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Envelope-to: vetyl@ponjosonek.com
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Date: Sat, 14 Feb 2026 10:11:36 +0000 (UTC)
From: PitchBook Research <news-noreply@news.pitchbook.com>
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Message-ID: <wjsgpwYpQRmU8KNAhsWXWg@geopod-ismtpd-canary-0>
Subject: An investor playbook for AI adoption
To: vetyl@ponjosonek.com

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tchBook Valuation Estimates tool; Dissecting the SaaS transformation </span=
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9-2FSNIaBmlyBQ4k8xYrKkse3NoLvrqQHrbEW5zvzFlpeUCWhP-2B9y2nMzUojeh9kdOuAixth-=
2BAwZRsS76-2FEH1JgBCxaCOF2vyfwkDezeGKy0eal8vE4P-2BhGDN6vYfCEnXj1tTn-2BUK5Kt=
q0I3jp8W2YBTorO4i0lNFUbrlI1-2BPJhqo1pumyBVAK9y2wqOCz8LGFnIzCxlAd-2FLVPXlkTi=
eWIMYW6lq5KcSq7vUDW7fLlLzF8FSMBobZNki9W936DtLxyfDU-2BWtgb6UJI9pVsVgG-2Fq" s=
tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">US VC Valuations and =
Returns Report</a></b> examines the growing concentration of capital and it=
s risks, while a <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/cl=
ick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdSr7P8JZbuRYsd9=
dtr5Ph3QsljAH7iqFfIKaxbiDT8w-3D-3DJBiM_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL=
0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2BieL44OKv4M7lO-2FC0q-2BQwNGPWf3vKm-2BEqp2=
FKkLDsKmZqzyWywViYECwgytBa2BfJ-2FuiMYaR8PNQz5KmHVoAd-2FDNUSUhmWIoav5pQgj8hc=
1779pdiuawsHLcgSgQS8-2BLt64RApraxWLF0oz53imUMAOw2gcwZvo7Y6DdKFm3tgZmM5vlMjS=
-2FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B9E6SpqDVtPn0b-2Bjuod7wjW3oW78OLGXoP5Siv=
ekLzu5-2FtxkbKuN1W6uHRSHU0dirqdyrL2LcXRGzKjCj0l7BM887bHjMNfgei9Y0Zx9RPZ-2Ff=
jEkJPnXO-2FDWmvtrffG2uy6G0I-2BOfXn-2FiouHMRrRbV-2BkVSOOB8p5A-2BeSvPxX0zFj0B=
BSMC-2Ft-2FkAelgTYv2YirRu4B5XvPvT1TJGOBAB64Pvf8YAUY5qCZ2ZbvoO8Pz7ImDSiScrHZ=
CcnzmeTt90KakdEHS2dVxa-2Fbh-2BsFZ6YCxsJlszRjbDL2RLSNNLMjzjjsj" style=3D"col=
or: #1D5080;" test=3D"" universal=3D"true">companion analyst note</a></b> e=
xplores how many unicorns are aging on outdated marks. Both analyses draw o=
n our newly launched <b><a href=3D"https://url6380.news.pitchbook.com/ls/cl=
ick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdSr7P8JZbuRYsd9=
dtr5PhP9D-2FCQZDTNinChnCX5fOQw-3D-3DOmWk_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJ=
YL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2BieL44OKv4M7lO-2FC0q-2BQwNGPWf3vKm-2BEq=
p2FKkLDsKmZqzyWywViYECwgytBa2BfJ-2FuiMYaR8PNQz5KmHVoAd-2FDNUSUhmWIoav5pQgj8=
hc1779pdiuawsHLcgSgQS8-2BLt64RApraxWLF0oz53imUMAOw2gcwZvo7Y6DdKFm3tgZmM5vlM=
jS-2FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B9E6SpqDVtPn0b-2Bjuod7wjW3rDEAEj4-2FKa=
KY7JvO7OQmiJ3k2iqtKeaBwYsAWXqKyR8klXhH7qQXWk9C-2F9S-2BMYsBV9s-2FVyCHsrNvgvj=
pY-2F9zQwWkqokNjiTiTxHT2zA94bNlbYR1k36p5PGol7fwBCUnJAecFW8ceXTHN0Pxo8AamNe9=
Sp5kQGZ6g-2FkMOy04K2pjiRp8kVT5F277klzKZug54hWF0B1mgqfhJHekjPPEvAcsoBYI9-2Fn=
76tuUr69XTc6izwVqN34oxFb9oWgWEX-2BUi78VsSVzQkdNEuiT0MaNy0" style=3D"color: =
#1D5080;" test=3D"">PitchBook Valuation Estimates</a></b>, which deliver re=
al-time valuation insights between rounds.<br><br><b>More tech VC trends</b=
>: Reports for <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/clic=
k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdSr7P8JZbuRYsd9dt=
r5Ph8SUlsAUGNNG7xaeeFgPY3A-3D-3DA9Wn_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0Y=
QP-2BHR4BiQVI43kbMcVf8UYA68NVR-2BieL44OKv4M7lO-2FC0q-2BQwNGPWf3vKm-2BEqp2FK=
kLDsKmZqzyWywViYECwgytBa2BfJ-2FuiMYaR8PNQz5KmHVoAd-2FDNUSUhmWIoav5pQgj8hc17=
79pdiuawsHLcgSgQS8-2BLt64RApraxWLF0oz53imUMAOw2gcwZvo7Y6DdKFm3tgZmM5vlMjS-2=
FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B9E6SpqDVtPn0b-2Bjuod7wjW3qEz3-2FK3TzNS2e6=
OCKoLhuqWHbmMz2Yfed-2FDQsTvVo782aYxA9DKjUr-2BkCG9TpDLOVlhvJ2MyxifI8qHwS4OVd=
BvIFCoLjquga8D0-2FkFCnbr3SiInlOG3OgfLDa2zD7ovTq0n2lBh9yDW8eqz5cyw4nw8zogiEx=
oMoc01Oh9HmTGC-2BVJ9-2FmI0K3IvrGCcEedYvdN5BtJjZMpyMO-2FfmfP3XCvKIT6MqzPneah=
4DEiPp9Jx7UPPZatzmrjXW7pD5qb-2BViXjmShZcQRAPKrpsxGj3z" style=3D"color: #1D5=
080;" test=3D"" universal=3D"true">AI</a></b>, <b><a href=3D"https://url638=
0.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba=
qM7ONnvsnswouzXdSr7P8JZbuRYsd9dtr5Ph2SrJ2SCrBwmx2xcHAbhrnw-3D-3Dx5iy_Pr966k=
nuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2BieL44OKv4M=
7lO-2FC0q-2BQwNGPWf3vKm-2BEqp2FKkLDsKmZqzyWywViYECwgytBa2BfJ-2FuiMYaR8PNQz5=
KmHVoAd-2FDNUSUhmWIoav5pQgj8hc1779pdiuawsHLcgSgQS8-2BLt64RApraxWLF0oz53imUM=
AOw2gcwZvo7Y6DdKFm3tgZmM5vlMjS-2FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B9E6SpqDVt=
Pn0b-2Bjuod7wjW3qkF0ZDOp90zsiwir-2BEQWoycDQdlEXA0DqgSi1c0Ra-2FVNekab3NbgKkI=
-2BfDxoeNYs6e1j-2B1RZmmMTumke1P4m5AQCJcyQN2EY8FsFXUwr42Fe-2FbaWfbNbGL5qY0Tc=
CBh6YD0wRuPmQEXshaoWhz33lr3UA0MgNrxWEH4w0HnvM5AcZUJuOluJyD9RQhMgQaLzaSpyq0x=
8BjX7t91lkfyNlAEFVFCBP6dm1xHUt6QBt-2Fslev5f4cAOaLdS-2BY-2BZve3rUHcaZpiFhe7X=
53xnNuBuwy" style=3D"color: #1D5080;" test=3D"" universal=3D"true">foodtech=
</a></b> and <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?=
upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdSr7P8JZbuRYsd9dtr5=
PhUVcWCev-2Fc3aezrjH9kBFmA-3D-3DJUtg_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0Y=
QP-2BHR4BiQVI43kbMcVf8UYA68NVR-2BieL44OKv4M7lO-2FC0q-2BQwNGPWf3vKm-2BEqp2FK=
kLDsKmZqzyWywViYECwgytBa2BfJ-2FuiMYaR8PNQz5KmHVoAd-2FDNUSUhmWIoav5pQgj8hc17=
79pdiuawsHLcgSgQS8-2BLt64RApraxWLF0oz53imUMAOw2gcwZvo7Y6DdKFm3tgZmM5vlMjS-2=
FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B9E6SpqDVtPn0b-2Bjuod7wjW3r8KUeYBEDnYThQOi=
6tsC2MylVUL-2FO50kmBJsD1AaWy2Uc77dw9T7bJYLCMAZT8i0XAh9-2F9h2WZ9v0roAOfG9BoO=
FRv2LoosQ36p-2ByvU2sT67JZRZ1-2BYhR-2BqaQSwu7xvjGqrQq70P7VJth1guyy5ER4RZg-2F=
quUaoT-2BOE8xKS5PUGFR8k24lB758LNjUC1buhd8-2BJYAvz6oITYc0eKqTmyTwogyx0SjtmxP=
XlDANrqAkMESyuxodKLCvxkk7AWS2-2FwD3a7lIUdVoZL-2BGQjbpI7wT" style=3D"color: =
#1D5080;" test=3D"" universal=3D"true">defense tech</a></b> are now availab=
le.<br><br><b>Software's big pivot</b>: The "SaaS-pocolypse" narrative miss=
es the mark, our <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/cl=
ick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdSr7P8JZbuRYsd9=
dtr5PhfdpZnIRXmchlIJo62kVfmA-3D-3DFf5G_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL=
0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2BieL44OKv4M7lO-2FC0q-2BQwNGPWf3vKm-2BEqp2=
FKkLDsKmZqzyWywViYECwgytBa2BfJ-2FuiMYaR8PNQz5KmHVoAd-2FDNUSUhmWIoav5pQgj8hc=
1779pdiuawsHLcgSgQS8-2BLt64RApraxWLF0oz53imUMAOw2gcwZvo7Y6DdKFm3tgZmM5vlMjS=
-2FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B9E6SpqDVtPn0b-2Bjuod7wjW3qcWKaW6wix8oHR=
wyaTYOgUH7klWCepEAc-2BytDKMA5yfxIMyQTdVxdkSqfhYbLu4xzRw20KI0HxVxxjJp9CfVdbG=
AvmxASMGkO-2BEHgzQjIWFfr3Z4-2FF-2B7n-2FW7RYhCubDTgBqi1aT9-2B-2Fe4JsS2rEQljM=
5DfU-2FXYL0KkpjiQzFfSADJPy1uFG-2FShG940bAnXWwAgFYhXehM-2BBTgCyQ-2FKO5sNr2uj=
-2B8Bdc87UNO-2Fz03XgNsHR-2FQkT3D0UFeqXZZdVzAutD3U1QOtmNGYsxowR4133M" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">analyst note</a></b> argu=
es. This report offers a different framework for the shift, as well as reco=
mmendations for investors and vendors.</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>
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                   </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%;">
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                     <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=
>
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                   </tbody>
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                  <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,=
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" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
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                        <tr>
                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_577562" id=3D"n_577562" 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>
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                             <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;"> Top Venture Capital Trends Sta=
rtups Should Watch in 2026 </span></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
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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>
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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">
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ng=3D"0" cellspacing=3D"0" lang=3D"x-image">
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                              <td align=3D"right" style=3D"text-align: righ=
t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVgdaJOWGoT4yVgWJeEVVx4IbhlkSJZ0sLHEdz=
shgjKMA-3D-3DoSmg_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc=
Vf8UYA68NVR-2BieL44OKv4M7lO-2FC0q-2BQwNGPWf3vKm-2BEqp2FKkLDsKmZqzyWywViYECw=
gytBa2BfJ-2FuiMYaR8PNQz5KmHVoAd-2FDNUSUhmWIoav5pQgj8hc1779pdiuawsHLcgSgQS8-=
2BLt64RApraxWLF0oz53imUMAOw2gcwZvo7Y6DdKFm3tgZmM5vlMjS-2FLNdWBr02rGBa6q72wl=
DYIHq-2FcKWJK2B9E6SpqDVtPn0b-2Bjuod7wjW3q1UIG4JxAlnP9PWHdUwUgCF506c741KABzh=
6MPxn3uE1vrcNawxK841uoMv5PgbfavhM70w3hjd-2F34UfhbOouSKj93tgNgprlfgqz6Ezablr=
xt-2Bjd6grm5C2NkzN9t2GQSoHIukO2iHHl9lOcBYGbAJmxrB8uql1iBxjk1V8VjIo8bxTfsaec=
l86f2MsYDurFf0nc05kkVag0GGpF0Vu7TxsvoAP7zdLbFAKCmh4cMwtQxWHHQTnY8HKP3iXPb8W=
k6qPTSKuYMaD79EfVvLSRI"> <img align=3D"center" alt=3D"" src=3D"https://img.=
pitchbook.com/news/72727.jpg" style=3D"border: none; width: 100%; height: a=
uto;">  </a></td>
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                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
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                              </table></td>
                              </tr>
                              </tbody>
                              </table>Startup executives, venture capital i=
s always changing=E2=80=94staying current is critical.<br><br>
                               Fidelity=E2=80=99s guide, "Top Venture Capit=
al Trends Startups Should Watch in 2026," delivers the latest insights on:=20
                              <ul>
                              <li>AI-Driven Growth: How companies like Open=
AI and Waymo are securing major funding.</li>
                              <li>Regional Insights: Key strengths of top v=
enture hubs.</li>
                              <li>Sustainable Growth: Why smart management =
and sound models drive better exits.</li>
                              <li>Market Recovery: Rebound in venture deals=
 and extended fundraising timelines.</li>
                              <li>Exit Strategies: M&amp;A trends and their=
 strategic advantages.</li>
                              </ul><a href=3D"https://url6380.news.pitchboo=
k.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVgdaJ=
OWGoT4yVgWJeEVVx4IbhlkSJZ0sLHEdzshgjKMA-3D-3DvtkP_Pr966knuaHmaw6c7pKvB-2BCE=
iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2BieL44OKv4M7lO-2FC0q-2BQwNGPWf=
3vKm-2BEqp2FKkLDsKmZqzyWywViYECwgytBa2BfJ-2FuiMYaR8PNQz5KmHVoAd-2FDNUSUhmWI=
oav5pQgj8hc1779pdiuawsHLcgSgQS8-2BLt64RApraxWLF0oz53imUMAOw2gcwZvo7Y6DdKFm3=
tgZmM5vlMjS-2FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B9E6SpqDVtPn0b-2Bjuod7wjW3omM=
KDiOo0d4bb8UDJxKVpJ6oRH-2BEUr2vnNDBs7WIT5-2FDujgH09XSfiZrzZf-2F7GXE3jeybuYf=
Xl-2FuE22clYAEO-2FW-2B9eCUZJCuU0AIXX4n5S-2FPmueHK5UX7N9hk2xO9kS0W9C7Be88ffS=
Lc45hl-2BBe-2Btp3Ia6AXxZU2xI69hJ0-2FuuNqLiCR2a-2FnEJ-2FsJn8axU5scTKGC8sS0Nu=
c-2Be1SXq0rDRjoRZZFSwa5C2sryhdCdidUiJqHCWRNmJ36sYNQCMGKySy-2BZbMJdJ-2FT4bEz=
zfOwU" style=3D"color: #1D5080;" test=3D"">Download the guide</a> to naviga=
te midstage VC with confidence and position your company for long-term succ=
ess.<br><br>
                               Fidelity Private Shares LLC offers cap table=
 management and other administrative services to private companies and thei=
r equity plans.</td>
                              </tr>
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                         <td style=3D"height: 6px; min-height: 6px; line-he=
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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dth: 100%;">
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                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_577512" id=3D"n_577512" style=3D"font-size: 0; text-decoration: non=
e;"></a>=20
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">
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                             <td><span class=3D"outlook-caption-override" s=
tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s=
erif;
                                                                font-weight=
: 500; font-size: 20px; line-height: 26px;"> The PE playbook for AI adoptio=
n </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">In the=
 next five years, PE-backed companies that deeply adopt AI and AI-powered r=
obotics will grind out a durable margin advantage, creating top decile retu=
rns.<br><br>
                               As such, we believe that winning buyout fund=
s will develop concrete AI strategies and highlight them to their LPs. For =
funds who ignore it, the ground will shift beneath them and they will get l=
eft behind.<br><br>
                               In our <b><a href=3D"https://url6380.news.pi=
tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn=
swouzVgdaJOWGoT4yVgWJeEVVx4QiEsB1Vfydyg2bhpTAPugA-3D-3D407k_Pr966knuaHmaw6c=
7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2BieL44OKv4M7lO-2FC0q=
-2BQwNGPWf3vKm-2BEqp2FKkLDsKmZqzyWywViYECwgytBa2BfJ-2FuiMYaR8PNQz5KmHVoAd-2=
FDNUSUhmWIoav5pQgj8hc1779pdiuawsHLcgSgQS8-2BLt64RApraxWLF0oz53imUMAOw2gcwZv=
o7Y6DdKFm3tgZmM5vlMjS-2FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B9E6SpqDVtPn0b-2Bju=
od7wjW3qdAkXOkuGysm3oInQQN0sy-2BHIQLbZxLNIRK2H-2FtwjyHZtQJwSzxZ7s1mAisJ6DLQ=
Y-2BWy-2BbKBUp6PDirqHcsWTVwGScUf04jIyIWKGe04NEg5i2bB4FFez-2F6kI31DwUOwO67NP=
7x-2BbEeyTP0wYOBKoiyGjNV-2FbIfJoC32ABmQDhTA4XTDUVDIVUqBbnT2NwsulcKuTV7pUPpp=
a0TPywMHGsj7FWAjyQYzPTFelCpRpi15jr3pr2wjHknM8YO0ycXWZvyVOwpgs-2BgjZHgP-2FAt=
SqQ" style=3D"color: #1D5080;" test=3D"" universal=3D"true">2026 Industry P=
E Outlook</a></b>, our analysts picked their top traditional sub-sectors po=
ised to benefit the most from AI adoption. These segments are expected to m=
ove the needle most on margins and cash flow, if they incorporate AI, makin=
g them natural priorities for PE investors.<br><br>
                               Our analysts' top picks include defense elec=
tronics, construction tech, gaming content production, PPMs (physician prac=
tice management), RCMs (revenue cycle management), diagnostics and medical =
imaging, and customer service and support platforms.<br><br>
                               Low-margin businesses might see the greatest=
 benefit; a 3% margin that rises to 4% juices profit by 33%. Further, when =
one's competitors are slow to adopt AI, margin advantages can last for year=
s.<br><br>
                               Still, adoption is hard. The C-suite needs t=
o put everything behind it.<br><br>
                               We believe that it will take three to five y=
ears of continuous full-court press to deploy enough AI to bend margins upw=
ard. Ideal areas for adoption include sales, hiring, finance, marketing, ad=
vertising and, for some companies, certain repetitive physical tasks.<br><b=
r>
                               There are now many industry-specific solutio=
ns for virtually every large industry. AI robotics startups are proliferati=
ng too. PE owners can find them at the biggest industry trade shows or cont=
act one of our emerging tech analysts to learn more.<br><br>
                               We're at the point where each AI vendor like=
ly has several competitors, including clear winners. This gives PE-backed f=
irms options.<br><br>
                               We offer nine points to leadership to help a=
dopt AI.<br><br>
                               1. The AI mandate must come from the top. Le=
aders must deeply encourage piloting new AI vendors and use of internal too=
ls.<br><br>
                               2. Start with the most obvious use cases.<br=
><br>
                               3. Find tech-savvy internal champions to tes=
t AI vendors. Give them time to experiment as deploying AI takes time and a=
ttention. Without champions, efforts may fail.<br><br>
                               4. Hire partly for technical ability and int=
erest in AI.<br><br>
                               5. Offer individual rewards to AI champions =
and fast followers.<br><br>
                               6. Focus on mega-projects. At PitchBook, we'=
ve found that employees have the greatest motivation to use AI when they're=
 automating a large, previously painful task.<br><br>
                               7. Lean on vendors with robust support and o=
nboarding. The self-service model has a lower success rate.<br><br>
                               8. Don't quit if initial product functionali=
ty isn't good enough. In two years, products will be significantly better.<=
br><br>
                               9. Startups often fail. Use two vendors at a=
 time or be prepared to replace vendors quickly.<br><br>
                               I can connect you with an emerging tech anal=
yst to understand which vendors can help your portcos. Email me at james.ul=
an@pitchbook.com.</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">Best,<=
br><br><a href=3D"mailto:james.ulan@pitchbook.com" style=3D"color: #1D5080;=
" test=3D"">James Ulan</a><br>
                               Director, Industry &amp; Technology Research=
</td>
                              <td valign=3D"top">
                              <table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" lang=3D"x-image">
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                              <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; ">
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                              <td align=3D"right" style=3D"text-align: righ=
t"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/726=
95.jpg" style=3D"border: none; width: 100%; height: auto;"> </td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
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                        </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;
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                                                 ">
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                              <td style=3D"padding: 1px 0 0 0; line-height:=
 0;"></td>
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                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_577557" id=3D"n_577557" 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;"> Delayed, not derailed: Healthc=
are services awaits 2026 rebound </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>
                              Healthcare services deal activity improved in=
 2025 but lost momentum late in the year, as policy uncertainty and regulat=
ory friction pushed transactions into the future.=20
                              <br>
                              <br>
                               According to <b><a href=3D"https://url6380.n=
ews.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7=
ONnvsnswouzVgdaJOWGoT4yVgWJeEVVx4rvemvVhBhmBjZRY-2FNppzSA-3D-3Dnv6c_Pr966kn=
uaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2BieL44OKv4M7=
lO-2FC0q-2BQwNGPWf3vKm-2BEqp2FKkLDsKmZqzyWywViYECwgytBa2BfJ-2FuiMYaR8PNQz5K=
mHVoAd-2FDNUSUhmWIoav5pQgj8hc1779pdiuawsHLcgSgQS8-2BLt64RApraxWLF0oz53imUMA=
Ow2gcwZvo7Y6DdKFm3tgZmM5vlMjS-2FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B9E6SpqDVtP=
n0b-2Bjuod7wjW3p3pCYuUvWTqhADKBQlco71tOAnajl5OnGrCbdrWiB-2FNgIuEnsoeZFn7t2g=
jC7TAxl9IxNYVbox9oID3UREQsR85zog8Qq2tOTky49wgeWcePo2LOE4dXCvh8SPPBoxPibirpf=
Ut4-2FlrqcJ-2FZPVSe-2B4kaycriKEPAj7NCL5j-2BgD9jNB0pHmRyQA13RgxCbNhScYecvY1n=
qgdKTerDZjLBPp08YKNlaShnYa3AwPEFts04X1xl4XM580-2FIVU4Lu0hXu83NH5gsxHn2BLqRo=
f1jDi" style=3D"color: #1D5080;" test=3D"" universal=3D"true">our latest re=
port</a></b>, total deal count rose 9.6% year-over-year to an estimated 747=
 transactions in 2025, even as deal value declined 1.6% amid fewer closings=
 and a notable slowdown in the fourth quarter.
                              </div>
                              <div>
                              <br><a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVg=
daJOWGoT4yVgWJeEVVx4GVnvh-2FXmUfFCuIVt5XNXUQ-3D-3Drkyw_Pr966knuaHmaw6c7pKvB=
-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2BieL44OKv4M7lO-2FC0q-2BQw=
NGPWf3vKm-2BEqp2FKkLDsKmZqzyWywViYECwgytBa2BfJ-2FuiMYaR8PNQz5KmHVoAd-2FDNUS=
UhmWIoav5pQgj8hc1779pdiuawsHLcgSgQS8-2BLt64RApraxWLF0oz53imUMAOw2gcwZvo7Y6D=
dKFm3tgZmM5vlMjS-2FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B9E6SpqDVtPn0b-2Bjuod7wj=
W3oqHLZq7T-2BbX0AxQvWDlVRPDOF7oIPbu0gLLALnPxaDLhaWbihgDzSunx9k-2BK11CSD-2BT=
WvsE06E5JdGfnlM7rf-2Fl7JJCay44AIQLIXL30Sbgf5iJsOUF6iJa40c-2BxWm1e4FSyMfVPsK=
R6DHoL32XB-2FOuS9JfPgZW4JxrjgcWkz4IUAKv2MqjgosVN-2FGQ4hkerhBo-2B1S2IGyHuAnD=
0pMCazTOF8NSSamy7fEEuNrpQ6glS2j9G5pYipSETRPYtEGyyKD2TirFiTAcZnW-2B44-2FPGGq=
" universal=3D"true"><img align=3D"center" alt=3D"" src=3D"https://img.pitc=
hbook.com/news/72719.png" style=3D"border: none; width: 100%; height: auto;=
"></a>
                              </div>
                              <div>
                              &nbsp;
                              </div>
                              <div>
                              The key takeaway is not contraction, but dela=
y. PitchBook estimates that Q4 deal activity ran roughly 15% below prior-ye=
ar levels as investors waited for clarity on 2026 enhanced premium subsidie=
s and navigated rising scrutiny of physician practice management (PPM) mode=
ls=E2=80=94particularly in states with higher regulatory burdens such as Ca=
lifornia. That pause has created what many investors now view as pent-up de=
mand likely to reemerge in 2026.=20
                              <br>
                              <br>
                               Despite the late-year slowdown, 2025 deliver=
ed several marquee transactions. These included Cencora's $7.4 billion acqu=
isition of the remaining equity it did not already own in OneOncology, Asce=
nsion's $3.9 billion purchase of AMSURG, and multi-billion-dollar leveraged=
 buyouts of Dentalcorp Holdings and home infusion provider KabaFusion. Exit=
 activity was also resilient, with PE exit counts up 17.1% year over year a=
nd exit values rising 14.1%.=20
                              <br>
                              <br>
                               Under the surface, deal activity varied shar=
ply by subsector. Skilled nursing facilities, specialty pharmacy, hospitals=
 and health systems, and intellectual and developmental disability (IDD) pr=
actices led growth. By contrast, PPM deal count fell 18%, driven by steep d=
eclines in gastroenterology, fertility, ENT and dental. Notably, however, P=
PM exit volume jumped 57.1%=E2=80=94often an early signal of a coming rebou=
nd in new platform investments.=20
                              <br>
                              <br>
                               Valuations suggest a stable foundation for r=
enewed activity. Public healthcare services multiples are near long-term av=
erages, while hospital systems=E2=80=94particularly those with strong cash =
balances=E2=80=94are signaling renewed interest in ambulatory surgical cent=
ers and PPM acquisitions. At the January 2026 J.P. Morgan Healthcare Confer=
ence, hospital executives emphasized a strategic shift toward lower-cost am=
bulatory care.=20
                              <br>
                              <br>
                               Looking ahead, artificial intelligence is po=
ised to be a critical catalyst. PitchBook notes that AI adoption=E2=80=94es=
pecially in revenue cycle management and practice efficiency=E2=80=94is acc=
elerating across providers, with adoption rates nearly twice those of payer=
s. As one investor put it, "AI is becoming less of an upside lever and more=
 of a baseline requirement for healthcare services valuations." As policy u=
ncertainty clears, those dynamics could make 2026 a breakout year for healt=
hcare services M&amp;A.
                              </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/727=
21.png" 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:brian.wright@pitchbook.com" style=3D"color: #1D5080;" test=3D"">=
Brian Wright</a><br>
                               Lead Research Analyst, Healthcare</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>Market Updates</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 lang=3D"x-content-area" cellpadding=3D"0" =
cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table lang=3D"x-content-area-main" cellpaddi=
ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td valign=3D"top" align=3D"left" style=3D"pa=
dding-bottom: 20px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;"><br><b><big><a test s=
tyle=3D"color: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVgdaJOWGoT4yVg=
WJeEVVx4KpVd-2FsrLf-2BQhZMEC6PZeCw-3D-3DX2BN_Pr966knuaHmaw6c7pKvB-2BCEiDnj5=
UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2BieL44OKv4M7lO-2FC0q-2BQwNGPWf3vKm-=
2BEqp2FKkLDsKmZqzyWywViYECwgytBa2BfJ-2FuiMYaR8PNQz5KmHVoAd-2FDNUSUhmWIoav5p=
Qgj8hc1779pdiuawsHLcgSgQS8-2BLt64RApraxWLF0oz53imUMAOw2gcwZvo7Y6DdKFm3tgZmM=
5vlMjS-2FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B9E6SpqDVtPn0b-2Bjuod7wjW3psq5xDJR=
cY7nHK8BgO1crL32jvYH3fPYwSsCRB3I3dwWlfegT0jxi1xVAOC1bjU4RP3-2BlUk7m3leHklJ-=
2B26bXB463tat-2FKZPdPXeGoTBsrcy3u322cUWnJTTHs7FuaV61flIRXyshuABnYxLu8OHL1t8=
bXPauOX4dWkkOsW5kdjrHp1yZhxduMcdgEZnsZkdqKOy6HKGZVypIk81kWOU1LQD1-2FlcwwZhB=
Hv1v334fNP5vJ6PABTUJIVn2EIYbp48939-2Bc0XkQO48bsE-2FyMa9yq" universal=3D"tru=
e">Tracking AI Venture Activity in APAC: Part II </a></big></b> <br><br>
                               AI continues to attract capital across the A=
sia-Pacific region, but investment patterns are becoming more selective and=
 uneven. In this analyst note, we examine how AI venture capital in APAC is=
 being allocated across the value chain and what that reveals about where c=
ommercialization is actually taking place. <br></td>
                              </tr>
                              </tbody>
                              </table>
                              <table lang=3D"x-content-area-bottom" cellpad=
ding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: =
100%;">
                              <tbody>
                              <tr>
                              <td valign=3D"top">
                              <table lang=3D"x-image" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" align=3D"center">
                              <tbody>
                              <tr>
                              <td align=3D"center">
                              <table cellpadding=3D"0" cellspacing=3D"0" bo=
rder=3D"0" align=3D"center" style=3D"float: none;
 ">
                              <tbody>
                              <tr>
                              <td style=3D"text-align: center" align=3D"cen=
ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVgdaJOWGoT4yVgWJeEVVx4Cl6RfwU6d=
GvkslHARQ2Fkw-3D-3DV3R8_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVR-2BieL44OKv4M7lO-2FC0q-2BQwNGPWf3vKm-2BEqp2FKkLDsKmZqzyWyw=
ViYECwgytBa2BfJ-2FuiMYaR8PNQz5KmHVoAd-2FDNUSUhmWIoav5pQgj8hc1779pdiuawsHLcg=
SgQS8-2BLt64RApraxWLF0oz53imUMAOw2gcwZvo7Y6DdKFm3tgZmM5vlMjS-2FLNdWBr02rGBa=
6q72wlDYIHq-2FcKWJK2B9E6SpqDVtPn0b-2Bjuod7wjW3paG2YiUOgd6V4a5xXCsACp-2Bp9l9=
uy4a-2F1dOte68KG8kSMd5iFJncIySbFmkyFYsBLX3ZjR-2BEoDYsJFLElRc5KFD23IW1Hk2tLa=
62IFSXZr8uu5xUpUk-2FLlN6oqtBzTeocWxdXD9uWRLS56fkLUxWl-2FQfB7DJHQfL8dcZbZti5=
tWbrf0SGq-2B5yloskZ-2BdORByLE0tYc1ylXycsvuHupEa4PKTmx-2F25j0wRhWH3VLD-2FVuA=
7enfT3rMXc70jlGXtFZHm2yR-2BvJfIWlhpxgySiFJxi" universal=3D"true">  <img src=
=3D"https://img.pitchbook.com/news/72725.png" align=3D"center" alt=3D"" sty=
le=3D"border: none; width: 100%; height: auto;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table>
                          <table lang=3D"x-content-area" cellpadding=3D"0" =
cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table lang=3D"x-content-area-main" cellpaddi=
ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td valign=3D"top" align=3D"left" style=3D"pa=
dding-bottom: 20px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;"><br>
                               Using PitchBook data, the report shows that =
AI investment in APAC is increasingly concentrated in infrastructure and en=
terprise-led applications, with later-stage and corporate capital playing a=
 growing role. <br><br>
                               This analysis highlights how AI in APAC is b=
eing shaped less by hype and more by deployment readiness, strategic demand=
, and capital discipline.<br><br><em><a test style=3D"color: #1D5080;" href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVgdaJOWGoT4yVgWJeEVVx4KpVd-2FsrLf-2BQhZMEC6=
PZeCw-3D-3D1pdO_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf=
8UYA68NVR-2BieL44OKv4M7lO-2FC0q-2BQwNGPWf3vKm-2BEqp2FKkLDsKmZqzyWywViYECwgy=
tBa2BfJ-2FuiMYaR8PNQz5KmHVoAd-2FDNUSUhmWIoav5pQgj8hc1779pdiuawsHLcgSgQS8-2B=
Lt64RApraxWLF0oz53imUMAOw2gcwZvo7Y6DdKFm3tgZmM5vlMjS-2FLNdWBr02rGBa6q72wlDY=
IHq-2FcKWJK2B9E6SpqDVtPn0b-2Bjuod7wjW3rf9UALkgE1GqZgM5SZ4FVf6TACsazkwuitpPw=
zg-2FuWwwP9QSAIq-2BZQ-2BaTHestBXG3RwyDih9V-2B-2B9u7k1VqGrcz8xSCgGrTm2te4d9b=
J7mukMjoUgDuHcNVZDkhJ-2Fg54dPIYZ0Py44TEtaAUnlx8tZ-2Fp1yY-2Fcxd2SEmZ3856P4vN=
-2B7S024eDsoHQRXmcQluoW8gRhMX4dypMLI2ndIfB1SSkSVMmFLZhpe6EQVrMivPUVn55iCExt=
wLipKbqM7nbWm7DjqCNMvajKvKjhwrSjFq" universal=3D"true"><b>Read the report</=
b></a></em></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&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>In the News</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br>
                               Our insights and data featured in the press:=
<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 "While it's a re=
ally nice rebound, you really need to see that momentum sustained in the ye=
ar ahead to make up for that lost time from 2022 through 2024," said analys=
t Kyle Walters about PE exits at PitchBook's Private Equity Outlook event. =
[<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVgdaJOWGoT4yVgWJeEVVx40Zh318sJTwKl8a-2B=
GGWIbsQ-3D-3DFjpY_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc=
Vf8UYA68NVR-2BieL44OKv4M7lO-2FC0q-2BQwNGPWf3vKm-2BEqp2FKkLDsKmZqzyWywViYECw=
gytBa2BfJ-2FuiMYaR8PNQz5KmHVoAd-2FDNUSUhmWIoav5pQgj8hc1779pdiuawsHLcgSgQS8-=
2BLt64RApraxWLF0oz53imUMAOw2gcwZvo7Y6DdKFm3tgZmM5vlMjS-2FLNdWBr02rGBa6q72wl=
DYIHq-2FcKWJK2B9E6SpqDVtPn0b-2Bjuod7wjW3pai-2Bvaqka1dlVnDT2ygRrwzotHAlep7qX=
cKbLSLkK9meGkj1PZ3GUgbtVImq0sfD-2FKKO4TshKDXT-2F-2FjwPhFPKfzkwH-2FXgnJA1OsW=
k6-2BVOaDp-2FNVD2pubtLLABqD-2BLDWZR6z1wk7VoBFTaLyoaRfZ330dvljCwod55B0f76JkG=
PO0FnCgIKLMWrDBU9-2BQ8le6d6c3WRnMUqeKNJtUfo4A9BiuZPBgg0qrDKiSZzwJ6bZ4Wr1Ko4=
Zw4X0DD-2B1xy9-2ByzE-2F1VWzNPvLanWTxkp0QA6" style=3D"color: #1D5080;" test=
=3D"">Fortune</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 The price of the=
 average software loan fell to its lowest point this year, to 90.5 cents on=
 the dollar from 94.7 on Jan. 1. [<a href=3D"https://url6380.news.pitchbook=
.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVgdaJO=
WGoT4yVgWJeEVVx4-2Bii6n-2BVqIDOqzJ2-2FCywUJg-3D-3DRHm6_Pr966knuaHmaw6c7pKvB=
-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2BieL44OKv4M7lO-2FC0q-2BQw=
NGPWf3vKm-2BEqp2FKkLDsKmZqzyWywViYECwgytBa2BfJ-2FuiMYaR8PNQz5KmHVoAd-2FDNUS=
UhmWIoav5pQgj8hc1779pdiuawsHLcgSgQS8-2BLt64RApraxWLF0oz53imUMAOw2gcwZvo7Y6D=
dKFm3tgZmM5vlMjS-2FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B9E6SpqDVtPn0b-2Bjuod7wj=
W3qkrXmJvXz-2F7CNUpO8lJATCUQyYc8vg0207TsorzWRqSpRQgahOCXoH-2Fia42vN7kxeJcyv=
lZxMbGH20PEyH2WTNunLIR3feOgKzdirA8Y-2Bkb2PIEJWCNeejEUFdHTG8j8o0QE1CWsmXAcJ4=
ZBicgbq-2FcE8YdHY9gR7LYYI9Qe0-2Fj7TSEP7QSrT1c-2BYkTC-2Borp8EkxBFJ-2BQ6HZFe-=
2FdRWvKtjlezfStDoDl0vhUntBF-2BoLGMMwim56daltn6nkLTv4Fh-2B4mTkuP1yvfSci-2FTe=
gbIx" style=3D"color: #1D5080;" test=3D"">The New York Times</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 The volume of lo=
ans trading below 80% of face value, a sign of deep financial stress, has m=
ore than doubled since the end of December. [<a href=3D"https://url6380.new=
s.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn=
swouzVgdaJOWGoT4yVgWJeEVVx4vhWjGnkVv0sEB73m5oVItw-3D-3DX8_q_Pr966knuaHmaw6c=
7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2BieL44OKv4M7lO-2FC0q=
-2BQwNGPWf3vKm-2BEqp2FKkLDsKmZqzyWywViYECwgytBa2BfJ-2FuiMYaR8PNQz5KmHVoAd-2=
FDNUSUhmWIoav5pQgj8hc1779pdiuawsHLcgSgQS8-2BLt64RApraxWLF0oz53imUMAOw2gcwZv=
o7Y6DdKFm3tgZmM5vlMjS-2FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B9E6SpqDVtPn0b-2Bju=
od7wjW3pNc5Ml6fgWKSz3idaAWkKh-2FO28QwvuW7Jlw-2BydrO1LA1pf-2BiF0LF9QCiX9Rbdi=
wY2Cmr0nwoFpOeOZz2BkrQaEr46zRvOIt9e9eNIol-2Fj4GiErRqElzc-2FvBzlaqEwByfV-2Bv=
vYoZp9MoA8pPtWHAP2tM5-2BhcHab0kmGaS7J8g8InIOlcdNEURlT64vR1xKXtfV8mBrKIB2pYU=
IwqN8Wolj42SJpuED3zSKNhiqN0s94gJYxLC-2B4-2FNiD8CHfQltA-2BonZj6DsyzaLF6WXUuE=
8FCwg" style=3D"color: #1D5080;" test=3D"">Reuters</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 Last year, 11 ve=
nture-backed biotechs went public in the US, half as many as in 2024 and th=
e lowest figure in more than a decade. [<a href=3D"https://url6380.news.pit=
chbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouz=
VgdaJOWGoT4yVgWJeEVVx4cfCldqqL0eQ8cgLj4LqYpQ-3D-3DImnP_Pr966knuaHmaw6c7pKvB=
-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2BieL44OKv4M7lO-2FC0q-2BQw=
NGPWf3vKm-2BEqp2FKkLDsKmZqzyWywViYECwgytBa2BfJ-2FuiMYaR8PNQz5KmHVoAd-2FDNUS=
UhmWIoav5pQgj8hc1779pdiuawsHLcgSgQS8-2BLt64RApraxWLF0oz53imUMAOw2gcwZvo7Y6D=
dKFm3tgZmM5vlMjS-2FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B9E6SpqDVtPn0b-2Bjuod7wj=
W3qSEXqmyC6-2BAF1cxDwxQnt0i4rftq1P5T2AcFZciGY64wlbhU29Mi7go6IF5D0q49wtE3fIL=
SA1tNH-2F5ni-2BtTF0WdPw6ectFFPCW-2FF8gRlqVKY2LwNFibJtRuIuDAls-2FdL-2FD53zk8=
p-2BUYGfkwMuePzQdf7-2BJUlA43azX-2FhBi5-2B3Atv1YGPYfP9qbsWlTQROpEyE8Q9AlIdfE=
NMl2cexFaytxCHhlkz-2B6fk7wW6sT5fR-2Bp-2F0u8EJgilCxizhx1hENYctKMeCr3Jg9nMfRL=
jjm9DE" style=3D"color: #1D5080;" test=3D"">The Wall Street Journal</a>]<br=
><br>
                               =E2=80=83=E2=80=83=E2=80=A2 An increasing sh=
are of loans backing software firms are trading at "distressed" levels, or =
below 80 cents on the dollar. [<a href=3D"https://url6380.news.pitchbook.co=
m/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVGq-2Flt4=
Tmf-2Bcf58AWX2KenKKg61o6uiHWYQTyv7lwiAw-3D-3D-tZ8_Pr966knuaHmaw6c7pKvB-2BCE=
iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2BieL44OKv4M7lO-2FC0q-2BQwNGPWf=
3vKm-2BEqp2FKkLDsKmZqzyWywViYECwgytBa2BfJ-2FuiMYaR8PNQz5KmHVoAd-2FDNUSUhmWI=
oav5pQgj8hc1779pdiuawsHLcgSgQS8-2BLt64RApraxWLF0oz53imUMAOw2gcwZvo7Y6DdKFm3=
tgZmM5vlMjS-2FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B9E6SpqDVtPn0b-2Bjuod7wjW3rP-=
2FFFomDgScIoCIeeqiZCL3MHM5MqVyBno-2Fk9OY2XCeKnDA9edeH0T2XoH6-2FvrxwGZwP40Bz=
EbCu-2BpcF0YTjXKpq0qFnVNXOq0-2BpV4-2F7jd88JW7Hdv-2Fk79s8rLa79qAdK9vjffftUe6=
zBc8JWhdKTRVE5KXs1v-2FaI88rNCN0X6fywQPubFRJpA00tktHUQfH9Z-2FennjVc7EgELLrAw=
Z6j3aN0n1qbCcGx1sYb9TmZkYqepu0HDFprmBTFZcSBVHFQOxZhl-2FcmHCt7no4R3c1hK" sty=
le=3D"color: #1D5080;" test=3D"">Axios</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 Software makes u=
p a significant share of loans held by US business development companies, a=
ccounting for about 17% of BDC investments by deal count, second only to co=
mmercial services. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?=
upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVGq-2Flt4Tmf-2Bcf58A=
WX2Kenpxfljbhf031tRFen59sqsw-3D-3D5qo2_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL=
0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2BieL44OKv4M7lO-2FC0q-2BQwNGPWf3vKm-2BEqp2=
FKkLDsKmZqzyWywViYECwgytBa2BfJ-2FuiMYaR8PNQz5KmHVoAd-2FDNUSUhmWIoav5pQgj8hc=
1779pdiuawsHLcgSgQS8-2BLt64RApraxWLF0oz53imUMAOw2gcwZvo7Y6DdKFm3tgZmM5vlMjS=
-2FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B9E6SpqDVtPn0b-2Bjuod7wjW3p2kgXWxYSJsDSE=
2WU2Y-2ByZjvJF2h-2FJh40Wh3Z4FvlFjSf1L8aw8TyeCGUA4A4AMgPhpRO1e1zfNkXEnG4giIl=
ca-2B6DdgyYqrKEmyBr08Rhy1xHjGWX-2BCgvYP3zFcf1FhZ3dZkVfD4EGMXbnKDwXrYQkw3pO0=
HlNrOdE67Ey7pf4IoKpwoB4jwLYTpzuraCz-2Fx4xOahkNEwB-2Bqi9GN0k1Fj5OpzjvLvX2ZgP=
vJcnj6GJqqi-2FD2Gr6-2FbF-2BOjO1GVGxYo7vOodzaaXUIOfFfy0wvc" style=3D"color: =
#1D5080;" test=3D"">CNBC</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 The 10 largest P=
E funds pulled in 46% of all capital raised in the US=E2=80=94its highest l=
evel since 2014. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?up=
n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVGq-2Flt4Tmf-2Bcf58AWX=
2KenIXpsXdT0DLbRux1U-2FjTvqA-3D-3Dw-kW_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL=
0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2BieL44OKv4M7lO-2FC0q-2BQwNGPWf3vKm-2BEqp2=
FKkLDsKmZqzyWywViYECwgytBa2BfJ-2FuiMYaR8PNQz5KmHVoAd-2FDNUSUhmWIoav5pQgj8hc=
1779pdiuawsHLcgSgQS8-2BLt64RApraxWLF0oz53imUMAOw2gcwZvo7Y6DdKFm3tgZmM5vlMjS=
-2FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B9E6SpqDVtPn0b-2Bjuod7wjW3pHEWfOkdoKZ8pM=
MzK9OxHS59ZxXP0f-2FovzhcdB6iR5iyBCS8GOheJKgr5mqHurBw6ttzZ-2Ftlh1fcz5vHyfzJa=
F3Ao-2Fu4Vsp0SKTA2OQfihBvkIJmU2R4CcHFlgoT-2BaBoA3io9HdjZQHcX1vE0eELrQiuRsTY=
6wZVGBd41H04jOhlUYTN5Cz36xdi51b-2B-2FCkSFTdBNas6jVTfH5XByWi-2BKUb6CxE-2FacN=
eG-2Fkb7NKg93OB3hDmhZhtkgg-2Bli-2BmyITK4AHmeU83EtV52TEYZGa-2FJu" style=3D"c=
olor: #1D5080;" test=3D"">Institutional Investor</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>
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cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
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                               More of our recent research (* - premium):<b=
r><br><b>Market updates</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzVGq-2Flt4Tmf-2Bcf58AWX2KeneqOpeeIwIMX-2ButF7Ajd8Ng-3D-3DnO=
bV_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2Bi=
eL44OKv4M7lO-2FC0q-2BQwNGPWf3vKm-2BEqp2FKkLDsKmZqzyWywViYECwgytBa2BfJ-2FuiM=
YaR8PNQz5KmHVoAd-2FDNUSUhmWIoav5pQgj8hc1779pdiuawsHLcgSgQS8-2BLt64RApraxWLF=
0oz53imUMAOw2gcwZvo7Y6DdKFm3tgZmM5vlMjS-2FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B=
9E6SpqDVtPn0b-2Bjuod7wjW3rcs8to62pWtnbWUDRaw41LLYpObSvGBXeP9JaBYPVfrJ858cZg=
-2F7jt6ijq5Ypqpghm4pSDAkAjpLdjv5z4YJSCK6azndFTB0t87Qfe-2F8tBMxPb-2F89F-2FTW=
UaFhFhWm6IBJw6NYKGoW5XbeuZYlg5IVhBeJaJbfqARosN20MOycU9ASZRlkjXQ8bChIHsd-2BP=
zqnRPE3w4cRlVL-2FyYkdVq4xVczBsZewaFfYtsxKhwoFeQFN0uF-2FFHpZFc1awvwMbw-2BHTA=
MzeVh5D62B9WgjocRrU" style=3D"color: #1D5080;" test=3D"" universal=3D"true"=
>Benchmarking the Evergreen Evolution</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-=
2BaqM7ONnvsnswouzVGq-2Flt4Tmf-2Bcf58AWX2KensmBBWAPJhPDYJyvaWnSGGg-3D-3DIKql=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2BieL=
44OKv4M7lO-2FC0q-2BQwNGPWf3vKm-2BEqp2FKkLDsKmZqzyWywViYECwgytBa2BfJ-2FuiMYa=
R8PNQz5KmHVoAd-2FDNUSUhmWIoav5pQgj8hc1779pdiuawsHLcgSgQS8-2BLt64RApraxWLF0o=
z53imUMAOw2gcwZvo7Y6DdKFm3tgZmM5vlMjS-2FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B9E=
6SpqDVtPn0b-2Bjuod7wjW3o-2BgTcQMJF7QPFvdPlq9El-2FG0KVCWUq20RRK-2FyQtqTWYtYW=
gcn9vJvFBKQG3P-2B6rJr8jW4ZtehuhX5Xd2CZWSWxTKu9oses3nG3jyZ8-2Fmlbw8UloMahocT=
-2BCfUJMbxj2OjsTmv3l1iB-2BetKSo07-2B46BqmqUCvStFQKUtRH8Mq-2BVKZ63LTNX-2FYCb=
RI7i6WGMooz-2BwYIauRMaIreIPd9CzDE3IRbc8QBUmMTUzbxx3yTGIaRXRV68yBlVwKP8Q5NiB=
CCF-2FeoCYOOMQEdl-2BR5NRwmI" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">Global Markets 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-=
2BaqM7ONnvsnswouzVGq-2Flt4Tmf-2Bcf58AWX2KenYUb5FwPxDtiZEClFC278Ag-3D-3DddRQ=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2BieL=
44OKv4M7lO-2FC0q-2BQwNGPWf3vKm-2BEqp2FKkLDsKmZqzyWywViYECwgytBa2BfJ-2FuiMYa=
R8PNQz5KmHVoAd-2FDNUSUhmWIoav5pQgj8hc1779pdiuawsHLcgSgQS8-2BLt64RApraxWLF0o=
z53imUMAOw2gcwZvo7Y6DdKFm3tgZmM5vlMjS-2FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B9E=
6SpqDVtPn0b-2Bjuod7wjW3oYI7abp39RoaAwgwUnjxJ2uE9BQgIRFIjdZeGm2V8d7IW0C28n91=
7PCKCx4rmf7bkumsPkT1IRTOPDh-2BVUK44xCq1ynVN-2B7I0iOKEAffrUBnAGaHuOuFq2uHfgb=
ofPDxv21s-2BUeVVjAGYtje-2BAI9O0ie1Lr8gdLVogdarEX4nzDOqF1U4qeEe9Yy-2F5WPldxx=
8boRjj6J-2FA-2Fu-2FXFeVJMvmC7QgTFPHVybDw5ghM2-2BRIflE3buvjQhm2rrns5OKKZ3pOv=
UMYfnIqg1EW3wPeJ1B7" style=3D"color: #1D5080;" test=3D"" universal=3D"true"=
>2025 Annual Global M&amp;A 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-=
2BaqM7ONnvsnswouzVGq-2Flt4Tmf-2Bcf58AWX2KenT5n0CGa2KbFcKKbBI-2FZQIA-3D-3DY8=
K0_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2Bi=
eL44OKv4M7lO-2FC0q-2BQwNGPWf3vKm-2BEqp2FKkLDsKmZqzyWywViYECwgytBa2BfJ-2FuiM=
YaR8PNQz5KmHVoAd-2FDNUSUhmWIoav5pQgj8hc1779pdiuawsHLcgSgQS8-2BLt64RApraxWLF=
0oz53imUMAOw2gcwZvo7Y6DdKFm3tgZmM5vlMjS-2FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B=
9E6SpqDVtPn0b-2Bjuod7wjW3qX9HXQk93vEiuPrTYdjRZIt5dk1oiKY57S6n8ShpZ4zHv3qdNW=
mq7eToPJ5nuJ-2FORiE-2F-2FW1MoKs2cHHaMRRY-2B-2FLA5HKiFEsLb-2B3nv-2F7d8p35Rk0=
1fLULftGmqVnq6IuxxoTkxgUJ-2FnfaSh1oLKMkemDN-2FdX0Od4i4pRPd8p3MNd4848FhJ9ZnH=
XQwDcbbbMcvOz-2BqUJkfemnUdGzhACXNRbGcV3YGNdlyXCt1AgLdKsgyS08z2FnQARPpgOOs4p=
SufRBLDk33YWU2SoFCfSAwS" style=3D"color: #1D5080;" test=3D"" universal=3D"t=
rue">Quantitative Perspectives: US Market Insights</a></b><br><br><b>Themat=
ic 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-=
2BaqM7ONnvsnswouzVGq-2Flt4Tmf-2Bcf58AWX2KenWa8V-2BKFwYS7sYDfuhtYDEA-3D-3DZF=
Sm_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2Bi=
eL44OKv4M7lO-2FC0q-2BQwNGPWf3vKm-2BEqp2FKkLDsKmZqzyWywViYECwgytBa2BfJ-2FuiM=
YaR8PNQz5KmHVoAd-2FDNUSUhmWIoav5pQgj8hc1779pdiuawsHLcgSgQS8-2BLt64RApraxWLF=
0oz53imUMAOw2gcwZvo7Y6DdKFm3tgZmM5vlMjS-2FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B=
9E6SpqDVtPn0b-2Bjuod7wjW3oxaGg3fY2hxnFZyr3rc5GkjVi4US49790R-2BHTTGf0etReawt=
NIGHmtn-2FHQJ8eVaauYA6XnHWBR4POVXn0q-2BQmkuL19Ci5X3SOnbNay5re8xkmQ8pJtxP7n3=
GmOXO11XZoQjKmq-2B5dM4lt7uwLKpJW8D1ApVHDy4LLZPopv-2BbN85sSCtTDksApchhZc9yJC=
eYKkWZt-2FZskeV8xKgBaDrhg6z5oecpWufEsZJq2Lv7qudrVPQ9hhTdWvNFbx8vQuOSHx1WST-=
2FKT5hn1SHcbK6kRF" style=3D"color: #1D5080;" test=3D"" universal=3D"true">E=
vergreen 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-=
2BaqM7ONnvsnswouzVGq-2Flt4Tmf-2Bcf58AWX2Ken57oQfBJiVMgfG7-2BB6j8CQw-3D-3DkY=
XM_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2Bi=
eL44OKv4M7lO-2FC0q-2BQwNGPWf3vKm-2BEqp2FKkLDsKmZqzyWywViYECwgytBa2BfJ-2FuiM=
YaR8PNQz5KmHVoAd-2FDNUSUhmWIoav5pQgj8hc1779pdiuawsHLcgSgQS8-2BLt64RApraxWLF=
0oz53imUMAOw2gcwZvo7Y6DdKFm3tgZmM5vlMjS-2FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B=
9E6SpqDVtPn0b-2Bjuod7wjW3oreTpdzlDcR-2BgnjdorzfUtxAZDjjRdAGhK51JHIUyqYId9w8=
n7Q9LHWhy38y-2B7e6f7LddRJdpSl46EUaA35pMsoVwCuFfS52azuulrCIzKTCFYiv7A1ngSTz9=
RqRrSRkqekZ1hwLUp6fGgq-2FQo90q64kUPe9zezF0NXhHzGeY55RswEFOcTzcv84l81UFCc8On=
7TcGpWx4cViB-2F0bM3kO3-2FI47ozToDGKC5zEhKlV2UF2L-2FpE50cpqsHJy4NdvDoRjtxRQG=
7UrS52Xhk9GLHzP" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Sin=
k 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-=
2BaqM7ONnvsnswouzVGq-2Flt4Tmf-2Bcf58AWX2KenHjnu68gSQYAmXmDCKxjEuA-3D-3DfMTs=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2BieL=
44OKv4M7lO-2FC0q-2BQwNGPWf3vKm-2BEqp2FKkLDsKmZqzyWywViYECwgytBa2BfJ-2FuiMYa=
R8PNQz5KmHVoAd-2FDNUSUhmWIoav5pQgj8hc1779pdiuawsHLcgSgQS8-2BLt64RApraxWLF0o=
z53imUMAOw2gcwZvo7Y6DdKFm3tgZmM5vlMjS-2FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B9E=
6SpqDVtPn0b-2Bjuod7wjW3qxmcXfOiz8UjJhu7Pdk-2F-2FERY786Nd4GeBbpExnM5IVkKbBZ5=
1CTK1CrGv5cU-2FcRy1hFTAFukYbedybmXZdqj7paHHiAjSM5VK-2Bd9ldVOZW2h4rgX98Dgw9l=
ZUah-2BtFNTmmXDtdOPpJLvQX8cVt3fBHajb4rlXnOe7n9TGyD0xaMAXa2GUIgqgDKWoRBeXLyc=
87-2Bc-2B-2FL14Qc7tIyxQntSZuXUJ8EB5a3JUSWR4AYGDRKYCZNNzHVJdtfKVqn17rtwl1pVS=
KWgN7OZ4tIDspdOqL" style=3D"color: #1D5080;" test=3D"" universal=3D"true">A=
llocator Solutions: Does VC Improve Portfolio Outcomes or Complicate Them?<=
/a></b><br><br><b>Industry &amp; 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-=
2BaqM7ONnvsnswouzWKigbUpuNPzwIHxMkZiZRCPsEoprykCBIZZ1I1CVP3gw-3D-3Dr6mS_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2BieL44OK=
v4M7lO-2FC0q-2BQwNGPWf3vKm-2BEqp2FKkLDsKmZqzyWywViYECwgytBa2BfJ-2FuiMYaR8PN=
Qz5KmHVoAd-2FDNUSUhmWIoav5pQgj8hc1779pdiuawsHLcgSgQS8-2BLt64RApraxWLF0oz53i=
mUMAOw2gcwZvo7Y6DdKFm3tgZmM5vlMjS-2FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B9E6Spq=
DVtPn0b-2Bjuod7wjW3rzXP-2FOpqc97CnNA9L0gYJKbCujdOlZf4Jg5GpU3EtagV2TdlPiqZ-2=
BtTiVqVfjyHjnBANByHSNNLAeLrvUdAcscDVCZbZJLOLi0EhcKtOh-2BcTWe47HB-2BJigWeYwt=
gSQh-2FFaOUhAdgYfy96LsaKnK-2FwAGmQzrXH4IFXeHmUzHrzFpjMGqageeNE6yj-2Fj51Qupz=
i1ilcGxrRY0sExjN3qKVIRrFrPBsce1y-2F97MmukTCsPIgDLQQCAwHUVSnp2fJ-2BxUeq16h77=
LVeGZR35N44M07q" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q4 =
2025 Climate Tech VC Trends</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-=
2BaqM7ONnvsnswouzWKigbUpuNPzwIHxMkZiZRCnNbDRJjI6gx4cMSe2nvpWA-3D-3DV5Ss_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2BieL44OK=
v4M7lO-2FC0q-2BQwNGPWf3vKm-2BEqp2FKkLDsKmZqzyWywViYECwgytBa2BfJ-2FuiMYaR8PN=
Qz5KmHVoAd-2FDNUSUhmWIoav5pQgj8hc1779pdiuawsHLcgSgQS8-2BLt64RApraxWLF0oz53i=
mUMAOw2gcwZvo7Y6DdKFm3tgZmM5vlMjS-2FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B9E6Spq=
DVtPn0b-2Bjuod7wjW3qJiclGbYTgxLvN1PsfxlE2-2BcSgCdnYkWEfkd68N5Hg0t2y6kmp2-2B=
gSiVt-2BhKQVBLcbg8inQMqA-2BeoKI8rlLLYMw2eb5qLh9sJZH-2Fy7AHl371HE82bJCQM7qNQ=
VLPBMEkbNuHKBJIYuIMxCib-2Fx-2BYd1jx8x1YCmhpzj3Sd1Z58cE9XF3mTk0l6vElzHj9dSEk=
WkfYgjs7ezOH2mGZqACED3XT3Q-2F4rJnQBJrzKtedp877dHg53vjl6ApWfRIei4-2FDlRlmUbS=
-2BCrb-2BbKPxDhE2Jy" style=3D"color: #1D5080;" test=3D"" universal=3D"true"=
>Q4 2025 Fintech VC Trends</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-=
2BaqM7ONnvsnswouzWKigbUpuNPzwIHxMkZiZRCvwDtbzXJe5ZZCOpjnM-2BcTQ-3D-3DAYRL_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2BieL44=
OKv4M7lO-2FC0q-2BQwNGPWf3vKm-2BEqp2FKkLDsKmZqzyWywViYECwgytBa2BfJ-2FuiMYaR8=
PNQz5KmHVoAd-2FDNUSUhmWIoav5pQgj8hc1779pdiuawsHLcgSgQS8-2BLt64RApraxWLF0oz5=
3imUMAOw2gcwZvo7Y6DdKFm3tgZmM5vlMjS-2FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B9E6S=
pqDVtPn0b-2Bjuod7wjW3r3-2Fqz58zOGF-2BaWiwBZA9MRvyFrQJpwyQPyiJaP50Ov-2FIMqTQ=
-2FwhNEGHS4x4JTWWxd3OvZHildTftcGV8pyXDn0-2Bj24-2FdvLzg9xbuVC9-2FwEGFp-2BlYq=
SZ9zbf6ozAWLDifDo0IZKUdz5Ke7OaUc1k77QMjPOCw0MNqLfJ7-2FACy4fa-2BxPWvPpeP0cfh=
xiEUCN0P0jpjiS7ylF1yCdkDxLLxyXpUhKbzDEvnzPaC0mtcvjFvin2M07OjvwB0x9V7PqxdA6H=
ivepdyEXl-2FBA7ntscRZ" style=3D"color: #1D5080;" test=3D"" universal=3D"tru=
e">AI 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-=
2BaqM7ONnvsnswouzWKigbUpuNPzwIHxMkZiZRCDSEuHqAMLUTIaYWbws6qUQ-3D-3DBCbS_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2BieL44OK=
v4M7lO-2FC0q-2BQwNGPWf3vKm-2BEqp2FKkLDsKmZqzyWywViYECwgytBa2BfJ-2FuiMYaR8PN=
Qz5KmHVoAd-2FDNUSUhmWIoav5pQgj8hc1779pdiuawsHLcgSgQS8-2BLt64RApraxWLF0oz53i=
mUMAOw2gcwZvo7Y6DdKFm3tgZmM5vlMjS-2FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B9E6Spq=
DVtPn0b-2Bjuod7wjW3p0kjT5We0P2lDqFZTHChf9N0xxfYrq2oaD8NjbdiUe1SJkaZwRTThozl=
bQ9ckREjLQXCgnZwxplvq1SPvhQt-2BuS3iuHXlHx1cC7G5yJu94XqBQKazCsh5PHf1lPqxtWGs=
DWAxD3jfJnNwna1QWYe8BlfhfOgcqDozF4C1QXR-2B-2BnjYa7XQQPU-2FlsLFQM2-2FIr-2Fpk=
OCo7qtEzXO2ORb3GaXVshOBVEyBeMgHI00sHDrCTrqMFRcrVx5MENC7D8HZqvs4Ka-2FxSQiOp-=
2BEAR1JR31cHS" style=3D"color: #1D5080;" test=3D"" universal=3D"true">US Cr=
edit 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-=
2BaqM7ONnvsnswouzWKigbUpuNPzwIHxMkZiZRCed7Wy6Vavheq-2BubwAKSL1w-3D-3Dky-k_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2BieL44=
OKv4M7lO-2FC0q-2BQwNGPWf3vKm-2BEqp2FKkLDsKmZqzyWywViYECwgytBa2BfJ-2FuiMYaR8=
PNQz5KmHVoAd-2FDNUSUhmWIoav5pQgj8hc1779pdiuawsHLcgSgQS8-2BLt64RApraxWLF0oz5=
3imUMAOw2gcwZvo7Y6DdKFm3tgZmM5vlMjS-2FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B9E6S=
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gVK1KR9iqbZ6CVUsFIvrueVzjOWCUiRmOB7SCLEG51PjwzbvLTjFo7Fq61V28I0FW-2BIG04N1x=
zNCRIjqnvjLYUCtuVElrdNaHGHgY-2FlCRMQMNAGkDQbpgpPtvnT5wRytEJsRv9qbSsXAAoTYx6=
zAa4uqH0r2KS4nmWFiKF9Wjle6bVx74JjcF53n3-2B-2Fm0V7O9zNP0Sh7JsqXxQDCBUKLCrh-2=
FYwUof12FnSJCfN" style=3D"color: #1D5080;" test=3D"" universal=3D"true">US =
High-Yield Bond Weekly Wrap</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzWKigbUpuNPzwIHxMkZiZRC7h8Zsw8cMFRsM3k08aUK6g-3D-3DEyv-_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2BieL44OK=
v4M7lO-2FC0q-2BQwNGPWf3vKm-2BEqp2FKkLDsKmZqzyWywViYECwgytBa2BfJ-2FuiMYaR8PN=
Qz5KmHVoAd-2FDNUSUhmWIoav5pQgj8hc1779pdiuawsHLcgSgQS8-2BLt64RApraxWLF0oz53i=
mUMAOw2gcwZvo7Y6DdKFm3tgZmM5vlMjS-2FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B9E6Spq=
DVtPn0b-2Bjuod7wjW3p9H1v6t-2Fo0Qmnz9qv3RPfF-2Fx6WPWQ5d0-2Beh2uPRW4HKdgdQ32u=
V-2FkmDtbgEzFrCcjOACOis5s3sT7aeu-2FTpr-2BsxFzW4XKxeLpZrISN7M72eU2JJksR-2Fmy=
AzrpMhACLUFnE9l1bWVbqUiI3bkBUfl1jNUr5c86xUuphdLf1g3OnLMCttNupHy2xtk71nyf8d3=
CxYDShAXrSVggtfF-2BCI90dA6xC9WLgOTw86J8MloPBRcwY2bNZlw7WAl4T84DfHQ2Ge7PFTar=
tOjj-2FZRn5W753" 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-=
2BaqM7ONnvsnswouzWKigbUpuNPzwIHxMkZiZRCW7eG19eIlbEadFceqy5ObQ-3D-3Ds0mE_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2BieL44OK=
v4M7lO-2FC0q-2BQwNGPWf3vKm-2BEqp2FKkLDsKmZqzyWywViYECwgytBa2BfJ-2FuiMYaR8PN=
Qz5KmHVoAd-2FDNUSUhmWIoav5pQgj8hc1779pdiuawsHLcgSgQS8-2BLt64RApraxWLF0oz53i=
mUMAOw2gcwZvo7Y6DdKFm3tgZmM5vlMjS-2FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B9E6Spq=
DVtPn0b-2Bjuod7wjW3oWa3IuLF99KQZ0KFvga6-2BogLmh7ZCtAEYuRecGNT34ZW4GTLMmVong=
JQmxojV-2FBjXAS3z2AU5X09wPCCFbwpKHIUc9AYrkqX0XUj0PsMCH2didkIr67xZcjodoWdInZ=
iNrAJr3WZD4zP0kvkKSI79elhadqneEz80KUlDGjwiCt6rQx9H5ex7RET9xYt-2FPsblH0HvgMg=
vLF9nsJ4bWCA1A7VfoZEWN5UmNMJotxHeB82rAfCVoT771s3SHXgWXmiLxlWy0hoz6dkklxraOc=
lwS" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Global Distress=
ed Credit Weekly Wrap</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzWKigbUpuNPzwIHxMkZiZRCcinYHDCehuKrPAo7Coog6Q-3D-3DRwbv_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2BieL44OK=
v4M7lO-2FC0q-2BQwNGPWf3vKm-2BEqp2FKkLDsKmZqzyWywViYECwgytBa2BfJ-2FuiMYaR8PN=
Qz5KmHVoAd-2FDNUSUhmWIoav5pQgj8hc1779pdiuawsHLcgSgQS8-2BLt64RApraxWLF0oz53i=
mUMAOw2gcwZvo7Y6DdKFm3tgZmM5vlMjS-2FLNdWBr02rGBa6q72wlDYIHq-2FcKWJK2B9E6Spq=
DVtPn0b-2Bjuod7wjW3rqHhinOsgXWw-2FYYpa5xKzsNKPMTZoaDuWHtwSBNRCUY683KLVtD4-2=
Bop9x6jG1HWhZcN4H-2F1pOzD-2F3GgQMdf9XQ824reA3Z9vSwBJsQckJ4buHTf4HQVvHO7FI8M=
6dP4s-2B3yNlGoKoWvqnhgSdolljHry-2B02MP4xfMkIgCNis349PaztiJokpqwgLaESXHwzlgZ=
cbj8k2bKKQKjWvuMXiSf2D4TaeePC4mmAYrEDviSfeSihdyfxz4xIYnhvcJf6qCbr6MA-2Bp7xd=
hQ2KVq5BQ4H" style=3D"color: #1D5080;" test=3D"" universal=3D"true">US Priv=
ate Credit &amp; Middle Market Weekly Wrap</a></b><br><br><b>Coming next we=
ek (subject to change)</b><br><br>
                               =E2=80=83=E2=80=A2 Biopharma VC Trends<br>
                               =E2=80=83=E2=80=A2 Private Capital Return Ba=
rometers<br>
                               =E2=80=83=E2=80=A2 Medtech VC Trends<br>
                               =E2=80=83=E2=80=A2 2025 Annual European VC V=
aluations &amp; Returns Report<br>
                               =E2=80=83=E2=80=A2 2026 Global Fund Performa=
nce Report<br>
                               =E2=80=83=E2=80=A2 Enterprise SaaS VC Trends=
<br>
                               =E2=80=83=E2=80=A2 2025 Aerospace &amp; Defe=
nse Report<br>
                               =E2=80=83=E2=80=A2 Consumer Retail &amp; Ser=
vices Report</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
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                    </tr>
                   </tbody>
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                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
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20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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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 style=3D"padding: 10px 0 5px; font-family: Roboto,=
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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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                         <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>
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                             <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;">
                              575
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                              <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
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 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;">
                              2224
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