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The original message has been attached to this so you can view it or label similar future email. If you have any questions, see root\@localhost for details. Content preview: PitchBook Newsletters Deal value returns, but distributions still suffer; Our new US Evergreen Fund Indexes; Fintech VC deal value surges 114.3% February 7, 2026 | Read online | Manage your subscription The Research Pitch [...] Content analysis details: (0.5 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 0.0 URIBL_BLOCKED ADMINISTRATOR NOTICE: The query to URIBL was blocked. See http://wiki.apache.org/spamassassin/DnsBlocklists#dnsbl-block for more information. [URI: pitchbook.com] 0.0 RCVD_IN_VALIDITY_SAFE_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to Validity was blocked. See https://knowledge.validity.com/hc/en-us/articles/20961730681243 for more information. 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[159.183.175.69 listed in sa-trusted.bondedsender.org] -2.5 RCVD_IN_HOSTKARMA_W RBL: Sender listed in HOSTKARMA-WHITE [159.183.175.69 listed in hostkarma.junkemailfilter.com] -0.0 SPF_PASS SPF: sender matches SPF record -0.1 DKIM_VALID Message has at least one valid DKIM or DK signature -0.1 DKIM_VALID_AU Message has a valid DKIM or DK signature from author's domain 0.1 DKIM_SIGNED Message has a DKIM or DK signature, not necessarily valid 2.5 RCVD_IN_MSPIKE_L3 RBL: Low reputation (-3) [159.183.175.69 listed in bl.mailspike.net] 0.0 RCVD_IN_MSPIKE_BL Mailspike blocklisted 0.0 HTML_MESSAGE BODY: HTML included in message 0.1 MIME_HTML_ONLY BODY: Message only has text/html MIME parts 0.5 KAM_REALLYHUGEIMGSRC RAW: Spam with image tags with ridiculously huge http urls 0.0 LOTS_OF_MONEY Huge... sums of money X-Spam-Flag: NO <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional //EN" "http://www= .w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns=3D"http://www.w3.org/1999/xhtml" xmlns:v=3D"urn:schemas-microso= ft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office"> <head> <meta http-equiv=3D"Content-Type" content=3D"text/html; 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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;"> Deal v= alue returns, but distributions still suffer; Our new US Evergreen Fund Ind= exes; Fintech VC deal value surges 114.3% </span></td> </tr> </tbody> </table>=20 <style> @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 800; src: local('Roboto ExtraBold'), url('https://fonts.pitchbook.com/ne= wsletter/Roboto-ExtraBold.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 400; src: local('Roboto Regular'), url('https://fonts.pitchbook.com/news= letter/Roboto-Regular.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 300; src: local('Roboto Light'), url('https://fonts.pitchbook.com/newsle= tter/Roboto-Light.ttf') format('truetype'); } @font-face { font-family: 'Roboto Serif'; font-style: normal; font-weight: 500; src: local('Roboto Serif Medium'), url('https://fonts.pitchbook.com= /newsletter/RobotoSerif-Medium.ttf') format('truetype'); } td ul { padding-left: 1.8em; } td li { position: relative; margin-bottom: 0.5em; } </style> <table lang=3D"x-main-wrap" width=3D"100%" cellpadding=3D"0" cellspacing= =3D"0" border=3D"0" style=3D"min-width: 100%; background-color: #F0EBDE; fo= nt-family: Roboto, Arial, sans-serif;"> <tbody> <tr> <td align=3D"center"><!--[if (gte mso 9)|(IE)]> <table lang=3D"x-main-container" width=3D620" cellpadding=3D"0"= cellspacing=3D"0" border=3D"0" align=3D"center"> <tr> <td> <![endif]-->=20 <table lang=3D"x-main-container" class=3D"container" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"max-width: 620px;"= > =20 <tbody> <tr> <td class=3D"content" width=3D"100%" style=3D"min-width: 100%; pad= ding-left:5px; padding-right:5px;"> <table lang=3D"x-header" class=3D"container" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> =20 <tbody> <tr> <td> <table lang=3D"x-header-subscription" style=3D"min-width: 100= %; text-align: left;" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" = width=3D"100%"> <tbody> <tr> <td class=3D"header-msg" style=3D"padding-top: 20px; paddi= ng-bottom: 28px; font-family: Roboto, Arial, sans-serif; fon= t-size: 11px; -webkit-text-size-adjust: 70%; text-size-ad= just:70%; -ms-text-size-adjust: 70%; text-align: center;">February 7, 2026 = | <a href=3D"https://url6380.news.pitchbook.co= m/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXZe9JXhnH= Vw1GPRzdT7wgxiseATH6Dqk24H82Jw8YmxQ-3D-3DRgiY_Pr966knuaHmaw6c7pKvB-2BCEiDnj= 5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRWRheZ1q0nCc9dCwX6wVJnZmiTnoshuhBQNLQ= HIIe5MOZXXAIu8YBmknOThglg96yozU-2Bwr1eO4mIFjsjuhuDgLr6vIER2dX-2FESpLFmweUxY= craGOaXxkVAqfSohpjJ5sRlI4-2F60wPJbM8SsWvltsKp5N0EMyF3W-2FvXqVqLo-2Fu0U4tnnO= -2BFWqvDcSIRIhpVxYC9nmv-2BCW27G1C-2Bh3cClTRRPNLu99Fp49wtsDjz2KHaxsly-2FkZnx= 2MMfg2ijI96Pa7-2BfE3hrTedYs-2FSjf44KvzUISeRCc0GFFRwN79pqGl-2BBWZqpYdyDjcSqZ= bp0VKHKz2RigRvjDUzgbJaybYWHZ4XvpzAU1lA0Okg2UdRjnUKG-2FK7e4J92d-2B7h5YCMFlzE= O-2BZuLHt8oUs9Nygh39qM5OqRPPK6w-2F83AUx3P5obRdafD1-2FTjMnwIKWq-2F8U1efdWdlp= bXUcJOlqhUfkzKzAFhsle2C313jBmNBn1FCl-2BePQ2Rt2bhs8Fr1exqjd9PWySs" target=3D= "_blank" style=3D"text-decoration: underline; color: #1D5080">Read online</= a> | <a href=3D"https://url6380.news.pitchbook= .com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12opJBSgX8wj= gWQkjpY2yE70mtuFtQh5JMynEp-2F-2B0ZsygXiW0c8xb0JNNkFtjTfdSBLrG5odLYHQXzZYap3= xyjo613CQL5EKIRNY6DZpApxW-2FtnBQ7rUuqNohbArjpNQasEdfyU-3D_8bf_Pr966knuaHmaw= 6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRWRheZ1q0nCc9dCwX6wVJ= nZmiTnoshuhBQNLQHIIe5MOZXXAIu8YBmknOThglg96yozU-2Bwr1eO4mIFjsjuhuDgLr6vIER2= dX-2FESpLFmweUxYcraGOaXxkVAqfSohpjJ5sRlI4-2F60wPJbM8SsWvltsKp5N0EMyF3W-2FvX= qVqLo-2Fu0U4tnnO-2BFWqvDcSIRIhpVxYC9nmv-2BCW27G1C-2Bh3cClTRcvotsC6FC0sRbgwl= EzTX-2BV0ZqVZwOOvSzm2i5brcpIUOS8IoxDAuI4BdYMv18jHaDKJNZ4G52OWMiqK-2Fvbn96s8= cvbE5qkQqd8mP1sFvHKOQy4NVE3F4IXPc56KaNAhpJK-2FuQX7fGqWHpYBJbOQmyhB5dhs5acFy= yOe702g0sWdnnDhhedQQIDlfBqPiYY4CgwHTj2BUWvFQMi6G0ULuxDfipeLi3B-2BDqf-2BPoEo= S06znEioIHVbvw16aprr0rmrOGco0fqJiigbG6Fe7rzrQIFzKeekQ6U6dfvv9rRw3xe-2B" tar= get=3D"_blank" style=3D"text-decoration: underline; color: #1D5080">Manage = your subscription</a></td> </tr> </tbody> </table></td> </tr> =20 <tr> <td style=3D"padding-bottom: 14px; 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font-family: Roboto Serif, Ge= orgia, serif; font-size: 44px; font-weight: 500"><span>The Research Pitch</= span></td> </tr> <tr> <td 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>Fre= sh indexes</b>: The Morningstar-PitchBook US Evergreen Fund Indexes are off= icially here! These new benchmarks aim to help investors evaluate performan= ce in the ever-expanding US evergreen fund universe. <b><a href=3D"https://= url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G= Fa-2BaqM7ONnvsnswouzXZe9JXhnHVw1GPRzdT7wgxr13XqZMG-2BH21japEOFlixA-3D-3D92N= h_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRWRheZ= 1q0nCc9dCwX6wVJnZmiTnoshuhBQNLQHIIe5MOZXXAIu8YBmknOThglg96yozU-2Bwr1eO4mIFj= sjuhuDgLr6vIER2dX-2FESpLFmweUxYcraGOaXxkVAqfSohpjJ5sRlI4-2F60wPJbM8SsWvltsK= p5N0EMyF3W-2FvXqVqLo-2Fu0U4tnnO-2BFWqvDcSIRIhpVxYC9nmv-2BCW27G1C-2Bh3cClTRZ= -2Bj7lkd5kgsAwnMxY-2F6WZ7C9ehRN-2FFMPSHK1n6yHI9ZReJgdn25QzKVXgcayBs0G7hhKHI= pdRKdW9j4K9ZHPjHFB4TmG5hOmyAdqP8JmqGxLE4vnhDvk23dMu9Ogxni579yMgqlqcOsqMkDiu= frksdBgfOwAVs1zAGdPonQBukFqQxCeTzAtgvxmfSW-2FZEOJYpbqcWBIFz50RaXbQiO8xg1ry2= zgXQ-2BavfDJFa1ogVbGcWBLtOruUJ9hCdD1Vvzp2POn633nS8xadP8bVOzdPPlgholQB1FH2by= sJ7oHVFJ" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Check them= out here</a></b>.<br><br><b>Tech VC trends</b>: <b><a href=3D"https://url6= 380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2= BaqM7ONnvsnswouzXZe9JXhnHVw1GPRzdT7wgxxzEt44uhAj2ZykGBer79-2BQ-3D-3DK1j8_Pr= 966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRWRheZ1q0n= Cc9dCwX6wVJnZmiTnoshuhBQNLQHIIe5MOZXXAIu8YBmknOThglg96yozU-2Bwr1eO4mIFjsjuh= uDgLr6vIER2dX-2FESpLFmweUxYcraGOaXxkVAqfSohpjJ5sRlI4-2F60wPJbM8SsWvltsKp5N0= EMyF3W-2FvXqVqLo-2Fu0U4tnnO-2BFWqvDcSIRIhpVxYC9nmv-2BCW27G1C-2Bh3cClTRb-2B5= sq2R3F8jgk6amrDNfYxAc5Ts0FDHxl90GNHs2DGXenS1VmnhOeRBp1YC-2Bu6yutnQ-2F-2BbrB= 5Rt8Y4u9XeqX0-2BJ2VUlLcutbDHmxn98M-2BwPJhK5R95ANAQw4XJAX5-2B4KkNcMgF3hLx4eD= sPho0-2F7UgYFg-2B-2BS0NRlsVWnb7kymbWdBy6WRrws0QRltzRxlJf-2Fbp9-2BFAV6itqnpv= BjCcRLMcsxhUI7Pdhh1X-2Bk90mJnXptS5ZcknHFuKulLQEf6l9gh0l8q3mcgd6r9eV6zMekawC= 88VtaPW9FtmKLXFFrGRh" style=3D"color: #1D5080;" test=3D"" universal=3D"true= ">Climate tech</a></b> deal value remained essentially flat YoY in 2025, ho= lding its own despite US policy uncertainty. <b><a href=3D"https://url6380.= news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM= 7ONnvsnswouzXZe9JXhnHVw1GPRzdT7wgxSI04mpiFJCpMPudDIGG1Yw-3D-3DPxuA_Pr966knu= aHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRWRheZ1q0nCc9dCw= X6wVJnZmiTnoshuhBQNLQHIIe5MOZXXAIu8YBmknOThglg96yozU-2Bwr1eO4mIFjsjuhuDgLr6= vIER2dX-2FESpLFmweUxYcraGOaXxkVAqfSohpjJ5sRlI4-2F60wPJbM8SsWvltsKp5N0EMyF3W= -2FvXqVqLo-2Fu0U4tnnO-2BFWqvDcSIRIhpVxYC9nmv-2BCW27G1C-2Bh3cClTRX61p3Estdli= 5-2BQZOROllM1B3dgjdAoqm163-2Bk3JfwK2hqmfdVIwOsE4aLtGqwwA3ElESnECVtf4j95tySe= lO6HAQRI4PYnNH3iSXeyai9LYjttFbqxPRhNlH1hfRkgNg4Kg5chMm6Pd8Ia0vEa6TtRE-2F8b0= LbJOne8vnmqagA19m3ubm5aFv1vArLuE-2FzkCgDSq7Ys9CC6e5zOAefFiRlFRPLSCbZwE2euG5= dUcLPjBRW8sKh7oumSPi1xBNITinLGbpIu3ODadHLtmUduL-2BeL9KRav7J4nSfF82KxLrp-2Bt= " style=3D"color: #1D5080;" test=3D"" universal=3D"true">Fintech</a></b>, o= n the other hand, surged 114.3%.<br><br><b>January wrap-up</b>: Our Global = Markets Snapshot breaks down a month of returns across dozens of indexes an= d sectors. <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?up= n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXZe9JXhnHVw1GPRzdT7wgx= s2e64v9t7TYkv1YBbR3uEA-3D-3DVkcx_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2= BHR4BiQVI43kbMcVf8UYA68NVRWRheZ1q0nCc9dCwX6wVJnZmiTnoshuhBQNLQHIIe5MOZXXAIu= 8YBmknOThglg96yozU-2Bwr1eO4mIFjsjuhuDgLr6vIER2dX-2FESpLFmweUxYcraGOaXxkVAqf= SohpjJ5sRlI4-2F60wPJbM8SsWvltsKp5N0EMyF3W-2FvXqVqLo-2Fu0U4tnnO-2BFWqvDcSIRI= hpVxYC9nmv-2BCW27G1C-2Bh3cClTRcIvt8293OGSoDUEddvCVoo09ZxmSbQ6kgueqeyxBtadXt= pb2UBdhVbjxRw7F8Sab5XpPjSVy1dmOrPy-2B9-2FnBR6o0M94j7FOweHaMg6VpWKRZzBdyWPdC= TQbfpXGyV99AAzqRLW-2FL5-2F1FBDixAyWcHdOPVhHnbKmCxnUW1fyEkShghMOXcvhk6GJj9EN= kkqk16vXic6qy8kVewuP7eoSGFUu9p7l-2FCjTJOHrcN953awUnxDTkrniAA6de1WJNJmif9fdu= tUiisHkUwwgsrUqDHo5rwKrX5EqV-2BumpWM-2F7aaS" style=3D"color: #1D5080;" test= =3D"" universal=3D"true">Read it here</a></b>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" 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_577301" id=3D"n_577301" 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;"> 2025 M&A rewrote the recor= d books </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> 2025 marked a record year for M&A. Despit= e some macroeconomic hiccups along the way, including tariff-related uncert= ainty and geopolitical tensions, M&A persisted, reaching new heights an= d showcasing the strength of both strategic and financial buyers.=20 <br> <br> While market participants were optimistic go= ing into 2025, the pace at which M&A activity forged ahead was surprisi= ng. There were more than 50,000 deals throughout the year, a first-time fea= t, worth an aggregate $4.9 trillion, or just 125 basis points away from cro= ssing the $5 trillion mark for the first time. </div> <div> <br><a href=3D"https://url6380.news.pitchbook= .com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXZ= e9JXhnHVw1GPRzdT7wgxFiHYLkEoTnpwLfZW-2BK0FZg-3D-3DydXh_Pr966knuaHmaw6c7pKvB= -2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRWRheZ1q0nCc9dCwX6wVJnZmiTno= shuhBQNLQHIIe5MOZXXAIu8YBmknOThglg96yozU-2Bwr1eO4mIFjsjuhuDgLr6vIER2dX-2FES= pLFmweUxYcraGOaXxkVAqfSohpjJ5sRlI4-2F60wPJbM8SsWvltsKp5N0EMyF3W-2FvXqVqLo-2= Fu0U4tnnO-2BFWqvDcSIRIhpVxYC9nmv-2BCW27G1C-2Bh3cClTRV-2BY96IT0E7Jcz-2B7nq0J= Ya-2FAm8xe6fGYecXwnolZbOhkXenFvCqjrKyvhI93e1lcAvMKvstYdoCwhB6Oew4OQEY5Y0F54= gILg7WJToekNMzTV-2FPjFt4-2BuMuUiJQsxf15xvKkh8UY-2BtDW0E6Kc6Kz2-2B4Cf8E5I0wZ= HHVKhlgZgKZ90x1LxLH6DP12GnTu5LBSBwLPekLDswzRJ4aGr61l8-2F0hEvl9cruUJDINpSr1V= DFiDu8XVpWj60uGdwroF2cxEVbxH3IQIfQgG8iiCVAIqzyeGaADw2VBFLMDuWAarUTk" univer= sal=3D"true"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.co= m/news/72569.png" style=3D"border: none; width: 100%; height: auto;"></a> </div> <div> Supporting the record year was its robust sec= ond half, which saw more than 27,000 deals totaling $2.8 trillion. After on= e quarter of flat activity in Q2, global M&A regained momentum, and Q3 = and Q4 M&A value set records. 2025 ended on a high note, with Q4 estima= ted to be the strongest quarter ever in both deal count and value.=20 <br> <br> Mega-deals=E2=80=94deals of $1 billion or mo= re=E2=80=94were another key driver of deal activity, with a resurgence of i= ts own. While there were only 617 megadeals, accounting for 1.5% of total M= &A transactions, those transactions accounted for 56.6% of all M&A = value for the year.=20 <br> <br> The record pace of activity represented the = second consecutive year of M&A value and count growth, the first time t= his has happened for both metrics in over a decade. Though the robust pace = seen in 2025 will be tough to surpass.=20 <br> <br> Heading into 2026, the global M&A market= is poised to continue its momentum thanks to ample public and private capi= tal, easing borrowing costs, booming growth opportunities in AI and adjacen= t tech and infrastructure, and continued market confidence.=20 <br> <br> While macro challenges such as slowed econom= ic growth and tariff uncertainty linger, M&A activity roaring through t= he volatility in 2025 is a sign that it takes a lot more to knock the M&= ;A market off its feet. For more data and analysis on the drivers behind th= e record year for M&A, download our <b><a href=3D"https://url6380.news.= pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv= snswouzXZe9JXhnHVw1GPRzdT7wgxGOIqEovzFzskwHpy8-2BLifA-3D-3DsFAW_Pr966knuaHm= aw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRWRheZ1q0nCc9dCwX6w= VJnZmiTnoshuhBQNLQHIIe5MOZXXAIu8YBmknOThglg96yozU-2Bwr1eO4mIFjsjuhuDgLr6vIE= R2dX-2FESpLFmweUxYcraGOaXxkVAqfSohpjJ5sRlI4-2F60wPJbM8SsWvltsKp5N0EMyF3W-2F= vXqVqLo-2Fu0U4tnnO-2BFWqvDcSIRIhpVxYC9nmv-2BCW27G1C-2Bh3cClTRQpah-2BUj0J3wu= elPOZUtqE6Rh-2FRt8vCjeln2-2BCKR9ww2wfIRkxaN2SOaphgHEo9B-2F0FyP-2Bl55AgfJ1Pi= WzF-2B6b3oSl2Lrx1hB0cwNFK8vGyQWyUdotRlWYcA2XWPCZqWMpXSPUFurYlM15oCZrsVFIucO= nFcMsPMv43j5ZyuRBw4Fkl3XU2YO59Lcz-2FJ6dT4fnpDh8SoK1wswG5d1fHtJCCqxOnNeKKe-2= B2-2FAwoktCFC3jk4i4Wvy1WYKML4wWleReHNQBHM4Pux11uLqtqVDijF-2BEofMCDbVnFrx7Hq= JTIR1" style=3D"color: #1D5080;" test=3D"" universal=3D"true">2025 Annual G= lobal M&A Report</a></b>. </div></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-2BaqM7ONnvsnswouzXZe9JXhnHVw1GPRzdT7wgxFiHYLkEoT= npwLfZW-2BK0FZg-3D-3DiBAk_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRWRheZ1q0nCc9dCwX6wVJnZmiTnoshuhBQNLQHIIe5MOZXXAIu8YBmknO= Thglg96yozU-2Bwr1eO4mIFjsjuhuDgLr6vIER2dX-2FESpLFmweUxYcraGOaXxkVAqfSohpjJ5= sRlI4-2F60wPJbM8SsWvltsKp5N0EMyF3W-2FvXqVqLo-2Fu0U4tnnO-2BFWqvDcSIRIhpVxYC9= nmv-2BCW27G1C-2Bh3cClTRY0mYZcgvoROytANJY5wbdEuNWDGkyfD9371I43H-2BRWjU64oOnR= j6u7EAUoZiCkb-2B7Cy-2FCSRAcl71Qv6XTqpkWc6pNVnpWAqyrB0arM5nHqX8F5Y5xwlfsIW58= PHLtoxCi7t1Anu2pb4pEsd85HODULyz9cXLb-2F5zU3plF54FjA9nBoB4i8yvkOvOrskriw07dD= 6gIjex3-2FTcBmHHnnLYax5TAUXDVcDofAvk4ET-2B3h3B6rwjyduES7tYzPsmcjB2Z4vEZOwG6= 9-2B5o3gXlH0zdna0YxrQj-2B5-2BS3yWmmN070g" universal=3D"true"> </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"> <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/658= 07.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.w= alters@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Kyle Walters</a><= br> Analyst, Private Equity</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_577332" id=3D"n_577332" 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;"> Deal flow is back. Distributio= ns aren't. </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> A year of uncertainty and contradiction has s= hifted toward optimism for US private markets heading into 2026.=20 <br> <br> Geopolitical tensions and tariff-induced vol= atility tested investor confidence throughout 2025, yet PE and VC dealmakin= g climbed above long-term trends, borrowing costs fell more than 300 basis = points from their 2023 highs, and exit activity showed real signs of life. = The post-pandemic-deal winter appears to be thawing. </div> <div> <br><a href=3D"https://url6380.news.pitchbook= .com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXZ= e9JXhnHVw1GPRzdT7wgx9122ef8CLNdgsY4frI-2Fzsw-3D-3Dfa0m_Pr966knuaHmaw6c7pKvB= -2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRWRheZ1q0nCc9dCwX6wVJnZmiTno= shuhBQNLQHIIe5MOZXXAIu8YBmknOThglg96yozU-2Bwr1eO4mIFjsjuhuDgLr6vIER2dX-2FES= pLFmweUxYcraGOaXxkVAqfSohpjJ5sRlI4-2F60wPJbM8SsWvltsKp5N0EMyF3W-2FvXqVqLo-2= Fu0U4tnnO-2BFWqvDcSIRIhpVxYC9nmv-2BCW27G1C-2Bh3cClTRVTXiRW2xjyPcdRMPQct6rVe= O3Q4oEsXZDGy5hzo5OTCisZeqcaJbwt-2Bmk1yU64pe7M9sstxlawE5AAjooq3ndApxdFqgp-2F= tl-2FcOUyJRrbeGTRNKmhqpIAleFW-2B9OCrJA75WNkhF14RqTKHo3Jxvx-2B9wAQIfU1nW-2BC= 5CWQxLJVYOjiiyU5OmJVWJ-2BAjth0GJfZ2bp48HWSivJPO64ssOOIhQl7uJXG20RtGoTgd4tyF= P6-2BvYRMBVKabbC7K1MHc1Q2cNAjpg9BMWCHdwJxNs-2Fh-2Fr4SbkuYbJJt-2FHcsV8rqyi" = universal=3D"true"><img align=3D"center" alt=3D"" src=3D"https://img.pitchb= ook.com/news/72593.png" style=3D"border: none; width: 100%; height: auto;">= </a> </div> <div> </div> <div> But value remains locked in aging portfolios.= Buyout and VC fund distributions as a share of NAV lag nearly 10 percentag= e points below their long-run average. The median holding period for PE-bac= ked companies has stretched to four years, and 35% of PE fund NAV now sits = in funds at least seven years old. LPs awaiting capital returns will need c= ontinued patience.=20 <br> <br> Facing these constraints, sponsors have turn= ed to alternative liquidity sources. Dividend recapitalizations have accele= rated, and the secondaries market posted a record $226 billion in transacti= on value. These mechanisms are helping, but they are not substitutes for ro= bust exit markets.=20 <br> <br> Meanwhile, AI and machine learning are leadi= ng the VC deal recovery, accounting for about a third of deal value. Unicor= n valuations have surged past $4.3 trillion, with AI and machine learning c= ompanies capturing much of that momentum, though deal activity is improving= across verticals.=20 <br> <br> Real estate faces persistent headwinds, with= office vacancy exceeding 20% and fund distributions near global-financial-= crisis-era lows.=20 <br> <br> Credit markets have offered relative stabili= ty, and falling rates and tighter spreads have eased borrowing conditions, = but concerns around loan portfolio health have been rising.=20 <br> <br> All of this is happening in the backdrop of = a structural change across the private market ecosystem. Evergreen funds se= t a record for new launches in 2025, with credit-focused products leading t= he charge. We estimate over 500 evergreen funds now operate in the US with = nearly $500 billion in AUM, expanding options for private wealth investors = navigating an evolving market.=20 <br> <br> Our latest <b><a href=3D"https://url6380.new= s.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ON= nvsnswouzXZe9JXhnHVw1GPRzdT7wgxn3WbGOcCXsA3Q4Uj50jvuQ-3D-3D0EHT_Pr966knuaHm= aw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRWRheZ1q0nCc9dCwX6w= VJnZmiTnoshuhBQNLQHIIe5MOZXXAIu8YBmknOThglg96yozU-2Bwr1eO4mIFjsjuhuDgLr6vIE= R2dX-2FESpLFmweUxYcraGOaXxkVAqfSohpjJ5sRlI4-2F60wPJbM8SsWvltsKp5N0EMyF3W-2F= vXqVqLo-2Fu0U4tnnO-2BFWqvDcSIRIhpVxYC9nmv-2BCW27G1C-2Bh3cClTRRPVyLPD8PTJfu-= 2B6fKnEAsBMHtlnAqVCZHNTQIuoP1PN3eqoNfcziL1gHq7723p6XMcEa3eJoxdNRrSYJrSrqRkF= d2bYMk2CihJ5YImi-2B8Tbvt39MzwJBnC3Sc0MBoVkPOkzmUR2MImRcNiOVQL0mOPtZoZqrMhKs= Js4cuY0P0cXSx8rApJ3N62uxUq2U-2BUzwe8ty-2BLNJ-2B4y-2F4oVS0v7L-2Bp78SMeRYMz54= 6Ajdj4Sjp2sQg6f1aulBEV00qw8kDeqToGPj901RCQaQHZRiRYZeg3K0XIl4n0ePwStAomXdYw"= style=3D"color: #1D5080;" test=3D"" universal=3D"true">Quantitative Perspe= ctives: US Market Insights</a></b> provides a one-stop report to get the ke= y macro developments impacting US private markets, across PE, VC, private d= ebt, real estate, and infrastructure & natural resources. </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">Have a= great weekend,<br><br><a href=3D"mailto:jacobie.fullerton@pitchbook.com" s= tyle=3D"color: #1D5080;" test=3D"">Jacobie Fullerton</a><br> Quantitative Research Analyst</td> <td 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/725= 92.png" 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></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-2BaqM7ONnvsnswouzVSlu97uPQLw8BdCbU1TwQ-2BraPDet3HW-2FCuTmln1CYuOg-3D-3DQ= vyI_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRWRh= eZ1q0nCc9dCwX6wVJnZmiTnoshuhBQNLQHIIe5MOZXXAIu8YBmknOThglg96yozU-2Bwr1eO4mI= FjsjuhuDgLr6vIER2dX-2FESpLFmweUxYcraGOaXxkVAqfSohpjJ5sRlI4-2F60wPJbM8SsWvlt= sKp5N0EMyF3W-2FvXqVqLo-2Fu0U4tnnO-2BFWqvDcSIRIhpVxYC9nmv-2BCW27G1C-2Bh3cClT= RcDCg4r2GM8B-2BSr5tJzrHGKwD1TWXYG1eShk4ZJuXjdjwBZQmJ6JXNkTFYygItK-2BFJafcst= kEfQFclHhzedqBC7DZFMST8kC-2FUN1p1tLvqIHZ0p9s8Y5gk-2BEebcDcfWSqkkDCSgjz6GA8-= 2BG1IohWkTou9K-2BxAS07T9lVWmEWjLS6AM9YuZOCApwj-2F8YUxiF-2BcV6lYlg1omg8k92mN= Oe2yLPA2p0x7-2BMJz0pSrIdy-2FnmV1Nc0t-2FG3hXsvdGdQzZudF-2FdEBkq-2BtkYaWCjcw1= TRmJ9vPMlU1OJ7fIQSQ9-2BMu1JV" style=3D"color: #1D5080;" test=3D"">Register = now</a></b><br><br><b>Feb. 11</b>: Our 2026 Outlook event series is wrappin= g up San Francisco. <b><a href=3D"https://url6380.news.pitchbook.com/ls/cli= ck?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVSlu97uPQLw8BdCbU= 1TwQ-2BPnEPHpMppCB1c2mOB-2FOhaQ-3D-3DR74X_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uwl= JYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRWRheZ1q0nCc9dCwX6wVJnZmiTnoshuhBQNLQHIIe= 5MOZXXAIu8YBmknOThglg96yozU-2Bwr1eO4mIFjsjuhuDgLr6vIER2dX-2FESpLFmweUxYcraG= OaXxkVAqfSohpjJ5sRlI4-2F60wPJbM8SsWvltsKp5N0EMyF3W-2FvXqVqLo-2Fu0U4tnnO-2BF= WqvDcSIRIhpVxYC9nmv-2BCW27G1C-2Bh3cClTRR5BLNJgFvsGn3YSKxpDXPxY7V4JpyBilZumb= 0dzeEOk4SMQhxg26oKjGFwS7Mh-2FQrwC4REroxfK5yxw6TXxNLloT950-2FAPopilHMktKx0wy= rTpZbpDjdyHnLZriltmV5WOor7in-2F4DO9wUWrALoOVhK1J7ZrZ9YeO-2BH2gaQ97DkU187S2O= aE1GfVYDtvtu56WOh-2B-2BeiCmVD0ZpwV8c8q6dSnPYODXho696a6KTlwzMBwZzJfH-2FJq6kN= -2B-2ByyRRpqwzoE5VIwNJkVe6LLqupOc-2FZ7DJNo5FEGymxG6o-2Fw3yHD" style=3D"colo= r: #1D5080;" test=3D"">Register here</a></b>.<br><br> Our outlook webinar series is also coming to= an end, with its final session, on US PE, coming up on <b>Feb. 11</b>. Rec= ordings of past sessions on US leveraged loan & private credit, US VC a= nd EMEA private capital are also available. <b><a href=3D"https://url6380.n= ews.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv= snswouzVSlu97uPQLw8BdCbU1TwQ-2BBselBI2XdSkCt31Wy-2FrrQg-3D-3D6Bk0_Pr966knua= Hmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRWRheZ1q0nCc9dCwX= 6wVJnZmiTnoshuhBQNLQHIIe5MOZXXAIu8YBmknOThglg96yozU-2Bwr1eO4mIFjsjuhuDgLr6v= IER2dX-2FESpLFmweUxYcraGOaXxkVAqfSohpjJ5sRlI4-2F60wPJbM8SsWvltsKp5N0EMyF3W-= 2FvXqVqLo-2Fu0U4tnnO-2BFWqvDcSIRIhpVxYC9nmv-2BCW27G1C-2Bh3cClTRfTSkaPdgHnOX= 252YEMbPkfXUkOWLQFRacKMohvsR3MIJDh-2BxLrceorQpMA0uh8sjQmwmqpwaQJOT0JsYhNyuk= Ko2lqwO-2Ff63sFkSfY7uUOdk3c5tlXkVj4pIFTPmR8Chj0RyR6ssn2-2FQD-2FMylqpOa3-2Br= IkmlloC6iP1Mx37NTdIU3G-2F4ohKz5Po-2Fpnc6iPxDtLukNKEQ4L-2FEOWgTUoYUQ2XGIKfXB= FJ89gEZzJ2pCfeuVFihUCq8Fwot3t4fNoMxylpe5VtxBJQOgtjzTL0EJVaf4ts9fa7PIQmgxeXD= sOn" 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 "GPs are putting= capital to work in AI under the hope and impression that it will deliver g= enerational change in the economy, and drive returns that are equivalent,= =E2=80=9D said Kyle Stanford, director of US VC research. [<a href=3D"https= ://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF= a-2BaqM7ONnvsnswouzVSlu97uPQLw8BdCbU1TwQ-2B6XkQD1kJjJcHYANxr5wIGg-3D-3DdvFV= _Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRWRheZ1= q0nCc9dCwX6wVJnZmiTnoshuhBQNLQHIIe5MOZXXAIu8YBmknOThglg96yozU-2Bwr1eO4mIFjs= juhuDgLr6vIER2dX-2FESpLFmweUxYcraGOaXxkVAqfSohpjJ5sRlI4-2F60wPJbM8SsWvltsKp= 5N0EMyF3W-2FvXqVqLo-2Fu0U4tnnO-2BFWqvDcSIRIhpVxYC9nmv-2BCW27G1C-2Bh3cClTRZM= CftpmxFcY8Hi1TgjE47iY1qruZ92TFe6WQLlCktLv0tsrXA-2BWpdlvUUaEsAxt1xzSLio4m0oB= z9lXV-2BtKAUKFMzo2ZBoA8uEL5LTQJWXdTrgc6znbJsAzdo4rtxeiqMDnESTpPe-2Bnhwjg91o= Hmup9UichPMEiFuiI6BhL1K5o5LolEL957DqWQZhT8eC1EQnv8aIUnInzX-2BXlutK5H2PT2W9i= OkU5efY77NnxEh3G5pmCtfkvjDnG0vja-2Ba6MgRDWabnPy3c45s8aSimNObfoLuP6sIF-2FABq= OC8TE90Vp" style=3D"color: #1D5080;" test=3D"">The Wall Street Journal</a>]= <br><br> =E2=80=83=E2=80=83=E2=80=A2 China is gaining= an edge in early-stage dealmaking. [<a href=3D"https://url6380.news.pitchb= ook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVSl= u97uPQLw8BdCbU1TwQ-2BYVIhXNI0mS0LouMmkdFMNg-3D-3DIHD4_Pr966knuaHmaw6c7pKvB-= 2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRWRheZ1q0nCc9dCwX6wVJnZmiTnos= huhBQNLQHIIe5MOZXXAIu8YBmknOThglg96yozU-2Bwr1eO4mIFjsjuhuDgLr6vIER2dX-2FESp= LFmweUxYcraGOaXxkVAqfSohpjJ5sRlI4-2F60wPJbM8SsWvltsKp5N0EMyF3W-2FvXqVqLo-2F= u0U4tnnO-2BFWqvDcSIRIhpVxYC9nmv-2BCW27G1C-2Bh3cClTRQk-2FEHw3I7KAbE9k8k3GG8c= SxrZz3GtrGHB12Q4x5H2G4ZFSNVH3jJ-2BlcH7ybZkUcqKG7xLtq1BDbX4ENvASBgWd4Ab9KSu2= H1IOEoonqkh05ztDsG-2F9ki9a0QISXKT6arvRMR4NwsEsqNWbXMBbN1CcMu6y-2FQJ3BI-2B-2= B0ikbGDpQyYYbNcQ2ejBojJoeJaCLn4rZrMLx2WOMnDTTMBGY0mPLEOGrvEU5OHJimKPhGAu73e= jFk5iLgaCrKYnrPs46u9Tm1wg-2FGtlIhSaBgfbVObGIYXK6HdMNVL3kNWDqPb-2Fd" style= =3D"color: #1D5080;" test=3D"">Biopharma Dive</a>; <a href=3D"https://url63= 80.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7= ONnvsnswouzVSlu97uPQLw8BdCbU1TwQ-2Bc1zhH9-2B4t-2FFo7r5-2BOb5TDQ-3D-3Dd6r0_P= r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRWRheZ1q0= nCc9dCwX6wVJnZmiTnoshuhBQNLQHIIe5MOZXXAIu8YBmknOThglg96yozU-2Bwr1eO4mIFjsju= huDgLr6vIER2dX-2FESpLFmweUxYcraGOaXxkVAqfSohpjJ5sRlI4-2F60wPJbM8SsWvltsKp5N= 0EMyF3W-2FvXqVqLo-2Fu0U4tnnO-2BFWqvDcSIRIhpVxYC9nmv-2BCW27G1C-2Bh3cClTRWfrZ= 9tkSa6nbW6NAiq1qhtrOsP-2F8zLabnJGqu51PPLpUSsX2vX55TynytLexvzN5mJok0Dx7F0-2F= 4btt3sotPRCUrW-2FCP5MkjjlI24A3x61bEa6Q5snYRN1SStN6XFBAG1tTduMVO95RlZxaiCNhJ= 7jH-2FeGC06iD2R-2FRd99UdVqBs8nQWQ5ZmtA8TE4-2FDcCYCDxKdjTOBxElKENHCLkvsn8QY2= nGyuwP12eTwxO-2FaLs9elHhaLo74W2M9VZlW49cfKhuvw9VL-2FnlzSxsFoJI-2BiP2CxWWku8= VBbO8krJCvIC7" style=3D"color: #1D5080;" test=3D"">Axios</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 US buyout groups= exited roughly 1,619 investments last year, worth $728 billion, up from 1,= 384 exits worth $383 billion. [<a href=3D"https://url6380.news.pitchbook.co= m/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVSlu97uPQ= Lw8BdCbU1TwQ-2Bt1oZebqSmZnytybG6Tc0cA-3D-3DxLML_Pr966knuaHmaw6c7pKvB-2BCEiD= nj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRWRheZ1q0nCc9dCwX6wVJnZmiTnoshuhBQN= LQHIIe5MOZXXAIu8YBmknOThglg96yozU-2Bwr1eO4mIFjsjuhuDgLr6vIER2dX-2FESpLFmweU= xYcraGOaXxkVAqfSohpjJ5sRlI4-2F60wPJbM8SsWvltsKp5N0EMyF3W-2FvXqVqLo-2Fu0U4tn= nO-2BFWqvDcSIRIhpVxYC9nmv-2BCW27G1C-2Bh3cClTReIUNMDQcPj8rGzzCRukXJLRLbFWPJz= PoSMTowZqdJsOLrzsmxuvutZKiKGkPC4wIT3IoW8I3G8wwsOVwgujoXc-2BsFK8wSQ0XS1FXyem= q0z5EXwdQt8uq4xAa0i2k78WiJ4-2FCoawGrC2Sb-2FFQT5BBFMoOkBeXqIb3E-2Bnt8JeoCTTG= DBJr2R2YkdhRYPquDxQQCapnNgeHeFI6SBlSqZadGFrEmBHHlHEGgZSKC0uqAIxwgicZVrfwwNr= GjoJgyIbrdqsyI40yHpwsiLeluWSiIHA24r0kuRQXD0ow5Z3-2Fxcm" style=3D"color: #1D= 5080;" test=3D"">Financial Times</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 Things are looki= ng up for IPOs, but don't get over-eager, says a new PitchBook analyst note= . [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVSlu97uPQLw8BdCbU1TwQ-2BaRCeAk-2B3Y-2= BaBKTNMqn85Iw-3D-3D3Z4K_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVRWRheZ1q0nCc9dCwX6wVJnZmiTnoshuhBQNLQHIIe5MOZXXAIu8YBmknOTh= glg96yozU-2Bwr1eO4mIFjsjuhuDgLr6vIER2dX-2FESpLFmweUxYcraGOaXxkVAqfSohpjJ5sR= lI4-2F60wPJbM8SsWvltsKp5N0EMyF3W-2FvXqVqLo-2Fu0U4tnnO-2BFWqvDcSIRIhpVxYC9nm= v-2BCW27G1C-2Bh3cClTRXDmR0F-2BXmdk21zufnzJxKVYpxOn17ZMUm0ABdYzDyZE0TaxK9c82= -2FBbX-2BQE2AyUXyl17Mw8VT-2FNy5INluYi1zO66-2F2Txz6GeCEPDSOt0UWwVtrlLKb3mZql= rqR1DT1lhCBshWYg7sLAqh1QzQWfLkKHoSd1WnEDh-2BsPvIJ6cKTxnAOiWzf2WZ3A7DoxH2Z8e= BF9m74FbaMYvahqJwVXvpVPhY60O-2BND8r-2BCZ-2B0-2FZBQS9WFXSMNYGe26Ax0eFSaTXxu2= 9XFtmqtWzRW7ARP7aiEJ9xqBZJp7z1uDlw-2BkLhk1" style=3D"color: #1D5080;" test= =3D"">Inc.</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 As of Q3 2025, S= outh Park Commons had distributed two times its first fund, a $55 million v= ehicle that closed in 2018, back to LPs, putting it in the top decile of fu= nds from that vintage. [<a href=3D"https://url6380.news.pitchbook.com/ls/cl= ick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVSlu97uPQLw8BdCb= U1TwQ-2BGhL0cQ2l5ju0gibOpfC5Yg-3D-3DE1Bv_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJ= YL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRWRheZ1q0nCc9dCwX6wVJnZmiTnoshuhBQNLQHIIe5= MOZXXAIu8YBmknOThglg96yozU-2Bwr1eO4mIFjsjuhuDgLr6vIER2dX-2FESpLFmweUxYcraGO= aXxkVAqfSohpjJ5sRlI4-2F60wPJbM8SsWvltsKp5N0EMyF3W-2FvXqVqLo-2Fu0U4tnnO-2BFW= qvDcSIRIhpVxYC9nmv-2BCW27G1C-2Bh3cClTRVzGAh1amoK1vepptZEVuuxgMA8v1ODIBxfC9u= bQVk2yrFlha498JTFWwLEBuBkiRog3O-2FOLmZ3iS9Br49bR3wOGLtNXkdp9i4yulnVnq8mUJ6F= z0cMQI-2F6Ej3oOCCTAqjmzNycAt0gYpmiv9TsbdhRagaUwbDU4k7RJQ5N2LTFdKAAcbecDHWvj= vNgmY-2BS2V1Q4Rh05Fc50tnC8rx97EQ6SIKDyqPkls-2BOY-2BW-2Be-2B9t84NLVNuFAguI3g= tLjA-2BXFGstnQ3Ycjglz789RAoyylC0zFHxLzwJ45AWsHoBo2K8T" style=3D"color: #1D5= 080;" test=3D"">Bloomberg</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 VC investment in= neurotechnology rose to $2.3 billion in 2025 from $293 million a decade ea= rlier. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d= 4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVSlu97uPQLw8BdCbU1TwQ-2BfaLH-2Fq= NJyB-2FosIRKCFA4zw-3D-3DS2on_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4= BiQVI43kbMcVf8UYA68NVRWRheZ1q0nCc9dCwX6wVJnZmiTnoshuhBQNLQHIIe5MOZXXAIu8YBm= knOThglg96yozU-2Bwr1eO4mIFjsjuhuDgLr6vIER2dX-2FESpLFmweUxYcraGOaXxkVAqfSohp= jJ5sRlI4-2F60wPJbM8SsWvltsKp5N0EMyF3W-2FvXqVqLo-2Fu0U4tnnO-2BFWqvDcSIRIhpVx= YC9nmv-2BCW27G1C-2Bh3cClTRW5yXgbSsuer6cVVMX0I-2F5Kujgp9NIXTFgzE6I4ycshrPYBj= 7tbVdRT5X-2Bcf18gRlw-2Fics15-2FD-2FIwGhwEptSQidnJW6OvA7W7mrNI7j45cQkQM-2FNm= ppeLVpk6vzLeRq5WSV1G7tWuXlBHJuFk3C0r-2F22c3lj6PGsxnpxO1sydKbXc-2B25MAf5AwWG= pwu3MJutDqvAJH2RRi-2BIHhxQdkSa2-2FS27BOIQgBO9CFYqhG6unkUkUoVgF4Ui6213FrSs1L= lumzN5lYiMZ0quaYLofWVoJyV5NBJJ3OYxNjRjtTQjEl4" style=3D"color: #1D5080;" te= st=3D"">Bloomberg</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 PitchBook data s= hows that 2025 broke several M&A records [<a href=3D"https://url6380.ne= ws.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs= nswouzXb4XbdYQgMokYgwpEAqog3-2FtGrQMLtXaISzCL-2FvQ2WUA-3D-3DZXu__Pr966knuaH= maw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRWRheZ1q0nCc9dCwX6= wVJnZmiTnoshuhBQNLQHIIe5MOZXXAIu8YBmknOThglg96yozU-2Bwr1eO4mIFjsjuhuDgLr6vI= ER2dX-2FESpLFmweUxYcraGOaXxkVAqfSohpjJ5sRlI4-2F60wPJbM8SsWvltsKp5N0EMyF3W-2= FvXqVqLo-2Fu0U4tnnO-2BFWqvDcSIRIhpVxYC9nmv-2BCW27G1C-2Bh3cClTRd-2Bqo-2B07Gb= 4MgDy30x285yeV7Qr-2BNvIovvNuNzeW6bknmyKmmCemUU8NceHpqN-2FQ1q-2FXLfYJdCs8Jea= D-2FokdjJ123qfLhhhMUnY8zRIE2PSF8cRlj9SykMooNRz-2BvDSLSDiiSxB7S02KJtpHsBUhMu= 8X6mbi7UC57Zs0DicaSoC8Gswzm7irn6E9Lp3ZVAI9x6Fx8zxjVYOSB5hbU1O05ynTF2XYp4wjI= P-2Bf-2FHRiRkxpW29whTTaHnhK6GxdYXHoQ6qDMDI9-2FnWtUW-2FNBvp2TFbMKHnDrnuwLm9v= AxhBeerq" style=3D"color: #1D5080;" test=3D"">Inc</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 "The merger shif= ts the valuation from a rocket company to a critical infrastructure and pla= tform business," said analyst Ali Javaheri about SpaceX's merger with xAI. = [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXb4XbdYQgMokYgwpEAqog37TK0gtYgdIyPOAaCe= p7XcA-3D-3De3Rz_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf= 8UYA68NVRWRheZ1q0nCc9dCwX6wVJnZmiTnoshuhBQNLQHIIe5MOZXXAIu8YBmknOThglg96yoz= U-2Bwr1eO4mIFjsjuhuDgLr6vIER2dX-2FESpLFmweUxYcraGOaXxkVAqfSohpjJ5sRlI4-2F60= wPJbM8SsWvltsKp5N0EMyF3W-2FvXqVqLo-2Fu0U4tnnO-2BFWqvDcSIRIhpVxYC9nmv-2BCW27= G1C-2Bh3cClTRRNsK-2FhzTBZqJWXUn8EDnySWDd4RqtjeKirctvcETGoTzO3K-2FXgvYNQyC8x= DWyOdhABskLjUVdKfokHOVMSP3sSnAd8O5oUsNR-2FIgNPxDZauXfQkNs1wG-2BfOROzP00TWxw= UdeVcjwSIHDd2ZNWPsAYxc0qhSyFfIY-2BfdhfOYksxUELmRrZEnYvD-2BMsPfwsdYk6CFUzq8H= WC0jFAEvXU0nbbgGzfRbByMc94mVO4fUiDorp3RFUn0DqH8-2BZVNLLWolDKcpmW2d9q71fFKYk= QipB0uVAySk6y301NJ90Ps0jxQ" style=3D"color: #1D5080;" test=3D"">Axios</a>]<= br><br> =E2=80=83=E2=80=83=E2=80=A2 "Consolidating t= hese companies ahead of an IPO allows SpaceX to present a differentiated, c= apital-efficient growth narrative to public investors," said analyst Emily = Zheng. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d= 4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXb4XbdYQgMokYgwpEAqog3iTpKfn67bK= Iccna-2BrCuUZQ-3D-3DVcli_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQV= I43kbMcVf8UYA68NVRWRheZ1q0nCc9dCwX6wVJnZmiTnoshuhBQNLQHIIe5MOZXXAIu8YBmknOT= hglg96yozU-2Bwr1eO4mIFjsjuhuDgLr6vIER2dX-2FESpLFmweUxYcraGOaXxkVAqfSohpjJ5s= RlI4-2F60wPJbM8SsWvltsKp5N0EMyF3W-2FvXqVqLo-2Fu0U4tnnO-2BFWqvDcSIRIhpVxYC9n= mv-2BCW27G1C-2Bh3cClTRd0Z9i39PBcFWQWYIubP9tf-2BIIiUjvUdgYXYJJgAePvDLI-2Be6W= utPAeDYeLef6zwKnHoeuw5FYRi6dVGCuesdSeRYAkYhAdg3UnuMKERFRjh99u9S9yAEEb6V3bIT= HUg1Iwo5M29cgWTu6tFh6WDR3Dl1Dfh5eR7pkrDNFSEllVC7A3bf7OVplDZPbguOs-2BzGxj6T9= JP0dG1GF2I0aitSZlIDANg6y9oF7PJ0pqomHOCLCYF9HSzSN-2FYoYdnpK1X0K7ThmONy9aXq7p= 2hipfjQYmRULNsyvKopueOo0ZhpXj" style=3D"color: #1D5080;" test=3D"">BBC</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-= 2BaqM7ONnvsnswouzXb4XbdYQgMokYgwpEAqog30ICiFk22YiLU9J8QS7fvNw-3D-3D7EZg_Pr9= 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_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRWRheZ1= q0nCc9dCwX6wVJnZmiTnoshuhBQNLQHIIe5MOZXXAIu8YBmknOThglg96yozU-2Bwr1eO4mIFjs= juhuDgLr6vIER2dX-2FESpLFmweUxYcraGOaXxkVAqfSohpjJ5sRlI4-2F60wPJbM8SsWvltsKp= 5N0EMyF3W-2FvXqVqLo-2Fu0U4tnnO-2BFWqvDcSIRIhpVxYC9nmv-2BCW27G1C-2Bh3cClTRdv= xOFWciYA3X2d-2BMvCxw-2FtpyrfHJ8zvsGiVVG14v1RfUzXPYH6LL82l4OU9Iwu84djjdTpJDO= W7kQZp0KepfwXbOclOWdJuyIBqfWh8sogGaiEUf3hUtvbdWEFuo9-2BHbCD5iI7N4VkguegdoDG= Rr1zUyQfESxuu3yAFjAWMF8Em-2F0W43mvvlfk3NB5VvBPaeds1fGfrrBHec-2B9aCiUtOuIzbb= 4IVNVYWrEY6gUy-2F3TFTwCTJbfFGPiUO9OmJqjJHZpHZmByv0uxqFx6WkD0gdtpZ3T6-2FXq0B= DWBu25P0Y3Y" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q4 2025= UK 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-= 2BaqM7ONnvsnswouzXb4XbdYQgMokYgwpEAqog3AO0aaPxl3fkH0CUui-2BP8Rg-3D-3DJhp7_P= r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRWRheZ1q0= 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q0nCc9dCwX6wVJnZmiTnoshuhBQNLQHIIe5MOZXXAIu8YBmknOThglg96yozU-2Bwr1eO4mIFjs= juhuDgLr6vIER2dX-2FESpLFmweUxYcraGOaXxkVAqfSohpjJ5sRlI4-2F60wPJbM8SsWvltsKp= 5N0EMyF3W-2FvXqVqLo-2Fu0U4tnnO-2BFWqvDcSIRIhpVxYC9nmv-2BCW27G1C-2Bh3cClTRcY= gnuIc7rsgqKy-2BGgAD2B1VJfEhB3H9TY6zGY7ahFvzTkzAH1gWXIbjnTqsRFEvIYZNQZbaoLEp= JyMHdan1keQpHHJBUqAjreVLB5aFs3ZcCkkGMVjMNLh4vS1OztR26rKVs-2BKr7Q-2Bb4Dkm-2F= r7xRKynSiDhHj0d5NMmSekRAGRkMYngN6fueeCumx7qkQRLrIEilI67QFFEB0-2Bw6lTn9LKv-2= BfawB2idRtnJccVSsJmVIJVr7bwPu1lHlR9JQsHJ0LFPiyYvuzP-2BLw-2FLzlKnHD01R-2BnI-= 2F5UX9nBIK-2BlCIhWH" style=3D"color: #1D5080;" test=3D"" universal=3D"true"= >Evergreen 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-= 2BaqM7ONnvsnswouzXb4XbdYQgMokYgwpEAqog3M8OUo-2BtMTKBYIbKAxJ9NHA-3D-3DW3GL_P= r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRWRheZ1q0= nCc9dCwX6wVJnZmiTnoshuhBQNLQHIIe5MOZXXAIu8YBmknOThglg96yozU-2Bwr1eO4mIFjsju= huDgLr6vIER2dX-2FESpLFmweUxYcraGOaXxkVAqfSohpjJ5sRlI4-2F60wPJbM8SsWvltsKp5N= 0EMyF3W-2FvXqVqLo-2Fu0U4tnnO-2BFWqvDcSIRIhpVxYC9nmv-2BCW27G1C-2Bh3cClTRRYlh= RvqlW-2B3txV-2B-2F9V-2FWXt-2BwayyoFN3cuyETE8Rh17bQPS-2FNbjo-2FaVQQGsXiu3vm-= 2F5G-2FdjVBZyPF6FXfyMBlL-2FS7H9Cwwgfg1EgwoJNKEvrJ5QHVVvoJl9N0TcJAfvr98kTMSF= G6HfOn3IM89xcQfFQbxFbZkFewsJf7559ipHi2-2BE3T3qEipsXb-2FvmcKRDydA8rnJViADAgl= zPVEpOhrumq2GbH6bfEoIempcOX41GOW-2BdJ3WsS-2FYsNGhi578dL-2BKCBA-2F-2FHTBANOf= 6Onwz-2BXJSj0NElz1jBAdNL4PHdgZy" style=3D"color: #1D5080;" test=3D"" univer= sal=3D"true">Sink or Swim: Interval Funds Liquidity</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-= 2BaqM7ONnvsnswouzXb4XbdYQgMokYgwpEAqog3bYY3lMCUrJcNwof9BTahDg-3D-3D-7wr_Pr9= 66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRWRheZ1q0nC= c9dCwX6wVJnZmiTnoshuhBQNLQHIIe5MOZXXAIu8YBmknOThglg96yozU-2Bwr1eO4mIFjsjuhu= DgLr6vIER2dX-2FESpLFmweUxYcraGOaXxkVAqfSohpjJ5sRlI4-2F60wPJbM8SsWvltsKp5N0E= MyF3W-2FvXqVqLo-2Fu0U4tnnO-2BFWqvDcSIRIhpVxYC9nmv-2BCW27G1C-2Bh3cClTRdmBrFG= RP4BGzqXN7fED1dHbN0hbG02tu7tknWs-2BgbVsMXglS8Xa-2BoGzT8BHvpcZXMSB2xbInqSJn1= akyng2TExOTV7-2BPUtAG0-2FiJixQK9Wsif76s5S9BzIzxvIuM26a2GZPfRimb3oXtvojMYdxv= -2BW2udhwz8v6QCqjEAfVZiI-2BFsG1yJorGm4GVynw-2BhzJp4ccU3xOkUX4rjtbWyuQaoWdLn= EKkmw3ME9qE-2FYvQzBzttef1FXfk-2F1jUDMxpuBl1rVbO5u4L-2F9KSTsrGffW-2BuzBV13if= PdIHor40h71-2F-2FWl" style=3D"color: #1D5080;" test=3D"" universal=3D"true"= >Allocator Solutions: Does VC Improve Portfolio Outcomes or Complicate Them= ?</a></b><br><br><b>Industry & tech 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-= 2BaqM7ONnvsnswouzXf69c-2F38Jx1WcB2SW3mvoHYgWWep5uvZbU-2BnfcjYjDKg-3D-3Dgoyu= _Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRWRheZ1= q0nCc9dCwX6wVJnZmiTnoshuhBQNLQHIIe5MOZXXAIu8YBmknOThglg96yozU-2Bwr1eO4mIFjs= juhuDgLr6vIER2dX-2FESpLFmweUxYcraGOaXxkVAqfSohpjJ5sRlI4-2F60wPJbM8SsWvltsKp= 5N0EMyF3W-2FvXqVqLo-2Fu0U4tnnO-2BFWqvDcSIRIhpVxYC9nmv-2BCW27G1C-2Bh3cClTRQT= EOrpgdin0CqNHHODptB5VMjUA-2BUh2dU-2FALTgWbv33yqNtorqzZF8u8ACFBCBPCiKu008n5p= tTwDX7BXY7WiGw58ixQ5-2FnBt-2B-2BtHZsYxSKBdmXpCNGl6C0cyDYsKllOukRD4d8aWvY9-2= BS6xyfA6WPwRV-2FYIxpe9-2BFp5R7wyhA-2B5QeqiuGWdgWzsxzRRAmFGbr0ShX3AKorICSm-2= FKthjd36bzJZ4U9se8-2BPpyuV6wZaf0d3JORlm-2BX77184ZQtwrgvt-2FvxEqCdC7bMJotId6= CDFOgTCIlHfjIDIwGMx-2BytV" style=3D"color: #1D5080;" test=3D"" universal=3D= "true">The Chinese Biopharma Landscape: Where New Assets Are Born</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-= 2BaqM7ONnvsnswouzXf69c-2F38Jx1WcB2SW3mvoHKl0I3UWh-2ByzpmHB-2BC-2FcIgw-3D-3D= lkyS_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRWR= heZ1q0nCc9dCwX6wVJnZmiTnoshuhBQNLQHIIe5MOZXXAIu8YBmknOThglg96yozU-2Bwr1eO4m= IFjsjuhuDgLr6vIER2dX-2FESpLFmweUxYcraGOaXxkVAqfSohpjJ5sRlI4-2F60wPJbM8SsWvl= tsKp5N0EMyF3W-2FvXqVqLo-2Fu0U4tnnO-2BFWqvDcSIRIhpVxYC9nmv-2BCW27G1C-2Bh3cCl= TReJxIymryke4FOUQwkQtCRS-2FLHy4Xd0xqMSjkHhF11oNB9Rnt-2B-2FPmOFG1FbmCQQP57a-= 2F3Z9F7QVjzfYgIBnw9Kc-2BpXARTRrtHxLbLMRXGLII0iSCGhNJ1w1iCHNPRDLf-2F-2F9YiHj= jymMa7-2BFay2x3AFK-2FXtQIjUiKM93XgqUSbuKFh07gIgnRaKkbId08oLfDLt3GaG0HCTgbY-= 2BENt8pPhetA507oagTArJlvIBw0CAhuOHMXttVYjul2M8B9eFLhJ9dQab5pHx9M9MmD4tZmrSw= jYF-2BcOoL8bkrGS5YJuRqP" style=3D"color: #1D5080;" test=3D"" universal=3D"t= rue">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-= 2BaqM7ONnvsnswouzXf69c-2F38Jx1WcB2SW3mvoH5Qh8VxcKxXb606HC-2FxneRQ-3D-3DlK5D= 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t= able-layout: fixed;"> <tbody> <tr> <td style=3D"display: inline-block; width: 25%= ; min-width: 25%; text-align: center; flo= at: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 506 </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;"> 2184 </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;"> 792 </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;"> 38 </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-2BaqM7ONnvsnswouzUuo8b4aQavTdvBygWg8kRs5mS6H-2BXBPMzcU5IwsAGAyg-3D-3DB= N26_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRWRh= eZ1q0nCc9dCwX6wVJnZmiTnoshuhBQNLQHIIe5MOZXXAIu8YBmknOThglg96yozU-2Bwr1eO4mI= FjsjuhuDgLr6vIER2dX-2FESpLFmweUxYcraGOaXxkVAqfSohpjJ5sRlI4-2F60wPJbM8SsWvlt= sKp5N0EMyF3W-2FvXqVqLo-2Fu0U4tnnO-2BFWqvDcSIRIhpVxYC9nmv-2BCW27G1C-2Bh3cClT= RXT5XcYeRxhpnvRqVcqpV4D0lB79vDuk88pcNkbdycOe18QdrUva-2BsBeG8Xiv4t9QgfL6yuDY= mJ3-2FDQ5Y0qlZ3ay7w2MyDSqvbcQsGIG3SpaRXI36P1FsuUKc4olMroVgUXXo-2Fdpe74o-2FI= rwEwYss3bDJ4ysLk23Iuiw9WUvnwj86mO-2FL7TVAt9qT-2BwXqwbbb83qdjgSl05yWW48xTwT-= 2BGJmoP5AUe-2Bxa0xhwiqgzaQE4Ev9X1EL2YkNdpa-2BGXVVDavOX0yD5cDBcWoauPghOIhkM9= qO0FbJOwXgeeDQBX93" target=3D"_blank" style=3D"display: block; 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