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} body,table tr,table td, div, a, span { font-family: Roboto, Arial, sans-serif !important; } </style> <![endif]--> <style> /* Windows Phone Viewport Fix */ @-ms-viewport { width: device-width; } .mobile-only { display: none !important; mso-hide: all !important; } .desktop-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 0 !important; } @media only screen and (max-width: 800px) { .mobile-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 1px solid #C3C3C3 !important; } .desktop-only { display: none !important; mso-hide: all !important; } .container { width: 100% !important; min-width: 280px; } .content { padding: 0 5px; } .walkthrough-image { width: 100% !important; } .performer-title, .performer-content{ font-size: 6px !important; } .header-msg { font-size: 9px !important; } .pre-header { padding: 10px 20px !important; text-align: left !important; } .side-bar { display: none !important; 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pad= ding-left:5px; padding-right:5px;"> <table lang=3D"x-header" class=3D"container" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> =20 <tbody> <tr> <td> <table lang=3D"x-header-subscription" style=3D"min-width: 100= %; text-align: left;" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" = width=3D"100%"> <tbody> <tr> <td class=3D"header-msg" style=3D"padding-top: 20px; paddi= ng-bottom: 28px; font-family: Roboto, Arial, sans-serif; fon= t-size: 11px; -webkit-text-size-adjust: 70%; text-size-ad= just:70%; -ms-text-size-adjust: 70%; text-align: center;">January 17, 2026 = | <a href=3D"https://url6380.news.pitchbook.co= m/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVUs5cBDo3= SnIu0qdffjrUL2RAv0KrmXQAQguCC01pWcQ-3D-3DAHrE_I3w5d9c01gkD8gLzFEofZR-2Bh6Vw= arHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFWcUc3KrI-2F1b6GQ3vQgqKzv-2BbiBFbwkCr= UZEZjc-2FzJMmt9ny03BCO0-2FSysoocqeqeteYzMB48FSd9uZapLgBEBNkkEVJp1gVsquiI4e3= oJIjNGWlYzv75X5hihJz1Wm9hUS7ZVYHgyrOysEzmtE-2BcXwTctakS72wWH-2FY6jsespTdAO-= 2BzHsIzebGJRT0l3Jq50BRyPvW0LU1JfI7DbKH5uybscZDNCxHEJHL6tcm-2BhQfilHOpLmeJzv= kq9qs0QH91in0MkB76bJdPmBEhV4xf-2FJOfeoqKkm8FWHD1vxLeql4kBXGzr9vF-2FP94ZsdRV= Z6ZJ9bvwu8YXZcK-2FkrRKbbQTgD3CQAdLL4eUJqNraBggRYYjp-2FDY6wPPmq9sYJkRP4l3pea= mP021mboFCvn8LKclhSDwz5o-2BzzkZ37Jp8udnO1oV7tnmOpuUOTV0ajVlDnLo4D7ERQdJLQPH= In8zhUr8FiXNYymZSH7-2B-2BcjX3JdC4qGH2p6wDWtz8J4p0uCvAL5-2B" target=3D"_blan= k" style=3D"text-decoration: underline; 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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-2BaqM7ONnvsnswouzUjaQGPlBapdx65H610jCQ4IVW5fi4AIN8czJAshdFwmg-3D= -3DPfPw_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs= FWcUc3KrI-2F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMmt9ny03BCO0-2FSysoocqeqete= YzMB48FSd9uZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75X5hihJz1Wm9hUS7ZVYHgyrOys= EzmtE-2BcXwTctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJRT0l3Jq50BRyPvW0LU1JfI7DbKH= 5uybscZDNCxHEJHL6tcm-2BhQfiZe5FM2j62kTrnnmzY3nDtzdFNZ1AlQr5WwiwceIVDWll3c-2= F7SWyqYFMG8WjemcVXXwssY8xdIidgp3Z6xc9kxM16xwy5KdyiUKJHVzhM2GKd4KTJ34tytkiyc= 8VB-2BvOgqwGCh4Ht29gPCHBOtq57VzfH01jBsHIUNbcqpcYF-2FszvTWjwI1MMhYjIslUFGRQ8= WzgGrrDRhbdRP8qeRWsHR7n7ERWIukhFSwXPy1SU7h7ts2ZxsXqQU699oE0o0L2r-2BYD-2FoI6= 2nwvEszRZ-2BxuY6" target=3D"_blank" style=3D"text-decoration: underline; co= lor: #1D5080; font-size: 14px; font-family: Roboto, Arial;">Citizens</a></s= pan></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-2BaqM7ONnvsnswouzUjaQGPlBapdx65H610jCQ4IVW5fi4AIN8czJAshdFwmg-3D-3DGA2= B_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFWcUc3= KrI-2F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMmt9ny03BCO0-2FSysoocqeqeteYzMB48= FSd9uZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75X5hihJz1Wm9hUS7ZVYHgyrOysEzmtE-= 2BcXwTctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJRT0l3Jq50BRyPvW0LU1JfI7DbKH5uybsc= ZDNCxHEJHL6tcm-2BhQfg7Gneef9o50-2FOLnNf6wPbuOcY1h-2FjR3Vk78MIuV-2BUcHJkGMMa= 5uOFVVHs0cj6aHgK-2B-2Bo65MEPPqm07LWxejCAwE3meCjq3HuYiuywB4qEGI1RGOyZc2hNhbe= JR4EX2isthF2BNdtxQiXzFWkWhMVTllaJ1vvDn7IklNbVeOpC0bl9B2SVitdPjGB-2B1qXQK5NB= Yl3g6Vgs7-2FBVAPDdC0coDuflLFCs31ap-2BGif7nVSnfUKwm3wL2qlXTRq85gVyOYKB7kqBig= Sj0Sa6Vlwurjcu"><img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4= 460/Citizensbannerad.jpg" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; b= order: 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>VC = deep dive</b>: Our latest PitchBook-NVCA Venture Monitor provides thorough = data and analysis on the venture ecosystem, featuring insights on liquidity= and how AI is driving the market. <b><a href=3D"https://url6380.news.pitch= book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo= uzUjaQGPlBapdx65H610jCQ4zXTY69I8PDe7u90Ichw5Yw-3D-3Ddx7g_I3w5d9c01gkD8gLzFE= ofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFWcUc3KrI-2F1b6GQ3vQgqKzv-= 2BbiBFbwkCrUZEZjc-2FzJMmt9ny03BCO0-2FSysoocqeqeteYzMB48FSd9uZapLgBEBNkkEVJp= 1gVsquiI4e3oJIjNGWlYzv75X5hihJz1Wm9hUS7ZVYHgyrOysEzmtE-2BcXwTctakS72wWH-2FY= 6jsespTdAO-2BzHsIzebGJRT0l3Jq50BRyPvW0LU1JfI7DbKH5uybscZDNCxHEJHL6tcm-2BhQf= jQAdMF0oVYMsXyB-2F-2BfwPQpKgxXj17bgImsU6sNOyYu-2Be2pFLUbnxpAb6rgqLrtT8-2Bei= 7P2CUFGVaG-2FdZO-2B2XZ-2BZOKS4RzIaSfcHFdovY7xK5yMr1IHedbJHoE4ytKZFCry1WuGtk= E7FB9gE7iOZRShJeG78Xu2UXz9nlB1IjeQtaiJyCJOx43FQHpIednziRtkTRhxpOkGbXX36m06Y= N6t908AwJ4zOSo1XZDVBI9wPBIKX3MhDg5ahetZ0yPTbusdkQXUo2HBH8cvPUy5Bz3R" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">Read it here</a></b>.<br>= <br><b>PE resurgence</b>: US PE roared back to life in 2025, pulling off a = trillion-dollar comeback. Our <b><a href=3D"https://url6380.news.pitchbook.= com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUja= QGPlBapdx65H610jCQ48JOv4K3vBr61zsT0vgcmVQ-3D-3D_dIj_I3w5d9c01gkD8gLzFEofZR-= 2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFWcUc3KrI-2F1b6GQ3vQgqKzv-2BbiB= FbwkCrUZEZjc-2FzJMmt9ny03BCO0-2FSysoocqeqeteYzMB48FSd9uZapLgBEBNkkEVJp1gVsq= uiI4e3oJIjNGWlYzv75X5hihJz1Wm9hUS7ZVYHgyrOysEzmtE-2BcXwTctakS72wWH-2FY6jses= pTdAO-2BzHsIzebGJRT0l3Jq50BRyPvW0LU1JfI7DbKH5uybscZDNCxHEJHL6tcm-2BhQfiU5Ud= 4JYPYZCGD1OtJ9ewF1ThFxz79QjcqiaR-2F1OqCl2btP6mnVgGyhkau8A8I9MsN5ugD8SmJvTsa= L6edL3cIolHZdOcK3ZEMBZV-2B67ca2yKszIu5icQX8g9gMCGVSES2X99kM-2FJjAYTHAnMH7JU= TO2m-2Fasxgj8sqpO4Uxt8F3iTDJyAhjMcBKPRvyYZIEmqKyb-2BvKU88K6I1LAjmRl-2FHXv8Y= E47HrDkSoV95wKAUaEQ-2FqGUyCvIBw1QDmkCeB63oFNbXWBeGNJ4hvsj2GsrQ" style=3D"co= lor: #1D5080;" test=3D"" universal=3D"true">annual US PE Breakdown</a></b> = explores how.<br><br><b>Private market returns</b>: Our Private Capital Ind= exes track returns across active, closed-end funds, drawing on data represe= nting more than $4 trillion in net asset value. <b><a href=3D"https://url63= 80.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B= aqM7ONnvsnswouzUjaQGPlBapdx65H610jCQ49WLNqW5OB8EyXXzEDuZ3oA-3D-3DHxa7_I3w5d= 9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFWcUc3KrI-2F1= b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMmt9ny03BCO0-2FSysoocqeqeteYzMB48FSd9uZa= pLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75X5hihJz1Wm9hUS7ZVYHgyrOysEzmtE-2BcXwTc= takS72wWH-2FY6jsespTdAO-2BzHsIzebGJRT0l3Jq50BRyPvW0LU1JfI7DbKH5uybscZDNCxHE= JHL6tcm-2BhQfh4ZRwBJze66KJSdgxlIwap8eUfG6G-2FZEn0os5c-2F27BDKGc0bcZDp-2BPFG= 1HfozgCW6RAknwgmDYN2y-2F-2FtG-2BnSi-2FiSuvuAsPL9-2B8pTmWVIsBOYu1DJ10ZOS3vqr= 5XKahSZDhwAP1lgP6W2BP8oSbUVZM-2Fh-2FCL8C0FcJa400vJvsryerJGwan11FPbyxXQJK0bn= n8PAI1GQCNHHxtK5dgp-2BPe8JFigQXiv7E9m1NnjbHPjYttzUj8Cpjdh3dPVpwTsph5B8vPNHG= zaXzmlLEJqoOw" style=3D"color: #1D5080;" test=3D"" universal=3D"true">View = the report</a></b><br><br><b>The latest on evergreen funds</b>: For those s= eeking access to private markets through evergreen funds, there are some qu= estions and considerations that should be explored before diving in. Our an= alyst note serves as a guide for due diligence in the space. <b><a href=3D"= https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzUjaQGPlBapdx65H610jCQ4p6lGszdA2cEZS2CgCUXv9g-3D= -3Dbo4Y_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs= FWcUc3KrI-2F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMmt9ny03BCO0-2FSysoocqeqete= YzMB48FSd9uZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75X5hihJz1Wm9hUS7ZVYHgyrOys= EzmtE-2BcXwTctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJRT0l3Jq50BRyPvW0LU1JfI7DbKH= 5uybscZDNCxHEJHL6tcm-2BhQfij-2F8XbCfu0fickCq3fpPcelfn0as3nMuvJWTCVsT284zHWo= ScggoU6aXLaORm5zKlfIJzynOPc8syN1CDgzF1R9-2Blvynq5IiZtiDppFLhHw5bQe35z3svwoR= Vi6jloxdoT2AmmxqPjXohPzgI9-2FRhkqwv232w7HyDud7lUD-2Byone3PHS9Ry9Cq4C9nxs-2B= g2J9IBFbKnceIx-2B7RCJPLNVFUpUZY18-2Fzda1rUdR4zKrDs2DDmqLv-2BMMLF8Hs8fbnrW4Q= VttmxpcG4rG17-2FCzBIkX" style=3D"color: #1D5080;" test=3D"" universal=3D"tr= ue">Read it 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>A MESSAGE FROM CITIZENS</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_576487" id=3D"n_576487" 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;"> Citizens M&A Outlook=E2=80= =94400 dealmakers share their expectations for 2026 M&A </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-2BaqM7ONnvsnswouzUjaQGPlBapdx65H610jCQ4IVW5fi4AIN8czJA= shdFwmg-3D-3DGDrD_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU= gFVa0m8PzsFWcUc3KrI-2F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMmt9ny03BCO0-2FSy= soocqeqeteYzMB48FSd9uZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75X5hihJz1Wm9hUS7= ZVYHgyrOysEzmtE-2BcXwTctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJRT0l3Jq50BRyPvW0L= U1JfI7DbKH5uybscZDNCxHEJHL6tcm-2BhQfiM79TQUp4JrcilTH7T6YaM4-2BDlpgzXU0Jq26K= dEsekCe3ypETXqEJbAbPhN6587pnGi27lIkKSgmX9nsRF0OoVGm-2BRK8ao0O5Nm-2F0xJpIwhU= c461ml-2Fu-2BfYGsuh6YmFIa-2BZ3OGa2CBxjUH9TIQHac7D-2Bzs6uq4E4OZkB-2FbVI8nQpH= XYGRc79TpkkhS-2FZ2lFS4n5ks0C4XEBMKMmcuosIY0uoR42T4l9rPdImwpfkUhUel2dO-2FVtX= hBWRIzMhJfNmkYEqXpMk1SuLxFjBRmquEY"> <img align=3D"center" alt=3D"" src=3D"= https://img.pitchbook.com/news/72217.jpg" 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>The strength of the M&A market is= rated at a six-year high in Citizens' 2026 survey of 400 U.S. companies an= d PE firms that invest in companies with revenue between $50 million and $1= billion.=20 <ul> <li>58% of respondents assess the M&A mar= ket as somewhat or extremely strong.</li> <li>Companies open to selling rose to 79%, wh= ile those open to buying increased to 61%.</li> </ul> Find out why the U.S. market looks pois= ed to build on 2025 trends, with conditions that could drive merger and acq= uisition activity beyond recent megadeals and into broader segments.<br><br= > Gain insights into the trends, economic impr= ovements, market conditions, and buyer/seller dynamics that are fueling dea= l activity, driving optimism, and creating a shift in the M&A dealmakin= g landscape.<br><br><a href=3D"https://url6380.news.pitchbook.com/ls/click?= upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUjaQGPlBapdx65H610jC= Q4IVW5fi4AIN8czJAshdFwmg-3D-3D7WZD_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfm= zy-2F3t1yZbcbdWeUgFVa0m8PzsFWcUc3KrI-2F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJ= Mmt9ny03BCO0-2FSysoocqeqeteYzMB48FSd9uZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv= 75X5hihJz1Wm9hUS7ZVYHgyrOysEzmtE-2BcXwTctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJ= RT0l3Jq50BRyPvW0LU1JfI7DbKH5uybscZDNCxHEJHL6tcm-2BhQfgkeZvCuR7eEBzNghcYLD8N= 6C3zdMCdzQtwxg4vq4TC-2BHCIY4bwDv1g91CpxvH-2B7c9jg2caemhMOUrraoaSLYmU9MmJ6-2= BJFL-2BIx-2Fa-2BwJG4aUHex2rI4IEP-2BTYBMhh4ODxUfrcxcgAt8-2FIeDXBmdjJCuv6-2Fi= hHcYdHxvfFv82boMswUbT95aky4RH6RTw8J5UEMOf4lBsEogHoyMxcoYfQoKeV3pXKFLGyr538P= gnlDmJqwDjWG6KP7kC2ND65BDJk4frFRr8vyQVfrFpXB1ltoA" style=3D"color: #1D5080;= " test=3D"">Read the report</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_576675" id=3D"n_576675" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> The dawning of a new era in he= althcare </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">The 20= 26 J.P. Morgan Healthcare Conference reflected a sector emerging cautiously= from a year of policy-driven volatility.<br><br> The prevailing tone was understated optimism= : While uncertainty from 2025 has not fully dissipated, investors and opera= tors alike signaled growing confidence that healthcare is entering a period= of structural improvement driven by AI-enabled innovation, regulatory mode= rnization and renewed balance sheet strength across providers.<br><br> Artificial intelligence was the defining the= me of the conference, with the narrative clearly shifting from experimentat= ion to execution.<br><br> In biopharma, AI-driven drug discovery has m= oved beyond decision support toward end-to-end systems capable of continuou= sly generating and refining candidates. High-profile announcements, such as= Lilly and Nvidia=E2=80=99s $1 billion co-innovation lab, validated AI as c= ore infrastructure rather than optional tooling. At the same time, smaller = AI-native biotechs focused investor attention on proprietary data generatio= n, biological foundation models and early clinical traction.<br><br> Healthcare services AI showed equally tangib= le progress. Ambient scribing and AI-powered clinical and administrative ag= ents drew standing-room-only audiences, underscoring their real-world ROI a= nd accelerating adoption across health systems. Platforms like ModMed and A= bridge exemplified a broader shift toward AI as an embedded operating layer= rather than a point solution=E2=80=94reshaping workflows, revenue cycle ma= nagement and clinician productivity. Unlike other sectors, healthcare showe= d little evidence of speculative excess, with AI deployments tied directly = to measurable operational gains.<br><br> M&A momentum was anchored by MedTech, hi= ghlighted by Boston Scientific=E2=80=99s $14.5 billion acquisition of Penum= bra. This was the largest healthcare deal announced at the conference and a= signal that strategic buyers remain willing to pursue transformative trans= actions.<br><br> While overall deal volume remains muted, nor= malized valuations and strategic urgency around scale, cardiovascular expos= ure and AI capabilities point to a more active 2026. In contrast, biopharma= dealmaking was quieter, though this likely reflects both timing and a shif= t towards forming durable independent companies rather than a deterioration= in fundamentals.<br><br> Policy and government engagement also took o= n a more constructive tone. CMS leadership used JPM as an outreach forum, e= mphasizing quality, access, interoperability and administrative simplificat= ion. ARPA-H emerged as a particularly notable force, positioning itself as = a DARPA-like catalyst capable of funding high-risk innovation while helping= navigate regulatory barriers, which is an increasingly attractive dynamic = for venture-backed and strategic players.<br><br> Elsewhere, GLP-1 competition shifted decisiv= ely toward commercialization and manufacturing execution, women=E2=80=99s h= ealth gained credibility as an investable category and hospital systems rep= orted a return to healthier margins and cash balances. Notably absent, for = the second straight year, were the major health insurers, raising questions= about payer engagement as the healthcare ecosystem rapidly evolves.<br><br= > Overall, JPM 2026 suggested a sector past pe= ak uncertainty and approaching a new investment cycle that is defined less = by narrative and more by delivery. For more detailed takeaways from the con= ference, read <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click= ?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUjaQGPlBapdx65H610j= CQ4xCq1vkW-2BwJ26SbiZNweRkg-3D-3D1SKL_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRF= Cfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFWcUc3KrI-2F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2= FzJMmt9ny03BCO0-2FSysoocqeqeteYzMB48FSd9uZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWl= Yzv75X5hihJz1Wm9hUS7ZVYHgyrOysEzmtE-2BcXwTctakS72wWH-2FY6jsespTdAO-2BzHsIze= bGJRT0l3Jq50BRyPvW0LU1JfI7DbKH5uybscZDNCxHEJHL6tcm-2BhQfg7ofw-2BE5c3UXW9yPK= rB2CFf2ySAjLy9kO-2BCEcWPd32Q8hqiWc3j5b3xugx2tNzX7Zb9J1H8ihbI475o37bVsIduTbk= xWFcnL1A0p8-2FVWvBHwQRvY84HmWxHxr-2FGqrqj2GjismBKTJD8pyZL2m0i7ufpN6LD8sESjN= iYTXfDBzUoFNZC-2Boh4LPC6lOTGXE1icgk6b5mACA9akoSfdVzbHRLNBPsR9i5PIf-2FUZie2w= Ab7drke8vQZVSYDGGAmf-2F9Vew-2FP8KHviLdEGZKUYUPVeX0" style=3D"color: #1D5080= ;" test=3D"" universal=3D"true">our full report</a></b>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Have a= great weekend,<br><br><a href=3D"mailto:brian.wright@pitchbook.com" style= =3D"color: #1D5080;" test=3D"">Brian Wright</a><br> Lead Research Analyst, Healthcare<br><br><a = href=3D"mailto:ben.zercher@pitchbook.com" style=3D"color: #1D5080;" test=3D= "">Ben Zercher</a><br> Senior Analyst, Biotech and Pharma</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_576596" id=3D"n_576596" 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;"> Defense tech's new constraint:= the factory, not the funding </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"> <div> Manufacturing capacity has become the binding= constraint in defense innovation, eclipsing both capital and technical nov= elty, <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du= 001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUjaQGPlBapdx65H610jCQ435dhO= GPu9lUL-2BgfOB9E19w-3D-3DwlTg_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F= 3t1yZbcbdWeUgFVa0m8PzsFWcUc3KrI-2F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMmt9n= y03BCO0-2FSysoocqeqeteYzMB48FSd9uZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75X5h= ihJz1Wm9hUS7ZVYHgyrOysEzmtE-2BcXwTctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJRT0l3= Jq50BRyPvW0LU1JfI7DbKH5uybscZDNCxHEJHL6tcm-2BhQfhTX6fK-2FJn-2FR3B5X1dDG2pkE= qzVF-2Fm62AO4POu4lCfJrzWESsi9nCavrgsIvubRoafEB0hS6jjuR3NmlHNrE-2BoM7SAVijH7= ItX7OzlZNqbZWl1p-2FblNLVmTsWMP3MTdiB5DiNnAuPAcOVY1UxwMlznti9grjKCHsmxYVQktx= XEs5g7KsbYayYY0vlZeTJYwK-2BixNmcunoqfafeg3C0PKzs7bFoYr38y9YAQ4ZDQL-2BCsKjDk= bGbVIPYjGgNQ2Vlxv14A-2Fx-2BR-2BIDKqNLdlUknlC50" style=3D"color: #1D5080;" t= est=3D"" universal=3D"true">our new report</a></b> finds.=20 <br> <br> The primary failure mode for venture-backed = defense startups is shifting from early-stage fundraising to what we call t= he "Valley of Production," where throughput, labor availability, compliance= and supply chain resilience determine whether systems can actually be fiel= ded at scale on compressed timelines. </div> <div> <br><a href=3D"https://url6380.news.pitchbook= .com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUj= aQGPlBapdx65H610jCQ4LTaDL562U9Gazz-2BN-2BbOhtg-3D-3D81rr_I3w5d9c01gkD8gLzFE= ofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFWcUc3KrI-2F1b6GQ3vQgqKzv-= 2BbiBFbwkCrUZEZjc-2FzJMmt9ny03BCO0-2FSysoocqeqeteYzMB48FSd9uZapLgBEBNkkEVJp= 1gVsquiI4e3oJIjNGWlYzv75X5hihJz1Wm9hUS7ZVYHgyrOysEzmtE-2BcXwTctakS72wWH-2FY= 6jsespTdAO-2BzHsIzebGJRT0l3Jq50BRyPvW0LU1JfI7DbKH5uybscZDNCxHEJHL6tcm-2BhQf= iX-2BX-2B0Cxlq1pCY7SIFdlFhGcYK-2F99oVMO-2F6JV2nyHehVZaXIoq5Xl87PO-2FspiyW-2= B4NdayyOwxQ605ZlvYAEyn6pXW3ntIlclT8NRLrb53Gqo7ecNKBeBepFFCvIwUqACktVsCuCvbL= RfNTYUqGzmcoOdS02Mbvxbl936QUSfMnOJh4LOBJqfFcxD37J2V7zWE7cT1xQWmUOUReCiko6W5= 6ckj8qzFrOBMl1rBKxvcGeJcoPT2pPnOrqEstjOl4BMJfFzeOD3Kj5EKf8UXI4Pc0" universa= l=3D"true"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/= news/72268.png" style=3D"border: none; width: 100%; height: auto;"></a> </div> <div> </div> <div> Venture investors have responded by moving de= cisively upstream into financing physical production infrastructure. Manufa= cturing-focused defense investment rose from roughly $500 million annually = in 2022-2023 to $2.6 billion across 24 deals in 2024, then surged again to = $4.7 billion across 39 deals in 2025.=20 <br> <br> That step-change is less a cyclical spike th= an a structural repricing of execution risk, as investors increasingly unde= rwrite factories, tooling, test infrastructure and supplier control as core= drivers of enterprise value.=20 <br> <br> Capital is also concentrating in the hardwar= e-intensive bottlenecks that define modern procurement priorities.=20 <br> <br> Drones ($2.1 billion), space systems and inf= rastructure ($1.6 billion), and defense electronics and sensing ($1.2 billi= on) captured much of the manufacturing scale-up capital from 2022 to 2025, = reflecting the market=E2=80=99s recognition that scaling these categories i= s constrained more by facilities and compliant inputs than by software iter= ation speed. In propulsion, energetics, and maritime autonomy, the value of= industrial control is rising because permitting timelines, test infrastruc= ture scarcity, and supplier concentration remain inelastic.=20 <br> <br> This manufacturing pivot is now visible in c= ompany financing behavior. Median time between funding rounds compressed fr= om around 21 months in 2022-2023 to about 13 months in 2024-2025, as startu= ps pull capital forward to stand up production lines earlier and reduce dow= nstream ramp risk. As the report puts it: Manufacturing readiness is becomi= ng a first-order input to valuation and follow-on financing, not a post-con= tract operational detail.=20 <br> <br> For defense customers, the same filter is ti= ghtening. The Department of Defense shift toward attritable mass, or more a= ffordable systems, is resetting procurement around delivery credibility, ma= king manufacturing readiness levels increasingly decisive relative to techn= ology readiness levels in contract progression.=20 <br> <br> Heading into 2026, the implication for inves= tors is straightforward: Execution, not invention, will determine returns, = and companies that convert facilities into repeatable output will dispropor= tionately capture both capital and contract velocity. </div></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/718= 86.jpg" style=3D"border: none; width: 100%; height: auto;"> </td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>Warm regards,<br><br><a href=3D"mailt= o:ali.javaheri@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Ali Javah= eri</a><br> Analyst, Emerging Spaces</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>Industry & Tech</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-2BaqM7ONnvsnswouzUjaQGPlBapdx65H610jCQ4Qgo74KFq= dYi3R2I5-2B0yz2Q-3D-3DLxEe_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1= yZbcbdWeUgFVa0m8PzsFWcUc3KrI-2F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMmt9ny03= BCO0-2FSysoocqeqeteYzMB48FSd9uZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75X5hihJ= z1Wm9hUS7ZVYHgyrOysEzmtE-2BcXwTctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJRT0l3Jq5= 0BRyPvW0LU1JfI7DbKH5uybscZDNCxHEJHL6tcm-2BhQfh0NdjFpRBvSMTJSyoTdqt-2Fpcj0R3= kmUbJ0hR2sPFKWJpiZ1aLqiL1Ilj52wuGS53WmPFSvYIhlEfgvtRD2SrufXcAfplzzkyWdzflln= bBDupjTqFPuIJt0Z-2Fgzhs-2BM95v-2Boan7SP6PlngA6hNNMHH1mWPNZ-2F5O-2BXu-2B6l09= yyOraWdtSfsSJWPyvv23HkxSUvOi0a-2BA41CcA6SYQei5GYSlitgyv2DR21bG7EI-2F0Mb0RpZ= 0BR4pVhSpDig0MI9Iv14bCsDMEU-2Bfnm7yGiyvLkT-2B" style=3D"color: #1D5080;" te= st=3D"" universal=3D"true">Clash of the Titans: Incumbents versus challenge= rs in the age of agentic AI </a></big></b><br><br> Enterprise SaaS is experiencing a once-in-a-= generation reset. As large language models mature and roll into every major= suite, the market is bifurcating fast: Incumbents are bolting on copilots = and task agents (AI-embedded platforms), while challengers are rebuilding e= nd-to-end processes around autonomous agents (AI-native platforms).<br><br> That architecture choice is the core determi= nant of who compounds durable value versus who gets stuck with legacy drag.= In plain terms: AI-embedded software boosts productivity inside familiar s= ystems; AI-native software rewires workflows, flips pricing from seats to o= utcomes, and is where the real disruption (and margin expansion) lives.<br>= <br> The capital is following that thesis.<br><br= > Even excluding LLM mega-rounds, enterprise S= aaS deal activity has been steadily climbing since early 2024, with AI-rela= ted VC representing 64.3% of total global VC deal value in 2025 through Q3.= </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-2BaqM7ONnvsnswouzWapgEZHO7eiq-2F9fMORRo3zWGXURzd= nOr3xH9QupH0PLg-3D-3DixbO_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFWcUc3KrI-2F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMmt9ny03B= CO0-2FSysoocqeqeteYzMB48FSd9uZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75X5hihJz= 1Wm9hUS7ZVYHgyrOysEzmtE-2BcXwTctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJRT0l3Jq50= BRyPvW0LU1JfI7DbKH5uybscZDNCxHEJHL6tcm-2BhQfiNr9VtqbUOLPPuUwTlJmjg-2FlXFvGM= AhjGeDfjo-2FyMwZ2z1LZizBEGJr5973VN101JSzF81ipcuhwhn1gorc5f1PpgeLEZUafFqYEvI= HdTAgJYr-2FNfZu7L8WZQJYIrIPR2bU-2BoJQB7cFidqvwQNn9igKShIF8KTsoucYNmxnfYunHV= O8NJswiQ-2FpRFBJIyzPUzIilMxRbRCxk-2BFBtSOLK3Q6PA2Gs0Ps-2Bxpa1UcSpkNoFj7eB2V= Gq4yFOQ42mLZrtpf7E-2BVZb1bTtFUKLur2BBd" universal=3D"true"> <img align=3D"c= enter" alt=3D"" src=3D"https://img.pitchbook.com/news/72257.png" style=3D"b= order: none; width: 100%; height: auto;"> </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"><br> Growth-stage checks are concentrating around= emergent category leaders such as Adept, Runway, Glean, Ramp, and Cresta, = and exits are reaccelerating as incumbents buy capability and control-plane= moats.<br><br> We estimate the AI workflow total addressabl= e market was worth around $65 billion in 2025 and will scale to about $190 = billion by 2030, driven by vertical agentic AI and AI-native productivity.<= br><br><em><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUjaQGPlBapdx65H610jCQ4Q= go74KFqdYi3R2I5-2B0yz2Q-3D-3D6ruW_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz= y-2F3t1yZbcbdWeUgFVa0m8PzsFWcUc3KrI-2F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJM= mt9ny03BCO0-2FSysoocqeqeteYzMB48FSd9uZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv7= 5X5hihJz1Wm9hUS7ZVYHgyrOysEzmtE-2BcXwTctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJR= T0l3Jq50BRyPvW0LU1JfI7DbKH5uybscZDNCxHEJHL6tcm-2BhQfhH8xNmiDfogS-2FNGNHeXYb= vonlTzaAQT-2BqQTgIrha-2FYDeKrkuKm-2BY0tnK8lVsHfpQwy9tUwoeCKqR7vnU2lEBOxrEI9= a4EeLdFiVpF3pNzUM7NAP8IqsvfJE-2BQ3N-2B6UnVgYyqtM-2BoCA-2Fog8-2BTBLcf0yg2HL1= ZN0LYlzZK7ceo6bTpx8gBJbbY9nyhVmp7B5-2BCsN8k9HEW85ibJxVtEy2q0F7h-2B3ghFIK-2F= Tn5HN-2BvMctt2i4m35UnW0IFnu810hw8-2F0bMcnHhf93iLjnhiUzgz4R" 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>Thematic Research</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-2BaqM7ONnvsnswouzWapgEZHO7eiq-2F9fMORRo3za-2B78= pkc8UKs8wvlAw-2F6Q-2Bg-3D-3D7aIQ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy= -2F3t1yZbcbdWeUgFVa0m8PzsFWcUc3KrI-2F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMm= t9ny03BCO0-2FSysoocqeqeteYzMB48FSd9uZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75= X5hihJz1Wm9hUS7ZVYHgyrOysEzmtE-2BcXwTctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJRT= 0l3Jq50BRyPvW0LU1JfI7DbKH5uybscZDNCxHEJHL6tcm-2BhQfgEJN0b7-2F1A1U3HIeOWkYm5= cJ-2BliUswDEqZmJ85jnh-2BtIuohGTfxp1yTAxzrdZGJEO4ta3whJTIBAL5gE4sXMTs9fjrrOr= IhO323rCO8UQLqbySoD3LyvKxbQsssAmwy6BNB7vI1DRM64Zdn-2Bl4FO3SLoY2NYDgUog0J9wO= HOPDWZdjFqvRaUnJFTagYeUqkzA-2BpNQXB-2F8Ty48jfI4-2FjQhK78cq2FkLZa8DBcy-2BaHI= khvt8fxRe5FV-2BIK1zTNtyw43KRv-2Bomb8hCsVkg0rbET5o" style=3D"color: #1D5080;= " test=3D"" universal=3D"true">Allocator Solutions: Does VC Improve Portfol= io Outcomes or Complicate Them? </a></big></b><br><br> Venture capital is often viewed as a powerfu= l tool for allocators to boost returns and diversify portfolios=E2=80=94but= how does it actually perform once risk, volatility and liquidity are fully= accounted for?<br><br> Our analysis shows that while VC has deliver= ed strong performance in select cycles, aggregate returns have been middle = of the pack within private markets and driven in large part by broader mark= et dynamics.<br><br> After adjusting for valuation smoothing, VC = also exhibits the highest estimated volatility across public and private as= set classes, alongside structurally slower distributions</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-2BaqM7ONnvsnswouzWapgEZHO7eiq-2F9fMORRo3zXrlja1k= u1R0YevrTs-2B-2F-2FWw-3D-3DjoVF_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-= 2F3t1yZbcbdWeUgFVa0m8PzsFWcUc3KrI-2F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMmt= 9ny03BCO0-2FSysoocqeqeteYzMB48FSd9uZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75X= 5hihJz1Wm9hUS7ZVYHgyrOysEzmtE-2BcXwTctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJRT0= l3Jq50BRyPvW0LU1JfI7DbKH5uybscZDNCxHEJHL6tcm-2BhQfiUzLwGWlpGpHP0EytkJejXlyO= LGi6ybsrns0WoKpHvgtj2Ipyd1gB-2FiEPeNfrCB74HDxtREANC-2Bby5kQXTp5Mr1AKx46kNt2= G-2F-2FmG8xPj2JPqEl7FqN5ehM0Bah6Y4fWMqwMR6D-2Bj4qr7w1eAwaEmJfhmW4kwtAiW-2Fw= YBWCpaVagyS032IE-2BC5qYsiBwbwDRwsFmjJxnjZsk-2FSkMr9yZuqtsNz3EHG7HcuQmhSCo1W= nWcSPyQuc16-2BHM2KKyYeNhHMST9C-2F40Dqs-2B6AOjSUKTD" universal=3D"true"> <im= g align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/72230.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"><br> Our portfolio simulation framework suggests = that, on average, portfolios with VC allocations have underperformed ones t= hat allocated to public growth equities instead.<br><br> But averages can be misleading and manager s= election is a critical factor in whether venture enhances or detracts from = total portfolio performance.<br><br><em><a href=3D"https://url6380.news.pit= chbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns= wouzWapgEZHO7eiq-2F9fMORRo3za-2B78pkc8UKs8wvlAw-2F6Q-2Bg-3D-3DRCXe_I3w5d9c0= 1gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFWcUc3KrI-2F1b6G= Q3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMmt9ny03BCO0-2FSysoocqeqeteYzMB48FSd9uZapLg= BEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75X5hihJz1Wm9hUS7ZVYHgyrOysEzmtE-2BcXwTctak= S72wWH-2FY6jsespTdAO-2BzHsIzebGJRT0l3Jq50BRyPvW0LU1JfI7DbKH5uybscZDNCxHEJHL= 6tcm-2BhQfhjCt0VuY-2Fb8w36t5ZFU-2FKOqOFljD4QPuAUoOr8ziYsIIfG6-2FwgyjJimq9Jw= kKoAs9WGa1F3hz6-2BaqC-2FHkTLUXy-2B6MaF2KvKOy83IeDqTTl9eRA0eYJnhRoIOF-2B7oF1= WF5aPui6KE0vNhKPN6wsZCtMxf0wmRqMCBAxdhFwrejRI7VKQAr-2F2W9yR8Uf7IvX97KP-2B8X= BUWSzeNPCV5rdKBPpGeUFCAnETodvF0KKQD1UlgzGOzoosYJDmTLgfKDVSOgiE-2FB0aTpSsERB= vW1-2BTjN7" 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> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br><b= ><big><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWapgEZHO7eiq-2F9fMORRo3znHVcDB= a9xfLXSXi6Tj2htA-3D-3DnxEM_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1= yZbcbdWeUgFVa0m8PzsFWcUc3KrI-2F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMmt9ny03= BCO0-2FSysoocqeqeteYzMB48FSd9uZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75X5hihJ= z1Wm9hUS7ZVYHgyrOysEzmtE-2BcXwTctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJRT0l3Jq5= 0BRyPvW0LU1JfI7DbKH5uybscZDNCxHEJHL6tcm-2BhQfgYKN560-2B2KhJUWQuNJA6A89VJ7Nc= j3X5Rn4Wewipw57OFTd8jKzF-2BBpUt4-2B41kuqxKIsDJmC5CNP1MnhQjw0AHGHG06b2W6Xg80= XSH06BI1A4ESecZOk-2B8IvImYk-2FtyaVbjAiqT2HgnqWWhHhJpj271LiPOWdoNTBIN28U1OJ6= TowMX6V2nMrHysQWB-2FZ-2BVKPozuaQPHNxoXNEy3wGjKPc-2BzBJ8ytd6FH7-2FoZKS5We0AB= 6hVIVwVhGv1LHy-2B3dnK-2FQ79-2Fb4MYAt5aqgzvQbjk4" style=3D"color: #1D5080;" = test=3D"" universal=3D"true">Sink or Swim: Interval Funds Liquidity </a></b= ig></b><br><br> Interval funds sell a simple idea: private m= arkets exposure with periodic liquidity.<br><br> The reality is more complex. These vehicles = must repurchase a minimum of 5% of fund shares from investors at a predeter= mined cadence.<br><br> For fund managers, this liquidity constraint= presents a new dimension in liability management. For investors, the quest= ion is how redemptions will be met=E2=80=94cash, public market liquidity sl= eeves, portfolio income, or credit lines=E2=80=94and what is sacrificed to = make that liquidity possible. Our analyst note shows why this matters now a= s evergreen funds scale and reach a broader investor base.<br><br><em><a hr= ef=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4C= uylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWapgEZHO7eiq-2F9fMORRo3znHVcDBa9xfLXSXi6T= j2htA-3D-3DKRoK_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF= Va0m8PzsFWcUc3KrI-2F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMmt9ny03BCO0-2FSyso= ocqeqeteYzMB48FSd9uZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75X5hihJz1Wm9hUS7ZV= YHgyrOysEzmtE-2BcXwTctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJRT0l3Jq50BRyPvW0LU1= JfI7DbKH5uybscZDNCxHEJHL6tcm-2BhQfizxYIixoJ7vg7kbe07SXkJXPkSxQ9KSyeFgpYClMU= p2ACINyj8k2nwh5DeoGbWVrh9uIcdZSqpdPSVW5l9-2FOXUPJ2Z17JtoKZ64Z4W-2F4ZIjTQoca= pmK6z7o0-2FIMQ1S0ea57rUOcEtR-2FhLdeQ0xy90UjF8EKwjlKMBWvByEUUHKxG626DlAqzTUE= 1W1H-2FHQwQCoFZW3FRlsayqgHNQmUtCZyZXekWAyAbl1TreqH7eGMXM0ZZCfWC69Y1PtYh1o8t= GefVMeulXTStftBOH0bi2B" style=3D"color: #1D5080;" test=3D"" universal=3D"tr= ue"><b>Read it here</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</b>: Join the PitchBook healthcare team for a breakdown of key takeawa= ys from the 2026 J.P. Morgan Healthcare Conference, plus a deep dive into t= he latest trends, deals and innovations shaping the healthcare landscape. <= b><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73Br= X4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWapgEZHO7eiq-2F9fMORRo3z1O9OA2aq0euVUX= 5t84jyLg-3D-3DhLly_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWe= UgFVa0m8PzsFWcUc3KrI-2F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMmt9ny03BCO0-2FS= ysoocqeqeteYzMB48FSd9uZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75X5hihJz1Wm9hUS= 7ZVYHgyrOysEzmtE-2BcXwTctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJRT0l3Jq50BRyPvW0= LU1JfI7DbKH5uybscZDNCxHEJHL6tcm-2BhQfhpN-2BOznBIbt2fvAQn9wIvV0CBt5cEwHwljo1= nLAc2GZ-2BkXwNnzX0M0r0qzP179UEvBPxQLBaeW9SWg1BP1h84gqrgt0ppu90-2FodPoWqT0hf= alKoW4izKY6gOaQHl48AEPvJxOB8dVhhEjkOoUCrl125w4yURoTV7bS5h8X7pY2O30yl3l91FWa= uEAUY6TIJwJDKBIFpBwHRPX0vmYb2y1DfYDSfH7a186kvlVL3js4wBU1bqffzqyo0F1GnHbOTOr= oEpCyMMf9Mv7DcIcfsGbw" style=3D"color: #1D5080;" test=3D"">Register now</a>= </b><br><br><b>January-February</b>: Our 2026 Outlook series is coming to L= ondon, Singapore, New York and San Francisco. These events will bring globa= l thought leaders to the stage to discuss private market trends from 2025 a= nd forecasts for the coming year. <b><a href=3D"https://url6380.news.pitchb= ook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWap= gEZHO7eiq-2F9fMORRo3zKWJiIXyhxMWr5qjMV-2FO4CA-3D-3D2hhx_I3w5d9c01gkD8gLzFEo= fZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFWcUc3KrI-2F1b6GQ3vQgqKzv-2= BbiBFbwkCrUZEZjc-2FzJMmt9ny03BCO0-2FSysoocqeqeteYzMB48FSd9uZapLgBEBNkkEVJp1= gVsquiI4e3oJIjNGWlYzv75X5hihJz1Wm9hUS7ZVYHgyrOysEzmtE-2BcXwTctakS72wWH-2FY6= jsespTdAO-2BzHsIzebGJRT0l3Jq50BRyPvW0LU1JfI7DbKH5uybscZDNCxHEJHL6tcm-2BhQfj= AWY6vCe1wOuMbO-2BpVdZSw9VbtsEMn6cuh9kToo3TN8laB9YF308YwdqJ23WfGLbl7ucLoJm4O= RrF7HDK4Iyzn7MNALfMqjmFTaEkfGcN0TYxsC1R1C-2Bt1-2B68cyHcQHlMWRgSpAqfMCQdI3xD= yjzx3H3wuWHWFEAuMYiOxNHXAZWQFwGGreyG-2FsQ6jUvPgvEc2FiLkqUrjOY7ug2rwRr1VjRvH= QFNoKj60jbSHF7MpBG9Bt3ZfH2zfxXUKfenwRHyMIMtQGbpJ4lbWTY26XMal" style=3D"colo= r: #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-2BaqM7ONnvsnswouzWapgEZHO7eiq-2F9fMORRo3zDYGeKlr0VQ9Sko6k-2= FlhBbw-3D-3DqAaU_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUg= FVa0m8PzsFWcUc3KrI-2F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMmt9ny03BCO0-2FSys= oocqeqeteYzMB48FSd9uZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75X5hihJz1Wm9hUS7Z= VYHgyrOysEzmtE-2BcXwTctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJRT0l3Jq50BRyPvW0LU= 1JfI7DbKH5uybscZDNCxHEJHL6tcm-2BhQfg8ZmDIoJhnIRN6akGwwqM2epoHhUAyWPZj1nIruH= nJQoInuiiAkXjQH4S6r464wtIf7Wncd0uh0DdojiMD9vqvqUTicsD-2FyWhGLOcbX8oZjUlXiJm= 6RBIK6rr6M2UmQRM0WsVoWB0oKU-2Bs-2BOr4AVrmX0j55CMWe2bmzKuvUE-2F-2FWWPVF5hT6Q= 887RuAN1uAYp3LTYqRcXwXO8PkaYWCppvwZn-2FbNA182YsGvj5YkiXKvA0GUMqdizTX5BvmERq= kWHgnwrN-2BHmHyKqTKbaJWB1wy" style=3D"color: #1D5080;" test=3D"">Register h= ere</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 Fundraising amon= g US VC firms dropped 35% in 2025, reaching its lowest point since 2019. [<= a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4C= uylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWapgEZHO7eiq-2F9fMORRo3ziz5KDRAMq85NIZCZs= Qfb2w-3D-3D_185_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF= Va0m8PzsFWcUc3KrI-2F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMmt9ny03BCO0-2FSyso= ocqeqeteYzMB48FSd9uZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75X5hihJz1Wm9hUS7ZV= YHgyrOysEzmtE-2BcXwTctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJRT0l3Jq50BRyPvW0LU1= JfI7DbKH5uybscZDNCxHEJHL6tcm-2BhQfgZpez4hezvgvjUQ4seVB1MHrpSyzcfWmkQYE7-2Fb= I4J2bbQVC8bCL07lvaGj5As4rlreAsa9quLVDES-2FgdyT0JD63Zik9LOVDYWLU5ZqsuofBDZAB= yEj5S9-2BnbnRG3qSiNHth4ofJSzdG5yg4OtdlVsg1sZDJjxxvuvbSW6AksmvnY2Hhpl0FUktyG= g0zoJN-2B2dunn3nEiJ34nhlpjiq8U2OKEheDw0sS6A0-2Fvb8Ws1BChJzb72O4tD-2BSgyfEHQ= WdRw-2BlUqc9Y-2Bc3buSVNF408G" style=3D"color: #1D5080;" test=3D"">The New Y= ork Times</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 Venture investor= s poured more than $1.5 billion into defense and aerospace technology withi= n the first three months of 2025. [<a href=3D"https://url6380.news.pitchboo= k.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWapgE= ZHO7eiq-2F9fMORRo3ziz5KDRAMq85NIZCZsQfb2w-3D-3DM9lh_I3w5d9c01gkD8gLzFEofZR-= 2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFWcUc3KrI-2F1b6GQ3vQgqKzv-2BbiB= FbwkCrUZEZjc-2FzJMmt9ny03BCO0-2FSysoocqeqeteYzMB48FSd9uZapLgBEBNkkEVJp1gVsq= uiI4e3oJIjNGWlYzv75X5hihJz1Wm9hUS7ZVYHgyrOysEzmtE-2BcXwTctakS72wWH-2FY6jses= pTdAO-2BzHsIzebGJRT0l3Jq50BRyPvW0LU1JfI7DbKH5uybscZDNCxHEJHL6tcm-2BhQfjPU0W= RnWz8gGIYEQ267nlTnZJ-2BMNrgbxe3FBm4D4v3RNP5LcO2yHRAsZw2DkhXZ7wRrWOK0mVdZV71= 3j5x5Wk1HHdGv7a8JAKO-2Fw52NISFJtwB5Zcn9LKFcm52HvQNGd9Moz2QJlg-2BUGf7Nfr6FWw= DfFmTIZS75b8-2FDNHAHOCqrA-2B3zbncWM-2F1OkWqUWsSFVgAhPUfvg64PAFSEgAXCP2nbnqb= TbVQxxyU46-2BjJspmigEMEy8a3b6hLu4Nlvq2SBCME0FgoZ3SGi1Ijt7h2zrN" style=3D"co= lor: #1D5080;" test=3D"">The New York Times</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 Funds dedicated = to buying second-hand private capital investments had raised $118 billion b= y November 2025. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?up= n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWapgEZHO7eiq-2F9fMORRo= 3zlDfISNwN6kFlya0Xh6SFqg-3D-3DtOn8_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfm= zy-2F3t1yZbcbdWeUgFVa0m8PzsFWcUc3KrI-2F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJ= Mmt9ny03BCO0-2FSysoocqeqeteYzMB48FSd9uZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv= 75X5hihJz1Wm9hUS7ZVYHgyrOysEzmtE-2BcXwTctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJ= RT0l3Jq50BRyPvW0LU1JfI7DbKH5uybscZDNCxHEJHL6tcm-2BhQfidO0Kk3YiTiLPZXE2FkYsv= ImwSWxcrV2SwKtiq90h0WFvyHrJe52MkxALI3YcrnjhocEfj-2Fk9yiQ7j341Uk3RSwkh7ACgbP= HnFg9VNTsaq5zzvnTz9bL-2BZWc06DJhmrYy-2BDl7GsSMHV-2FKJHabOFNWvurj9No0-2F5inD= J5zu4Yq84DAdwQ-2BTknJDbEXOIrWIg7COewl9JCXj-2ByjT3Lt83KcG0-2FaLq3KMJ2hNvd2aw= fxZ-2B-2FliDE9a4mLD6ZvOW9i79DwpA-2FMMLfval-2BuiqSqVG2C7" style=3D"color: #1= D5080;" test=3D"">Financial Times</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 PE firms raised = $407.5 billion collectively last year, falling short of the $611.6 billion = raised in 2024. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWapgEZHO7eiq-2F9fMORRo3= znDMK5uQ9Tc0zZwXrSCAlVg-3D-3D2WEK_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz= y-2F3t1yZbcbdWeUgFVa0m8PzsFWcUc3KrI-2F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJM= mt9ny03BCO0-2FSysoocqeqeteYzMB48FSd9uZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv7= 5X5hihJz1Wm9hUS7ZVYHgyrOysEzmtE-2BcXwTctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJR= T0l3Jq50BRyPvW0LU1JfI7DbKH5uybscZDNCxHEJHL6tcm-2BhQfhOu2EKyJ22oDeBeJwr3Czcm= -2BeOoG9xOU5CCtX8Qg-2F9grQbEnyqWz74Qhbrosr0YUKvTM319WeqsXLAk142r9j6hQcfaFUc= qfiN-2Ftmh55p-2FIiFu9AFdjXTRLgbNOxfYzuEkhYtjmOWcJepWhb1aaVgySGRn3YoXUd3-2FD= 8Mg5Z79Braz79A3SIZwlkDdupwdnoHHk2yKrJBhs5XU7FAO3J8-2FE1Llz3ojGZliCF8d6cPrpV= WN-2Bmi2uh64TLZkbqE-2BJNlKSoMEsouNkez2gRjc58DH" style=3D"color: #1D5080;" t= est=3D"">Bloomberg</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 Global VC invest= ments in climate and clean tech deals have dropped nearly 50% since their h= igh of 2021. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3D= u001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVxdayEpeBnuXgoSUJFKBf9BoII= 3Pkw8rs5ril4MCEOwQ-3D-3DCWQG_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3= t1yZbcbdWeUgFVa0m8PzsFWcUc3KrI-2F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMmt9ny= 03BCO0-2FSysoocqeqeteYzMB48FSd9uZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75X5hi= hJz1Wm9hUS7ZVYHgyrOysEzmtE-2BcXwTctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJRT0l3J= q50BRyPvW0LU1JfI7DbKH5uybscZDNCxHEJHL6tcm-2BhQfjDE6AynYvL5SI6HXyydyEd0uRSe4= MIaUVtI08EpIDR997Kay3woSS6ME4Ec4KR6Xv80aoV8sVeRFyjELLfmZOmfjbxTyAnfeivdtzoF= JIEKspcebZ67iHJnjL0Shwo6prsgCzJnOsYwFVvLlrlsVUdAFRmqhThneRjkmyIFO4FI-2Fcmbn= Bhsllz-2FCZbXMYSj4228aF7Jf5ELRVtXVmc1ciirX9epWi6-2FCGeoNx-2FLAygRdMPg7Xg0yv= x0dGKvmJmkYMjl1jQ-2BLvQNoHeoka-2BNVAu" style=3D"color: #1D5080;" test=3D"">= Axios</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 Almost two-third= s of global VC funding in 2025 went to AI companies. [<a href=3D"https://ur= l6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba= qM7ONnvsnswouzVxdayEpeBnuXgoSUJFKBf9TG0EWdw9ANVM6-2B2YAlPfZA-3D-3DvwKJ_I3w5= d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFWcUc3KrI-2F= 1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMmt9ny03BCO0-2FSysoocqeqeteYzMB48FSd9uZ= apLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75X5hihJz1Wm9hUS7ZVYHgyrOysEzmtE-2BcXwT= ctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJRT0l3Jq50BRyPvW0LU1JfI7DbKH5uybscZDNCxH= EJHL6tcm-2BhQfgBA0SJSCot31832CTXOYEhIjlTBarTCfjjbSEI6QElW1FRRjYle7sQVknirqz= -2Bd3VilLgbCE4jDbLncVM-2Fhtl3tXSsHZe10-2B43JJpp2IXkS0YD-2BLgkvbXIUu7-2F2HBx= FTsoPYJJovvQUgPqOMs6ZOuFUbIAjYq7UcX5yJ0LNWC0yz-2Fkp8brJ3fbTtGGaF2ZawJIRREv5= dwtuUJekREv-2F-2BOUKSvnhyvO1Zuwq-2FPBOzLdWWJJxPC-2FtTv1EBPdBwxB-2FkDb-2FBqh= bB4TnoYA3xswIFPS" style=3D"color: #1D5080;" test=3D"">Reuters</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-= 2BaqM7ONnvsnswouzVxdayEpeBnuXgoSUJFKBf91MEJiT7L8X5tvrUrE4NIFA-3D-3DT557_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFWcUc3KrI-2= F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMmt9ny03BCO0-2FSysoocqeqeteYzMB48FSd9u= ZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75X5hihJz1Wm9hUS7ZVYHgyrOysEzmtE-2BcXw= TctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJRT0l3Jq50BRyPvW0LU1JfI7DbKH5uybscZDNCx= HEJHL6tcm-2BhQfhzw13zht-2B2QSbakaBrc4SSA7oelhF02bTgbE-2Faqyizuwnyq80lnOAw3x= ZYJoVwGOWSThpKoETJ1WsNAe0h8yxgbQUGZqR8j7GL-2B-2FUyAQMjzREgai6ob8HTBgQtuVD5n= hMErxzUlwOZLsj3b2ZGf-2FK3-2Fszwio50AHUl-2B-2FXlJYEAPW4tmKmlcoXVDgYQGNT0l-2B= y4IgBMlSinrch2-2FrSkJxen2nc6BD-2BwTUC0fjl-2FboHE6e4w3RxkzklrAblv23odO4842mP= v-2B1XZmdcdzDQ8hoxK" style=3D"color: #1D5080;" test=3D"" universal=3D"true"= >Q4 2025 Global VC First Look</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-= 2BaqM7ONnvsnswouzVxdayEpeBnuXgoSUJFKBf9Ho4WqTeIMCcuPtJOAp9TGg-3D-3DJEeM_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFWcUc3KrI-2= F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMmt9ny03BCO0-2FSysoocqeqeteYzMB48FSd9u= ZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75X5hihJz1Wm9hUS7ZVYHgyrOysEzmtE-2BcXw= TctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJRT0l3Jq50BRyPvW0LU1JfI7DbKH5uybscZDNCx= HEJHL6tcm-2BhQfj0tRg1VGrHCNST4oMvukfLbe-2BF56warmXT4mdEwaybxku4nPKuK7zwYO9F= lu9kx8SbtfP2gvu0z2HSrMD8Op82uvHrgoCPakEAvGEtAkpCIPo-2BZtkjfuHXEOJ9NR2chHU7a= 3p7YQtPWiXc1YWSIkdCDsybpi7-2FHHsXrK8qcDZQ31xUud4Sd8fckGnNUr3nz6dUuLaWRYdsz4= Rw25JTgVu-2ByRKmmOpL-2F7qsyj99rie-2B97p4x0kQWtUp6n1pYVwhgzYDsyGrEZZZmTQ77mf= dX6AQ" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q2 2025 Pitch= Book Benchmarks</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-= 2BaqM7ONnvsnswouzVxdayEpeBnuXgoSUJFKBf9wPvyOh4PZwjKChTUuLtnsA-3D-3DQFjd_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFWcUc3KrI-2= F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMmt9ny03BCO0-2FSysoocqeqeteYzMB48FSd9u= ZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75X5hihJz1Wm9hUS7ZVYHgyrOysEzmtE-2BcXw= TctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJRT0l3Jq50BRyPvW0LU1JfI7DbKH5uybscZDNCx= HEJHL6tcm-2BhQfgPGTM-2BmNwaCd9T-2FrCtH20HAyXL9gd1xxpYhClVCvqUTZ7u2Yy75dJj4Q= Hmxbpf6i91Y2JJL3STcUVk9p2G-2FYRiTB9wpjenMlGlBt-2FUKMak1PmgZ-2FFpr8aEV3DjMIy= z8tsUZWrqLnuy1x9ezrFWOfSTY1Lmen20k3FJGUuxlquHh98vD7pCA0-2FkX9NfvMKXSINB-2BZ= 7zWFnlNyZyHckz8GeFL4SspGn8EmXlE1eN9FdMUtUx2zOa0ekPjwy4SJbvYwF6wXzSkwzGIe7ZG= ia5WBva" style=3D"color: #1D5080;" test=3D"" universal=3D"true">US Private = Equity Momentum Report</a></b><br><br><b>Thematic research</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-= 2BaqM7ONnvsnswouzVxdayEpeBnuXgoSUJFKBf9ffbq7pq4xI-2BGewUchMLqoQ-3D-3DvR_C_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFWcUc3KrI= -2F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMmt9ny03BCO0-2FSysoocqeqeteYzMB48FSd= 9uZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75X5hihJz1Wm9hUS7ZVYHgyrOysEzmtE-2Bc= XwTctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJRT0l3Jq50BRyPvW0LU1JfI7DbKH5uybscZDN= CxHEJHL6tcm-2BhQfgcFaTwfgSawRWEU0crAFLDGzBV2W8NqRp8KcrE6Oflu2peEdutrN5ICdHn= 7w9xxQJ9Ia9m16c2aK1NDk53tukaHknBqTfcYNJlsdEbZb25nhOVyTWqqhvTwegKv5YgYjnvj1S= jDFPq3PQtNO-2BZmIBEmHkb8rVsjYt-2BLuqdGKcdd02nMzq2WRjfljfo5bszGz3K1y-2BOw7sQ= lXxzfHs69iYBj155hce-2F4fQcZkPIJ92VCuUcSbJOyqyzszsHHFbSs8IU1pqR39M4acqIwic4S= hma" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Analyst Note: E= yes on Venezuela=E2=80=99s Oil Revival </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-= 2BaqM7ONnvsnswouzVxdayEpeBnuXgoSUJFKBf9yrlzKEudcFITeaE0N8rpbQ-3D-3DWiG0_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFWcUc3KrI-2= 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F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMmt9ny03BCO0-2FSysoocqeqeteYzMB48FSd9u= ZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75X5hihJz1Wm9hUS7ZVYHgyrOysEzmtE-2BcXw= TctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJRT0l3Jq50BRyPvW0LU1JfI7DbKH5uybscZDNCx= HEJHL6tcm-2BhQfg-2B-2FgAnvaJyTcLqd0JaMyih2E2bjpD0EDDlqgzish-2B2yR-2FHM6zg1x= pmpDUXMgrJDHNxZN8VzZhGkdIu1lBOiCnXdjIY0GLRuEGpUqRGd-2BKgKB1gJ1Q6DGtRRrBRtMj= RDiu-2BEcV6XGaHLbyPn721c13NRxoXAon0SaeZIQ68firLp81fg5BqjCL4TG-2FHU3CU21Sqj-= 2FQuva4UmGmZimRvdcqGOgXrbcC9Q4RYuUh6J3xqgqHa7KOU-2BTjhEyrFmV2-2FFlXkpxd4cr5= vB3ODgIf2NAfV" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q4 20= 25 Mobility Tech VC First Look</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-= 2BaqM7ONnvsnswouzVxdayEpeBnuXgoSUJFKBf9LxGCme4VzgRiKXyuKd-2BQKQ-3D-3DutQp_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFWcUc3KrI= -2F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMmt9ny03BCO0-2FSysoocqeqeteYzMB48FSd= 9uZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75X5hihJz1Wm9hUS7ZVYHgyrOysEzmtE-2Bc= XwTctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJRT0l3Jq50BRyPvW0LU1JfI7DbKH5uybscZDN= CxHEJHL6tcm-2BhQfhZ2l3R00OlKPhRqWurMZdQACK36e7Ja5L71IGZ5BRJlibrMtrF88CmqTBe= 6oxQ51eRwaF2ZPjLBSBJk-2FtYCzFadd3erz3fDMTo-2BsG0vY1NCM15S8-2BNmy1zd4AqFzcnc= EfYJ6J6kY3dL4c7g2Ngboz-2Ftq258GBSJcDHlrBrUPMZW1jSbUG5HRyU7eTDaV-2Bl7sSAtRzC= ioUbJbFj9AmhVC3Wv1INwiwnmHNxcsH5Gv7Pnsx7qV-2Fv6zDrILYPp5iB2CaYBjPUC-2FM-2By= YxNVrBoMffg" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q4 2025= Agrifood VC First Look</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-= 2BaqM7ONnvsnswouzVf1otcyj-2F4orvNnDxiED1iv3LZbmNcA5h9dhMFA7TNRw-3D-3D2t_2_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFWcUc3KrI= -2F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMmt9ny03BCO0-2FSysoocqeqeteYzMB48FSd= 9uZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75X5hihJz1Wm9hUS7ZVYHgyrOysEzmtE-2Bc= XwTctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJRT0l3Jq50BRyPvW0LU1JfI7DbKH5uybscZDN= CxHEJHL6tcm-2BhQfiR7ZHFoIReVqtrqFh-2BTI2Jip8vcDVjJAgKb2KP5zFIq89N9OmeeAg8cm= pf4HT-2Bb4uZVFNGdkgOyTFaGSI1Oy6udiyVD9BAr2NspU3cutJ8zFxAqNwrmQO0CphuXLsuZ9L= euOAZ-2BqR7nqeAx2LRHgMkX-2Fnb5KsTB0sUAGh5hCja2yaeHysdV831tiuYp8aOl9-2FOhhg-= 2FqiOM1Ga6N1KeRC1ynlCyOqE3b73-2FTnQNspoX2G0fVxQMms46uzoI3dHRce-2Fy343w4iI-2= FJ4Lup79GAVm1" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q4 20= 25 Defense Tech VC First Look</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-= 2BaqM7ONnvsnswouzVf1otcyj-2F4orvNnDxiED1iWiVELL230Y5aFTY-2B9zOFIA-3D-3DXTyl= _I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFWcUc3K= rI-2F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMmt9ny03BCO0-2FSysoocqeqeteYzMB48F= Sd9uZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75X5hihJz1Wm9hUS7ZVYHgyrOysEzmtE-2= BcXwTctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJRT0l3Jq50BRyPvW0LU1JfI7DbKH5uybscZ= DNCxHEJHL6tcm-2BhQfhdGLMIzYuBM2RbzdJCfOF5ASjEf6p6Cxb1JLtq-2BfpLgoF-2B54vURP= wZ-2B5UBXJgviWoagPn-2F9OKYCVPGV90hjwQ7HpEgNtWeCNFkZuL-2FEeJZWn4SniG7W1BIz5I= bHG0YuvJX7ShUdDAIeUTFXiyAKFzVQRsjWscBjxsl81rmOlRbL6Z4Vi9xuxPGpiAAa4SeGwri7W= NbNq-2BMdGahjntpK3J43wzrNVnA8j-2FbKlKdrKsQeER1fsKbwYBgLWQ6CtKtprzAy17iudy-2= BpkbwIgYEgLHo" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q4 20= 25 Food & Beverage Buyout and Corporate M&A Review</a></b><br><br><= b>Credit research</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-= 2BaqM7ONnvsnswouzVf1otcyj-2F4orvNnDxiED1iZKYui5zB8wMC9WJKSOi1Xw-3D-3Dl7E0_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFWcUc3KrI= 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Healthcare Servic= es Public Comp Sheet<br> =E2=80=83=E2=80=A2 AI Technologies in Climat= e Tech<br> =E2=80=83=E2=80=A2 Q4 2025 France Market Sna= pshot<br> =E2=80=83=E2=80=A2 Q4 2025 Enterprise SaaS P= ublic Comp Sheet</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 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line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td> <table lang=3D"x-counts" cellpadding=3D"0" cellspacing=3D= "0" border=3D"0" width=3D"100%" style=3D"background-color: #051C38; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 5px; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-counts-title" cellpadding=3D"0" cell= spacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td align=3D"center" style=3D"font-family: Roboto,= Arial, sans-serif; font-weight: 700; font-size: 14px; line-height: 27px;= color: white; padding-top: 26px; padding-bottom: 37.3px; white-space: nowr= ap;">Since yesterday, the PitchBook Platform added:</td> </tr> <tr> <td> <table lang=3D"x-counts-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%; t= able-layout: fixed;"> <tbody> <tr> <td style=3D"display: inline-block; width: 25%= ; min-width: 25%; text-align: center; flo= at: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 676 </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;"> 2456 </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;"> 939 </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;"> 11 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> Funds </div></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-counts-btn" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"height: 25px; line-height: 25px;"= ></td> </tr> <tr> <td align=3D"center" style=3D"padding-bottom: = 13.3px;"><!--[if mso]> <v:roundrect xmlns:v=3D"urn= :schemas-microsoft-com:vml" xmlns:w=3D"urn= :schemas-microsoft-com:office:word" href=3D"https://pitchbook.com/free-tria= l" style=3D"heigh= t:43px;v-text-anchor:middle;width:148px;" arcsize=3D"50%= " strokecolor=3D= "#F79B3E" fillcolor=3D"#= F79B3E"> <w:anchorlock/> <center style=3D"color:= #000000; font-fami= ly:Roboto, Arial, sans-serif; font-size= :12px;"> Request a free tria= l </center> </v:roundrect> <![endif]--> <a href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzXTkK5SjKE6oEwF-2F7mILLWf28ZK-2FKEEOmurCBjLFCLJhA-3D-3= DEip0_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFW= cUc3KrI-2F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMmt9ny03BCO0-2FSysoocqeqeteYz= MB48FSd9uZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75X5hihJz1Wm9hUS7ZVYHgyrOysEz= mtE-2BcXwTctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJRT0l3Jq50BRyPvW0LU1JfI7DbKH5u= ybscZDNCxHEJHL6tcm-2BhQfg1zSbSNISR4R7JThEjRjGe-2BestFDxNenNv7FCGmTHe5tBCiUY= mDAGZJeQjgtDj-2BUMZJCnI4MyxVAMFidI7TzGtyp2hDZW6nPMeYVJynJqMttTmxvFBXT1L02dI= KfLkaH4WCzttawoNz4I-2FcHQL79txOewO0RjObHLjpmzItw6190cY7NQh4bMnablIz9Z4qQSBE= tkIJ2P054vUHv0gdHGHxS27ZOFvilrF6JRimc8dLjGw8nZY0trqYABJP9VONvNh0UzQ23sw8YaX= -2BeEh5ZWF" target=3D"_blank" style=3D"display: block; font-family: Robo= to, Arial, sans-serif; font-size: 12px; color: #000000; text-decoration: = none; line-height: 24px= ; text-align: cente= r; padding: 9.5px 21= .5px; border-radius: 99= 9px; background-color:= #F79B3E; width: 150px;"> R= equest a free trial </a> </td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;"= ></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td height=3D"20" style=3D"line-height: 20px;"> </td> </tr> </tbody> </table></td>=20 <td class=3D"side-bar" width=3D"140" valign=3D"top" align=3D"r= ight" style=3D"padding-left: 20px;"></td> </tr> </tbody> </table></td> </tr> =20 <tr> <td> <table lang=3D"x-footer" width=3D"100%" cellspacing=3D"0" cellpad= ding=3D"0" border=3D"0" style=3D"min-width: 100%;"> <tbody> <tr> <td width=3D"460" class=3D"container"> <table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" bor= der=3D"0" style=3D"min-width: 100%; padding: 0px 10px 20px 10px;"> <tbody> <tr> <td style=3D"font-family: Roboto, Arial, sans-serif; font-= size: 10px; -webkit-text-size-adjust: none; text-align: center;" align=3D"c= enter"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4= n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXTkK5SjKE6oEwF-2F7mILLWfze96CPh-2= BrrhZsBFpgpw9Mg-3D-3D_J5Y_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFWcUc3KrI-2F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMmt9ny03B= CO0-2FSysoocqeqeteYzMB48FSd9uZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75X5hihJz= 1Wm9hUS7ZVYHgyrOysEzmtE-2BcXwTctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJRT0l3Jq50= BRyPvW0LU1JfI7DbKH5uybscZDNCxHEJHL6tcm-2BhQfj-2BejfWP0NZBxzY7SH-2BHNDnZTueA= TS7TQklkkPoa5JtELGXrx-2FQ4Q2ryx3dX8YM0F8GKWaIODuS9i6SUaqtNPMLc1VS11oWOu7ANm= -2Fscer7HRZ79gIupY6gqgz-2FF7TwFUCmIwojg9Bq8wFfcIRjNPlyMSwskObS-2B4ie6zmRW9c= 8E-2FBim374Aqc09-2FQC1prijKNKaJR5O8AwvhsZFWbQAhl9-2BnOFgCHltt65n0iZt8RF1ts0= t3uHcKL7necU39ulLyD2cLlaxFPRqd2UfSSZaBQD" target=3D"_blank" style=3D"text-d= ecoration: underline; color: #1D5080">About PitchBook</a> | <a href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzXTkK5SjKE6oEwF-2F7mILLWfl-2BO3RQAp-2BVg2qvb3Mw3bhg-= 3D-3Dxdpq_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8P= zsFWcUc3KrI-2F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMmt9ny03BCO0-2FSysoocqeqe= teYzMB48FSd9uZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75X5hihJz1Wm9hUS7ZVYHgyrO= ysEzmtE-2BcXwTctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJRT0l3Jq50BRyPvW0LU1JfI7Db= KH5uybscZDNCxHEJHL6tcm-2BhQfi-2FaFRO4EBAoB6jcQac1KTyDKDsR0IRWnk7KRCUuvEoVQm= b96Zj8yBbBhdqC2mOMiVgtb-2BIDpXdz0JqCQEYvuCtTDS4tMs-2FenbRGx2uMlqQPmRAGqQtYC= RXhhx8mHWgFq3xBafqks-2FwIH06fwQGIK4kc5qW8kZRk1svovxDlhYTbrHyHcM3lxGrqXAWOcQ= fxkFg9wJ6y9REQq8CBidEcqh3Yvfyi7eQkK1s3xZUIqFtKKEf-2FmlWHNcLveATvcLcavjpL48m= Gw3UcbkXC3iIqgcb" target=3D"_blank" style=3D"text-decoration: underline; co= lor: #1D5080" universal=3D"true">Terms of use</a> | <a href=3D"https://url6= 380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM= 7ONnvsnswouzXTkK5SjKE6oEwF-2F7mILLWfy5TQhJDxzaRZz7NHLyIXLg-3D-3DsR99_I3w5d9= c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFWcUc3KrI-2F1b= 6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMmt9ny03BCO0-2FSysoocqeqeteYzMB48FSd9uZap= LgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75X5hihJz1Wm9hUS7ZVYHgyrOysEzmtE-2BcXwTct= akS72wWH-2FY6jsespTdAO-2BzHsIzebGJRT0l3Jq50BRyPvW0LU1JfI7DbKH5uybscZDNCxHEJ= HL6tcm-2BhQfhrjF2-2B3DeIerGZInTzQxYUewsRk3s101oeD2MDBTCYUxaebgXZ-2F1rmgdiNr= QwBH8sULrMOmQnQIwvMda33iZFytqECuSArbWaz00nLLDNk1aeVZLEIrx7mJoMs1lhw7s3VGzXz= jcOIi37KEKYOLmersEDAsM0kHx9WuyvL3I2xCcByBdVh1HVlTTP99WKyxCKxrR6-2BR7W7j1UeB= bDdwC3uUuaVvdvewABPPgr4zqW7FI8q1FQJ5HCWdS6WMMsEveJCibN8HD0PT5bT4Qf-2Fy8qL" = target=3D"_blank" style=3D"text-decoration: underline; color: #1D5080">Adve= rtise with us</a> | <a href=3D"https://url6380.news.pitchbook.com/uni/ls/cl= ick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXTkK5SjKE6oEwF-2= F7mILLWf6QRTLPmTSaSpABF46s2smg-3D-3DitZB_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkx= BRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFWcUc3KrI-2F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZj= c-2FzJMmt9ny03BCO0-2FSysoocqeqeteYzMB48FSd9uZapLgBEBNkkEVJp1gVsquiI4e3oJIjN= GWlYzv75X5hihJz1Wm9hUS7ZVYHgyrOysEzmtE-2BcXwTctakS72wWH-2FY6jsespTdAO-2BzHs= IzebGJRT0l3Jq50BRyPvW0LU1JfI7DbKH5uybscZDNCxHEJHL6tcm-2BhQfg5107n40csI6EK3m= cgh5lHqjVTnNRp-2FU-2FDfL49dVk6iir0SdBM8eLdpmcFNzWBNNP2IlLTaTedcTu4au1eRgIBS= uNTwZRfpNzec5eFPvGNRJMMRalsMrK-2Bj2jYzuDg-2BBojI8dNXeLTGOY1G3u-2FKe3-2FxqSH= K-2BoU87qCQ-2FvpzzsxZPW-2B-2FwyrHTj8-2BIRBDLJ-2Ft-2BI06EXVWyD-2FRwjTsplFXGt= -2BH0mhPVuWwxL4aa15HMUUzrMdJfpobRgDMgUNXlZdOSS2Ed4yH3Zxw-2FLT6DwravEi" targ= et=3D"_blank" style=3D"text-decoration: underline; color: #1D5080" universa= l=3D"true">Contact</a> <table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"= border=3D"0" align=3D"center"> <tbody> <tr> <td style=3D"padding: 15px 0 0;" align=3D"center"> <table cellspacing=3D"0" cellpadding=3D"0" border=3D"= 0"> <tbody> <tr> <td style=3D"padding-right: 10px; font-size: 10px;= ">Follow us:</td> <td style=3D"padding-right: 10px"><a href=3D"https= ://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF= a-2BaqM7ONnvsnswouzXTkK5SjKE6oEwF-2F7mILLWfGuWuGztqe-2BlXKUR-2B9g5fsg-3D-3D= 2SPT_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFWc= Uc3KrI-2F1b6GQ3vQgqKzv-2BbiBFbwkCrUZEZjc-2FzJMmt9ny03BCO0-2FSysoocqeqeteYzM= B48FSd9uZapLgBEBNkkEVJp1gVsquiI4e3oJIjNGWlYzv75X5hihJz1Wm9hUS7ZVYHgyrOysEzm= tE-2BcXwTctakS72wWH-2FY6jsespTdAO-2BzHsIzebGJRT0l3Jq50BRyPvW0LU1JfI7DbKH5uy= bscZDNCxHEJHL6tcm-2BhQfgrLbO22OzZzqhHU50AwEEnUqnxKh0EO3doHlEEoTukl3S33cG0kd= V0EZ4W6mSf7Y-2Bz8pu33E-2BvcUuLm3LPu9kfvRASfhXBKPitUNgAc056MykJA47Qsr-2BtApH= 3bkLI3obDAEb77vvQ9O6zr1fO2O0hn2xfkpwkKWHjHeK5405yirdMiL3n0K6GlNe8r5dPdFW9kX= J11-2Fbc8kB-2FUtwqFYOhRYhntrGfaKDyN7WQjuW1FHzK-2BBpyfFs4MpAfoKaDqTJGSCqn-2B= CU7h20WQ8XbZyOO" target=3D"_blank" style=3D"text-decoration: none"> <img sr= c=3D"https://fonts.pitchbook.com/newsletter/linkedin.png" width=3D"25" heig= ht=3D"25" alt=3D"in" style=3D"border: none; 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