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} body,table tr,table td, div, a, span { font-family: Roboto, Arial, sans-serif !important; } </style> <![endif]--> <style> /* Windows Phone Viewport Fix */ @-ms-viewport { width: device-width; } .mobile-only { display: none !important; mso-hide: all !important; } .desktop-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 0 !important; } @media only screen and (max-width: 800px) { .mobile-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 1px solid #C3C3C3 !important; } .desktop-only { display: none !important; mso-hide: all !important; } .container { width: 100% !important; min-width: 280px; } .content { padding: 0 5px; } .walkthrough-image { width: 100% !important; } .performer-title, .performer-content{ font-size: 6px !important; } .header-msg { font-size: 9px !important; } .pre-header { padding: 10px 20px !important; text-align: left !important; } .side-bar { display: none !important; 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pad= ding-left:5px; padding-right:5px;"> <table lang=3D"x-header" class=3D"container" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> =20 <tbody> <tr> <td> <table lang=3D"x-header-subscription" style=3D"min-width: 100= %; text-align: left;" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" = width=3D"100%"> <tbody> <tr> <td class=3D"header-msg" style=3D"padding-top: 20px; paddi= ng-bottom: 28px; font-family: Roboto, Arial, sans-serif; fon= t-size: 11px; -webkit-text-size-adjust: 70%; text-size-ad= just:70%; -ms-text-size-adjust: 70%; text-align: center;">December 29, 2025= | <a href=3D"https://url6380.news.pitchbook.c= om/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW8628hgg= 89oyTImCq-2BD1CffOwywnXI6JKbNrM9ZOkkuA-3D-3DeD8g_I3w5d9c01gkD8gLzFEofZR-2Bh= 6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFIKYQU30ynjZc55vCSY82i0keOvsOVtIs3= 4rt38S6T7uce9D8uosdP8dKkCi-2FzFJRUakz5KgKMvYx3fwGe3fQmxw7fkioNuHuUy-2BFsx3Z= uUNkObw3DYei43MB-2FQMwrXTcFRU7b3icxAhE2l0bPB0kE3dkRkbLrN-2BRTB5CWkA1ZJlTzwD= yowWzugm9wLlwmnVgjFJlOQbzAXLZJtq-2B-2FV7x2N56YwXvc98aJu27xyg5zdEAx82HBK2iBb= fgShmfgss0FXScA40Viu9IsQukHStF4AAFaMeBICRPcekleQz8e-2FxihCpOdH7rCcDziZR-2Fc= ZLxu-2Fhs4I2GypY-2FlQbgtd9Tkq1w1IQaAW0-2B23DVQ5Bz8sPj6Usx2Lru3oT9622ZzTcbap= GafHlaeL9ULN3UHoBAKZBCjQcNPy3T5-2F0hRluNTUlTG6v5A8AjxZK3To9jFIBhOCaLkjKhxrB= 1ViPqoBkbuG-2Fqx-2B1vQC6qPBWmsikjdIeN0lcfujJn5ZxG-2F8FwlEGC" target=3D"_bla= nk" style=3D"text-decoration: underline; color: #1D5080">Read online</a> &n= bsp; | <a href=3D"https://url6380.news.pitchbook.com/= ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12opJBSgX8wjgWQkj= pY2yE70mtuFtQh5JMynEp-2F-2B0ZsygXiW0dASWMAkXrIC3kg-2BeC0SuDoyGjKHmOSdfo63E0= RLyaXhmtZcu9qypgyxWwak1NhA0coLyWLpIGucErQpvbIjaXQ-3Dnr5R_I3w5d9c01gkD8gLzFE= ofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFIKYQU30ynjZc55vCSY82i0keO= vsOVtIs34rt38S6T7uce9D8uosdP8dKkCi-2FzFJRUakz5KgKMvYx3fwGe3fQmxw7fkioNuHuUy= -2BFsx3ZuUNkObw3DYei43MB-2FQMwrXTcFRU7b3icxAhE2l0bPB0kE3dkRkbLrN-2BRTB5CWkA= 1ZJlTzwDyowWzugm9wLlwmnVgjFJlOQbzAXLZJtq-2B-2FV7x2N56YwXvc98aJu27xyg5zdGJWd= 8fWqtnwbmM6FaHPIXHZhmW00-2BBuhTm8Hp-2FEMgfEuh04xEmhefumRCObJsqcofDBXE8RbNkS= vZ4NVOMH48vcbk-2FRVgkbPtCrAUkuFC9WKceDnCOzVXzI7tiZIZQx4bRvi7L4YPovFx28-2F-2= BatAT4LBOpCuRRgFJe6nfLJdaV5iGe-2Ba92q7FOeIoJM2CUjgl8sk4ezbbT2xdQJJgnIwM3oNb= NN5yfOF2xRyBT4woElbPz4UTElpGKFV72DtnZtefLa4n1fzeefAyeDKyfp0JE" target=3D"_b= lank" style=3D"text-decoration: underline; color: #1D5080">Manage your subs= cription</a></td> </tr> </tbody> </table></td> </tr> =20 <tr> <td style=3D"padding-bottom: 14px; 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font-family: Roboto Serif, Ge= orgia, serif; font-size: 44px; font-weight: 500"><span>The Daily Pitch</spa= n></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 24px; font-weight: 300; padding-top: 9px;"><span>PE, = VC and M&A</span></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 14px; padding-top: 11px;"><span>Your edge on global p= rivate capital markets</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 class=3D" " cellpadding=3D"0" cells= pacing=3D"0" style=3D"border: 0; 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margin: 0px; border: 0= px; display: block;"></a></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_576080" id=3D"n_576080" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> 10 of the biggest winners from= 2025's AI boom </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"right"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" style=3D"float: none; padding-left: 15px; "> <tbody> <tr> <td align=3D"right" style=3D"text-align: righ= t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUPaGQIvsKzpxB5mQah29rC8AcrLrqNxPDnsjh= 1dh3E-2FQ-3D-3DPH2a_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW= eUgFVa0m8PzsFIKYQU30ynjZc55vCSY82i0keOvsOVtIs34rt38S6T7uce9D8uosdP8dKkCi-2F= zFJRUakz5KgKMvYx3fwGe3fQmxw7fkioNuHuUy-2BFsx3ZuUNkObw3DYei43MB-2FQMwrXTcFRU= 7b3icxAhE2l0bPB0kE3dkRkbLrN-2BRTB5CWkA1ZJlTzwDyowWzugm9wLlwmnVgjFJlOQbzAXLZ= Jtq-2B-2FV7x2N56YwXvc98aJu27xyg5zdE2LNFZDWsb7xrzZo1SWDgPgAs1Mt8qOxaG9vYS6nl= S6slRUGN-2FkWCyCcHIwwnimhqd4GYquPHQtkOWqpobTqmLlKY-2FQuT5-2BEFN5pt0vZYg8Yc8= IvAAI026kuvQtaPuESNrnXFx-2BkwsDcHs1D50JhcagCbrk3aifReOEswMk6tEqALwZGxMUwEhi= DTObrGLqW5xs-2FcsrCouQgruiVsB34-2BXCmOMXgObsH3P9uJLVu8Bg1Y2BuYhhHxjKYCBPJ3A= fTXz3gN-2BpwBouCjIPS8-2FMEFN"> <img align=3D"center" alt=3D"" src=3D"https:= //img.pitchbook.com/news/72006.jpg" style=3D"border: none; max-width: 420px= ;"> </a></td> </tr> <tr> <td align=3D"right" style=3D"padding-bottom: = 8px; font-family: Roboto, Arial, sans-serif; font-size: 10px; line-height: = 27px; color: #78766F; text-align: right; font-weight: 300">(Patrick T. Fall= on/Getty Images)</td> </tr> </tbody> </table></td> </tr> </tbody> </table><i>By Rosie Bradbury and Jacob Robbin= s, PitchBook News</i><br><br> 2025 was undoubtedly the year of AI=E2=80=94= and some folks benefitted more than the rest.<br><br> Here's our rundown of the biggest winners of= the 2025 AI boom.<br><br> 1. High-capacity data storage vendors<br><br= > If Nvidia is selling picks and shovels in th= e AI gold rush, then these vendors are selling the wooden handles needed to= produce them.<br><br> Three high-capacity data storage providers= =E2=80=94Western Digital, Seagate Technology and Micron Technology=E2=80=94= were all among the top five S&P 500 stocks with the biggest gains, year= -to-date. The anticipated demand for advanced memory and storage from GPU g= iants has driven up the stock prices of these companies across the board.<b= r><br> 2. "Acqui-hired" talent<br><br> Elite AI experts have never been more in dem= and, and this year's slew of AI "acqui-hires" confirms it. Meta made h= eadlines in June for buying a 49% stake in Scale AI for $14.8 billion and s= cooping up a team of its top talent, including CEO Alexandr Wang. Meanwhile= , Google announced in July it was poaching Cognition CEO Varun Mohan for $2= .4 billion in licensing fees and compensation. The deals were similarly str= uctured to avoid antitrust scrutiny.<br><br> 3. Mira Murati & Thinking Machines<br><b= r> After leaving OpenAI in late 2024, ex- CTO M= ira Murati joined forces with former colleagues, including Barret Zoph and = John Schulman, to build a new foundational AI company, Thinking Machines.<b= r><br> In July, Murati announced that Thinking Mach= ines had raised at a $12 billion valuation in a seed round led by Andreesse= n Horowitz. By November, it was already eyeing a valuation of $50 billion o= r more, per Bloomberg.<br><br> 4. Vibe coding<br><br> And AI coding agents in particular have capt= ured outsized VC attention this year. Anysphere increased its valuation mor= e than tenfold from January to November.<br><br> Replit's annualized recurring revenue went f= rom $10 million at the end of 2024 to $150 million ARR in September. Lovabl= e said that in October its annualized revenue had reached $200 million.<br>= <br> Whether these companies can sustain this exp= losive revenue growth will be something to watch in 2026.<br><br> 5. Palantir<br><br> Palantir's stock price went up by 135%, year= -to-date, thanks to retail investor enthusiasm for defense tech and AI.<br>= <br> Despite only joining the S&P 500 in Sept= ember 2024, Palantir's price-to-earnings ratio TTM has already reached the = 400s, an extraordinary figure for a publicly traded company.<br><br> 6. Google<br><br> Google's release of its Gemini 3 model and i= ts notable capabilities and pace of progress sent OpenAI's staff into a so-= called "code red." Gemini 3 surpassed OpenAI's GPT-5 on multiple benchmarks= across software engineering, scientific knowledge and mathematics problem-= solving.<br><br> Alphabet stock is up 68% year-to-date, and r= evenue from Google Cloud, one of its fastest-growing segments, grew 34% in = Q3.<br><br> 7. Neocloud startups<br><br> Crusoe and Lambda, two of the leading neoclo= ud startups selling high-performance compute capacity, are riding high amid= the ongoing data center buildout. Lambda's stock price on secondary market= place Forge Global has jumped 80% in the last year, while Crusoe arranged a= n employee stock sale last month at a $13 billion valuation, up from a valu= ation of $2.8 billion just one year ago.<br><br> 8. The San Francisco real estate market<br><= br> Bustling AI activity, coupled with return-to= -office mandates and newly cash-rich employees thanks to a spate of tender = offers, has driven up real estate prices and demand.<br><br> The rolling three-month median house sale pr= ice in San Francisco is up 9% year-over-year and trending to its highest le= vel since 2022, according to real estate company Compass.<br><br> 9. Legal tech<br><br> VC investment value in legal tech this year = doubled from 2024.<br><br> Harvey raised three rounds of funding this y= ear alone: a $300 million Series D in February, $300 million for a Series E= in June, and a $160 million Series F in early December.<br><br> Meanwhile, Legora raised $230 million across= two rounds, while Eve, which makes AI for personal injury law, collected $= 150 million.<br><br> 10. Humanoid robots<br><br> 2025 has been a blockbuster year for robotic= s startups capitalizing on the AI boom.<br><br> Figure AI, a startup developing humanoid rob= ots, raised over $1 billion for its Series C, and Time Magazine featured it= s O3 robot on its list of best inventions of 2025. Apptronik, has raised ov= er $700 million and was valued at $5 billion in November.</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 border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-btn"> <tbody> <tr> <td align=3D"center" style=3D"height: 36px; b= order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http= s://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G= Fa-2BaqM7ONnvsnswouzUPaGQIvsKzpxB5mQah29rC8AcrLrqNxPDnsjh1dh3E-2FQ-3D-3DZOs= h_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFIKYQU= 30ynjZc55vCSY82i0keOvsOVtIs34rt38S6T7uce9D8uosdP8dKkCi-2FzFJRUakz5KgKMvYx3f= wGe3fQmxw7fkioNuHuUy-2BFsx3ZuUNkObw3DYei43MB-2FQMwrXTcFRU7b3icxAhE2l0bPB0kE= 3dkRkbLrN-2BRTB5CWkA1ZJlTzwDyowWzugm9wLlwmnVgjFJlOQbzAXLZJtq-2B-2FV7x2N56Yw= Xvc98aJu27xyg5zdEif4lIcp3tUENZ1V6zilpYOaPRkflWF0N5X483xTglzTZZEEobuJBvQGrqT= 5cr7ZFlx7a-2F6qXbrl9kHu2mDQhuKvQEQVLa-2B5D26lBDJ19wUMcOETJHqH1eiVJGEC8k0VbC= pbV4Jj3k7Gjo-2BSKGpw7WmKc7WwB2mCqMY9LUJA-2FW4XTfRXkVDDUvSL-2BVoVuQiz8Yb4Qsi= Qj1SeiDvM30gDovRx5Q8eFsWVxUplsVni7389jNAPj0TuN7H15pVHO8-2BzxwZs3M505COyh1N5= ZAmBC5" style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; t= ext-decoration: none; color: black; padding-left: 3px" target=3D"_blank">Sh= are this article<img height=3D"24" src=3D"https://fonts.pitchbook.com/newsl= etter/arrow-right.png" style=3D"vertical-align: middle; margin-left: 8px;" = width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td 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"><i>Rel= ated research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUPaGQIvsKzpxB5= mQah29rChjg6byyikPPTCjJzt-2BPTxg-3D-3DJi8w_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarH= kxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFIKYQU30ynjZc55vCSY82i0keOvsOVtIs34rt38S= 6T7uce9D8uosdP8dKkCi-2FzFJRUakz5KgKMvYx3fwGe3fQmxw7fkioNuHuUy-2BFsx3ZuUNkOb= w3DYei43MB-2FQMwrXTcFRU7b3icxAhE2l0bPB0kE3dkRkbLrN-2BRTB5CWkA1ZJlTzwDyowWzu= gm9wLlwmnVgjFJlOQbzAXLZJtq-2B-2FV7x2N56YwXvc98aJu27xyg5zdEWiKprMCxW0fMQ9dPY= uSMqmriFlnnwA2475pGic2AsJY1KBpVcApFHErgIM1zl6gIp9VXB-2FaSgpfNLoBQmcA2UmqhQC= xW-2BdOhPy2B7oGaDDxsgZCfZCpPZPy-2FCdoQhhD7F2aZMejYsQNpYrPawPnyEcqOIKWn5ul-2= Ba6hXA48-2B4G-2F9sv3s6F-2F1C2LLFn5GbXSiVgKE4fEMwf55acZcxgHUu2g2dsu84-2Bu6ZX= wzLrB4XAj4BtFS1dp0zZfSmTH9RIQhJOKfvnj5xw1vmvqjvloxJ" style=3D"color: #1D508= 0;" test=3D"" universal=3D"true">2026 Artificial Intelligence Outlook: The = Great Competition Wars Have Begun</a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Highlights of 2025</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Bes= t of PitchBook News from our VC team</i><br><br> =E2=80=A2 <b>After a false start in the spri= ng</b>, US IPOs of venture-backed companies made a significant comeback in = Q3. And they brought some liquidity with them. <b><a href=3D"https://url638= 0.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba= qM7ONnvsnswouzUPaGQIvsKzpxB5mQah29rC61W-2BQyPkXAfUylsSUByctA-3D-3D2ZhA_I3w5= d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFIKYQU30ynjZ= c55vCSY82i0keOvsOVtIs34rt38S6T7uce9D8uosdP8dKkCi-2FzFJRUakz5KgKMvYx3fwGe3fQ= mxw7fkioNuHuUy-2BFsx3ZuUNkObw3DYei43MB-2FQMwrXTcFRU7b3icxAhE2l0bPB0kE3dkRkb= LrN-2BRTB5CWkA1ZJlTzwDyowWzugm9wLlwmnVgjFJlOQbzAXLZJtq-2B-2FV7x2N56YwXvc98a= Ju27xyg5zdGqRPksQjTnZvLi3sqVPEJRNqbcA1nsWnj3z3cQG6Cq6U44HNOyeYhsIhrsOK20Qx-= 2B12RdQ5am3-2F8sau7Sp2hoZBrlaubai0I-2BwRdu6EBfHIWDr-2BCngqEBXYUPwf1fYHUXGVN= PTQVJf8RtYmjoflnEUY-2FBml-2FhN4M-2BAuFaSa32X7jcI1hJ2Ha2YcBHtAIMc-2Bto-2FABD= OGRu-2FyDLnrN5pVLtU-2B9CN-2BEpYdDeF6k9kgqAU7ERfr7PZBQom9W-2BPCBn4hmteverzYs= qGwB4AJZICHkcM" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Full= story</a></b><br><br> =E2=80=A2 <b> VC-backed startups are racing = to build AI data centers=E2=80=94and leveraging their GPU stockpiles</b> as= loan collateral to do it. But this adds new risk. <b><a href=3D"https://ur= l6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa= -2BaqM7ONnvsnswouzUPaGQIvsKzpxB5mQah29rCb-2BU2gIGSYTiYhSl94n6GPQ-3D-3D3xV2_= I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFIKYQU30= ynjZc55vCSY82i0keOvsOVtIs34rt38S6T7uce9D8uosdP8dKkCi-2FzFJRUakz5KgKMvYx3fwG= e3fQmxw7fkioNuHuUy-2BFsx3ZuUNkObw3DYei43MB-2FQMwrXTcFRU7b3icxAhE2l0bPB0kE3d= kRkbLrN-2BRTB5CWkA1ZJlTzwDyowWzugm9wLlwmnVgjFJlOQbzAXLZJtq-2B-2FV7x2N56YwXv= c98aJu27xyg5zdFzrjlo9Sf-2BPZEpJGH4-2Bm-2Fak1pgZg3ShY1ZQiRkCft0fwOVF44IugY-2= FShPbX8IPF3z1Ib7YLhGTUjclkyDqcMQQZr9UQagibwep3F-2B9O3effDeGSol6gle4nLzvp4gJ= fqLimTlJx9B2VSBbG-2FePsBV-2FeF1CzhtyZ09Ho-2BvXenQJzfOFsjkI-2FEKeui1dtSwe-2F= -2BHvdIT2JBij78BcdQOt2N0XB4IAFKa2LTOv2X88q-2FZ0uXE0rhm-2BeMjopYzcm3JmOi6XnT= 5lWo-2Bg1xPdzP5snWw9" style=3D"color: #1D5080;" test=3D"" universal=3D"true= ">Read more</a></b><br><br> =E2=80=A2 <b>The Trump administration=E2=80= =99s new $100,000 fee on first-time H-1B petitions has thrown a major wrenc= h into Silicon Valley=E2=80=99s hiring</b>, albeit with uneven impact. <b><= a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUPaGQIvsKzpxB5mQah29rCPNbPkQfU2wvMo4a= j2hZ18Q-3D-3D6q95_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU= gFVa0m8PzsFIKYQU30ynjZc55vCSY82i0keOvsOVtIs34rt38S6T7uce9D8uosdP8dKkCi-2FzF= JRUakz5KgKMvYx3fwGe3fQmxw7fkioNuHuUy-2BFsx3ZuUNkObw3DYei43MB-2FQMwrXTcFRU7b= 3icxAhE2l0bPB0kE3dkRkbLrN-2BRTB5CWkA1ZJlTzwDyowWzugm9wLlwmnVgjFJlOQbzAXLZJt= q-2B-2FV7x2N56YwXvc98aJu27xyg5zdFUQqO3Fv6-2BYRAJF994G1Na60qeBmyV-2BS7O2UurR= M6c3YMKuBAVVzUmHidZ6HhYBUBJ0j1qFyujgsiv5P0eClk1aN3MfO66HKmTsFu1FSKHQ6idnZ-2= B2hiD-2BOwOxGWZXdgVBXI1wSx3x3414omhA2fp3zAqeesn9zKFgTeN4ha5-2F7V-2FHvpwoabE= N1sQcW3oPPi9wkUNsOG50dRglBl1GJGg1OSd6txwhXxWn8RhpyIgF8SE6ldgginIDZHrJGfjXB1= 4ZkJlVY12HbhM4OkgMQx-2FN" style=3D"color: #1D5080;" test=3D"" universal=3D"= true">Complete report</a></b><br><br> =E2=80=A2 <b> Sub-$5 million VC rounds are d= isappearing.</b> A decade ago, these deals made up over 70% of all US VC tr= ansactions. Today it=E2=80=99s less than half of that. <b><a href=3D"https:= //url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzUPaGQIvsKzpxB5mQah29rCRnCy62yJJC00pKJGDZDeBw-3D-3D8gO= U_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFIKYQU= 30ynjZc55vCSY82i0keOvsOVtIs34rt38S6T7uce9D8uosdP8dKkCi-2FzFJRUakz5KgKMvYx3f= wGe3fQmxw7fkioNuHuUy-2BFsx3ZuUNkObw3DYei43MB-2FQMwrXTcFRU7b3icxAhE2l0bPB0kE= 3dkRkbLrN-2BRTB5CWkA1ZJlTzwDyowWzugm9wLlwmnVgjFJlOQbzAXLZJtq-2B-2FV7x2N56Yw= Xvc98aJu27xyg5zdH3ROXF18b-2FXERynYvg3BrYiLl0uOYhX4oaAbAqrqC5Qu-2Fm6qzW1nlar= 6-2B-2FDpzj-2FWt0pp0A3-2BCk4N5BMlU8IICcGwIT3iUbB5TuZEZnJsm6huX2jxC9yFJ7yIoq= CLgORU7-2FwnjL-2BDRpEE2i1IN2JIVB71baoU4yZ1i1Pl0le2O3yAGqG-2BOtxN2Kkdjtv1SQS= y6D2Kyg3bJ7Wv-2B2-2FgeT-2FRB2P-2BT7BJZZ-2Btfv5tp4gd-2BWRiGCifdxuXADBjPerYxy= MAuYycVhpixAMrkIUjJENeGL" style=3D"color: #1D5080;" test=3D"" universal=3D"= true">Read more </a></b><br><br> =E2=80=A2 <b>The saying that "VC is a relati= onship game" now has data to prove it.</b> Companies with well-connected le= ad investors have failure rates at least 10 percentage points lower than th= ose of peers backed by peripheral investors. <b><a href=3D"https://url6380.= news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM= 7ONnvsnswouzUPaGQIvsKzpxB5mQah29rCmEXrgS6ZlM6k-2F-2BkECaUNJA-3D-3DxoOI_I3w5= d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFIKYQU30ynjZ= c55vCSY82i0keOvsOVtIs34rt38S6T7uce9D8uosdP8dKkCi-2FzFJRUakz5KgKMvYx3fwGe3fQ= mxw7fkioNuHuUy-2BFsx3ZuUNkObw3DYei43MB-2FQMwrXTcFRU7b3icxAhE2l0bPB0kE3dkRkb= LrN-2BRTB5CWkA1ZJlTzwDyowWzugm9wLlwmnVgjFJlOQbzAXLZJtq-2B-2FV7x2N56YwXvc98a= Ju27xyg5zdEe1DzUeWtGMroO8nQ0-2FwUlII71WKDJ-2BhbYEuCjOqbvweyJ3WYqtYb-2BsLWql= mr9UlJsExGkpyHYwLN2UCQuJ2-2B6-2Bitwu8Ik8E07tl306V3SYBR1-2Byp0oKq7zQv9xB-2Bu= nkZkKIH9o3TR9tv4KojaEPxmd4YaKvg8poyfbKTVBWUNb4bqhWYziSC8a2Tw4cwo2MMYwlW-2Bk= VqobnbsatBVYs5hRtAbpVPvSUEOuQEV1ONHXn6aOa-2BShhu12nnTn6NsyVkH1eFrlxq7qA-2FX= pVJMvI6f" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Full story= </a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-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"><!-- C= LEAR THIS BOX AFTER DUPING --></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"><i>Som= e of the best PitchBook VC research of 2025:</i><br><br> =E2=80=A2 <b> Seed valuations have soared</b= >, but are investors paying for quality or paying into the hype? <b><a href= =3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUPaGQIvsKzpxB5mQah29rCpXGWAVl9zm6BPAt8pi71N= Q-3D-3DKoR0_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m= 8PzsFIKYQU30ynjZc55vCSY82i0keOvsOVtIs34rt38S6T7uce9D8uosdP8dKkCi-2FzFJRUakz= 5KgKMvYx3fwGe3fQmxw7fkioNuHuUy-2BFsx3ZuUNkObw3DYei43MB-2FQMwrXTcFRU7b3icxAh= E2l0bPB0kE3dkRkbLrN-2BRTB5CWkA1ZJlTzwDyowWzugm9wLlwmnVgjFJlOQbzAXLZJtq-2B-2= FV7x2N56YwXvc98aJu27xyg5zdFiDI7MFX6oRu8tTNAJeKhuqG6NFctsrpvS5Evqu4lewALgMzd= bGCzrxCEn8n5gp42g2REpIeWNDo-2B3-2FtjLPVzLkoDZPWaOSM4PjJS-2F18nyhk-2F5ElyC7s= TkWIThjIZq-2FANWUT4hlhxCP5mtjyLChn5VK8FpkLzApG6pchkW7HXYbG48r4CJGp2TA-2BT3C= rxQYprfwheRPpQhXtG7Ri-2FBj6SB9lOcpXe9WDLbf90R2dexR0hgs8ycx2Y2G727z6fCsYU2Wh= 92YiG6FfukiFtGEnVf" style=3D"color: #1D5080;" test=3D"" universal=3D"true">= Download the analyst report</a></b><br><br> =E2=80=A2 <b> The US venture secondary marke= t is accelerating fast</b>, reaching an estimated $94.9 billion in annual v= alue across direct company stakes and continuation funds. <b><a href=3D"htt= ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW= Irf6GFa-2BaqM7ONnvsnswouzUPaGQIvsKzpxB5mQah29rCileBaFoHSMMGqyM2rVmu3Q-3D-3D= _8UC_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFIK= YQU30ynjZc55vCSY82i0keOvsOVtIs34rt38S6T7uce9D8uosdP8dKkCi-2FzFJRUakz5KgKMvY= x3fwGe3fQmxw7fkioNuHuUy-2BFsx3ZuUNkObw3DYei43MB-2FQMwrXTcFRU7b3icxAhE2l0bPB= 0kE3dkRkbLrN-2BRTB5CWkA1ZJlTzwDyowWzugm9wLlwmnVgjFJlOQbzAXLZJtq-2B-2FV7x2N5= 6YwXvc98aJu27xyg5zdGvF5JDSUHUvUW7YMDMx2-2Fu7gJ5DDJgHzAtyx8rkJB3W-2FOjgCJ0ts= bBuvb8VYuvye8C-2BQ-2BS-2FtfKwq-2F6BBneM5z3pWzK8L9UTfxdfvXwdI9mPxabUhJNQRho4= p5RhA6xAAjARVaVED673vxnEHGlI-2BmPbj8VZBdlHN9xAIw-2FuHIRjhRUoNAE0MXey3EpmGKr= Uc97VTq5H8a1DZt5BFdm8-2FoiENEunJlFYaflSft5EORq1z9zs5-2FKdH3Ir4zB-2FS5Hq-2Fw= QZ3hJoMkXEdiYKRcvdOSG" style=3D"color: #1D5080;" test=3D"" universal=3D"tru= e">Read the Q3 2025 US VC Secondary Market=E2=80=AFWatch </a></b> =E2=80=AF= <br><br> =E2=80=A2 <b> Figma=E2=80=99s successful IPO= served as a strong indicator of public investor sentiment toward high-grow= th VC-backed companies</b>. However, uncertainty has kept a cap on companie= s rushing to begin the process. <b><a href=3D"https://url6380.news.pitchboo= k.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU= PaGQIvsKzpxB5mQah29rC0yKMqZsMWro-2BznnsukOAeA-3D-3DnbVI_I3w5d9c01gkD8gLzFEo= fZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFIKYQU30ynjZc55vCSY82i0keOv= sOVtIs34rt38S6T7uce9D8uosdP8dKkCi-2FzFJRUakz5KgKMvYx3fwGe3fQmxw7fkioNuHuUy-= 2BFsx3ZuUNkObw3DYei43MB-2FQMwrXTcFRU7b3icxAhE2l0bPB0kE3dkRkbLrN-2BRTB5CWkA1= ZJlTzwDyowWzugm9wLlwmnVgjFJlOQbzAXLZJtq-2B-2FV7x2N56YwXvc98aJu27xyg5zdGaF-2= Fpuj4fL3dHsVIQQUucqADxeRY-2F-2BpAWq-2Bc7Wo8Tjs2YVpZvRVARQ-2BvPbFfdK2xX0HbRo= h44UwHvFU6txS-2FZhbfN2p6MDMO9QxN4jsGiYLFguTERQWrgOJelQaVCUmqA1Q0XR1wQi2OV6Y= qtfGlex772xl1e1FbvelI1gnuL3WnhrDlTwkXlnk02E082MozBU9MrLkG0CjZu9WBEYjrmghH33= Ke6E-2FODo8Nc3xjrJKO3uU7J8sHep7g0DXq6U00xUm1Bbdf2Dwv-2BiWMw-2Baelw" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">Get the analyst note</a><= /b><br><br> =E2=80=A2 <b> Our AUM forecast projects Nort= h American VC AUM to grow from $1.36 trillion in 2024 to $1.81 trillion by = 2029</b>=E2=80=94a modest 38% increase, following years of post-2021 stagna= tion. <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du= 001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWHlKYTJuj3rupIQGOARhQ9TFiTj= kYf9j5SydnYxI5HmQ-3D-3Dwrpt_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t= 1yZbcbdWeUgFVa0m8PzsFIKYQU30ynjZc55vCSY82i0keOvsOVtIs34rt38S6T7uce9D8uosdP8= dKkCi-2FzFJRUakz5KgKMvYx3fwGe3fQmxw7fkioNuHuUy-2BFsx3ZuUNkObw3DYei43MB-2FQM= wrXTcFRU7b3icxAhE2l0bPB0kE3dkRkbLrN-2BRTB5CWkA1ZJlTzwDyowWzugm9wLlwmnVgjFJl= OQbzAXLZJtq-2B-2FV7x2N56YwXvc98aJu27xyg5zdFnKiLoixFXObGz74uwoyz8KKWo8PXYQNM= JnBEGhpz4p-2Fru-2Fo4g1IRwNmT-2BPDnrD-2F7Tpf-2FDVD9JTP1dqhBugS-2B6jRsfUHpIyL= f42IV7U71Ja0ubtBArwLeuhX-2BVavcTSm1r1uI3QfzjSskCzW5NEfebjCfOv5Kxv8Qo7CtpYVb= jMERNka2Tfi-2F-2BgkOTJJImEr2Phaqn4Pj21iNMUID9cwLRbuPkwLb09zg0A6-2B-2FfvAc6U= a2l2ty2SPbAJYPQFxc2ugughekHvGSOTtKa26zkkHO" style=3D"color: #1D5080;" test= =3D"" universal=3D"true">Read the details </a></b> =E2=80=AF<br><br> =E2=80=A2 <b> Startups are making acquisitio= n offers</b> that five years ago were considered only corporates=E2=80=99 d= omain. <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3D= u001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWHlKYTJuj3rupIQGOARhQ9d7yJ= 1EhLnOOPsZ37-2F5fCLA-3D-3DaCpz_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2= F3t1yZbcbdWeUgFVa0m8PzsFIKYQU30ynjZc55vCSY82i0keOvsOVtIs34rt38S6T7uce9D8uos= dP8dKkCi-2FzFJRUakz5KgKMvYx3fwGe3fQmxw7fkioNuHuUy-2BFsx3ZuUNkObw3DYei43MB-2= FQMwrXTcFRU7b3icxAhE2l0bPB0kE3dkRkbLrN-2BRTB5CWkA1ZJlTzwDyowWzugm9wLlwmnVgj= FJlOQbzAXLZJtq-2B-2FV7x2N56YwXvc98aJu27xyg5zdEMJd89jy-2FY-2FqmAoDuJsF6Atzp9= Mzt0O9sojTN2vMXUK5J-2BmJnFU11FXzANKTBTeG-2Fd2oBrpiPyyPurAny4OxNXjztpwTwRpcT= -2BRZHyCLGB6Hl-2BByFST1WDXv9d3Rou07X4sye-2FIWv9jX2-2B3GHZl0-2FoyxYesgOjwBi-= 2BuuFpKHaECplHYYCVEsuuVKuRa1AfhpF-2B81-2F07y9lWbcouut5tOiZRiMTKtYNopqlfUNGB= y5a9mu5rM-2BQTrK-2BfeM2Ub83hRelqUEezSKlXKrcSv7dDnjZ" style=3D"color: #1D508= 0;" test=3D"" universal=3D"true"> Read our analyst=E2=80=99s take</a></b></= td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-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"><!-- C= LEAR THIS BOX AFTER DUPING --></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> <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: 33.= 3%; min-width: 33.3%; 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;"> 2 </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:= 33.3%; width: 33.3%; text-alig= n: 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;"> 71 </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: 33.= 3%; min-width: 33.3%; 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;"> 71 </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> </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-2BaqM7ONnvsnswouzWHlKYTJuj3rupIQGOARhQ9zTG0gI6ZWxbhsRkWCWpOJw-3D-3DHXY= d_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFIKYQU= 30ynjZc55vCSY82i0keOvsOVtIs34rt38S6T7uce9D8uosdP8dKkCi-2FzFJRUakz5KgKMvYx3f= wGe3fQmxw7fkioNuHuUy-2BFsx3ZuUNkObw3DYei43MB-2FQMwrXTcFRU7b3icxAhE2l0bPB0kE= 3dkRkbLrN-2BRTB5CWkA1ZJlTzwDyowWzugm9wLlwmnVgjFJlOQbzAXLZJtq-2B-2FV7x2N56Yw= Xvc98aJu27xyg5zdG1M7KhC4OnHTERyWQv9xt2xf89JMgp-2BmzW2nKKbBEJ6Qbv1xRgRP9ng-2= Bz0pxV7qhzIwSrNET9eFVuEPl5tquHxvmEXAx7Dc-2F3-2FF5FDZwMr1iDXGenDFJVYlhC6rK8E= IRcGqfCsOgvJbuBDGBQtEZgOeFcfWESzIYdkpJz8NmUKuB01NWF4Ywfs7RjbZQVyEBzX0PI0wgi= Kksq3KERyp56yprohw0HOpsEhQg5DKMYKm8mgR3J84lWU-2FiYp6zTyOlQ-2FTQBag7Kw-2BRBf= gldnEUJW" target=3D"_blank" style=3D"display: block; 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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-top" 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-2BaqM7ONnvsnswouzWHlKYTJuj3rupIQGOARhQ9-2FvXIFTF= 4Ltq5wVpAo4IsxA-3D-3DGQZV_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFIKYQU30ynjZc55vCSY82i0keOvsOVtIs34rt38S6T7uce9D8uosdP8dK= kCi-2FzFJRUakz5KgKMvYx3fwGe3fQmxw7fkioNuHuUy-2BFsx3ZuUNkObw3DYei43MB-2FQMwr= XTcFRU7b3icxAhE2l0bPB0kE3dkRkbLrN-2BRTB5CWkA1ZJlTzwDyowWzugm9wLlwmnVgjFJlOQ= bzAXLZJtq-2B-2FV7x2N56YwXvc98aJu27xyg5zdFYbOaUaDNm2HZvqa-2FpHQtIt6YAyZFM2bb= iTeFqIKBxPWjEnTZOiB3-2B64WdY2ViEwU9IMYQVvBe6znzpk6pXJoff-2BlL2fM9ulqR49xJmz= PJN01mGXhyXyjpcMXi05O-2BqfRk45LQDPZ1Esb1AYMrecif5atFjx6pL67RkYTQkJS9nTC-2Fw= qKNFSz2kGVUbSZ5FXbExy49wrbamULt3Iq86pH1wxG5k3T-2B7lG0AFbz7Iru-2FUaO0q7ubqSH= GaRK7KonGaxApJvkI5frk3pBXqephY76" universal=3D"true"> <img align=3D"center"= alt=3D"" src=3D"https://img.pitchbook.com/news/72061.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> <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">AI dea= ls have come to dominate the entire venture capital market at an unpreceden= ted clip, dwarfing the quick concentration of investments during prior hype= cycles such as crypto and mobility tech. By the third quarter of 2024, AI = deals accounted for 40.3% of VC dollars invested during the prior 12 months= . A year later, it has rocketed to a record 63.3%, according to PitchBook= =E2=80=99s <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?up= n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWHlKYTJuj3rupIQGOARhQ9= aXKjoDLJgwpUVTrVUeaE0w-3D-3DCgsW_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy= -2F3t1yZbcbdWeUgFVa0m8PzsFIKYQU30ynjZc55vCSY82i0keOvsOVtIs34rt38S6T7uce9D8u= osdP8dKkCi-2FzFJRUakz5KgKMvYx3fwGe3fQmxw7fkioNuHuUy-2BFsx3ZuUNkObw3DYei43MB= -2FQMwrXTcFRU7b3icxAhE2l0bPB0kE3dkRkbLrN-2BRTB5CWkA1ZJlTzwDyowWzugm9wLlwmnV= gjFJlOQbzAXLZJtq-2B-2FV7x2N56YwXvc98aJu27xyg5zdHRHizyqi9Qsnp7JGe1yZI8vyLx2E= 4G4EXcv74gW6Nci9DQuQzF0jRms-2BL3moAtZ4kGWezMrz7Lmki6Uod36hiZZJQNpu46lxJ92AH= TxHHvcIOWkmnT2x9F6zKYyVUhNCm1Kl4VOCDf2xU-2B1ex3OzI71rnNUzyaG5mCnkS6uapDVm2w= bCqR0XG4eofxuMDqT6J53bgCNoLv560uc8RFSy2OGKRfYJwI3rqGs6tS6n1x8DAfTbWAAxO5Qyd= DgPLoPWF47ySHdBKfsuDtRD1xydbf" style=3D"color: #1D5080;" test=3D"" universa= l=3D"true">Q3 2025 Quantitative Perspectives: A Fork in the Road</a></b>.<b= r><br> In comparison, fintech investments made up 1= 7.1% of TTM deal value at their 2022 peak, while crypto only captured 6.9% = at its highest, also in 2022. Even mobility tech, with all the enthusiasm a= round self-driving cars and scooters, only reached a peak of 15.1% in Q1 20= 17.</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 border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-btn"> <tbody> <tr> <td align=3D"center" style=3D"height: 36px; b= order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzWHlKYTJuj3rupIQGOARhQ9-2FvXIFTF4Ltq5wVpAo4IsxA-3D-3= DUxr3_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFI= KYQU30ynjZc55vCSY82i0keOvsOVtIs34rt38S6T7uce9D8uosdP8dKkCi-2FzFJRUakz5KgKMv= Yx3fwGe3fQmxw7fkioNuHuUy-2BFsx3ZuUNkObw3DYei43MB-2FQMwrXTcFRU7b3icxAhE2l0bP= B0kE3dkRkbLrN-2BRTB5CWkA1ZJlTzwDyowWzugm9wLlwmnVgjFJlOQbzAXLZJtq-2B-2FV7x2N= 56YwXvc98aJu27xyg5zdH4BTpGdUvY8GOAcXsAZwpiDZTl-2F2C-2FxqL5oTpDPIdAqBW9yuePT= Hj7n33J2hsi8rcX-2FEbwDmizRg6a7o3-2F-2BXiT2xDDav0HQK5N-2Bz-2FAmjYGVBsHGdEZlS= CnlRxhRI7I1aMGrY5woFCpgonVPw5E13t2VjCazX9BP6wiOt9BP7L3IrEPRaYCdxgG3UM5E8EMC= tsn3Amj64yGC4YDbH6saYMNO9IAW-2FULGQuKNFLHm7LRQwFsdNxlR5rzBHsM2nRsc3oof3K7wK= E8qppx3yVGcKJ8" style=3D"font-family: Roboto, Arial, sans-serif; font-size:= 18px; text-decoration: none; color: black; padding-left: 3px" target=3D"_b= lank" universal=3D"true">Read the story<img height=3D"24" src=3D"https://fo= nts.pitchbook.com/newsletter/arrow-right.png" style=3D"vertical-align: midd= le; margin-left: 8px;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_575942" id=3D"n_575942" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> The Daily Benchmark: 2018 Vint= age Global Debt Funds </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table cellpadding=3D"0" cellspacing=3D"0" lang= =3D"x-benchmark" style=3D"font-size: 16px; color: #78766F; padding-bottom: = 10px; min-width: 100%;" width=3D"100%"> <tbody> <tr> <td style=3D"font-size: 16px; font-weight: 700= ; font-family: Roboto, Arial, sans-serif; color: #000000; padding-bottom: 1= 0px;">Median IRR</td> </tr> <tr> <td style=3D"padding: 0 0 20px 0;"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-irr-chart-line" style=3D"width: 76.15449202350966%; mi= n-width: 76.15449202350966%; max-width: 76.15449202350966%; background-colo= r: #1D5080;"> <tbody> <tr> <td align=3D"right" style=3D"padding: 0 4px 0= 0; height: 20px; width: 100%; font-size: 12px; font-family: Roboto, Arial,= sans-serif; font-weight: bold; color: #fff;" valign=3D"middle">9.07%</td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"font-size: 16px; font-weight: 700= ; font-family: Roboto, Arial, sans-serif; color: #000000; padding-bottom: 1= 0px;">Top Quartile IRR</td> </tr> <tr> <td style=3D"padding: 0 0 12px 0;"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-irr-chart-line" style=3D"width: 100%; min-width: 100%;= max-width: 100%; background-color: #40C2C9;"> <tbody> <tr> <td align=3D"right" style=3D"padding: 0 4px 0= 0; height: 20px; width: 100%; font-size: 12px; font-family: Roboto, Arial,= sans-serif; font-weight: bold; color: #fff;" valign=3D"middle">11.91%</td> </tr> </tbody> </table></td> </tr> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-cash-multiples" style=3D"min-width: 100%; table-layout= : fixed;" width=3D"100%"> <tbody> <tr> <td align=3D"center" valign=3D"middle"> <div style=3D"font-family: Roboto, Arial, san= s-serif; font-weight: 700; color: #1D5080; font-size: 18px; line-height: 27= px; padding-top: 5px; padding-bottom: 5px; float: none;"> 0.78x </div> <div style=3D"font-family: Roboto, Arial, san= s-serif; color: #000000; font-size: 16px; padding: 0 0 30px 0; float: none;= "> Median DPI </div></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-performers" style=3D"min-width: 100%;" width=3D"100%"> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" class=3D"performer-title" lang=3D"x-performer-title" style=3D"co= lor: #000000; min-width: 100%;" width=3D"100%"> <tbody> <tr> <td height=3D"22" style=3D"padding: 0 10px 0 = 5px; line-height: 24px; font-size: 14px; font-weight: 700; font-family: Roboto, Arial, sans-serif;" width=3D"80%">Select top performe= rs</td> </tr> </tbody> </table></td> </tr> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style= =3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w= idth=3D"100%"> <tbody> <tr> <td height=3D"22" style=3D"padding: 15px 10px= 0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi= tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzWHlKYTJuj3rupIQGOARhQ9mulA5le3GbBWlKINUZUxyA-3D-3DSC4V_I3w5d9c01gkD8gL= zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFIKYQU30ynjZc55vCSY82i0= keOvsOVtIs34rt38S6T7uce9D8uosdP8dKkCi-2FzFJRUakz5KgKMvYx3fwGe3fQmxw7fkioNuH= uUy-2BFsx3ZuUNkObw3DYei43MB-2FQMwrXTcFRU7b3icxAhE2l0bPB0kE3dkRkbLrN-2BRTB5C= WkA1ZJlTzwDyowWzugm9wLlwmnVgjFJlOQbzAXLZJtq-2B-2FV7x2N56YwXvc98aJu27xyg5zdG= eKHrpbk-2FJ-2BkfkijinuZHlZ-2B-2FqRwKBaqDj4vH-2BbADBgsZdvWlkQ-2BEKYwR9YSYvKX= HJMICeqk7fzwd24DK578Vs8-2FKa9p5WCvWVAWR1l9bLOb09mezHg9RUozrJnTonlCTu1Gwousp= G32a6sF1Gcc3R1PznDsG9nhLDi-2Fx-2FMK5o23T-2Bx1l72MMjpJzJLSB1ZlwdS0KjvQG3McHj= cFPcMKgZubbS0HgQ3Tliei-2FQS6uNkLXgl9-2Bn8zDTDXk4bkI8Jh9kcwOAklCnKFIb-2FJeFe= -2FCU" style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" univer= sal=3D"true">PAG Enhanced Credit Fund II </a></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style= =3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w= idth=3D"100%"> <tbody> <tr> <td height=3D"22" style=3D"padding: 15px 10px= 0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi= tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzWHlKYTJuj3rupIQGOARhQ9Uv7bQOHWkd-2BBU9mSj33w9w-3D-3DWgwt_I3w5d9c01gkD8= gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFIKYQU30ynjZc55vCSY82= i0keOvsOVtIs34rt38S6T7uce9D8uosdP8dKkCi-2FzFJRUakz5KgKMvYx3fwGe3fQmxw7fkioN= uHuUy-2BFsx3ZuUNkObw3DYei43MB-2FQMwrXTcFRU7b3icxAhE2l0bPB0kE3dkRkbLrN-2BRTB= 5CWkA1ZJlTzwDyowWzugm9wLlwmnVgjFJlOQbzAXLZJtq-2B-2FV7x2N56YwXvc98aJu27xyg5z= dEB3jY9lL4yhL93RR9Qdt9VAvhR4-2F9XhRbLbeKv2t6HRNrqvIOk3ueW30b21DCzer-2BfCLPu= YvFBtIrQVyiGDBAv8qoeMxAqalhm2IM9LH-2F7SVhEZ1rehuk5GMgOkQbudRGHDtrPylhPB8TiO= hDrQp5fmYG3ufIF-2B-2Fe73fkAcL6mRikfBUGUqBWLB8pf5TjU0q1Gpbyvx58XjhlKyKDVfg5r= cSAAbJ0p-2FrjW522H6hfJogdpXDn4Y4QK8FWUisMjw0dGYEq3GPtQ3QUGczd3-2FIw8" style= =3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"true"= >Oaktree Special Situations Fund II </a></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style= =3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w= idth=3D"100%"> <tbody> <tr> <td height=3D"22" style=3D"padding: 15px 10px= 0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi= tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzWHlKYTJuj3rupIQGOARhQ9OiDMm7ym4IO1v5jELfRK7g-3D-3DXkZ1_I3w5d9c01gkD8gL= zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFIKYQU30ynjZc55vCSY82i0= keOvsOVtIs34rt38S6T7uce9D8uosdP8dKkCi-2FzFJRUakz5KgKMvYx3fwGe3fQmxw7fkioNuH= uUy-2BFsx3ZuUNkObw3DYei43MB-2FQMwrXTcFRU7b3icxAhE2l0bPB0kE3dkRkbLrN-2BRTB5C= WkA1ZJlTzwDyowWzugm9wLlwmnVgjFJlOQbzAXLZJtq-2B-2FV7x2N56YwXvc98aJu27xyg5zdG= 1-2Fna5L9PSpwBV49AQ0iVAzfDh-2B-2BjcyzyUJpNDApnjUYzet2-2FZ-2FJQGoGJ55H9eCeoh= DevOCYAax83sofGdlB-2F5tLtm0yyitJoVU9fGIf2SL3KmcRoG3gdCPilNzMixZjaUMT7CHpIqY= DwitYNjzgz3Wq8qOKveADezzOJqYY9TRcksBWZwMDasrOVM6hLnts5vpC6JVn2xZOWQJJMriKpm= 4Nos1jF-2Bggp-2B-2BHe1X4gIsWhigdm9vsYDqKMg9LOvAlK-2BVEx7JxwTJx8yJaUIBmcd" s= tyle=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"t= rue">GoldenTree Distressed Fund III </a></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"font-size: 14px; color: #78766F; = padding: 25px 0 5px 5px; font-family: Roboto, Arial, sans-serif;">*IRR: net of fees</td> </tr> <tr> <td style=3D"color: #1D5080; padding: 25px 0 2= 0px 0;"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0= 01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWHlKYTJuj3rupIQGOARhQ9iubs7d= 09uEshQOyaXjTyMw-3D-3D22Sw_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1= yZbcbdWeUgFVa0m8PzsFIKYQU30ynjZc55vCSY82i0keOvsOVtIs34rt38S6T7uce9D8uosdP8d= KkCi-2FzFJRUakz5KgKMvYx3fwGe3fQmxw7fkioNuHuUy-2BFsx3ZuUNkObw3DYei43MB-2FQMw= rXTcFRU7b3icxAhE2l0bPB0kE3dkRkbLrN-2BRTB5CWkA1ZJlTzwDyowWzugm9wLlwmnVgjFJlO= QbzAXLZJtq-2B-2FV7x2N56YwXvc98aJu27xyg5zdG8maQuovx-2F8zHaP4dYoiRSa2hrS-2BT-= 2BESjixAJSUGIimYigwVfIYFJduc6M7JmVYSEXmg-2Bg9uib4K5E6tVvu5fUrJllKo09g45zFDT= uDCyx1T-2BYoQTKgzi5TAfLXGoQrd03yhL9uCekHh-2FoVhEiPNxbEla6H8uQ5IUJKbh5UuBiif= skVnbej326b3nLKMlPyb-2BqHN1-2F-2F3XuCXcpsDrS0qQqw1y3sGyq6-2FYiIEqmaj-2BNAQC= gZiIIb630oZMxj8Sndaopgjp8QmGWImaAXahW5x6o" style=3D"font-family: Roboto, Ar= ial, sans-serif; color: #1D5080; font-size: 14px; font-weight: 700; line-he= ight: 24px;" universal=3D"true">98 Funds in Benchmark =C2=BB </a></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">Check = out the latest version of <b><a href=3D"https://url6380.news.pitchbook.com/= uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWHlKYTJ= uj3rupIQGOARhQ9P8WT4bFtcNELyPR8r8Ir4A-3D-3DPFwF_I3w5d9c01gkD8gLzFEofZR-2Bh6= VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFIKYQU30ynjZc55vCSY82i0keOvsOVtIs34= rt38S6T7uce9D8uosdP8dKkCi-2FzFJRUakz5KgKMvYx3fwGe3fQmxw7fkioNuHuUy-2BFsx3Zu= UNkObw3DYei43MB-2FQMwrXTcFRU7b3icxAhE2l0bPB0kE3dkRkbLrN-2BRTB5CWkA1ZJlTzwDy= owWzugm9wLlwmnVgjFJlOQbzAXLZJtq-2B-2FV7x2N56YwXvc98aJu27xyg5zdH1yRBiOGLA2b3= zxrZblqCudy6DyhPYtCJ85I6ijJTdYnK-2FkFtlL-2BTmQ2buIF1i3spvmFWQnDApULr4JI55fa= WTGsUAqID-2BrLnJhBNKVMcfmldKGghV8Lj3lLXpOZb0nxcMuI0sdZCqecaxeXRrvXSO7yFAZbv= O2uL9e6Ac19w4xkmhihCKKjcwqS1nKYujLE8V0s9IX9v83XmIRW8B8Lu5azHrAFJy-2BdvOEJft= i5l3Cmt3SHU9Ql946N1arwJwmubQI8-2FAKaY5HgzVWzq7hje0" style=3D"color: #1D5080= ;" test=3D"" universal=3D"true">PitchBook Benchmarks</a></b><br> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; 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