Google
Edit File: 1767435263.M104470P2089853.server-619288.prediksijaya.com,S=84314,W=85913:2,a
Return-Path: <bounces+28456106-0cb8-most=ponjosonek.com@em9314.news.pitchbook.com> Delivered-To: angker@server-619288.prediksijaya.com Received: from server-619288.prediksijaya.com by server-619288.prediksijaya.com with LMTP id 8zMONf7rWGl94x8Af7/9AQ (envelope-from <bounces+28456106-0cb8-most=ponjosonek.com@em9314.news.pitchbook.com>) for <angker@server-619288.prediksijaya.com>; Sat, 03 Jan 2026 17:14:22 +0700 Return-path: <bounces+28456106-0cb8-most=ponjosonek.com@em9314.news.pitchbook.com> Envelope-to: most@ponjosonek.com Delivery-date: Sat, 03 Jan 2026 17:14:23 +0700 Received: from o2.ptr812.pitchbook.com ([159.183.175.69]:55278) by server-619288.prediksijaya.com with esmtps (TLS1.3) tls TLS_AES_128_GCM_SHA256 (Exim 4.99) (envelope-from <bounces+28456106-0cb8-most=ponjosonek.com@em9314.news.pitchbook.com>) id 1vbyeL-00000008lbm-2YGd for most@ponjosonek.com; Sat, 03 Jan 2026 17:14:22 +0700 DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=news.pitchbook.com; h=content-transfer-encoding:content-type:date:from:mime-version:subject: list-unsubscribe:to:cc:content-type:date:from:subject:to; s=s1; bh=tFdZaD2q2BrO7dFT1c/av1wSyw/ydMIG0OhAwQDU7U8=; b=vxMp5yWw/cJ4D3Kvhyz89sUpYrgNjeBVNpraASJ5tdBHcw2FpzoFoGGL4bE/Zj3OAyhv yUYrYqgT5BCZQ1pc/yy8APkxxt7CHfDulHH9Pzgg+hDBVa1D3wCDT4stJ4XAI0ott8IwzI OSVAyJtqA4PRIEZveoqhOs0bnTzBZZM0qWlpagFwMWtG0mvQw6QDKgGqsQapLnF/iD+iFn MFnkUK5+z9jBKSbutz7COnPLTBB3qwoYSAEtIgxTsDuLDQoDAFE55XbKOEgxGJ1MJPZ17v jer2NSCU7vkfRhkcmqcLnqtJXppzrZQO8wG5wDRqSBgLO5ga4NjDCv32xk7aCSIQ== Received: by recvd-5dd5ff7cb-d56gr with SMTP id recvd-5dd5ff7cb-d56gr-1-6958EBD2-1F 2026-01-03 10:13:38.550892022 +0000 UTC m=+1426052.826615025 Received: from Mjg0NTYxMDY (unknown) by geopod-ismtpd-9 (SG) with HTTP id 23pAbHNfRBqaWGdL5k_afw Sat, 03 Jan 2026 10:13:38.504 +0000 (UTC) Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset=utf-8 Date: Sat, 03 Jan 2026 10:13:40 +0000 (UTC) From: PitchBook Research <news-noreply@news.pitchbook.com> Mime-Version: 1.0 Message-ID: <23pAbHNfRBqaWGdL5k_afw@geopod-ismtpd-9> Subject: 9 predictions for 2026 List-Unsubscribe: =?us-ascii?Q?=3Chttps=3A=2F=2Fcontent=2Epitchbook=2Ecom=2Fnewsletter=2Funsubscribe=3Feid=3DABLZ?= =?us-ascii?Q?54MOPJL5Q&em=3DTPK2HUIWWCWW6MTTUSIG7EYYZN?= =?us-ascii?Q?B5PPXINB6DV2Q&ent=3DXXBGBNCV45DZQ=3E?= X-SG-EID: =?us-ascii?Q?u001=2EwjHNPkoEd0tti6dH8mhCZQlF7gocPfZmFAuiZ+0v5XPJVJqKeH0SPvBt9?= =?us-ascii?Q?H4KdYNxVYrzKnpSXxgz3Y7GWz1s3KUDtvJgFa21?= =?us-ascii?Q?VoRs1ciRAnB+ml30mwf3cbzmNpFxJtTGnB5E6Ne?= =?us-ascii?Q?CTry3rE7Xr88gtt3i1HRWBQ1behq6G0NYG2NVle?= =?us-ascii?Q?ErSWx46m6o5Gup1RXocObjk9Q347SghFke+sLnF?= =?us-ascii?Q?VRJdat4UrcqdSgu6sMRxqu256tulJTIbAQT8QXf?= =?us-ascii?Q?q2uR?= X-SG-ID: =?us-ascii?Q?u001=2ESdBcvi+Evd=2FbQef8eZF3BkPMFWP6jaIgdImUCFdt1DGapnKfYZ6i9lDRi?= =?us-ascii?Q?5Ey1nx6TUmH3fVx1SobAufRdoQSUo6B53dOWcYl?= =?us-ascii?Q?Daanwe8o2COAUFex5N7txN913Xnzbi9pQRfUQDc?= =?us-ascii?Q?WvrxHZukcc=2FUEaWcc4pQRGCEMDN4urcuWujwFJb?= =?us-ascii?Q?35Vl6NaY0E9P=2FHE2NDwoauVyw8O0JEx1RK5WAQQ?= =?us-ascii?Q?xyrh5nLy1KBmsra+vjuxgm7CgLjeWye6SQ8llhT?= =?us-ascii?Q?qa5m3CIQr1fxnehraY5vdyA3XHiVAqsZFH4=2FOeP?= =?us-ascii?Q?HQJg9Hvnq0fldLD6UvDaIhkvHRICHKrmxNNzFbw?= =?us-ascii?Q?yLYpQclLbiyDQePBLopxnR4Nf21oeNXjU=3D?= To: most@ponjosonek.com X-Entity-ID: u001.YFoIgyol8PWrw0qKNaJxbQ== X-Spam-Status: No, score=2.5 X-Spam-Score: 25 X-Spam-Bar: ++ X-Ham-Report: Spam detection software, running on the system "server-619288.prediksijaya.com", has NOT identified this incoming email as spam. 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 Also: Watch a conversation with our global head of private markets research; Register for our outlook events and webinars... January 3, 2026 | Read online | Manage your subscription The Research Pitc [...] Content analysis details: (2.5 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- -2.5 RCVD_IN_HOSTKARMA_W RBL: Sender listed in HOSTKARMA-WHITE [159.183.175.69 listed in hostkarma.junkemailfilter.com] 0.0 RCVD_IN_VALIDITY_RPBL_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 bl.score.senderscore.com] 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 URIBL_BLOCKED ADMINISTRATOR NOTICE: The query to URIBL was blocked. See http://wiki.apache.org/spamassassin/DnsBlocklists#dnsbl-block for more information. [URI: pitchbook.com] 0.0 RCVD_IN_VALIDITY_SAFE_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to Validity was blocked. See https://knowledge.validity.com/hc/en-us/articles/20961730681243 for more information. [159.183.175.69 listed in sa-accredit.habeas.com] -0.0 SPF_PASS SPF: sender matches SPF record 0.1 DKIM_SIGNED Message has a DKIM or DK signature, not necessarily valid -0.1 DKIM_VALID Message has at least one valid DKIM or DK signature -0.1 DKIM_VALID_AU Message has a valid DKIM or DK signature from author's domain 0.0 RCVD_IN_MSPIKE_BL Mailspike blocklisted 0.1 MIME_HTML_ONLY BODY: Message only has text/html MIME parts 0.0 HTML_MESSAGE BODY: HTML included in message 0.5 KAM_REALLYHUGEIMGSRC RAW: Spam with image tags with ridiculously huge http urls X-Spam-Flag: NO <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional //EN" "http://www= .w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns=3D"http://www.w3.org/1999/xhtml" xmlns:v=3D"urn:schemas-microso= ft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office"> <head> <meta http-equiv=3D"Content-Type" content=3D"text/html; charset=3Dutf-8"> <meta http-equiv=3D"X-UA-Compatible" content=3D"IE=3Dedge"> <meta name=3D"viewport" content=3D"width=3Ddevice-width, initial-scale=3D= 1.0"> <meta name=3D"x-apple-disable-message-reformatting"><!--[if gte mso 9]><x= ml> <o:OfficeDocumentSettings> <o:AllowPNG/> <o:PixelsPerInch>96</o:PixelsPerInch> </o:OfficeDocumentSettings> </xml><![endif]--> <title>PitchBook Newsletters</title><!--[if (gte mso 9)|(IE)]> <style type=3D"text/css"> table { border-collapse: collapse; } 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; width: 0 !important; max-width: 0 !important; height: 0 !important; max-height: 0 !important; opacity: 0 !important; } .line-breaker { display: block !important; } .responsive-img { width: 100% !important; } } </style> </head> <body style=3D"margin: 0 !important; padding: 0 !important;"> =20 <table lang=3D"x-pre-header" class=3D"pre-header" cellspacing=3D"0" cellp= adding=3D"0" border=3D"0" align=3D"center"> <tbody> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, sans-seri= f; font-size: 14px; color: #78766f; -webkit-text-size-adjust: none;"><span = style=3D"color: #78766f; font-size: 1px; display: none !important;"> Also: = Watch a conversation with our global head of private markets research; Regi= ster for our outlook events and webinars... </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; margin-bottom: 0.5em; } </style> <table lang=3D"x-main-wrap" width=3D"100%" cellpadding=3D"0" cellspacing= =3D"0" border=3D"0" style=3D"min-width: 100%; background-color: #F0EBDE; fo= nt-family: Roboto, Arial, sans-serif;"> <tbody> <tr> <td align=3D"center"><!--[if (gte mso 9)|(IE)]> <table lang=3D"x-main-container" width=3D620" cellpadding=3D"0"= cellspacing=3D"0" border=3D"0" align=3D"center"> <tr> <td> <![endif]-->=20 <table lang=3D"x-main-container" class=3D"container" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"max-width: 620px;"= > =20 <tbody> <tr> <td class=3D"content" width=3D"100%" style=3D"min-width: 100%; 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;">January 3, 2026 &= nbsp; | <a href=3D"https://url6380.news.pitchbook.com= /ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUTNAbTm7Ys= aES-2F4emCDnCyzsQJX4-2FtwIU2HYQQeOlZ4w-3D-3DNvWn_I3w5d9c01gkD8gLzFEofZR-2Bh= 6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF6uewyEfjmUptFiPch4x9kl1DdxDBPTLSI= 3Zo8tNW3FsOBhxNtJp-2FPMuvTymAQtGkXD0GqAzAsIJt-2BUL6t0S2F7QtdZSY85BMebnLBDTg= cpnGpTxzMtx82Ll1Sl1t6vgPrrpnhxunz6F3-2FUxv0MvuZyYARYO-2Bbeb0oCKPi7jIuebjOI3= gPIkln5-2Fv3nQAAquwSaF5zHtUYs6LS-2BkehVgQvNTHK4oDvxPEoMfkHOGwGMa21F-2F4bR5X= rWkspua91EdavyS0fTxq-2FYKOMCaVjeVhiv60uZLuaTJuuFi-2F8kvLit1fvsb1s-2B3Uf771a= gSemWM75jBo4cjltWog9uTJXKJ4A08bkLtdmiHke195-2Fc1fRxKrID1WhJSO4-2FaDjQ8fkcJG= L3b-2BZJrwg2dDqrAt5NaGk0yK-2Fz74svWY6jHjVb-2BfFnzn03H2Lr9as2Szzrj8RHkF81YP1= SvYWayolr0Ae-2Fbd7yzc-2FvqDA3Iom0NsNNvFKBs-3D" target=3D"_blank" style=3D"t= ext-decoration: underline; color: #1D5080">Read online</a> |&nb= sp; <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12opJBSgX8wjgWQkjpY2yE70mtuFt= Qh5JMynEp-2F-2B0ZsygXiW0dASWMAkXrIC3kg-2BeC0SuDoyGjKHmOSdfo63E0RLyaXhmtZcu9= qypgyxWwak1NhA0coLyWLpIGucErQpvbIjaXQ-3DxSz7_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwa= rHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF6uewyEfjmUptFiPch4x9kl1DdxDBPTLSI3Zo8= tNW3FsOBhxNtJp-2FPMuvTymAQtGkXD0GqAzAsIJt-2BUL6t0S2F7QtdZSY85BMebnLBDTgcpnG= pTxzMtx82Ll1Sl1t6vgPrrpnhxunz6F3-2FUxv0MvuZyYARYO-2Bbeb0oCKPi7jIuebjOI3gPIk= ln5-2Fv3nQAAquwSaF5zHtUYs6LS-2BkehVgQvOuV-2FQqeIPa-2BFHcscsphfmnG0jxSzwnEvB= 38XBq135k6FfKagXhhTHJ-2Bvu-2BFKnWlegiH5xSD8TaYq7sDY1xmrIuFel1v4oyc1XHzewoVy= jU7-2BFZFvR-2F3R-2F9oaKJRTl1RBu730g13mhsvP-2BNxoNTxX3V7oXSaLvvFU-2BfOHgjXFE= LLxb14OPf4IXBdSyJwVboc-2BnAJAI5izuDjNnok7EucvMYCt2QDa5Fzm4jRKSUuLrzAuZv60Ec= ErhZ3zjaPBMVY2fbNEUAJMUnlD7CwCmNY-2BxQ-3D" target=3D"_blank" style=3D"text-= decoration: underline; color: #1D5080">Manage your subscription</a></td> </tr> </tbody> </table></td> </tr> =20 <tr> <td style=3D"padding-bottom: 14px; text-align: center;"><a hre= f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzUTNAbTm7YsaES-2F4emCDnCyCBD4bNeXLcrz5G1Z7b-2BO= rQ-3D-3D182t_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0= m8PzsF6uewyEfjmUptFiPch4x9kl1DdxDBPTLSI3Zo8tNW3FsOBhxNtJp-2FPMuvTymAQtGkXD0= GqAzAsIJt-2BUL6t0S2F7QtdZSY85BMebnLBDTgcpnGpTxzMtx82Ll1Sl1t6vgPrrpnhxunz6F3= -2FUxv0MvuZyYARYO-2Bbeb0oCKPi7jIuebjOI3gPIkln5-2Fv3nQAAquwSaF5zHtUYs6LS-2Bk= ehVgQvH0iTC7uUh2HaRRS2NzUaEMucKcMNBicr0pyjAH9k6sH69FX9upne2s-2Fzjit0ANx-2BH= iJ0hu0bFuKn-2BSTCdZcTMO0ypL0hTkNZX-2B-2FvRkYdM5lD0GZb1hcthItYXFja4glF5hE6X7= w1dNoqWaCUtD7Akb-2Fk-2F2K4XztErljEIRoAsti-2FM-2FbimjYgA2tfgo9ubKd0qQlUEA8-2= BBvGowDGVxcvcaxvSn93EyIaOZGyKtQF6Lke-2BG3EWCbnJBWOdo9lZDTn1x0tAJSn1zsxlotGo= otS1gQ-3D" target=3D"_blank"> <img width=3D'1' height=3D'1' opacity: 0; sty= le=3D'display:none !important; mso-hide: all;' src=3D'https://my.pitchbook.= com/ms/pixel?userId=3D3DABLZ54MOPJL5Q&eventSource=3D3DZQDXJQ6VUBAECQE7XY5D5= PSLQI&emailId=3D3DSLM6L5BPOV43M&emailName=3D3D7ETUXSUVU4M3HX3TDHQYK4L3UUMVW= WC3672JJBI&pixelPosition=3D3DUAZEVU3EPI6EYRHRSC2KEHCFHGQ6ZMZBKVWWKQA.gif'/>= <img src=3D"https://url6380.news.pitchbook.com/wf/open?upn=3Du001.4Qe7VL981= gyAPMxYoCz8CBKmv7adpoGoGfpUfNDzw-2FIUFPDY6owZNjRg8mspgm8j1BQfGJwCDuNf6Wpc1E= m9jLUEoYAIusSYYfAjZBL-2BNE06E4D2tn5C25PzoAXsHX1fpzEUeY-2Bwfq3xV-2FqCRnKpW-2= F-2BmnVjtxSSx4DkL72P2W0Bf1-2BrcAMmvSaHUE4xkx-2F-2Bt1ZbYA9DYkFVPu9JIL36-2BX-= 2FA-2FmqxW42C5lTR7Lwad0509za26xY5lQVVvPne5lJDmOiT9vBqy7-2BuMQYwT4KEV39pq-2B= r-2B2whHN6XdUY02yfzwHBbIzw5Ph2KrSZD0JvICudLAgx6Fm-2Bnc9t9Li1HeweNJrO9vwlBY8= 5xrzGd8pHrV9JZ4fJ8tUVj2u9pzPUbRJCmePIjierwICPfAU5Zooy7w7Ul16vO2R4plqC3AYiit= wwMprGTBf713pFdNyL1dWxXt3nSb4HMCImFFTa2Lb55Ujm9ccJXnp-2Fq0R74o64p9DFSeHl5UW= MmkU-2Biho28XLo8BbygJxsj-2B-2FhiMPVCbLG8NcfCexeZ95zq57c5tAYcgzJ9xxyzGnICY91= duEPc57" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"height:1px= !important;width:1px !important;border-width:0 !important;margin-top:0 !im= portant;margin-bottom:0 !important;margin-right:0 !important;margin-left:0 = !important;padding-top:0 !important;padding-bottom:0 !important;padding-rig= ht:0 !important;padding-left:0 !important;"/><img width=3D"141" height=3D"3= 9" src=3D"https://fonts.pitchbook.com/newsletter/pitchbook_morningstar_logo= .png" alt=3D"PitchBook"> </a></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto Serif, Ge= orgia, serif; font-size: 44px; font-weight: 500"><span>The Research Pitch</= span></td> </tr> <tr> <td height=3D"38" style=3D"padding: 0; line-height: 38px;">&nb= sp;</td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-content" cellpadding=3D"0" cellspacing=3D"0" bor= der=3D"0" width=3D"100%" style=3D"min-width: 100%!important; width: 100%!im= portant;"> <tbody> <tr> =20 <td class=3D"content" width=3D"460" valign=3D"top" style=3D"ma= x-width: 460px; padding-left:5px; padding-right:5px;"> <table lang=3D"x-main-content" width=3D"100%" cellpadding=3D"= 0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"= > <tbody> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Dealma= kers appear to be entering 2026 with a pair of shared resolutions: return m= ore capital to their LPs and finally translate AI hype into returns. Cheers= to that.=F0=9F=8D=BE=F0=9F=A5=82<br><br> Across the private markets landscape, our an= alysts have been busy charting what comes next. They've produced hundreds o= f pages of forward-looking insights across eight comprehensive reports span= ning private capital markets and the industries they touch in the US, EMEA = and APAC.<br><br> =E2=80=A2 <b><a href=3D"https://url6380.news= .pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns= wouzUTNAbTm7YsaES-2F4emCDnCydXSxk-2BbhVUbMDS8hhdcOCA-3D-3Dg3eK_I3w5d9c01gkD= 8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF6uewyEfjmUptFiPch4x= 9kl1DdxDBPTLSI3Zo8tNW3FsOBhxNtJp-2FPMuvTymAQtGkXD0GqAzAsIJt-2BUL6t0S2F7QtdZ= SY85BMebnLBDTgcpnGpTxzMtx82Ll1Sl1t6vgPrrpnhxunz6F3-2FUxv0MvuZyYARYO-2Bbeb0o= CKPi7jIuebjOI3gPIkln5-2Fv3nQAAquwSaF5zHtUYs6LS-2BkehVgQvPeDAZY2U3Izz6n7fQL9= ED4osX6pOXQIlEreVjVL4z55WCI22TQglRkDD-2FuxGTWT2noRqRtgFJCAcGJaQEvoFZivk-2FV= vuMsg7hp6WoiQkQnAnUmZJ0hGGSjg-2BS-2Bc-2FQkB7-2F55BZx-2F7NzEk84v5-2BGk8dXbG3= sxWn1SaTZiSReinjcDg1QJZetC552WVjpX-2B6JuPuqvnOoW3wIWIf5ZFqzwGbdaz26Ku56sAxn= ZUw4NCmsGeRuYQuwS1Y76S80usCUJ7MB-2BO1TFtjXdgjP-2BMWXN75s-3D" style=3D"color= : #1D5080;" test=3D"">Explore all the outlooks</a></b>.<br> =E2=80=A2 <b><a href=3D"https://url6380.news= .pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns= wouzUTNAbTm7YsaES-2F4emCDnCyW5-2B9YLAV8wiPyzp29uuPTg-3D-3D0YhT_I3w5d9c01gkD= 8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF6uewyEfjmUptFiPch4x= 9kl1DdxDBPTLSI3Zo8tNW3FsOBhxNtJp-2FPMuvTymAQtGkXD0GqAzAsIJt-2BUL6t0S2F7QtdZ= SY85BMebnLBDTgcpnGpTxzMtx82Ll1Sl1t6vgPrrpnhxunz6F3-2FUxv0MvuZyYARYO-2Bbeb0o= CKPi7jIuebjOI3gPIkln5-2Fv3nQAAquwSaF5zHtUYs6LS-2BkehVgQvCYbGgLwYBxkU-2F0kiB= PP7m1-2Fs3bhwPP3mEA2wZDhrsUvfeXYeVYiEw-2FwNbnU8MAN-2FxhARjhqp0udNgphYqOQdAX= p-2FzKIk7208Whh5TszYERYKi-2F5U1HHMcLuoC6lBSLj9Alo4jhibvbSjQno73TUPp7wzD6TfW= -2BSYZCaKUgdfN8FNbcoqxYI-2FbNNeAyebtjZEp8rF3EICZPk4-2F-2BLWwrQt3DL-2FFxoZcL= J0Ce4nsyZ92hARNQNs7tGd1YGgCLLJZnOvpIO-2BrEh-2BvS1mHn5Zv5CkRk-3D" style=3D"c= olor: #1D5080;" test=3D"">Register for our upcoming outlook webinars</a></b= > featuring PitchBook analysts.<br> =E2=80=A2 <b><a href=3D"https://url6380.news= .pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns= wouzUTNAbTm7YsaES-2F4emCDnCyhSSC3kDxynZI3-2BOSmo-2BHyw-3D-3Dlz3z_I3w5d9c01g= kD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF6uewyEfjmUptFiPch= 4x9kl1DdxDBPTLSI3Zo8tNW3FsOBhxNtJp-2FPMuvTymAQtGkXD0GqAzAsIJt-2BUL6t0S2F7Qt= dZSY85BMebnLBDTgcpnGpTxzMtx82Ll1Sl1t6vgPrrpnhxunz6F3-2FUxv0MvuZyYARYO-2Bbeb= 0oCKPi7jIuebjOI3gPIkln5-2Fv3nQAAquwSaF5zHtUYs6LS-2BkehVgQvCJXl1OH-2Bnv4qYi3= 82xmW9zUObx4Islg4EXd-2BmLTbGf2LhWat3We0UnDCpCDN07n2feK3INJFxJ9uBp1NsEjRJi3a= 3H0Vbr8IL7IK-2BolUnoPuZxkdHXdFYAKPLhbUkEtpY8U0TH6PlY-2BK8uFzknSmg2BZHqxUBkg= qTjDFQ5JHDYpKyu2BGrgbuLUsxPrBM8hhjFskH4zDoYBSCtqVGGt7fqJxxK4aoxES2YX0NEjF31= wZyUJT921gaarGcsUjEB1SPdOnc3AqVzbEs-2Fq74tQFHg-3D" style=3D"color: #1D5080;= " test=3D"">Watch a conversation with Paul Condra</a></b>, global head of p= rivate markets research, on the outlook for 2026.<br><br> What follows is a roundup of nine bite-sized= outlooks for AI, VC and PE to help you get oriented for the year ahead.</t= d> </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>Artificial Intelligence</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-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-2BaqM7ONnvsnswouzUTNAbTm7YsaES-2F4emCDnCy5Nt70x4= FtOqLsF8rN0Jk7Q-3D-3DX0mX_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsF6uewyEfjmUptFiPch4x9kl1DdxDBPTLSI3Zo8tNW3FsOBhxNtJp-2FPM= uvTymAQtGkXD0GqAzAsIJt-2BUL6t0S2F7QtdZSY85BMebnLBDTgcpnGpTxzMtx82Ll1Sl1t6vg= Prrpnhxunz6F3-2FUxv0MvuZyYARYO-2Bbeb0oCKPi7jIuebjOI3gPIkln5-2Fv3nQAAquwSaF5= zHtUYs6LS-2BkehVgQvCBP-2BQwiJP4MTuFkiHARR1jG-2B0HsdjBQOhaUJqrtqz-2FhWQUCCSw= FtHiPLu9BVC32cUEhtEkxTKsD3GTvvBYVuQJhOoCg5aENhwyajL6El-2B5IVibNxczlBxZm8p6-= 2BOtC7-2FQ8FDpoCRGObWM7Z61tSWGB-2BfjtWjOMaPSoGci6IMlqJYPQ1D77HRNbtV-2Bb9Cby= ZwT8VPtyh37ho9mQu8jvAlUB5eKzfouAVp2CgbMEFWlPcwmY9C8kzCmXczms8fOH5koQPIDGe8A= 3dpAVJnDcjdTA-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D= "https://img.pitchbook.com/news/71925.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"><b>See= d investors will see outsized returns from AI agents in ecommerce.</b> Comm= erce is an on-ramp for every major platform shift, from the internet to mob= ile, to cloud, and now to GenAI. Core infrastructure across payments, ident= ity, fraud, loyalty, and inventory systems will be rebuilt, enabling autono= mous transactions in the future. =E2=80=94<i>Eric Bellomo, Senior Research = Analyst</i><br><br><b>AI drug discovery will be among the fastest-growing A= I subsectors.</b> AI technologies will double clinical trial success rates,= increasing the number of trials and drugs coming to market. This will dram= atically increase infrastructure and services that support clinical trials.= We anticipate that the addressable market will grow at a 106% compound ann= ual rate through 2030, to $60 billion. =E2=80=94<i>Brian Wright, Lead Resea= rch Analyst</i><br><br><b>AI-first drones will intensify pressure on legacy= drone makers</b> reliant on human pilots, as autonomous leaders like Andur= il Industries and Shield AI gain ground. Conventional radar and sensor prov= iders face similar challenges as AI-driven systems such as CHAOS Industries= =E2=80=99 radars deliver faster responses. Advances in edge computing now e= nable land, sea, and air drone swarms to coordinate without central control= . Swarms remain difficult to execute, but that complexity makes them an ear= ly investment opportunity. =E2=80=94<i>Ali Javaheri, Research Analyst</i></= 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-2BaqM7ONnvsnswouzUTNAbTm7YsaES-2F4emCDnCy5Nt70x4FtOqLsF8rN0Jk7Q-3D-3= DZ0SF_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF6= uewyEfjmUptFiPch4x9kl1DdxDBPTLSI3Zo8tNW3FsOBhxNtJp-2FPMuvTymAQtGkXD0GqAzAsI= Jt-2BUL6t0S2F7QtdZSY85BMebnLBDTgcpnGpTxzMtx82Ll1Sl1t6vgPrrpnhxunz6F3-2FUxv0= MvuZyYARYO-2Bbeb0oCKPi7jIuebjOI3gPIkln5-2Fv3nQAAquwSaF5zHtUYs6LS-2BkehVgQvC= GIh-2FJFL3NgHNDZ6l5ro1D99G-2BFjlmqnH-2Bt4PsSf-2F4HWcddBmYuVQjTkJ1g6aI0y4h3c= SQ8jMXYbJcwlzkyAKNnzhucfp9cRkB5GvmMfyz0FdTXbHb0lphUGaRnaolBT4MCtnTqmo8jfXNh= 6VFXH1zrZClmkzbw3ufYf0ja1Ha2rGR7jB8VbHUsKPEbfxbK7hH7F4u3rfwh008FyX62m2U98c-= 2FXq6OSDN60uClfc7RiJD6y-2BvIyeMhdCRHs-2F7DqjFFhn-2BQWJpHU92NyL-2BCfGPg-3D" = style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-deco= ration: none; color: black; padding-left: 3px" target=3D"_blank" universal= =3D"true">Get the full AI Outlook<img height=3D"24" src=3D"https://fonts.pi= tchbook.com/newsletter/arrow-right.png" style=3D"vertical-align: middle; ma= rgin-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-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>Venture Capital</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-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-2BaqM7ONnvsnswouzUTNAbTm7YsaES-2F4emCDnCyHdqzGBq= LwBIjc6o1PEke1w-3D-3DzaUV_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsF6uewyEfjmUptFiPch4x9kl1DdxDBPTLSI3Zo8tNW3FsOBhxNtJp-2FPM= uvTymAQtGkXD0GqAzAsIJt-2BUL6t0S2F7QtdZSY85BMebnLBDTgcpnGpTxzMtx82Ll1Sl1t6vg= Prrpnhxunz6F3-2FUxv0MvuZyYARYO-2Bbeb0oCKPi7jIuebjOI3gPIkln5-2Fv3nQAAquwSaF5= zHtUYs6LS-2BkehVgQvIjfihAw6iD0roQnmJBUoy0XuphOMHOckOc33DPISwz6KPIOVH2BGb2nn= zIc6BEAQcC9VbTVJ44mu69uJ1uBE3u7idCQPDkbD460mtteRQE90XpxAZjr-2Fw0wZZVY1yeuJE= W19Db-2FNSOkGJ8VApedL8zz621Ls8Xj6K-2B4pY-2BvLGG7v15l8rLPllJxXX1jpHuEd4qM5mg= gqMCQmNDnYHA2K1qdAYVQIrx7K1PUXMY0ijgwvW8fjetzBu74hYAfM-2BBMMzJ7hbxOPBpPhnE9= CF-2B0FgM-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"htt= ps://img.pitchbook.com/news/71927.png" style=3D"border: none; max-width: 42= 0px;"> </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"><b>Ear= ly-stage activity is set to drive venture=E2=80=99s rebound in 2026.</b> AI= is sharpening investor focus and lowering the cost of company creation, se= tting the stage for more early-stage bets. At the same time, multistage fir= ms with deep follow-on capital are moving aggressively into seed and Series= A. Andreessen Horowitz alone has backed more than 300 early-stage deals si= nce early 2024, and more large managers are likely to follow. =E2=80=94<i>K= yle Stanford, Director of US VC Research</i><br><br><b>VC fundraising appea= rs to have found its floor, with a gradual rebound likely in 2026</b> as li= quidity improves and LP sentiment stabilizes. Exit activity is picking up, = helping restart the venture flywheel, though 2025 totals remain soft at $55= billion across 451 funds. Liquidity constraints have kept LPs cautious and= concentrated commitments with established managers, but negative cash flow= s are easing. If momentum holds, 2026 fundraising could reach $100 billion = to $130 billion. =E2=80=94<i>Susan Hu, Quantitative Research Analyst</i><br= ><br><b>Liquidity will return, though recovery will remain uneven.</b> Stab= ilizing valuations, expected rate cuts, and renewed investor appetite are h= elping reset expectations, with more startups aligning prices to fundamenta= ls and investors increasingly accepting down rounds=E2=80=94the norm for tw= o-thirds of 2025 unicorn IPOs. While valuation compression persists, this r= eset is clearing the way for more filings and a healthier exit market. We p= roject 68 IPOs in 2026, in line with the decade average (excluding 2021). = =E2=80=94<i>Emily Zheng, Senior Research Analyst</i></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-2BaqM7ONnvsnswouzUTNAbTm7YsaES-2F4emCDnCyHdqzGBqLwBIjc6o1PEke1w-3D-3= DKKW1_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF6= uewyEfjmUptFiPch4x9kl1DdxDBPTLSI3Zo8tNW3FsOBhxNtJp-2FPMuvTymAQtGkXD0GqAzAsI= Jt-2BUL6t0S2F7QtdZSY85BMebnLBDTgcpnGpTxzMtx82Ll1Sl1t6vgPrrpnhxunz6F3-2FUxv0= MvuZyYARYO-2Bbeb0oCKPi7jIuebjOI3gPIkln5-2Fv3nQAAquwSaF5zHtUYs6LS-2BkehVgQvB= bi-2BTH-2Bl336X-2FiOQra2O4CC8znvJDKmkz-2BFpRVpw8l7GRr1cTW3dRiqzxARcX9OdkZP-= 2BAIGpuVNUJ9-2Fe6fpjZNVhGZi-2F1pbaPkbk-2BKzBV4-2BAOxIgDGoPga8Tmz1tZGRHdALD1= -2Fh-2FjHr7epc7JzBcFBVmOjiX-2BJdw7Esa8Y-2FDOXzHmhm7zzXnONMUq-2B6BQSvKdZSepo= -2Fd5IRkeuM36sUiF7dHf3TRuJrjaA0rMKDywShW2pi4cJVrIEDddfckEflOAzDNDSZ-2BVochy= CRO3-2FtG5A-3D" style=3D"font-family: Roboto, Arial, sans-serif; font-size:= 18px; text-decoration: none; color: black; padding-left: 3px" target=3D"_b= lank" universal=3D"true">Download the outlook for VC in 2026<img height=3D"= 24" src=3D"https://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-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>Private Equity</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-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-2BaqM7ONnvsnswouzUTNAbTm7YsaES-2F4emCDnCy0CWvC-2= Fo4jwbBCZmzhTprdg-3D-3DcB7z_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t= 1yZbcbdWeUgFVa0m8PzsF6uewyEfjmUptFiPch4x9kl1DdxDBPTLSI3Zo8tNW3FsOBhxNtJp-2F= PMuvTymAQtGkXD0GqAzAsIJt-2BUL6t0S2F7QtdZSY85BMebnLBDTgcpnGpTxzMtx82Ll1Sl1t6= vgPrrpnhxunz6F3-2FUxv0MvuZyYARYO-2Bbeb0oCKPi7jIuebjOI3gPIkln5-2Fv3nQAAquwSa= F5zHtUYs6LS-2BkehVgQvLcpr4Ncaf8eCTYWiiBrp9UhBxc2KwbhuhiaNwJ6AnNHvfJjHTswpcZ= SkaiSJzMeNaHqoatEysMI6veTHneV7murnsN4WTVMs1YkwhOfDAJhRXJ6q5bwHN3qHCOs4QCNO4= H2irwJvHli-2BPitvfs8cVnAYuBOjDudP5o4C8V-2B1MJ00Dc5mN8yAA6yT37wEDSKRPi7bA1QT= kBl4h36VcldiFOBfy0phLqDprmeh-2Bq6zZi3TBH3MAGZLut3cCSNJf-2FSMsrlnj3uRdDK39pV= 0nVzoSM-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https= ://img.pitchbook.com/news/71930.png" style=3D"border: none; max-width: 420p= x;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Con= tinuation fund exits are likely to decline in 2026 after peaking this year.= </b> These vehicles surged in popularity when traditional exit routes were = constrained by high rates, wide valuation gaps, and a closed IPO window. Bu= t conditions are better now: Financing costs have eased following multiple = rate cuts, the IPO market is gradually reopening post-shutdown, and bid-ask= spreads have narrowed as sponsors look to make deals. With conventional pa= thways improving, managers should rely less on continuation funds in the ye= ar ahead. <i>=E2=80=94Kyle Walters, Research Analyst</i><br><br><b>PE exits= are expected to strengthen as managers refocus on liquidity.</b> Sixty-one= percent of PE professionals we surveyed anticipate better exit opportuniti= es in the next six months. Despite a sharp drop in exit value from Q1 to Q3= , exit volume rose 22%, and 2025 activity surpassed 2024. IPO momentum rema= ins slow as the SEC clears a backlog, but managers are optimistic: Blacksto= ne=E2=80=99s IPO activity has doubled year over year and the firm has high = expectations for 2026. =E2=80=94<i>Marina Lukatsky, Global Head of Credit a= nd US PE Research</i><br><br><b>The top 10 PE funds will capture over 40% o= f fundraising due to manager consolidation.</b> US PE fundraising remains m= uted thanks to slow exits and softer distributions, pushing more commitment= s toward larger, established firms. With less capital to deploy, many LPs a= re opting for managers that offer broader strategies and greater operationa= l scale. The concentration is notable: The 10 largest funds raised around 4= 5.7% of 2025 capital, up from 34.5% in 2024. =E2=80=94<i>Jinny Choi, Senior= Research Analyst</i></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-2BaqM7ONnvsnswouzUTNAbTm7YsaES-2F4emCDnCy0CWvC-2Fo4jwbBCZmzhTprdg-3D= -3DLX9H_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs= F6uewyEfjmUptFiPch4x9kl1DdxDBPTLSI3Zo8tNW3FsOBhxNtJp-2FPMuvTymAQtGkXD0GqAzA= sIJt-2BUL6t0S2F7QtdZSY85BMebnLBDTgcpnGpTxzMtx82Ll1Sl1t6vgPrrpnhxunz6F3-2FUx= v0MvuZyYARYO-2Bbeb0oCKPi7jIuebjOI3gPIkln5-2Fv3nQAAquwSaF5zHtUYs6LS-2BkehVgQ= vDJw4CdXpBBDuZIV931C55jAMtKr09UtEqQdn85DAEMo-2FLmwgOKVfMfHjJ-2F26ru-2FB9Fqm= CjhlROWR7YMibaYBaW1xHG2ABwmr9plYUnAanF2vutH7hlso73JZXXfAuHoqDIX15pjmwENa2g0= EE3zX-2BEbEBYqc-2BJT4jGnM8W3EGhwt9b9-2BQB7RBAL8y9JfZKotJTE67vJsFEilvCrwKu8c= 2U1WRLxRCFH-2FX9MKVZglE-2FJ5Ej4vraxP8GxOHPxv3SR8EDKjlG-2Be9xtS-2Fibl3WLAEY-= 3D" style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-= decoration: none; color: black; padding-left: 3px" target=3D"_blank" univer= sal=3D"true">See what else is in store for PE next year<img height=3D"24" s= rc=3D"https://fonts.pitchbook.com/newsletter/arrow-right.png" style=3D"vert= ical-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-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>Webinars & Events</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"><b>Jan= uary-February</b>: Our 2026 Outlook series is coming to London, Singapore, = New York and San Francisco. These events will bring global thought leaders = to the stage to discuss private market trends from 2025 and forecasts for t= he coming year. <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?u= pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUTNAbTm7YsaES-2F4emCD= nCy5A-2BR4IGm1TAYYf5tzvahDA-3D-3Dk21k_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRF= Cfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF6uewyEfjmUptFiPch4x9kl1DdxDBPTLSI3Zo8tNW3FsO= BhxNtJp-2FPMuvTymAQtGkXD0GqAzAsIJt-2BUL6t0S2F7QtdZSY85BMebnLBDTgcpnGpTxzMtx= 82Ll1Sl1t6vgPrrpnhxunz6F3-2FUxv0MvuZyYARYO-2Bbeb0oCKPi7jIuebjOI3gPIkln5-2Fv= 3nQAAquwSaF5zHtUYs6LS-2BkehVgQvP3lsNW9kDjbTSPswprAEx0KOBexSfku2sLXFQljyewFU= A6maQ0PYpJeOdlHkF9DtjpV0R04WBZHV8QI0zeqEjJC4QoAeJM9VqjoCI3a1EZHQizRwO-2FIDZ= yESGW-2BE6aQfDjfo3vufQJx98zXp-2Bwp8Lq84VcDCFVTo8Trx4mD2lrINIEs-2Bwk3B-2FuhW= 0ewjB7gpnZXuyHcQcevZOd-2FGRsq4WDK3FmtTpO-2Fq0HF2dadwrWOVrkooHrdfAn8tQn7CK0y= s2RW2Y3vr-2FFeB8WFxNE8QZA-3D" style=3D"color: #1D5080;" test=3D"">Register = here</a></b>.<br><br> Can't join in person? Tune into our 2026 Out= look webinar series. Sessions will focus on US leveraged loan & private= credit, US VC, EMEA private capital APAC private capital and US PE. <b><a = href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWcw-2B3cudgZ3PixOP-2BHkqOzvPhrPxeiOgwhC4wNt= 5uRAQ-3D-3Dxf7r_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF= Va0m8PzsF6uewyEfjmUptFiPch4x9kl1DdxDBPTLSI3Zo8tNW3FsOBhxNtJp-2FPMuvTymAQtGk= XD0GqAzAsIJt-2BUL6t0S2F7QtdZSY85BMebnLBDTgcpnGpTxzMtx82Ll1Sl1t6vgPrrpnhxunz= 6F3-2FUxv0MvuZyYARYO-2Bbeb0oCKPi7jIuebjOI3gPIkln5-2Fv3nQAAquwSaF5zHtUYs6LS-= 2BkehVgQvNwo7YGuVT0WoFC5Mt8R7NAKhtiwc1Din88acfxwLI1eJTsVSi50Qu4iw1Xp59I3W7W= sjuIQiITkcl61T2y-2BBUBKoQ-2B3VzLMbqCq4rC9-2FTMbv8KZoIWeMInRLxLdreviVVaGFnaQ= p5DvVMgW1ZsqIL9dZ0TLBfVGtnGIxpnA48-2BZWSxsBEIzNEJ0vxmzRIpv-2BCLBqS4p5MXcBKN= S-2FoWGDUN2NF2Z-2Bv3qtjsKxlC8CcH0ODaHkE57t61JRFz-2FuKhApZt9ivdgTGbe37bI0Xy1= 9ww-3D" style=3D"color: #1D5080;" test=3D"">Register here</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: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> Thanks for reading! Feel free to <b><a href= =3D"mailto:pbinstitutionalresearch@pitchbook.com" style=3D"color: #1D5080;"= test=3D"">email us</a></b> any time with feedback, questions, or tips!<br>= <br> Learn more about the <b><a href=3D"https://u= rl6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B= aqM7ONnvsnswouzWcw-2B3cudgZ3PixOP-2BHkqOz35EahKJM3vE1O5iJwenvKw-3D-3DYR3p_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF6uewyEfj= mUptFiPch4x9kl1DdxDBPTLSI3Zo8tNW3FsOBhxNtJp-2FPMuvTymAQtGkXD0GqAzAsIJt-2BUL= 6t0S2F7QtdZSY85BMebnLBDTgcpnGpTxzMtx82Ll1Sl1t6vgPrrpnhxunz6F3-2FUxv0MvuZyYA= RYO-2Bbeb0oCKPi7jIuebjOI3gPIkln5-2Fv3nQAAquwSaF5zHtUYs6LS-2BkehVgQvK4MI5Dcg= uCwo73d0rKEwM2yMT-2FGPqLEGFQXg4LbTj7hToxIjmK1ceoDaYXv6iP9fSJno-2Frvm9dKlaBb= c9F-2B3Iwoq0qBxKjmhizRnD0u1SfOfL8gCe5Tbp1oTGUocTd4aq-2FUT4Bub774Yu808JGlZ0U= aV-2BVmZUzZLbDlEMQhUpvQBFIjj4VlOAZK8n4egA0eJIeGriHyF2LnN-2FLl57NZj2S5wQbgvH= dpcdll0pvE7OdupZ-2BbaHAd2xEJGKkF44bxxwADQ-2FbqWiuIoxisGtfEFgw-3D" style=3D"= color: #1D5080;" test=3D"">PitchBook Institutional Research Group</a></b>, = meet <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d= 4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWcw-2B3cudgZ3PixOP-2BHkqOz1cIlIC= a86GUG2A5fAXVnMQ-3D-3DtGoZ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1= yZbcbdWeUgFVa0m8PzsF6uewyEfjmUptFiPch4x9kl1DdxDBPTLSI3Zo8tNW3FsOBhxNtJp-2FP= MuvTymAQtGkXD0GqAzAsIJt-2BUL6t0S2F7QtdZSY85BMebnLBDTgcpnGpTxzMtx82Ll1Sl1t6v= gPrrpnhxunz6F3-2FUxv0MvuZyYARYO-2Bbeb0oCKPi7jIuebjOI3gPIkln5-2Fv3nQAAquwSaF= 5zHtUYs6LS-2BkehVgQvO8l2o2FfrKv3VaCyFz39B8x3CTy6rN9ugb9YsFF7iq-2BPjknwsTliC= M1rBBZ5UPRYX1KfTI-2FsbG1JQh2L1Dz7OIYbQYSDSQg42C5MyuZk36fbAWG5WiCpKRSDtFVDC8= JujMiHO9cZhz-2FXw-2FKAXE4I2foRNVX5a1IKNTMWEVc-2BigXE91zwcI-2Fis95mT7S0QQ4qR= ZkLY6IGqlmf6hDqYJaNjU-2BwcN-2FiOf0Xh9asfRpi5OnQNZgl2bu1I9ME1JuWLST7ZQLTyLPh= HgRA7JPI-2F-2BvLaY-3D" style=3D"color: #1D5080;" test=3D"">our analysts</a>= </b>, or access our research libraries for <b><a href=3D"https://url6380.ne= ws.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs= nswouzWcw-2B3cudgZ3PixOP-2BHkqOzwg0e9IEby2-2BOHTVrYXSFDQ-3D-3DyQlv_I3w5d9c0= 1gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF6uewyEfjmUptFiP= ch4x9kl1DdxDBPTLSI3Zo8tNW3FsOBhxNtJp-2FPMuvTymAQtGkXD0GqAzAsIJt-2BUL6t0S2F7= QtdZSY85BMebnLBDTgcpnGpTxzMtx82Ll1Sl1t6vgPrrpnhxunz6F3-2FUxv0MvuZyYARYO-2Bb= eb0oCKPi7jIuebjOI3gPIkln5-2Fv3nQAAquwSaF5zHtUYs6LS-2BkehVgQvLKRu4bH7ucCUd1H= P0exrTnbis6R8G2pA-2FINhJO-2BN5Bsw5CvHbe-2F6K5dCYT5-2BAUdhGOrDLQ33S3d6H3a6Ws= tV7sh5VIMP8NU1O9sKFBjbo4rO-2BLbonUyuqwrzy-2BfCmNiG9f-2BmZpiMlJzhl-2BIayqNQH= vlvx4SSk452VJOcjX62My1UCfxhDWCeZuRxrcz5PzBSoHD8SniLahi2OXJOClavku2Ac2fbLcvV= -2F-2FpgjaDkYgs0bJgjKcbgIYIXny-2FLvUSnwSlLXuUVty0c6mc4u3bsuE-3D" style=3D"c= olor: #1D5080;" test=3D"">clients</a></b> and <b><a href=3D"https://url6380= .news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ON= nvsnswouzWcw-2B3cudgZ3PixOP-2BHkqOzepWxqViRoQKYhKR-2BOtfzaQ-3D-3DovNV_I3w5d= 9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF6uewyEfjmUpt= FiPch4x9kl1DdxDBPTLSI3Zo8tNW3FsOBhxNtJp-2FPMuvTymAQtGkXD0GqAzAsIJt-2BUL6t0S= 2F7QtdZSY85BMebnLBDTgcpnGpTxzMtx82Ll1Sl1t6vgPrrpnhxunz6F3-2FUxv0MvuZyYARYO-= 2Bbeb0oCKPi7jIuebjOI3gPIkln5-2Fv3nQAAquwSaF5zHtUYs6LS-2BkehVgQvM-2Fd7vCsPqz= cOmrcoYqTSoUH0ZlC6tonGA-2FAHwa0SRoNgtbGPCaZ58cuSRUQyqoWpdMLZGa2MVXSn7SHvnbq= vXajlicAL-2Bj2QL6p6f1pWrBOFwB9HacEppPcT7v2DIk0-2Bl1W6VG3U2gA0CLDmiv9WkvbcXt= WzAYzz2M8nTBnbzn0CKzCo0o-2BclWqEOyJ5Yun7ZAX2E2l2a5pLd-2FcsPgo-2FvA6pjJPE81i= iWJy6lp-2FULLZv-2FFD8748LsRgyfTvKKLoLBjSH7uRvSBsfI8jDKBI60c-3D" style=3D"co= lor: #1D5080;" test=3D"">non-clients</a></b>.<br><br><em>Did someone forwar= d this newsletter to you? Sign up at <b><a href=3D"https://url6380.news.pit= chbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouz= Wcw-2B3cudgZ3PixOP-2BHkqOz-2FBxMHWJrFXnGBulmZ4-2FiRg-3D-3Do3qS_I3w5d9c01gkD= 8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF6uewyEfjmUptFiPch4x= 9kl1DdxDBPTLSI3Zo8tNW3FsOBhxNtJp-2FPMuvTymAQtGkXD0GqAzAsIJt-2BUL6t0S2F7QtdZ= SY85BMebnLBDTgcpnGpTxzMtx82Ll1Sl1t6vgPrrpnhxunz6F3-2FUxv0MvuZyYARYO-2Bbeb0o= CKPi7jIuebjOI3gPIkln5-2Fv3nQAAquwSaF5zHtUYs6LS-2BkehVgQvAbWCIBiB1bpHqJtqmOt= YFXfVmUAwi5uuJHzNLcD0ZRmwvRGKQHXDqdTvNMIQZh-2BzlIN4DSZsYWF5wovC6OpVlJHf5FYI= mR57ruO7LxzXNNXvwho-2BQAoTekvhrS8Cq2WcIC0dXDmegyjrCUdbuBeoOarwG4BQOSDWabq5S= a7pSazCZl3DppqmFg3gkCg5X0WsUuR3d9Ni7cvf7XbdndU4g6XW7GFab6dCVWNMpmQL5T0rocas= Xl-2FVf0PoUzPXHmqAX3MkaFHMrRjugD0A1vCrO8-3D" style=3D"color: #1D5080;" test= =3D"">pitchbook.com/subscribe</a></b>.</em></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td> <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;"> 247 </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;"> 1065 </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;"> 568 </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;"> 15 </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-2BaqM7ONnvsnswouzWcw-2B3cudgZ3PixOP-2BHkqOzCfc0GHAxdVtLqINABffrRA-3D-3= DZH0J_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF6= uewyEfjmUptFiPch4x9kl1DdxDBPTLSI3Zo8tNW3FsOBhxNtJp-2FPMuvTymAQtGkXD0GqAzAsI= Jt-2BUL6t0S2F7QtdZSY85BMebnLBDTgcpnGpTxzMtx82Ll1Sl1t6vgPrrpnhxunz6F3-2FUxv0= MvuZyYARYO-2Bbeb0oCKPi7jIuebjOI3gPIkln5-2Fv3nQAAquwSaF5zHtUYs6LS-2BkehVgQvF= kuLOKZJpwuUtNx10a-2BGB5auPmD5sugdkbUqiMB0TsDXg6B4GTn5dcClaBASj03BAPL6Itz-2F= BTLGIp7r8KZoopxncGyKtdvw0F517QX-2BEG6w4uqbjilqnOQt3V2HYdpawFpYb3ppWhzKq-2BV= Lbn-2BiJPkJHqOUw0LJue4pAH71q5KK61lSJMnzOiqggWbu4eFtlSX7lXAQJe5HwgLhsyzYF8V4= BVmjONiNR-2BK0B8IfalcSIkmcKZUsPBUzu5aJFwvD2e7m2E3eGkIMqyz4R9zxnA-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> </tbody> </table></td>=20 <td class=3D"side-bar" width=3D"140" valign=3D"top" align=3D"r= ight" style=3D"padding-left: 20px;"></td> </tr> </tbody> </table></td> </tr> =20 <tr> <td> <table lang=3D"x-footer" width=3D"100%" cellspacing=3D"0" cellpad= ding=3D"0" border=3D"0" style=3D"min-width: 100%;"> <tbody> <tr> <td width=3D"460" class=3D"container"> <table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" bor= der=3D"0" style=3D"min-width: 100%; padding: 0px 10px 20px 10px;"> <tbody> <tr> <td style=3D"font-family: Roboto, Arial, sans-serif; font-= size: 10px; -webkit-text-size-adjust: none; text-align: center;" align=3D"c= enter"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4= n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWcw-2B3cudgZ3PixOP-2BHkqOz30kYfKk= hjgn0l-2F-2BKQHvycg-3D-3DigJ3_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F= 3t1yZbcbdWeUgFVa0m8PzsF6uewyEfjmUptFiPch4x9kl1DdxDBPTLSI3Zo8tNW3FsOBhxNtJp-= 2FPMuvTymAQtGkXD0GqAzAsIJt-2BUL6t0S2F7QtdZSY85BMebnLBDTgcpnGpTxzMtx82Ll1Sl1= t6vgPrrpnhxunz6F3-2FUxv0MvuZyYARYO-2Bbeb0oCKPi7jIuebjOI3gPIkln5-2Fv3nQAAquw= SaF5zHtUYs6LS-2BkehVgQvBJem8u-2FJk7z6wEe0sOAwDTxHdUX1gg-2FKhrVhbytPcSeg5lap= 5HMgvR2bHXTKE27RZL2-2BrJgppg0BxiI7wto0Qalb2-2FeT7xJOWd68Z3jPzyeUBtKssqNO5Ch= z8A-2FvULxbC1kJgeBtmrPUJjKwM5A09ETA9sTdT0mc-2FP1Qq6pzwSLM-2BV8dOa0bHhGGEdIc= NPPqW4b-2FFb4YZOIH5eJtNZQthDkjv3scv6cwxS-2Bib54Ui3OUCH4CaSjFx3pfMzdEPl9E5YI= ldvoHcBWeuavSLjSdx8-3D" target=3D"_blank" style=3D"text-decoration: underli= ne; color: #1D5080">About PitchBook</a> | <a href=3D"https://url6380.news.p= itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs= nswouzWcw-2B3cudgZ3PixOP-2BHkqOzK-2F7GTs9nViw9TgYXbJnseg-3D-3DBenm_I3w5d9c0= 1gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF6uewyEfjmUptFiP= ch4x9kl1DdxDBPTLSI3Zo8tNW3FsOBhxNtJp-2FPMuvTymAQtGkXD0GqAzAsIJt-2BUL6t0S2F7= QtdZSY85BMebnLBDTgcpnGpTxzMtx82Ll1Sl1t6vgPrrpnhxunz6F3-2FUxv0MvuZyYARYO-2Bb= eb0oCKPi7jIuebjOI3gPIkln5-2Fv3nQAAquwSaF5zHtUYs6LS-2BkehVgQvNIpICZw2sllSNGJ= DYsT-2BVMwIMKha9uiGXNxA8SG9MIweO4qsdR0MetH-2FFa3zfg0iYKTE9VXiOt0s4tP5n3A5wt= 4cwccj29G7-2Bv9sEEbrAuh7GFeTeVtdsuwDMwaJkDuiwFP74ZjTVNW3-2BQl66H48Ksjo-2FHy= Q0o3cXvynx8DKlqesAwr5kgZDjcGcN9pe08YQrFucOFOJ0TX1qOwwhuOeJpnXx5ZQ9rECgmZUfI= GG5-2BqMZO1aszK95NtqKUNNLSiwLa3GXVkAyaa6gOuUjdxPSk-3D" target=3D"_blank" st= yle=3D"text-decoration: underline; color: #1D5080" universal=3D"true">Terms= of use</a> | <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3D= u001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWcw-2B3cudgZ3PixOP-2BHkqOz= zvQufl5HfHTEBgmyUQspbQ-3D-3DSXvA_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy= -2F3t1yZbcbdWeUgFVa0m8PzsF6uewyEfjmUptFiPch4x9kl1DdxDBPTLSI3Zo8tNW3FsOBhxNt= Jp-2FPMuvTymAQtGkXD0GqAzAsIJt-2BUL6t0S2F7QtdZSY85BMebnLBDTgcpnGpTxzMtx82Ll1= Sl1t6vgPrrpnhxunz6F3-2FUxv0MvuZyYARYO-2Bbeb0oCKPi7jIuebjOI3gPIkln5-2Fv3nQAA= quwSaF5zHtUYs6LS-2BkehVgQvJ2sNxbZX1CfszLwQ9zZQkECsYLS2x6pj3wDsxwihjHdsGxDfe= gSmrczQQOTaZ-2B6nQXBX29T3rv82W0BXFyTLzfeM8j7L-2BonOK63eJdKUt-2Fz6zZLIDv5jdZ= inZun5QXJPm-2B3Dgmh-2F2ijlI2sLxtmVSPfAcZIm1rxwhwyrENFk3huBkqiT8gTLdTRpOBakf= XPPpdvxuXsmQJw8Sqd8BNIl6mgvd-2BPpRmRIOlDZBAkqt5HS91Xm3xeitXzQmZcDuZBSB4b9ke= Jnzw-2FXU2IVlPbL2U-3D" target=3D"_blank" style=3D"text-decoration: underlin= e; color: #1D5080">Advertise with us</a> | <a href=3D"https://url6380.news.= pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv= snswouzUIb2ArDITy6YhoRWMPUHr0spzmpYzXia820Kd0T-2FlyRQ-3D-3DQdni_I3w5d9c01gk= D8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF6uewyEfjmUptFiPch4= x9kl1DdxDBPTLSI3Zo8tNW3FsOBhxNtJp-2FPMuvTymAQtGkXD0GqAzAsIJt-2BUL6t0S2F7Qtd= ZSY85BMebnLBDTgcpnGpTxzMtx82Ll1Sl1t6vgPrrpnhxunz6F3-2FUxv0MvuZyYARYO-2Bbeb0= oCKPi7jIuebjOI3gPIkln5-2Fv3nQAAquwSaF5zHtUYs6LS-2BkehVgQvKwc0Dixw8-2B0LuZWT= XflVAoMHdPQgYLstkll82R2-2BM2wH-2BBi6uu4mFIJXh1gTDFXfn2tWFNx0N3kscUn7irgU6k4= znxyNqhTMvpFxwn1U6NVYL7IiK0i4pustBqObsmv4zcFbEJYSGt-2B77I2m6mCcl64IRzPO13if= gJKZpz96x1FXSu6ek3lIX2zyllOhuNpQ33gXQs3yukf5afPkFcCn2T1knkSMTwnghCwRigteX8A= dvGwIEiLejF-2FBpvly9SSaYm-2FbQE6TvK0Bkza3NgpmCo-3D" target=3D"_blank" style= =3D"text-decoration: underline; color: #1D5080" universal=3D"true">Contact<= /a> <table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"= border=3D"0" align=3D"center"> <tbody> <tr> <td style=3D"padding: 15px 0 0;" align=3D"center"> <table cellspacing=3D"0" cellpadding=3D"0" border=3D"= 0"> <tbody> <tr> <td style=3D"padding-right: 10px; font-size: 10px;= ">Follow us:</td> <td style=3D"padding-right: 10px"><a href=3D"https= ://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF= a-2BaqM7ONnvsnswouzUIb2ArDITy6YhoRWMPUHr0nlepDNBzVMQDM3GMLgH-2BKw-3D-3Df2U8= _I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF6uewyE= fjmUptFiPch4x9kl1DdxDBPTLSI3Zo8tNW3FsOBhxNtJp-2FPMuvTymAQtGkXD0GqAzAsIJt-2B= UL6t0S2F7QtdZSY85BMebnLBDTgcpnGpTxzMtx82Ll1Sl1t6vgPrrpnhxunz6F3-2FUxv0MvuZy= YARYO-2Bbeb0oCKPi7jIuebjOI3gPIkln5-2Fv3nQAAquwSaF5zHtUYs6LS-2BkehVgQvKLLnxv= 0gl2TWbnbQmeA85cL6CsdwdmaTtk50nC9r3z-2BoTpoHCXtTE-2BiCCqTlOHEeZakB9PRNCFW5Z= yCg-2B-2FjOnSpV6Zadc53rwMALaXxzKRl73HiKtH91Ddicrwoc5OAvv7nO2g0Sbj2eA7b9S8nk= ErVB0Wm5FLIkfwsqe1FMR2jvFJx7n-2BEwG-2BA95rZ3T1Q4MLxCtQwVR1l-2BQtUc28qNGmrvW= d3nAKFzohDA9JRl7-2FAcbIXL1m6z-2Fz8Tpt0rIp1RUxZ72aR-2FYdZGTF2rkMcPX0-3D" tar= get=3D"_blank" style=3D"text-decoration: none"> <img src=3D"https://fonts.p= itchbook.com/newsletter/linkedin.png" width=3D"25" height=3D"25" alt=3D"in"= style=3D"border: none; padding: 0 0 1px; vertical-align: middle;"> </a></t= d> <td style=3D"padding-right: 10px"><a href=3D"https= ://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF= a-2BaqM7ONnvsnswouzUIb2ArDITy6YhoRWMPUHr0lntciak3PdUabXUdLX0AyA-3D-3DHmST_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF6uewyEfj= mUptFiPch4x9kl1DdxDBPTLSI3Zo8tNW3FsOBhxNtJp-2FPMuvTymAQtGkXD0GqAzAsIJt-2BUL= 6t0S2F7QtdZSY85BMebnLBDTgcpnGpTxzMtx82Ll1Sl1t6vgPrrpnhxunz6F3-2FUxv0MvuZyYA= RYO-2Bbeb0oCKPi7jIuebjOI3gPIkln5-2Fv3nQAAquwSaF5zHtUYs6LS-2BkehVgQvKGn4J4Nk= YSf-2BD21UFNXS5EJ3xLACGMI1g77Bm5ifpjGl-2FptXc7zY6m7vJrSTdRmvXuU6llW5Z9Jy-2B= Y0miHbM5OQSNTe2Sa8IUB9RgrdPXxdlVLo327G3AoGBQq0DyRFl6P-2BmdRJGrNShyznLBVIVbA= pPUvF9PLWX7IafCfqDzdGPjopEGCJA17UsrQPL6PGieII7eKiQ5dL-2Fnyy1zZwpUlq-2FXZsIC= WLVNPZPWLBfjZBb7YvphiFIry-2B7I6yJNJkNhkLVYIfea-2By42Pncw4geYk-3D" target=3D= "_blank" style=3D"text-decoration: none"> <img src=3D"https://fonts.pitchbo= ok.com/newsletter/twitter.png" width=3D"25" height=3D"25" alt=3D"twtr" styl= e=3D"border: none; padding: 0 0 1px; vertical-align: middle;"> </a></td> <td><a href=3D"https://url6380.news.pitchbook.com/= ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUIb2ArDITy6= YhoRWMPUHr0fDvJ7G97Vz3dHezEaM2mbg-3D-3DZw5x_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwar= HkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF6uewyEfjmUptFiPch4x9kl1DdxDBPTLSI3Zo8t= NW3FsOBhxNtJp-2FPMuvTymAQtGkXD0GqAzAsIJt-2BUL6t0S2F7QtdZSY85BMebnLBDTgcpnGp= TxzMtx82Ll1Sl1t6vgPrrpnhxunz6F3-2FUxv0MvuZyYARYO-2Bbeb0oCKPi7jIuebjOI3gPIkl= n5-2Fv3nQAAquwSaF5zHtUYs6LS-2BkehVgQvCoaj3xhiCPWCQ77LfZHseF3NSFkqD-2BJMYoAh= FjtNF1eoDAlKMEtuZ3YwZdyH7lzniKqnxjtZ8Erh3k6xn-2Fzi77JKqJKKe928pct2EzRHuhGwx= Ih5D8dtVFb4hXGvbfwZpbRR5jOkkeMr7ciL1MGYTjFaWgyxnrFI7u9vW-2BTSNg364pzWWslTyd= tDz6mxZQnOHJMV1lS-2FXQ2-2BGrLl49vNSNmHSicoFi0WmEvwgevdY4J8W3fzPPVAvcZ8sYuMq= QLg-2FyGRBnDSUHI6llMSxtXETY-3D" target=3D"_blank" style=3D"text-decoration:= none"> <img src=3D"https://fonts.pitchbook.com/newsletter/facebook.png" wi= dth=3D"25" height=3D"25" alt=3D"fb" style=3D"border: none; padding: 0 0 1px= ; vertical-align: middle;"> </a></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <p>This email was sent to <a rel=3D"nofollow" style=3D"te= xt-decoration: underline; color: #1D5080">most@ponjosonek.com</a> via the P= itchBook Platform.</p> <p style=3D"margin-top: 14px">Click <a href=3D"https://ur= l6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx= 1VdE7sYl12opJBSgX8wjgWQkjpY2yE70mtuFtQh5JMynEp-2F-2B0ZsygXiW0dASWMAkXrIC3kg= -2BeC0SuDoyGjKHmOSdfo63E0RLyaXhmtZcu9qypgyxWwak1NhA0coLyWLpIGucErQpvbIjaXQ-= 3DCgz2_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF= 6uewyEfjmUptFiPch4x9kl1DdxDBPTLSI3Zo8tNW3FsOBhxNtJp-2FPMuvTymAQtGkXD0GqAzAs= IJt-2BUL6t0S2F7QtdZSY85BMebnLBDTgcpnGpTxzMtx82Ll1Sl1t6vgPrrpnhxunz6F3-2FUxv= 0MvuZyYARYO-2Bbeb0oCKPi7jIuebjOI3gPIkln5-2Fv3nQAAquwSaF5zHtUYs6LS-2BkehVgQv= NKpz2jSqwQSk7KQapUgVk94nwgchJKZIbaTjRz0Z-2BxaXrk-2Furp7Cs6rhY8A9-2FsuuUQQTH= UjffZyOGtuWjzbCTOoDTMxHshpR-2FNsUv4xOskia2EUaoe0kzBsqTTeQgavG35S96G6HJrhkwE= mQRhv7Xwgr7C-2BSRSr3IOOugWBwG53xOsLiAy0rUtP2tAlfF4SwoqDo7qkpoRlXLOXKDTcIcI2= LLe0DU7ELo5eQzMBV41I5ZlllHTpL6mIL4gQn80Ie9XrUjN7VNuwIDH55f4fRTE-3D" target= =3D"_blank" style=3D"font-family: Roboto, Arial, sans-serif; font-size: 10p= x; text-decoration: underline; color: #1D5080; -webkit-text-size-adjust: no= ne;">here</a> to manage your subscriptions, or if you no longer wish to rec= eive these emails, you can <a href=3D"https://url6380.news.pitchbook.com/ls= /click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrVRvnzbxJbWwDftsHe-2FnJ3PNCbp5fVdgUVv= M0uKhBfShb0-2FXm4f84Oam-2FsIf-2BQHY-2F9cBWz93zxOvFSzafZw8LoNeS7HBprvPhxsRX6= 59VZdcmKyMzD4eMk3ZOd-2B-2B-2F0Y7oF13G-2FIXXwGooEmdlY2iz1mUW3szOqepj8KH6avgw= 8GKp8RC_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs= F6uewyEfjmUptFiPch4x9kl1DdxDBPTLSI3Zo8tNW3FsOBhxNtJp-2FPMuvTymAQtGkXD0GqAzA= sIJt-2BUL6t0S2F7QtdZSY85BMebnLBDTgcpnGpTxzMtx82Ll1Sl1t6vgPrrpnhxunz6F3-2FUx= v0MvuZyYARYO-2Bbeb0oCKPi7jIuebjOI3gPIkln5-2Fv3nQAAquwSaF5zHtUYs6LS-2BkehVgQ= vADFuplL6CJdFGj0fDJUwDzVifywQTXWixD3iLl8tCsHokrQgmvn94Oy-2BmeaLR-2FG58koFWU= WWMuCViNkWvivmos9LVm8ABOSDHWGzaYvwJqPR0FzxOgV01iIUMs5edf3-2BZxUaus9Uy6KNCXo= 9Me4tYu8Vq1f1Q6d0l-2B-2BhUpuXXvoG7eMgqzA1YyrFOFZ3GLma6mcJ2RXc8cSy3RF5AoEpCE= 5JT7bKpxVG6Jz9KhJ30hxHGagzWcZ5um9dszxlp8QAcHD467aKpr0CcnijLG7fWk-3D" target= =3D"_blank" style=3D"font-family: Roboto, Arial, sans-serif; font-size: 10p= x; text-decoration: underline; color: #1D5080; -webkit-text-size-adjust: no= ne;">unsubscribe.</a></p> <p style=3D"margin-top: 14px">PitchBook Data Inc., 901 Fi= fth Avenue, Suite 1200, Seattle WA 98164, United States</p> <p style=3D"margin-top: 14px">=C2=A9 2026 PitchBook. Win = what's next. All rights reserved.<img width=3D'1' height=3D'1' opacity: 0; = style=3D'display:none !important; mso-hide: all;' src=3D'https://my.pitchbo= ok.com/ms/pixel?userId=3D3DABLZ54MOPJL5Q&eventSource=3D3DZQDXJQ6VUBAECQE7XY= 5D5PSLQI&emailId=3D3DSLM6L5BPOV43M&emailName=3D3D7ETUXSUVU4M3HX3TDHQYK4L3UU= MVWWC3672JJBI&pixelPosition=3D3DPED7RLFD4GN3BVMRTFQEHYZOOJCKA34MS5JA35Y.gif= '/><br></p></td> </tr> </tbody> </table></td> <td lang=3D"x-sidebar-place" class=3D"side-bar" width=3D"160">= </td> </tr> </tbody> </table></td> </tr>=20 </tbody> </table><!--[if (gte mso 9)|(IE)]> </td> </tr> </table> <![endif]--></td> </tr> </tbody> </table> <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du00= 1.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12opJBSrnS8sfA-2FdXQL6-2Bsw8UD0pIv0= B_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF6uewy= EfjmUptFiPch4x9kl1DdxDBPTLSI3Zo8tNW3FsOBhxNtJp-2FPMuvTymAQtGkXD0GqAzAsIJt-2= BUL6t0S2F7QtdZSY85BMebnLBDTgcpnGpTxzMtx82Ll1Sl1t6vgPrrpnhxunz6F3-2FUxv0MvuZ= yYARYO-2Bbeb0oCKPi7jIuebjOI3gPIkln5-2Fv3nQAAquwSaF5zHtUYs6LS-2BkehVgQvB3LBs= 6bi3pi3vpD1USik7FmxR08tPORcdbHQGpuDZn2btjqravC8i5zvi4hKfrf1z6an4GCMsWS0-2Bw= 6QMBdNccVFRfXeM4ubb3g9XUmb7joOHVB4f6d0YYesGUNr1NIeFD9-2Fm2C8224oOphmulrTfKP= Asgk7m7qAUrsFdgvm-2BQPiYFj2bk5if2ZOQ3uGoj01ovLhfWTQBmojMAXqlaj4mBEnJf-2Flib= p44IYuX898avpUv5p0gWfgexZAa4zvDmbvXiminmomkpUHDaLGR1fA3o-3D" style=3D"displ= ay: none"></a>=20 </body> </html>