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Date: Sat, 31 Jan 2026 10:13:24 +0000 (UTC)
From: PitchBook Research <news-noreply@news.pitchbook.com>
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Subject: How liquid is your evergreen fund?
To: most@ponjosonek.com

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&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;<a href=3D"https://url6380.news.pitchbook.co=
m/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWb6adwxUT=
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ans-serif; font-size: 14px; padding-top: 11px;"><span>Presented by <a href=
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pSWIrf6GFa-2BaqM7ONnvsnswouzWb6adwxUTCiy-2FWO4X0jLvbeuf8OMFhDqdy1stxjpY6CQ-=
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ation: underline; color: #1D5080; font-size: 16px; font-family: Whitney, Ar=
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0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Pre=
ssure on the IPO window</b>: 2026 will be a pivotal moment for VC. Either i=
t drives the next phase of growth and fundraising, or it pushes LPs further=
 away from the market. Our outlook is cautiously optimistic. <b><a href=3D"=
https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7S=
pSWIrf6GFa-2BaqM7ONnvsnswouzVgJyFEfN3PM9bvGBXCCyO6qKOCVnM8p7RijiN7ylguQA-3D=
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FBVRtayKDf2gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpW=
Mj5zD-2FoMCbIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2=
BQDwFEsuwenddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbN=
eNpJNvvBvuO0bU-2BFQ-2FLIcBKKRFc-2FbiOImBCO-2FDfP-2B1qN22Cn3ws0lggTMj0wX4A-2=
F6qvW4PfYJW9rULN1w-2Bq3O0ozb6FOdQjMbK6A4n-2FFKCJQ6HwUtFFfjmc98BWouF5ARH3SPu=
nAcMt3geQXkmCq242Q-2BtL-2FHfhF7TwcPee13A2ZsGimAUcAbSZaIPo-2BPIZOVt1ZLHkTht8=
GHm9EPSU8oBFxZHS2cK5bH4XtC9PqwTyJK9SpWGqcenXb6dJHakT8DW2evcCUCVCL18HuOvYV6N=
VG8PIyQW3i-2FTiKxk0ZMTSFqxRcfa" style=3D"color: #1D5080;" test=3D"" univers=
al=3D"true">Read it here</a></b>.<br><br><b>Updates in new drug development=
</b>: China's innovation in biopharma is rapidly advancing. Learn about the=
 country's progress in the sector and how 2026 could redefine global compet=
ition. <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3D=
u001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVgJyFEfN3PM9bvGBXCCyO67Wte=
jnKcB-2F8O3F8aqf4SyA-3D-3D8zhg_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2=
F3t1yZbcbdWeUgFVa0m8PzsFBVRtayKDf2gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqL=
BywY7I9PW2UKP1IxwswidpWMj5zD-2FoMCbIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yj=
zkhtBwh8qBDXIFj87ICsu-2BQDwFEsuwenddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RB=
ouh8LN-2FnoIRXrqzJ-2FbNeNpJNvvBvuO0bU-2BFQ-2FLIcBKKRFc-2Fa1B-2FI65NSlvfp0cU=
bgqHGCRgQ2qN77ZAgtfKFH1u7lSET0w5GJv2wFmNDRd2FWuGiumM-2ByVgYjAWrQmqu-2F-2FoV=
V-2BdrqOoveCUCo1-2FJIwZKok7V8Bg0xV5qefXaFoMmPWxdGrmBV2KHfLFWQ3Qln0S8Iny6-2F=
WVYPldzOBrck4-2BzB1-2FgDfHfq6FWu7dDBaPRzqHh-2FWUzIxKQLRatlNII9Rs5fKTvBWEykw=
2xzRWXe-2BjM6-2F0-2FiWteq4icMCEc7Z0uAFjBIoSBfAUTZqRL3vnOw2E49" style=3D"col=
or: #1D5080;" test=3D"" universal=3D"true">View the research</a></b>.<br><b=
r><b>More market snapshots</b>: Check out our reports on <b><a href=3D"http=
s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
rf6GFa-2BaqM7ONnvsnswouzVgJyFEfN3PM9bvGBXCCyO6bOEaOtewuSm51U6MVXnPlw-3D-3Db=
Yi6_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVR=
tayKDf2gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5z=
D-2FoMCbIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDw=
FEsuwenddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJ=
NvvBvuO0bU-2BFQ-2FLIcBKKRFc-2FZkoYNrpZXszTXop7-2BmItbxQWVcqYaf0w-2FnndgrbpP=
IzAvsU5OJPaQvI1AeaXNzvUvKAjH-2FivZY8nM3Vi-2FXi5msuMKIMqetMjmNEaOAiksWbiy64K=
oH80dwsk9AMM4vo39k4tgSsCUx31BoMnI9qia-2FiC5YCxU-2FPLrhu-2FO2qPN65KCV5sC4BjE=
rRzswbwHbzYrn5aFYfIR3MsQj2L6vP8dv75zHoN4uZQ-2F5B21fA6ccUt4B0LdZ-2FcnOXkeYpa=
z5mC9FrO-2FbiMpVq-2BvFw3gDGkzc" style=3D"color: #1D5080;" test=3D"" univers=
al=3D"true">Germany</a></b> and <b><a href=3D"https://url6380.news.pitchboo=
k.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV=
gJyFEfN3PM9bvGBXCCyO6Y7f5YiE5iC1rgJAEJY2KpQ-3D-3DZRHq_I3w5d9c01gkD8gLzFEofZ=
R-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRtayKDf2gx2Qs5Kb4AF39ExFlZ=
b7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD-2FoMCbIzFYEdxpIBVp2E1-2=
FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwFEsuwenddZ6w9ZEJ-2FR6MWpP=
doEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJNvvBvuO0bU-2BFQ-2FLIcBKKR=
Fc-2Fb-2FIJy3Zh0Ii5Jo5tdF1zWIAfRH490Fn0kvtc17H17f75T-2FsgFYthuuUbTRBTTGT8n2=
HYG3qXL67PPtfdvbdRSImHKZSIaJ1gZ3F06fdUdM5Kk5eWMZOxS6let-2BgqrZwoDgYDCMZ65nc=
gpvjfwRrfHpnuXyHqMGaFKxz8hehJ7HddYlcMfBkEYeEOgvujpU2ULqrCPVdiEbeKmzCIZ7pXSR=
4n8D76yVoCTq2ovSwHV0tYBoAhQQ8bH10c5-2BJI5-2FtXcoxhL1TaheB5XXvYRfZv4p" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">the UK</a></b>.<br>
                               &nbsp;</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 Fidelity Private Shares</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_576579" id=3D"n_576579" 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;"> Level up your fundraising </sp=
an></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%;
 ">
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                             <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: 1=
0px; font-family: Whitney, Arial;
 color: #000000; font-size: 16px; line-height: 1.5;" valign=3D"top">
                              <table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" lang=3D"x-image" style=3D"
 font-family: Whitney, Arial; font-size: 14px; line-height: 22px; color: #7=
8766F;">
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                              <td align=3D"right">
                              <table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" style=3D"font-family: Whitney, Arial; float: non=
e;
 padding-left: 15px; ">
                              <tbody>
                              <tr>
                              <td align=3D"right" style=3D"padding-bottom: =
12px; text-align: right"><a href=3D"https://url6380.news.pitchbook.com/ls/c=
lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWb6adwxUTCiy-2F=
WO4X0jLvbeuf8OMFhDqdy1stxjpY6CQ-3D-3DNrS-_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHk=
xBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRtayKDf2gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-=
2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD-2FoMCbIzFYEdxpIBVp2E1-2FjCvM6WN-2FY=
fbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwFEsuwenddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZ=
CW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJNvvBvuO0bU-2BFQ-2FLIcBKKRFc-2FaX5TRgB=
gpZdljtqNVm-2B0wThHcp6JbJXSVAragqbgfJwaFBGEP7dlXvpD0i2Qfhrcy7gjtonwT-2Bw-2B=
61SzcnER1wRCMm0Ga27PsM4MLyrl78fBI-2F1i95AEia-2FrkRyGRrU-2FKhnHQct2A-2FY84KI=
xPF7gq-2BHTCMMkX44Wv9-2B4T7ywk-2Fa4v2uKy9ETknlfNA3KL2g1fl02-2BWzucgy0DK-2B0=
uIO8k2NUKzJYXI5-2BCbF36H-2F388K7UmwME01S4C-2FB45Sz5Zh-2BNNza9cEtrvE4APk7t0t=
bH2"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/=
68241.jpg" style=3D"border: none; max-width: 420px;">  </a></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table>Want to simplify your startup=E2=80=
=99s equity management? Successful fundraising begins with the right strate=
gies, and Fidelity=E2=80=99s latest guide covers them all. Learn key equity=
 concepts like ownership and dilution, optimize your cap table and data roo=
m, and connect with investors more effectively. Looking for expert insights=
?<br><br><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWb6adwxUTCiy-2FWO4X0jLvbeuf8OMF=
hDqdy1stxjpY6CQ-3D-3DIr1l_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFBVRtayKDf2gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7=
I9PW2UKP1IxwswidpWMj5zD-2FoMCbIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtB=
wh8qBDXIFj87ICsu-2BQDwFEsuwenddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8L=
N-2FnoIRXrqzJ-2FbNeNpJNvvBvuO0bU-2BFQ-2FLIcBKKRFc-2FaBlWOc9GfyrI7EKq8-2BSwW=
QZOiAE4rdC8TGX4r-2FiU1fyQ7-2FZnyVDf8AtPgJnptjB-2B3zqBGTyjCV-2FhiQaDihKV1Bz7=
fDhWfJZBNEgIxLh6T4a9uD2qyE-2B9R9xDU34fdePK-2FMwpyvTfy1w8AOSOaINv-2BTIO-2BX6=
keGl9OTyaolGisC7aqzZtvndXGJhbSkDO69gJBvEKWXiNHFdiJpwtoBmk7liNxOq5K8JyQkPfIF=
ZA2yhyHpj13YbyEXGdQ4bl-2Bec1t-2BXvHdIGY9TnPB3ErIK-2FGv" style=3D"color: #1D=
5080; font-family: Whitney, Arial;" test=3D"">Let Fidelity=E2=80=99s guide =
lead the way.</a><br><br>
                               Ready to see us in action? Schedule a demo a=
t <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73Br=
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FVa0m8PzsFBVRtayKDf2gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1=
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a-2B8LLqZ7gQCLOBEvTfrXo2kNle-2Fmey3mQzHRpf7dU731mnwCbIc4TUlul54xOI1erIQliL8=
ngCUahVfQx6RqHscoOIxdJAclNZEF6jJ-2F" style=3D"color: #1D5080; font-family: =
Whitney, Arial;" test=3D"">FidelityPrivateShares.com</a>. Mention PitchBook=
 to get 20% off your first-year paid subscription.<br><br><small>PitchBook =
and Fidelity Private Shares LLC are not affiliated.<small> </small></small>=
</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_577077" id=3D"n_577077" 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;"> How liquid is your evergreen f=
und? (and other diligence questions) </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>
                              Evergreen funds are coming under increased sc=
rutiny. As assets grow and the investor base expands, a solid due diligence=
 framework must be in place to understand these vehicles. Additionally, man=
aging liquidity in evergreen funds is just as important as delivering stron=
g investment results.=20
                              <br>
                              <br>
                               In Q4 2025, a sizable, long-standing real es=
tate interval fund, the Bluerock Total Income + Real Estate Fund, stopped o=
perating as an interval fund because of liquidity issues. This fund became =
a listed closed-end fund in December 2025, clearing its redemption queue. H=
owever, many investors are now sitting on significant unrealized losses as =
the fund's shares now trade freely on the secondary market at a steep disco=
unt to NAV.=20
                              <br>
                              <br>
                               Similarly, Blue Owl floated the idea of merg=
ing one of its unlisted BDCs with a listed, publicly traded one, as the unl=
isted vehicle was experiencing liquidity pressures. The firm ultimately dec=
ided against this merger after investor backlash, thereby avoiding a NAV ha=
ircut for investors in the unlisted fund.=20
                              <br>
                              <br>
                               Our recent analyst note, <b><a href=3D"https=
://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIr=
f6GFa-2BaqM7ONnvsnswouzVgJyFEfN3PM9bvGBXCCyO62whIvSvL9U1HQou2N1Or8g-3D-3D7H=
Vz_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRt=
ayKDf2gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD=
-2FoMCbIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwF=
EsuwenddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJN=
vvBvuO0bU-2BFQ-2FLIcBKKRFc-2FZq1Oo7hILjlcUA7NWHLb-2BUCRki5ujzChiJoe4yVnGtXv=
gQveXlKwEw-2FD8kCAoVScN5F0QmSCRo0-2FCIc14SoTvwpmy0fhzykUtjBgL0xyoOdeoYVOtX2=
0ErJt5PO5oF2CAo4JsdetnBoJLKAq64mSVbMcGkUzNDZLzZJV-2FUKUPzpZDL109pDF-2FPX5MH=
kFamSF7xgHKtaAwfAKKwyy3KUSb3Y4SNPKDbdpBlfCN7o5IpGeWNnGm4sNLK9KO11ZPVggX19fx=
liYvMkEyY7TN-2FOSrq" style=3D"color: #1D5080;" test=3D"" universal=3D"true"=
>Sink or Swim: Interval Funds Liquidity</a></b>, takes an in-depth look at =
the complexities around liquidity management.=20
                              <br>
                              <br>
                               Interval funds must set up regular repurchas=
e offer periods as part of their fundamental policies. Consequently, these =
specific evergreen funds are helpful for analysis, especially when compared=
 with other structures where liquidity is at the board=E2=80=99s discretion=
. Fund managers have various tools and levers to manage liquidity. Sources =
of liquidity include portfolio income, cash, publicly listed securities and=
 credit facilities. However, this is a complex process that requires dedica=
ted, full-time liability management teams to ensure the repurchase process =
runs smoothly.
                              </div>
                              <div>
                              <br><a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVg=
JyFEfN3PM9bvGBXCCyO6hjrIFd4gHhIg3lY1K70jVg-3D-3Dzr9D_I3w5d9c01gkD8gLzFEofZR=
-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRtayKDf2gx2Qs5Kb4AF39ExFlZb=
7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD-2FoMCbIzFYEdxpIBVp2E1-2F=
jCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwFEsuwenddZ6w9ZEJ-2FR6MWpPd=
oEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJNvvBvuO0bU-2BFQ-2FLIcBKKRF=
c-2FaHLu5trGrzLGwja2d7QmpitHFr-2BKidaHnU185sANUEZFF7nBdbiM0-2BFcQHwTHXzuMOa=
vWBFSRUHsDthtvczu7lNnCQf94faTsnGn8WLd1-2BgM4v4oaAtpq0ZHTZnQZ6x6CWtppY64FKCT=
xEpP5CiBP-2FJ-2Bh1WcSTIC2KSUEJpE2RUI6vUxTRCifl9-2Fk8AdCVsmGmPK0Q6GOHA0DjIWH=
pOBkAqkQWBvBg2mx1YzFWHZ-2FQ6oJvoRkp77bcWxNEr7HLGywEgbeSgkvVpWXiNShR4FXe" un=
iversal=3D"true"><img align=3D"center" alt=3D"" src=3D"https://img.pitchboo=
k.com/news/72479.png" style=3D"border: none; width: 100%; height: auto;"></=
a>
                              </div>
                              <div>
                              &nbsp;
                              </div>
                              <div>
                              Expanding to the broader topic of due diligen=
ce, investors will find it rewarding to review another recent analyst note,=
 <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d=
4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVgJyFEfN3PM9bvGBXCCyO6oNBpbF-2Bs=
tCB-2FRsvFdqxNhA-3D-3DAmJS_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1=
yZbcbdWeUgFVa0m8PzsFBVRtayKDf2gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY=
7I9PW2UKP1IxwswidpWMj5zD-2FoMCbIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkht=
Bwh8qBDXIFj87ICsu-2BQDwFEsuwenddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8=
LN-2FnoIRXrqzJ-2FbNeNpJNvvBvuO0bU-2BFQ-2FLIcBKKRFc-2FYT8G7x-2F4LJeVe1Od-2Fq=
TyTNewNF-2B7oPOnLmCIIhX8vvA0OfWoSBf4dKrvlVAM3p-2BVq2LgJp6PsDE5tyl-2BtU3jeji=
KlK1uWUV-2B7Y-2B5N98zbeGk8tx22m416P4DQ-2Bc46WZXJ0ZL-2B065IXJbYgH2qzS3FZSWPB=
1yS84jKAD2g-2FLVOfEAgZRm2pw17xC6jaLNH2ZYjp2ARe35K7A-2FKPkfrGZURj39S0gk6GBAD=
lcDSIlnb1LInIe4ATmGajCY9Vf0VQhM29z-2BlXa1YDOUOpGBvjW5Nv" style=3D"color: #1=
D5080;" test=3D"" universal=3D"true">Evergreen Funds: We Have Questions</a>=
</b>. Due diligence for evergreen funds must go beyond traditional framewor=
ks. Investors face challenges evaluating evergreen funds, which often featu=
re short track records, varied fund structures, reliance on secondaries, an=
d frequent valuation requirements. To help, they need to adapt classic due =
diligence principles (the six P's) to address evergreen-specific issues lik=
e liquidity management and conflicts of interest.
                              </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/696=
65.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>Have a great weekend,<br><br><a href=
=3D"mailto:juan.mier@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Jua=
n Mier, CFA</a><br>
                               Lead Research Analyst, Fund Strategies</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>Careers at PitchBook</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
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                 <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%;">
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                     <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>
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                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100=
%;">
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                              <td valign=3D"top">
                              <table align=3D"center" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" lang=3D"x-image">
                              <tbody>
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                              <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/ls/click?upn=3Du001.d4n7=
3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVgJyFEfN3PM9bvGBXCCyO6AgJqEFv-2FS9C=
JREokOAR3Fw-3D-3DTpkM_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb=
dWeUgFVa0m8PzsFBVRtayKDf2gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW=
2UKP1IxwswidpWMj5zD-2FoMCbIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8q=
BDXIFj87ICsu-2BQDwFEsuwenddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2F=
noIRXrqzJ-2FbNeNpJNvvBvuO0bU-2BFQ-2FLIcBKKRFc-2FY2MkJzQevqm-2FlTiL3pa8321lZ=
zwWNPirVKCAYuf18Xm6WIjFgKCM7S6E2Q6LhmHi8-2FoeLC59MFSaPgzrbTwqiSHm8DARSGBIXf=
GM-2F7PcxnjgUbcftZPNtQOXCsxvvTzUwSj4IyIJxPivP-2Fbctw9xu53tugP9-2BjcLYUAOY7Y=
gDg-2BfTrSxOnNx06SWjGNFbLcUjOPwJiK-2F-2F6HuXkCfEx2670l8UM-2F5AWl3ADbaCS7n8x=
gLbuVcu3Flq93IOMb-2Fwxi7reaZDw0iXl5ori9ZVAhp-2FF"> <img align=3D"center" al=
t=3D"" src=3D"https://img.pitchbook.com/news/72490.jpg" style=3D"border: no=
ne; width: 100%; height: auto;">  </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>
                              <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>Pri=
vate markets need better solutions. We=E2=80=99re building them.</b><br>
                               More than 100,000 professionals rely on Pitc=
hBook across a wide range of roles and sectors within private markets. As t=
he industry rapidly changes and decision making grows more complex, differe=
nt customers operate with different workflows, constraints and expectations=
. Serving them well requires a segment-led approach. To support that focus,=
 PitchBook is expanding its Solutions team.<br><br><b>Why this role, why no=
w?</b><br>
                               PitchBook is investing further in how we ser=
ve each customer segment and translate insight into clearer strategy, stron=
ger solutions and measurable outcomes. Global Segment Leaders sit at the ce=
nter of this effort, owning segment perspectives and ensuring alignment acr=
oss the company.<br><br><b>What Global Segment Leaders do</b><br>
                               Individuals in this role help define and dri=
ve strategy for specific customer verticals, including GPs, allocators, ban=
ks and corporates. They identify product and data capability gaps, shape go=
-to-market and pricing strategies, set growth targets and represent PitchBo=
ok with customers. The role connects segment insight to execution across te=
ams.<br><br><b>Solutions with real-world impact</b><br>
                               Global Segment Leaders help inform PitchBook=
=E2=80=99s offerings, including our research agenda and market perspective,=
 influencing product development, published research, and thought leadershi=
p across private markets. This role reports directly to our Chief Solutions=
 Officer, Paul Santarelli.<br><br><b>Ready to apply?</b> Check out job post=
ings for roles in <a href=3D"https://url6380.news.pitchbook.com/ls/click?up=
n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVpvivGvOPFzqmz8GCXnJzt=
NQSJP1c2gkiYF7tviB0Igw-3D-3DuUXN_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy=
-2F3t1yZbcbdWeUgFVa0m8PzsFBVRtayKDf2gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9A=
qLBywY7I9PW2UKP1IxwswidpWMj5zD-2FoMCbIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4=
yjzkhtBwh8qBDXIFj87ICsu-2BQDwFEsuwenddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9=
RBouh8LN-2FnoIRXrqzJ-2FbNeNpJNvvBvuO0bU-2BFQ-2FLIcBKKRFc-2FbNAnivqXs11XmZMC=
f-2BvyjaRDfEsKC59btn6qyxZtwQCCq95zKEcaeh2yl6CZ6OqOckPpTCOTY9X24YTLTABo3NROI=
0nMf9drtYMygI5i-2B6dsapdFyPyA40OiiHczLr9uRlEMW-2BRzAJlDpYeNmj9639ChuCABFZbf=
xHtFM73d-2F-2FRv-2B6nVrTlWCEjhfAw6rBBOnK7AXWcZsNMoNe2inGvNaUcQwEdJ6ARS-2F3m=
odqXZqSa4tpG3Uah-2FZF7gvhfpWARS6yU1tEyZKHf5NXVOoZKjdi" style=3D"color: #1D5=
080;" test=3D"">Seattle</a>, <a href=3D"https://url6380.news.pitchbook.com/=
ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVpvivGvOPFz=
qmz8GCXnJzt6GasVWcJfW-2BVE-2FJQqe52gQ-3D-3DMPeV_I3w5d9c01gkD8gLzFEofZR-2Bh6=
VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRtayKDf2gx2Qs5Kb4AF39ExFlZb7JI3t=
JhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD-2FoMCbIzFYEdxpIBVp2E1-2FjCvM6=
WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwFEsuwenddZ6w9ZEJ-2FR6MWpPdoEuhj=
Qg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJNvvBvuO0bU-2BFQ-2FLIcBKKRFc-2Fa=
6JsnY48RoUd0pAI8E6VRJCEu0L1BEw7MIAVOJjYG2-2FGjB-2FfgJu3lnS-2FSiTdDKNRE2tLW0=
0jOxVOGPvFT5-2BmevIqxtqHXm-2FNY-2F4EXI02UAEJuMeFk9-2BMCeSADN1ca4Q6K-2F-2BEW=
JabGr3yK0hIztzh126WIS1RAoBHqRmT7lWQ28Suh87Zc424ysFZM5RtGP797uZV47LDDdlAdm1M=
kN85NV7CMVESDDE-2Bw-2FcmvC7PmTQZlWfBuojkrHph-2FFaiF0UT9Quwq58bqxO6r8R2CWrA4=
a" style=3D"color: #1D5080;" test=3D"">New York</a>, <a href=3D"https://url=
6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq=
M7ONnvsnswouzVpvivGvOPFzqmz8GCXnJztUlp72s57PT-2Fepozw4T3zHg-3D-3DZ5Qk_I3w5d=
9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRtayKDf2gx=
2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD-2FoMCbI=
zFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwFEsuwendd=
Z6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJNvvBvuO0b=
U-2BFQ-2FLIcBKKRFc-2FYaSZ0ApR1TPjcF6UBDZPmUoqo-2BIPq38b-2FSI42m9s1QxATX2Yeu=
DOkv2KWnHzUDZNvUhjL5XMLbt149OaEio5cgcsu57Ax-2F02MVm4LeyZeSrKh3h47ORNOAPjhKC=
Ie-2B7M-2FAXiHhSko11LbT9LinroYBl-2BzhS39-2BvdJZwfAnoGWYsM-2B8OR6JVSFh7yMFra=
FvFjEeYxCdnUTCOYsTbc5ZBGmVZFeIoixKEo39ymTx-2BhxocmgOAtqMqbW-2FEzpqSTQOSOoW9=
mCk1HizXo1e7QA-2FSCJm" style=3D"color: #1D5080;" test=3D"">London</a> and <=
a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4C=
uylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVpvivGvOPFzqmz8GCXnJzt-2BohO9c2KdXm2F-2F1=
f6Njkaw-3D-3DyKuG_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU=
gFVa0m8PzsFBVRtayKDf2gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP=
1IxwswidpWMj5zD-2FoMCbIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXI=
Fj87ICsu-2BQDwFEsuwenddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIR=
XrqzJ-2FbNeNpJNvvBvuO0bU-2BFQ-2FLIcBKKRFc-2FaGY0trQlvkNu3zZK94k4e8WMPAWkD1w=
vjSq4HR2GwYisWV5vPk4JbU3V-2BxQLWlca-2BJRJK-2BS-2FD1-2BUqKlZzoc-2B2VdO1WHpPy=
QB1wEw-2FaEbJov8-2FT8k7rzlfQy2suNe-2BkzcEJBKW2niWwhJiWRBSgradGIv-2B8ohieNRm=
mt-2FhaekzZncSxlhHeCumcJJl6226WNKgrEafRPQRv6Pn93AOhzcTznwyxCxXnZME3efKiWrEV=
DMyKzuo0sJknETNkzxeW9mCK7A9-2F9fJPfhUrUgMBHQ3L" style=3D"color: #1D5080;" t=
est=3D"">San Francisco</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-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=
>
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g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
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                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
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                         <td style=3D"padding: 0 20px 0 20px; ">
                          <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%">
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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"><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-2BaqM7ONnvsnswouzVpvivGvOPFzqmz8GCXnJztUEtjhUwQkkNG6hZ9wOMTDg-3D-3Dt8VU_=
I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRtayK=
Df2gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD-2F=
oMCbIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwFEsu=
wenddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJNvvB=
vuO0bU-2BFQ-2FLIcBKKRFc-2FYTtBleXQQ8T9h9VytHv0X1hcgeGnq7Wc-2BNAiU1lkLUgEC9n=
ZWwJxXL9vfz9zvJTPf9QcMly8qR77XoB5up37RCzPzktJS9JsPBLJodIPxQ1fBHOapEdna6DYi4=
Tfcq-2BzL4gty8LxMb4QurR6Lut0-2FBZSFqJ-2BDhZQGtPQNDQGYhXl4TINwzK7LH-2F8zCpsZ=
xsVv7i-2BqpdpEQUuIgohW9MsU-2FYmaOmULJvRJciFh-2FtkCReKTAghFzOqS5NLNin-2B-2B6=
Ii0s7TPK2uucJtu4lW82S2-2FM" style=3D"color: #1D5080;" test=3D"">Register no=
w</a></b><br><br><b>Also</b>: Our 2026 Outlook series is coming to New York=
 on Feb. 3 and San Francisco on Feb. 11. These events will bring industry l=
eaders to the stage to discuss expectations for the coming year. <b><a href=
=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S=
pSWIrf6GFa-2BaqM7ONnvsnswouzVpvivGvOPFzqmz8GCXnJztgRtv-2BEnZ8KTuB-2Fjd4gO9n=
Q-3D-3DfXvk_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m=
8PzsFBVRtayKDf2gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1Ixwsw=
idpWMj5zD-2FoMCbIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87IC=
su-2BQDwFEsuwenddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-=
2FbNeNpJNvvBvuO0bU-2BFQ-2FLIcBKKRFc-2Fad2araiI9upaRmJ7fYSatuqmsos1rpScAZmD8=
pavC1Y2p6woEPLgPppturRNe3tBElk6KXm8d6Y7-2Fy-2FqFHYuN38l-2FFGK9aX-2BFdmBNjY3=
ZK8HfQ1xgL0-2Ffo49f3eg58WmmaY8PWw2uMdRTnO0IVwYV-2FOBeJc5SGFKBVFOH2-2BeCTra0=
lVKtCrNTX9cpmArUJgoe55iEY0HmPfkDMRvUmn7SiPRtbL79-2FdyRqiK2-2F36EzYKFhU-2BxG=
k2CBIm7KQIQAaGIPQHBa7bzYq8tWYm1q0PnI" style=3D"color: #1D5080;" test=3D"">R=
egister here</a></b>.<br><br>
                               If you can't join in person, tune into our 2=
026 Outlook webinar series. Upcoming sessions will focus on US PE and APAC.=
 You can also watch recordings of our sessions on US leveraged loan &amp; p=
rivate credit, US VC and EMEA private capital, if you missed them. <b><a hr=
ef=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw=
7SpSWIrf6GFa-2BaqM7ONnvsnswouzVpvivGvOPFzqmz8GCXnJztdmU5FudnmZPJ7JD8aTILxA-=
3D-3DmPp-_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8P=
zsFBVRtayKDf2gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1Ixwswid=
pWMj5zD-2FoMCbIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu=
-2BQDwFEsuwenddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2F=
bNeNpJNvvBvuO0bU-2BFQ-2FLIcBKKRFc-2FYFFqyhGb-2BjviMuxAj4vT79Iuh-2BEIKJLNaRW=
fHvAt314OXYWK8jzug7KCLfudi4P4EH5D8wkPyAXPZKgo5zigu-2Bua6mSDXORVnlz1mqjw5eZ5=
dB3tmEPq4fo0GRWDkiAOlMlGJJWTw0YhnEWqgQTK4O17xcsqTE0oj-2FopcHggrzo49fq6YN3Fk=
kjCBUIpCbtW9LQvzp3pe0Sp1Y-2FMCJP6g2RGZzXZBqZzjoJruwJ4pYZZUnyo6RJ8ccKqUkpToi=
g9assd1RgM3WuGQWb0yM9YSp" style=3D"color: #1D5080;" test=3D"">Register here=
</a></b></td>
                              </tr>
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ight: 6px; padding: 0; " colspan=3D"2"></td>
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                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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                  <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>In the News</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
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g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
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 Arial, sans-serif; color: #78766F;">
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" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
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                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
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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 "Secondaries hav=
e been around for a long time, but have really matured in the last few year=
s as a way to provide essential liquidity to venture capital," said senior =
analyst Emily Zheng. [<a href=3D"https://url6380.news.pitchbook.com/ls/clic=
k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVpvivGvOPFzqmz8GCX=
nJzt0uSt2HDcCccpuFNh1xV-2FKA-3D-3DYUsM_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBR=
FCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRtayKDf2gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl=
9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD-2FoMCbIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbF=
tDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwFEsuwenddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6=
HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJNvvBvuO0bU-2BFQ-2FLIcBKKRFc-2FZT9vn18GLt=
kqQWOiPiSgGSNVeZIJbMNNHcg81JL91hAFb1yqb0Y5BTVm-2B6ik1J-2F9ZRiU5HsznskBRjS8-=
2FjgbobktRiHcnC8DvghABsQS4lZ12Y3x-2Fu-2FVdh1e7aLsot2Q6tGiugOY9o2aeN21k3vplc=
cPwvtHqhQd9Xz3ke41SY8JwLfWdqSle1puyAatEnGtKjPffvNIkwe8syzXDlV3QDASsDN4MuLjd=
tdKtk6sU11fHTN5JrtQ6CjSIaAwnjC1jbSw6Xa-2BZgN5TD4NeCMUO8" style=3D"color: #1=
D5080;" test=3D"">Investor's Business Daily</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 EQT's deal to bu=
y Coller Capital "underscores how central secondaries have become to privat=
e markets after yet another record year, as liquidity pressures persist," s=
aid senior analyst Nicolas Moura. [<a href=3D"https://url6380.news.pitchboo=
k.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVpviv=
GvOPFzqmz8GCXnJztrfg9fYU8Ow7Qcsb3H3Af7g-3D-3D_9p8_I3w5d9c01gkD8gLzFEofZR-2B=
h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRtayKDf2gx2Qs5Kb4AF39ExFlZb7JI=
3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD-2FoMCbIzFYEdxpIBVp2E1-2FjCv=
M6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwFEsuwenddZ6w9ZEJ-2FR6MWpPdoEu=
hjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJNvvBvuO0bU-2BFQ-2FLIcBKKRFc-2=
FZ9CtsEZYaUqVfbXz9ttAS3bZAd01PpNTF2av4aCqFjRDgtxgMABKpEq99ERY-2BjRHA1ewMI-2=
BJPfuwQzfONEvyFgfRmUpRI5vUg625nBQPP1asnTj9Tb7Mgx-2FKRVQi3R7ncZBj8OIoSIPzh3R=
sWZvJgS8G6NyK9c2u4rh8pzkZGUarhJzAza5C99WfO86CpzQPEsimawaeHz5zTz6QoNo3uCAG8C=
uBxSbiDoDuKF0ogJ5Z9tNqZ4rwpCke6MAS2xjuElwOH97HOLOnm8bVJQ-2B7As" style=3D"co=
lor: #1D5080;" test=3D"">Citywire</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 Investment in cl=
imate tech companies that were linked to AI reached a record high in 2025. =
[<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVpvivGvOPFzqmz8GCXnJztTj7eL2jHyyzPSrR2k=
9k39A-3D-3D--Yo_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF=
Va0m8PzsFBVRtayKDf2gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1I=
xwswidpWMj5zD-2FoMCbIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj=
87ICsu-2BQDwFEsuwenddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXr=
qzJ-2FbNeNpJNvvBvuO0bU-2BFQ-2FLIcBKKRFc-2Fan1Pn0y3Uc61LRCztCTXYOK7mD74QmJci=
Yu1jGbj-2F4WIYiWNbvnIorJwdIJjRMlngTcY5cVEgWQPPiy20p7Yt3679VlbTRPK8JWOEJPTIQ=
pl0t7MNK6pVPLDZBMemYcHLugzOb36oSqg92bp1t3q-2BVQWJNZuxS8RCOqNydonEnHhfmtSPkq=
Khz2Cjcfe1WcMcNiUtJsQa-2FAU63ZHKGnDU4DFlQer5sXZKEtd6AE5QnlQOJ35c0-2BlKh8hpG=
hb0wlV7Grd8FX-2FOoGRpXnyaPKz4u" style=3D"color: #1D5080;" test=3D"">Inc</a>=
]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 US PE firms rais=
ed $277.9 billion last year, down from at least a nine-year peak of $408 bi=
llion in 2023. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX-2FU-2Fp6UYYxUhsI7K0Mq=
Pa17zmSL41d6kQerhjNB2seXA-3D-3D3IpE_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf=
mzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRtayKDf2gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2=
B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD-2FoMCbIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDa=
fB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwFEsuwenddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1=
ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJNvvBvuO0bU-2BFQ-2FLIcBKKRFc-2FYl1RmUONM1W10=
Rq-2FYRkLT1wOKmi-2BUBSgtfvU2lQkiRYL84HqZsKXwPFuzOZo4mAibaEbIytua-2BMIjamq3u=
fBgRxqIPwitk8nkxEk13Ql8rfEVKAr6gYpnlE9NmfPn-2BMdslbWsM6yTofMzxR4yxXwLFJOR0m=
2qJJH6bnpci-2F5yIxTiplNh7eir9Jw6DCvI-2FI7RZTEc44-2FGkF4BX-2FBuCUnrB-2BpqvWT=
LMbOaVFmBx-2BfHo4mzYSyRV65NUB2gvNYW6DIw7fLAGJlIUEIMch-2Bt7YzJe" style=3D"co=
lor: #1D5080;" test=3D"">The Wall Street Journal</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 OpenAI's announc=
ement it would test advertising in ChatGPT represents a new phase as "inves=
tor scrutiny shifts from scale to returns, or at minimum to credible improv=
ement in unit economics," said senior analyst Dimitri Zabelin. [<a href=3D"=
https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
rf6GFa-2BaqM7ONnvsnswouzX-2FU-2Fp6UYYxUhsI7K0MqPa1MeqOvSpUPI6pNzlyuV7egA-3D=
-3DOoq__I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs=
FBVRtayKDf2gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpW=
Mj5zD-2FoMCbIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2=
BQDwFEsuwenddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbN=
eNpJNvvBvuO0bU-2BFQ-2FLIcBKKRFc-2FbmXYPkw94UXCc9Etbk3qW7W7ue590pNv5x3hzf1J1=
Ws-2F7S5OwiBCh8H-2FVnQcC9mPwk2m9Hi18STXxp9oiesPyX8sMeGcBP1Wq6-2BenAkdWpGNov=
UIwJ0LBgsbT1yarip55998hwPplVpE8rKL2MoDGluXoYclapHwZQUA3q2v3brBLFv5UDFOyzWJ4=
2duJG7GRbyaQEyJuQX7bg8ndR1E9bk-2BQcn0Mcy8rTPDSpMmv79AvsBV7aCQ-2Bhe6TXvORYag=
TXY2Y9nGQ9cNMOTk2QxupP" style=3D"color: #1D5080;" test=3D"">CNBC</a>]<br><b=
r>
                               =E2=80=83=E2=80=83=E2=80=A2 "At a time when =
other markets struggle to build a sustained supply of local capital, the Ba=
y Area keeps adding to its lead," said Kyle Stanford, director of US ventur=
e-capital research. [<a href=3D"https://url6380.news.pitchbook.com/ls/click=
?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX-2FU-2Fp6UYYxUhsI7=
K0MqPa1qUSij4IXRrBLrTozB2x-2FEQ-3D-3DvRrO_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHk=
xBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRtayKDf2gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-=
2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD-2FoMCbIzFYEdxpIBVp2E1-2FjCvM6WN-2FY=
fbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwFEsuwenddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZ=
CW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJNvvBvuO0bU-2BFQ-2FLIcBKKRFc-2FYPbVJD4=
UJGjw5c9ompYpInHXzm9WivE1MMwifXlFuEvFmmXMuL3P7S6XWZo60rXPIOeBXOWOanCsTkpDiy=
276wlxO1-2FLtpHQRrttdV3j6484gDr69a9jRB9-2BuixwgHfO8iT07IXFulssmtKx8drIN7yEP=
0cJdWEIqlRLf0lsLGjtlhpab4WEerkRNOQUmngYjKtwX1nuU2V-2BrIpryN-2F1NPg-2Fa3u6kU=
XWCTu-2BvHbrJUCEf4uY3HvrlAHUf8EMuGnxFyu-2BGNwaIupfGew-2FO3bOks" style=3D"co=
lor: #1D5080;" test=3D"">The Wall Street Journal</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 "Buying an estab=
lished secondaries platform gives EQT immediate credibility," said senior a=
nalyst Nicolas Moura about the firm's deal to buy Coller Capital. [<a href=
=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S=
pSWIrf6GFa-2BaqM7ONnvsnswouzX-2FU-2Fp6UYYxUhsI7K0MqPa1nwWQ0ugdXpnHZrtoY0vuz=
A-3D-3DgLtN_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m=
8PzsFBVRtayKDf2gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1Ixwsw=
idpWMj5zD-2FoMCbIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87IC=
su-2BQDwFEsuwenddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-=
2FbNeNpJNvvBvuO0bU-2BFQ-2FLIcBKKRFc-2FZbHsQm-2BzHQD19TOdkNcDjGc-2F6GwNOyLNS=
OSsbjXnqtCMhWBFFBgaCBRmr7-2FbH-2FKIu9RIx6xZERNMSyen4NOKmxirSb-2BW-2BmFnq-2B=
8I4DdgpvTw1MQPxCdQftW4lxXU8Ldf5mSpBsuI1c49ZMUSl1W7Kqt1o6Ley-2Bb-2Bc3ByH-2BX=
5IjlsEpVz-2FozXM1sHHQ0VV9dK-2FLBY-2BwajVH6Unwhcpwo-2BVk5spFfBAXmDH2k2sBN3k7=
ddzuUqoOZDDQOTHXnvAubvXRKrXnKW-2BlygFx-2B48Aia8H" style=3D"color: #1D5080;"=
 test=3D"">Bloomberg</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 California start=
ups raised 62% of all US VC dollars in 2025. [<a href=3D"https://url6380.ne=
ws.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs=
nswouzX-2FU-2Fp6UYYxUhsI7K0MqPa11aHBDhkYtvJVMtC60pFr2w-3D-3Dd2VS_I3w5d9c01g=
kD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRtayKDf2gx2Qs5K=
b4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD-2FoMCbIzFYEd=
xpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwFEsuwenddZ6w9Z=
EJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJNvvBvuO0bU-2BF=
Q-2FLIcBKKRFc-2FZOwuFaDVp11sLP-2BRfjBoNnEWOr-2FS4PvHmFAv4f10RHKonkRRJm55T2S=
D1q-2FC64koa2LGZoPtpfTpR7n2qAcfIChmKiSxMUlZ-2FYEgmAqauUDYHQoaFmlc3eVdEg5WvE=
4NBSZxoCMGXvHA-2F3ByrysPID6zQ1pvzIr-2Bvv65q9pkEBIiHME-2BDkP4IDwf-2FL6-2BkD7=
-2FEYLj2faq49RY4OTR0CBxm5GSw76x-2FLLhCAI52Z0rxAZqOkV5ZbgKP0uTow4qK9kf3FO3Oz=
WfQvmc8oG1kOEss0" style=3D"color: #1D5080;" test=3D"">Axios</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 "A $50 billion v=
aluation at an early stage, with no commercial product and limited disclose=
d revenue, places Thinking Machines well outside historical venture norms,"=
 said senior analyst Dimitri Zabelin. [<a href=3D"https://url6380.news.pitc=
hbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX=
-2FU-2Fp6UYYxUhsI7K0MqPa1qhmLkwUJ6y3Xenbk0-2FLpFA-3D-3DfEiY_I3w5d9c01gkD8gL=
zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRtayKDf2gx2Qs5Kb4AF3=
9ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD-2FoMCbIzFYEdxpIBV=
p2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwFEsuwenddZ6w9ZEJ-2F=
R6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJNvvBvuO0bU-2BFQ-2FL=
IcBKKRFc-2FY3yOIS8OlgKieutWFweTYi9PxVIHcbfKcuEUmei-2Bipg-2FPiJarto7nlCswHMH=
jT-2FUB0Al7CeDIvEL0kM0jd6iqkTGT4K-2FocCQ8ky66foS3X0rEjY58VrapfKmr9IMD9Y6-2F=
ubpQwLTpiQnZBXj4iYpmHF-2BlbYpL4eb31UdgIgKBQY1VkWie7yEzkMv9XeF8OX3ubJXQB3Px9=
nW8iKKrdYhRtXcK5QzqKLT0JvL0vBVrZhoJqFyOIYNNe-2FbxR3HE-2FaL47cjGBSc8sM9A0p6R=
JVOh1" style=3D"color: #1D5080;" test=3D"">The Telegraph</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-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;">&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>
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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>
                               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-=
2BaqM7ONnvsnswouzX-2FU-2Fp6UYYxUhsI7K0MqPa1QvDNUDSXfOofeJn-2BxHD-2Fkg-3D-3D=
AZN0_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBV=
RtayKDf2gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5=
zD-2FoMCbIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQD=
wFEsuwenddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNp=
JNvvBvuO0bU-2BFQ-2FLIcBKKRFc-2FY8r-2BSui3DCpJup-2Fk1ElpczvuCkbowoJ9Aq5Hc9p9=
-2BT-2FZu-2FWFTJwY-2Bqx01FoJsniFr3-2ByMfs504D0mhtEJYB3JSung-2FFEmcuJQRmS1Qu=
UqtHd9qTc0pVLJnm-2B-2B0WiNnRlvHBozxLtwvtvr0YSCRb8Eb56Bu-2B8mpGvQPBsZe0XAqk5=
9O8lZcgW8EITEYCqwRiyhS3sAhlrJo7H13xkFymNGKdsaY7KkooVM6gbiQJsFcHvnxaA2z6GOaU=
wD5q-2Fz0f0mHu8Gva-2FXix4Xwh7LhHoql" style=3D"color: #1D5080;" test=3D"" un=
iversal=3D"true">2025 Annual European PE Breakdown</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzX-2FU-2Fp6UYYxUhsI7K0MqPa1RLGBtaWzD9KhZksSWTHUBg-3D-3DpOrC=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRtay=
KDf2gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD-2=
FoMCbIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwFEs=
uwenddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJNvv=
BvuO0bU-2BFQ-2FLIcBKKRFc-2Fbhb6X-2BViEhhgeaVVtxYLCTRLPb98n1gbzmsLq7fDGCSJze=
SdoxOCsyupzkPJaEg4WVYQ8FelrnfR-2BkW2CGzS9wJoi4QexARc4bl5VcdrD0pPrG9whs-2Fvl=
7QDtDhtrlruk41n2UhjtzR-2FGnvWU0RE1Sr3XPYDAzkT9XCesTzpx5EVxSXMbmwKDof9e4V4yy=
rbF5wlnYhhaJXOr2j3HnoKRfMGJfJGOaAA6ofrfSEiUELlm9i9QCJxgFNI6Fk7zj4ATamUsHbDS=
teZ7uO6YZcVH1" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q4 20=
25 Netherlands Market Snapshot</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-=
2BaqM7ONnvsnswouzX-2FU-2Fp6UYYxUhsI7K0MqPa1-2BgSaFP66IoGoGSCs3zuzWw-3D-3D25=
If_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRt=
ayKDf2gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD=
-2FoMCbIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwF=
EsuwenddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJN=
vvBvuO0bU-2BFQ-2FLIcBKKRFc-2FbfMoccnHjwgAu0LoZ5Y4MX4No1e6JFYUPSuhCeNxUVqh-2=
F9-2FFWwm2hJ1BI6WpyCPy2-2B5easWhXcyk7e0MN0kkdiZB5MMFryOjd3cCLz42p0aOn8sdFd5=
uzyuEfMoL4UuR0uPHhpCEdu2SZDtachAWaK4pYAlqmSX9-2F5W2-2FCQ72mef2uxwWlESrDIEYz=
iLNEFI-2FnGYapZicT0iPXfkygUmyUvjbS9m0EqDcY0yzMxu2LHqdohmMM2bX84hOFPprnqoVBk=
I-2ByqBtwTo8JYZtQiRPP" style=3D"color: #1D5080;" test=3D"" universal=3D"tru=
e">Q4 2025 France Market Snapshot</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-=
2BaqM7ONnvsnswouzX-2FU-2Fp6UYYxUhsI7K0MqPa1u-2BY2dYXLoUmJ8kg6dLSRxg-3D-3DCk=
tY_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRt=
ayKDf2gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD=
-2FoMCbIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwF=
EsuwenddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJN=
vvBvuO0bU-2BFQ-2FLIcBKKRFc-2FbWgKD-2F60rAED44Yl5Y6fn0o19vIkwGumt9yT-2B4numQ=
cFduUz4ec0lx3-2Fr-2BU-2FW4v0SDX8V3-2F6j1tZoJ4nJ2s-2BPlOnc3dEYxf9lljf9tOBAJ8=
5xN-2FdZW9VSfFTRchmpB1ZrQl4uyEWT6M1D-2B2t6qKhr6oPQPwsB-2FbCPo1rI2L4HH3omk5o=
jMriTkBXq5g9ZQA3m4ONGplvr-2Bn-2Bc24Mohz-2BLr4ZPCQurHLKgdURMAoJyXdJumVh9hD-2=
FEHurl7iDs2R-2BKrUmEMo9g2YOe8MpxvDH0X" style=3D"color: #1D5080;" test=3D"" =
universal=3D"true">2025 Annual European Venture Report</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-=
2BaqM7ONnvsnswouzXrtG1TYox8r0V4L1opozMrFIVItoYyRaGiJtB0iWEtVA-3D-3DsDmk_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRtayKDf2=
gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD-2FoMC=
bIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwFEsuwen=
ddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJNvvBvuO=
0bU-2BFQ-2FLIcBKKRFc-2FalLZ3EQJASB-2Ba-2F9I7hGkqvN9YxIU5U-2FH9uYjMZ5UIAx9Y-=
2F1IrXPho59Dxy2-2BwJsMs1O9Dwp0h-2B0A6pwbgg4yMZOh7bBisyWDb3bTLDecGWEtIFqnA9I=
d8sywuJDJLfN-2Bnzc-2Fsqp2JtB3XY8JHRu-2BcOWFa7ywhj6YinkeaMZGeH-2FlOlF98oT4k4=
MooD0uCA8CJFM7FcPan8KoF4UkNfqEiP23UBaEXhhm1SuZKxSfHCxo0GrVLyERgaOkZnGHgmggu=
POfrS7cAEU0jOmojrtjHq" style=3D"color: #1D5080;" test=3D"" universal=3D"tru=
e">Q4 2025 PitchBook-NVCA Venture Monitor</a></b><br><br><b>Thematic resear=
ch</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-=
2BaqM7ONnvsnswouzVgJyFEfN3PM9bvGBXCCyO6oNBpbF-2BstCB-2FRsvFdqxNhA-3D-3DZVQO=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRtay=
KDf2gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD-2=
FoMCbIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwFEs=
uwenddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJNvv=
BvuO0bU-2BFQ-2FLIcBKKRFc-2FZMRYLYroIBYJ9TH2C8VONl3J2fB2exn4mznpXDWix0290tZ8=
c5rn85duyysctNr7TdiSmLeOKRa1iL0fWPlcip1mxN8VLUVuRD15FIwKqMH2p0CH3-2BDTeAENo=
MrZaisENs31DCmPeQS3siwI-2FBsbkc68IY5cXwMlwnwaG9BOtaYx5CUGGWHjwa7Gs-2FJNThOj=
g5InYtMZH0h1Gyt3r93iu8AFoYkgkc-2F4aIa6IdHlUEXZKZIJLejYUXQ07dMtsvCGa4IQmcqLU=
1MAQS7meU8S5x" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Everg=
reen Funds: We Have Questions</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-=
2BaqM7ONnvsnswouzXrtG1TYox8r0V4L1opozMrkyOOkS2Obi4TqogqU7Ntog-3D-3DhH3i_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRtayKDf2=
gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD-2FoMC=
bIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwFEsuwen=
ddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJNvvBvuO=
0bU-2BFQ-2FLIcBKKRFc-2FaHsaExZw3bIdN6EWO913wgZ-2B4-2Fyg2fwqkqDCExfJBDcWiN3n=
iCl3mowYSWbEt-2BCDmiyYsRbcw0vr7EqFQDoBXWD1fxgRki4DKICaHw8relv3U1njuRzzD16LR=
pRdllZ21ef249NfhXbQZSme-2F7-2F6F6SPVJWTBGkXNxaV0Pad3peFGQZN91K5kcxJOKTwW3Ki=
G6que9cL5JkOJs9fWepJj4ARtCC6nleCoetW0X3D4JrWcvFLbB5z6t-2BJykG4lL5VFTHV-2Bd9=
PWVbVHRwmJkEjLD" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Man=
ufacturing the Arsenal</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-=
2BaqM7ONnvsnswouzXrtG1TYox8r0V4L1opozMrGjdI0R7GsGsuSHKhvxXP-2FA-3D-3DImMs_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRtayKD=
f2gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD-2Fo=
MCbIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwFEsuw=
enddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJNvvBv=
uO0bU-2BFQ-2FLIcBKKRFc-2FZSZkZeL8DyiSFN3Zyy6hJANsHav9fOkzJjK41TD3BEIj2F0rHp=
j9r0YQNXyduf2HGX7IyCI8wsi-2BN7Xxtfx3ga0HHgFtegVX-2FU-2F1KnKw48T-2BhlInt6WT1=
88swGf7UZjPwB2uOGjvaK6bTmBCXcqwc4maOiw8rrjF3P1FDvQL1TEwCMKa3f7-2FwUDNAXQO4c=
x6XtoTxHh-2BIDfaBs1UfihquFCxgkRvYNhKGyJKKmafKeXTowkqNnumNSe3ibD-2FjF6-2B21d=
4BdwL6NQ-2BHrMvuhYzDG" style=3D"color: #1D5080;" test=3D"" universal=3D"tru=
e">Allocator Solutions: Does VC Improve Portfolio Outcomes or Complicate Th=
em?</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-=
2BaqM7ONnvsnswouzXrtG1TYox8r0V4L1opozMryg9pN1qY0bO6v12qfOSnsw-3D-3DkMgB_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRtayKDf2=
gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD-2FoMC=
bIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwFEsuwen=
ddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJNvvBvuO=
0bU-2BFQ-2FLIcBKKRFc-2FalJy5QE2Rwp5JQ3equlR2Mz2F71W6sL244haJtwOqZiSLYfLwcpl=
gYXoUefaDNQMHRTVHSVQnhJeZZhC3mS1sf7ylVKAi7h12SSlzgxpOikVi3J1FLtvXMbvfUpl6DQ=
DcfjEz1hFnjFmnDKw0ECAP25sAVvNVd3LiL5oELWdOGuMdJy8ZRMhLAy5RbNMrdm6lgjorCS9iK=
U5pAxgVT63bnSivubYl-2Ftcrv-2FW7IPEY9WOoKd-2Fklp8ZEBW8qh8g7LEasymgpVEmNjeRO4=
PosHLWB" style=3D"color: #1D5080;" test=3D"" universal=3D"true">The Elevate=
d Oil Stakes of Iranian Stability</a></b><br><br><b>Industry &amp; tech 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-=
2BaqM7ONnvsnswouzXrtG1TYox8r0V4L1opozMrIt7mWDaWrHddWq7ceb6CAg-3D-3DyuPe_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRtayKDf2=
gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD-2FoMC=
bIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwFEsuwen=
ddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJNvvBvuO=
0bU-2BFQ-2FLIcBKKRFc-2FaPy6k-2BoN5F8adG8o23jyq55Rpg5TXRyeOSnbSgi7UkgwPC-2FI=
PEkiPPmj3vx6EjU5ukNWnPMJ8ZIiTAi-2BgpCQw7gBB1Wrj1SAYnxI89rwj8sa9AhWSuPVRi-2B=
Pu85wsIZbiwdtEgyM6B2v-2BmSIRmXqLHNvmdfMhFGFf5wfvzu1-2Bl1arH0qsGSi3MmjzCdqPj=
9RF03cb5KidGP2dtWWkVjV-2BBcgyx0Qy58SHk0ZSEb-2Fve4ajF5ayyZJl8Op237Ol7dVcwVfA=
LQARPkzCnwjWS6UZ5" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q=
4 2025 Healthcare Services Public Comp Sheet</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-=
2BaqM7ONnvsnswouzXrtG1TYox8r0V4L1opozMrMJhN5BirZrWFpy3zb7UBnw-3D-3DTDhj_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRtayKDf2=
gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD-2FoMC=
bIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwFEsuwen=
ddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJNvvBvuO=
0bU-2BFQ-2FLIcBKKRFc-2Fa7AmYsgr-2Biq5vQo7hRpzQ1F0J575SdSADrZvIZE48cDpGJ371Y=
tyma3vYPzSZXgLsGp52Mgzr91rhbaSSiO8MnPeGdXIPuZ4gSKjmKWpI6kJE1eC0TDPndI9HZKMJ=
kfrO1CBvO1qUIUfJSsRzKONT3gKC4wHhZg25102wjLOR11Cm0hv4onJTcTOCsVrLd9G9NCIXoY2=
GBLMr6a69-2F6sip-2FR-2FAG7a02arwXPsNvgweC-2FDk0gJKxxZ5yPpxARQtzuMp1LpTzZ4XM=
UgkVBuNa0fB" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q4 2025=
 Enterprise SaaS Public Comp Sheet </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-=
2BaqM7ONnvsnswouzXrtG1TYox8r0V4L1opozMrMClXW-2BHIwmbhOInJNjk6bw-3D-3DcBji_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRtayKD=
f2gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD-2Fo=
MCbIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwFEsuw=
enddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJNvvBv=
uO0bU-2BFQ-2FLIcBKKRFc-2Fa3LFTp166uoswKGYCEcceQjcQMd21WXMucMU6ukDj4fUwQqpOR=
Nln9Pr6MwsJwfL0SRdRhrZDkYgNhwxBAVCNcmLaunDrcvwcb-2FHdjaHwiscvS6OLUeNCZcFRL5=
kgUoQLPKo9d31NzC04kl084kR59pBT165uwuh0NwyaCvFL8itGtVa-2Fd-2FDmnu4zNtmdfPYgv=
nFF6gu3qmOaEyFLW7gkWk5wQULB25gmwrpbh3ykNkTDoe7xI0sXfofTE3N7Jr7pIDpcNMUONTOh=
NgrRseOzr" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q4 2025 F=
intech &amp; Payments Public Comp Sheet</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-=
2BaqM7ONnvsnswouzXrtG1TYox8r0V4L1opozMr8QJ5i89wtjdwRnrbntdG7w-3D-3DckYS_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRtayKDf2=
gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD-2FoMC=
bIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwFEsuwen=
ddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJNvvBvuO=
0bU-2BFQ-2FLIcBKKRFc-2FZlJjYLkrQfCZP0q5xgRIVUm-2B-2B5GZ2LQYptBGxbZthpfXnOgh=
-2FBKbPsX3eZRH439r0FlUeI-2B6hja-2Fx0izLUuAc3Uc-2FvWAs-2FmjzTSkJWKyWXREu7Jxl=
8hAezgA8dF4dxCy0FQDn53VqBAGThntDQ5Nmzp-2B-2BwzeqsAJdrdVh3f-2BSwLJKhlBIEBfJM=
Kpz2MgHAgZOWJ9kSuzy8Uhhsfiy60H-2FomNnOhuXW26dt2fUVZr-2BC-2Bp0KdbCS-2Be2-2FD=
271RhU9ptc-2FkIgMRzoOGX-2B2bpZaQ9UB" style=3D"color: #1D5080;" test=3D"" un=
iversal=3D"true">Fintech: State of the Industry 2026</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-=
2BaqM7ONnvsnswouzXrtG1TYox8r0V4L1opozMrvkYFAAdjjZEebbf4C9fojQ-3D-3DbLhy_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRtayKDf2=
gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD-2FoMC=
bIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwFEsuwen=
ddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJNvvBvuO=
0bU-2BFQ-2FLIcBKKRFc-2FZqHzF1f9bbHrWn4cfYITdSds1p52OcNi5WuSoQaKfFSDFOOg61r8=
N9NM-2FhkSWGHI5cdJ8kIN4plQ1zgkoB6AWTEeoxT5n3BeJpPtAcsbaUQPM3xFbFa7xr5WEKC6H=
h0xKgAkH1M259yQ5F9LP-2FkMzYYo9FFNVrDJbWU-2Bi7PP70mUTXUulPqfyAVZXXfGqV7bCEHp=
HALtt0LFsLC-2F-2FB6l6OCztc-2F2VxSaPpl67n7tMbDsozYG-2BW3xNhKCfSKfwTJ0Nj402lY=
kaieCxrLq-2BDI0fd" style=3D"color: #1D5080;" test=3D"" universal=3D"true">A=
I in Climate Tech</a></b><br><br><b>Credit research</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzXrtG1TYox8r0V4L1opozMr-2Fn1ZPytnlzjSKl3NyIF8-2FQ-3D-3DOnwE=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRtay=
KDf2gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD-2=
FoMCbIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwFEs=
uwenddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJNvv=
BvuO0bU-2BFQ-2FLIcBKKRFc-2FaCYToKusWNk2x0r-2FADPeHaIzyK2W7hPA6vcoaGThu-2F5K=
p3ADd21So80Z-2BnvKeardCthSb9LCpgUz6EiUAetjRqWcO6-2FIzy8WrIHKhzFyh6E3Cb8rPBr=
NadHb4lc-2FJuthqENOiOWBximKKzPYna-2BUEbpsH-2BNX338WJhSJoM5R9V9mhzkOMT70MpXN=
hfLY29sbj7OjXUjNSDfWuJYFtM42E-2BpiJAZvnlpPRhkeAunnEeEXalIHjk83jmaCDEIirgu7a=
x9pzxw-2BGjZKKgda4EuV2F" style=3D"color: #1D5080;" test=3D"" universal=3D"t=
rue">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-=
2BaqM7ONnvsnswouzUMdOEZ08Ccc9HJoGoWxuih5Se4NBnowirbg6dDC-2BPW2Q-3D-3Dv7Eb_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRtayKD=
f2gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD-2Fo=
MCbIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwFEsuw=
enddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJNvvBv=
uO0bU-2BFQ-2FLIcBKKRFc-2FZYxqQ0ZnJ-2FqLQZJ3nFjhwlBtscgJoX2o0puQ9y90VRAEE6Jf=
5MHdKU0MBmKcSqj-2B2dhRTFwDRyP6TasfgPLoC7tj7Rt8-2BZmMFIITCZDgvt93d6hzxSjpF9C=
jQSBOfdP85YPNPngiHHEcpcB8UJzDSufgeGILbATBDjuaAnIllcR-2B6xULzunYOdH7OwsJDrjJ=
sTy8NB-2FdyZwt7UsNORvi9wAPq-2Fv6NAh6OEVnRie30ZRC74tCFgA-2F5EjJOdyu1aQ8tezmh=
X0IuKQlXCi-2FVYb3z9" 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=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzUMdOEZ08Ccc9HJoGoWxuihL6a9rv8dZiF28cx2gM5gfA-3D-3Do0VE_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRtayKDf2=
gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD-2FoMC=
bIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwFEsuwen=
ddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJNvvBvuO=
0bU-2BFQ-2FLIcBKKRFc-2FYeKwx21uISNuFCbzorDQR-2FC6bOEx7hWFcGj6rqeAOy44ztbvwZ=
iYWZ-2Fpv9Wu1ZFGFL2fUz9T9zVM3fQUoVNHBKZPsXUJ3u8zyMwhtssS0e1LiJu-2B9m3FZaWW1=
1J8rkbbFyGqYHefpdxNY9LhTmuNTSdgF0BBteqOQ-2BZ-2FLad4z4OG6V35UGimCn3ZGe9z4mVu=
vhTZDpko9ni3CBWe1MngZ0v21OWUUL7DXbw-2BhoWMMNPC3z9RTHHnhcAaZc0YoEkJz9O4Z0OFk=
cOxW1WxO-2BpvQe" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Glo=
bal CLO 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-=
2BaqM7ONnvsnswouzUMdOEZ08Ccc9HJoGoWxuihPLQNv4aIdhbi881dmFhfrQ-3D-3DApWu_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRtayKDf2=
gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD-2FoMC=
bIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwFEsuwen=
ddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJNvvBvuO=
0bU-2BFQ-2FLIcBKKRFc-2FbdCXBMaybwpiPSbc1JJZLt6y8N2LRQVd1wLBC7P4c-2BXxKmKRUE=
RaQQg5Rs8Vy-2BcbByKwWI2ndq1w1KM218PK-2B6wiMDbAH7gODv1pdh-2Bim173hOKEe76I0jW=
CfToc0XWqeG-2FkXqZr2DTwgLZwMaPsnJ5GaHBjL2CQEzKseG8V3pqpW7tnHSaaHYBLCOwRHTGt=
yWnYAGEVj2KXt2RtgjFT3yyZgiEdrXU37vJppo1o-2F-2BNYTKayZEXdHpp3f5tpgZkSFQKbGss=
uMHIohbr24pumrv" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Glo=
bal Distressed Credit 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-=
2BaqM7ONnvsnswouzUMdOEZ08Ccc9HJoGoWxuihunnK-2BJBXu2NWzSHHhHQHtw-3D-3DFAPa_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBVRtayKD=
f2gx2Qs5Kb4AF39ExFlZb7JI3tJhvWh-2Bl9-2B9AqLBywY7I9PW2UKP1IxwswidpWMj5zD-2Fo=
MCbIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2BQDwFEsuw=
enddZ6w9ZEJ-2FR6MWpPdoEuhjQg1ArZCW6HJ1ae9RBouh8LN-2FnoIRXrqzJ-2FbNeNpJNvvBv=
uO0bU-2BFQ-2FLIcBKKRFc-2FbIWr5JueV4wUeTpJqzp-2Bjk7ycNXncnH6WDmCvlKFVNgzNl4L=
v0XvY3IIODhwLZPbLXihdhbti2nMHJMw7PE6qlzyI1GfWWeRFE1MmTZal7ojwPVu7CG8x7UJTMV=
3eEJnaCW0APTiyJX3-2BaqrHTFOWD16a5igrR7XBf7ALJ4wYCpe543Isugoc5-2BIG3BG7Vuwgc=
50iMrYfT0aqus-2FZ8y9hEKyRokUmTYRPcRPoN1HMdHfp2Dge2xnNJpvAMgxNVZsIXABOvt-2BL=
2QMyIr8kIma8g" style=3D"color: #1D5080;" test=3D"" universal=3D"true">US Pr=
ivate Credit &amp; Middle Market Weekly Wrap</a></b><br><br><b>Coming next =
week (subject to change)</b><br><br>
                               =E2=80=83=E2=80=A2 2025 Annual Global M&amp;=
A Report<br>
                               =E2=80=83=E2=80=A2 Global Markets Snapshot<b=
r>
                               =E2=80=83=E2=80=A2 Healthtech Public Comp Sh=
eet<br>
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n Evolution<br>
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d>
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                  <table lang=3D"x-counts" cellpadding=3D"0" cellspacing=3D=
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dth: 100%;">
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                         <td align=3D"center" style=3D"font-family: Roboto,=
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                                        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>
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                        <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;">
                              787
                              </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;">
                              2567
                              </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;">
                              958
                              </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;">
                              35
                              </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>
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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;">  <a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
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Mj5zD-2FoMCbIzFYEdxpIBVp2E1-2FjCvM6WN-2FYfbFtDafB4yjzkhtBwh8qBDXIFj87ICsu-2=
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eNpJNvvBvuO0bU-2BFQ-2FLIcBKKRFc-2FZxflbkwizmHNBb-2B-2FQQIzuiDFoGgKvzi6zBQ4a=
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8j-2BiawZm9qiNGBqv0f7Amb9TPGISI0iVj-2FVWo-2F8hbOIualrty3li1L4vaTjofM8TZL1uk=
DTdIKCbCCISd8K6jMDppRAZYCh1j0QUZ8N5WW75VUS170G748D-2BWcxQse-2FOxkU3E9DEViY5=
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none;
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;
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r;
                                                          padding: 9.5px 21=
.5px;
                                                          border-radius: 99=
9px;
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 #F79B3E;
                                                          width: 150px;"> R=
equest a free trial </a> </td>
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        </tr> =20
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