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font-size: 1px; display: none !important;"> Also: = A collection of PitchBook's top VC news and research from 2025 </span></td> </tr> </tbody> </table>=20 <style> @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 800; src: local('Roboto ExtraBold'), url('https://fonts.pitchbook.com/ne= wsletter/Roboto-ExtraBold.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 400; src: local('Roboto Regular'), url('https://fonts.pitchbook.com/news= letter/Roboto-Regular.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 300; src: local('Roboto Light'), url('https://fonts.pitchbook.com/newsle= tter/Roboto-Light.ttf') format('truetype'); } @font-face { font-family: 'Roboto Serif'; font-style: normal; font-weight: 500; src: local('Roboto Serif Medium'), url('https://fonts.pitchbook.com= /newsletter/RobotoSerif-Medium.ttf') format('truetype'); } td ul { padding-left: 1.8em; } td li { position: relative; 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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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"> <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-2BaqM7ONnvsnswouzUPaGQIvsKzpxB5mQah29rCfSv6BweIZeV9SdJ= One-2Bsew-3D-3D5LXf_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb= McVf8UYA68NVRR1OU7UdOP9itNogAF7ExipEFA92EbTzyX4toiZHcspPOYb4S6z42R5AbNNbQCU= Ysm8WzUHTG1e6D0fA6Qp0FF9wV5pq8vgYTMoHOn7mh5eRrkV9U5x27BYQnIJaUMzLy-2FX1Eo-2= BUUOERhcRNAK3n7-2BFCEk4u-2BjllN-2FYpTCBZ3VnFdwJvw2H-2F7LW1rtSMRDGVFTXDALtjb= hQChefuPnb9hBgensmDStgjFaA-2BYEu2fpZcTW4cUSTXhBTXWVagXgGT-2Fkcys9O7wNvjSVTM= OSPBjfURvf-2BxmMppkbrva77nvhqU5yCb-2FKwZR7D54VUf7H1vu-2BQszqWL3W0oNg4rJsAHY= rP0refrqLULQmRs25z9XkrrCd-2FlI-2BmZo-2FRr3Hkr3mCTYKdsiTw-2Fmkf0hGOLpDw93vLK= AQVo3S55aaVCysBgwVZf5AfwqVK7r7v3zjoKF-2FGpt-2BnbDMm-2BvX2IeXu3lF6Dj3yjv0muj= yaqB4SxnozCy1DViulF9lfI-2F6N6nPdVsA9ng"> <img align=3D"center" alt=3D"" src= =3D"https://img.pitchbook.com/news/72006.jpg" style=3D"border: none; max-wi= dth: 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-2BaqM7ONnvsnswouzUPaGQIvsKzpxB5mQah29rCfSv6BweIZeV9SdJOne-2Bsew-3D-3DbUo= M_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRR1OU7= UdOP9itNogAF7ExipEFA92EbTzyX4toiZHcspPOYb4S6z42R5AbNNbQCUYsm8WzUHTG1e6D0fA6= Qp0FF9wV5pq8vgYTMoHOn7mh5eRrkV9U5x27BYQnIJaUMzLy-2FX1Eo-2BUUOERhcRNAK3n7-2B= FCEk4u-2BjllN-2FYpTCBZ3VnFdwJvw2H-2F7LW1rtSMRDGVFTXDALtjbhQChefuPnb9hBgensm= DStgjFaA-2BYEu2fpZfBPZDrSkDYnyeV8usM11-2Fj1sF4HetSYZn0te1tKo1dak8LSfBL1dc4-= 2B5AgFomNn1fzwCGvaTZtWeicN-2B4TE7vfY4UoIw10fd7nkFu3kIP20Fz9JoeqTIN74pyijhjQ= NSPX-2BodxkAQXgpjshFYy9K-2BQWje-2FwsMaePXwQp6XNlVgLtcnfiu5rpHwQHRJFFaW-2Bsh= j-2BTluUCjN3gfu0H01tlczjK06d6ZK8wgG7NEglihjw4a-2B4Vb3v0QKyNkPjt03BdHjwviEY2= eelYzSA2H8Wpk3" style=3D"font-family: Roboto, Arial, sans-serif; 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"> <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= mQah29rC2f8hSdfAMhkWAmlGPcAbMQ-3D-3DrF7N_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJ= YL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRR1OU7UdOP9itNogAF7ExipEFA92EbTzyX4toiZHcs= pPOYb4S6z42R5AbNNbQCUYsm8WzUHTG1e6D0fA6Qp0FF9wV5pq8vgYTMoHOn7mh5eRrkV9U5x27= BYQnIJaUMzLy-2FX1Eo-2BUUOERhcRNAK3n7-2BFCEk4u-2BjllN-2FYpTCBZ3VnFdwJvw2H-2F= 7LW1rtSMRDGVFTXDALtjbhQChefuPnb9hBgensmDStgjFaA-2BYEu2fpZcbmd1-2BsedaSKf7k-= 2BxexHMYdFyBb-2B8fkysLFsDm4dErqzTGP6I8IB7SNW24SyNTjerzJmYcINyJFqWM9I6UVweX-= 2BCaq51yMsS-2B-2BJK0Nkie0NUhVr2alINtKJ1DmLES2Qw42OxUSoX1Vdijr-2BxqFYLhIgI0C= UN3I74tlvgJp0HRzE-2BYOnUWpAvTsAG2iIhunrICmKU9bx35GMmUAnp-2BzDh3yF66flXP-2F4= AEPm5OsVMV2erlKIWuLEDUgUuUa7GlOKYRB-2FUWkICb6PHmrTDwL9nrt" style=3D"color: = #1D5080;" 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= qM7ONnvsnswouzUPaGQIvsKzpxB5mQah29rCWcM8IBhDZlHApUqiuuePZQ-3D-3DswZ6_Pr966k= nuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRR1OU7UdOP9itN= ogAF7ExipEFA92EbTzyX4toiZHcspPOYb4S6z42R5AbNNbQCUYsm8WzUHTG1e6D0fA6Qp0FF9wV= 5pq8vgYTMoHOn7mh5eRrkV9U5x27BYQnIJaUMzLy-2FX1Eo-2BUUOERhcRNAK3n7-2BFCEk4u-2= BjllN-2FYpTCBZ3VnFdwJvw2H-2F7LW1rtSMRDGVFTXDALtjbhQChefuPnb9hBgensmDStgjFaA= -2BYEu2fpZfZHl2BIt1-2BhjvRhnZYvj7-2BZP1yRRlk6wSSFosjs4FhhwqgsqTNes08RVAhp59= emeAWg-2BEi-2Fl16Iy0D6QWHLF3V9tCyyyuYN6x3kj2Jax5zAI-2B1f6cMI5u8tnWZvfXJN9Vq= CzonrKYnEarx4eWKgpEtmzKvZfl4kY6YmF0HF5rydan6t-2BZTpQroUBKOc6bn4zHJ25ddduinA= VeLwROMfuWK3-2BT4TLtVVdzFE6hEwZH26M0U06-2FwWzF-2BdLbX-2FL8wdBaYMJXA6BT0E9Sw= jcEKvD0i" 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= -2BaqM7ONnvsnswouzUPaGQIvsKzpxB5mQah29rCIHlgZP-2FZGF94tLJZMOAgBg-3D-3DSvjR_= Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRR1OU7Ud= OP9itNogAF7ExipEFA92EbTzyX4toiZHcspPOYb4S6z42R5AbNNbQCUYsm8WzUHTG1e6D0fA6Qp= 0FF9wV5pq8vgYTMoHOn7mh5eRrkV9U5x27BYQnIJaUMzLy-2FX1Eo-2BUUOERhcRNAK3n7-2BFC= Ek4u-2BjllN-2FYpTCBZ3VnFdwJvw2H-2F7LW1rtSMRDGVFTXDALtjbhQChefuPnb9hBgensmDS= tgjFaA-2BYEu2fpZfb28dtnh8boOuHWPzUMZdcp9UPqs2RBCi-2F8L7lDvPWNveh-2FA1OmVob6= l3xcmgF6szkDNRc4FPbPk-2BMXumv2LOpD5G3VCXapHoCkBWkPJG4wa-2FVytO7ETMBVDOQVpIz= fNBrtXw0TgjPUsegmWSNpmR5foPl2q-2Fp4EAHMAvANHAQr4sm1dc-2B5TQQVshRYubVAN8uIxB= KuIq6SqC0KfT7uX4Wa4zIj9idU5xzN3q3I2h1Y6cWTk7BKysGolBG-2F64xIAVeU4G8oT0H7Iu1= 3zZeS4yF" 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-2BaqM7ONnvsnswouzUPaGQIvsKzpxB5mQah29rCluLL19Qz1rYXm3g= ldPGHbg-3D-3Dae8h_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc= Vf8UYA68NVRR1OU7UdOP9itNogAF7ExipEFA92EbTzyX4toiZHcspPOYb4S6z42R5AbNNbQCUYs= m8WzUHTG1e6D0fA6Qp0FF9wV5pq8vgYTMoHOn7mh5eRrkV9U5x27BYQnIJaUMzLy-2FX1Eo-2BU= UOERhcRNAK3n7-2BFCEk4u-2BjllN-2FYpTCBZ3VnFdwJvw2H-2F7LW1rtSMRDGVFTXDALtjbhQ= ChefuPnb9hBgensmDStgjFaA-2BYEu2fpZdx6s9-2FCbbOGTm1nWc8aqS5xPa146jE5uHBE6W3J= b2H-2FKG1EdQxm1EGELtAfuo-2FBHDhROSML5A5gNylGG26OeiHZGT6MeS-2FHhAwp0VElEoAM8= wlBS9vBUvIX-2B-2FKpniM4DcBpTCZrAp1zcQYijEHUODvDJYF0tCsKm8pxLlMUgcoEEOO-2F12= C58Br0wth3Sxem-2B3lgGRHrAN-2BHjzoh4dg2Oq-2BX0b9Ov-2BOMiAUMqQwhNurSxw8BOHLZG= 6wob3mZWf17hH14lWXWYrbkz-2FBwuscjqJU" style=3D"color: #1D5080;" test=3D"" u= niversal=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-2BaqM7ONnvsnswouzUPaGQIvsKzpxB5mQah29rC7PD7yTD95ihuVIz-2BEk7ENQ-3D-3DY= _24_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRR1O= U7UdOP9itNogAF7ExipEFA92EbTzyX4toiZHcspPOYb4S6z42R5AbNNbQCUYsm8WzUHTG1e6D0f= A6Qp0FF9wV5pq8vgYTMoHOn7mh5eRrkV9U5x27BYQnIJaUMzLy-2FX1Eo-2BUUOERhcRNAK3n7-= 2BFCEk4u-2BjllN-2FYpTCBZ3VnFdwJvw2H-2F7LW1rtSMRDGVFTXDALtjbhQChefuPnb9hBgen= smDStgjFaA-2BYEu2fpZeivSTv4Ih4UTtI-2FAtXdG3kWZZAIo-2BNWDvZJp95IqDel23WSRndl= aQk96ffIclsq4g5icehGTw-2Ff7HKpI4dVr62djYkVm94Hy-2BRShBI9H9z9daGLclErZzRLNz5= epN9kB3F2Gr5OGDDh1wQFryNPGj6Nz-2F7FwsyGEgnzumlItTmYCa0GuVx0FVRGmiLx5HeYEccZ= FKEID3tgoBr1XjBglTm6AMSNkM6-2FN4vijyjLwgur0vZznx4oLZzIh5xm-2BSBk21DolQLMR4j= AirhuNVnRF5D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Read m= ore </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= 7ONnvsnswouzUPaGQIvsKzpxB5mQah29rC4rtuLoRfrP2eFyxiGYY4Sg-3D-3D_3ux_Pr966knu= aHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRR1OU7UdOP9itNog= AF7ExipEFA92EbTzyX4toiZHcspPOYb4S6z42R5AbNNbQCUYsm8WzUHTG1e6D0fA6Qp0FF9wV5p= q8vgYTMoHOn7mh5eRrkV9U5x27BYQnIJaUMzLy-2FX1Eo-2BUUOERhcRNAK3n7-2BFCEk4u-2Bj= llN-2FYpTCBZ3VnFdwJvw2H-2F7LW1rtSMRDGVFTXDALtjbhQChefuPnb9hBgensmDStgjFaA-2= BYEu2fpZdLBOrV83dwbT-2F3xTq-2BAWJmE6qcMtRkrxyYm2sSnHARiXXogRradSAI95JMsrzzf= qPF-2ByhTAyydohcK-2BJ7eB0m4FKnsUAljNt1TnpLiBbDy5zDyI8M9rpvreJHzMzUwVOrwHC9Q= heCHm94dVwlsGVNXBkmM5CB7uPf-2B-2FxGtRBSn-2B95EQ2whPpuU-2FQ0oN-2FflMOhO6YVHg= ljwX6vYMsb6JGmDpAMuuRfM9meuWfowIeIeqYci0JRAU-2Bzrrg5eaTMiPFpNmhsvwsJkWKzmU3= BHVBVr" 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-2BaqM7ONnvsnswouzUPaGQIvsKzpxB5mQah29rCPvmfoWicsYj9ekq0u2yUV= w-3D-3Dq-r-_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA= 68NVRR1OU7UdOP9itNogAF7ExipEFA92EbTzyX4toiZHcspPOYb4S6z42R5AbNNbQCUYsm8WzUH= TG1e6D0fA6Qp0FF9wV5pq8vgYTMoHOn7mh5eRrkV9U5x27BYQnIJaUMzLy-2FX1Eo-2BUUOERhc= RNAK3n7-2BFCEk4u-2BjllN-2FYpTCBZ3VnFdwJvw2H-2F7LW1rtSMRDGVFTXDALtjbhQChefuP= nb9hBgensmDStgjFaA-2BYEu2fpZdjUwVK5-2F-2BfV4pwvD-2B5fQe7oSQN0EdAg-2FaQqHJbl= 40WAaJPiXnANDuPPrp5Sw-2FydmuUwIPADAWd4TvBVMM9P5tcUBVrki42ZP0PxheEHhppLYO1al= eqCbhcXgjl6a3-2FeNa5aOkeRcdB7ZN1D2w9im0XoblXHK2CdC-2FPqK0QTVYKExfUVclT7lsgN= iiBVPPgulT1w0AH3gT521uYkBijSr1zdBa4yr-2BiVeuvKdLR-2BBfMicXEBHRMYikJtSzkc1xI= rOuqTCAfBtQxlcjnBM29dxQz" 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-2BaqM7ONnvsnswouzUPaGQIvsKzpxB5mQah29rCjWw5H3EElRZc-2BWFBq4Z6Mg-3D-= 3D6voz_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR= R1OU7UdOP9itNogAF7ExipEFA92EbTzyX4toiZHcspPOYb4S6z42R5AbNNbQCUYsm8WzUHTG1e6= D0fA6Qp0FF9wV5pq8vgYTMoHOn7mh5eRrkV9U5x27BYQnIJaUMzLy-2FX1Eo-2BUUOERhcRNAK3= n7-2BFCEk4u-2BjllN-2FYpTCBZ3VnFdwJvw2H-2F7LW1rtSMRDGVFTXDALtjbhQChefuPnb9hB= gensmDStgjFaA-2BYEu2fpZeP-2BVS3f1ehHQW7F4gowXBepMRomOA1suX-2FClE-2BzR-2Bvhr= fTUpl9YPC3UZ1jZcC40fUnNQSd6fVe-2F910CJf5HjhRz8beeoX4Mkg8vcH2QjRxgigtwSDhw-2= BvpOecZzwk9T1XvOAloPdxSsvzPeY9XUjPC1-2F0eqqZa-2Bo4N0MVHkRoL54-2BBbdPGz1cMth= O1elIKO8xqfGEDUzTcT513I-2F-2FANKMMMts14VXtGpfqxc-2Bf1ebvNWP-2F4Ph-2F1G2ynUJ= Y1a4x9PQGjoR5tdxbmG0Ww3BEdSFo" style=3D"color: #1D5080;" test=3D"" universa= l=3D"true">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= PaGQIvsKzpxB5mQah29rCpbrVsuBhYPJGL-2FAOhaWIeA-3D-3DEEvK_Pr966knuaHmaw6c7pKv= B-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRR1OU7UdOP9itNogAF7ExipEFA9= 2EbTzyX4toiZHcspPOYb4S6z42R5AbNNbQCUYsm8WzUHTG1e6D0fA6Qp0FF9wV5pq8vgYTMoHOn= 7mh5eRrkV9U5x27BYQnIJaUMzLy-2FX1Eo-2BUUOERhcRNAK3n7-2BFCEk4u-2BjllN-2FYpTCB= Z3VnFdwJvw2H-2F7LW1rtSMRDGVFTXDALtjbhQChefuPnb9hBgensmDStgjFaA-2BYEu2fpZfh9= x5e0KEBRdYcmI21hpq3pMewQf81cqR6zC4oLpdKlarCHJn6nCDjS8RA0Bt9XBztMdHtQUKBBZ6O= 78RztNgANJ-2FP8kdPP1uS12bT5JiDkUTlqYHrwesborh-2BDhCMrGD0wAVamE4pQLgSFDStH-2= BUrjOOy2rW-2BNEjT-2FfYDxCIfHCFFdx7DvBY3RP-2FPun68uViAyw6cLBtAu7MqjWcg1CaBPi= Lopky6nZKdqblHkm9aji0gEhZlGjk6xXkAqoZusF3y8obCD03LEak7kep0cQJn" style=3D"co= lor: #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-2BaqM7ONnvsnswouzWHlKYTJuj3rupIQGOARhQ9JLg4c= eCS4-2BxFr7XZ6nAO9Q-3D-3DQQEH_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR= 4BiQVI43kbMcVf8UYA68NVRR1OU7UdOP9itNogAF7ExipEFA92EbTzyX4toiZHcspPOYb4S6z42= R5AbNNbQCUYsm8WzUHTG1e6D0fA6Qp0FF9wV5pq8vgYTMoHOn7mh5eRrkV9U5x27BYQnIJaUMzL= y-2FX1Eo-2BUUOERhcRNAK3n7-2BFCEk4u-2BjllN-2FYpTCBZ3VnFdwJvw2H-2F7LW1rtSMRDG= VFTXDALtjbhQChefuPnb9hBgensmDStgjFaA-2BYEu2fpZdbnY0hEtQ7u0vbLkRLT0kGF3OT118= -2FDbCAw1E-2B-2F0poGznc2NK2b6YREuDFGJ7fqDkkjWRynLweZrXPcrZKRDpx9IkICmnWP-2F= UZp4kr8-2FQ1ba1MgXYQqeVuJUPzn0cpMRgLDgH604fQDjMeqNa4LgyDkikjdGAzD0fQ6KygYtT= HKEHyOZclCBAYG3PDASs8SAkQ0wcBuNmjwksy-2F02x-2FkGW0FKrti7NhbtTVcgXVgh7azHFSA= uAKMJPLoCL6mE1JrLMZ8YzTdY2WAP2e2zDDwvD" 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-2BaqM7ONnvsnswouzWHlKYTJuj3rupIQGOARhQ9jhDv= t9exmWvvzm3E4K2k5w-3D-3D34Fy_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4= BiQVI43kbMcVf8UYA68NVRR1OU7UdOP9itNogAF7ExipEFA92EbTzyX4toiZHcspPOYb4S6z42R= 5AbNNbQCUYsm8WzUHTG1e6D0fA6Qp0FF9wV5pq8vgYTMoHOn7mh5eRrkV9U5x27BYQnIJaUMzLy= -2FX1Eo-2BUUOERhcRNAK3n7-2BFCEk4u-2BjllN-2FYpTCBZ3VnFdwJvw2H-2F7LW1rtSMRDGV= FTXDALtjbhQChefuPnb9hBgensmDStgjFaA-2BYEu2fpZc1TVPhCQgqZuv94-2FFTdj0lYToB51= dva5AhOY2s0m7bTydUccqQ-2FJQb6EsJvjbuIYdjHD9m6-2Fn8JCK5HsXJvQH4KJkQh9ftaCS-2= F1QTOsfTasuRqS0tXREF8gb2f-2FijlU1lxV6GqVQSZikRT1CEyatcz9cIjn-2BvgqI2FzaM8IR= hnHR-2BHuC-2B5eGeXzHL8PzOKs8DBO8or1cQMAJG88OhleohXYC5l5jyKYo-2FzjsEOP85iAtc= gpTecS3T-2Bsm9UdIksQilBwvFAUfaWG6dovUGIIwN6" style=3D"color: #1D5080;" 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-2BaqM7ONnvsnswouzWHlKYTJuj3rupIQGOARhQ9g9-2BjsjsmRub6wUi-2BU7oC2A-3D-3= D-KuQ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRR= 1OU7UdOP9itNogAF7ExipEFA92EbTzyX4toiZHcspPOYb4S6z42R5AbNNbQCUYsm8WzUHTG1e6D= 0fA6Qp0FF9wV5pq8vgYTMoHOn7mh5eRrkV9U5x27BYQnIJaUMzLy-2FX1Eo-2BUUOERhcRNAK3n= 7-2BFCEk4u-2BjllN-2FYpTCBZ3VnFdwJvw2H-2F7LW1rtSMRDGVFTXDALtjbhQChefuPnb9hBg= ensmDStgjFaA-2BYEu2fpZcrxM5ZLqKI-2FPQQszo796F-2BUFIVKfv3H-2BmT-2FIfwGy16E4-= 2FCREVN1j7kbhTbly527iA2-2BHSj6o-2FRuBFy3MEXHipM5Glx6xbnPHw14lrPzZuYC9WzoVtU= 2ooo243If7fksGxT9KmDBKYxU91x40DXS63l-2F95rOhz-2BiuEZqjcq4piL5-2FIJD0zlB0MQZ= YkiFNWwjMSDp3SpTsGtoeEW5hr2wbF4IaC9vnO32Af4JW-2F-2Bv09yObci2A5PRyTE-2FgTR-2= FshB6G8P2LmRLxHHF-2FMb99t4fzgG" 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-2BaqM7ONnvsnswouzWHlKYTJuj3rupIQGOARhQ9eVX9DMqPL= 2tQ1U5okS4uBQ-3D-3DZJXO_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVRR1OU7UdOP9itNogAF7ExipEFA92EbTzyX4toiZHcspPOYb4S6z42R5AbNN= bQCUYsm8WzUHTG1e6D0fA6Qp0FF9wV5pq8vgYTMoHOn7mh5eRrkV9U5x27BYQnIJaUMzLy-2FX1= Eo-2BUUOERhcRNAK3n7-2BFCEk4u-2BjllN-2FYpTCBZ3VnFdwJvw2H-2F7LW1rtSMRDGVFTXDA= LtjbhQChefuPnb9hBgensmDStgjFaA-2BYEu2fpZeIOtu2B51l7E7PlU9Wd46T6mDWUZrPHSDws= yqeC10Q5r1A34X5jKWvmSCj1ABrQbSI4FzvS9fcHvlBypeVqAPwH4oYo1OO93cDu6cFWxB2FaQE= cHiCprSGNqkPiqUqPiloBOhbZUplLaJqD-2FXgPxHAfZsbFPNsFtDk7RHqzg4g-2FrVuHYsV7cW= QfIXN5fd-2BBm808idukpQCPQFbIX0-2Br7FLXLCMrL3A1rFZogdb2CBrlcykTbQj5ArxJxvZmW= Jzvq0C-2FcXCmHt-2FturyMq18u4-2FA" 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= y90riCVqv1qVClM90uEwkA-3D-3D128Q_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2= BHR4BiQVI43kbMcVf8UYA68NVRR1OU7UdOP9itNogAF7ExipEFA92EbTzyX4toiZHcspPOYb4S6= z42R5AbNNbQCUYsm8WzUHTG1e6D0fA6Qp0FF9wV5pq8vgYTMoHOn7mh5eRrkV9U5x27BYQnIJaU= MzLy-2FX1Eo-2BUUOERhcRNAK3n7-2BFCEk4u-2BjllN-2FYpTCBZ3VnFdwJvw2H-2F7LW1rtSM= RDGVFTXDALtjbhQChefuPnb9hBgensmDStgjFaA-2BYEu2fpZcabH-2BJSRlW4OmhmfS-2Bg9Tx= mMj8n1TkfCFK0G-2Bw3iy5-2FQI-2F6OfC6F1wum2pBjr54Iz3ygMNOMA7SfJQKGTunrPXSQX9Y= zTKtQvvoQov8iZuFkpoB2glajIpfhgczeu8q4XjCHwtB3P0U-2Bx8mbdMNffjR1QlyUyUTVmY-2= BWCoCjkgaiH-2B6-2FsdP97AQbrbNKzqABOiSXL63LHniCohzL8m8SPXKyP3w1PRkda3Lf4V-2F= y-2BAbbD-2FfES69w76CPXMqKSp0hNhvsaDnfy8iU3M8WK2u-2BNW" style=3D"color: #1D5= 080;" test=3D"" universal=3D"true">Q3 2025 Quantitative Perspectives: A For= k in the Road</a></b>.<br><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-2BaqM7ONnvsnswouzWHlKYTJuj3rupIQGOARhQ9eVX9DMqPL2tQ1U5okS4uBQ-3D-3DD= icG_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRR1O= U7UdOP9itNogAF7ExipEFA92EbTzyX4toiZHcspPOYb4S6z42R5AbNNbQCUYsm8WzUHTG1e6D0f= A6Qp0FF9wV5pq8vgYTMoHOn7mh5eRrkV9U5x27BYQnIJaUMzLy-2FX1Eo-2BUUOERhcRNAK3n7-= 2BFCEk4u-2BjllN-2FYpTCBZ3VnFdwJvw2H-2F7LW1rtSMRDGVFTXDALtjbhQChefuPnb9hBgen= smDStgjFaA-2BYEu2fpZeWdqt7AyD-2B5ooqR2QTRZMigYL-2Bgke4cvJ53dudjuol-2FiUHH7a= BkAyimxUjD0Ba1oFjd-2BKywBJ3d8D3ZrtHK5-2FDDD6ADxq8dxDqqOHGGYY6hXW2RLomoyW35O= 7YjEKt2gTW7-2BPlilk97J13X7wY2J0PLRWrf-2FudPTlEEt7ioZfQXPYJIEPc0L8uSqnmA6QVR= kTx5U-2FqmNP-2BfpAzpL3eSn6QOzWitLRNhfeZUHG7ib3UwWGt-2BqqJOx-2FHLbJkz4UFF2em= RJCPBxZ2SKyVoTFaxf1b" style=3D"font-family: Roboto, Arial, sans-serif; font= -size: 18px; text-decoration: none; color: black; padding-left: 3px" target= =3D"_blank" universal=3D"true">Read the story<img height=3D"24" src=3D"http= s://fonts.pitchbook.com/newsletter/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> </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= swouzWHlKYTJuj3rupIQGOARhQ9z2oCRQE2wnpqlAUWORDkDQ-3D-3Drz1m_Pr966knuaHmaw6c= 7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRR1OU7UdOP9itNogAF7Exip= EFA92EbTzyX4toiZHcspPOYb4S6z42R5AbNNbQCUYsm8WzUHTG1e6D0fA6Qp0FF9wV5pq8vgYTM= oHOn7mh5eRrkV9U5x27BYQnIJaUMzLy-2FX1Eo-2BUUOERhcRNAK3n7-2BFCEk4u-2BjllN-2FY= pTCBZ3VnFdwJvw2H-2F7LW1rtSMRDGVFTXDALtjbhQChefuPnb9hBgensmDStgjFaA-2BYEu2fp= ZfStM3mSreHE5yCy6E2vMe-2F5QlYwWI7PqkepGKlajtEkIP3N5ttL-2FMdIdSzv-2BpJ52EqH-= 2BCjqaZEa-2FqJApJbkcvfGps4CovjqJwKFGQZlCAXXNIvLBjVq5w5fcth1MZsTvWfllkDLUY9e= o8Ktf5eQE3aDngOHaPF-2B7g4Sfw7r4vu-2FtxR77dO1EqlI9fwyhEs8Q-2BwDgjiaJtUmqJ8Po= bt6brF5QXBEUiXTNxOh-2Fwo6bKeJTTP-2B9bN-2Fkl3qqK4GUcYsAbfI2qeW-2F9yHa77a5Zx0= 5ro" style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universa= l=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= swouzWHlKYTJuj3rupIQGOARhQ9G47TJQkSZPVCuFoNlwc0vw-3D-3DRiSE_Pr966knuaHmaw6c= 7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRR1OU7UdOP9itNogAF7Exip= EFA92EbTzyX4toiZHcspPOYb4S6z42R5AbNNbQCUYsm8WzUHTG1e6D0fA6Qp0FF9wV5pq8vgYTM= oHOn7mh5eRrkV9U5x27BYQnIJaUMzLy-2FX1Eo-2BUUOERhcRNAK3n7-2BFCEk4u-2BjllN-2FY= pTCBZ3VnFdwJvw2H-2F7LW1rtSMRDGVFTXDALtjbhQChefuPnb9hBgensmDStgjFaA-2BYEu2fp= Zdd4L3O3tM9-2FZON8cawD6AsEyBlYUm7dWaAdRTKdPonMOCAoLirAoCzwUG4MGFD5tDCEHEKaJ= B0vGKKtDAoVujF9L8KIrPjNGNEq5Q7Pf2P6MpR8VkIrmWbORaXhUIb4xdRaAnAXaKSkRppHIaoz= VJtSbkqIlVI9CsLSDYV99f9VyYGU-2BFEj8kQs-2BUe31zhF2SH4quqj-2FWiiygh-2F1-2BsmW= Jhvma0y8oDyDDdMewcoKzR6ccLmH8wcqnAVUK1dpNc45hx3C2FzYBMsQsnIPHFYiwO" 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= swouzWHlKYTJuj3rupIQGOARhQ9ICIYdWlv4r15SuPJV4yzhQ-3D-3DA2Hw_Pr966knuaHmaw6c= 7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRR1OU7UdOP9itNogAF7Exip= EFA92EbTzyX4toiZHcspPOYb4S6z42R5AbNNbQCUYsm8WzUHTG1e6D0fA6Qp0FF9wV5pq8vgYTM= oHOn7mh5eRrkV9U5x27BYQnIJaUMzLy-2FX1Eo-2BUUOERhcRNAK3n7-2BFCEk4u-2BjllN-2FY= pTCBZ3VnFdwJvw2H-2F7LW1rtSMRDGVFTXDALtjbhQChefuPnb9hBgensmDStgjFaA-2BYEu2fp= ZfVTJwYytuZez6VvlQTJ-2B-2B8hrK2o2OaUvLcfUcjIY2tzPVOMHsCc0EI6Itzz101DE6Coqq4= 3VMDOXIEYf9HkNSNw4G-2F3fMTRbDEdC4YFWJ6vbazkInUXmPYMh6cj3a-2B4GsYCVVUqECL38f= Cd0K-2FOQowPtg97SWwz-2BSe8jNyq2RXD05eGHwRItJMTSIoJjqc1aarLzEt-2BJ-2FaYKezAW= O2LwwlOIdZVSWM72uuDJfQ6xyFChI4weBCmkRCI64TMiOe72kygOHY0iGKagAa-2BvCHng-2F7"= style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D= "true">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-2BaqM7ONnvsnswouzWHlKYTJuj3rupIQGOARhQ9QbKWxg= 6YesuNxqsK1s3OyA-3D-3D2wf6_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi= QVI43kbMcVf8UYA68NVRR1OU7UdOP9itNogAF7ExipEFA92EbTzyX4toiZHcspPOYb4S6z42R5A= bNNbQCUYsm8WzUHTG1e6D0fA6Qp0FF9wV5pq8vgYTMoHOn7mh5eRrkV9U5x27BYQnIJaUMzLy-2= FX1Eo-2BUUOERhcRNAK3n7-2BFCEk4u-2BjllN-2FYpTCBZ3VnFdwJvw2H-2F7LW1rtSMRDGVFT= XDALtjbhQChefuPnb9hBgensmDStgjFaA-2BYEu2fpZdCVtRQqIttmxuQ5h7fwRfikhnwT54DA4= eJotGG81p9qsrsIlzjh2lImEGKG3zbiVUUVtzlIFBoU3-2BJ3u-2F1FFMW6reqfc4eIhNbSN-2F= jR-2FGTpylEiMrQzBtBtvAtXpJJMk4H-2FTxDGtWRnhcxGDzvQqVnEq9GKpWPMWlt1uVzNC91gj= 0vjd0c32z9L09r-2BSOHLjwZEIkx63miaWmuHUBA0vfeCDKl8VsDjunkAetJvAFgy4LWDTQ-2FR= bfzT7n2wmL-2FmgJJyfLNQs3ONGt89MLukdmN" style=3D"font-family: Roboto, Arial,= sans-serif; color: #1D5080; font-size: 14px; font-weight: 700; line-height= : 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= uj3rupIQGOARhQ9S39DhV-2FFG-2FdGQ3cCDMOGzA-3D-3Dp43U_Pr966knuaHmaw6c7pKvB-2B= CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRR1OU7UdOP9itNogAF7ExipEFA92EbT= zyX4toiZHcspPOYb4S6z42R5AbNNbQCUYsm8WzUHTG1e6D0fA6Qp0FF9wV5pq8vgYTMoHOn7mh5= eRrkV9U5x27BYQnIJaUMzLy-2FX1Eo-2BUUOERhcRNAK3n7-2BFCEk4u-2BjllN-2FYpTCBZ3Vn= FdwJvw2H-2F7LW1rtSMRDGVFTXDALtjbhQChefuPnb9hBgensmDStgjFaA-2BYEu2fpZdEvYA4g= VI3hM9pYprHEPpDxwKacE8WHMfwOFYWMM9F3m0itcvP8J-2FZuBQi6nFefwddN883Fh8pt7XRfO= E-2FsdaLdEtpU14QRgKjoC-2BLC4beguV-2F16h7vUNt6ph5qSBPJhzDZmah6BlB8atWaJQXjRe= yUdC52NycW8pt8k1P5ofEA8Gi57zFH-2B5A-2F-2Bd1-2BmdzwCotbHvj5LIjVKAGTsO7Wy5VL9= XB4CYfjFwJy3y1l8IzllW4fNCKA0PgWw-2Fqfxixy9F3PE5mmW5kI7ZCF7tuknHn" 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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