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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-accredit.habeas.com] -0.0 SPF_PASS SPF: sender matches SPF record -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; 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: = 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-2FDpXqogyi1QT25Q7uPD3TAV7eOnOz1PXNqYg-3D-3DhUE__Pr966knuaHmaw6c7pKvB-2BCE= iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRbh85Gu1EGK-2FBJq9DZB-2Fdw5fe0BXQ= RE02DQ4072asoHbwpwu2Z3fmslid4wKlWeqkuSRzhplPUYpI5VHDPe0tW1tjlLZ2FH3aWxyXIkR= uIjZi9ywr2Zfv4lm5OjrC9hJehfEmhmNQkwxfrC7GsGd7cEwLkBL06ISry0aROr7wjbCsC2YgzJ= w2i4wZHF8ArbN60-2Bj0JpmdsPVEfiSlmrd2JikSaB-2BZ7QNGgBFtMHr0AX7QNdDvkYkn0sDZ2= pNe6nRF8DLGoRDIRqQ6araBzMxkD4yfYzVfb-2FiRWqhmAJ1KIh4-2BjvF0uBojOHl-2FvbnjKV= F1-2FxK95BnILlo1PzaCyzeA5P-2BKOTMCYeHEUZU4NwxlW6i1-2BE6VODnh-2B6qAEmywQJqNA= PWIYsP5uQMXeEPZfN5ScHMT5Rd7TVdkclTwKpfh2q0aQk3ArmKNMPHPJXuyibS-2FboBzsHt7Fq= yOxdePni4b6teWleILiGGViNtQyKjiKIj-2BaLwPc5DCj0iIdmxqE4uU" 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-2B0ZsygXiW0c8xb0JNNkFtjTfdSBLrG5odLYHQXzZYap3xyjo613C= QL5EKIRNY6DZpApxW-2FtnBQ7rUuqNohbArjpNQasEdfyU-3D7El9_Pr966knuaHmaw6c7pKvB-= 2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRbh85Gu1EGK-2FBJq9DZB-2Fdw5fe= 0BXQRE02DQ4072asoHbwpwu2Z3fmslid4wKlWeqkuSRzhplPUYpI5VHDPe0tW1tjlLZ2FH3aWxy= XIkRuIjZi9ywr2Zfv4lm5OjrC9hJehfEmhmNQkwxfrC7GsGd7cEwLkBL06ISry0aROr7wjbCsC2= YgzJw2i4wZHF8ArbN60-2Bj0JpmdsPVEfiSlmrd2JikSaB-2BZ7QNGgBFtMHr0AX4Bf7fuiFTmo= QV7Hti3JD0TEvldRv4iPqV7z6uuKsROhpzM7ktNkTrR38iAom-2Fe0-2BHaXHivSWPOHQpeGSBI= vMHdod5UgDHKK-2FoRHHJDIWAWaQSL3vwDNutTK0qmgD4-2Fi5V8PwbgtqCCs4OvfF-2BHEOKcP= 8dz3Blm6sNIdTDjrU71qKB5U08-2FaaMWqW-2Bk8fsfdwS7omWurzsKPfpuQv0bHMmOo6DPkhEb= Rt-2FTSnhySF-2F88zut6Hy3i5NxSZWBxJfXTwtR2ybDyz-2BUXPDYcus1p1DQ" 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-2FDpXqogyi1QT25BkxK23sy-2BiTWB-2Fac= VAMbnQ-3D-3DYm0r_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcV= f8UYA68NVRbh85Gu1EGK-2FBJq9DZB-2Fdw5fe0BXQRE02DQ4072asoHbwpwu2Z3fmslid4wKlW= eqkuSRzhplPUYpI5VHDPe0tW1tjlLZ2FH3aWxyXIkRuIjZi9ywr2Zfv4lm5OjrC9hJehfEmhmNQ= kwxfrC7GsGd7cEwLkBL06ISry0aROr7wjbCsC2YgzJw2i4wZHF8ArbN60-2Bj0JpmdsPVEfiSlm= rd2JikSaB-2BZ7QNGgBFtMHr0AX6rSySsF0uRpRi6Fl9uWng4EXX2ZkQvvgD-2B5RIIt8PQfHCs= xBd71BKnr3seDT84vBx4dFZfup27iKv4Po3hYTvYmUMbZz3NTxLm4CKX7JNykFLzE2LxxK1bEGE= PWDYOLV0cMOYwEcxiFi542Q30B-2Bhzy0x-2FYn-2F0CnfjWuNf7ePKIvEMoiAPZ6de0MMqTfHp= ytsFQ0KwDvLz6cmatqJe03arw714LwV0BqNuiPQdu0PXh14htTZf-2B82lFgVk1Luvt0DdVMpLV= HuxNt0gy-2B9M9qhg" target=3D"_blank"> <img width=3D'1' height=3D'1' opacity= : 0; style=3D'display:none !important; mso-hide: all;' src=3D'https://my.pi= tchbook.com/ms/pixel?userId=3D3DUK23EBU6P5WAW&eventSource=3D3DZQDXJQ6VUBAEC= QE7XY5D5PSLQI&emailId=3D3D4XAGEKNFRY6JA&emailName=3D3D7ETUXSUVU4M3HX3TDHQYK= 4L3UUMVWWC3672JJBI&pixelPosition=3D3DUAZEVU3EPI6EYRHRSC2KEHCFHGQ6ZMZBKVWWKQ= A.gif'/><img src=3D"https://url6380.news.pitchbook.com/wf/open?upn=3Du001.3= gwe9GsF-2BTAFq5zC5EhFQ2a8abB1qTlMwYRLNzMolGjSmCPqRZuyzb5tQBOnSwcKQo1dZ-2Fj3= hMTR-2FM07WhzqX93Q1kpVliPs820uD33MSB2il1Re1JjigOI9B9-2FeYLT1PDUtKbflBqlXdtl= 4Llc7kzu4nCL3vL8YTRzpCGixPiaBB0Oi-2BZ-2BHCd5-2BcJSIs13UtVEzC-2FL3MepOOE4OD8= woUnURzBj44CLlPIWEzgV8nPFB52aivFbya1wevz-2BFGz14iSy8Qv-2ByUN2CTI9HppzXbMDgw= j1ayYyZ9hr38DeZZS-2Fj86LoOMHEJCV9Mq-2FovFO1vurnB-2BXs-2BMWDTbrHbQWKdHL3gQVB= bEExlDZqSr5VKP239ekbf-2FoW-2BvIJkj7mjW9XDpOWmubgSbF4-2Fe5-2FJbeNXb7g8Bxyqmn= AV4yrRk4m3fuX9rYUYMTznPy45nzDF2T6L671oFzVH29EqcaWf56h-2BKnHC-2BuPLColh7itaZ= qiKszrSA0PRejtszOuEXDD5tXq4fnih5sGoc-2F4-2FMIV-2BSYMUgh-2Fzxk3h1uj08WpHa28q= DITTs4fNHWvmmnkEnXqh6Vn" alt=3D"" width=3D"1" height=3D"1" border=3D"0" sty= le=3D"height:1px !important;width:1px !important;border-width:0 !important;= margin-top:0 !important;margin-bottom:0 !important;margin-right:0 !importan= t;margin-left:0 !important;padding-top:0 !important;padding-bottom:0 !impor= tant;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-2BaqM7ONnvsnswouzXlS8OZeUzajL1GoYYyKHk1ZY7K-2BAhiOZauYlLhoGXcyA-= 3D-3DaapI_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68= NVRbh85Gu1EGK-2FBJq9DZB-2Fdw5fe0BXQRE02DQ4072asoHbwpwu2Z3fmslid4wKlWeqkuSRz= hplPUYpI5VHDPe0tW1tjlLZ2FH3aWxyXIkRuIjZi9ywr2Zfv4lm5OjrC9hJehfEmhmNQkwxfrC7= GsGd7cEwLkBL06ISry0aROr7wjbCsC2YgzJw2i4wZHF8ArbN60-2Bj0JpmdsPVEfiSlmrd2JikS= aB-2BZ7QNGgBFtMHr0AX4r-2FGYSNHYSh3IlHfGdraMTyKenk9H1oyj-2BS9i9ISxU0pg1QiqV-= 2B-2FOuvXX5bDRy9YZVrbBFBlPrZMXC8RL8sDXdsweqxPrG1hPe9q9FS7zLKmhRHKznNQSPy-2B= FWdToxo68gt60rzh0skOjIR4HkyUl-2FFQ91U1uBb2IvhMnRJbMk5IJUS1h7FwzYogDEndjQUd2= k6KqD7hvOVnMa0xR8S-2Fvl9exQw3uuiAWXLVGAA4COlhvQoqqR3WtByVyb8fQD07fKG5mPS-2F= 1pjtNrtiedY-2BKh" target=3D"_blank" style=3D"text-decoration: underline; co= lor: #1D5080; font-size: 14px; font-family: Roboto, Arial;">Apollo Global M= anagement</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-2BaqM7ONnvsnswouzXlS8OZeUzajL1GoYYyKHk1ZY7K-2BAhiOZauYlLhoGXcyA-3D-3DR= D7l_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRbh8= 5Gu1EGK-2FBJq9DZB-2Fdw5fe0BXQRE02DQ4072asoHbwpwu2Z3fmslid4wKlWeqkuSRzhplPUY= pI5VHDPe0tW1tjlLZ2FH3aWxyXIkRuIjZi9ywr2Zfv4lm5OjrC9hJehfEmhmNQkwxfrC7GsGd7c= EwLkBL06ISry0aROr7wjbCsC2YgzJw2i4wZHF8ArbN60-2Bj0JpmdsPVEfiSlmrd2JikSaB-2BZ= 7QNGgBFtMHr0AX7fo6kuIHPkn1lbG2GkX2JArHXqG1b493cpNH5g9iwFoEYb6fpcyx5IQ9NS5KK= C2wlPtVzfI2VOokCpYRMgQR639Y0idozy6dkubSK4aatH3xpacUmzd3x5YBsx1Fi25b5uAUDqzn= 1eTkxM2BdbKqUQMaNOC6BLq08u5YfWKeYkUrSrG52U7E6KSjIAaHd2WMHm2UrsrNdUchzC0DtRM= zZsl3RWQIF3PmWy-2FCCfl8GxD4oys5XFByOTrgY-2FETYl3Po0SrjCB0UlTDrsJ8VS0Lav"><i= mg width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4458/Pitchbook_460x= 120_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-2BaqM7ONnvsnswouzXlS8OZeUzajL1GoYYyKHk1vIgaBDGMm7= 1ziOoM6bHXiA-3D-3D9aOl_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI4= 3kbMcVf8UYA68NVRbh85Gu1EGK-2FBJq9DZB-2Fdw5fe0BXQRE02DQ4072asoHbwpwu2Z3fmsli= d4wKlWeqkuSRzhplPUYpI5VHDPe0tW1tjlLZ2FH3aWxyXIkRuIjZi9ywr2Zfv4lm5OjrC9hJehf= EmhmNQkwxfrC7GsGd7cEwLkBL06ISry0aROr7wjbCsC2YgzJw2i4wZHF8ArbN60-2Bj0JpmdsPV= EfiSlmrd2JikSaB-2BZ7QNGgBFtMHr0AX6v-2FExidT-2BtCfoNB858KRYM4BRTmdgtoG3WWEWB= x9TRdJtWGBihnHu-2FAdQgaqbmErS8fnn4DhP6woQW7Fb1xGRGfWGJw7hhKVA61a8o6TVnXaL1X= PeJPDZD-2BKyKXCdXJ3TaKbeqyRdH-2Fb5UOrFc0Sl9i4V1xnSS3rMiPByGe-2BvmFV6YjbNd8v= D5Fu65sCB8sI5o26YndNu4i9rixSqkOfU6OHeKHXW7KyqhBA-2BGCuUsTSoT4HlrfAaH0-2Ft6p= u8ClO7oT9jOXmc4-2BgFp9geUikPP" style=3D"color: #1D5080;" test=3D"" universa= l=3D"true"><b>by clicking here</b></a>.<br><br><b>More data</b>: Our indust= ry & tech First Look datasets are in for Q4, including the <a href=3D"h= ttps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7Sp= SWIrf6GFa-2BaqM7ONnvsnswouzXlS8OZeUzajL1GoYYyKHk12r79jItp3p9S1RdEGt8sgA-3D-= 3Dpl8X_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR= bh85Gu1EGK-2FBJq9DZB-2Fdw5fe0BXQRE02DQ4072asoHbwpwu2Z3fmslid4wKlWeqkuSRzhpl= PUYpI5VHDPe0tW1tjlLZ2FH3aWxyXIkRuIjZi9ywr2Zfv4lm5OjrC9hJehfEmhmNQkwxfrC7GsG= d7cEwLkBL06ISry0aROr7wjbCsC2YgzJw2i4wZHF8ArbN60-2Bj0JpmdsPVEfiSlmrd2JikSaB-= 2BZ7QNGgBFtMHr0AX63LE5HG23Z5V8TnY5eVA7XjC1LB2jgMr5npjaIhjoWrQmrMEyLraWYNCBe= rz6JFXgW307m4bc7H8mxU-2Bh-2F3BM2UhcsmaOg74ygGkt3-2FyLYpaN519nxLYOrQdPSObldV= fLgTmxigBsTHpoks-2Bh1kk23eprjoCMk9SU1829cYgI-2Fr7GrZSJbG5mYWJzxRjOnCWk5jluP= XIcInKDXNL9CspQ9EYBr7RW-2Buqt-2FqF97PJZ-2BKh7sIRFMvh85K7yWfpSt7vftzT7qOvf3f= PVyKTn-2BK-2Fyk" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>= mobility tech</b></a> and <a href=3D"https://url6380.news.pitchbook.com/uni= /ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXlS8OZeUza= jL1GoYYyKHk1jleJ0QIFK3f9l9FDRQGRGA-3D-3DnXuW_Pr966knuaHmaw6c7pKvB-2BCEiDnj5= UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRbh85Gu1EGK-2FBJq9DZB-2Fdw5fe0BXQRE02D= Q4072asoHbwpwu2Z3fmslid4wKlWeqkuSRzhplPUYpI5VHDPe0tW1tjlLZ2FH3aWxyXIkRuIjZi= 9ywr2Zfv4lm5OjrC9hJehfEmhmNQkwxfrC7GsGd7cEwLkBL06ISry0aROr7wjbCsC2YgzJw2i4w= ZHF8ArbN60-2Bj0JpmdsPVEfiSlmrd2JikSaB-2BZ7QNGgBFtMHr0AX4guUL0l4BfZD3csLE5Y7= PiyR59fPY9bvhlVw2z-2BPlFPQMhnsWZ5jfuDD5ikSf8UZqfrCX6sg1jHRV-2FtpjbsWpqK-2By= y9pgU6zWerpeweW4-2BP9h77tjhAAuNQ7vKhEZIaAKD4iNJz3Zvs5Czs9-2B8r5raxrECPJwLOW= mbkrvUtT28R-2Fxrp1BUtU2U0Mlq0ONHiXylpkZVIWYQAIgjVhjYsRehG2a06ovdgGY0l5Tvyxs= d-2BEE-2Bv84ZVu-2F0xbItWN70QYMRLjp0QhEicQfELs-2F4dwDH" style=3D"color: #1D5= 080;" test=3D"" universal=3D"true"><b>agrifood</b></a> sectors. The latter = covers the agtech, foodtech and consumer packaged foods markets.<br><br><a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXlS8OZeUzajL1GoYYyKHk10G23a3edb8Jhivri7= XU2Dw-3D-3D8Bnz_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf= 8UYA68NVRbh85Gu1EGK-2FBJq9DZB-2Fdw5fe0BXQRE02DQ4072asoHbwpwu2Z3fmslid4wKlWe= qkuSRzhplPUYpI5VHDPe0tW1tjlLZ2FH3aWxyXIkRuIjZi9ywr2Zfv4lm5OjrC9hJehfEmhmNQk= wxfrC7GsGd7cEwLkBL06ISry0aROr7wjbCsC2YgzJw2i4wZHF8ArbN60-2Bj0JpmdsPVEfiSlmr= d2JikSaB-2BZ7QNGgBFtMHr0AX7w58RnXsgDwZOtU783heShFIY7nPHFyj8Mdv7RZe9uzgitgxX= 2XqesM6oAKvYxS6l7-2FN-2BH0diIAFvIQ3-2FZcgYsXDzb3LncguhjMY3soHfkZq75Z9qXwnVP= vp-2B-2Baxpql-2BnLxvNdbUBiJj-2BzEUzv6JJhNdE7NyabhFafdPBeqFKwKcd6kMRhtbg3wp-= 2F-2BVraH93WZREVGYIIGfL5XscUvZ2TV0BdugHAkKk6-2Bv-2BPH4g5CC5Af016E-2FAm-2B-2= F7f4lpov39YnNRhStbkXj-2FIJ7sgnOvCy" style=3D"color: #1D5080;" test=3D"" uni= versal=3D"true"><b>The newest PitchBook Benchmarks</b></a>: Our report feat= ures the top private capital strategies of Q2 2024=E2=80=94covering IRR qua= ntiles, pooled horizon returns, cash multiples, PMEs, and more, sliced by s= trategy, 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-2BaqM7ONnvsnswouzXlS8OZeUzajL1GoYYyKHk1ZY7K-2BAhiOZauY= lLhoGXcyA-3D-3D54Tt_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb= McVf8UYA68NVRbh85Gu1EGK-2FBJq9DZB-2Fdw5fe0BXQRE02DQ4072asoHbwpwu2Z3fmslid4w= KlWeqkuSRzhplPUYpI5VHDPe0tW1tjlLZ2FH3aWxyXIkRuIjZi9ywr2Zfv4lm5OjrC9hJehfEmh= mNQkwxfrC7GsGd7cEwLkBL06ISry0aROr7wjbCsC2YgzJw2i4wZHF8ArbN60-2Bj0JpmdsPVEfi= Slmrd2JikSaB-2BZ7QNGgBFtMHr0AX5wBMdJe5I9N6n60gW874Ub5acdYC3gLJiBAVkDaXsMSB7= -2BYLet8l9HxMEq4Hv9XRLx74amm7bc2kfyToaja3jlp-2BPl1GKPHEOEuC9oU3cRKsbFxKCXn0= hOQMNZPacMe87PcjhkqpkJ6imUAIRdulw9pRiJcqEBUTq9AmiS1yoYvlM0is7konSu6q5TbG3L0= pCQbjeifmClQZUHJ2Npk1-2FhuCoeGMWa8WFDagFNlqIcjOB9hj3BPFK3qiwBc0sDYetQGBQGnN= a-2FPmHsYD7WDT7U"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchb= ook.com/news/71867.png" style=3D"border: none; max-width: 420px;"> </a></t= d> </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= nswouzXlS8OZeUzajL1GoYYyKHk1ZY7K-2BAhiOZauYlLhoGXcyA-3D-3D_TPJ_Pr966knuaHma= w6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRbh85Gu1EGK-2FBJq9DZ= B-2Fdw5fe0BXQRE02DQ4072asoHbwpwu2Z3fmslid4wKlWeqkuSRzhplPUYpI5VHDPe0tW1tjlL= Z2FH3aWxyXIkRuIjZi9ywr2Zfv4lm5OjrC9hJehfEmhmNQkwxfrC7GsGd7cEwLkBL06ISry0aRO= r7wjbCsC2YgzJw2i4wZHF8ArbN60-2Bj0JpmdsPVEfiSlmrd2JikSaB-2BZ7QNGgBFtMHr0AX7O= xobq7oXl1F2cFoNu1CqVZMsAxwuTXqoc1TDx4dy7KMltaUJuDX-2F2SSgB9xZgdqg7fCEJqeSTe= Qx8nvGy43x-2B7pRk3nOWzl8MKbPaKBKgK7PSgXL4dR9R3Zo9-2FcZ9r2WO5JYxpv1Xxd2ORHrJ= s3kF4Cv-2BoN-2Fvn24F4gOkTyEIJ8-2FmKE171JaT0qkkUeeQ8cG7r2rp-2BnQZ6qvkNBnZ37X= IsaGfhwdxynx4AoI1OOLA8ZbHtXWuwKOkeuEJjGrr0s10XW07fiD8HS-2ByHYuDQWKb" 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-2BaqM7ONnvsnswouzXlS8OZeUzajL1GoYYyKHk1cWfU9UwFc= VjcIlpdadgfhw-3D-3D1I_O_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVRbh85Gu1EGK-2FBJq9DZB-2Fdw5fe0BXQRE02DQ4072asoHbwpwu2Z3fmsl= id4wKlWeqkuSRzhplPUYpI5VHDPe0tW1tjlLZ2FH3aWxyXIkRuIjZi9ywr2Zfv4lm5OjrC9hJeh= fEmhmNQkwxfrC7GsGd7cEwLkBL06ISry0aROr7wjbCsC2YgzJw2i4wZHF8ArbN60-2Bj0JpmdsP= VEfiSlmrd2JikSaB-2BZ7QNGgBFtMHr0AX4tCRHhN2PFwhih3mpnT4O4c6Jj7MwFEkTAMi6KqO7= j54dmAcxlxBSkSmpJnpUDorh5Ht-2FP2rhtwimON0i-2BC0UOwLvR3On6no-2BYgOkrZGxszpZK= SgHI9rLKcd0Yh2UaeClx-2F9Z99wynpf0BUnEIzRe-2Bs-2BAJIpwNCCYNQsA51biffhN6yqJQK= gyKXKuh-2BYA6PfGQvTgKdPLm3J7c2hf4orSeHbuMXkZtbSbV9azaoyFGWlbdE-2BTBO4kEIKDw= bYAgDijqqnsO9RYaTCMjil9ttUhJ" universal=3D"true"> <img align=3D"center" alt= =3D"" src=3D"https://img.pitchbook.com/news/72159.png" style=3D"border: non= e; 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-2BaqM7ONnvsnswouzXlS8OZeUzajL1GoYYyKHk1og12QSfJY6BB4ICfaocL8= g-3D-3Drl1k_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA= 68NVRbh85Gu1EGK-2FBJq9DZB-2Fdw5fe0BXQRE02DQ4072asoHbwpwu2Z3fmslid4wKlWeqkuS= RzhplPUYpI5VHDPe0tW1tjlLZ2FH3aWxyXIkRuIjZi9ywr2Zfv4lm5OjrC9hJehfEmhmNQkwxfr= C7GsGd7cEwLkBL06ISry0aROr7wjbCsC2YgzJw2i4wZHF8ArbN60-2Bj0JpmdsPVEfiSlmrd2Ji= kSaB-2BZ7QNGgBFtMHr0AX4A1NkVg-2FkvrrX7hZKpx9-2FGZPGzmFrZwttq125xj87GMdm7ETT= m-2FuqWA7UNmX-2BAs9ICWztaS5g7cSgOnFua-2BocMu1XKgWi-2BT3BzD6SeMoIcBI8HYclPW0= WK32xf1Vt8Gt5uQUz3gJ2i2g59Q1SrInyRKZmIn4Yq53ggQD-2F6lWQvseOfABuz1shhXqK9kgq= 9Xj-2F1PPBpXy-2BGnaYpcScvtXtjSSfUivP6-2BpoSNUiZ8dc920XCp6KRG5Tqc7t02cBVDU3P= ZVu3CBFSiXWiEKaykRUI" style=3D"color: #1D5080;" test=3D"" universal=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-2BaqM7ONnvsnswouzXlS8OZeUzajL1GoYYyKHk1O4Ibt3HNL= sLrSgqpdVC-2BoA-3D-3DIwhG_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRbh85Gu1EGK-2FBJq9DZB-2Fdw5fe0BXQRE02DQ4072asoHbwpwu2Z3fm= slid4wKlWeqkuSRzhplPUYpI5VHDPe0tW1tjlLZ2FH3aWxyXIkRuIjZi9ywr2Zfv4lm5OjrC9hJ= ehfEmhmNQkwxfrC7GsGd7cEwLkBL06ISry0aROr7wjbCsC2YgzJw2i4wZHF8ArbN60-2Bj0Jpmd= sPVEfiSlmrd2JikSaB-2BZ7QNGgBFtMHr0AX5-2Fk3nrAGnyXpHncB337vqHHnCe03xeVVJ-2BR= mZizJ063UD8y-2BhefikrdZ0YR0-2FtYYlrWMdQs53vCWO7ugot-2BuCZKjv3HePSgsKHfVp6P2= NwARzKu2RTSdP1VCIaY2-2FXCixld-2Fcugahs9HBXWJFL3KfBmLPlj2S95eD239ZB55-2F8zmo= 0pi4TSBLZ0bKmjvBr2E0za48jGYfjTR2PlPTLghf8xKT6VwB29JpY5Jcp-2FuO5tKvZHR6EqZpf= 7XetpTEpYy7FNJcA1F-2FQRlptEOW6uHy7" universal=3D"true"> <img align=3D"cente= r" alt=3D"" src=3D"https://img.pitchbook.com/news/72148.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> <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= ZeUzajL1GoYYyKHk15jT1JOmp9Z-2FIe4oBL2EHLw-3D-3D6a10_Pr966knuaHmaw6c7pKvB-2B= CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRbh85Gu1EGK-2FBJq9DZB-2Fdw5fe0B= XQRE02DQ4072asoHbwpwu2Z3fmslid4wKlWeqkuSRzhplPUYpI5VHDPe0tW1tjlLZ2FH3aWxyXI= kRuIjZi9ywr2Zfv4lm5OjrC9hJehfEmhmNQkwxfrC7GsGd7cEwLkBL06ISry0aROr7wjbCsC2Yg= zJw2i4wZHF8ArbN60-2Bj0JpmdsPVEfiSlmrd2JikSaB-2BZ7QNGgBFtMHr0AX6SYImh0-2F2W4= wxpzwj-2F5AXnOj8fzDEK1fxs13vXNGWUXnaoq-2F7LiG7PFdhHkpb7PdABpdMj0tOp8p15qPs3= BL83ws-2Fl1FKKqAjJ0efXZ4i5NlOd1O9E43QdKXJJwPoBqg2zFZIDg2J-2FAWH7zHIxwR2zXCP= VlXVy2oK-2BiHTgEoXg-2BNJZTm8S3mNcra63BDQAs4UIQOV-2BRzoK2o4nSaC5om6DlVEo6Vcm= hJdhdKgEfOtRQ4m6CakKMsSeDryN9CirTc1b1GcQxLx-2FPDAF9Bj1OM8A" 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-2BaqM7ONnvsnswouzXlS8OZeUzajL1GoYYyKHk1wS7Xw3w2= cKlcSIKt-2BYxejg-3D-3DnCEY_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi= QVI43kbMcVf8UYA68NVRbh85Gu1EGK-2FBJq9DZB-2Fdw5fe0BXQRE02DQ4072asoHbwpwu2Z3f= mslid4wKlWeqkuSRzhplPUYpI5VHDPe0tW1tjlLZ2FH3aWxyXIkRuIjZi9ywr2Zfv4lm5OjrC9h= JehfEmhmNQkwxfrC7GsGd7cEwLkBL06ISry0aROr7wjbCsC2YgzJw2i4wZHF8ArbN60-2Bj0Jpm= dsPVEfiSlmrd2JikSaB-2BZ7QNGgBFtMHr0AX6D82KDusCz-2FAePtmwDH4Fa-2BAbEjmWIhlBb= -2B0VyCwDCmVHBH65vnlxcZhlToWU1zjmWBymtY60Kno-2B6GGb9W9dDgBqUkaHZcNR6RvSzomK= 0ET5gAGkllbKL8f43C3vCc53PgsVaOLYzUgPD-2BsinmpJUpmAMHxyd6QrgAOB8NfY01-2FxvaZ= fqiUX-2BxC69IOPn2EGi-2FOxrgil6xjKn0zgbBgTaasbSpCbr8J95mOf56af-2FtbL9PT2K3rD= sCHc02LTQVJCh-2Fw-2F7M-2Fg4dD5dHBcVwcBo" 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-2FR40YlV-2FgKb= DAqW6DQlK9PTaGKgQ-3D-3D3GBp_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVRbh85Gu1EGK-2FBJq9DZB-2Fdw5fe0BXQRE02DQ4072asoHbwpwu2Z3= fmslid4wKlWeqkuSRzhplPUYpI5VHDPe0tW1tjlLZ2FH3aWxyXIkRuIjZi9ywr2Zfv4lm5OjrC9= hJehfEmhmNQkwxfrC7GsGd7cEwLkBL06ISry0aROr7wjbCsC2YgzJw2i4wZHF8ArbN60-2Bj0Jp= mdsPVEfiSlmrd2JikSaB-2BZ7QNGgBFtMHr0AX7JwuCa2z9I-2BV-2Bemo1pixstDCe1TwMO-2F= Pi84BkPWhLf9S2F4yP8OSUlyCURRlQrRD4hY5Wt99dcTSkFJvAqvGhdusXYr3VdEaU0eyOVtqAM= 4dcK4-2F1jYAfhnOEdRRsT3KtEXo5arjc7NQHdYZgEK3rI-2FmbKLtyWeTavVw3Ve1vOyrnQNlK= sZu-2BB5zghaek1FKxYub7s-2Fu-2FhTlWFrHaCyexxN2o23e5SmITE2HgW3rDjtEAeQtWX8PUw= BBc6JHrS2u64bAVbaTD6YO68nrGBxgSX" universal=3D"true"> <img align=3D"center"= alt=3D"" src=3D"https://img.pitchbook.com/news/72125.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></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= uzXlS8OZeUzajL1GoYYyKHk1wS7Xw3w2cKlcSIKt-2BYxejg-3D-3DAFsV_Pr966knuaHmaw6c7= pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRbh85Gu1EGK-2FBJq9DZB-2F= dw5fe0BXQRE02DQ4072asoHbwpwu2Z3fmslid4wKlWeqkuSRzhplPUYpI5VHDPe0tW1tjlLZ2FH= 3aWxyXIkRuIjZi9ywr2Zfv4lm5OjrC9hJehfEmhmNQkwxfrC7GsGd7cEwLkBL06ISry0aROr7wj= bCsC2YgzJw2i4wZHF8ArbN60-2Bj0JpmdsPVEfiSlmrd2JikSaB-2BZ7QNGgBFtMHr0AX5DezP9= k-2Fhs0AKlYKpa-2BS4oPop2nuk7xYtMRnNkZp6IanHR-2BAvN5P8Aft8bPOMjUljuwFLjwt5hr= Z681lnUA69uZNo8HXrg9am-2BTjCqPo5yF4Xn-2BtK-2Fi6YHNXiWfqpahz6whRpBh4NGYOMhPE= ZdnDK1YoWDZyqdP3HJDK5aT2OAv6I6XdLw3za3-2FhE6xd3NzwtP1H34nCbqFvEixNLs0PPjpun= QfD4XYSNI4wSwzi7-2BCDl36hy6h3UtrR-2Bm8RhSwlrNjYc6Ko511biGtrG4Y4q4" 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= R40Yl4xpxyhxHgwlkNCJi1bMbBQ-3D-3DCvYv_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0= YQP-2BHR4BiQVI43kbMcVf8UYA68NVRbh85Gu1EGK-2FBJq9DZB-2Fdw5fe0BXQRE02DQ4072as= oHbwpwu2Z3fmslid4wKlWeqkuSRzhplPUYpI5VHDPe0tW1tjlLZ2FH3aWxyXIkRuIjZi9ywr2Zf= v4lm5OjrC9hJehfEmhmNQkwxfrC7GsGd7cEwLkBL06ISry0aROr7wjbCsC2YgzJw2i4wZHF8Arb= N60-2Bj0JpmdsPVEfiSlmrd2JikSaB-2BZ7QNGgBFtMHr0AX5ljjdMjSORyDyI9rDhrYVaO6Zac= TKT1GC9Lw1BCGS8gXkrdlPsynnUPM4TTkFpNmCDV7klNQcAEY6Hg7m4pBDtEAH-2FN-2B3NiPdI= AuBHBLIsUkk9oKDqCKBFqkAEFINMFfrcHz99UOXsgwMm9KrOik0rd9E5Pz-2F92f65KcmR1l8tX= QQtiacbbsp-2FJbu4d2eaHkTan7L5MriVWzL9g6-2FPbTPfH1oPuMyEm0juLlDI3sGzZAs9GI-2= FWOvulXcVVtJtk7lx6lzrM6RH0mG2t-2Bmi4rJCo" style=3D"color: #1D5080;" test=3D= "">Register now</a></b><br><br><b>January-February</b>: Our 2026 Outlook se= ries is coming to London, Singapore, New York and San Francisco. These even= ts will bring global thought leaders to the stage to discuss private market= trends from 2025 and forecasts for the coming year. <b><a href=3D"https://= url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2= BaqM7ONnvsnswouzVi6JjxmfPubvpRqW-2FR40Yl-2FYy5L0NEepkT01aidAGRig-3D-3D6Dho_= Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRbh85Gu1= EGK-2FBJq9DZB-2Fdw5fe0BXQRE02DQ4072asoHbwpwu2Z3fmslid4wKlWeqkuSRzhplPUYpI5V= HDPe0tW1tjlLZ2FH3aWxyXIkRuIjZi9ywr2Zfv4lm5OjrC9hJehfEmhmNQkwxfrC7GsGd7cEwLk= BL06ISry0aROr7wjbCsC2YgzJw2i4wZHF8ArbN60-2Bj0JpmdsPVEfiSlmrd2JikSaB-2BZ7QNG= gBFtMHr0AX6qdS50uugckLIkFVoaQZNqhKbThup0vbktmhdbfwXu34r2L4h8a3EDG3pbKy3WXO2= RryOeCNOXZE0vTUDuXrOZhVtMbscEZiLUsQkjBud-2F0aeHbysPcOOscuefO9K5tKXiZkfR3JQF= VFlgLcZg46rDDcntPTdHMiT-2BoQOkDTH8I5TVwoD2WomRTv0ZA4eLnx681-2FTAkNubKflUKNo= tUNtc6-2Fx1-2F95-2BUcsmw0q4XH6yQm7udbQtlncah5b7AV3Iksl0ibuXmM1w6IjuMqpvlajO= " 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-2FR40YlDuF7yDipZeYqmZLJbX= qEvw-3D-3DoDo6_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8= UYA68NVRbh85Gu1EGK-2FBJq9DZB-2Fdw5fe0BXQRE02DQ4072asoHbwpwu2Z3fmslid4wKlWeq= kuSRzhplPUYpI5VHDPe0tW1tjlLZ2FH3aWxyXIkRuIjZi9ywr2Zfv4lm5OjrC9hJehfEmhmNQkw= xfrC7GsGd7cEwLkBL06ISry0aROr7wjbCsC2YgzJw2i4wZHF8ArbN60-2Bj0JpmdsPVEfiSlmrd= 2JikSaB-2BZ7QNGgBFtMHr0AX6ZKx7s6kjQSB8g5ZlG3zz823vcXB-2Bog5ZBQrwDdyNI4jZU6t= kEvwahSQ-2BWF9Sdn-2BNKJqIXM09kkU7NjNsw9fx2GpAzBm9KZ9vhdK5VObQY-2FfihJnu5N2p= oA7aBG4URFe9mRpzE34HdcwM-2F1-2F8Y69SYLSKqzaDSZJEH6eX0HMpFSCY1wchaGea8zr-2F6= mX293CstHtrvDKEcfS0Z9Yfvmpa3vDk63rYOeR8KU74Rfr17biRHIKT43OmwGbv0SlZUlM33ib4= lpPabKa2xK5GpchHi" 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-2FR40Yl5zoWtifgewBm= S0ZjJ7vEGQ-3D-3DLgYH_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43k= bMcVf8UYA68NVRbh85Gu1EGK-2FBJq9DZB-2Fdw5fe0BXQRE02DQ4072asoHbwpwu2Z3fmslid4= wKlWeqkuSRzhplPUYpI5VHDPe0tW1tjlLZ2FH3aWxyXIkRuIjZi9ywr2Zfv4lm5OjrC9hJehfEm= hmNQkwxfrC7GsGd7cEwLkBL06ISry0aROr7wjbCsC2YgzJw2i4wZHF8ArbN60-2Bj0JpmdsPVEf= iSlmrd2JikSaB-2BZ7QNGgBFtMHr0AX4thyLX0TgsTn5-2FOoGkV8cb807yhX-2BS-2BE3w5Zo-= 2FDuuD-2FY9T5G682K1it300cw7jLjU-2BiFkBnJUYs6-2FD5ToBbdG4Xlvkm3iK5HK8XyTIgqS= -2B9W8lO6AQqTj4UBpzopZ46uLQUm1qjLdLreKW-2Fk5rYinFjpIDWJ7FRHRbQMDHgFf8P7XNtr= 78ys9lQE5Qe7VwgQT6Hlb53K7Ej3Xa3k6w1YcHbnlTmkl7YgodicazxWDDe8dxSHLNbyTL2Wg9t= -2F-2BjO2RdLKs-2B-2BKpbV6-2BPbcOOstT9" style=3D"color: #1D5080;" test=3D"">= Inc.</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-2FR40YlMDrYfTGWz5QQzmAdjhIPpg-3D-3Dx= H3u_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRbh8= 5Gu1EGK-2FBJq9DZB-2Fdw5fe0BXQRE02DQ4072asoHbwpwu2Z3fmslid4wKlWeqkuSRzhplPUY= pI5VHDPe0tW1tjlLZ2FH3aWxyXIkRuIjZi9ywr2Zfv4lm5OjrC9hJehfEmhmNQkwxfrC7GsGd7c= EwLkBL06ISry0aROr7wjbCsC2YgzJw2i4wZHF8ArbN60-2Bj0JpmdsPVEfiSlmrd2JikSaB-2BZ= 7QNGgBFtMHr0AX7oZPd9xN4Y2eW1RnDfAuiQ-2BH3hde75uEdvSdHIve3Qjl7oDId-2BpCf4Irh= Sr6RepTJJcF6ovYGKURe44aZRQch37i1ug0v3rVFILVTEySNtYHcGZXzZZf96jfoSOB1u0-2Fgt= dMUg8xjpKd9F424iB30ccrbiW-2FgVkO05lmlQ1p7wBUwhOc8ODKouGwleqXB6dn-2FG1C3OgrZ= YYGKzqx5M14Wuzg5MHsz6sMTbso1rwYElnv1JJKkyg74ogSySJr4LbY3vyAeY5-2BYCTdipb3hR= Gvqp" 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-2FR40Yl8o2AOIDuMm4WinTl3I2AvQ-3D-3DkXg= d_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRbh85G= u1EGK-2FBJq9DZB-2Fdw5fe0BXQRE02DQ4072asoHbwpwu2Z3fmslid4wKlWeqkuSRzhplPUYpI= 5VHDPe0tW1tjlLZ2FH3aWxyXIkRuIjZi9ywr2Zfv4lm5OjrC9hJehfEmhmNQkwxfrC7GsGd7cEw= LkBL06ISry0aROr7wjbCsC2YgzJw2i4wZHF8ArbN60-2Bj0JpmdsPVEfiSlmrd2JikSaB-2BZ7Q= NGgBFtMHr0AX41Fx2CaLbzWTpvg05sjfyjI3I0VwiukfjDau-2F8-2BKpAPhel0TvSztnSNYmVY= uniqU677GQqCgLubCdIgjqthBLwYzWvpYULJun4fT4lnpEowGU3vIcW4KdcKBy5N5-2BF8heT-2= BXeSpLAH4uSbb0FefYZjjxBJGuIKJkoMu5iPZyfNwqWIHWli7ebH0gVFLzKT8LaUg4zyOPkFqus= lEmX3hIZ8a18TKlo2eTnLGRH86PcggYuqsegkK9rjNICCpYZHec2qJmb-2FG-2Bp8LJgAleyyv2= 1T" 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-2FR40YlfeCGsTpJ-2BXVQ6k9w= pIcH-2BA-3D-3DzdTx_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbM= cVf8UYA68NVRbh85Gu1EGK-2FBJq9DZB-2Fdw5fe0BXQRE02DQ4072asoHbwpwu2Z3fmslid4wK= lWeqkuSRzhplPUYpI5VHDPe0tW1tjlLZ2FH3aWxyXIkRuIjZi9ywr2Zfv4lm5OjrC9hJehfEmhm= NQkwxfrC7GsGd7cEwLkBL06ISry0aROr7wjbCsC2YgzJw2i4wZHF8ArbN60-2Bj0JpmdsPVEfiS= lmrd2JikSaB-2BZ7QNGgBFtMHr0AX547DhGcdmo3Q8EM2j8jMsjstVM6hB5LPsHq0p-2BqdXH4f= UNfGc3R6VP7EAwHAVSw3UcqTsXsdBta7tiSBw2KDaHYzeSb0PGazCyewCPZ-2BjJWUm24MG7CAx= OBYEc4ihHJX8JdFmiLmZfQqSEwCq85KQ62UpxPGN1EvnqYMWnRLOvVnSaYY4UE0fTh-2BbQ0Vwg= kNnQo7zT83b-2BOMlWngFMsSCiEtEfDq-2F7rBdIYlPBYUkmwq4AAroY-2FM-2BaPRm0eKyTITf= zBgMSWNMUJYEH2oStQmNP" 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-2FR40YlreojiGq1CRRb6k6-2FcA3Yhw-3D-3DP96W= 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universal=3D"true">US Pr= ivate Credit & Middle Market Weekly Wrap</a></b><br><br><b>Coming next = week (subject to change)</b><br><br> =E2=80=83=E2=80=A2 Q4 2025 PitchBook-NVCA Ve= nture Monitor<br> =E2=80=83=E2=80=A2 2025 Annual US PE Breakdo= wn<br> =E2=80=83=E2=80=A2 6 Ps of Evergreen<br> =E2=80=83=E2=80=A2 Does VC Improve Portfolio= Outcomes=E2=80=94or Complicate Them?</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: 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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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