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.desktop-only { display: none !important; mso-hide: all !important; } .container { width: 100% !important; min-width: 280px; } .content { padding: 0 5px; } .walkthrough-image { width: 100% !important; } .performer-title, .performer-content{ font-size: 6px !important; } .header-msg { font-size: 9px !important; } .pre-header { padding: 10px 20px !important; text-align: left !important; } .side-bar { display: none !important; width: 0 !important; max-width: 0 !important; height: 0 !important; max-height: 0 !important; opacity: 0 !important; } .line-breaker { display: block !important; } .responsive-img { width: 100% !important; } } </style> </head> <body style=3D"margin: 0 !important; padding: 0 !important;"> =20 <table lang=3D"x-pre-header" class=3D"pre-header" cellspacing=3D"0" cellp= adding=3D"0" border=3D"0" align=3D"center"> <tbody> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, sans-seri= f; font-size: 14px; color: #78766f; -webkit-text-size-adjust: none;"><span = style=3D"color: #78766f; font-size: 1px; display: none !important;"> Also: = Fintech ins, outs for 2026; Iran Crisis: Energy market risks, PE opportunit= ies; How AI is reshaping climate tech; European market updates... </span></= td> </tr> </tbody> </table>=20 <style> @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 800; src: local('Roboto ExtraBold'), url('https://fonts.pitchbook.com/ne= wsletter/Roboto-ExtraBold.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 400; src: local('Roboto Regular'), url('https://fonts.pitchbook.com/news= letter/Roboto-Regular.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 300; src: local('Roboto Light'), url('https://fonts.pitchbook.com/newsle= tter/Roboto-Light.ttf') format('truetype'); } @font-face { font-family: 'Roboto Serif'; font-style: normal; font-weight: 500; src: local('Roboto Serif Medium'), url('https://fonts.pitchbook.com= 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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 24, 2026 = | <a href=3D"https://url6380.news.pitchbook.co= m/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWectwCKmr= W1TQCfXSnWdB5LAumKfNJ98bpxV2FwbRiSA-3D-3DOxVD_I3w5d9c01gkD8gLzFEofZR-2Bh6Vw= arHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFYJ9F69bpusDje9u9hPODR2eUbUTYVimpIVHl= FEsu9PLRpUvhk76RG9yuN1qNgrGMI24xKXZz-2BEYCRIHRVVuPKjnW-2Ba5n2a7dKZcMVbEAbDS= wXJBjznmJ2Sh3KgVRcNHqSCMYQJjZdBTza9j1mXDeRR1I482xdY5n9wRhqtcPsUM61ploMYi-2F= c6MUBCk1CugTGFQmZMkHxk3A6nL31Y5Tm7jWUV7ogL9A3Hs-2F4W-2FaeECgtaY1oXeg711AD4W= 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500"><span>The Research Pitch</= span></td> </tr> <tr> <td height=3D"38" style=3D"padding: 0; line-height: 38px;">&nb= sp;</td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-content" cellpadding=3D"0" cellspacing=3D"0" bor= der=3D"0" width=3D"100%" style=3D"min-width: 100%!important; width: 100%!im= portant;"> <tbody> <tr> =20 <td class=3D"content" width=3D"460" valign=3D"top" style=3D"ma= x-width: 460px; padding-left:5px; padding-right:5px;"> <table lang=3D"x-main-content" width=3D"100%" cellpadding=3D"= 0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"= > <tbody> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Eur= ope, you're up</b>: European PE recorded a landmark year in 2025, supported= by improving macroeconomic conditions, policy developments and renewed inv= estor confidence. <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/c= lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWectwCKmrW1TQCf= XSnWdB59J-2Bpir8WaLAqWovDDjipag-3D-3DJslK_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHk= 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9wRhqtcPsUM61ploMYi-2Fc6MUBCk1CugTGFQmZMkHxk3A6nL31Y5Tmx2oh78IhiMuZlK7gupy9= AlOZvlfhHfd-2BOyJk5SCGlC7p-2BCe14deg5nrZXRQ-2FzneiwQC85D4MKPsK9xjr3D9DP-2Fr= SfT8fJNy837mgFXCaZ1aEVcnZuyzTVGOLsJvWVuBKPvp633S3ChUGkuumeksOwWYNiEuNW-2Fgc= npi1tVCPYWZWRWlaqir9aCy9iEr17MRaRuGXlbAoQSw2GYxLs56OeXTdehxjwLgtuV0UxZaTQhu= -2BHX4GfQtbf2OFEX5LtdJSlj-2FNBu8bz2WGSPqs3KNx0o-3D" style=3D"color: #1D5080= ;" test=3D"" universal=3D"true">France</a></b>.<br><br><b>Comp sheets</b>: = Our latest guides on public company valuations and financials are now avail= able for <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUXTelOCuKDAkb-2BpRPOMtN= jHKT4JyCB2w1dxXihP1eqEQ-3D-3DnB7E_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz= y-2F3t1yZbcbdWeUgFVa0m8PzsFYJ9F69bpusDje9u9hPODR2eUbUTYVimpIVHlFEsu9PLRpUvh= k76RG9yuN1qNgrGMI24xKXZz-2BEYCRIHRVVuPKjnW-2Ba5n2a7dKZcMVbEAbDSwXJBjznmJ2Sh= 3KgVRcNHqSCMYQJjZdBTza9j1mXDeRR1I482xdY5n9wRhqtcPsUM61ploMYi-2Fc6MUBCk1CugT= 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7StMjLx-2BR8Hco-2BzZwLTbKfFaS23XRiHLDpfMkU2GN3r3ifE3A19eMDf1LT6o3JL3D68mvcF= pW-2Bc5mBVXtZ7rJOjJeBd0lz1yZp6BNrfK5xj80rVu-2FWfkixIfloselJ5Zfy2n8L4ncdTByU= ni6BUP25OQ0A3-2Fnem1l6RrUsQHkUzYAcF0zPu-2Fo-3D" style=3D"color: #1D5080;" t= est=3D"" universal=3D"true">enterprise SaaS</a></b>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_576829" id=3D"n_576829" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> VC rebound varied across marke= ts </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> Venture trends follow similar patterns across= the globe. You won't find many places where AI isn't the focus. Nor will y= ou find many that are generating exits at a higher rate than in 2021.=20 <br> <br> However, the depth of the decline or the rob= ustness of the rebound can vary, sometimes widely, based on the size and de= velopment of the regional venture markets.=20 <br> <br> This is the case between the US market and E= urope. The trends are similar: AI, lack of liquidity, secondaries and low f= undraising. But a comparison of the markets highlights the vast differences= . In the US, deal value surged to $339.6 billion, with 65.4% of it going to= AI. In Europe, =E2=82=AC23.3 billion invested in AI accounted for 35.5% of= the market=E2=80=99s deal value, which only barely surpassed 2024's total. </div> <div> </div> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"float: none; "> <tbody> <tr> <td style=3D"text-align: center;"><strong><a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUXTelOCuKDAkb-2BpRPOMtNj2saNz-2FARWLJM-= 2Bgf27ISrbQ-3D-3DnEBX_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb= dWeUgFVa0m8PzsFYJ9F69bpusDje9u9hPODR2eUbUTYVimpIVHlFEsu9PLRpUvhk76RG9yuN1qN= grGMI24xKXZz-2BEYCRIHRVVuPKjnW-2Ba5n2a7dKZcMVbEAbDSwXJBjznmJ2Sh3KgVRcNHqSCM= YQJjZdBTza9j1mXDeRR1I482xdY5n9wRhqtcPsUM61ploMYi-2Fc6MUBCk1CugTGFQmZMkHxk3A= 6nL31Y5Tm7dUvUjwNs1xzLQaIcBrsBZBXMy-2BhZDs6gL4LOznKZPoKU3Od8IXIQuvedsZqN6jq= s7s4NbVXRVKNp4ZfXDZYvjbWY-2FgcBYVvil-2FFI4zaQlOkdXYLieTcJbKQI5VfulV7TCv3Ud-= 2BofCCezLBfYaYeuWsrbBn5zy-2FRiRAPB0fHg182oMO0AMcDkn6vd2JpIgS3gZxnU-2FCdcVz-= 2F0HXvGCxRbkWcda2AQKhhwP1urO4OHu-2BVbGfU9NLjtl6aIcKOmhu0AcTCVFvCwsudNN3q0JM= c2c-3D" universal=3D"true"><img align=3D"center" alt=3D"" src=3D"https://im= g.pitchbook.com/news/72400.png" style=3D"border: none; width: 100%; height:= auto;"> </a></strong></td> </tr> <tr> <td style=3D"padding-bottom: 8px; font-family= : Roboto, Arial, sans-serif; font-size: 10px; line-height: 27px; color: rgb= (120, 118, 111); font-weight: 300; text-align: center;"><strong>Year-over-y= ear change in VC deal value by region</strong></td> </tr> </tbody> </table> <div> </div> <div> Fundraising between the two regions also high= lights the vast difference in venture resources. Europe's fundraising was t= he lowest in a decade at =E2=82=AC12.0 billion. US VC fundraising also fell= to a decade low, though it hit $66.1 billion.=20 <br> <br> If the answer is liquidity, the US holds an = edge, generating $298 billion in exit value in 2025, compared with Europe's= =E2=82=AC67.8 billion. This could drive further consolidation of venture r= esources into the US.=20 <br> <br> VC is a riskier strategy than most asset cla= sses, so global volatility caused investors to retreat everywhere, which is= why similar trends have emerged. But because it's a riskier strategy, the = reallocation to VC has not been as uniform, as LPs look to derisk their inv= estments as much as possible until economic uncertainty fades.=20 <br> <br> Where we will find resilient venture ecosyst= ems in the next few years will be where LPs feel they can get the best retu= rn, and therefore place their VC allocation.=20 <br> <br> Europe and the US are entrenched markets, bu= t their future growth isn't likely to be even. We explored the trends of ea= ch market in more depth in our <b><a href=3D"https://url6380.news.pitchbook= .com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUX= TelOCuKDAkb-2BpRPOMtNjzklSP-2F6ZuFgaA4N1Q-2F8pZg-3D-3DqO8j_I3w5d9c01gkD8gLz= FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFYJ9F69bpusDje9u9hPODR2e= UbUTYVimpIVHlFEsu9PLRpUvhk76RG9yuN1qNgrGMI24xKXZz-2BEYCRIHRVVuPKjnW-2Ba5n2a= 7dKZcMVbEAbDSwXJBjznmJ2Sh3KgVRcNHqSCMYQJjZdBTza9j1mXDeRR1I482xdY5n9wRhqtcPs= UM61ploMYi-2Fc6MUBCk1CugTGFQmZMkHxk3A6nL31Y5Tm6w1sQAr9TeTcszH9IXX6uwSdLIqGb= I5OQrfkyZAibZQEDMRqF2-2ByqhGUUfgMgrj99XA8xOr3Y8fMtc7BUFFIxl-2BChAEK77i0dwNp= sDnbmzXkdUxaFS7jY3DIDDbrfOMaZZ3tYVMeMEYNCTNthdfjlfEFYnWh-2BhJYVtS6Qp0vRg3-2= FYXiJID1Q-2F9UsS0Mng1TzeXbByhgnermsphiU-2FRq0EDMQiwQSIgyyAZw3GCf3ZZBQoL1tL7= RVARgIsqRKztPxor0hI1YdXaZvboztQQWWP0-3D" style=3D"color: #1D5080;" test=3D"= " universal=3D"true">European Venture Report</a></b> and the <b><a href=3D"= https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzUXTelOCuKDAkb-2BpRPOMtNjgepIHc02PQrZOOiuFsPFsg-= 3D-3DlZOk_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8P= zsFYJ9F69bpusDje9u9hPODR2eUbUTYVimpIVHlFEsu9PLRpUvhk76RG9yuN1qNgrGMI24xKXZz= -2BEYCRIHRVVuPKjnW-2Ba5n2a7dKZcMVbEAbDSwXJBjznmJ2Sh3KgVRcNHqSCMYQJjZdBTza9j= 1mXDeRR1I482xdY5n9wRhqtcPsUM61ploMYi-2Fc6MUBCk1CugTGFQmZMkHxk3A6nL31Y5Tm56X= Ait0dLCjbpYOSj6A20907MnWwR7zuLK-2FZZq4f8KF0MmaQ4NikjFUXidrdcePa9SbFnjwYa7rg= eJv1kic9-2F1oZIQzQHyj-2B10faIDZ4WCJbR9q8iKhA4L-2FoyMETDP9-2BtuqL5-2BdRjWjD6= oFtXeR4VSGjCWj6YkyodnCQmxROvCdvTfaW2qTNXPyGWj59F9SyDaOgyfIPkWtqKQia20yawi7I= TxgBjgX2p4o-2BVlBNag8-2FpwMCdLy-2FTDy50Am71afMuRgm-2FZiezHjDUfI7dsYbhs-3D" = style=3D"color: #1D5080;" test=3D"" universal=3D"true">PitchBook-NVCA Ventu= re Monitor</a></b>, which was sponsored by J.P. Morgan, Dentons and EisnerA= mper. </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/532= 02.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>Best,<br><br><a href=3D"mailto:kyle.s= tanford@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Kyle Stanford, C= AIA</a><br> Director of Research, US Venture</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <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_576812" id=3D"n_576812" 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;"> Fintech ins and outs for 2026 = </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> Almost a full month into 2026, many New Year'= s resolutions are hitting their breaking points. Optimism remains, but only= discipline and sustainable systems determine what really survives.=20 <br> <br> Fintech is in the same boat. Let's review th= e state of the industry so far.=20 <br> <br><i>Out: Growth without quality. In: Earni= ngs visibility and profitability.</i> <br> <br> Most public fintech stocks continue to under= perform as investors apply an earnings-visibility discount, compressing val= uation multiples where growth lacks margin clarity=E2=80=94even as topline = trends hold up. But fintech companies that can pair growth with clearer mar= gin trajectories, repeatable profitability and evidence of operating levera= ge are more than fine. On average, profitable fintech companies trade at 5.= 5x EV/sales compared to 2.8x for unprofitable peers. </div> <div> <br><a href=3D"https://url6380.news.pitchbook= .com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUX= TelOCuKDAkb-2BpRPOMtNja2GLdzMQuMdQG4CzsLxWqQ-3D-3DHsfi_I3w5d9c01gkD8gLzFEof= ZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFYJ9F69bpusDje9u9hPODR2eUbUT= YVimpIVHlFEsu9PLRpUvhk76RG9yuN1qNgrGMI24xKXZz-2BEYCRIHRVVuPKjnW-2Ba5n2a7dKZ= cMVbEAbDSwXJBjznmJ2Sh3KgVRcNHqSCMYQJjZdBTza9j1mXDeRR1I482xdY5n9wRhqtcPsUM61= ploMYi-2Fc6MUBCk1CugTGFQmZMkHxk3A6nL31Y5Tm6-2BJr31VqOVSvFklz9IE4do2LmcfTsrj= n3CbdjeN0zuuubbWM5caPrnOmzdJ7t2Tccxpcz0d0jqRQfssaj3nUUNof2V0emTpn-2Bo8XmqXF= u2Deq9kSfJJL5i9jL0PwzUqqIM6KHkIlGPQKrH6MF7L-2FbTLYnjYx05GomDQxU-2BVPAfDY2Fy= XgBZk74pTkXpEZkv-2BV3ycBZf0EMyv3UbNjAe9-2BD18nOmATjZddUyjm2fyhLRW-2BBczHwKJ= 2BNoxwY-2FFMH-2BCWMB3PBhWJ5aCLwRuSBv1w-3D" universal=3D"true"><img align=3D= "center" alt=3D"" src=3D"https://img.pitchbook.com/news/72383.png" style=3D= "border: none; width: 100%; height: auto;"></a> <br> </div> <div> <i>Out: AI as positioning without proof. In: = Real AI-native fintech. </i> <br> <br> Public markets are discounting AI narratives= that add earnings noise without improving visibility, compressing valuatio= n multiples when AI coincides with margin resets or reinvestment cycles. Me= anwhile, a growing number of core AI startups are raising capital at seed, = Series A and Series B, often earning valuation premiums. AI-enabled fintech= companies made up 45% of US VC deal value in 2025.=20 <br> <br><i>Out: Blockchain speculation. In: Stabl= ecoins and tokenization as real infrastructure. </i> <br> <br> Leaders are both building and buying on-chai= n infrastructure as regulatory clarity improves and institutional adoption = accelerates. The average stablecoin supply ended 2025 at $274 billion, and = the distributed tokenized real-world asset value has reached $20 billion. N= asdaq wants to explore how to support tokenized securities, as does the New= York Stock Exchange.=20 <br> <br><i>Out: Prediction markets for betting. I= n: Prediction markets for real insights. </i> <br> <br> Prediction markets are the real deal, and ev= en Goldman Sachs is exploring the optics. Weekly notional volumes are over = $5 billion, and $4.5 billion of VC deal value came from Kalshi and Polymark= et in 2025. Capital markets are realizing that these platforms can provide = real-time information that is more accurate than polls, forecasts or other = limited datasets.=20 <br> <br><i>Out: Payments only for humans. In: Pay= ments for machines.</i> <br> <br> AI has not yet displaced traditional shoppin= g traffic, but it is beginning to rewire the funnel. As LLM-driven referral= s and conversions gain attention, a race has formed to build the payments i= nfrastructure for autonomous agents. Visa, Mastercard, Stripe and OpenAI ar= e already competing for the winning protocol on agent identity, intent and = autonomous payments. Now in 2026, Google and Shopify are heating up the fie= ld as well.=20 <br> <br> Fintech innovation is clearly off to a hot s= tart this year. Track how it will hold up by getting the full picture from = our latest <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?up= n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUXTelOCuKDAkb-2BpRPOMt= Nj8rmywgg9I4CP-2FgZMJTvXwg-3D-3DlKtE_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFC= fmzy-2F3t1yZbcbdWeUgFVa0m8PzsFYJ9F69bpusDje9u9hPODR2eUbUTYVimpIVHlFEsu9PLRp= Uvhk76RG9yuN1qNgrGMI24xKXZz-2BEYCRIHRVVuPKjnW-2Ba5n2a7dKZcMVbEAbDSwXJBjznmJ= 2Sh3KgVRcNHqSCMYQJjZdBTza9j1mXDeRR1I482xdY5n9wRhqtcPsUM61ploMYi-2Fc6MUBCk1C= ugTGFQmZMkHxk3A6nL31Y5Tm7zsLf13qpNiSgfqsBoXlYwtzTk0Oyl9XN9nYtzc8x52Nupm5t-2= BauD9iJKSHU4sAa7bDQ8bS2HZFQ54-2BtgEs-2FrzVtn6TTiN5yXd3Y3oNVfEy2IztgLFCnB16D= uW2wg-2F1Ni2DfnBy9Ngivst8PbYntJsDy1RBjLgZF66UqEWqjWf03LNOhIYoszMhjdK38JaQHv= R-2BRZWsPd2ivLMsJnWA7AZBkEXR30yOtMOgvs6tSresD6ZJ7bpffnSMnsp-2B8VpAAmL7ebIMn= dLHqA-2BAsOyYt0s-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"= >Fintech: State of the Industry 2026 report</a></b>. </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/515= 47.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>Best,<br><br><a href=3D"mailto:rudy.y= ang@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Rudy Yang</a><br> Senior Analyst, Emerging Technology</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-2BaqM7ONnvsnswouzUXTelOCuKDAkb-2BpRPOMtNj8B0ydi= hzjR8kvN8oa7xN6g-3D-3DFDpK_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1= yZbcbdWeUgFVa0m8PzsFYJ9F69bpusDje9u9hPODR2eUbUTYVimpIVHlFEsu9PLRpUvhk76RG9y= uN1qNgrGMI24xKXZz-2BEYCRIHRVVuPKjnW-2Ba5n2a7dKZcMVbEAbDSwXJBjznmJ2Sh3KgVRcN= HqSCMYQJjZdBTza9j1mXDeRR1I482xdY5n9wRhqtcPsUM61ploMYi-2Fc6MUBCk1CugTGFQmZMk= Hxk3A6nL31Y5TmywlBUz5fJlqxxln1nphZ5fK2MAA-2BFICuSKBm-2BkwLusW5-2Fx4nyWEDw8b= lAFPrSQa9lNxEY0MqoXHf0FBF-2FDyM8UhnVj5KqDkXsvY6NGDV4yZaQ-2BljvhTJm5w-2Fe96q= KRcmG7cQ3pqig-2FGZU2yyoAZTn6Ay8XSmlxk3oI3L1gR-2BV6ofp99N0If42UowXy2erhYHcfi= C-2BJ39-2FeZFouvw7Takd7fAL-2FhP-2FDzF38Dsq5O0H5mKO0dZOtK-2BFTK9K6I7QZ7UMDVz= fgTJdvuJIDAy-2FTMz4I-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"t= rue">The Elevated Oil Stakes of Iranian Stability </a></big></b><br><br> Escalating protests and threats of US interv= ention put 3.3 million barrels per day of Iranian oil at risk, or 3.5% of g= lobal supply.<br><br> A disruption to the Strait of Hormuz, which = borders Iran and accounts for 20% of global oil and LNG transits, further h= eightens the potential global impact.</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-2BaqM7ONnvsnswouzUXTelOCuKDAkb-2BpRPOMtNjm8GG-2B= yQWq6Reb64gtVm-2B9Q-3D-3DupIP_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F= 3t1yZbcbdWeUgFVa0m8PzsFYJ9F69bpusDje9u9hPODR2eUbUTYVimpIVHlFEsu9PLRpUvhk76R= G9yuN1qNgrGMI24xKXZz-2BEYCRIHRVVuPKjnW-2Ba5n2a7dKZcMVbEAbDSwXJBjznmJ2Sh3KgV= RcNHqSCMYQJjZdBTza9j1mXDeRR1I482xdY5n9wRhqtcPsUM61ploMYi-2Fc6MUBCk1CugTGFQm= ZMkHxk3A6nL31Y5Tmw-2B5vCnf2QM6bfWzUsCVj4lSNXPz-2BpDuCop7GO9Bt1eGUafhYHpxdog= FDq5ZzcYGgkEjZpP07fAQCPblIzOggrWTQwKYHC-2BP0XysLA-2BPfWU4PKOwM9iDIuV1gxgrfR= dzyhtW2GArwgOdR1ID-2FzrjtSvKfCf3qhrxAY8FAXW6xUeR-2BcmHuFDYw3vafKAJo-2BRqYLX= owIfkaR9JUOUeR2ut0zkwBHDnQHE2LFP9k3aNUK3OaimBEGXrUWEvaeeziTPbBjJWIC-2BD2lqt= muWmVVHkCiQ-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"h= ttps://img.pitchbook.com/news/72387.png" style=3D"border: 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> This analyst note examines implications, suc= h as why US producers are eyeing Iran over Venezuela, as well as an existin= g Iranian investment blueprint that could guide PE capital into power, petr= ochemicals and gas infrastructure if sanctions are lifted.<br><br><em><a hr= ef=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4C= uylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUXTelOCuKDAkb-2BpRPOMtNj8B0ydihzjR8kvN8oa= 7xN6g-3D-3Dv6JC_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF= Va0m8PzsFYJ9F69bpusDje9u9hPODR2eUbUTYVimpIVHlFEsu9PLRpUvhk76RG9yuN1qNgrGMI2= 4xKXZz-2BEYCRIHRVVuPKjnW-2Ba5n2a7dKZcMVbEAbDSwXJBjznmJ2Sh3KgVRcNHqSCMYQJjZd= BTza9j1mXDeRR1I482xdY5n9wRhqtcPsUM61ploMYi-2Fc6MUBCk1CugTGFQmZMkHxk3A6nL31Y= 5Tm9kI-2FrfEJuv8vqHGcfEj2bX49njf8GCZyyOM8TShux4chb9CZXtw8Hi3P2WEpYYql4XASQ9= 0KQUsWhMux-2FzFZf93LUgi4Bbytw9CnGnQou6rg-2FsNOfDs1KtV-2BJqhv6xwuhFex6OSgN9-= 2FpEuFCyXMt3opsymuMELPVU66XaFfYJnW9IdUTi-2FfKemcW-2FtS-2B8ZbxBPcIEVOqu9PFFQ= zmin5zviwyzVOK2Q-2BdDfOjwRoBhskGmUTX-2Be6iGJuMI-2BCn9ZvBAoIGfqTyjl4sCSbvAyc= oKU-3D" 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>Industry & Tech 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-2BaqM7ONnvsnswouzU4c7LNEf-2BAVSaVAHb406AuHW3jKI= TMQIoAiDJX-2BjjjAA-3D-3DRdBS_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3= t1yZbcbdWeUgFVa0m8PzsFYJ9F69bpusDje9u9hPODR2eUbUTYVimpIVHlFEsu9PLRpUvhk76RG= 9yuN1qNgrGMI24xKXZz-2BEYCRIHRVVuPKjnW-2Ba5n2a7dKZcMVbEAbDSwXJBjznmJ2Sh3KgVR= cNHqSCMYQJjZdBTza9j1mXDeRR1I482xdY5n9wRhqtcPsUM61ploMYi-2Fc6MUBCk1CugTGFQmZ= MkHxk3A6nL31Y5Tm9iDSPUm896TG2yoRkKoAJtjavaiGayCcEMTJUsCh2ua4GevSq8vT2HnKqHp= xIyx1BVK5EHG1lD8BOmKORb4Fv-2B6vlCIwAYoFlNynXgzgU0ytomsO27qfm7keZtbkEFOzxca4= 4CB8rhDH6uZv-2FJ39BJlYOlHp2-2BX6grr5pHK5621RYDvGxWbnEBkP5QbS23OLm-2FrwWhCbL= jeOQD2roeUR-2Bjo3hyfdM2fJdoHlj6-2Fw0gFAq0MX3Ng5esK2LsP-2FyZs-2F8CKMQ1xSneLm= uCHslI-2ByD4-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">AI = in Climate Tech </a></big></b><br><br> AI is reshaping the climate tech landscape, = and investors are taking notice.<br><br> In 2025, venture funding for AI-linked clima= te solutions surged, though mega-deals play a significant role in this. The= se companies are approaching AI in climate tech from two angles: embedding = AI into climate technologies and decarbonizing the infrastructure that powe= rs AI itself.</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-2BaqM7ONnvsnswouzU4c7LNEf-2BAVSaVAHb406AufOEiNZ3= jqQXqFyEHEATY-2Fg-3D-3DspN9_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t= 1yZbcbdWeUgFVa0m8PzsFYJ9F69bpusDje9u9hPODR2eUbUTYVimpIVHlFEsu9PLRpUvhk76RG9= yuN1qNgrGMI24xKXZz-2BEYCRIHRVVuPKjnW-2Ba5n2a7dKZcMVbEAbDSwXJBjznmJ2Sh3KgVRc= NHqSCMYQJjZdBTza9j1mXDeRR1I482xdY5n9wRhqtcPsUM61ploMYi-2Fc6MUBCk1CugTGFQmZM= kHxk3A6nL31Y5Tm4Sob8Or9oYI-2FxEA0n1BVK5r-2BicbWGriMyDGYO709xwKPE3swMLmF2wlZ= 7CVjEcgsldZQtS5enVSSSv8vT3jNY3hmVXtAvykLJ5AxcKzc3dEtTau-2BhEDG0mVMCS2k08W-2= FQM3p-2BX-2BdTab-2FMyIizpt-2Fnkx6btaY-2BAO93yXyGjeKEyi6SADpWTSU7IF2NpW6iT75= 5GoRW7meIuwEXfEe6IT1TeAgvm69QjC0v0NZWtH2sdrIuwzQzTzJKs42nFs6ZLQafNiOPoSyz-2= BLYHoZJyTcMOY-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D= "https://img.pitchbook.com/news/72392.png" style=3D"border: none; width: 10= 0%; 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> From geospatial monitoring and weather analy= tics to low-carbon datacenter design, AI is enabling smarter energy systems= , predictive maintenance, and carbon accounting at scale.<br><br> This convergence of AI and climate tech is c= reating fast-growing opportunities, with investors looking to back solution= s that combine sustainability and digital innovation.<br><br><em><a href=3D= "https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzU4c7LNEf-2BAVSaVAHb406AuHW3jKITMQIoAiDJX-2Bjjj= AA-3D-3DRhac_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0= m8PzsFYJ9F69bpusDje9u9hPODR2eUbUTYVimpIVHlFEsu9PLRpUvhk76RG9yuN1qNgrGMI24xK= XZz-2BEYCRIHRVVuPKjnW-2Ba5n2a7dKZcMVbEAbDSwXJBjznmJ2Sh3KgVRcNHqSCMYQJjZdBTz= a9j1mXDeRR1I482xdY5n9wRhqtcPsUM61ploMYi-2Fc6MUBCk1CugTGFQmZMkHxk3A6nL31Y5Tm= yC-2BLu0v3qmKtFTAckvge1js4cWxBL0048MFz-2Fk86TswvXgkdAaor0-2F7h3asQSADiUgqx-= 2BtRBRg2UDmissPBH3V-2Be0scHC4IiRg5H15VyO3CDJu0TjQk8yAvp25UlJ-2F3uyiTnKDNrUg= sgqMgmcelfsOLVrq3xZUSo9q16LahPT2Xobfp0j3b8OkNr-2FOhHd7vtakKGj-2B5tsNtCahBMS= xVM61jKE8lPpLZmQjSLcMflL7LWgRtOqYWplv7VNGph2fmnU1XgkcvEnrZyBDhcMtRzTQ-3D" s= tyle=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Read the report</b= ></a></em></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Webinars & Events</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Feb= . 12</b>: Join experts from PitchBook, NVCA, J.P. Morgan, Dentons and Eisne= rAmper as they discuss findings from the Q4 2025 PitchBook-NVCA Venture Mon= itor, current VC trends and our market outlook for 2026. <b><a href=3D"http= s://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G= Fa-2BaqM7ONnvsnswouzU4c7LNEf-2BAVSaVAHb406Au-2FlOjcVf74QPrUo4A139mJA-3D-3DO= -DQ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFYJ9= F69bpusDje9u9hPODR2eUbUTYVimpIVHlFEsu9PLRpUvhk76RG9yuN1qNgrGMI24xKXZz-2BEYC= RIHRVVuPKjnW-2Ba5n2a7dKZcMVbEAbDSwXJBjznmJ2Sh3KgVRcNHqSCMYQJjZdBTza9j1mXDeR= R1I482xdY5n9wRhqtcPsUM61ploMYi-2Fc6MUBCk1CugTGFQmZMkHxk3A6nL31Y5Tm1dw72CT1L= WxKDa3O8ynanDlrAUU9jd2ivDqeJMAprTzGsIzshVTTMCt3KuYv19FGeYwFvqY4ksYw82Q0EJYR= EWrN64S6Nnb65v5QGOp-2FlxDj-2FRkn6-2B0ok1lU1eEW2-2BETVs0uBM4vPwsWco-2BQeR9Ne= 23i6pNLka-2Bqeqn1LBg1wG4J3MeracqBXEZOtduCKFk0lVKIM9mhVXsIZCimPAv4B1GjncErf4= A-2F8za1-2F7K1ZEK9yIVMMoQGKh-2Fvve-2Bq1buUYI3kct9kqnkr0eYofvfJ58-3D" style= =3D"color: #1D5080;" test=3D"">Register now</a></b><br><br><b>January-Febru= ary</b>: Our 2026 Outlook series is coming to Singapore, New York and San F= rancisco. These events will bring global thought leaders to the stage to di= scuss private market trends from 2025 and forecasts for the coming year. <b= ><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU4c7LNEf-2BAVSaVAHb406AuQVJ-2FDlod07eOP= 6uMHJKd4g-3D-3D1d--_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW= eUgFVa0m8PzsFYJ9F69bpusDje9u9hPODR2eUbUTYVimpIVHlFEsu9PLRpUvhk76RG9yuN1qNgr= GMI24xKXZz-2BEYCRIHRVVuPKjnW-2Ba5n2a7dKZcMVbEAbDSwXJBjznmJ2Sh3KgVRcNHqSCMYQ= JjZdBTza9j1mXDeRR1I482xdY5n9wRhqtcPsUM61ploMYi-2Fc6MUBCk1CugTGFQmZMkHxk3A6n= L31Y5Tm9arC9YaMBcj5BUYd8WSianVJFwq7gtoD2e76hKXrenh6574a7LP3zTX8Ro7UkVpf-2FS= yyZxRpa2-2FnUBBhom-2BOzSuCFp7IdNjYRH2ZfxAk2OGNn97hSXSVnNUhFveMNLSdQD4m81yTP= Wu9lCUY3r5FGxLDV8LZRSgEtz7Z0ha6YIF2YnDGKR-2BsB8YNGzWf-2F4XT-2BOnw-2B31kICxv= Dgred5qDtGoM-2BRVvXy2g43R-2BP-2FIw2YxabSd8VNk3IitfbZtd61HG-2BBeV1AyXMR22dIj= jCcG9c4-3D" style=3D"color: #1D5080;" test=3D"">Register here</a></b>.<br><= br> Can't join in person? Tune into our 2026 Out= look webinar series. Sessions will focus on US leveraged loan & private= credit, US VC, EMEA private capital, APAC private capital and US PE. <b><a= href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cu= ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU4c7LNEf-2BAVSaVAHb406Au1LRDpR0oOxZXgSRyY1= 5E7A-3D-3DOzII_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFV= a0m8PzsFYJ9F69bpusDje9u9hPODR2eUbUTYVimpIVHlFEsu9PLRpUvhk76RG9yuN1qNgrGMI24= xKXZz-2BEYCRIHRVVuPKjnW-2Ba5n2a7dKZcMVbEAbDSwXJBjznmJ2Sh3KgVRcNHqSCMYQJjZdB= Tza9j1mXDeRR1I482xdY5n9wRhqtcPsUM61ploMYi-2Fc6MUBCk1CugTGFQmZMkHxk3A6nL31Y5= Tm6kfScIEnHAsOsYNKBdsfeoOxTTPyuY8uVCoWYbSf9Y22hfcTj1665NiWbbyEbdjCgdhL1GQN4= ZfFP8-2FweUGgSL14Wq3-2Fnj-2BfN5WciGbQaRfNm9qxvpR3IxdULmyY60VZhW7bB3gKw6F8nr= PAMqWQl2uuyZXqPyehpIoHiF0WZcrnq2q1OLhEPAjDGO-2FUy6ISQjERZzdcVRT2UMy-2FVGDln= 8RAZaLYk7Xv8OTlh31N7XLAsB7EFAqowN2zFct6lAXU5GGHlkT7kinO5CmPoCwgKE-3D" style= =3D"color: #1D5080;" test=3D"">Register here</a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-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 VCs invested mor= e than $628 million in US startups working on rare earth minerals in 2025, = accounting for 90% of all funding globally. [<a href=3D"https://url6380.new= s.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzU4c7LNEf-2BAVSaVAHb406AuiDMlqp-2Fi-2Bhe74JxbbutSJA-3D-3D-dU8_I3w5d9c01= gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFYJ9F69bpusDje9u9= hPODR2eUbUTYVimpIVHlFEsu9PLRpUvhk76RG9yuN1qNgrGMI24xKXZz-2BEYCRIHRVVuPKjnW-= 2Ba5n2a7dKZcMVbEAbDSwXJBjznmJ2Sh3KgVRcNHqSCMYQJjZdBTza9j1mXDeRR1I482xdY5n9w= RhqtcPsUM61ploMYi-2Fc6MUBCk1CugTGFQmZMkHxk3A6nL31Y5Tm8IEj4iVpcHcWeWrIpXIzQX= hukOF1dx80bK-2F8R8vJfV3qTzTP4R6hNZ3uzEY6rB8-2FahJt24yutspB41A-2BGduqdRoLWh-= 2BjIkyw-2BPLJcpwwv5pSPeFqEowygaLt5CiNOt4thzn5J6-2FZ0NdH-2FQxRQcNtx4zMPSLw4q= 5Ix3y6xDgXJVtM-2B84C29ZXTxHVuxM-2FK53Ny5oZWV-2FeKxplxhYsO44JYGQhMG7u-2BfKiz= AE-2F5V5e7bSHcPXS3StOqMFIRpPoVvuIyHT798Vq7ZX-2BOTT-2F0dMs0c-3D" style=3D"co= lor: #1D5080;" test=3D"">Bloomberg</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 Pomelo Care's $1= .7 billion valuation represents a three-fold increase over its previous val= uation from June 2024. [<a href=3D"https://url6380.news.pitchbook.com/ls/cl= ick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU4c7LNEf-2BAVSaV= AHb406AuIOqzQNn7UPpqURynT5THvA-3D-3D5NNj_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkx= BRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFYJ9F69bpusDje9u9hPODR2eUbUTYVimpIVHlFEsu9= PLRpUvhk76RG9yuN1qNgrGMI24xKXZz-2BEYCRIHRVVuPKjnW-2Ba5n2a7dKZcMVbEAbDSwXJBj= znmJ2Sh3KgVRcNHqSCMYQJjZdBTza9j1mXDeRR1I482xdY5n9wRhqtcPsUM61ploMYi-2Fc6MUB= Ck1CugTGFQmZMkHxk3A6nL31Y5Tm6b13grhcoqNTdkPPBSP-2BkhHytUcApHlyp-2FPxncD3cxd= Lds30qWMx-2F-2FKUg6zgY-2F8qyHXnv4fHvKmcEcvcdAQBVaNyjUHzQY-2F-2BpLu-2BAKKnM9= 9Z5d82wfJRu40VIH5th36ctIKQcmbMySKPagw444AG3719lQjuwKBa-2BLWa8MfVlH-2B-2FvzF= S2J1SQOBIFgsit5oGgHHM6MXk-2B7E-2FrsxVtI2wz-2Fg5F0e80ocn-2FSfOpNIEiqAHRxiCrM= MAk1BMGKbDWrE50DheKOfBL5c2GiXoMOhoz0-3D" style=3D"color: #1D5080;" test=3D"= ">Bloomberg</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 "If you look bey= ond AI, dealmaking isn't hitting new highs," said Kyle Stanford, PitchBook = director of US venture research. [<a href=3D"https://url6380.news.pitchbook= .com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU4c7LN= Ef-2BAVSaVAHb406AujzQ4TpycifhsI361C9iJRg-3D-3DIzgc_I3w5d9c01gkD8gLzFEofZR-2= Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFYJ9F69bpusDje9u9hPODR2eUbUTYVim= pIVHlFEsu9PLRpUvhk76RG9yuN1qNgrGMI24xKXZz-2BEYCRIHRVVuPKjnW-2Ba5n2a7dKZcMVb= EAbDSwXJBjznmJ2Sh3KgVRcNHqSCMYQJjZdBTza9j1mXDeRR1I482xdY5n9wRhqtcPsUM61ploM= Yi-2Fc6MUBCk1CugTGFQmZMkHxk3A6nL31Y5Tm5sGnYvZVYAW2MIOUG0Suoa-2BV-2FY-2FrSLe= bfDtk7hxUuS2oDQ30YIptsF-2Bqc0JcYFYquHz9nLNafb9bH2rq6SLh0Zr-2FIHXp0NqWGnwSwA= ZCmjTaBxv-2Bxb-2F-2FCcq11A1HqdFb0fABVIQseT2u3FbvW3Pi5bnsdVIgVZMyfgGYsXtKUia= Zx-2Bk5p3WK6pdP6WxBCqct741XY09tk2WqVjL0QLbwsbpkgfylgm4nZElpnxDobEDbx7A0JA9D= 36R6-2FWJ9PRoCvHqQp93Ihi4Lp0bFw1PGao-3D" style=3D"color: #1D5080;" test=3D"= ">Fortune</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 Startup funding = deals in Latin American in 2025 totaled about $4.6 billion through October,= the slowest pace in nearly seven years, [<a href=3D"https://url6380.news.p= itchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo= uzU4c7LNEf-2BAVSaVAHb406AuIOqzQNn7UPpqURynT5THvA-3D-3D4bDe_I3w5d9c01gkD8gLz= FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFYJ9F69bpusDje9u9hPODR2e= UbUTYVimpIVHlFEsu9PLRpUvhk76RG9yuN1qNgrGMI24xKXZz-2BEYCRIHRVVuPKjnW-2Ba5n2a= 7dKZcMVbEAbDSwXJBjznmJ2Sh3KgVRcNHqSCMYQJjZdBTza9j1mXDeRR1I482xdY5n9wRhqtcPs= UM61ploMYi-2Fc6MUBCk1CugTGFQmZMkHxk3A6nL31Y5Tm3cf7A1wGLqdk0cmVE8dmtOhsiSKBr= -2FZW8km6wv6YogECyDxJFkXt3m85eiB9yBEqPb1DEBHljlc3ywdw0xbro8lU5hnilAMA0Sriz1= 2ZzAuH4oGeQyHPeAofR5mzEjicNAZe1hChcizUpf-2BeXVWIp6RSmILCpq221tRtMRDmVXuzKRG= Xf794XjEqEZ-2F31BRL4w-2BPFNZ-2Bwp2no4OdL2C7gVvoiGZaKuWtmZkRzGFQuwSgJPNy3Ac3= GoNoL-2BYCtFQ0-2BDBmAdjIyzm8oXncgXyXq0-3D" style=3D"color: #1D5080;" test= =3D"">Bloomberg</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 Enterprise SaaS = M&A was up 26.2% quarter-over-quarter between Q2 and Q3 2025. [<a href= =3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzU4c7LNEf-2BAVSaVAHb406Au1BGRrhlNjYaEfteQCuOS6A-= 3D-3Dk_7L_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8P= zsFYJ9F69bpusDje9u9hPODR2eUbUTYVimpIVHlFEsu9PLRpUvhk76RG9yuN1qNgrGMI24xKXZz= -2BEYCRIHRVVuPKjnW-2Ba5n2a7dKZcMVbEAbDSwXJBjznmJ2Sh3KgVRcNHqSCMYQJjZdBTza9j= 1mXDeRR1I482xdY5n9wRhqtcPsUM61ploMYi-2Fc6MUBCk1CugTGFQmZMkHxk3A6nL31Y5Tm33c= CYr4dkfjUsYmiLrNrv2OckuSW6abFHi1DKIgu7Zs4n3SmZvR0OsTk-2B516ROXfv8qaPNiGQWI0= GvRMt2Bdvqj2ADAdvttMSL6z2s48g2C5pldjVT1pQ3c5OnkJ84xjY-2BnxAYg-2FuBcVIhOlFrF= 7Ze-2BQKCGLJDn-2BW5lcrDdXd6jybUf7UH0e1XGj-2BaTqzoUiCPmEwcNPs6XRBYS4xKq-2Bni= Irr5PBDgO6LhP8KG0HGU-2BPz9BV3SgmdC-2FSVHlxQSCpecMnlyFiiP1Bt4l-2Frglh24-3D" = style=3D"color: #1D5080;" test=3D"">TechCrunch</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 VC deals in defe= nse tech jumped to a record $49.1 billion last year from $27.2 billion a ye= ar earlier. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du= 001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU4c7LNEf-2BAVSaVAHb406AuiwU= zFtohTYrIdulk0FDzkA-3D-3DqPyA_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F= 3t1yZbcbdWeUgFVa0m8PzsFYJ9F69bpusDje9u9hPODR2eUbUTYVimpIVHlFEsu9PLRpUvhk76R= G9yuN1qNgrGMI24xKXZz-2BEYCRIHRVVuPKjnW-2Ba5n2a7dKZcMVbEAbDSwXJBjznmJ2Sh3KgV= RcNHqSCMYQJjZdBTza9j1mXDeRR1I482xdY5n9wRhqtcPsUM61ploMYi-2Fc6MUBCk1CugTGFQm= ZMkHxk3A6nL31Y5TmwoyynfLLg2hHlbbMkyg8xR9Q9-2BpATRzB-2BYG8lzE9l-2B1MooOSukre= 0RkAwjfXTQmpMN1xJGYRjMIWTzYsSQDH3iJfLDsK-2B4mVv3i8CBTS5-2FyU4FUIuNBMnj33kRZ= kMLY9Gg8FdXaf-2BfWRFtvmiEbr6GcsAD-2F1iVTQwa00W3JkWJpoWxp8lMHbS7cjSYtV8nusGA= -2Fwaky3U6KBbqDsR3mnSFvfA6M9IN5myPe9iBdMfoxaxvyij9Fbx-2FhV8LOsjBzfZ-2BP21er= N7yVMXW2s5S-2BZus-3D" style=3D"color: #1D5080;" test=3D"">Defense News</a>]= <br><br> =E2=80=83=E2=80=83=E2=80=A2 In the US, the 1= 0 biggest funds drew 46% of all PE capital raised last year. [<a href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzWLXbOjYb8aeIZu1bJzasjDf9CkgzjuSn60BrmniCRaBQ-3D-3DQLs= Q_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFYJ9F6= 9bpusDje9u9hPODR2eUbUTYVimpIVHlFEsu9PLRpUvhk76RG9yuN1qNgrGMI24xKXZz-2BEYCRI= HRVVuPKjnW-2Ba5n2a7dKZcMVbEAbDSwXJBjznmJ2Sh3KgVRcNHqSCMYQJjZdBTza9j1mXDeRR1= I482xdY5n9wRhqtcPsUM61ploMYi-2Fc6MUBCk1CugTGFQmZMkHxk3A6nL31Y5TmzGqGgonGsxU= cWXVX-2BH-2FLWU4u6FUQ8UuLbWZmd08w9nipYK2MQJKEPGmQyhYIsflm5lOpXGyRW1YWGrR9IZ= Q5qgXTLVRbkCqG2EpVV1mY6RgZ-2Bo4t1oRED6oCHPHsIczUr0od1fBkUt7Si4RM7JcDIlducHQ= hZnI0DgGu7VfW3zUdjKB4Vs8Ko4lFYZfpC7zBPhVUgnXaqNXFzbpk-2BPZc6cl7Q36yBwLzQy-2= BCS6dedXsxuBJvGtoDZVqfxLrBZYEmBpmfxtQNLIj3Pu3hjugzlU-3D" style=3D"color: #1= D5080;" 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-= 2BaqM7ONnvsnswouzUXTelOCuKDAkb-2BpRPOMtNjgepIHc02PQrZOOiuFsPFsg-3D-3DMIGQ_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFYJ9F69bp= usDje9u9hPODR2eUbUTYVimpIVHlFEsu9PLRpUvhk76RG9yuN1qNgrGMI24xKXZz-2BEYCRIHRV= VuPKjnW-2Ba5n2a7dKZcMVbEAbDSwXJBjznmJ2Sh3KgVRcNHqSCMYQJjZdBTza9j1mXDeRR1I48= 2xdY5n9wRhqtcPsUM61ploMYi-2Fc6MUBCk1CugTGFQmZMkHxk3A6nL31Y5TmxZk-2FSn-2FDVQ= UCRVMLJHZqOe-2FXQPy44QXDWD-2FNCO2hLfBJY5eyItK6vAa3FYNmF926Ov7yJsqDTWEnoQM6F= TTGosiP3LYTsYf9VWORpwTfp9cKj9niFxCAd96k493RoD3QGvi6bAfK0dQS6ou6eFlwO0xBYqh2= sm3heSMYuwAer-2Bm1KYFT-2Bu3LKQa8P151EGQISvQbI3pRbDCyRYwC8gLrCP-2FXFHmmtH-2B= 91pbZcsZnHwjZnHszVcXl90Um3Z8KfHuVRYjyQ4oaNL7l9761uZ7o3I-3D" style=3D"color:= #1D5080;" test=3D"" universal=3D"true">Q4 2025 PitchBook-NVCA Venture Moni= tor</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-= 2BaqM7ONnvsnswouzWLXbOjYb8aeIZu1bJzasjDPBNEqFhunoEiQgaaT9Nvmw-3D-3Dr0tb_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFYJ9F69bpus= Dje9u9hPODR2eUbUTYVimpIVHlFEsu9PLRpUvhk76RG9yuN1qNgrGMI24xKXZz-2BEYCRIHRVVu= PKjnW-2Ba5n2a7dKZcMVbEAbDSwXJBjznmJ2Sh3KgVRcNHqSCMYQJjZdBTza9j1mXDeRR1I482x= dY5n9wRhqtcPsUM61ploMYi-2Fc6MUBCk1CugTGFQmZMkHxk3A6nL31Y5TmzpFuYZx4lAh2UygZ= 4p40DtwntgDrxAaQFVJq2PpCh3QYMOkg-2BsJpDxuPQtr9QysMHrhiE9mmzE-2FlY2xlJLQym1y= nFjQwMsOJr3jy1TFt78FpxKwYOUXhFM7BINVRdEr3Ube8gI2LKX8ngyn0T60b6GBh6dQRWfnZZ0= zsCF4qr47DuMAGVy4SunuXzp1YJqKwyhk3MoAfyGMPyoWD5EdTP-2FPxFQ02EysOSzyJpFYbBUu= iURbZN0klvYjrQoHzFfqDgNcmH7rbIidpcuSgeZPspg-3D" style=3D"color: #1D5080;" t= est=3D"" universal=3D"true">2025 Annual US PE Breakdown</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-= 2BaqM7ONnvsnswouzWLXbOjYb8aeIZu1bJzasjDBz3IMwq92WcptpIxqxQOdw-3D-3DkOqs_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFYJ9F69bpus= Dje9u9hPODR2eUbUTYVimpIVHlFEsu9PLRpUvhk76RG9yuN1qNgrGMI24xKXZz-2BEYCRIHRVVu= PKjnW-2Ba5n2a7dKZcMVbEAbDSwXJBjznmJ2Sh3KgVRcNHqSCMYQJjZdBTza9j1mXDeRR1I482x= dY5n9wRhqtcPsUM61ploMYi-2Fc6MUBCk1CugTGFQmZMkHxk3A6nL31Y5Tm-2BPV68x4DP9RZ8w= d158qUBK7aZZ9G4wqpwXPNLO3q8HKemWd6qB1pVJqiEu0qYssvF8mvUxztd0-2BmI10HUA3TWsT= uPIuoEqs37Fo1AGfUR3pmMloUq41SNncC-2FwByaGKz8QVPe0JmypcQoCUqsjXBQlkJtmt7dyYW= YqyOE33TKqbWircqEVawX5pRFeGt24bedw0L8UCpRnamP0Coioxj5hpG4FRfLVQGCZgPTtJHaCr= x4N3Cm7-2FeRHIKmeLVh14lLa5iYrLH-2FYBFCZRf-2FledC0-3D" style=3D"color: #1D50= 80;" test=3D"" universal=3D"true">Q3 2025 Private Capital Indexes</a></b><b= r> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzWLXbOjYb8aeIZu1bJzasjDnQIiQ-2BUi3t1yCBijkYxF1A-3D-3D_O3Y_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFYJ9F69bp= usDje9u9hPODR2eUbUTYVimpIVHlFEsu9PLRpUvhk76RG9yuN1qNgrGMI24xKXZz-2BEYCRIHRV= VuPKjnW-2Ba5n2a7dKZcMVbEAbDSwXJBjznmJ2Sh3KgVRcNHqSCMYQJjZdBTza9j1mXDeRR1I48= 2xdY5n9wRhqtcPsUM61ploMYi-2Fc6MUBCk1CugTGFQmZMkHxk3A6nL31Y5Tm1hpL-2FyHcHW6K= -2FA9PFbjsgGTgiMSGNjdisph2nRt3DVE1l06-2FdindXxsIUaUCxgxBh8sLM4mOs847unfreg5= pCr4KVU-2Fl1V108vTkLMFOd66B2Wur1-2BzumlIWfMQM1Yw71b-2FCUm15IhbZqO82F67-2BU6= Cus8ehCvT-2FwB6Wrn1ExJjrIEu7Bx2kSb9-2BQYBqIaLhncwl41XNliMPAG84mG-2BzbqcS5lY= aKV2kO2n3K56zWjRukpbNnN09f2AZYwaSKNHldNfnzV2fmROKxPdw-2FdHv9A-3D" style=3D"= color: #1D5080;" test=3D"" universal=3D"true">Takeaways From the J.P. 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6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzWLXbOjYb8aeIZu1bJzasjD-2F-2FmuJSKjKhoQ8EI45ePWIQ-3D-3DFgV5= _I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFYJ9F69= bpusDje9u9hPODR2eUbUTYVimpIVHlFEsu9PLRpUvhk76RG9yuN1qNgrGMI24xKXZz-2BEYCRIH= RVVuPKjnW-2Ba5n2a7dKZcMVbEAbDSwXJBjznmJ2Sh3KgVRcNHqSCMYQJjZdBTza9j1mXDeRR1I= 482xdY5n9wRhqtcPsUM61ploMYi-2Fc6MUBCk1CugTGFQmZMkHxk3A6nL31Y5Tm2C-2BJoHn1q7= YxSw8CLKxlSKsHcpIrFLxw9dtf7on0kXqYl0tjlPlctEJ73vepa5F-2BzbH12vlp3ufGQAQn3X0= YSus6SXwP72nCK21fd148j6o-2FlBSTlYfXJry0AbKT-2BEKHlyaFAKKzlU5bfD-2Byak8oq6e2= oJ37-2ByG7H-2BxIvo6Z0Pl9mEa9b0fSPZ5JAq1ukYlQgsB-2F2n1YI2C2vWtqzrfDoaOz-2BjG= PWop1eUq1cgsAXe-2BG4WWoupR7y2uxefC4OlD3USqFbp6Ai1ydYid8YJx1Oc-3D" style=3D"= color: #1D5080;" test=3D"" universal=3D"true">Clash of the Titans: Incumben= ts versus challengers in the age of agentic AI</a></b><br><br><b>Credit res= earch</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-= 2BaqM7ONnvsnswouzWLXbOjYb8aeIZu1bJzasjDrM9o9XApwY47If0MZaJkwQ-3D-3DUAyC_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFYJ9F69bpus= Dje9u9hPODR2eUbUTYVimpIVHlFEsu9PLRpUvhk76RG9yuN1qNgrGMI24xKXZz-2BEYCRIHRVVu= PKjnW-2Ba5n2a7dKZcMVbEAbDSwXJBjznmJ2Sh3KgVRcNHqSCMYQJjZdBTza9j1mXDeRR1I482x= dY5n9wRhqtcPsUM61ploMYi-2Fc6MUBCk1CugTGFQmZMkHxk3A6nL31Y5Tm3bAcSVv35ELZ-2FW= Hvi2kkAx0OZx9V1MdhVfm6UOkl2auXd5u-2F-2BPBsO7Giz4weyTs2J1wAjy-2FbqtRg4Km77OR= TRh3f7u50ScRr-2Ff5Jp-2BOWHfH3xWmhCBcyHW6HUhsZc6mghzaxzfn95J97qRApaIJFt6KU1K= 5pvVq8QF-2FdWxiRtRZbDuZHszK-2FwiJvTDZwchQRlgbxZLMfQTEBdJCJq-2Bmt2-2FdWb-2FI= lXST0yBlXCf88cPhw3pWgIm697sLDidmMPD7YzT2aDIjgmDwRh18bgCPAy4-3D" style=3D"co= lor: #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= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 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" 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;"> 619 </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;"> 1594 </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;"> 663 </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;"> 30 </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-2BaqM7ONnvsnswouzXVeDMEvD6eUgFPnGTkBcOqlqRsar2R9nyXCyvrop8-2FCA-3D-3DD= zPL_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFYJ9= F69bpusDje9u9hPODR2eUbUTYVimpIVHlFEsu9PLRpUvhk76RG9yuN1qNgrGMI24xKXZz-2BEYC= RIHRVVuPKjnW-2Ba5n2a7dKZcMVbEAbDSwXJBjznmJ2Sh3KgVRcNHqSCMYQJjZdBTza9j1mXDeR= R1I482xdY5n9wRhqtcPsUM61ploMYi-2Fc6MUBCk1CugTGFQmZMkHxk3A6nL31Y5Tm6ng2W0uA1= K6Yey9-2BXK5dkDC53y98hxTpj4jFV8U8OjYtY3cG4OOLWOv0u-2FHN3OzG8UL1ohiX-2FUgJws= ON-2BG1tGmuiY5q7HH3IHaobI89cGY3Y4PVAKfEwxx63Lu0ldhanmFCA59Rr9oPz3um06yZypQM= ekhp1gK6P-2FdnujzP0kMXce-2Fd7fK7irHUrtzdbQ6uSk4Y1mAUcQZQ-2FBjzk5Noj0lMpmru4= PIbVB7ainXXRli4clOBf5L4zgc5sb1-2FWlMo7FMOjokSYxpctNUxd8J046M-3D" target=3D"= _blank" style=3D"display: block; font-family: Robo= to, Arial, sans-serif; font-size: 12px; color: #000000; text-decoration: = none; line-height: 24px= ; text-align: cente= r; padding: 9.5px 21= .5px; border-radius: 99= 9px; background-color:= #F79B3E; width: 150px;"> R= equest a free trial </a> </td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;"= ></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td height=3D"20" style=3D"line-height: 20px;"> </td> </tr> </tbody> </table></td>=20 <td class=3D"side-bar" width=3D"140" valign=3D"top" align=3D"r= ight" style=3D"padding-left: 20px;"></td> </tr> </tbody> </table></td> </tr> =20 <tr> <td> <table lang=3D"x-footer" width=3D"100%" cellspacing=3D"0" cellpad= ding=3D"0" border=3D"0" style=3D"min-width: 100%;"> <tbody> <tr> <td width=3D"460" class=3D"container"> <table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" bor= der=3D"0" style=3D"min-width: 100%; padding: 0px 10px 20px 10px;"> <tbody> <tr> <td style=3D"font-family: Roboto, Arial, sans-serif; font-= size: 10px; -webkit-text-size-adjust: none; text-align: center;" align=3D"c= enter"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4= n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXRK2zhSWyfSW8dWvGcBSoa9eH4ECIloTD= 1Hf85z-2BE43A-3D-3D8eLb_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb= cbdWeUgFVa0m8PzsFYJ9F69bpusDje9u9hPODR2eUbUTYVimpIVHlFEsu9PLRpUvhk76RG9yuN1= qNgrGMI24xKXZz-2BEYCRIHRVVuPKjnW-2Ba5n2a7dKZcMVbEAbDSwXJBjznmJ2Sh3KgVRcNHqS= CMYQJjZdBTza9j1mXDeRR1I482xdY5n9wRhqtcPsUM61ploMYi-2Fc6MUBCk1CugTGFQmZMkHxk= 3A6nL31Y5Tm3WjHIzC649ZSVp0zJ30yZLxuuIED-2BJiGcS0vCMcvZBevfuw8B1yUyX4j9EFJCy= 2DC-2FNxW2snHlNjSlmPn3yzaRUlDwEeY-2F-2FZTeRUJPvRQ40ocEjdRsO7grd-2FRGPYwN0CD= MGrDFYRfaiGVIuiHelqMt3-2BVA83BDlikY-2BRxbcpGIRb-2F8INlWIZ8qTNJY4urEWifPkSdx= ysnSd414ERag2feYrUJbgmpQKdIRCuOh9zZgkWG-2FUvrjcKJIF6jJwHoPy95rMzWFeTiJRbISv= KYdw4GE-3D" target=3D"_blank" style=3D"text-decoration: underline; color: #= 1D5080">About PitchBook</a> | <a href=3D"https://url6380.news.pitchbook.com= /uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXRK2zh= SWyfSW8dWvGcBSoaMGjzkE8UZ2o4zY-2BhvwZG6w-3D-3DJJJ4_I3w5d9c01gkD8gLzFEofZR-2= Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFYJ9F69bpusDje9u9hPODR2eUbUTYVim= pIVHlFEsu9PLRpUvhk76RG9yuN1qNgrGMI24xKXZz-2BEYCRIHRVVuPKjnW-2Ba5n2a7dKZcMVb= EAbDSwXJBjznmJ2Sh3KgVRcNHqSCMYQJjZdBTza9j1mXDeRR1I482xdY5n9wRhqtcPsUM61ploM= Yi-2Fc6MUBCk1CugTGFQmZMkHxk3A6nL31Y5Tm6gx1Lq-2BM6TlXjd0DuM8AlLzkjoCP8hbYi68= tHwwTsSeBlx6CofEJnY3CgH1Ny2MASmYJw6sfcYhmBrLU4lGcS7DK3h-2FylCwvyXkpWbsE1zkZ= zjtY6VuC4kqoNfu2hUcBu1pWOW53WgfEshmCnc0A9IgXQaDsqL6WUMpMdJrHvYXcEWi1BDpQdiY= 1S5VHWh5fBWc-2BiXJBre2foPypgkmeI6ABkg52KJB70oGRf6w1HN518AznvrPmEF3RscVtK1oS= M6-2BF1lVq7IgpRygQ8HYEYw-3D" target=3D"_blank" style=3D"text-decoration: un= derline; color: #1D5080" universal=3D"true">Terms of use</a> | <a href=3D"h= ttps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIr= f6GFa-2BaqM7ONnvsnswouzXRK2zhSWyfSW8dWvGcBSoaVuayt8R4sWoiw88-2F-2FBU0Wg-3D-= 3Dc2Ua_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF= YJ9F69bpusDje9u9hPODR2eUbUTYVimpIVHlFEsu9PLRpUvhk76RG9yuN1qNgrGMI24xKXZz-2B= EYCRIHRVVuPKjnW-2Ba5n2a7dKZcMVbEAbDSwXJBjznmJ2Sh3KgVRcNHqSCMYQJjZdBTza9j1mX= DeRR1I482xdY5n9wRhqtcPsUM61ploMYi-2Fc6MUBCk1CugTGFQmZMkHxk3A6nL31Y5TmynQESi= xE0IeaJl4uDaD87-2FmxJQaVQ05jn8cly2dPGoHXLdRfnCtEcw-2Bl7dUF-2BKeXWV5TrdJwREB= yQjfz8VNevW3N8jx02l-2B5kaZUOd4ogsmmGRWMithflM1vIg-2FBBmVlSnIjmOdQ562-2BKemV= UDQSfbU2lRinZjdWsMEPLa2xqpN5UJQLt-2FbcqlnHffi3S8zRs3DTkz4YqY65GFA5yehAlYQm5= 6N9L1rWrFWT3YGRu2qvtdnQsisBGop7o2nDhvlCqT2kUl6OjPmGrZdLM9bjEk-3D" target=3D= "_blank" style=3D"text-decoration: underline; color: #1D5080">Advertise wit= h us</a> | <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXRK2zhSWyfSW8dWvGcBSoaN= V4bfl3yL7-2BHUwBVbHnZuA-3D-3DErah_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz= y-2F3t1yZbcbdWeUgFVa0m8PzsFYJ9F69bpusDje9u9hPODR2eUbUTYVimpIVHlFEsu9PLRpUvh= k76RG9yuN1qNgrGMI24xKXZz-2BEYCRIHRVVuPKjnW-2Ba5n2a7dKZcMVbEAbDSwXJBjznmJ2Sh= 3KgVRcNHqSCMYQJjZdBTza9j1mXDeRR1I482xdY5n9wRhqtcPsUM61ploMYi-2Fc6MUBCk1CugT= GFQmZMkHxk3A6nL31Y5Tm0Tbt142Wl7AvQ1nKqWbiSkknFQX-2BvI-2Bl2bcQ-2F5jbXlhDVw33= n3LQTbl1NrA-2BtiMzQHfuWQXfAKtakF0WYg-2FRPalAQQCQ08BKfbyGTcBNvTyQuV-2Fe-2BIc= 4tkVjuzKkkxHEG7v-2B8nvhqKO2jBEfacmKQRYNXcWRyw2lanKeDjs44gM5cES83dTZzPl2WMln= CAc3oYLC2wfzSQC7dsOUTYVMSmKxO6MMvH8MBCzaF40TIqPQbg9qO0SRgKPsHYazLwxriIPkaI-= 2F3ZsK6VX5KDY2zwY-3D" target=3D"_blank" style=3D"text-decoration: underline= ; color: #1D5080" universal=3D"true">Contact</a> <table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"= border=3D"0" align=3D"center"> <tbody> <tr> <td style=3D"padding: 15px 0 0;" align=3D"center"> <table cellspacing=3D"0" cellpadding=3D"0" border=3D"= 0"> <tbody> <tr> <td style=3D"padding-right: 10px; font-size: 10px;= ">Follow us:</td> <td style=3D"padding-right: 10px"><a href=3D"https= ://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF= a-2BaqM7ONnvsnswouzXRK2zhSWyfSW8dWvGcBSoaB4j8xFdIrzcIk2l39zn0tg-3D-3DM-oy_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFYJ9F69bp= usDje9u9hPODR2eUbUTYVimpIVHlFEsu9PLRpUvhk76RG9yuN1qNgrGMI24xKXZz-2BEYCRIHRV= VuPKjnW-2Ba5n2a7dKZcMVbEAbDSwXJBjznmJ2Sh3KgVRcNHqSCMYQJjZdBTza9j1mXDeRR1I48= 2xdY5n9wRhqtcPsUM61ploMYi-2Fc6MUBCk1CugTGFQmZMkHxk3A6nL31Y5Tm54GtKUJpJui8jv= OHKsLjIl4-2FRsUxPWZ4pjDGhcvKzhVQIhm7umsP-2B746lx5hddZYxn0IZCYxPAws6CS-2F6es= YhrzeBnnFmQeWkvJSKOVgwLap-2Fo7Sz-2FmLpM8NnWbTOg4lT0rzKT3mxo4if-2BnDiyXutdfs= jEvBq5osQ2xRqOYzhbytVPlzFfGhZv49wM8L1rAKajU3Cz77ongZUyhPaEKq16FzeW6o-2FQX1i= g3CEW1RHqjm8wN-2F4PqnLwCKKI4lT-2Fm6vbbYG4SRewM9CAj0XhQue4-3D" target=3D"_bl= ank" style=3D"text-decoration: none"> <img src=3D"https://fonts.pitchbook.c= om/newsletter/linkedin.png" width=3D"25" height=3D"25" alt=3D"in" style=3D"= border: none; 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