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Date: Sat, 17 Jan 2026 10:13:07 +0000 (UTC)
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Subject: The dawning of a new era in healthcare
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pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRYNhnYAQIiiXMpP0befM4HfV=
JWhLBEQWZIgcmmpxmFzogZKTQ7h1qzRcRR5D2IdZgSD5tTuxsINs3M9tPoUF9H0-2BebUcNkLJQ=
JRaTINpd5vRfei-2F4JozN0Kk6X76mZCei0-2Bc4TdK1wQBbiXt6t-2Fc9ykyAgV19kr1fTbPy6=
-2FgW7JmbM3FyE-2FNE2SxoMA0sS4oDFPokb1kc7Tr7iWDlNbBbQvCZa2tHOSSDRYALSpT4ugiw=
AUAEBiKIOG5Afj2Ke9JU3PSYqDZD0-2F08tXWlos810-2FZsD2uD7-2FBbkOAcy5tXMBFpCFiBz=
Yzrvitan-2FFA7dDO8G35hXoKptl9jbrNB5sl7tU8KlgAM9vvx5RaJzw86aXFIOHDNh5NMiSQdw=
Kcl-2FqbEVuq6fZGQeo5A5ZjQOnduWpqtwR8MHamBPQeo8YuokEVuKaEYCR0O8OyoiWsOGmQ3aA=
tIXWjvIkcgxMB9ZrJAUSFFXgwj9FQsbNKxueHlsjsJEql8vgAaoFmh5zBNeiObINEhn09e5w7FX=
lCESqbRA-3D-3D" 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://ur=
l6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa=
-2BaqM7ONnvsnswouzUjaQGPlBapdx65H610jCQ4tvRyq6mpSQ5cmE93yczJVQ-3D-3D5x38_Pr=
966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRYNhnYAQIi=
iXMpP0befM4HfVJWhLBEQWZIgcmmpxmFzogZKTQ7h1qzRcRR5D2IdZgSD5tTuxsINs3M9tPoUF9=
H0-2BebUcNkLJQJRaTINpd5vRfei-2F4JozN0Kk6X76mZCei0-2Bc4TdK1wQBbiXt6t-2Fc9yky=
AgV19kr1fTbPy6-2FgW7JmbM3FyE-2FNE2SxoMA0sS4oDFPokb1kc7Tr7iWDlNbBbQvCZa2tHOS=
SDRYALSpT4ugj39OFyiACBnaJ7vCJ6iGFcXutCJOmN523EjfSin-2BxsEhOiu6NwHzItUAxKGtH=
9sIpgNyCgdIgM8C7Sci10g39SFEzYnrd1F8REnoNH6teh31HCA6ERXjCgBFH5Agdxf5HhZYWCDp=
MzLB-2FmBsrfdBZA4q-2B-2BMQg7qkXhVTMflAl2GYEASSi5XuUmwYOqEaSCHv8POS-2B-2F60O=
YzOHJ7CCZKiBUIiIotyOYEbknwo4YMqSqPV9tf2jl9JGWOPriRkpGbRZCDiXmlhi9nvxMQ4Vn3t=
y5pyTzcoETEcX4TJn9KD1VVQ-3D-3D" style=3D"color: #1D5080;" test=3D"" univers=
al=3D"true">annual US PE Breakdown</a></b> explores how.<br><br><b>Private =
market returns</b>: Our Private Capital Indexes track returns across active=
, closed-end funds, drawing on data representing more than $4 trillion in n=
et asset value. <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/cli=
ck?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUjaQGPlBapdx65H61=
0jCQ4oHiBhHOcxyUaj8C9ztdobg-3D-3Df328_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0=
YQP-2BHR4BiQVI43kbMcVf8UYA68NVRYNhnYAQIiiXMpP0befM4HfVJWhLBEQWZIgcmmpxmFzog=
ZKTQ7h1qzRcRR5D2IdZgSD5tTuxsINs3M9tPoUF9H0-2BebUcNkLJQJRaTINpd5vRfei-2F4Joz=
N0Kk6X76mZCei0-2Bc4TdK1wQBbiXt6t-2Fc9ykyAgV19kr1fTbPy6-2FgW7JmbM3FyE-2FNE2S=
xoMA0sS4oDFPokb1kc7Tr7iWDlNbBbQvCZa2tHOSSDRYALSpT4ugiGZqfdJz-2BgT4apd3UFyCd=
S62dZ3gdPnU90nh3ls9Gw6VW8vwuKWvcQUJJX5BYToZi2X5LuHk0vvfhCSn7nN5cm6H6nFrXaKi=
NF8wktkC9IMWB1ahFDAlUlWOZezZCt3-2By3UYPvh2ia5Bys-2FIH3U3SYCJFD7-2BHzdxC-2Fg=
x4n2KiOd6cGsxI1i6D9MKEhiFjiCLDl4-2FQR06ZkTu8V8CMyEfSb1CtYmIz7HXJgjz9Wg1km2p=
C57yUh2zOPeG6Iy38-2BXC2GIvz6b5FkScVyWhOqPH8Ddkmrp0Gq2AY567iucFAwlw-3D-3D" s=
tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">View the report</a></=
b><br><br><b>The latest on evergreen funds</b>: For those seeking access to=
 private markets through evergreen funds, there are some questions and cons=
iderations that should be explored before diving in. Our analyst note serve=
s as a guide for due diligence in the space. <b><a href=3D"https://url6380.=
news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM=
7ONnvsnswouzUjaQGPlBapdx65H610jCQ4ROhjspVWNsFVWoteQmP2kA-3D-3DtCXA_Pr966knu=
aHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRYNhnYAQIiiXMpP0=
befM4HfVJWhLBEQWZIgcmmpxmFzogZKTQ7h1qzRcRR5D2IdZgSD5tTuxsINs3M9tPoUF9H0-2Be=
bUcNkLJQJRaTINpd5vRfei-2F4JozN0Kk6X76mZCei0-2Bc4TdK1wQBbiXt6t-2Fc9ykyAgV19k=
r1fTbPy6-2FgW7JmbM3FyE-2FNE2SxoMA0sS4oDFPokb1kc7Tr7iWDlNbBbQvCZa2tHOSSDRYAL=
SpT4ugj5iXp3SK7pUZhPGQq0sO8neH8r7YwQusiaupppcBOq5VsGP1Tmf6DBsb7TTtgLs0lQvSz=
AAGj67HFwAuzjk4kmgzYXY-2BAt3Udlt-2FIzQ8Wr-2Fl19zok6viwc1jgzs3lG9oCrfHbcS3MO=
2bHlP1RhJsUa3dtP8e5YtznpN6uhBJTw8sGHpZFHYRMKI4GAMKCkHIec0zkMqNoIR0JSq3XCvnR=
u3bLDDLj54xozV6n70BiK2qvWL-2FnyzXmsDW0yq0YVMmUXPjdiXInq526zC9hh4cc1-2BGByKY=
1V6XCJzcAZL5Mzhg-3D-3D" 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">&nbsp;</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;">&nbsp;</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&amp;A Outlook=E2=80=
=94400 dealmakers share their expectations for 2026 M&amp;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-2BaqM7ONnvsnswouzUjaQGPlBapdx65H610jCQ4w11NJoj4oq0ydjU=
ql5RLnQ-3D-3DI_CF_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc=
Vf8UYA68NVRYNhnYAQIiiXMpP0befM4HfVJWhLBEQWZIgcmmpxmFzogZKTQ7h1qzRcRR5D2IdZg=
SD5tTuxsINs3M9tPoUF9H0-2BebUcNkLJQJRaTINpd5vRfei-2F4JozN0Kk6X76mZCei0-2Bc4T=
dK1wQBbiXt6t-2Fc9ykyAgV19kr1fTbPy6-2FgW7JmbM3FyE-2FNE2SxoMA0sS4oDFPokb1kc7T=
r7iWDlNbBbQvCZa2tHOSSDRYALSpT4ughOYJlKOSHRS2STbdXVIecIRzVvj3GcV1s-2BmOvmYu-=
2Bnor-2Fe7bZmoNascVViVksuyuCFOiNfI0kjMwasLL-2FH04U7-2B32pifLM6wL6XiRUdTbLQ7=
U5S9vUctWJhzTx02NtL3xBacjId8o2aeJZl-2BPUQk-2F72-2BdHtFuUiUKytmsu-2BtoZmpu-2=
Bs0sYZ491uKuM1rrZAUsDkCySq6-2BNofD964-2B5LKMRsKhLWhm1q0zCgh9szAUARaSLGMXPzb=
ZcD9EN-2FYZBx3oIfxsTo7i1wU-2FNfdMz5eP-2FAhsvNK4bFsYbYwQRxGhPbw-3D-3D"> <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"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table>The strength of the M&amp;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&amp;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&amp;A dealmakin=
g landscape.<br><br><a href=3D"https://url6380.news.pitchbook.com/ls/click?=
upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUjaQGPlBapdx65H610jC=
Q4w11NJoj4oq0ydjUql5RLnQ-3D-3D-CAt_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP=
-2BHR4BiQVI43kbMcVf8UYA68NVRYNhnYAQIiiXMpP0befM4HfVJWhLBEQWZIgcmmpxmFzogZKT=
Q7h1qzRcRR5D2IdZgSD5tTuxsINs3M9tPoUF9H0-2BebUcNkLJQJRaTINpd5vRfei-2F4JozN0K=
k6X76mZCei0-2Bc4TdK1wQBbiXt6t-2Fc9ykyAgV19kr1fTbPy6-2FgW7JmbM3FyE-2FNE2SxoM=
A0sS4oDFPokb1kc7Tr7iWDlNbBbQvCZa2tHOSSDRYALSpT4uggsJTVBx1jBl-2Bb8urPez0aLOh=
P4lFHPQvtrLvM6WYgLx4IOOA-2FNiAxBuPLkvT168e0t03xBniAhfgnQmCYSEDOQYZz4cCJPtzG=
wsjQgrqIBeJBkbhuJsU-2BS7zLcG8F0gxM2mpnMehnhEOhjmTffg5FD-2B8TBzxsm3k3b2X-2Fa=
TuVQqExk-2Ffso-2BsK6l-2ByQUboCExcrw253805RQhRC9id6r9-2F0CUz8YSwPC0TS9cuh7gY=
c0UFEZ-2BLykDGyEPzvA0Vgcxf7FtZZL1x-2BBV0wHlJPsn08ouSFh9Sq6x7eeVxDHYMbEA-3D-=
3D" 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">&nbsp;</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&amp;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=
CQ4Y5w-2FYIGtcDz7oUFvYnsttA-3D-3DXwKu_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0=
YQP-2BHR4BiQVI43kbMcVf8UYA68NVRYNhnYAQIiiXMpP0befM4HfVJWhLBEQWZIgcmmpxmFzog=
ZKTQ7h1qzRcRR5D2IdZgSD5tTuxsINs3M9tPoUF9H0-2BebUcNkLJQJRaTINpd5vRfei-2F4Joz=
N0Kk6X76mZCei0-2Bc4TdK1wQBbiXt6t-2Fc9ykyAgV19kr1fTbPy6-2FgW7JmbM3FyE-2FNE2S=
xoMA0sS4oDFPokb1kc7Tr7iWDlNbBbQvCZa2tHOSSDRYALSpT4uggs-2BxEwLL7-2Fv7Pk-2Fwd=
XS5PfCs-2FfZfo2uugAKyMzAZKjSGKfFZ-2B3IhbKEQAUchTMav10NDb2rj1D34oghGNZ-2BAUD=
CRH1309DmiIMnhAf-2BO7oP5ShawAH8tBk0qh5Mnzo-2FJTNkr9KkMHwDorTgPwevcrBqzn2mJg=
9KtWICw2j5nNOhAmcTcX-2BXLQ3Uwj2YfX3dVifIEB-2BiA48vkRh6XGWfvP8iBAZdwMranXhq3=
C-2BvEhACITc8y8VpxO08ixyFFOPduRIcPR1yFst5h-2FDlmdWT5lv-2Ft1f6p-2Bnt2vmmUmWF=
hzRaQ-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">our ful=
l 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-2BaqM7ONnvsnswouzUjaQGPlBapdx65H610jCQ4LqWQJ=
k3ZbMbKYgSYPSfg4g-3D-3DW7IS_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B=
iQVI43kbMcVf8UYA68NVRYNhnYAQIiiXMpP0befM4HfVJWhLBEQWZIgcmmpxmFzogZKTQ7h1qzR=
cRR5D2IdZgSD5tTuxsINs3M9tPoUF9H0-2BebUcNkLJQJRaTINpd5vRfei-2F4JozN0Kk6X76mZ=
Cei0-2Bc4TdK1wQBbiXt6t-2Fc9ykyAgV19kr1fTbPy6-2FgW7JmbM3FyE-2FNE2SxoMA0sS4oD=
FPokb1kc7Tr7iWDlNbBbQvCZa2tHOSSDRYALSpT4uggRLeSqNkRPGxW1bjKXIglC20o81FKEgje=
YK8ejpi9DYT0f89d43sM5-2F-2BTLh3Z-2F0ju3jB15zyUVCBL5DPGf-2BbQqKL5JTeFaa5qlwr=
vysMMRknVs0NuWLgwPJ2IBm9Cv9JvNKuWlcYCZBP-2BLJJWrnDk-2BOuOjsPfhC-2BMuKWJk0tR=
IsPAnq-2FzJ3UIEKDjAhLxj6RaaFh1iacXdHFWvz0Ijzrhj9Cr7vW1pP8RQNotSJ1EPV18rjX66=
0HEB87BCyfcOVglc6udEiJwrzAGXrIgLELE-2BoJwMp5dpo2ep9YKjasl8lg-3D-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">our new report</a></b> fi=
nds.=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=
aQGPlBapdx65H610jCQ41rOHEiT6cbgqh2BaGXIz3Q-3D-3D91hx_Pr966knuaHmaw6c7pKvB-2=
BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRYNhnYAQIiiXMpP0befM4HfVJWhLBE=
QWZIgcmmpxmFzogZKTQ7h1qzRcRR5D2IdZgSD5tTuxsINs3M9tPoUF9H0-2BebUcNkLJQJRaTIN=
pd5vRfei-2F4JozN0Kk6X76mZCei0-2Bc4TdK1wQBbiXt6t-2Fc9ykyAgV19kr1fTbPy6-2FgW7=
JmbM3FyE-2FNE2SxoMA0sS4oDFPokb1kc7Tr7iWDlNbBbQvCZa2tHOSSDRYALSpT4uggSuZFuDs=
05gXh-2FBnWNOhs8S8UBviWXxZLLiI6mIF6fNcFl5-2Fpt7VjxpT8JUH7J4epKjnuCxiq6aCBnF=
mh06AN5iJg3o54cqUrJm0B8qQC-2FlRDs5pkoV-2BtbvZpFcmaAI3EySdCFGmAwT-2BMSEAZt2Y=
xFAx9D4idF4JRusS0FHKxgEsxvjC8wNOB9Xet2ba-2BkQ14Yd3a0U6Ata4l3xYQpO5dmv5rUY-2=
FBtCfgFGvcgk3aH8vYfpFht-2B5MoVW3wy9MRDUreYceIpl7J1Q0cnq-2BgACrCxel3SVzNSykE=
0XUXHqM60Q-3D-3D" universal=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>
                              &nbsp;
                              </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"=
>&nbsp;</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">&nbsp;</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 &amp; Tech</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</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-2BaqM7ONnvsnswouzUjaQGPlBapdx65H610jCQ485tSXKTl=
Z-2FP6jiNlEr2gqg-3D-3Drjpn_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi=
QVI43kbMcVf8UYA68NVRYNhnYAQIiiXMpP0befM4HfVJWhLBEQWZIgcmmpxmFzogZKTQ7h1qzRc=
RR5D2IdZgSD5tTuxsINs3M9tPoUF9H0-2BebUcNkLJQJRaTINpd5vRfei-2F4JozN0Kk6X76mZC=
ei0-2Bc4TdK1wQBbiXt6t-2Fc9ykyAgV19kr1fTbPy6-2FgW7JmbM3FyE-2FNE2SxoMA0sS4oDF=
Pokb1kc7Tr7iWDlNbBbQvCZa2tHOSSDRYALSpT4uggvqz8-2B44uqyCg6wLvBJRUvyuSySkpFDP=
mQUp5ZG9A9NweYes3dncsVUx-2Fpx8TRjvTjJ1w9EW9arVZjZQWpEk1mB0mMWkO1BAhzbyfl1NG=
e2R1U3f1dmErlkN0AuFlqe0VZkOD9TBuW86mxES2l-2F5tZJPwmoN9pCZta-2BHsfr6lAk1Od6u=
fjquzdaIqpabw8fRHULMEJENFRpHflJOEqQH1uqTv4LNVEDcHfdPdcxFovYAw4Spk4aiaMZpzAr=
Z-2FtUoQ2mPcJYWjtEzo-2FC-2BV-2FV9X97LACSJgUM-2BImUIzJWD1xEQ-3D-3D" style=3D=
"color: #1D5080;" test=3D"" universal=3D"true">Clash of the Titans: Incumbe=
nts versus challengers 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-2F9fMORRo3zGL10P6A=
eb-2FqI-2FJkjhPCacQ-3D-3DeMTW_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR=
4BiQVI43kbMcVf8UYA68NVRYNhnYAQIiiXMpP0befM4HfVJWhLBEQWZIgcmmpxmFzogZKTQ7h1q=
zRcRR5D2IdZgSD5tTuxsINs3M9tPoUF9H0-2BebUcNkLJQJRaTINpd5vRfei-2F4JozN0Kk6X76=
mZCei0-2Bc4TdK1wQBbiXt6t-2Fc9ykyAgV19kr1fTbPy6-2FgW7JmbM3FyE-2FNE2SxoMA0sS4=
oDFPokb1kc7Tr7iWDlNbBbQvCZa2tHOSSDRYALSpT4ugjXSSfxxHDLXXq9rZWfTVPtxcih7-2Bb=
ypAOGwdjpQ8r8-2Fm-2BHbEOk8-2Fsb3IjwCXjjY53n0vWf83UIIRB6j5t-2BzM-2FNkTrY9162=
8RGFgNUOP0lldUKiK1uvCZ7YmfUHloSVvbatN-2BTFFgTEXdRkTDW6ZbKw-2BQpLCdFTH2oTawL=
dpTfw8Yrj62-2BVBHiYq5k9YqAs-2Fd6LUCmixA4qX3ZAGXmOeZFSYbO1o1GbJ46H4TrMchoe8-=
2FkN1ptjTCZGsXDOA3msaft-2BvqD7ICqZ50vlHgMI0xIf-2BahsPT2ao1w3dis6xFQ28A-3D-3=
D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://img.pi=
tchbook.com/news/72257.png" style=3D"border: none; width: 100%; height: aut=
o;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</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-2BaqM7ONnvsnswouzUjaQGPlBapdx65H610jCQ48=
5tSXKTlZ-2FP6jiNlEr2gqg-3D-3DKR63_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-=
2BHR4BiQVI43kbMcVf8UYA68NVRYNhnYAQIiiXMpP0befM4HfVJWhLBEQWZIgcmmpxmFzogZKTQ=
7h1qzRcRR5D2IdZgSD5tTuxsINs3M9tPoUF9H0-2BebUcNkLJQJRaTINpd5vRfei-2F4JozN0Kk=
6X76mZCei0-2Bc4TdK1wQBbiXt6t-2Fc9ykyAgV19kr1fTbPy6-2FgW7JmbM3FyE-2FNE2SxoMA=
0sS4oDFPokb1kc7Tr7iWDlNbBbQvCZa2tHOSSDRYALSpT4ugjVp3NccKInZP5-2BunkIyi9-2Bc=
31P5Vk0FlmR4HY2zCYIW3dbwcS8rawnghVCkJQChz-2BZQGNRrlkUx41uNhkpsQn5reS8HN5D5M=
Vkk-2FsE62lbVuXhL8-2BnPcV7JlbwLa8-2FsQ7t035ZoPj-2BL2W6xTXvwrxn4Jn1WjAIOFMsb=
gGnbgZN2FwKSxiRtlVMy-2F8kBEHP8PQ-2FIGRFbUn8oImOefBzA0ov0xK-2F6YvYVkC9303GI5=
B9uKceb8P93ycCx-2B5zZQENz0rXhfys5DhlxFMzUYWdPEAQ5KeBb200SDAlvSVB0r-2B4-2BQ-=
3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Read the r=
eport</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">&nbsp;</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;">&nbsp;</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-2F9fMORRo3zuHGoHE=
RWCVqXCYvU7zqB9A-3D-3DzQiE_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi=
QVI43kbMcVf8UYA68NVRYNhnYAQIiiXMpP0befM4HfVJWhLBEQWZIgcmmpxmFzogZKTQ7h1qzRc=
RR5D2IdZgSD5tTuxsINs3M9tPoUF9H0-2BebUcNkLJQJRaTINpd5vRfei-2F4JozN0Kk6X76mZC=
ei0-2Bc4TdK1wQBbiXt6t-2Fc9ykyAgV19kr1fTbPy6-2FgW7JmbM3FyE-2FNE2SxoMA0sS4oDF=
Pokb1kc7Tr7iWDlNbBbQvCZa2tHOSSDRYALSpT4ugg-2FvJqZ5u-2Fuj931RTUhsEOtRbvz5tR7=
ID18stN7bZxqnmikhRO96W4HUvN4FHbYWmV-2FvX7-2FWeGoAs5oZ2VHzRysN3MYRduQarfB-2F=
04FBo20dvW4Jdl3ASYTSfgNz-2F8Mb3jR0-2Fx80kwm45iDCUKkCQ1Iq9qY0mxhAvagcLGkQSit=
XuIH3-2FuRvZlBNpZ9iQanE2Bw15tFCV5eRsStia53FCYIzCGqrF0jzgh5m3NWh7juuUp2hOtIs=
OE-2BHSICVCBk1imPQEwDmD1Vx2pJhF-2B0LVJA3pAdiKkDZwhb7PsvQVz0og-3D-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">Allocator Solutions: Does=
 VC Improve Portfolio 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-2F9fMORRo3zy3ZNDvI=
MgpowVI8zA2ihpA-3D-3DoWGF_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVRYNhnYAQIiiXMpP0befM4HfVJWhLBEQWZIgcmmpxmFzogZKTQ7h1qzRcR=
R5D2IdZgSD5tTuxsINs3M9tPoUF9H0-2BebUcNkLJQJRaTINpd5vRfei-2F4JozN0Kk6X76mZCe=
i0-2Bc4TdK1wQBbiXt6t-2Fc9ykyAgV19kr1fTbPy6-2FgW7JmbM3FyE-2FNE2SxoMA0sS4oDFP=
okb1kc7Tr7iWDlNbBbQvCZa2tHOSSDRYALSpT4ugjfjUcLSNVORr9m5miwtZ9rlQtzWvaWKNx8X=
AC844lvdxpfeNS9v7mmOuypYvKELIX09t0XFeydv0CQZL7rBx6Rpd-2FKc47oaEbJJzL0DzRDo1=
J3dgiSheDnM2Q4oot0PZjlEgGMGg4uRTYEdvdNb9nVYkQDcOQiryqSzES9bucTj-2BDu6owaqiM=
lcX7rXVr55f2HFBRmI-2Bn-2FuYUyrlsg-2BUKyBSQ1sCeLxxCMNt4pyesi7svAf1Pq-2Bj7upU=
UyQqjPbj2w6VX5r-2Fq8qE9tuvRHKl9chbym2b9bFLQiPKxLQervwA-3D-3D" universal=3D"=
true"> <img 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"=
>&nbsp;</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-2F9fMORRo3zuHGoHERWCVqXCYvU7zqB9A-3D-3DFHLE_Pr966knuaHmaw6=
c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRYNhnYAQIiiXMpP0befM4H=
fVJWhLBEQWZIgcmmpxmFzogZKTQ7h1qzRcRR5D2IdZgSD5tTuxsINs3M9tPoUF9H0-2BebUcNkL=
JQJRaTINpd5vRfei-2F4JozN0Kk6X76mZCei0-2Bc4TdK1wQBbiXt6t-2Fc9ykyAgV19kr1fTbP=
y6-2FgW7JmbM3FyE-2FNE2SxoMA0sS4oDFPokb1kc7Tr7iWDlNbBbQvCZa2tHOSSDRYALSpT4ug=
hFicj8h98MU6pt9Fix9Bbt22HkI4cdbepdXG0-2FQpzsniTPnjTyb-2F0eiq6gCSFJBsBqS28bH=
Cbw8BFNBeF-2BpgI5nk46sKreMDTnTwxztTG5Mwmb5AHenw8b1Gkb1aNecmdA566CTOVXiyOMve=
M7g9avF0JkdBjtxyLP-2F9wmQc70-2FEdkoMKfAGVvZbZp7C9tV1Re4JNwR8kmqtAK-2BRpDbDY=
50s0nDeRCActWLUyfDavwKcCcCRhVAJm4TW6akK9L-2Bis9827ym8eTuk-2FKkZTZdbCKy2OpPa=
0Q6AFDnlfJczrvOw-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tr=
ue"><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-2F9fMORRo3zSEe67Z=
22BW-2BRabg3adrh9A-3D-3D1n3n_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4=
BiQVI43kbMcVf8UYA68NVRYNhnYAQIiiXMpP0befM4HfVJWhLBEQWZIgcmmpxmFzogZKTQ7h1qz=
RcRR5D2IdZgSD5tTuxsINs3M9tPoUF9H0-2BebUcNkLJQJRaTINpd5vRfei-2F4JozN0Kk6X76m=
ZCei0-2Bc4TdK1wQBbiXt6t-2Fc9ykyAgV19kr1fTbPy6-2FgW7JmbM3FyE-2FNE2SxoMA0sS4o=
DFPokb1kc7Tr7iWDlNbBbQvCZa2tHOSSDRYALSpT4ughMxbLVYUlnuSnm1ZgfxyTiySqgrYUoHn=
-2FmCNxDXxPP4hHxYL1iK3UgFBVKIV4-2Fx6nCfdjodrI9uwWNlhApATdh2A2DC82YURmJJHUYw=
W3-2FDtov1mlxZhAfwxAdCTvTLtXjsfLJmtwqsYWJu9zTuGe-2BC8-2FqA-2BzkE3OS3JMa-2Fg=
Pt0wCm5gXCD7oTmII62BINln4T-2BovBkJH-2BTKiYy2wM4QNOXbzb3X8YswrT-2F4-2FC8Q-2F=
yR-2FHxwEEdZGZI6qutVUux-2BarFiQgRz8WZD3HVg8KOHq5eQ9TmoXJ3LHzvbxlCfMTs5A-3D-=
3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Sink or Swim: In=
terval Funds Liquidity </a></big></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-2F9fMORRo3zSEe67Z22BW-2BRabg=
3adrh9A-3D-3DSXoM_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc=
Vf8UYA68NVRYNhnYAQIiiXMpP0befM4HfVJWhLBEQWZIgcmmpxmFzogZKTQ7h1qzRcRR5D2IdZg=
SD5tTuxsINs3M9tPoUF9H0-2BebUcNkLJQJRaTINpd5vRfei-2F4JozN0Kk6X76mZCei0-2Bc4T=
dK1wQBbiXt6t-2Fc9ykyAgV19kr1fTbPy6-2FgW7JmbM3FyE-2FNE2SxoMA0sS4oDFPokb1kc7T=
r7iWDlNbBbQvCZa2tHOSSDRYALSpT4uggbG1xK02o9Z9K3fnCsxtKzcc8YtSeqrVuVYc5KkFZPV=
sYIOFTpObireiBrGZ8DluGGBJXlvz-2F54I5v9hqiUzKcs4oweT0TAqODg8pm6bYPpqCZ-2FT6O=
h9hy1HpeScg4LEmAE-2B3puyj4JK0I4Z1SH5s8FyjKTOQuLZ1Lh0HSk-2FYqKR4kREeyRsyRN2y=
PAvcCrpXM92Y8p51YPN4C0sN-2FzNr9F8RKGKbVc3LwzOMOZbrzkqiPS1edkFB7Fj6e0OhMWVXR=
WrGf1V53hynm-2BBkO297xIp-2FLfDKokgt36kIA1BvrbA-3D-3D" style=3D"color: #1D50=
80;" test=3D"" universal=3D"true"><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">&nbsp;</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 &amp; Events</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</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-2F9fMORRo3zuH-2B5BcbUkeAB=
cltDb7dfsA-3D-3DdIZO_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43k=
bMcVf8UYA68NVRYNhnYAQIiiXMpP0befM4HfVJWhLBEQWZIgcmmpxmFzogZKTQ7h1qzRcRR5D2I=
dZgSD5tTuxsINs3M9tPoUF9H0-2BebUcNkLJQJRaTINpd5vRfei-2F4JozN0Kk6X76mZCei0-2B=
c4TdK1wQBbiXt6t-2Fc9ykyAgV19kr1fTbPy6-2FgW7JmbM3FyE-2FNE2SxoMA0sS4oDFPokb1k=
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FB19xszsTD2lKA5a3Bgd-2F5tI9c7YKCvqXqsevi-2B6DHq76IW8Aslz4LwO1m8W3D7KNhzgM9H=
Hwxi44tCKSABPy18olNnKspvApvPQPapcbQfrvUlMwXMoOPjF1OnpQw-3D-3D" style=3D"col=
or: #1D5080;" test=3D"">Register now</a></b><br><br><b>January-February</b>=
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iscuss private market trends from 2025 and forecasts for the coming year. <=
b><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73Br=
X4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWapgEZHO7eiq-2F9fMORRo3zYjq-2Bxtc539Iw=
SM1rw2Bb7Q-3D-3Dc1Ke_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43k=
bMcVf8UYA68NVRYNhnYAQIiiXMpP0befM4HfVJWhLBEQWZIgcmmpxmFzogZKTQ7h1qzRcRR5D2I=
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c4TdK1wQBbiXt6t-2Fc9ykyAgV19kr1fTbPy6-2FgW7JmbM3FyE-2FNE2SxoMA0sS4oDFPokb1k=
c7Tr7iWDlNbBbQvCZa2tHOSSDRYALSpT4ught7EuT-2B-2FmEGV86HDeudxAjgiIW5a5qPqPmAo=
0UUD49SgVb5GqPnjLs-2BLYNGiaCf3LjalavaiBqB8jgtOrLqZJrJ8iSEjV9UNU6BTqMIqh16WJ=
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IUTvuFBLvnHOTVuYouEcK5jtKhjfipcwbZoFsWX5PdigpXbJXlXYF65aMrX-2BVIZxBRh7DbN3U=
ntheRQfVR4CTGE1imqHVcKOsXJYGRnKWjOntw1kdPy7f1aI5A-3D-3D" style=3D"color: #1=
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ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWapgEZHO7eiq-2F9fMORRo3zldt6fYkrIIu1JgSJHz=
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UYA68NVRYNhnYAQIiiXMpP0befM4HfVJWhLBEQWZIgcmmpxmFzogZKTQ7h1qzRcRR5D2IdZgSD5=
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WDlNbBbQvCZa2tHOSSDRYALSpT4ugjZ6EYff3OKX7RABj-2BDhbG2i-2Bw-2FsDeNeQ78NNsKwV=
mxmlOFvZfGGe20Ab0I0PKRAjA0wOAHAT0jC49J8FHfIstliZDeX7Z2AWMSs-2BEba72krJkgk04=
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dth: 100%;">
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                          <table border=3D"0" cellpadding=3D"0" cellspacing=
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 ">
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                              <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>
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                              <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-2F9fMORRo3zj56-2FvEOlzVfmbRS=
-2FCMHLEg-3D-3D8Ma7_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb=
McVf8UYA68NVRYNhnYAQIiiXMpP0befM4HfVJWhLBEQWZIgcmmpxmFzogZKTQ7h1qzRcRR5D2Id=
ZgSD5tTuxsINs3M9tPoUF9H0-2BebUcNkLJQJRaTINpd5vRfei-2F4JozN0Kk6X76mZCei0-2Bc=
4TdK1wQBbiXt6t-2Fc9ykyAgV19kr1fTbPy6-2FgW7JmbM3FyE-2FNE2SxoMA0sS4oDFPokb1kc=
7Tr7iWDlNbBbQvCZa2tHOSSDRYALSpT4ugg24yu4YLlWgGal6NURA4yIOlx8nJI5ubg-2FWhFPL=
-2B00qpiKnQFSpeZs6TAiHOH0VAEymffun-2BTaYGw47OZDF7D0TqkQ-2BWTTTN88lTB1alZZLw=
zKIv2Jr3YXUNvjn8FKVCFqEX9Pfe-2B5Yd6j-2BAwk6o3cqFA2POUPdXyi6cGastZufIGyjEojW=
iwGtO-2BEGLrX5lndGb8RQ8yNi3R7rXx8o9hItnGI21MMkqQiL-2B9KU5eSp3KKA1JKdwUCzH7J=
nysF5I3NjKqviBwRaTqovh-2Ft5JEApBIfNTnI6dbty9QL5DiHkg-3D-3D" style=3D"color:=
 #1D5080;" test=3D"">The New York 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-2F9fMORRo3zj56-2FvEOlzVfmbRS-2FCMHLEg-3D-3Dkrae_Pr966knuaHmaw6c7pKv=
B-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRYNhnYAQIiiXMpP0befM4HfVJWh=
LBEQWZIgcmmpxmFzogZKTQ7h1qzRcRR5D2IdZgSD5tTuxsINs3M9tPoUF9H0-2BebUcNkLJQJRa=
TINpd5vRfei-2F4JozN0Kk6X76mZCei0-2Bc4TdK1wQBbiXt6t-2Fc9ykyAgV19kr1fTbPy6-2F=
gW7JmbM3FyE-2FNE2SxoMA0sS4oDFPokb1kc7Tr7iWDlNbBbQvCZa2tHOSSDRYALSpT4ughg7NX=
XlhhuBKzTeDDqZFkokO1rZFRcCloT2GYdpS8L3mLxCCXH0E5Hiyl6aeajvX9gPqZqcFUg-2B0zi=
2Z4PB3jwRjpYUrPjNDpvR6617k-2FieMQMM9UPdaez07WU5-2F0C-2BrC0ojpri3wETTorWvVVR=
Kp-2BG-2ByV-2BCLQ3zZh-2BhTrpMa76q9GHcHEC119uebdGVEVJ5KJga6DGLrJXPrF4Ul5VPrU=
PVuRst5cS5T2jWukNqQgYYDK8ClpPCj5SVIEzh4d-2BVVl6M7wccHMQ8KKaTbnp86tfn05oMg10=
yJ5E45OmuYh8g-3D-3D" style=3D"color: #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=
3zYUSijtIQz6TIeW2Yd03WrQ-3D-3DamB6_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP=
-2BHR4BiQVI43kbMcVf8UYA68NVRYNhnYAQIiiXMpP0befM4HfVJWhLBEQWZIgcmmpxmFzogZKT=
Q7h1qzRcRR5D2IdZgSD5tTuxsINs3M9tPoUF9H0-2BebUcNkLJQJRaTINpd5vRfei-2F4JozN0K=
k6X76mZCei0-2Bc4TdK1wQBbiXt6t-2Fc9ykyAgV19kr1fTbPy6-2FgW7JmbM3FyE-2FNE2SxoM=
A0sS4oDFPokb1kc7Tr7iWDlNbBbQvCZa2tHOSSDRYALSpT4uggbJQ8U0Nn0PvwJNG2CL10OC7np=
CUQf3turv1D4ThaMCaz9lbG1lDtFhaDiRQ4rAA0eEDFRzU2Wzd2FGYd5wHghrGHwe7LswgHoh3H=
qdU9NTwZ-2FFp2NH7kx5s7kqh44kvHqwy5iTqAzGT9GH5wZMiEDqFnbPrq8mZ8hDpZy3BufbfLw=
Y0CUPrTlE37k3T9VzMSMiWf8tcCP5bBSwpLq58OfRS-2Brgxibm0gPq2de-2Fembe9J36ecgNnJ=
5e-2BewL-2FjhYrv6F8u6iL6b3jyaKZK7YZ-2FZDD-2BQuJx5CZ9yKNmY24mIVQ-3D-3D" styl=
e=3D"color: #1D5080;" 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=
zhV-2B5STfL1r4SJohGIT1CuA-3D-3DM2w__Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQ=
P-2BHR4BiQVI43kbMcVf8UYA68NVRYNhnYAQIiiXMpP0befM4HfVJWhLBEQWZIgcmmpxmFzogZK=
TQ7h1qzRcRR5D2IdZgSD5tTuxsINs3M9tPoUF9H0-2BebUcNkLJQJRaTINpd5vRfei-2F4JozN0=
Kk6X76mZCei0-2Bc4TdK1wQBbiXt6t-2Fc9ykyAgV19kr1fTbPy6-2FgW7JmbM3FyE-2FNE2Sxo=
MA0sS4oDFPokb1kc7Tr7iWDlNbBbQvCZa2tHOSSDRYALSpT4ughNkZGgvkUH-2FSdOi1g92pCQ0=
6lFnj5B9FhTYGoKE6R9GuPpWI-2BAOG-2Feit1ndYXDQ-2FF8Gp3ZLEmL1S60SKmM7rmb8OJFR9=
B3ePq3aRiTB40EupzIsBfgvBQCnEyZY0FUiEkGoFr5A3hMe8Iz-2Bwojgln6ET9oSJEsFfQpPKZ=
AOJpy77XSCT0VFqHASvJokq1dnagafuYjV11f88WkNThwZoSaeLXe5tyOklOtiQCDHTlfw59C7E=
bd8pT8bYJ6VSsv5DkcJeJrOtTvw0yf-2FTL-2FmMV2xYK4nGQQfACm2ODNeOt3hQ-3D-3D" sty=
le=3D"color: #1D5080;" test=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-2BaqM7ONnvsnswouzVxdayEpeBnuXgoSUJFKBf90EOi=
NzFt-2FEA-2B-2BJzgZ7iv-2BQ-3D-3Df4pd_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0Y=
QP-2BHR4BiQVI43kbMcVf8UYA68NVRYNhnYAQIiiXMpP0befM4HfVJWhLBEQWZIgcmmpxmFzogZ=
KTQ7h1qzRcRR5D2IdZgSD5tTuxsINs3M9tPoUF9H0-2BebUcNkLJQJRaTINpd5vRfei-2F4JozN=
0Kk6X76mZCei0-2Bc4TdK1wQBbiXt6t-2Fc9ykyAgV19kr1fTbPy6-2FgW7JmbM3FyE-2FNE2Sx=
oMA0sS4oDFPokb1kc7Tr7iWDlNbBbQvCZa2tHOSSDRYALSpT4ugi9xgYeLRrwbG9cCCr9wi-2Fc=
HHwrw9tmbzGaWcVrgJM-2BzV2RmZ7P1xh7fGcPi57EheunHkVwwII8LPbNNkTzQ2U59jn-2FbUQ=
wkUy59sLwPTFilvIGmpD-2BUvB39L-2B8hBRBFijqmqrKvzJEQOXziFPVuEUaDWf8Ud5J-2BauR=
rv2AdK7xcJLliO29s0zyv0hTk2PjCinDmdcmBw-2FbaVrxfUbj7cADEL2cb7nFC4-2FK5FRdMr-=
2Ffyo2lnbnIjVULzv0CpVrt-2FaCosPkIECkPajOfjoawXRuzdgjXoIIUzwBU1yT9-2BySYiA-3=
D-3D" 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=
qM7ONnvsnswouzVxdayEpeBnuXgoSUJFKBf98cZH9JtiB1UTBfxXaTXrvQ-3D-3DIO6E_Pr966k=
nuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRYNhnYAQIiiXMp=
P0befM4HfVJWhLBEQWZIgcmmpxmFzogZKTQ7h1qzRcRR5D2IdZgSD5tTuxsINs3M9tPoUF9H0-2=
BebUcNkLJQJRaTINpd5vRfei-2F4JozN0Kk6X76mZCei0-2Bc4TdK1wQBbiXt6t-2Fc9ykyAgV1=
9kr1fTbPy6-2FgW7JmbM3FyE-2FNE2SxoMA0sS4oDFPokb1kc7Tr7iWDlNbBbQvCZa2tHOSSDRY=
ALSpT4ugiVWvWsSHmuOr10bwomdfDsmBgSU68cYnWB1ZSO8vy-2FErEXoDPmrKnlUbOhf-2FFSY=
tVRlqbmSq36YS23Hb46YpWrTmS03nsP-2BmPOSdUiMuO0GQgR9lDxHIb1XqovNFNPBIaXFgN6wb=
wgY7HRiJpmhX87RLDpZMu5-2BH-2FbLjjng6vLV-2B6j8kaSzy4FsrOSTB2qOt662TzrE4quACC=
eRx0LwDCgbJq8z99Oxr4oWyFXbUtcI0PfaxEPBWEbXvYlAKc-2BngKfjAXbDREuSRQGzxVoWb3O=
4ttETgyA7IvV62mMUT88og-3D-3D" 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>
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                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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                 <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%;">
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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;">&nbsp;</td=
>
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dth: 100%;">
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 Arial, sans-serif; color: #78766F;">
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                          <table border=3D"0" cellpadding=3D"0" cellspacing=
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cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
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                               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=
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ykyAgV19kr1fTbPy6-2FgW7JmbM3FyE-2FNE2SxoMA0sS4oDFPokb1kc7Tr7iWDlNbBbQvCZa2t=
HOSSDRYALSpT4ugi5yMB3PHr7jRLNpAXOZcCSuL7cUMD8jpte-2B-2FG9-2B2mYy9QfqZfUiF6C=
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                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzVxdayEpeBnuXgoSUJFKBf9nYR1PQE1wIVuYfI-2Fr-2F09IA-3D-3D8SP8=
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j3QV1v5pdPCBTtSlBR9u3oiG6CGsOKtdE3l5dSrZ24ABHIgfhUa7208yAPFUsULHKA9GCuDmcc4=
5W7vVa-2F9rkImXQxP6VYEZiG60-2Fih4VmY-2FzkbIzVECPtSinr-2FJgewHOfhp-2Brh8TNAe=
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" universal=3D"true">Analyst Note: Eyes on Venezuela=E2=80=99s Oil Revival =
</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzVxdayEpeBnuXgoSUJFKBf9lg7izX7IkQZ1twUO-2F2B61Q-3D-3DyWFx_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRYNhnYAQI=
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QkbIE4OTuL5x5-2FA22FusuITzpofuqaILJtCNBI-2FPbTzDhEFJX5Qy1oJm4QtOeNa0hqo052n=
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oncentrated Venture Market</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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" universal=3D"true">AI's Impact on Supply Chains</a></b><br><br><b>Industr=
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                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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iiXMpP0befM4HfVJWhLBEQWZIgcmmpxmFzogZKTQ7h1qzRcRR5D2IdZgSD5tTuxsINs3M9tPoUF=
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u9tufZKHtYCmvzZC0TywF3p97n7BxcfiQcI2OKS03llcrYBf4vf73UrxUiKLhbeAiUyqVBOQOXz=
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                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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iiXMpP0befM4HfVJWhLBEQWZIgcmmpxmFzogZKTQ7h1qzRcRR5D2IdZgSD5tTuxsINs3M9tPoUF=
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2FnoJKsO124KdZx71Ex9CUF84EVzPoEOId9-2FO97nKbqMx0MW5b7OsSjXPEXjX9j0XvYZhFlOJ=
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_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRYNhnYA=
QIiiXMpP0befM4HfVJWhLBEQWZIgcmmpxmFzogZKTQ7h1qzRcRR5D2IdZgSD5tTuxsINs3M9tPo=
UF9H0-2BebUcNkLJQJRaTINpd5vRfei-2F4JozN0Kk6X76mZCei0-2Bc4TdK1wQBbiXt6t-2Fc9=
ykyAgV19kr1fTbPy6-2FgW7JmbM3FyE-2FNE2SxoMA0sS4oDFPokb1kc7Tr7iWDlNbBbQvCZa2t=
HOSSDRYALSpT4ughMC3eBRBLXV-2BXy38CZCSXHxUT6imXjiAUPh7saLrOZS5DmqATufWZ5sfya=
5m2k4an3Xdf8ny5PQhAaiNhlZGPWGMPl5mPGA4YHgX6krkpCC-2FmbknFV-2FFpXQ7RWsFZy52I=
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dvu9PulSKRHgHy7D9KHgTRyZiTa9WhdG7kJJKXBh5PcB2LZ9pyutVfyPRbvDj3r-2FWWLE0rHQR=
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iew</a></b><br><br><b>Credit research</b><br><br>
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QIiiXMpP0befM4HfVJWhLBEQWZIgcmmpxmFzogZKTQ7h1qzRcRR5D2IdZgSD5tTuxsINs3M9tPo=
UF9H0-2BebUcNkLJQJRaTINpd5vRfei-2F4JozN0Kk6X76mZCei0-2Bc4TdK1wQBbiXt6t-2Fc9=
ykyAgV19kr1fTbPy6-2FgW7JmbM3FyE-2FNE2SxoMA0sS4oDFPokb1kc7Tr7iWDlNbBbQvCZa2t=
HOSSDRYALSpT4ugjuu8LsRr5Y7XzPPiOMqBlfs5u-2BahaY3T-2FKo-2FbT5pGelPVFm8tZACEP=
iZn5KlkQ3c5gmaYkQskY8-2FWiFlJnLu6xcSurY2S8oIfYdXhRpokYdWidJQUpv0snoDEmfQmp6=
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hJCxlQS3p0IDI6o0lfawJqVxL6xc-2FHfuUE4AlFURrnrqtE6KKts34kFw1bc4leUuhLsIxBJ57=
x1uEIYGjn3A5phGoh9LGE6hvBWvmc7-2FKQ-3D-3D" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true">US Credit Markets Weekly Wrap</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzVf1otcyj-2F4orvNnDxiED1iyohiFLWxhYhygNMoAN-2Bf2A-3D-3DxwEO=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRYNhnYA=
QIiiXMpP0befM4HfVJWhLBEQWZIgcmmpxmFzogZKTQ7h1qzRcRR5D2IdZgSD5tTuxsINs3M9tPo=
UF9H0-2BebUcNkLJQJRaTINpd5vRfei-2F4JozN0Kk6X76mZCei0-2Bc4TdK1wQBbiXt6t-2Fc9=
ykyAgV19kr1fTbPy6-2FgW7JmbM3FyE-2FNE2SxoMA0sS4oDFPokb1kc7Tr7iWDlNbBbQvCZa2t=
HOSSDRYALSpT4ugi81yhmXoFOS-2BQ-2BP3M2O-2Frgdl7BFzXougl8rgupnNkoFzFdOM0R8W5n=
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406ZeWzNfIOAdczC4Y3nqII1e8ILl-2BzS869qsfgeC3-2FbMhZ1kKRVXtPqKDgLBIPzdKkNVXN=
HUYmFEZQZ8pudlLHMhNaye-2BwMz7WgcJWw-3D-3D" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true">US High-Yield Bond Weekly Wrap</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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UF9H0-2BebUcNkLJQJRaTINpd5vRfei-2F4JozN0Kk6X76mZCei0-2Bc4TdK1wQBbiXt6t-2Fc9=
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HOSSDRYALSpT4ughfTeTyCsudwWOJapH9I0oE3KpDGCf9WxezniE5k755owsr30WrrHfi-2Fv2a=
XVMpWFzaEVnafKZdfcV2al-2FQY3xX8jJ7vEUFEwI30cPMINqjC9fUai71gvp1rM-2FuwDxn3xj=
doqOo-2B5nQdEPbHuFhg0HPst6sI8QytW7FS4qOMqgZSrMmiOTWg0wLOgn6sdyNkf3i9XjVPP0e=
nf23fzhO9rOT8lTdJzC1w5ippzWtKGZkO6SBZDORIStj-2B2eJV-2FfXV-2FAO-2F6WKA92VdFe=
lD7J9IMtT5QYPA568LDXgxZsDVrIxKQ-3D-3D" style=3D"color: #1D5080;" test=3D"" =
universal=3D"true">Global CLO Weekly Wrap</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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QIiiXMpP0befM4HfVJWhLBEQWZIgcmmpxmFzogZKTQ7h1qzRcRR5D2IdZgSD5tTuxsINs3M9tPo=
UF9H0-2BebUcNkLJQJRaTINpd5vRfei-2F4JozN0Kk6X76mZCei0-2Bc4TdK1wQBbiXt6t-2Fc9=
ykyAgV19kr1fTbPy6-2FgW7JmbM3FyE-2FNE2SxoMA0sS4oDFPokb1kc7Tr7iWDlNbBbQvCZa2t=
HOSSDRYALSpT4ughZpymrGvauDwPRPHx0sy7mlPW7HoW6HYz1CJZFsCa-2Bu1zRvhXT8JBWCr8S=
Qdq5eChHESPQc7AV-2FK6nZFRLl-2FDxD8jQkCQBCE-2FT3wNAmut5BFgF658xzlGIKemJpRuDf=
Hb71v740h4W-2BwVOvZ7lOsaNNq5MVT9b2hIK4-2FZLXROYs9Obq22QQgzx4zYvd7ODYSOiPsDA=
iK0QoFTOXGx6k2PI7zEsyr3EFlhMXNybqFxMQT-2B1hPKYFx8JtxLY943Ih2zBspK-2Fibt4dSA=
df9y5A-2Bfi2CzG4c04BjKJl7cUp-2BUyfQ-3D-3D" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true">Global Distressed Credit Weekly Wrap</a></b><br>
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t9LA8sgk1RfkcXP4pE3fQaCN1qNmmGHVQ-3D-3D" style=3D"color: #1D5080;" test=3D"=
" universal=3D"true">US Private Credit &amp; Middle Market Weekly Wrap</a><=
/b><br><br><b>Coming next week (subject to change)</b><br><br>
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                              </tr>
                              </tbody>
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ight: 6px; padding: 0; " colspan=3D"2"></td>
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20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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at: left;">
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ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
                              676
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e; font-family: Roboto, Arial, sans-serif;
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                              2456
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e; font-family: Roboto, Arial, sans-serif;
                                                         color: white; font=
-size: 12px; line-height: 24px;
                                                         padding: 2px 8px 0=
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                              People
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                             <td style=3D"display: inline-block; width: 25%=
;
                                                    min-width: 25%; text-al=
ign: center; float: left;">
                              <div class=3D"outlook-caption-override" style=
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                                                    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=
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;
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ign: center; float: left;">
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                              11
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e; font-family: Roboto, Arial, sans-serif;
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