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The original message has been attached to this so you can view it or label similar future email. If you have any questions, see root\@localhost for details. Content preview: PitchBook Newsletters Is defense tech overhyped?; risks of PE_s latest liquidity solution; sports investing evolves into media rights December 31, 2025 | Read online | Manage your subscription The Daily Pitch PE, VC and [...] Content analysis details: (2.5 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 0.0 RCVD_IN_VALIDITY_CERTIFIED_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to Validity was blocked. See https://knowledge.validity.com/hc/en-us/articles/20961730681243 for more information. [159.183.175.69 listed in sa-trusted.bondedsender.org] 4.5 RCVD_IN_MSPIKE_L4 RBL: Bad reputation (-4) [159.183.175.69 listed in bl.mailspike.net] 0.0 RCVD_IN_VALIDITY_SAFE_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to Validity was blocked. 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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 31, 2025= | <a href=3D"https://url6380.news.pitchbook.c= om/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWjhDSFcz= Wz7uvBAEo-2B6MZJPT9ktmxlNmZn1mJAf52Ayw-3D-3DiF7L_I3w5d9c01gkD8gLzFEofZR-2Bh= 6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhctIvT5t3RBD09LpCCUUiqAValAnlao-2= FktsozD2X2eLgJ2WGulHp4fxyaFZqRfqMka3uIsj6uyr22ThWIaetr-2Bh9zcXPn37OE-2BY6pt= eIOlMXKybocq2oUbEnTl9D2LdcjhYM8vy8btMxpHTr7qnCe5X5sJZ8Jnu-2B36afRqRG0asobsi= mQjgLyO0suiBQu0TPiNRcknoXElaX-2B6KETriGpmCUk9DmtBtOM1fjSxfwWIw981kqEeRp3hiq= 3KrdvFGxCBUtXUcvhRyAGIhHA4PUwYbuRBHtJS3UUGEPV1SsAjtkWwEeE3ubhcn6yR9D499-2Bu= 63O0ss5pOLC8zKVAudq-2FbLDE5n2AehiuO76-2BONcvoW4-2BCNhQrxcsww9SRLivjyIY88vTI= -2B7PJC28tix3KuCKfEN7WMjGDgpA6ei5LHX0JuieMGhD-2FA8hYI3HrDS30QtWx3S-2BgWy5Dt= M5SJL84GBVBIKOedCO5XjHdWCZMS-2BdKQ-3D" target=3D"_blank" style=3D"text-deco= ration: underline; 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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; width: 100%; min-width: 100%; =20 "> <tbody> <tr> <td lang=3D"x-advertisement" style=3D"padding-bottom: = 20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzXYmeXFLG6EYn3-2FZ2lwslEFBOK2gOJzOVXRclRjPitymA-3D-3DW= ngv_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhct= IvT5t3RBD09LpCCUUiqAValAnlao-2FktsozD2X2eLgJ2WGulHp4fxyaFZqRfqMka3uIsj6uyr2= 2ThWIaetr-2Bh9zcXPn37OE-2BY6pteIOlMXKybocq2oUbEnTl9D2LdcjhYM8vy8btMxpHTr7qn= Ce5X5sJZ8Jnu-2B36afRqRG0asobsimQjgLyO0suiBQu0TPiNRcknoXElaX-2B6KETriGprYWFN= 1Tnpmne1prPydfwbGE4xXSP1N1me5lsEIQ2mAZzijNsq9cnWjga0QwYKMY9VXPBvitDVilf9uGV= rrkrdZ2JpGe7eAMfr1s7oewVsXrk9-2FncPRAIeeL1ycKN3wEofmBaVds0IrbiOBL1krXsXsADY= ESBi-2BOMn56DFbP1-2FdNRIJhX2Oudg9rzKnoc3v3ws8FPwXSrzuYjEnf5K2j08gbtVWlPCS-2= FlJCcgkT6DWng8i-2FW8JQxoPq06U3YF5hOs1mQyv9b6tCRlKKbJErIjmM-3D"><img width= =3D"460" src=3D"https://img.pitchbook.com/ads/ad4439/SVBbanner1.jpg" alt=3D= "Ads" style=3D"padding: 0px; margin: 0px; border: 0px; 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_576010" id=3D"n_576010" 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;"> Hot or not: Where European VC = funding grew in 2025 </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"><i>By = Leah Hodgson, Senior VC Reporter</i><br><br> VC funding for European startups has begun i= ts recovery after three consecutive years of decline.<br><br> According to PitchBook data, VC investment i= n Europe is projected to reach =E2=82=AC66 billion (about $78 billion). Thi= s would mark a 7% bump over 2024. The number of funding rounds continues to= decline, signaling that capital is increasingly concentrated among top per= formers.<br><br> AI is naturally capturing an ever larger sha= re of capital, with rounds worth several billion dollars closing for startu= ps such as LLM developer Mistral AI.<br><br> While overall capital has increased, it has = not been dispersed equally across all countries. Most European nations did = see increases in funding, but some regions have recovered at a faster pace.= </td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"center"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"float: none; "> <tbody> <tr> <td align=3D"center" style=3D"text-align: cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXYmeXFLG6EYn3-2FZ2lwslEFpUtipJM= wTEa4QQbhHXc0BQ-3D-3DMmMm_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFhctIvT5t3RBD09LpCCUUiqAValAnlao-2FktsozD2X2eLgJ2WGulHp4f= xyaFZqRfqMka3uIsj6uyr22ThWIaetr-2Bh9zcXPn37OE-2BY6pteIOlMXKybocq2oUbEnTl9D2= LdcjhYM8vy8btMxpHTr7qnCe5X5sJZ8Jnu-2B36afRqRG0asobsimQjgLyO0suiBQu0TPiNRckn= oXElaX-2B6KETriGph2jmQMmnqjHBJ0dWzDfUISBnGvHyTpsFE5-2Fft-2FcUjNm1mTrzPzBFJv= -2F71NeXxVpBJ0ZEw9G4f9CoG-2F48sF4sDanwEqATibfsVbumJgPbFjUWzbaAhza8F7UHLzAPu= l8MzoA0rVT3zT6N1P4HBvgxyS8nb1k-2B7VdvgH08-2Fo-2BYjmYOUlbdaSbEd1Yn4hCKk90Ts9= 6ZNtXRBnVm4CMDUaet9VMJHqokAH1cMwbQoBOMBdNc2ssQ-2Bgwjas-2Bu0OELKbG0KnngNFZiu= zBGzZKJ1K4-2BVs-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src= =3D"https://img.pitchbook.com/news/71951.jpeg" style=3D"border: none; max-w= idth: 420px;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">The UK= 's performance is emblematic of Europe's funding dynamics more broadly, wit= h an estimated 7.8% increase in VC deal value. AI was a key theme for the y= ear, as several leading tech companies, including Nvidia and Microsoft, ple= dged billions of pounds to bolster the country's AI infrastructure. This le= d to outsized deals, including data center startup Nscale's $1.1 billion Se= ries B in September.<br><br> However, its closest European peers, France = and Germany, did not fare as well. Both countries are on track for a declin= e in deal value from 2024 by 11.7% and 2.6%, respectively. Political turbul= ence in France and a lack of growth capital have hindered progress.<br><br> Defense tech was a bright spot for Germany, = with rounds such as Helsing's =E2=82=AC600 million Series D. By 2029, Germa= n defense spending is projected to hit =E2=82=AC153 billion annually, prese= nting a key opportunity for the country=E2=80=99s startups.<br><br> Among all the continent's regions, Southern = Europe has outperformed the rest. Overall, the region=E2=80=99s annual tota= l is expected to land 26.3% higher than in 2024. National entrepreneurship = programs and government-backed initiatives have helped strengthen Southern = Europe=E2=80=99s startup ecosystems and lured more talent.</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-2BaqM7ONnvsnswouzXYmeXFLG6EYn3-2FZ2lwslEFpUtipJMwTEa4QQbhHXc0BQ-3D-3= DKKiQ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFh= ctIvT5t3RBD09LpCCUUiqAValAnlao-2FktsozD2X2eLgJ2WGulHp4fxyaFZqRfqMka3uIsj6uy= r22ThWIaetr-2Bh9zcXPn37OE-2BY6pteIOlMXKybocq2oUbEnTl9D2LdcjhYM8vy8btMxpHTr7= qnCe5X5sJZ8Jnu-2B36afRqRG0asobsimQjgLyO0suiBQu0TPiNRcknoXElaX-2B6KETriGpl6g= bY27hATtifunM0wc-2F7MqsGWipSMupN8prClc0cOscJVXnO8GXN5SASlvLRJL9avxrbGaarvMt= ETijTE7sEoETbUqcIRI4ZVzRq1d5EuptrxsYD6eQR-2BDqD-2BXdcJW5psiOgJLF9NgBAoKgciT= WpLvzMJTYHHsBD7fOJmXUpWhglZOADQj02pXA73yxwF5WeYxwlEgAfB5WdtfpOycyO3ggvH-2Fy= 2TKvSodDMSzCAWM8i6tLibvSfQJsdLmyNP7R-2FJr-2F2SlO3MdSkwxzG9xQy0-3D" 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"= >Share this article<img height=3D"24" src=3D"https://fonts.pitchbook.com/ne= wsletter/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-2BaqM7ONnvsnswouzXYmeXFLG6EYn3-= 2FZ2lwslEFOfJfTtaMIidf1aDVLm98KA-3D-3DNU2-_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarH= kxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhctIvT5t3RBD09LpCCUUiqAValAnlao-2Fktsoz= D2X2eLgJ2WGulHp4fxyaFZqRfqMka3uIsj6uyr22ThWIaetr-2Bh9zcXPn37OE-2BY6pteIOlMX= Kybocq2oUbEnTl9D2LdcjhYM8vy8btMxpHTr7qnCe5X5sJZ8Jnu-2B36afRqRG0asobsimQjgLy= O0suiBQu0TPiNRcknoXElaX-2B6KETriGpm5b1eln8QIkdiwxWsNq7Hg4qzh3447Q6XeGHGVw6b= PKWvUoSRo8cN3K-2B88WkzefJDbFBRElhD5NmlM0rme53xwx-2FI-2B1GU90PRVFHVdScn55sAo= 1c5zM7YaR3nI1Cm99FRKr7IblHBN6kuPHTgyy72PBwn1BM6oXFkbyQBE5YBJGfG53-2B5p44VE6= XJq2kFd47DJmdeCoA6B5kk23fgwQmlIGCyCmUCMxRDqh9FauuRf05JgpN9SQUJPKWXEjlll42RY= qn6Gsb7cu-2FXA-2F8v-2FhIxQ-3D" style=3D"color: #1D5080;" test=3D"" universa= l=3D"true">Q3 2025 European VC Valuations Report</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>Tak= e a look at some of the most-read articles from PitchBook's London-based ne= ws team over the past year:</i><br><br> =E2=80=A2 <b>Can AI rollups really deliver v= enture-scale returns?</b> VCs are importing PE-style rollups and layering i= n AI, but shaky ownership math, leverage and exit assumptions suggest the e= conomics may not add up. <a href=3D"https://url6380.news.pitchbook.com/uni/= ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXYmeXFLG6EY= n3-2FZ2lwslEFAWtHl1-2Ffbbd6VE2ThmN81w-3D-3D_chG_I3w5d9c01gkD8gLzFEofZR-2Bh6= VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhctIvT5t3RBD09LpCCUUiqAValAnlao-2F= ktsozD2X2eLgJ2WGulHp4fxyaFZqRfqMka3uIsj6uyr22ThWIaetr-2Bh9zcXPn37OE-2BY6pte= IOlMXKybocq2oUbEnTl9D2LdcjhYM8vy8btMxpHTr7qnCe5X5sJZ8Jnu-2B36afRqRG0asobsim= QjgLyO0suiBQu0TPiNRcknoXElaX-2B6KETriGpiv7zb-2BlxFW5Q2wyaZKm4aJaRxk-2FXoq4x= p6zLbOSKp4gi0u41WeoIN5nu1nlnq8oYjbd1v3R1Cn-2FSpbER0PPdvZ0x29x1s-2Bzuse8nHhn= zDpUJ3xK9cBPEFXwDY18Rko4SlAPTbP0JjjSd2fdpQ-2B7rp1qzjp4v8qfzVoieOIAWfTW3YgFK= kZkoT013JoJnyAEo5p1uzoSkiZWnSB-2BJhP7pXGXgJ9c1KyGpri-2BqIRJlSZwW7sFwhbgl5E5= CmYx2tlUnIKGr0jq9fJCxYlWcFyTlgM-3D" style=3D"color: #1D5080;" test=3D"" uni= versal=3D"true"><b>Read our analysis</b></a><br><br> =E2=80=A2 <b>PE firms are hoovering up sport= s media rights in Europe</b>, with buyer appetite driven less by the glamou= r of club ownership and more by steady media rights cash flows. <a href=3D"= https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzXYmeXFLG6EYn3-2FZ2lwslEF1mGcsLxoVkrUx69TS3NMbg-= 3D-3D9EvB_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8P= zsFhctIvT5t3RBD09LpCCUUiqAValAnlao-2FktsozD2X2eLgJ2WGulHp4fxyaFZqRfqMka3uIs= j6uyr22ThWIaetr-2Bh9zcXPn37OE-2BY6pteIOlMXKybocq2oUbEnTl9D2LdcjhYM8vy8btMxp= HTr7qnCe5X5sJZ8Jnu-2B36afRqRG0asobsimQjgLyO0suiBQu0TPiNRcknoXElaX-2B6KETriG= prawGXxME4qEACc6qhL-2FlWTVt-2FGEQnqUEAuEeC92ISjc41UxaEKBYS-2FgdZriXejhMWOHh= xmJHH5Vr93kQr04FRR5Gu2s9cLsMxMR3-2FpfIUtCkSC1auARM96uaF-2F4yQ43ovk0aZJ82Ldx= wK-2B5iUXPay0SnwXZZ5ltHyXUgQJEzdTockHbYQ3Stlh2Bindo-2FZt88EPaDPpeOaf-2FSyW8= CYc80zablC6hGXUQDRUWDvmXvPrQPMm4e9tMTFOOSuAHaJnEwXRAQ3jhf2vuTvoqVFoZNg-3D" = style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Find out more</b>= </a><br><br> =E2=80=A2 <b>Defense tech funding and valuat= ions are soaring</b>, but structural demand suggests substance beneath the = hype. While the surge has some pointing to the appearance of a growing bubb= le, other industry experts say it is well justified. <a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzXYmeXFLG6EYn3-2FZ2lwslEFFC0FyxvfsoRjHJ5L4CPMcA-3D-3D4ZgB_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhctIvT5t= 3RBD09LpCCUUiqAValAnlao-2FktsozD2X2eLgJ2WGulHp4fxyaFZqRfqMka3uIsj6uyr22ThWI= aetr-2Bh9zcXPn37OE-2BY6pteIOlMXKybocq2oUbEnTl9D2LdcjhYM8vy8btMxpHTr7qnCe5X5= sJZ8Jnu-2B36afRqRG0asobsimQjgLyO0suiBQu0TPiNRcknoXElaX-2B6KETriGpk1qz1c-2BC= hujuNV5TkT5o85-2BkWpALoy-2FpAzFG5sH9jhwDYFzi9uEpuiaEQSVsODUZQNEkSImpN5mUh5Y= QmKjZLdjBy3MINHzbm5ZJx2ccZsSjwuODpQKZ0otSZGGG5loYdEhvgz1bxMMvi92l0lmyLrKWL-= 2BXwgM9Q4jwx1r3eblA4ygurQphXKrh0NRMY4CLf-2FUpGYDeh1-2FauaZ8PJr5Mgp093uvLOUI= shrhao9Yloh4OGalRnxbcxmAgE6w9ReQKOd80H9VY-2BQ3gKF43zbA7FA-3D" style=3D"colo= r: #1D5080;" test=3D"" universal=3D"true"><b>See our charts</b></a><br><br>= <b>Is =E2=80=98private equity=E2=80=99 still a useful label?</b> Converging= public-private products, open-ended structures and an influx of retail cap= ital are turning PE into a broader alternatives platform that demands new g= uardrails and greater investor education. <a href=3D"https://url6380.news.p= itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs= nswouzXYmeXFLG6EYn3-2FZ2lwslEFnUP9NHqbx2CQmUCF3ixo6Q-3D-3DVP2r_I3w5d9c01gkD= 8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhctIvT5t3RBD09LpCCU= UiqAValAnlao-2FktsozD2X2eLgJ2WGulHp4fxyaFZqRfqMka3uIsj6uyr22ThWIaetr-2Bh9zc= XPn37OE-2BY6pteIOlMXKybocq2oUbEnTl9D2LdcjhYM8vy8btMxpHTr7qnCe5X5sJZ8Jnu-2B3= 6afRqRG0asobsimQjgLyO0suiBQu0TPiNRcknoXElaX-2B6KETriGpljF6RgWTXGeJVF7mBbZZD= u28uweYVGcnHYq5bWH93gxZxdkUl5Ji1AEvqjFo3D3AZrECMP3TaT6mmh1bt5RtcGLtzpTiulEt= Sv-2F8sLX2TTAU-2BjHdjgsrgPQOSqBUg2Yk10cOI4PlvU3CUpDlCyqm3E-2B7s3lIkWquBFlQd= KdKkP8P51Cw7OIUFhRjQfpGqqlpNmQEKG0yYlZpCYdTn8Cly6dCTxmWfKbn6rJVlle-2FcXBX-2= B3-2B3JHMy9Q-2B7RfVFxJhCxe8mm122lyqXhqMUA-2BKPvs-3D" style=3D"color: #1D508= 0;" test=3D"" universal=3D"true"><b>Read our commentary</b></a><br><br> =E2=80=A2 <b>While continuation funds are a = well-established PE instrument</b>, continuation funds on continuation fund= s, otherwise called =E2=80=9CCV-squared,=E2=80=9D are a more recent proposi= tion=E2=80=94and the idea is gaining traction. <a href=3D"https://url6380.n= ews.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7= ONnvsnswouzXYmeXFLG6EYn3-2FZ2lwslEFQKJP4QpmzAeyNCxT2VT7zA-3D-3DEQTl_I3w5d9c= 01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhctIvT5t3RBD09= LpCCUUiqAValAnlao-2FktsozD2X2eLgJ2WGulHp4fxyaFZqRfqMka3uIsj6uyr22ThWIaetr-2= Bh9zcXPn37OE-2BY6pteIOlMXKybocq2oUbEnTl9D2LdcjhYM8vy8btMxpHTr7qnCe5X5sJZ8Jn= u-2B36afRqRG0asobsimQjgLyO0suiBQu0TPiNRcknoXElaX-2B6KETriGpvsQ-2BsiPZOe4JMy= 6hhwvNzgWoDCM4Aam3bQF-2FfMrKp-2Be9RMhmFFpe54GMVhVbkaw9o0PGznNY08OENJcasFcya= phO-2FLO4LxprnI6JAWgbpwOpDW4jGwFR9IIBdIYm30oFOIUi8lUEuppOMEJZKhk5rhe9CnT-2B= AFDZ2BtVr28C-2FLZ8PlBrPeMoBToGJNij1Hq6vZRZsNGk2ZeiMQhhJAZzm9v8PaKfUR9krWSSf= uHDtDbT2W6-2Bm6YbulhoQ1304vwvTAF61OmIcu8Mswg82cgQGY-3D" style=3D"color: #1D= 5080;" test=3D"" universal=3D"true"><b>Read more</b></a><br><br> =E2=80=A2 <b>Should China=E2=80=99s 996 work= culture be the new normal for startup founders?</b> A heated debate over h= ustle culture is raising questions over the sustainability of founders bein= g always on duty. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/clic= k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXYmeXFLG6EYn3-2FZ2= lwslEFq5-2FUP5kPg7JZunNmqKfUnw-3D-3DT_Qj_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkx= BRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhctIvT5t3RBD09LpCCUUiqAValAnlao-2FktsozD2= X2eLgJ2WGulHp4fxyaFZqRfqMka3uIsj6uyr22ThWIaetr-2Bh9zcXPn37OE-2BY6pteIOlMXKy= bocq2oUbEnTl9D2LdcjhYM8vy8btMxpHTr7qnCe5X5sJZ8Jnu-2B36afRqRG0asobsimQjgLyO0= suiBQu0TPiNRcknoXElaX-2B6KETriGpkTCac8MLJsC7EsyzgFO4pz5GigvwGysVajpoWYgc1go= vlXmDh-2FrkX8pZ2wYS0SMEpRDKGcvoJ5fHY5n06-2FwCE0W0PhkXqEGFXPY0iAZIvbUKByjCMr= xUx0rmZK5sG4vg19a3B7-2FPzmkjVWLOFFDng6vJ0pIkTj-2Bh4-2FnPZdu4AnG3zlL3doYG-2F= 3zNUpH74wQ3ir2-2BoEZ7Iq6DaTOrBRiuwdm9OwIEJsKl-2BtY84YsJApTp2qjBgnLlWC4vh2Ds= uzD6sofLGKHO-2FFAJOOx61yfva0-3D" style=3D"color: #1D5080;" test=3D"" univer= sal=3D"true"><b>Read our commentary</b></a><br><br> =E2=80=A2 <b>As investment in energy infrast= ructure continues to grow</b>, PE firms are turning to large-scale battery = storage to solve the issue of storing intermittent energy sources. <a href= =3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXYmeXFLG6EYn3-2FZ2lwslEFRn4thY5YziGn3QMHTc9= vvQ-3D-3DMPb2_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa= 0m8PzsFhctIvT5t3RBD09LpCCUUiqAValAnlao-2FktsozD2X2eLgJ2WGulHp4fxyaFZqRfqMka= 3uIsj6uyr22ThWIaetr-2Bh9zcXPn37OE-2BY6pteIOlMXKybocq2oUbEnTl9D2LdcjhYM8vy8b= tMxpHTr7qnCe5X5sJZ8Jnu-2B36afRqRG0asobsimQjgLyO0suiBQu0TPiNRcknoXElaX-2B6KE= TriGpqe8DdNq4QBGorqsf5-2Fc4eTYemuBbHwBZHYK8W3eBbC0SjHYU-2FS5fU2zspUfffSwORR= XfT8k6o-2BSxr9sBB7sND0I97R0nR2aiqwCMIphSo9kJpGubccwq6aNewGsckDXPsRVotxPPnuC= 9eR8AlriXSG3tzVth9YK5eYfecaKx0aSVFoR76YaVr4zUz-2BN4bTtI3VFPiBD0B7MRqQrHC2r8= -2Bb2SqfRLeg-2BzhetGXDNsH3QHAuUDkF0H9i-2Ftou4Zhg9BOVOSZKb6-2FupzQULJjcmfR0-= 3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Read more</b>= </a></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <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>Her= e's a look at some of the best research from PitchBook Institutional Resear= ch Group's EMEA analysts:</i><br><br> =E2=80=A2 <b>Private markets across EMEA are= evolving</b> amid choppy public markets, frothy AI valuations, and shiftin= g geopolitics. And PE continues to expand its dominance in Europe. Read our= <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n7= 3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVx-2BtwVnMShcuF2FwhLWhNaiA7FQbSd0-2= F1llVvlOX45AA-3D-3DqIH9_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb= cbdWeUgFVa0m8PzsFhctIvT5t3RBD09LpCCUUiqAValAnlao-2FktsozD2X2eLgJ2WGulHp4fxy= aFZqRfqMka3uIsj6uyr22ThWIaetr-2Bh9zcXPn37OE-2BY6pteIOlMXKybocq2oUbEnTl9D2Ld= cjhYM8vy8btMxpHTr7qnCe5X5sJZ8Jnu-2B36afRqRG0asobsimQjgLyO0suiBQu0TPiNRcknoX= ElaX-2B6KETriGpnFHFxi-2F8z7Lf-2FjC-2BTlZMy40DX-2FVM4s9cTMj4NP8zqvIX80jiAwT7= fa-2BN1favTIa9FnYBMVd-2BsF7dcOzJwx9Vc2bhH5cGH7N3s293UvLOOk0IMKR8Mh1-2BfnUar= HIru79-2BFl0z9q4c0MdNBqHo6wTY9vftK77L4bEe5t-2FIFDdyWI7-2B-2FolNMQc2dhlrNw0D= BQ6WxNZhsodK3pUsR-2BBkebMO-2Fd4daLovOHolytUazLdDRSX5KrvtyCL28KrXxnUFqPTp186= J6x3JyKY8ze4UUrHFcI-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tr= ue"><b>2026 EMEA Private Capital Outlook</b></a> report<br><br> =E2=80=A2 <b>Europe=E2=80=99s institutional = VC direct secondaries market could hit $77.2 billion</b>. Here=E2=80=99s ho= w the asset class is reshaping VC liquidity. Read our Q3 2025 Analyst Note:= <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n7= 3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVx-2BtwVnMShcuF2FwhLWhNayM8t-2BIPEu= rMnoqc6wrO0Cg-3D-3DE9hA_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb= cbdWeUgFVa0m8PzsFhctIvT5t3RBD09LpCCUUiqAValAnlao-2FktsozD2X2eLgJ2WGulHp4fxy= aFZqRfqMka3uIsj6uyr22ThWIaetr-2Bh9zcXPn37OE-2BY6pteIOlMXKybocq2oUbEnTl9D2Ld= cjhYM8vy8btMxpHTr7qnCe5X5sJZ8Jnu-2B36afRqRG0asobsimQjgLyO0suiBQu0TPiNRcknoX= ElaX-2B6KETriGpud7vJ-2FvIrkngniG4gU62Sl-2FbN80yYc1xKwFfURqDoKX1AvnVkvi0oR-2= FYMI50u3ysmbQCghLmqFG5ZdXBD3J9At81f6QBjw8xW4Z4vcRWDEw1cMDoVmDimogAj49w0-2BU= 7FqEo8MdbQdH6orUuFKyH-2BF2GQ7Hi6WxcMfHP5ye7jPEUL0rZZgjg2yQDLAz6Bk0C5aIJ3SiK= iM0ra6TdfYNTDRll67Cs3ORqoAJsYmg70vwTfuISjAEqTgo8Hr8c0JPOZa71y6o6N3JAMuLIog2= oYQ-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Sizing th= e Institutional VC Direct Secondaries Market</b></a><br><br> =E2=80=A2 <b>There's a new world map of VC i= nnovation</b>. While the US continues to dominate, emerging players such as= Saudi Arabia, Switzerland, and the United Arab Emirates are climbing the r= anks. See our Q4 2025 PitchBook Analyst Note: <a href=3D"https://url6380.ne= ws.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7O= NnvsnswouzVx-2BtwVnMShcuF2FwhLWhNaFfSoMKOxAtp5dbrNmDGdwQ-3D-3Dlczp_I3w5d9c0= 1gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhctIvT5t3RBD09L= pCCUUiqAValAnlao-2FktsozD2X2eLgJ2WGulHp4fxyaFZqRfqMka3uIsj6uyr22ThWIaetr-2B= h9zcXPn37OE-2BY6pteIOlMXKybocq2oUbEnTl9D2LdcjhYM8vy8btMxpHTr7qnCe5X5sJZ8Jnu= -2B36afRqRG0asobsimQjgLyO0suiBQu0TPiNRcknoXElaX-2B6KETriGpirjGpOna9ntTdvA1i= 1JrPw-2FWALTa8rgmI-2Ffwge9j1udnWZSfTu47NFPAg8zdziqkAKIXvAxa8SLTaEEwTURG4x96= XKMhuka1Jff-2BSalyibzOZjen5vl0JROwBO7FNKdwAoYV9EKNHxnWKgtE1q-2FoYbHMBVyjslp= Ah0fc6r1p-2F0STGIcwPKNqteyLci5CopgrxqfH0MWnmI7vLjskowPwpBjuB3RFkGkmLs4tHEWT= xlVVoWvmyy2lZN88UZnzwnJc-2FA5b5As1aejY2GefamlPgs-3D" style=3D"color: #1D508= 0;" test=3D"" universal=3D"true"><b>Global VC Ecosystem Rankings</b></a><br= ><br> =E2=80=A2 <b>European football continues to = attract private capital</b> as deal activity remains high since the 2022 pe= ak. Key developments have challenged the investment case. Read our Q3 2025 = PitchBook Analyst Note: <a href=3D"https://url6380.news.pitchbook.com/uni/l= s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVx-2BtwVnMSh= cuF2FwhLWhNaK-2BFFaUbhShZtT2gumGXMZA-3D-3Dlrbs_I3w5d9c01gkD8gLzFEofZR-2Bh6V= warHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhctIvT5t3RBD09LpCCUUiqAValAnlao-2Fk= tsozD2X2eLgJ2WGulHp4fxyaFZqRfqMka3uIsj6uyr22ThWIaetr-2Bh9zcXPn37OE-2BY6pteI= OlMXKybocq2oUbEnTl9D2LdcjhYM8vy8btMxpHTr7qnCe5X5sJZ8Jnu-2B36afRqRG0asobsimQ= jgLyO0suiBQu0TPiNRcknoXElaX-2B6KETriGpsvRzYgsD4IHrG6Ng8khlJzfqDYPKlcMkicqPu= pzcD1S4H-2BwUQqc5b8-2B39xIPjzBdzizCpJCVZvwKjnb-2Bum3wC-2FL-2B4O9GV9IL1-2BXo= nkOliVz-2FgckLcgevfRCfZ5CLI2EhAbJpH9LEY3LBb3BZxGYQ-2BCzeGI6yDQNkO3oFROwpA9N= fTsmEZ92XFBbyvjpey0ATCUQyKAE7h5JRdP4K-2F9FTPGihf-2B79VRy-2BkC15r1JHUSviJkoR= lWPT9hU-2Bdqt8DKJy24BvcvXTWPREEA6Sw-2FYhoY-3D" style=3D"color: #1D5080;" te= st=3D"" universal=3D"true"><b>Private Capital in European Football: Part II= I</b></a><br><br> =E2=80=A2 <b>Dealmaking in Southern Europe h= as remained resilient</b> despite weaker exit and fundraising conditions. O= ur inaugural report on the region expands regional research coverage to hig= hlight key trends. See our 2025 <a href=3D"https://url6380.news.pitchbook.c= om/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVx-2= BtwVnMShcuF2FwhLWhNaXDn6bH-2BaHv3So5MHzEK6DQ-3D-3DcrlC_I3w5d9c01gkD8gLzFEof= ZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhctIvT5t3RBD09LpCCUUiqAValA= nlao-2FktsozD2X2eLgJ2WGulHp4fxyaFZqRfqMka3uIsj6uyr22ThWIaetr-2Bh9zcXPn37OE-= 2BY6pteIOlMXKybocq2oUbEnTl9D2LdcjhYM8vy8btMxpHTr7qnCe5X5sJZ8Jnu-2B36afRqRG0= asobsimQjgLyO0suiBQu0TPiNRcknoXElaX-2B6KETriGpq4TYzzs7d2Aaq7ujFtcljL38QHAnk= 1gcpoYcDh8nbO0bR1GuxE3dkuZ1rEHwxoEG16Cq5B8Xm1Yyt3Ro-2FuPA6MRbCUwOIs-2F9iAF5= gPl2Rym3EE8GRE1lFbkASmfu2UNB8MxEy3nyi1YbmjWW0sMQ3rhiRUiPcn2ul3BdZFvSpH0thef= GUhYnD25pxNu7yBXFHcBgBjGDlOcIe-2BWfuCmWJ0kM1VtvtknBryjh-2BbGiuAPgB5P29fT3le= PhtjtJVMPdDfgg6BpA5v6KXVNO-2BxlxGg-3D" style=3D"color: #1D5080;" test=3D"" = universal=3D"true"><b>Southern Europe Private Capital Breakdown</b></a> rep= ort</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: 25%= ; min-width: 25%; text-align: center; flo= at: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 426 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> Deals </div></td> <td style=3D"display: inline-block; min-width:= 25%; width: 25%; text-align:= center; float: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 1575 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> People </div></td> <td style=3D"display: inline-block; width: 25%= ; min-width: 25%; text-al= ign: center; float: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 853 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> Companies </div></td> <td style=3D"display: inline-block; width: 25%= ; min-width: 25%; text-al= ign: center; float: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 14 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> Funds </div></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-counts-btn" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"height: 25px; line-height: 25px;"= ></td> </tr> <tr> <td align=3D"center" style=3D"padding-bottom: = 13.3px;"><!--[if mso]> <v:roundrect xmlns:v=3D"urn= :schemas-microsoft-com:vml" xmlns:w=3D"urn= :schemas-microsoft-com:office:word" href=3D"https://pitchbook.com/free-tria= l" style=3D"heigh= t:43px;v-text-anchor:middle;width:148px;" arcsize=3D"50%= " strokecolor=3D= "#F79B3E" fillcolor=3D"#= F79B3E"> <w:anchorlock/> <center style=3D"color:= #000000; font-fami= ly:Roboto, Arial, sans-serif; font-size= :12px;"> Request a free tria= l </center> </v:roundrect> <![endif]--> <a href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzVx-2BtwVnMShcuF2FwhLWhNaoQgu5tQatKdxOOZYPt1Lkg-3D-3DE= qPt_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhct= IvT5t3RBD09LpCCUUiqAValAnlao-2FktsozD2X2eLgJ2WGulHp4fxyaFZqRfqMka3uIsj6uyr2= 2ThWIaetr-2Bh9zcXPn37OE-2BY6pteIOlMXKybocq2oUbEnTl9D2LdcjhYM8vy8btMxpHTr7qn= Ce5X5sJZ8Jnu-2B36afRqRG0asobsimQjgLyO0suiBQu0TPiNRcknoXElaX-2B6KETriGpmhYNs= NZ4Rvi5ftSiFZ0fu6ZedFOi79eUxePwdaBKiVXilK354ZVI3pp2gL7NpfL9-2BeDOm1tTfeXtNv= uCrlKwJCAaXJwzKYvSQa-2BgmBHdY7Q6amBHph4mJSYUNUFefo8j2u5Z6w-2BQoy-2B9AZ4Ri6j= egjEYv45UGhkybVh3KYEbTTIDtFVX3sJ2zTCQgD77qyOfkHKkp7c1oyC-2BN99Se9-2FH3rw8f6= eMlWixNEJJHnazpskhKqBlhYlAU-2BuIdJGmIukzlClZzDwtcGmFLRQvzGcI1c-3D" target= =3D"_blank" style=3D"display: block; font-family: Robo= to, Arial, sans-serif; font-size: 12px; color: #000000; text-decoration: = none; line-height: 24px= ; text-align: cente= r; padding: 9.5px 21= .5px; border-radius: 99= 9px; background-color:= #F79B3E; width: 150px;"> R= equest a free trial </a> </td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;"= ></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td height=3D"20" style=3D"line-height: 20px;"> </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_576017" id=3D"n_576017" 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;"> How UK pensions are making a p= rivate markets pivot </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"><i>By = Andrew Woodman, London Bureau Chief</i><br><br> For the past two years, the UK government ha= s been rewriting the rules governing the flow of British retirement savings= through the economy, with the potential to unlock billions of pounds for p= rivate markets.<br><br> What started in 2023 with the Mansion House = Compact, a pledge to boost private market allocations from defined-contribu= tion (DC) pensions, has evolved into a coordinated effort to steer an addit= ional =C2=A374 billion (about $98.9 billion) of long-term capital into priv= ate assets by 2030.<br><br> The shift comes as public markets show clear= signs of strain. According to our <b><a href=3D"https://url6380.news.pitch= book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo= uzVx-2BtwVnMShcuF2FwhLWhNahAn0uywofMo4StAtewFihA-3D-3DxqoY_I3w5d9c01gkD8gLz= FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhctIvT5t3RBD09LpCCUUiqA= ValAnlao-2FktsozD2X2eLgJ2WGulHp4fxyaFZqRfqMka3uIsj6uyr22ThWIaetr-2Bh9zcXPn3= 7OE-2BY6pteIOlMXKybocq2oUbEnTl9D2LdcjhYM8vy8btMxpHTr7qnCe5X5sJZ8Jnu-2B36afR= qRG0asobsimQjgLyO0suiBQu0TPiNRcknoXElaX-2B6KETriGpunTWLekdO-2FaZWTUr1yqZAUK= OV0nA-2FsCmPtwFI0qDkSdl5ELQN1PnkRNULtok3x5E3E9zEsOaUerkuj9wd4ZziJ2CP-2BqfJJ= CZntMlTVcNYPpRa6hBAbY4QguZMWUlgC7rRyCspuDaqYQW1x5gdO4TtFqwmwEz-2FmFSyihZitL= WC8MbI3cA2EmScK-2FlcI-2BnUzpBj4vVCOYieFWCOrstzIiyPN4Sl-2FqfnkJiinOpLDsfmqVH= n2EC2kPLHYPuXYFYWygN0-2BLSuGhOckOrtSVqz-2BcYEs-3D" style=3D"color: #1D5080;= " test=3D"" universal=3D"true">latest analyst note</a></b>, the UK now has = 10 times more PE- and VC-backed companies than listed ones=E2=80=94a dramat= ic reversal from a year ago.<br><br> With more corporate growth occurring outside= the stock market, policymakers view DC pensions, which currently allocate = less than 1% of their funds to private assets, as the missing link between = savers and the broader economy.</td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"center"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"float: none; "> <tbody> <tr> <td align=3D"center" style=3D"text-align: cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVx-2BtwVnMShcuF2FwhLWhNaxe8UrSR= XwnoatcHE3zzIxA-3D-3DSfRY_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFhctIvT5t3RBD09LpCCUUiqAValAnlao-2FktsozD2X2eLgJ2WGulHp4f= xyaFZqRfqMka3uIsj6uyr22ThWIaetr-2Bh9zcXPn37OE-2BY6pteIOlMXKybocq2oUbEnTl9D2= LdcjhYM8vy8btMxpHTr7qnCe5X5sJZ8Jnu-2B36afRqRG0asobsimQjgLyO0suiBQu0TPiNRckn= oXElaX-2B6KETriGplPNvKW9z-2Fn-2F0ojMmF8PoFNlex-2FE2xnDBJz-2FuzFY-2Bc9OVx5sk= XJL9WB6rFHVyqugFW-2FSIKD75ICObeLQ6J9t9Xqebc2y73HGn6keQEVv0fJv2R6MOdE0pfSV9x= EbrW387-2B1LUsVBjKvVcXQPcqDm1zpP6PEhfFS4UDWN8RArokaUrYCD82vd9TI4eyz0YF24rHV= GlevlFXfeLRn-2BEn-2BewSoF06k60aeJcI0oAiZt3BzeDFVpZo6NfZ7KSf4sp7dV8QT-2F8jfO= LR5QVanQLYY-2FmHI-3D" universal=3D"true"> <img align=3D"center" alt=3D"" sr= c=3D"https://img.pitchbook.com/news/71917.png" style=3D"border: none; max-w= idth: 420px;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">The ur= gency is amplified by the shift from defined-benefit pensions, which were h= istorically the UK=E2=80=99s main source of long-term, patient capital, to = DC. While the former's assets have declined 12% year-over-year to =C2=A31.7= trillion in 2024, the latter's have increased to =C2=A3650 billion, up 40%= since 2019, although much of this is locked up in public markets.<br><br> There have already been a raft of regulatory= changes aimed at increasing DC exposure to alternatives.<br><br> Long-term asset funds have provided DC schem= es with a compliant vehicle to hold illiquid assets. Meanwhile, charge cap = reforms mean that private funds' performance fees are no longer subject to = a 0.75% annual fee cap=E2=80=94effectively removing a long-standing barrier= to PE and VC investment.<br><br> Looking ahead, the Value for Money framework= =E2=80=94a forthcoming UK regulatory regime=E2=80=94will require DC pension= s to assess fund performance on a broader set of metrics, allowing the focu= s to shift from low fees to net returns.<br><br> Consolidation efforts, which include the pus= h toward pension "mega-funds" similar to those in Australia and Canada, are= also expected to reinforce the scale needed to invest meaningfully in alte= rnative assets.</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-2BaqM7ONnvsnswouzVx-2BtwVnMShcuF2FwhLWhNaxe8UrSRXwnoatcHE3zzIxA-3D-3= DRQTb_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFh= ctIvT5t3RBD09LpCCUUiqAValAnlao-2FktsozD2X2eLgJ2WGulHp4fxyaFZqRfqMka3uIsj6uy= r22ThWIaetr-2Bh9zcXPn37OE-2BY6pteIOlMXKybocq2oUbEnTl9D2LdcjhYM8vy8btMxpHTr7= qnCe5X5sJZ8Jnu-2B36afRqRG0asobsimQjgLyO0suiBQu0TPiNRcknoXElaX-2B6KETriGptpS= 3dB3ANuybEFUvwVJfzR84Y88Fw2Wuk-2BwtyYeubBb-2BDiDNlHjCzjbYgpfb8XglSXIoysi99p= Pew410nWe62bz-2FaBavAWWStlv79Qmp8Kuj9joXhWzFLp4ms2hjxj7-2FhtGaB7c5K3owSh0G-= 2FdSvLh4AWzWFzZRa30jZsvP1eXYJ5ZWVrUd7msg4wh2j1GEvcQVA9A72g2yXeqBkw0aiOU-2BC= yyTyOouvItLj9pwt66tU36lDGidUZvYov5oDFAD8CqoRNz-2Fi3JlEodKtxzU9Qk-3D" style= =3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-decoratio= n: none; color: black; padding-left: 3px" target=3D"_blank" universal=3D"tr= ue">Dive into our analysis here<img height=3D"24" src=3D"https://fonts.pitc= hbook.com/newsletter/arrow-right.png" style=3D"vertical-align: middle; marg= in-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-2BaqM7ONnvsnswouzVx-2BtwVnMShcu= F2FwhLWhNaislPrMC1IMD1BPA0uK5GCQ-3D-3D_d7K_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarH= kxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhctIvT5t3RBD09LpCCUUiqAValAnlao-2Fktsoz= D2X2eLgJ2WGulHp4fxyaFZqRfqMka3uIsj6uyr22ThWIaetr-2Bh9zcXPn37OE-2BY6pteIOlMX= Kybocq2oUbEnTl9D2LdcjhYM8vy8btMxpHTr7qnCe5X5sJZ8Jnu-2B36afRqRG0asobsimQjgLy= O0suiBQu0TPiNRcknoXElaX-2B6KETriGpprrEpcdRH1ZBXApyYtn-2BBdaOwztLcM5YE5mgM-2= BSSNlXrhZomDboipIjHQ5qTX2XzHSwOzOzFPFfhtx-2FN9l8oHPbL1GD4nyWGXKf5d0F7upzDpg= c7kbjSpM1DSNdXg0YBeakxr49QwLrd6jY8tBH8WJ1KiMQsQ25j53wf9ly-2B5Wq73O4Vhw2BLgb= sRpU9IKZJpta92SuYb6hIZydgYCdgosboksXXF0d4DVvrXHxptvsZACi0LNEQZyhxlQXo8vErSZ= CTKHzw1Qi7TJ0797fPN8-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"t= rue">Q3 2025 UK Market Snapshot</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" 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_576123" id=3D"n_576123" 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: 2020 Vint= age Global Real Assets 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: 79.83193277310924%; mi= n-width: 79.83193277310924%; max-width: 79.83193277310924%; 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">9.50%</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">11.90%</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;"> 0.1x </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= swouzVx-2BtwVnMShcuF2FwhLWhNaR4A1-2BKTWahYYvUjkcJKe-2FQ-3D-3D6Mi5_I3w5d9c01= gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhctIvT5t3RBD09Lp= CCUUiqAValAnlao-2FktsozD2X2eLgJ2WGulHp4fxyaFZqRfqMka3uIsj6uyr22ThWIaetr-2Bh= 9zcXPn37OE-2BY6pteIOlMXKybocq2oUbEnTl9D2LdcjhYM8vy8btMxpHTr7qnCe5X5sJZ8Jnu-= 2B36afRqRG0asobsimQjgLyO0suiBQu0TPiNRcknoXElaX-2B6KETriGpnuGut-2FimbTmYs3ml= D1j3i3yfR-2FseJhCGlAILNa2sCAW4dyq38v40YqYlYPetpdnNt-2FMTIq7TaFy2L9Z-2F4EUDp= 36aL2pIU3Sp6mb8gPEmDW1eTuPGXiivxRPgetG91LcRbUJF58dMUws0jwBXC24l8Pc4avQRAwtx= kvQ4u2arEyxRD86xA-2FU6vi8UjyNUVVSGpJdWvN15mjSZUac-2F-2FhUkw-2BW-2FbzDNJS0ry= pVz0sufWJrejq7Aak4g9ZLgcFpOaQ6D6HTW-2FFkzBkmz-2FwoJ8TpOxw-3D" style=3D"font= -size: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Apollo = Natural Resources Partners III </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= swouzUS3aAeRRxSLuxjYeO3-2BCa8wZ-2F3Xp-2B8lr0f2D9qDb5Big-3D-3D9zjK_I3w5d9c01= gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhctIvT5t3RBD09Lp= CCUUiqAValAnlao-2FktsozD2X2eLgJ2WGulHp4fxyaFZqRfqMka3uIsj6uyr22ThWIaetr-2Bh= 9zcXPn37OE-2BY6pteIOlMXKybocq2oUbEnTl9D2LdcjhYM8vy8btMxpHTr7qnCe5X5sJZ8Jnu-= 2B36afRqRG0asobsimQjgLyO0suiBQu0TPiNRcknoXElaX-2B6KETriGpsLiOB4Q1lyxlZGTPuL= C6q7XF-2FomjlXeHzaI8EHQUf9Pdr5awlUtBJnUrkkSoNTg4ffjL89IBp5dIyxf6ScFCciYs1kh= -2BxpLzKh26-2BszMiw6uySKKHO7sae-2BJeEvfV6-2FKAjrP3xqid5uHiMjga3K-2FrDdyIz64= zNnV6l-2BhJY9gGYkdcbjTsa6NRnebAn3IO-2BiKrSrqcCAf4HB-2Be-2Fiht2amwkDnggLD3z3= DnLPgqRddWWTTB1yZXAFkCszO3AffCjZZtkftxODmJY071-2BYJetKCAc-3D" style=3D"font= -size: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">SDC Dig= ital Infrastructure Opportunity 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= swouzUS3aAeRRxSLuxjYeO3-2BCa8it4p-2BJxHT0ziegOuy0-2FbfA-3D-3DeYL8_I3w5d9c01= gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhctIvT5t3RBD09Lp= CCUUiqAValAnlao-2FktsozD2X2eLgJ2WGulHp4fxyaFZqRfqMka3uIsj6uyr22ThWIaetr-2Bh= 9zcXPn37OE-2BY6pteIOlMXKybocq2oUbEnTl9D2LdcjhYM8vy8btMxpHTr7qnCe5X5sJZ8Jnu-= 2B36afRqRG0asobsimQjgLyO0suiBQu0TPiNRcknoXElaX-2B6KETriGpg-2FCE4G21QwSTICWN= VvyS15gPb5aIZtynL7SbzlwJnIO5WGpeiuFvkU-2Bzk2I0qUyVQXDcjn5T4Yb1CU-2Fi4CQL0Jb= I3EFaSUcTWXgtppEWns2EnvpIKdzqyjSIEQcL8orxp0K6tG-2Ft26-2BW5rqmkUXTVkxqiyBAHe= XopTJVn9JVaf22VWEc65RE0Jr52PbD8FDQIEF39bOd3xKMVElNupYR6eOwaMKxDhALGHlPl26L-= 2FLnw0XCf0XMUn8lyvK8W2oYPkkYgs4O-2FzM2TaUDQQH8rO8-3D" style=3D"font-size: 1= 4px; line-height: 24px; color: #1D5080;" universal=3D"true">NOVA Infrastruc= ture Fund I </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-2BaqM7ONnvsnswouzUS3aAeRRxSLuxjYeO3-2BCa8oDG1= p7uGzingbBMdIhweGQ-3D-3DYoS0_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3= t1yZbcbdWeUgFVa0m8PzsFhctIvT5t3RBD09LpCCUUiqAValAnlao-2FktsozD2X2eLgJ2WGulH= p4fxyaFZqRfqMka3uIsj6uyr22ThWIaetr-2Bh9zcXPn37OE-2BY6pteIOlMXKybocq2oUbEnTl= 9D2LdcjhYM8vy8btMxpHTr7qnCe5X5sJZ8Jnu-2B36afRqRG0asobsimQjgLyO0suiBQu0TPiNR= cknoXElaX-2B6KETriGpnq0nZ9-2BOfUhj6RsLxqoigq6lv8olO8ZqMvnEyPFAPS6XaQnzfxPfE= tnavdauhqlCgIWrB4gqF38K-2FI4AZ6LmOD-2BbaEVxUEuJ-2BDj5MkPJhyWm1e2qGc-2BEL4Ex= o1cNQuxzPG3d2YihoaszwBBUgwTo39sP1Uy35WOxbsypu8HW4gKCVU2Evu-2FQ2k1NukO-2B1DT= BeHFNls1LB4vJxywB197G7ucQvLRplOB-2BCeqVteptb-2BGTYSvS1UlnJzg6420vua-2Bo9A-2= Bn5Lrol0XUCgYqm2dzrg-3D" style=3D"font-family: Roboto, Arial, sans-serif; c= olor: #1D5080; font-size: 14px; font-weight: 700; line-height: 24px;" unive= rsal=3D"true">44 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-2BaqM7ONnvsnswouzUS3aAeR= RxSLuxjYeO3-2BCa8QfPkCbY6rUOdiq5Vsmj1yQ-3D-3DV2dp_I3w5d9c01gkD8gLzFEofZR-2B= h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhctIvT5t3RBD09LpCCUUiqAValAnlao-= 2FktsozD2X2eLgJ2WGulHp4fxyaFZqRfqMka3uIsj6uyr22ThWIaetr-2Bh9zcXPn37OE-2BY6p= teIOlMXKybocq2oUbEnTl9D2LdcjhYM8vy8btMxpHTr7qnCe5X5sJZ8Jnu-2B36afRqRG0asobs= imQjgLyO0suiBQu0TPiNRcknoXElaX-2B6KETriGpjIRKkuJ3Q7sDdRAcFi9c5ApChioeoaI7an= kj2zZPRb0fXmQsQyNzw0GR4ZSzkBph8bucNu-2BB7lADNemzWRYNfZK7P1zTfJmsbpa-2BqpJaH= vvSHCUQJ2x9WnkYTNxEKMZKC-2B-2FVOGuyaKCE0bEE07T8YR7SFztB2AQJ3yUGMZxd1HTFWoBo= xEdzFFdyvNxpw2zAyJp-2B4oRu7f4CRxouWxwKaCccVb-2BK4Xu0PcSH5avYopfiJi04NymOjpH= R-2Buo-2FOgYWYqrN36z9E4BCKdwmXA89Jo-3D" 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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