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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 Also: Can VC break its concentration?; Where PE momentum is building; A fresh look at fund performance... January 10, 2026 | Read online | Manage your subscription The Research Pitch Presented by Apo [...] Content analysis details: (0.5 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 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. 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[159.183.175.69 listed in sa-trusted.bondedsender.org] -0.0 SPF_PASS SPF: sender matches SPF record 2.5 RCVD_IN_MSPIKE_L3 RBL: Low reputation (-3) [159.183.175.69 listed in bl.mailspike.net] -0.1 DKIM_VALID_AU Message has a valid DKIM or DK signature from author's domain 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 0.0 RCVD_IN_MSPIKE_BL Mailspike blocklisted 0.0 HTML_MESSAGE BODY: HTML included in message 0.1 MIME_HTML_ONLY BODY: Message only has text/html MIME parts 0.5 KAM_REALLYHUGEIMGSRC RAW: Spam with image tags with ridiculously huge http urls 0.0 LOTS_OF_MONEY Huge... sums of money 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; 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} .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: = Can VC break its concentration?; Where PE momentum is building; A fresh loo= k at fund performance... </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 10, 2026 = | <a href=3D"https://url6380.news.pitchbook.co= m/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUmB-2FjOq= M-2FDpXqogyi1QT25O4TVOCETSw3jNr7n80gPIA-3D-3DE5dg_I3w5d9c01gkD8gLzFEofZR-2B= h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhBx6m-2FsWcu6PcQLLnwkH1AGSM5hNSd= Te53wFRceeOJQ8Jf0KDPwjBUz6rC2Kv1-2FarbmQD4VCPkkUSrTSzCus65XbBS6fTePJ2fgeszi= kv4uKmD8bZpLoJq-2BSGNgWz7L-2BuUbRJw4-2BmvD1vpGn5BqjzMUxT6WbwTaJrtcaXhYOFacy= -2FT7GeT8on9acrbK0n8fHyXRoyaiFqZZjiTTqEiBmbM-2Fkey6XG5UPSOCNFeUZQZeXkiXxS2E= 5vqQ3ds0Lh9ch9wROonG-2BjXmI8uklPL05fPJtqQV3DG-2FLZQoI3xC5-2BruudOm5kAZA5MYu= QKVUSZxdCIW9NTS0iwGxquix2Vm8hLSDxmVimsxV-2BxV01L1jFu2d6WKClL3s6DIUmHh2SZhjp= SKAceOfzwe4gS-2FThshCeozpOzAjjwABLjCFzVNjqI8TdcTKeua5ip01JP8Wg-2BQqMobYirKr= jBCe5z3FQblBjfI5NaqOfrJKfNZGJYZBTl83V6bLvYSYuT2TnQvp41MR" target=3D"_blank"= style=3D"text-decoration: underline; color: #1D5080">Read online</a>  = ; | <a href=3D"https://url6380.news.pitchbook.com/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12opJBSgX8wjgWQkjpY2= yE70mtuFtQh5JMynEp-2F-2B0ZsygXiW0dASWMAkXrIC3kg-2BeC0SuDoyGjKHmOSdfo63E0RLy= aXhmtZcu9qypgyxWwak1NhA0coLyWLpIGucErQpvbIjaXQ-3DpEkV_I3w5d9c01gkD8gLzFEofZ= R-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhBx6m-2FsWcu6PcQLLnwkH1AGSM5= hNSdTe53wFRceeOJQ8Jf0KDPwjBUz6rC2Kv1-2FarbmQD4VCPkkUSrTSzCus65XbBS6fTePJ2fg= eszikv4uKmD8bZpLoJq-2BSGNgWz7L-2BuUbRJw4-2BmvD1vpGn5BqjzMUxT6WbwTaJrtcaXhYO= Facy-2FT7GeT8on9acrbK0n8fHyXRoyaiFqZZjiTTqEiBmbM-2Fkey6XG5UPSOCNFeUZQZeoSQ-= 2FLuGQQidlXC5eOYb9VYRilEGUWNYAPBJ0DX7LLwIL-2FHdXI5J7-2BuTxWmtkgKP5seO7IiKOM= RSVGIlhtcEowyPNrTOdo8KiGm2m4EWZMsmdTvWtzh0b4AIns0xJsuJUI2KyC1tlxB2h3xMpVUPv= 1nwtjKKYUAepqySXajTUeWbLt4leCFjlJf3l4L1n1d3pcj17LOht55cxeypFt80ZeQDHR2d-2BS= 0HNBOk3ntgUQIXIYx-2F2TJVWySB7x9kVw-2BTZa-2FnkAyNj7yhPoJtB8KuRQ" target=3D"_= blank" style=3D"text-decoration: underline; color: #1D5080">Manage your sub= scription</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-2BaqM7ONnvsnswouzUmB-2FjOqM-2FDpXqogyi1QT25mvDuRxwWVF2pTwQWxVAI= Hg-3D-3D-qeB_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0= m8PzsFhBx6m-2FsWcu6PcQLLnwkH1AGSM5hNSdTe53wFRceeOJQ8Jf0KDPwjBUz6rC2Kv1-2Far= bmQD4VCPkkUSrTSzCus65XbBS6fTePJ2fgeszikv4uKmD8bZpLoJq-2BSGNgWz7L-2BuUbRJw4-= 2BmvD1vpGn5BqjzMUxT6WbwTaJrtcaXhYOFacy-2FT7GeT8on9acrbK0n8fHyXRoyaiFqZZjiTT= qEiBmbM-2Fkey6XG5UPSOCNFeUZQZchaCmBP-2B-2Bmw027MTmgL4QdE8UG86lSwXKW1eqXntcc= F9RLXE3aNkCEZ6AKpBn7-2BS10bXhaP8kvECoKeUH79JUo1j3ffvUqZbml-2FHajlD6w506yebL= rkRAYobCQCDptSbqkLEJcAF5JrnykUF3RrWmktp-2FhvYzkEI3u-2FWVSZXkjnLytzjlGjeAfPG= PBw2hGsKC43dRAc7JAH1qaGdUYVVBVYmPvGDlREvfK587TMaxCs7cwjaw8-2BldiZ8-2F7XKVOn= o5hcAgY1Q7NHbUZJNTU5mkH" target=3D"_blank"> <img width=3D'1' height=3D'1' o= pacity: 0; style=3D'display:none !important; mso-hide: all;' src=3D'https:/= /my.pitchbook.com/ms/pixel?userId=3D3DABLZ54MOPJL5Q&eventSource=3D3DZQDXJQ6= VUBAECQE7XY5D5PSLQI&emailId=3D3D4XAGEKNFRY6JA&emailName=3D3D7ETUXSUVU4M3HX3= TDHQYK4L3UUMVWWC3672JJBI&pixelPosition=3D3DUAZEVU3EPI6EYRHRSC2KEHCFHGQ6ZMZB= KVWWKQA.gif'/><img src=3D"https://url6380.news.pitchbook.com/wf/open?upn=3D= u001.4Qe7VL981gyAPMxYoCz8CBKmv7adpoGoGfpUfNDzw-2FIUFPDY6owZNjRg8mspgm8jqoQI= QC4rS-2Fus-2BW2IkhNUzjlgxthA8mouBtHOZ92HuaZRw2Aci2Ha1qNTw42IcwlUWF7hEqA5jFk= MhJ8WZKSU3QMfoITQddcavixGN-2FzSP1hM4FtAxB3YBYwYVnrIn3s8mGe12Fl-2BpEXjmJrGCN= i31mxjDNTq44wPo3zU00GcQu6D0PwjcAw81hzkBB2SenTRt0rkNdfYNsCpV3X6uL2P4qrPTBKxM= A7T97Hmf3fvFBNjGpLRJGBkICkV6uJm57cVoUqnQ6e4Fm53WacUlJGl-2B9eNbsUkSB4LwkouEx= Yj5QGOoTXJrD5XcaO2T-2BYmy644-2FslgAHkkKfwvqAXkwr7nnTzbK6kxPOcse-2Bdwq2ndtgK= R23EyjxZHxJ1KOIYymKT49f5cUIUJM60EY5ynShEPNy-2B8W4WMDdUmd5NkqYjMha3D0EWRLapc= Dfx7Ihi3NDt7xGb-2BSDNBvwBVlpcOR58LphYLWejOJPQdNMb2g571rmeudhUCtSutd4MVTAGPh= IonXceOGXOUmchHJZ6PPyZI1w-3D-3D" 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 !important;margin-bottom:0 !important;margin-right:0= !important;margin-left:0 !important;padding-top:0 !important;padding-botto= m:0 !important;padding-right:0 !important;padding-left:0 !important;"/><img= width=3D"141" height=3D"39" 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 style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 14px; padding-top: 11px;"><span>Presented by <a href= =3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzXlS8OZeUzajL1GoYYyKHk1auWrNHP00O-2FMx918TyCPWw-= 3D-3DeCea_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8P= zsFhBx6m-2FsWcu6PcQLLnwkH1AGSM5hNSdTe53wFRceeOJQ8Jf0KDPwjBUz6rC2Kv1-2FarbmQ= D4VCPkkUSrTSzCus65XbBS6fTePJ2fgeszikv4uKmD8bZpLoJq-2BSGNgWz7L-2BuUbRJw4-2Bm= vD1vpGn5BqjzMUxT6WbwTaJrtcaXhYOFacy-2FT7GeT8on9acrbK0n8fHyXRoyaiFqZZjiTTqEi= BmbM-2Fkey6XG5UPSOCNFeUZQZfT9b9ldbHEt9h0fNTAcxtA7O8YsCRovEKZUutfhpY9TcK2fE4= rvJrW0tiB7EGGiXKt54UMQCk7XXiitOiG3r4z7gtmkkD5bdSUzamGCxej0Nn92uJ9VJV2RwyLYt= tTJuysAAI3dWbABNo39zcVdPDNOZFCQw75hV7-2BUCU6DhtvNrqTDM6mngigFFeVS-2BlGQzXZ2= i8ojlNS5w827PcHCGMEW5gZuzEI-2BkAomTrpa6Gt1dLDuMpaYZhpdGr20qgX6m83mLhdAMXSXl= JXmnFhs-2Fc8" target=3D"_blank" style=3D"text-decoration: underline; color:= #1D5080; font-size: 14px; font-family: Roboto, Arial;">Apollo Global Manag= ement</a></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-2BaqM7ONnvsnswouzXlS8OZeUzajL1GoYYyKHk1auWrNHP00O-2FMx918TyCPWw-3D-3D1= GFW_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhBx= 6m-2FsWcu6PcQLLnwkH1AGSM5hNSdTe53wFRceeOJQ8Jf0KDPwjBUz6rC2Kv1-2FarbmQD4VCPk= kUSrTSzCus65XbBS6fTePJ2fgeszikv4uKmD8bZpLoJq-2BSGNgWz7L-2BuUbRJw4-2BmvD1vpG= n5BqjzMUxT6WbwTaJrtcaXhYOFacy-2FT7GeT8on9acrbK0n8fHyXRoyaiFqZZjiTTqEiBmbM-2= Fkey6XG5UPSOCNFeUZQZcaLS0t6St-2BwLeSmfefaUs9cXw0ml8vn9uDMbC-2Ft74f7EJyYiBWZ= qwvlvCunF9nOSxcU4YNDkEPS9dzr1UAyWQwphe6dACuNSTONRWIMX0je5QXmTtYOSd3dYOp9tPq= gkcT80QaGQN-2BF0SqPadOVUTX5YuvCqrd5eSnBr-2Bn5-2FlVuc471egYjP3onssF9a-2Fo4UH= LLmG3Z3OiYJj6GJtcOfzXcWgBh6PaDcaP9UBtyFouPtDT3z8mtY1B-2BHoQp1KPZjOZuvtvBUcp= no1wBaTUcte-2F"><img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4= 458/Pitchbook_460x120_Nov22.png" 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: 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>202= 5 VC data is here!</b> Deal activity hit $512.6 billion worldwide, behind o= nly 2021 and 2022. Get a peek at the data powering our upcoming annual repo= rts <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d= 4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXlS8OZeUzajL1GoYYyKHk1IKyEzwZSKx= -2F2r6We6rYzqw-3D-3DbfQe_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZ= bcbdWeUgFVa0m8PzsFhBx6m-2FsWcu6PcQLLnwkH1AGSM5hNSdTe53wFRceeOJQ8Jf0KDPwjBUz= 6rC2Kv1-2FarbmQD4VCPkkUSrTSzCus65XbBS6fTePJ2fgeszikv4uKmD8bZpLoJq-2BSGNgWz7= L-2BuUbRJw4-2BmvD1vpGn5BqjzMUxT6WbwTaJrtcaXhYOFacy-2FT7GeT8on9acrbK0n8fHyXR= oyaiFqZZjiTTqEiBmbM-2Fkey6XG5UPSOCNFeUZQZeMS-2BL9hbXGmMA-2FYQzBNnS-2B2cKTw7= 2UeLLfGFNdfwiKcrLFPsUO-2FyytWXUZyhrptjGF8sBGPKXy0opICaIttvCgYOUtLd9epSGOJma= h1OlA1qdEAAVn0k7-2FhAqErewhb2oerWG4IVsV5SJJqqvb9H1D2zq0B63IoUyoISA9PxkXxbya= 4hRnuZl7ls5KxQoM7eA9-2FIr9g6xLP9DqFFfM-2ByTvIu2HbA8towt-2F5aAFsME0z9vBNqqUl= s3RSTbxEXj01DDRIgWDkiDoCT0g5r9JcM3W" style=3D"color: #1D5080;" test=3D"" un= iversal=3D"true"><b>by clicking here</b></a>.<br><br><b>More data</b>: Our = industry & tech First Look datasets are in for Q4, including the <a hre= f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu= ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXlS8OZeUzajL1GoYYyKHk1K9-2FlsnaKF4VVCMGyVu= 3S-2Fw-3D-3Dk6EH_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUg= FVa0m8PzsFhBx6m-2FsWcu6PcQLLnwkH1AGSM5hNSdTe53wFRceeOJQ8Jf0KDPwjBUz6rC2Kv1-= 2FarbmQD4VCPkkUSrTSzCus65XbBS6fTePJ2fgeszikv4uKmD8bZpLoJq-2BSGNgWz7L-2BuUbR= Jw4-2BmvD1vpGn5BqjzMUxT6WbwTaJrtcaXhYOFacy-2FT7GeT8on9acrbK0n8fHyXRoyaiFqZZ= jiTTqEiBmbM-2Fkey6XG5UPSOCNFeUZQZeD0tOrBSVEqC2ermBEXd9GgPIH9-2BHUXVZ5CQGNio= 37AtH3hpYD9W9uNwcCVypdtkw40j1pPNE3B3c40mhuQOZcUvSfpIkSimf5R0Avglp4RnPwgzu33= AFhDMJWfRj0LYSWH36LdyohmQXyKqS-2BR6N1Xb4N7O7WPsioOKvjdWE-2FN9YCXvi6bHQu642Q= hP4vfJi-2FypqWeag3hatlwOHsgQP2f2DvOjJGqsfqPN2Qd3g7ZoWp5JFFxXdo3CIYV65sWMT-2= BB94Z5aXHsx0VHs8ocHoE" style=3D"color: #1D5080;" test=3D"" universal=3D"tru= e"><b>mobility tech</b></a> and <a href=3D"https://url6380.news.pitchbook.c= om/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXlS8= OZeUzajL1GoYYyKHk1ZUoS42OswSvFK0rU0nBcXQ-3D-3Dqifo_I3w5d9c01gkD8gLzFEofZR-2= Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhBx6m-2FsWcu6PcQLLnwkH1AGSM5hNS= dTe53wFRceeOJQ8Jf0KDPwjBUz6rC2Kv1-2FarbmQD4VCPkkUSrTSzCus65XbBS6fTePJ2fgesz= ikv4uKmD8bZpLoJq-2BSGNgWz7L-2BuUbRJw4-2BmvD1vpGn5BqjzMUxT6WbwTaJrtcaXhYOFac= y-2FT7GeT8on9acrbK0n8fHyXRoyaiFqZZjiTTqEiBmbM-2Fkey6XG5UPSOCNFeUZQZfWzCSCjr= xiW8rv7hDDQiH5lwJdOZ0yQjpgOpm4Em9G1JhdGrjS0zIOmvScTAlGx1PYMRz-2BcqWgwtMcYsx= tRMZllAIvUAIq7jjNTys6A2H9leim-2BElsC1zNYVBqAqeBnUMXHJd1D-2Bg7WF7Y3ezHrjkzxA= rQeuQs2EZMG-2Fu37WnrVpbQmIm0BfgYpERmgLoeKN-2FSxj5xZTN32VbMvec0TzcBD1TOx8DwV= DEIIWsQSttphW7SB8vC0dppJLpglzrptxVVHt8bc-2F36MgTgaGA-2Fs7Cp" style=3D"color= : #1D5080;" test=3D"" universal=3D"true"><b>agrifood</b></a> sectors. The l= atter covers the agtech, foodtech and consumer packaged foods markets.<br><= br><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4= n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXlS8OZeUzajL1GoYYyKHk1Qry3tORZw1R= thBoDS1XZMA-3D-3DmhBv_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb= dWeUgFVa0m8PzsFhBx6m-2FsWcu6PcQLLnwkH1AGSM5hNSdTe53wFRceeOJQ8Jf0KDPwjBUz6rC= 2Kv1-2FarbmQD4VCPkkUSrTSzCus65XbBS6fTePJ2fgeszikv4uKmD8bZpLoJq-2BSGNgWz7L-2= BuUbRJw4-2BmvD1vpGn5BqjzMUxT6WbwTaJrtcaXhYOFacy-2FT7GeT8on9acrbK0n8fHyXRoya= iFqZZjiTTqEiBmbM-2Fkey6XG5UPSOCNFeUZQZcVVFXqQs7y6QMY3fq-2BArKh80Ol7R0kTPv8J= nbGlzu7TP8l-2B4yNtmoYGrlj9HrtSdTqgS4m2S-2F18Qr6Nfmq8zXIF-2B5LFtM5e5b9Xr3qdQ= CYSrme01l-2FVWLZYKmD3XjPgrcciBELM0erneHMUrGu6-2FjY77CfyZp43q9SMpPZoDvA37VLd= n9BZFpVtCIBkBSEAsBrs0DiTD5jFkg0KD49Png8pUBFq8p39GH7KKJFqVhHl0s5IRwGkgOi9LzP= yPMFpgB0RmTAHyI-2FYt0dftupCpeQ" style=3D"color: #1D5080;" test=3D"" univers= al=3D"true"><b>The newest PitchBook Benchmarks</b></a>: Our report features= the top private capital strategies of Q2 2024=E2=80=94covering IRR quantil= es, pooled horizon returns, cash multiples, PMEs, and more, sliced by strat= egy, vintage year, and geography.</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>A message from Apollo Global Management</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: 10px 20px 14px 20px;"> <a na= me=3D"n_575780" id=3D"n_575780" 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;"> Think It New </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"right"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" style=3D"float: none; padding-left: 15px; "> <tbody> <tr> <td align=3D"right" style=3D"text-align: righ= t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXlS8OZeUzajL1GoYYyKHk1auWrNHP00O-2FMx= 918TyCPWw-3D-3De6z9_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW= eUgFVa0m8PzsFhBx6m-2FsWcu6PcQLLnwkH1AGSM5hNSdTe53wFRceeOJQ8Jf0KDPwjBUz6rC2K= v1-2FarbmQD4VCPkkUSrTSzCus65XbBS6fTePJ2fgeszikv4uKmD8bZpLoJq-2BSGNgWz7L-2Bu= UbRJw4-2BmvD1vpGn5BqjzMUxT6WbwTaJrtcaXhYOFacy-2FT7GeT8on9acrbK0n8fHyXRoyaiF= qZZjiTTqEiBmbM-2Fkey6XG5UPSOCNFeUZQZe0HUQ-2BD0PhgVYk8OANdO9mFk7urWUyZ2o0va3= 8Q6pXP2-2FlzHDFRarmA9qG-2By4Cw8moDdkOhk8aBwV2f-2BKOgV88v2fzxnOgk6Uxp0vjO1Wm= 77TOfGA0PS1rUXBAdU96coZEJX19GUIjux9wOtiBvCS8lJzMdK-2BBzkPWD0hQx6rd-2B7O09Bv= 4ufo-2BYQ6X1ARAYyN29ORoJgma2MERYifmoQ3O1tAzVMAslLumO0wferVNLS-2FviPoulat4My= CSn3ralMlMrnlI55ATGeUbaUuQU-2ByE"> <img align=3D"center" alt=3D"" src=3D"ht= tps://img.pitchbook.com/news/71867.png" style=3D"border: none; max-width: 4= 20px;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>What if the world doesn=E2=80=99t wor= k the way you think it does? In a world moving forward, will your thinking = stand still, or will you Think It New?<br><br><a href=3D"https://url6380.ne= ws.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs= nswouzXlS8OZeUzajL1GoYYyKHk1auWrNHP00O-2FMx918TyCPWw-3D-3DWgEi_I3w5d9c01gkD= 8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhBx6m-2FsWcu6PcQLLn= wkH1AGSM5hNSdTe53wFRceeOJQ8Jf0KDPwjBUz6rC2Kv1-2FarbmQD4VCPkkUSrTSzCus65XbBS= 6fTePJ2fgeszikv4uKmD8bZpLoJq-2BSGNgWz7L-2BuUbRJw4-2BmvD1vpGn5BqjzMUxT6WbwTa= JrtcaXhYOFacy-2FT7GeT8on9acrbK0n8fHyXRoyaiFqZZjiTTqEiBmbM-2Fkey6XG5UPSOCNFe= UZQZfmDr3xI4SnI993mDTBOAbgJnpXVtDPZ7iozB9rjDSAmyYF8mUNcCwpTHawVjrn2A2T3K2ld= b0YWvET8Ocb5ErJYa1mb3GV8BSIzNGTeg5rwdrN2TYXTxM9ZzYqu5bID1-2FE5fBMnPecQZ-2Fp= OO-2Bn-2Bc2-2ByT375gU3CJ4EW0VbQ6iMfX0JI7WP5ptXvF-2F7Ba6S-2B3I0BgzWZjJGV2IQY= 0yqRUCNtYmnkOg6AJw6Z6U1b2b8SavcDgIi9uOCXtXx-2F4fNil3wVemi4FnMcrODb3KFsJlo" = style=3D"color: #1D5080;" test=3D"">Learn more</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> </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_576382" id=3D"n_576382" 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;"> Eyes on Venezuela's oil reviva= l </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-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-2BaqM7ONnvsnswouzXlS8OZeUzajL1GoYYyKHk108B2Q1kSI= pbA8bqb5V2PNg-3D-3DWvxJ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb= cbdWeUgFVa0m8PzsFhBx6m-2FsWcu6PcQLLnwkH1AGSM5hNSdTe53wFRceeOJQ8Jf0KDPwjBUz6= rC2Kv1-2FarbmQD4VCPkkUSrTSzCus65XbBS6fTePJ2fgeszikv4uKmD8bZpLoJq-2BSGNgWz7L= -2BuUbRJw4-2BmvD1vpGn5BqjzMUxT6WbwTaJrtcaXhYOFacy-2FT7GeT8on9acrbK0n8fHyXRo= yaiFqZZjiTTqEiBmbM-2Fkey6XG5UPSOCNFeUZQZcrnxyY7RNw-2FEnj7HlNR01RF2PtUGVXzf7= CH65lO9c5u7hdzNMjzBK9TZ7II4TOwdD7I1Y6MnLaqyFfRk-2Ffw1GLOn2pzVmo3xCL2I8I2Vpj= 23yhcailw2o1u4PkJzUN0SFWVWE4rmhqW4ozkORabzbN4hvuxJhp-2FRXH7wN5cjqRR-2BcnGUo= LFeyoSW5WvlrhZUPvHcvvFLEqShIJbfq-2BItSspLwhNCN-2BnChSuxMdfpBigA73VRSlPE-2B7= dgTrGFWzaCQUbJXbCnWtl1zDZdltLqYY" universal=3D"true"> <img align=3D"center"= alt=3D"" src=3D"https://img.pitchbook.com/news/72159.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">The Ve= nezuelan president's capture by US forces opens the door to unlocking the w= orld's largest oil reserves=E2=80=94303 billion barrels, representing 17% o= f global proven reserves.<br><br> However, current production sits at just 800= -900 thousand barrels per day, less than 1% of global output, due to chroni= c underinvestment and sanctions.<br><br> Near-term recovery to around 2 million barre= ls per day appears achievable. But the real prize of restoring production t= oward historical peaks of 3.5 million barrels a day and beyond will require= more than $100 billion in investment over a decade or longer as the indust= ry needs comprehensive rehabilitation.<br><br> Most Venezuela's reserves are extra-heavy cr= ude in the Orinoco Belt, which are highly coveted by US Gulf Coast refineri= es and would compete with Canadian heavy barrels that are sold into the reg= ion.<br><br> However, materially increasing Venezuela out= put will require expensive enhanced recovery techniques like Canadian oil s= ands operations. Supply costs likely sit around $70-$80 per barrel Brent eq= uivalent. But with the Brent price currently oscillating around $60-$65 a b= arrel and global oversupply concerns persisting, the market backdrop offers= little immediate support for expensive, long-cycle investments.<br><br> US major oil companies that have been in Ven= ezuela previously, such as Exxon, Chevron, and ConocoPhillips, are expected= to take the lead. However, management teams need to manage resources among= competing global opportunities and shareholder pressure for capital discip= line. If assurances are provided by the US government, the math may pencil = out and the oil majors would very much welcome PE participation to share in= the financial burden.<br><br> Expect PE's role in rebuilding to evolve cau= tiously and opportunistically. Initially, interest will likely be in small-= ticket indirect exposure through oil field services, equipment supply, and = logistics.<br><br> The medium-term sweet spot potentially lies = in midstream infrastructure and power rehabilitation as stability emerges, = plus acquiring noncore assets divested by major oil companies refocusing ca= pital toward Venezuela. Only after a stable regime takes hold will broader = upstream and downstream opportunities become attractive.<br><br><em><a href= =3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXlS8OZeUzajL1GoYYyKHk13DMqi-2BFUKTy0HD-2B6p= aG47g-3D-3DHMXL_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF= Va0m8PzsFhBx6m-2FsWcu6PcQLLnwkH1AGSM5hNSdTe53wFRceeOJQ8Jf0KDPwjBUz6rC2Kv1-2= FarbmQD4VCPkkUSrTSzCus65XbBS6fTePJ2fgeszikv4uKmD8bZpLoJq-2BSGNgWz7L-2BuUbRJ= w4-2BmvD1vpGn5BqjzMUxT6WbwTaJrtcaXhYOFacy-2FT7GeT8on9acrbK0n8fHyXRoyaiFqZZj= iTTqEiBmbM-2Fkey6XG5UPSOCNFeUZQZcx-2B3GVjAmO3dU6q2qeq-2FnRVLtWI9iq4a8v-2BCb= kTusCkiv3zhpay4qVq06aTwtppCVe7fkrud9TCsGbfiYgf73esxCPkIbDjE55mDfBp827tE21Oj= lyTsTbhiSSqX0PV7js3XlKmS8JSsV7WyLjsnce2rf-2F6ecjbPYbE9cv2CnvI-2BI7azwgD1c40= lnhh-2B3gmTlSAKguBRPbHOqxopD0S-2F-2B-2B9CzGZTLTdwaTRHl-2BgHJ7FHRrtsu6BLrjw-= 2FSy2ODl7qZtwas99qWHSfWyEBpwnuXN" style=3D"color: #1D5080;" test=3D"" unive= rsal=3D"true"><b>Read the research</b></a></em></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"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"right"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" style=3D"float: none; padding-left: 15px; "> <tbody> <tr> <td align=3D"right" style=3D"text-align: righ= t"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/721= 92.png" style=3D"border: none; max-width: 420px;"> </td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>Best,<br><br><a href=3D"mailto:benny.= wong@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Benny Wong</a><br> Senior Research Analyst</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: 10px 20px 14px 20px;"> <a na= me=3D"n_576383" id=3D"n_576383" 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;"> VC liquidity challenges speedi= ng up GP concentration </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-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-2BaqM7ONnvsnswouzXlS8OZeUzajL1GoYYyKHk1Ndb4DKwkv= PSxELv5RSBiKA-3D-3DrAJn_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb= cbdWeUgFVa0m8PzsFhBx6m-2FsWcu6PcQLLnwkH1AGSM5hNSdTe53wFRceeOJQ8Jf0KDPwjBUz6= rC2Kv1-2FarbmQD4VCPkkUSrTSzCus65XbBS6fTePJ2fgeszikv4uKmD8bZpLoJq-2BSGNgWz7L= -2BuUbRJw4-2BmvD1vpGn5BqjzMUxT6WbwTaJrtcaXhYOFacy-2FT7GeT8on9acrbK0n8fHyXRo= yaiFqZZjiTTqEiBmbM-2Fkey6XG5UPSOCNFeUZQZfDJuWWWYLmTcBVEctkwvSPU2UK7BPF4SEUQ= I08EwczRq5UwBuh8HotkRBONMdEXxgSAVwsPeuYQjD4IbXd8bsfYoMam8-2Fuk-2FOvXlzaYO9q= XXBK2-2BoLUA9-2F3aTvXKdpkeroiHjGX5xMAQi2vfkpUM8yPj-2BokHvRP4jfrjs6mNbulmvWB= AxcADz4I4CngQMJjVf69aI-2BofY8uW2ALBsiRpuS8a-2BBwcfTCHz9fmRiYoqh6PjLI6K-2Fut= 4MEfbWt4i-2Bef-2BxVFrSy4EmH7cgnPR98Pi6" universal=3D"true"> <img align=3D"c= enter" alt=3D"" src=3D"https://img.pitchbook.com/news/72148.png" style=3D"b= order: 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">The ve= nture market has become more concentrated than ever before. That's an inter= esting feat for a market that touts contrarianism and diversification.<br><= br> AI now accounts for a larger share of deal v= alue than any other sector, and through Q3 2025, 38.9% of all deal value ha= d been invested in just the 10 largest deals. But the concentration in fund= raising and dry powder will have the greatest impact on VC moving forward.<= br><br> Funds of $500 million or more now account fo= r nearly 58.7% of dry powder in the market, up from 39.9% a decade ago. Con= versely, small funds, which make up the largest group by fund size, have se= en their share of dry powder fall to just 16% of the total available.<br><b= r> Manager experience is also contributing to t= he concentration. Since 2022, established managers have outraised emerging = firms by almost $250 billion.<br><br> These shifts aren't only due to the recent m= arket challenges. They've been a decade-plus in the making.<br><br> With such large funds, Andreessen Horowitz, = Sequoia, and other mega firms can now act as seed investors with an abundan= ce of follow-on capital. That changes the dynamics of seed-stage investment= for both the companies raising and the smaller firms that have traditional= ly supported ground-floor ideas.<br><br> What's been left is a venture market that lo= oks much different than the one many are used to. That's not necessarily a = negative, but it does shift risk and return profiles within the market.<br>= <br> Even as liquidity markets open, these dynami= cs may be too entrenched to lead to a quick shift in these trends. Ultimate= ly, the next few years of VC may simply be a more concentrated model than t= he market is used to. That will lead to adaptation from VCs, LPs, and the c= ompanies they fund.<br><br><em><a href=3D"https://url6380.news.pitchbook.co= m/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXlS8O= ZeUzajL1GoYYyKHk1G769ruBa6FjsMtz1y8dhMQ-3D-3D3wGQ_I3w5d9c01gkD8gLzFEofZR-2B= h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhBx6m-2FsWcu6PcQLLnwkH1AGSM5hNSd= Te53wFRceeOJQ8Jf0KDPwjBUz6rC2Kv1-2FarbmQD4VCPkkUSrTSzCus65XbBS6fTePJ2fgeszi= kv4uKmD8bZpLoJq-2BSGNgWz7L-2BuUbRJw4-2BmvD1vpGn5BqjzMUxT6WbwTaJrtcaXhYOFacy= -2FT7GeT8on9acrbK0n8fHyXRoyaiFqZZjiTTqEiBmbM-2Fkey6XG5UPSOCNFeUZQZfxvQzC9i4= 84i79khvelbeWDCIulVRUu1br8oMBGST00ismYnJ9bfnQXjoPxVLOm08eOzIzUjrhkAhNTaqqcW= 1P4FvaaKyWHwBItQ3OAQFpyNrBKu1iyoG4CrFEzE4l4q4wtAZQXLzuzyI-2BhAILNPXHE-2BBdm= q7nppWqUCozvIAqzOatDcgMKXZzUE7QTTo2r2rcHaDpSNl-2BvCOb5uP9MNJafV5ValN7OCdD-2= BjKDY0XDtmJfoAeSO9z-2BZ7UeWd1h2-2FEVC2C1O6cvNkqbwBgz1nEl" style=3D"color: #= 1D5080;" test=3D"" universal=3D"true"><b>Download our new research</b></a><= /em></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"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"right"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" style=3D"float: none; padding-left: 15px; "> <tbody> <tr> <td align=3D"right" style=3D"text-align: righ= t"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/532= 02.jpg" style=3D"border: none; max-width: 420px;"> </td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>Best,<br><br><a href=3D"mailto:kyle.s= tanford@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Kyle Stanford, C= AIA</a><br> Director of Research, US Venture</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>Market Updates</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"><br><b= ><big><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXlS8OZeUzajL1GoYYyKHk15G0SSBh1= I8QqqI-2By6x55qA-3D-3Do5Ss_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1= yZbcbdWeUgFVa0m8PzsFhBx6m-2FsWcu6PcQLLnwkH1AGSM5hNSdTe53wFRceeOJQ8Jf0KDPwjB= Uz6rC2Kv1-2FarbmQD4VCPkkUSrTSzCus65XbBS6fTePJ2fgeszikv4uKmD8bZpLoJq-2BSGNgW= z7L-2BuUbRJw4-2BmvD1vpGn5BqjzMUxT6WbwTaJrtcaXhYOFacy-2FT7GeT8on9acrbK0n8fHy= XRoyaiFqZZjiTTqEiBmbM-2Fkey6XG5UPSOCNFeUZQZe-2FmUrks7FH-2FzO4eNmtBkWfvr8Jk1= JkGNCpJuUtRRzLhY64Vl-2B1RXQTcRDkpCkKlQhYFKoRcuHRuoEBhG9wUAU23TkxO2jjLeL9S9-= 2FrJLvUkCadZfg1ffwMWBcn6l1gSW-2FCzuwnky-2BD-2FE0zezS-2BB8uuanG17PGhaSMo7zUk= A6NTw2bPZy5K84mc7ooxOe9nzH-2Bodp6bdH4CollLXRXTKJmRERo3sg-2BRhxF1GP6keLk3j2j= iuUT1Jt2erO9pR8hHElPuwpPMbv-2BlZ1bEnzsJgR7D" style=3D"color: #1D5080;" test= =3D"" universal=3D"true">US Private Equity Momentum Report</a></big></b><br= ><br> Our all-new report covers the pace of dealma= king in PE-backed industries. The most improved player in 2025 was the cons= truction sector, which has seen a steady increase in deals as other segment= s warmed the bench.<br><br> This sector reached an estimated 453 deals a= nd over $31 billion in funding last year=E2=80=94up from 2021-2024's averag= e of 299 pacts and $25.9 billion.</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-2BaqM7ONnvsnswouzVi6JjxmfPubvpRqW-2FR40Ylbks1H13= 3al4c68yFw9iMaQ-3D-3Dam7e_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFhBx6m-2FsWcu6PcQLLnwkH1AGSM5hNSdTe53wFRceeOJQ8Jf0KDPwjBU= z6rC2Kv1-2FarbmQD4VCPkkUSrTSzCus65XbBS6fTePJ2fgeszikv4uKmD8bZpLoJq-2BSGNgWz= 7L-2BuUbRJw4-2BmvD1vpGn5BqjzMUxT6WbwTaJrtcaXhYOFacy-2FT7GeT8on9acrbK0n8fHyX= RoyaiFqZZjiTTqEiBmbM-2Fkey6XG5UPSOCNFeUZQZdzbGZK-2BJ97ljqb0BMzYTsLCDMf6nduX= wYPoNdDZdSYvm1fjFWGinovClwpLTh4o9gRYI6bM0VTnjqDMUsmUCgCfHPYGXzRgy-2BR9otBfq= OJ-2BsXgy1LvYj0F5NpLpouekShJwJUTPzzAmf-2FqYLbFtj-2B8XJwd3WgzMHSDLXD5e1vLA5a= 0dRlYM7TA-2FUAdAjE4CPA9vjLKI7r3SBmCCBY-2FLMQekCCDiDBPAmNu8fiBNcpug6rAjituFp= KzaLyjkCPb3DFDxQewQIz8G8AnQCv3hw3X" universal=3D"true"> <img align=3D"cente= r" alt=3D"" src=3D"https://img.pitchbook.com/news/72125.png" style=3D"borde= r: none; max-width: 420px;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Where = PE investors spent less time was at the doctor=E2=80=99s office, as deal va= lue for physician practice management companies fell by around half relativ= e to their 2022-2024 average.<br><br> Other parts of healthcare services, along wi= th consumer staples, consumer packaged goods, and areas of aerospace and de= fense, were also laggards.<br><br><em><a href=3D"https://url6380.news.pitch= book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo= uzXlS8OZeUzajL1GoYYyKHk15G0SSBh1I8QqqI-2By6x55qA-3D-3DQ2Td_I3w5d9c01gkD8gLz= FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhBx6m-2FsWcu6PcQLLnwkH1= AGSM5hNSdTe53wFRceeOJQ8Jf0KDPwjBUz6rC2Kv1-2FarbmQD4VCPkkUSrTSzCus65XbBS6fTe= PJ2fgeszikv4uKmD8bZpLoJq-2BSGNgWz7L-2BuUbRJw4-2BmvD1vpGn5BqjzMUxT6WbwTaJrtc= aXhYOFacy-2FT7GeT8on9acrbK0n8fHyXRoyaiFqZZjiTTqEiBmbM-2Fkey6XG5UPSOCNFeUZQZ= dREkr13aKFLomc5-2B22qGHpJC15QILuANoB-2F4kGh4PfYuIoBfYlkKXF6R7HejYwNRA9Ronoa= GCtBb48u3o58fCRcvDlHV-2B0C-2FhPEcS-2BDkaiFYDucIi-2FoQ4LN0s91sywNXpNANb9VbMc= kj50W5MFcQ1fqrEy2liQ7dh1n80f3i-2BN7kU1ME0HwZr4-2B3z9kxNDZJT3YEdZ9jyIf6Lu3cl= VXrOnV6r0mO70JNzRe9kL3LbyV-2FVtvFJWJIoJSqo-2BbADNQ1-2F6OCf1b2r4nk6kSG0o7SqF= " style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Read the report= </b></a></em></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-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= . 20, 10 a.m. PST</b>: Join the PitchBook healthcare team for a breakdown o= f the key takeaways from the 2026 J.P. Morgan Healthcare Conference, plus a= deep dive into the latest trends, deals, and innovations shaping the healt= hcare landscape. Get insider perspectives on what's driving investments, wh= ich sectors are gaining traction, and how emerging AI technologies are resh= aping healthcare. <b><a href=3D"https://url6380.news.pitchbook.com/ls/click= ?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVi6JjxmfPubvpRqW-2F= R40Yl1MpOHj1qYkWr4GBApjO-2FJA-3D-3DE0JY_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxB= RFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhBx6m-2FsWcu6PcQLLnwkH1AGSM5hNSdTe53wFRcee= OJQ8Jf0KDPwjBUz6rC2Kv1-2FarbmQD4VCPkkUSrTSzCus65XbBS6fTePJ2fgeszikv4uKmD8bZ= pLoJq-2BSGNgWz7L-2BuUbRJw4-2BmvD1vpGn5BqjzMUxT6WbwTaJrtcaXhYOFacy-2FT7GeT8o= n9acrbK0n8fHyXRoyaiFqZZjiTTqEiBmbM-2Fkey6XG5UPSOCNFeUZQZfPYMeHeYibAm8EMgHf4= fki4a5ptTgApWrSB9SXx7fTcxo0eHdcdGeWV86dl0hi4-2BJpZJRK2QKaIxZgMMmMiJAz6phjdp= QgqgOraI5SqyAD6CZ7FvqO4ahQPBJ3vH5Y3ZjB-2BP21zXmHkfstvU9cAYtSnt-2F0WbpTLwpof= YsGXjcb0dXEMDvlQmIKqMy7Z-2Bfx2jrkJyo37ge5PZQKONPHSwByxm8yVERso8BWyxoXz56Lof= NCIvV5nLQu4cCeke6FoJt7ydzWEivwTO0g1KCDJcwc" style=3D"color: #1D5080;" test= =3D"">Register now</a></b><br><br><b>January-February</b>: Our 2026 Outlook= series is coming to London, Singapore, New York and San Francisco. These e= vents will bring global thought leaders to the stage to discuss private mar= ket trends from 2025 and forecasts for the coming year. <b><a href=3D"https= ://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF= a-2BaqM7ONnvsnswouzVi6JjxmfPubvpRqW-2FR40YloI-2BGa0yeHIra1A-2BDulI7JQ-3D-3D= aTHo_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhB= x6m-2FsWcu6PcQLLnwkH1AGSM5hNSdTe53wFRceeOJQ8Jf0KDPwjBUz6rC2Kv1-2FarbmQD4VCP= kkUSrTSzCus65XbBS6fTePJ2fgeszikv4uKmD8bZpLoJq-2BSGNgWz7L-2BuUbRJw4-2BmvD1vp= Gn5BqjzMUxT6WbwTaJrtcaXhYOFacy-2FT7GeT8on9acrbK0n8fHyXRoyaiFqZZjiTTqEiBmbM-= 2Fkey6XG5UPSOCNFeUZQZcB9KiYUBpbo1tqSGr-2BVU2YCA4ERAaR4pdFyiu32IuRN6jDGv9N33= garo4s5pAUmsl9F-2FU7Otl-2FUDTst1GB1Us9qn-2BU3XVMcM-2FTWzfdlVrzdqxDzyrEkKmJN= 8VlHGsk-2B5ymD70jP15RLOXxu85kcGrci9kFcVruVu-2FBPreQ8ojLPsAOcleDjyDARCq5BDXw= voFPuAApU9hrC7laurMSntwT6E-2Fs493AdDr9a1NCNUM-2FIm7eVyO00kKRb5clAmDtoQbkGQs= ph8XvqOSGQUk0XG4N" 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.d4n73BrX4Cu= ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVi6JjxmfPubvpRqW-2FR40YlyrIUAfQCmg4ooeaOXy= s3eQ-3D-3DKPYm_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFV= a0m8PzsFhBx6m-2FsWcu6PcQLLnwkH1AGSM5hNSdTe53wFRceeOJQ8Jf0KDPwjBUz6rC2Kv1-2F= arbmQD4VCPkkUSrTSzCus65XbBS6fTePJ2fgeszikv4uKmD8bZpLoJq-2BSGNgWz7L-2BuUbRJw= 4-2BmvD1vpGn5BqjzMUxT6WbwTaJrtcaXhYOFacy-2FT7GeT8on9acrbK0n8fHyXRoyaiFqZZji= TTqEiBmbM-2Fkey6XG5UPSOCNFeUZQZfI78A0qv76yTPvQ4APvyVIwqrrT-2F-2FVeVAL1rTt-2= BTfVPjRfV1VUNTxmgigLasmO90NZ3NRRAK52p0MfHbk7uGpL-2FVulF4WO3-2FhTXeyw6VvtcBK= 50ScJ5rKMDmEs-2FINGzllPEdgqdCaphQGBWGFTtfuf-2FH1-2FKZpSoVSn-2F9QOjMGYjuJ4qk= yda-2BNbMNmVP-2Bai-2FcJ4mnaKTpdxVcqsbgKhvdYJalnQzVRJHQwe5YvP0Mll-2BvDQDxnyv= rhRTXIO8a-2B-2FG5X2XqVK1uE4meIXNFHNChX-2B" 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-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>In the News</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"><br> Our insights and data featured in the press:= <br><br> =E2=80=83=E2=80=83=E2=80=A2 "Since the launc= h of ChatGPT in late 2022, AI investment has grown from $73 billion that ye= ar to $222.1 billion in 2025, with deal counts increasing 24 percent over t= hat time period," said Kyle Stanford, PitchBook's director of US VC researc= h. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73= BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVi6JjxmfPubvpRqW-2FR40Ylq-2FyEOuOkkC= DI5lyk5cdCMQ-3D-3DDj-Y_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbc= bdWeUgFVa0m8PzsFhBx6m-2FsWcu6PcQLLnwkH1AGSM5hNSdTe53wFRceeOJQ8Jf0KDPwjBUz6r= C2Kv1-2FarbmQD4VCPkkUSrTSzCus65XbBS6fTePJ2fgeszikv4uKmD8bZpLoJq-2BSGNgWz7L-= 2BuUbRJw4-2BmvD1vpGn5BqjzMUxT6WbwTaJrtcaXhYOFacy-2FT7GeT8on9acrbK0n8fHyXRoy= aiFqZZjiTTqEiBmbM-2Fkey6XG5UPSOCNFeUZQZcAYcNQoo9p-2F1LTSjBqjww-2F5h09-2Bd8o= P-2FUkqqqoJEE8A-2B9V1kZsPDQPaXTroRR-2Bh-2BqCbrz6UHiUpxJ3ECtFQZVKdv5JQRmX0hn= YdZH09fgMc2g1LNcqeUgZeDqFS7FteMuVEV1TFcCZEX66lIWILqhOQPBZo2P1C74n8P9W9ObOka= HAbRonqynM8kcQdEzXJZkCqltKtz7sGdKGSI5LCp1fl4ZgKs6RFhEvtmQSsY3zok-2BfoI3uZDK= M8eLT0WvbQf5o6XR2AVh-2Bnu4sOMbI9DWL" style=3D"color: #1D5080;" test=3D"">In= c.</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 "The valuation l= ast disclosed is certainly lofty. It won't catch that in the public markets= ,=E2=80=9D PitchBook analyst Eric Bellomo said of Discord's IPO filing, and= the chat specialist's most recent valuation of $15 billion. [<a href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzVi6JjxmfPubvpRqW-2FR40YlAPH2-2FKEg-2BRN05OR2EVdRTg-3D= -3D3tR9_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs= FhBx6m-2FsWcu6PcQLLnwkH1AGSM5hNSdTe53wFRceeOJQ8Jf0KDPwjBUz6rC2Kv1-2FarbmQD4= VCPkkUSrTSzCus65XbBS6fTePJ2fgeszikv4uKmD8bZpLoJq-2BSGNgWz7L-2BuUbRJw4-2BmvD= 1vpGn5BqjzMUxT6WbwTaJrtcaXhYOFacy-2FT7GeT8on9acrbK0n8fHyXRoyaiFqZZjiTTqEiBm= bM-2Fkey6XG5UPSOCNFeUZQZcrvf1-2BMKmMTlP5hvw-2FB6ul2p5RDcoYEATjfyf2mNgFR0Vli= v5wGMYMXe-2BZrLXiVOeJrS24fHJYYcQd6gbRfuf2p5HlV3wrVbf6A-2B0Z2HqMnJr0Vw5CTsHv= YBO173hX6kFPa71YKCRHrlyIlSdEwfCG7Yv2NrBpHPH-2BTt6toVKxQUpiag6-2BRgKZ9AfwSR0= HVbNhQAWUgs-2Fy2O-2FkgNiL7EhLJsbHedN-2F8YEeFCviRfMVVpF2x6JfVj5jX7Fb0kNnhYgS= 829OvCJ6QhFg43R4-2BgFI" style=3D"color: #1D5080;" test=3D"">Bloomberg</a>]<= br><br> =E2=80=83=E2=80=83=E2=80=A2 The five largest= first-time PE funds of 2025 show specialists are winning. [<a href=3D"http= s://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G= Fa-2BaqM7ONnvsnswouzVi6JjxmfPubvpRqW-2FR40YlLcoagUxhEWsnljccQzIIJg-3D-3Dgl2= S_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhBx6m= -2FsWcu6PcQLLnwkH1AGSM5hNSdTe53wFRceeOJQ8Jf0KDPwjBUz6rC2Kv1-2FarbmQD4VCPkkU= SrTSzCus65XbBS6fTePJ2fgeszikv4uKmD8bZpLoJq-2BSGNgWz7L-2BuUbRJw4-2BmvD1vpGn5= BqjzMUxT6WbwTaJrtcaXhYOFacy-2FT7GeT8on9acrbK0n8fHyXRoyaiFqZZjiTTqEiBmbM-2Fk= ey6XG5UPSOCNFeUZQZcD-2BzFkT5sVladc5tLBvQeb5oWaORaaq-2FrdPGkcltP3OEL2wDP9xLl= xCtwg2BpMenTJerHeiNIeGdVw52iBlLEOnuBjbHenSLx707zBQ-2B0HoF-2BvCS2J4DgNhhcYYu= FHuh4h7LUsdVujAJti4-2FhvevaFdwPuIyFXesKwVvF7hVQSQpiNBBVRsuogP9BNzj75O2Jyj8K= aO6KhHbPlSkyztN84-2Fpb55uVzq2ZKeEcQL1ikU5kyGDl-2F5Sqevz19sl9u5ytb43vi2ORNjk= aqUvZ4EBKk" style=3D"color: #1D5080;" test=3D"">Financial Times</a>]<br><br= > =E2=80=83=E2=80=83=E2=80=A2 "Outside of AI, = in Europe we've seen some of the biggest step-ups in the fintech space give= n the maturity of such companies," said PitchBook analyst Navina Rajan. [<a= href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cu= ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVi6JjxmfPubvpRqW-2FR40Ylo6VQVkSbSk7eTNHTXt= 4PEw-3D-3DM4m9_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFV= a0m8PzsFhBx6m-2FsWcu6PcQLLnwkH1AGSM5hNSdTe53wFRceeOJQ8Jf0KDPwjBUz6rC2Kv1-2F= arbmQD4VCPkkUSrTSzCus65XbBS6fTePJ2fgeszikv4uKmD8bZpLoJq-2BSGNgWz7L-2BuUbRJw= 4-2BmvD1vpGn5BqjzMUxT6WbwTaJrtcaXhYOFacy-2FT7GeT8on9acrbK0n8fHyXRoyaiFqZZji= TTqEiBmbM-2Fkey6XG5UPSOCNFeUZQZf2rZAryixsRAyId7XNb3niHLoVaiPninr1S4JFQBKRvP= DUjzRY2raAcDPMTrZrrMdyXxkfwakCBKpdwxU2ndZZeiRF-2F3cF6J-2B3JFqAYcxt3lYPsVyTh= STqSKyRl7fRX7nlMi0ZETFOyoUAUKnY82shGwBwW6gucvCCEkF3OFy5riDtfKxV5uCkoJnm8eSI= pvsN4EVWJqq4Vkiy3975oQN1R638aXa29Z1keH8xKxFJQt7mGqxmPTOoon-2FC7xK8nykxwTt7d= YVU7bUspW9hXaNX" style=3D"color: #1D5080;" test=3D"">Bloomberg</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> </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>ICYMI</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"><br> More of our recent research (* - premium):<b= r><br><b>Market updates</b><br><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzVi6JjxmfPubvpRqW-2FR40Yl-2By7faYzpP2d00PU1dCmq5w-3D-3D4uxk= _I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhBx6m-= 2FsWcu6PcQLLnwkH1AGSM5hNSdTe53wFRceeOJQ8Jf0KDPwjBUz6rC2Kv1-2FarbmQD4VCPkkUS= rTSzCus65XbBS6fTePJ2fgeszikv4uKmD8bZpLoJq-2BSGNgWz7L-2BuUbRJw4-2BmvD1vpGn5B= qjzMUxT6WbwTaJrtcaXhYOFacy-2FT7GeT8on9acrbK0n8fHyXRoyaiFqZZjiTTqEiBmbM-2Fke= y6XG5UPSOCNFeUZQZfTKzZtREO56aq-2F9xmZ8jCTdqAxTb4sXBgrV47tN-2F9jYjh7Ex43fN1-= 2FRbLEJUuiE6oSf-2Bv0WhCFoZeQlD-2BXvqZSF5REBFhYLuf1y-2Bik5H73n-2BETjIyrYJ-2B= mzQQTXK-2B-2FbsQLWjdZ3tfd4vIyu-2FqA5rlF6qc4OsP81AhvrtY8g13nf6hJV60Kw2i6yvaq= j4BaN-2BVUGRlFkg-2FgWwwnLPY8CU3fMs5BD2qzJvlePAGNDxE9-2BHmwGImezXb4F0WOg-2FA= bc3RxYZMoDx69-2FigsHeL5GY0c" style=3D"color: #1D5080;" test=3D"" universal= =3D"true">2026 APAC Private Capital Outlook</a></b><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzVi6JjxmfPubvpRqW-2FR40YlMtgE7baZD4oCoI9b2dex4g-3D-3Dcn0p_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhBx6m-2F= sWcu6PcQLLnwkH1AGSM5hNSdTe53wFRceeOJQ8Jf0KDPwjBUz6rC2Kv1-2FarbmQD4VCPkkUSrT= SzCus65XbBS6fTePJ2fgeszikv4uKmD8bZpLoJq-2BSGNgWz7L-2BuUbRJw4-2BmvD1vpGn5Bqj= zMUxT6WbwTaJrtcaXhYOFacy-2FT7GeT8on9acrbK0n8fHyXRoyaiFqZZjiTTqEiBmbM-2Fkey6= XG5UPSOCNFeUZQZc1RAO2BBPcpa-2BmiVRkchZkIukLVLCiOufKcpGA7lKZUp9wM-2Bzq1BdWNQ= VLHC30PeHzIumcRXCB3Q9k-2BLwDAyGeYhHP9Zdvww4-2Bj03qvdHw1Jix29Met2ZqaG-2FQKe0= J3slkKjXkFdWBM0rxz88W02BUsz4ytLi0IainFYrkzDVRa1NX4YmaviR3Y94KsnGtO-2Fd9MYDD= TrUes6-2Fg4DpQsYjsuCXeooXOCPrhc72wIQ9EdU5i3fo1YCgPfCTQlXpdkP02DtJxA1hR4r-2F= MzGQjERtK" style=3D"color: #1D5080;" test=3D"" universal=3D"true">2026 Indu= stry PE Outlook</a></b><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzU2Qo7il3HpbJfeED4XXAbZvxZITy531y4B3CMei8mPcg-3D-3DAzkD_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhBx6m-2FsW= cu6PcQLLnwkH1AGSM5hNSdTe53wFRceeOJQ8Jf0KDPwjBUz6rC2Kv1-2FarbmQD4VCPkkUSrTSz= Cus65XbBS6fTePJ2fgeszikv4uKmD8bZpLoJq-2BSGNgWz7L-2BuUbRJw4-2BmvD1vpGn5BqjzM= UxT6WbwTaJrtcaXhYOFacy-2FT7GeT8on9acrbK0n8fHyXRoyaiFqZZjiTTqEiBmbM-2Fkey6XG= 5UPSOCNFeUZQZeXqsDv8z-2FlmWKqWEHR1d4iqZSH5TGRRxXKh6jxExuS0mMnOLFM-2FIlktVP2= zV-2FabDuJGoJB7ueqwhxH6AOKdiIeUBNa2ihIlEgAR8gGajFKSJfa6vKrvTGGjhMp09GaT-2Fh= 2vdiHbOo6xe6SYtvpQ2BeFbS2RlCngR1nViB2-2BYhtr4iu7ryE1yX5-2BEDTVvAyhNgxCUhnrh= mt8QHQmd6ZW2I6OwKDcihQiKwJZbMNdi9Pf-2FvBUbqx49K4NofYQlyYzUQYmwjCy83X9ugSuzS= w9jSu" style=3D"color: #1D5080;" test=3D"" universal=3D"true">2026 Artifici= al Intelligence Outlook</a></b><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzU2Qo7il3HpbJfeED4XXAbZ9ipDhbvtSvJuVP90gQ7EqQ-3D-3D0Ze__I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhBx6m-2FsW= 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Cus65XbBS6fTePJ2fgeszikv4uKmD8bZpLoJq-2BSGNgWz7L-2BuUbRJw4-2BmvD1vpGn5BqjzM= UxT6WbwTaJrtcaXhYOFacy-2FT7GeT8on9acrbK0n8fHyXRoyaiFqZZjiTTqEiBmbM-2Fkey6XG= 5UPSOCNFeUZQZf1CfcZszv05-2Bw-2FiriANirBrZzmeD6BTbPszBFvKfKzm5ImhfF2d-2ByikY= Vo6Gnin5gZdwr8Myo-2B84-2F4Bc-2FCDfOoG5szNCjq4YsihXIzs8ao6Pyj3Fz6KXWgt-2FqPQ= g9CD9g5R2p8HwEw415ODE3BPNY7Fopbit6e3CvLFb-2BYYNKyxHk0yxo995rNhxuKRvjM-2FbCs= sJ8OJAnNk-2FjZSrd7-2BAvvtVvocyPHMqT7BrfJkrwBSn1JzBFpPFO2sfkZBIWLV81PEZVSfnr= rQEkcZRaR6wyT" style=3D"color: #1D5080;" test=3D"" universal=3D"true">2026 = US Venture Capital Outlook</a></b><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzU2Qo7il3HpbJfeED4XXAbZZc1O8Acb-2BuXuVX0UIOqUNA-3D-3D9MGX_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhBx6m-2F= sWcu6PcQLLnwkH1AGSM5hNSdTe53wFRceeOJQ8Jf0KDPwjBUz6rC2Kv1-2FarbmQD4VCPkkUSrT= SzCus65XbBS6fTePJ2fgeszikv4uKmD8bZpLoJq-2BSGNgWz7L-2BuUbRJw4-2BmvD1vpGn5Bqj= zMUxT6WbwTaJrtcaXhYOFacy-2FT7GeT8on9acrbK0n8fHyXRoyaiFqZZjiTTqEiBmbM-2Fkey6= XG5UPSOCNFeUZQZfmFqQNYPHehey95za-2F8vrIdaGlTfvyK1NSy285DbRn3L-2FoKME4l-2FK8= 32sp38IzMDvAASPujl9TrGhiSv1YP9Ep-2F36KhChZm3X2y6xk34CsJprBnqIW33-2Fwo5KkeFg= ennxFuEhpxKAfyVOxvs8nCRa48nr6Lvc0VgBWYxMgGv0J5LwOTjxHKDBibNWtj-2Bqb-2FWDwaY= EqxW-2Fq7-2FnX6ad31gqz7LrBrNsL6ZHure2rZQPBl7sQ76tgL2Srq-2FQ9ImV6ZG7-2Bd7ySL= Nxf-2BUG1YwADVV-2Fa" style=3D"color: #1D5080;" test=3D"" universal=3D"true"= >2026 Healthcare Outlook</a></b><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzU2Qo7il3HpbJfeED4XXAbZfkTxjyAYOdzzPRUYaYvKIw-3D-3DvkuY_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFhBx6m-2FsW= cu6PcQLLnwkH1AGSM5hNSdTe53wFRceeOJQ8Jf0KDPwjBUz6rC2Kv1-2FarbmQD4VCPkkUSrTSz= 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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;"> 592 </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;"> 2405 </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;"> 989 </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;"> 28 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; 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