJNjvrV7Q0O-2FyClu-2FwyHp= uFJG-2BJyswsV3AxQIDZJKECHKxXROhKn9jS8QGkgS1lnXZxg97aw3xWQXiqb1vbFSYQxrOsmva= 1gsvtphB5RO7PfnVypR3CDBoP4oVtS0-2FCfY5seB-2FZOAN9lTfG6j09lN2oRFeSFZDiqznQoq= 254-2BvKO8tpBY7dh8YMszBwWOpKEUWENvuOEqTNnGN-2B80sbFqVOW42A6QNBxDrljBjcUywgY= STK-2F2XmkBPr467wwesqm2gGyb58DpzqoLufWANH2soSge5uP7dg-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> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br><b= ><big><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUWhVrZAEefTfop-2FC6ge9Ctocrps3= xmw89oiwOkW5vdcw-3D-3Dl2e3_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi= QVI43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTI= yIkcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXG= wKVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66= SIsluXFmJNjvrV7QyUIZFK1Yk3sZD4XQ-2FwWTDfT-2FHEZrxUuaecv4QuBxNYbtijsbvBuT0a-= 2FAdAnOz84TTpBN8wHZQ1c-2FTB8EeAg63eSQExHovMyoMWAytUg6thM3-2BbrN3DLYRx-2FCM5= PmCUWBj22yiugMNUab-2FKEjRvVDTwmWTQLXghmOYN2h2tAMrAPkRBkA9h6rl9tVCBwKeFDez9V= YDqX03jwWTgIBY8R7JLZ-2F1AdHrNH4BA-2BrFB8Srp9nB4ubrd9c4LuJK4Cx51d9ZA11z56cSB= lCRmKr5nafF8-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">EA'= s Buyout </a></big></b><br><br> At the end of September, Saudi Arabia=E2=80= =99s PIF announced a $54.7 billion LBO of EA, one of the biggest LBOs in hi= story.<br><br> This report explores this deal's role in PIF= 's strategic shift from oil dependence. It dives into the sovereign wealth = fund's deepening investments in gaming, esports and technology infrastructu= re, aligning with the Gulf region=E2=80=99s broader economic transformation= .</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-2BaqM7ONnvsnswouzUWhVrZAEefTfop-2FC6ge9Ctspislxm= BVAb7mVooj19Yag-3D-3DC4-I_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIy= IkcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGw= KVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66S= IsluXFmJNjvrV7Q6IspEu3-2BQWvWH4oDRoZWE7QTZIJebgA6qF-2FI6L9KhQyF-2Fx-2BIwCiG= mf-2B-2FlHQGnmU9BVP0BnYn8HwR7CgaHMD3SPzgVCiHn6mtOn2s-2BLZ8q1wqhRpNAPuHkQ061= ANzdRbJw69JYDzgkLkMz35TFbhh2cPmOcsX-2F5QXxzYVdYW-2BrJwyk9PBYBQqD6tS9XflSf3X= O7npaJ3dR23SWnvppkW0isqgMjS1PfmxfXZpr-2Fk-2FnLukGdGzFimuZSVUtEoSAJmQ6EsK2QV= VnDpDYmEm-2BN3EcQ-3D" universal=3D"true"> <img align=3D"center" alt=3D"" sr= c=3D"https://img.pitchbook.com/news/71969.png" style=3D"border: none; max-w= idth: 420px;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> It also looks at a growing split in the gami= ng sector, where blockbuster firms attract capital and strategic buyers whi= le smaller studios face rising costs and consolidation pressures.<br><br><e= m><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUWhVrZAEefTfop-2FC6ge9Ctocrps3x= mw89oiwOkW5vdcw-3D-3D-qle_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIy= IkcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGw= KVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66S= IsluXFmJNjvrV7Q1PiuzZRIf7TADYz1jxO-2FJ0tyybeynk2aMRoBjXSQ2aeJVTmbpx2sjMWySm= l5B4-2BqvD1afK48Jew7mEVCQNJ7KktBSpNi667puXgq7N7Ftr1S67JwZjRSAWra9dHpSoXToeH= mif9ajdkCSvD9Wlf6Pc2SDacWS4hhMZjTtc3KFl6C-2Fnl53yWoeUY7JKsXlMonMsU2HT7JQFKz= ydP67B5SR7uZSGYDYtOgFFwWvbKN83KLmhNTSaIfB0c891uYaMMAS9lHk6mlXMsZuKVurZRYSA-= 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> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br><b= ><big><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUWhVrZAEefTfop-2FC6ge9CtuiiEIJ= gjKUwGNnlOuxvEHQ-3D-3DwA1__Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi= QVI43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTI= yIkcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXG= wKVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66= SIsluXFmJNjvrV7Q-2FFPHVa7F12Z8URrY8kreNmvv0pSexWJAx-2FJq-2Fwb9DlzpBc19m9hHe= zpffSubJxMqwBYATzr8j-2Bcn0NtujBVsiTg9TQXaJyxP5KHpPiOSeSH6C4ZtQaJ7uz4y5800Cg= 4T3YYF6hBDD-2FIfjjBJK2qu6bY5Kc-2BVBUwbRl3vg9B245uJzwR8TNGjpyTAz7V6GqIGuktWX= ntBM8LYZijMBS24MX68dgk0z8LS0GIxwTg7iuvutlNGSaQRBZFRWAbDIl2MtL9G7iQeQLXZQRhn= vrxgyY-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 2025 E= nterprise SaaS M&A Review </a></big></b><br><br> Global enterprise SaaS M&A defied expect= ations in Q3 2025, with a massive hot streak rivaling the activity records = of 2021.<br><br> Deal volume surged more than 26% quarter-ove= r-quarter, fueled largely by a dominant shift toward private equity.<br><br= > PE buyouts blew the roof off the market, cap= turing two-thirds of total deal value and significantly outpacing corporate= acquirers.</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-2BaqM7ONnvsnswouzUWhVrZAEefTfop-2FC6ge9CtvncYKeq= xu4s4XdU0ghz6Mw-3D-3DBKi1_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIy= IkcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGw= KVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66S= IsluXFmJNjvrV7Q4LxJW-2Fa4sHzsD6ExrvsoMlsa6juln-2FJimUl6k-2Fnb-2FPO6PLRu2Mxc= mVuwBz-2B35733NXYABiZdLWoVO-2B6kFbUuZRWUHbuR9TcvMjnJc3M807RCF-2BWUby-2Fbp5g= AUa7E9CSafuOqaz66GGQWN15eIhAcxDPkfImSCAU6lBIMnBZtbZU8f51agXIVXOtgFYBNXXd9Jt= pwECLdlvbUv97QiX9iwY8FL-2BWnmGxE-2BDu5Ph6eNMfGkFRVjLbDG6VxXKoQj50k8ph9NKrjq= rYrFRDynKy6lQ-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D= "https://img.pitchbook.com/news/72015.png" style=3D"border: none; max-width= : 420px;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> 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.<br><br><em><b><a h= ref=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4= Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUWhVrZAEefTfop-2FC6ge9CtuiiEIJgjKUwGNnlO= uxvEHQ-3D-3DTXUY_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcV= f8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIkcRYud8a= CkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKVf67H66f= KCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIsluXFmJN= jvrV7QxYPmCK2LpNyXCX7KlZnCR2EAsDlPWUbKl1uElYI8p8x5whSmFeRujFYyMe3e5airfHL0h= 6aHsCKN3jPwr8txgZ8L9iCozZUIgfYxLAynaqu3m88JlwXqhucPo8C0e9fMRmNolH6wRTzX2M42= FxlF9M9nJAcPXGGouLJDqFbFnsWTMP8BEitSsWY-2F1vQD87DGdRSx2yp4UsH4R-2BPfBJqiJ77= UFRkribuVBgdF7JOOZkvQDSGnofmhiuf9MrBV-2BAILdSS4oJtze-2Ft047PHIkqyJA-3D" sty= le=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"> </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= aqM7ONnvsnswouzUWhVrZAEefTfop-2FC6ge9CtcC-2FbLI7Qr5PWM-2B7o4-2BJG3w-3D-3DkB= hf_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3ctF= 2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIkcRYud8aCkccXLbe-2F8Ck= mhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKVf67H66fKCX4Cj1Qh-2Br7= 9Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIsluXFmJNjvrV7Q-2BFBhM9= 4dRrnBzY9nq-2Fs-2B3-2BwPb2UcecMrUV0BglQYpM-2BrHeQQtm9DQli7MZd5xnT3Yo6isw1ih= -2BQMfqXXWmZ7UvOiCTDmoHMEp5YOOCUOuj6KhOCgEz7gdKROWpXycDOvEeftg5hmXXT-2BRzbx= J-2BGrUI60PZSxfh32C5jm-2FbcZefeyE6PIeE7PGCIPgomHYMo5P1vZITGKAQTmhgV3QJov-2F= TUaU9DJvoHZ9vNNt88Dq7t-2Fh9cCHc-2Bgha-2BFDLmdYGOuDZu9vo-2BiFCEA510RemQIIs-3= D" style=3D"color: #1D5080;" test=3D"">PitchBook Institutional Research Gro= up</a></b>, meet <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?= upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUWhVrZAEefTfop-2FC6g= e9CtaHIFWMsjuxb6zOJBQNgmNw-3D-3DXA8t_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0Y= QP-2BHR4BiQVI43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4t= DnK2NEMdTIyIkcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9ds= XZjIRWxgXGwKVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wd= pXbFmtHT66SIsluXFmJNjvrV7Q9iTB9U0soieAMHFxxfJpVUIbRM8A70MUUuvFMjJbrFcrqf6pR= UR6DtFSBDSUHMzSFZy37fMB5jRp-2FgsTRm03TQdL86Jlm1-2FWVF47UY24yc1PRwEY4i1aaCTT= Q3crg3VdQ18UQjHhO6buBDzaEFBcLHDPaW1crLyydtT93eoWMoIVD53p3GIdOhJFMA3NND6rVhg= v7PhdToMIhRE6rPsiUQEH0JMjVcO-2B0BaFCbRsRByl1-2FAxbnnozf6J93ZO2TjxpJDSzocz3V= -2B7V-2FC3I7rZG0-3D" 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-2BaqM7ONnvsns= wouzUWhVrZAEefTfop-2FC6ge9Ct-2FKLOMMJwCD1pENW-2FfQA5Qg-3D-3Dpd0g_Pr966knuaH= maw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3ctF2BKyouTeL1OpA= t0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIkcRYud8aCkccXLbe-2F8CkmhOS36-2FPY6Z= o1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd6LX= pE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIsluXFmJNjvrV7Q8zE6wpdaN86i5fHHYIocs= WhAkZ9RPhNrZOw7VJHUPnk2uR82kXB-2FQhl5xnvnXgmsEif7mcUBgJeFIK6b5B71QickJNKhAH= OhzCXvmAStBcp0Y0Dqo1tLJ-2Bon0EA8y-2B-2FLhy1-2Bpu2gr3uZOPCtYEFAfoA-2Brq2XSrx= AfFm7dcjMudEvQ9K-2B-2Fj702v5WiCDTHI3DQns9iFG5oxSWRdSUB-2FbpqYOJiV-2F-2BxO6T= t8DJ-2BnEbrUmbCIviTS7fD2truiIezMCN5t-2B55zdwjtypqXUcNqRi6E-3D" style=3D"col= or: #1D5080;" test=3D"">clients</a></b> and <b><a href=3D"https://url6380.n= ews.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv= snswouzUWhVrZAEefTfop-2FC6ge9Ctdzw36Aya4-2BwxMeSGIMHB-2Bw-3D-3D_aDF_Pr966kn= uaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3ctF2BKyouTeL1= OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIkcRYud8aCkccXLbe-2F8CkmhOS36-2FP= Y6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKVf67H66fKCX4Cj1Qh-2Br79Or1N8DCTd= 6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIsluXFmJNjvrV7Q7eT1zhEuOi8ZgI1D2a= Mgl2787vnW-2FDVqVeKheRWraBgVLHKa59vg1PlhE-2FLkHELdBK2tgYD9lXANXtP0Hr4aqdzxf= 1jjGIseXNwvTckWLuAqMhMDhJE3IEpnR8smC6Qonk9JjGih1dfsge7jQ8vNnTCxIlJikTp95Mrl= Mj4uAIzdtwSpzShtMaz4FkADceagu-2FsV5fpiYpL9Y5Kerbmeu79Iu1lEmFpTKs7qHG8GPMmua= zJufK-2B-2BQ6rMKTZ2PKd683kn2HpEu8ReJiG4W4CdRg-3D" style=3D"color: #1D5080;"= test=3D"">non-clients</a></b>.<br><br><em>Did someone forward this newslet= ter to you? 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padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td> <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-top: 26px; padding-bottom: 37.3px; white-space: nowr= ap;">Since 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: 25%= ; min-width: 25%; 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;"> 710 </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:= 25%; width: 25%; 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;"> 3632 </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: 25%= ; min-width: 25%; 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;"> 1572 </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: 25%= ; min-width: 25%; 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;"> 20 </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-bottom: = 13.3px;"><!--[if mso]> <v:roundrect xmlns:v=3D"urn= :schemas-microsoft-com:vml" xmlns:w=3D"urn= :schemas-microsoft-com:office:word" href=3D"https://pitchbook.com/free-tria= l" style=3D"heigh= t:43px;v-text-anchor:middle;width:148px;" arcsize=3D"50%= " strokecolor=3D= "#F79B3E" fillcolor=3D"#= F79B3E"> <w:anchorlock/> <center style=3D"color:= #000000; font-fami= ly:Roboto, Arial, sans-serif; font-size= :12px;"> Request a free tria= l </center> </v:roundrect> <![endif]--> <a href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzWLtFb1-2BJbdsYTlAdyleQZldmrS2lioBXmo-2FP1Zsklbng-3D-3= Dw7iQ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3= ctF2BKyouTeL1OpAt0gZiSQk0mSoATZ1GE6qzU8l6S4tDnK2NEMdTIyIkcRYud8aCkccXLbe-2F= 8CkmhOS36-2FPY6Zo1MWYVPIFnOEgIgvxgENOLTIr9dsXZjIRWxgXGwKVf67H66fKCX4Cj1Qh-2= Br79Or1N8DCTd6LXpE2e8q3FJZaM5ln7-2Bc6vGj83wdpXbFmtHT66SIsluXFmJNjvrV7Q45-2F= gsdDz2YEhCrdBv7S2yZf61nTFO2IyjuRNHD25rczkvFp5lk-2FnUy9440GxlUAQSLkT2s0dvyQt= ZWgcPfThIEMA4gzTDsYb2s-2BWjln9UpIWn2L6VP269BB9Rr6u6JmQd33t1x6KJ0iVZ7NVAv2F6= dUnx9A68L2wdLPrBMU8ChFBhByPgl7ytfQbDcwHZfTfOcBtDOyjnWjBSiPb5TWofFeqdMugR9sa= ZJeQRBBsTZ38jTc7m6uGsUEDHAcI8c-2BqZQjm6ZbXIagHB4Jgpy3ugs-3D" target=3D"_bla= nk" style=3D"display: block; 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