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Envelope-to: vetyl@ponjosonek.com
Delivery-date: Sat, 28 Feb 2026 17:14:50 +0700
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Date: Sat, 28 Feb 2026 10:14:08 +0000 (UTC)
From: PitchBook Research <news-noreply@news.pitchbook.com>
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Subject: Opportunity in dislocation
To: vetyl@ponjosonek.com

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style=3D"color: #78766f; font-size: 1px; display: none !important;"> Also: =
How private markets are faring with tariff change-ups; Secondaries near mai=
nstream status; tech VC trends... </span></td>
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 &nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;<a href=3D"https://url6380.news.pitchbook.c=
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             <td style=3D"text-align: center; font-family: Roboto, Arial, s=
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0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Tar=
iff whiplash</b>: The US Supreme Court's ruling against President Trump's t=
ariff regime reinjected fresh uncertainty into private markets. Our <b><a h=
ref=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4=
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vg7-2FTxEYf5ycku3nl63SlHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8=
DTL5cKsucEzULflT-2B-2FyfJ-2B-2FnTpFAyRTZWk-2BnoKSsFehQT3UigguRIjB2JgK5NRaUJ=
uylSfKWKPKqnDqfrr3iA5uLgoop6gJi2BcV7wjxfqvZQfI75vwmc0ZIPil1-2BxqG1yp83ElqYF=
0HZMp3C0BnWKm1QMTNusrST-2F9Gb2A7eW4kq4iUv7-2BKv0Ll5Vok0L-2BjuowsJorqsHJ2mh2=
eYJ9r6ZSe3-2FZUAqNtNMvA8af7eijey9uBkOVe99Rw4FrQzo7ZYuFF85WHL1nc1-2BYUyjHk3F=
KcSJvqTyIgL-2BeN5o5hyReP6-2B6-2Bn1a" style=3D"color: #1D5080;" test=3D"" un=
iversal=3D"true">analyst note</a></b> examines the implications, alongside =
a separate <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?up=
n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5R6XfEZT7VktWK6M-2BXW=
3fQHV1xgfEao5PYMOIrtl5jA-3D-3DIp6x_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP=
-2BHR4BiQVI43kbMcVf8UYA68NVRXEaj4r9l6fc4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8Rm=
VzEwAHfE8KNJXH9IQ8v-2BWqO2QfKevh0wdGsD9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2F=
sHvUSlOyL-2F7CHbvg7-2FTxEYf5ycku3nl63SlHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcu=
QX0O1Km0G8pc9Zb8DTL5cKsuWzgvgh1QO9YlB90FGabxefmkvMiyczmJtJu29yddzqZvwdLOSwv=
FOGd8IQ0A8bPRQsR2BtGVguvoaAYQstLONzZ5yW-2B3EyH1UfEWAVw3zsc7w4odAIQB6qvYl-2B=
oObvxEH3P010h4KaxRtrSJ2CbfGwysARa-2BlbN8l2-2BG87UtD-2FmYzELEVgG0SfAFSiHWowz=
BYr0GTSYDif-2B0Pi2XNs2C2zukS70ePizzCXlozM-2FhlQAhbwv-2FRtfDEwgGfw5BYBnXs6Rp=
2t0X8pcA3u6s3h8LRw2rYCVQVGu0F3jQ0PpzUpa" style=3D"color: #1D5080;" test=3D"=
" universal=3D"true">APAC deep dive</a></b>.<br><br><b>Secondaries status</=
b>: VC secondary value nearly doubled from 2024 to 2025, positioning 2026 a=
s a pivotal year for the market. Still, its road to becoming core infrastru=
cture won't be smooth. <b><a href=3D"https://url6380.news.pitchbook.com/uni=
/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW4CCJl-2FQ=
-2BauN63kg-2FrFFOkSZnOHIVv-2Fw3fmw-2FSygXVgg-3D-3DDQ3t_Pr966knuaHmaw6c7pKvB=
-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRXEaj4r9l6fc4pc8k94TmKa33wfk=
bsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2BWqO2QfKevh0wdGsD9npahVSAJ5Dtg0Zu9=
Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbvg7-2FTxEYf5ycku3nl63SlHz4hX36FDujg87u0=
yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8DTL5cKsuVmDFDALBq1AxfrYSaxhklH7hS-2F75Q=
wQx7qGkfJZ7FSsLp-2BStWGx8syCgBpo8p1FxesrqSYV1eJHF4xTFNfiEMpaOwyLiAsDCmK8vKF=
zzc5GHTY0iC3Yk-2FPgjXkDoWLkbHSchN4-2BXaUX5-2BJrHigc2ayvovN3IXX4BO5dOJRaWeBC=
VDHpeW-2Fylbusx0U1lHUg-2F8Hp2UZTjQYNUqKycpaA3conZqL1Iqyhzfp5PkGmysXmFbtAhqu=
6EZLtVWyu1NK1kwj42MOG5oNZOc6I8Ut7ATfZviMfqi5fpXl3rRO7gl7D" style=3D"color: =
#1D5080;" test=3D"" universal=3D"true">Read more</a></b>.<br><br><b>Tech VC=
 trends</b>: Reports for <b><a href=3D"https://url6380.news.pitchbook.com/u=
ni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW4CCJl-2=
FQ-2BauN63kg-2FrFFOkbYyWHpr-2FF9K3BKZNqsHTmg-3D-3DuqKI_Pr966knuaHmaw6c7pKvB=
-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRXEaj4r9l6fc4pc8k94TmKa33wfk=
bsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2BWqO2QfKevh0wdGsD9npahVSAJ5Dtg0Zu9=
Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbvg7-2FTxEYf5ycku3nl63SlHz4hX36FDujg87u0=
yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8DTL5cKsuSojYMSbnFOF7IiNpxGzyiZ7tsC5tXYc=
vGx1YJkj1gI0gH2QJZoRT2dI0HVLEtIbcA79dTU00cy4M-2F-2BWMPKqliLMgctHc3cC6nPPfpO=
D6Hi-2FWxa2PcpWmUxgoxTe-2FtaJj5yeSzdLxs1MmlPStX8xD4XkY5BLLepnmZCluiqtd9UGe4=
u7JVOHyqWfCgzd3-2BSw2lasdX5w9-2BhBz9HuE0dhc-2Bmpk-2Bl78H3FC-2BxETDR3XsPaHG4=
zd5ijlzxqRFyxK-2BdO6ijQeYp2ozbrQA8ERlAAUQVRb1hfqg5y4ifZKUHhtRQ2" style=3D"c=
olor: #1D5080;" test=3D"" universal=3D"true">healthtech</a></b>, <b><a href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW4CCJl-2FQ-2BauN63kg-2FrFFOk5DZnwtqObXHsf9c=
HbIff7Q-3D-3DUF38_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc=
Vf8UYA68NVRXEaj4r9l6fc4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ=
8v-2BWqO2QfKevh0wdGsD9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbv=
g7-2FTxEYf5ycku3nl63SlHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8D=
TL5cKsuTcdpnVjDvzmb8tVIFz-2B-2F9Xn-2BuJJqelPWVzmCGBL9S2kYUAhrcT3bE-2BE7eRHq=
eBtZT-2Bw-2FSqEcaZcfwVrbCwZoraodW6opfJILYhMIXW31wfrIXq7IG4xs4JWd2lFB7EvkzUY=
2hK1xTsTvaDEg5lr0eAI-2FxZxb4D5u4rG8iw84sYCaTdBtdXq5GYAfRi51jZ6R1MoTY5VnMOK1=
is2NtWOQwanaJgFbQK0VsgLn5XzLQWL9iUUlHcVg2j9-2ByaJ6bmyjx6bJ3V8NUbiNI2f6g8q10=
D6qUCYh5IgjYOI9LjJhkx2" style=3D"color: #1D5080;" test=3D"" universal=3D"tr=
ue">agtech</a></b> and <b><a href=3D"https://url6380.news.pitchbook.com/uni=
/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW4CCJl-2FQ=
-2BauN63kg-2FrFFOkQG4b8-2Byq9V1z0SImzWo3tw-3D-3DI3gJ_Pr966knuaHmaw6c7pKvB-2=
BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRXEaj4r9l6fc4pc8k94TmKa33wfkbs=
T4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2BWqO2QfKevh0wdGsD9npahVSAJ5Dtg0Zu9Nd=
1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbvg7-2FTxEYf5ycku3nl63SlHz4hX36FDujg87u0yv=
f7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8DTL5cKsubRSpACeQeXhmHDoLBEUeBUC3IC5GrELOE=
Onu0U8cawMskO1XHEBB1z4zDYNofhqV-2FXH2mJ6YX6Uq2eNxOGE2d54M-2BCx95h1cBtNrFe45=
1yxNLx3pmYPwW3BviToexWfe2egCbg0xdJCxvhmf3JPmzIiMsL1bDIoSadkX8jKrQBv7LqvT2jY=
mOF7WOtGUwW6JN-2Bz1vUx8TgLlKddtvevqvG-2FUEcqdJlkEYfmT5Q-2BznZKziVo2CDdq71I0=
HZDeJwdJIABX-2F-2FdpmvfsH9LVI3Ak6G9pTEBTpsmDUDp9ZrpWVzV" style=3D"color: #1=
D5080;" test=3D"" universal=3D"true">pharma biotools</a></b> are now availa=
ble.</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>A message from Fidelity Private Shares</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_577746" id=3D"n_577746" 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;"> 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>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">
                              <table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" lang=3D"x-image">
                              <tbody>
                              <tr>
                              <td align=3D"right">
                              <table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" style=3D"float: none;
 padding-left: 15px; ">
                              <tbody>
                              <tr>
                              <td align=3D"right" style=3D"text-align: righ=
t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5R6XfEZT7VktWK6M-2BXW3fGro4f4pM4i9Jc=
x1n6PL7Nw-3D-3DFSId_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb=
McVf8UYA68NVRXEaj4r9l6fc4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9=
IQ8v-2BWqO2QfKevh0wdGsD9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CH=
bvg7-2FTxEYf5ycku3nl63SlHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb=
8DTL5cKsubRSpACeQeXhmHDoLBEUeBUELCJQHS5LYJ4jjJNjngIYPCZi0nSYfjiBDW3EeXdQn2u=
9DHnVyVzDjZlOp-2BhP47gvdZkjuG1oy53kHzZwUA3frQ9synWetk70-2FsimAjn0ll4qa407Xs=
pEiwcIHVd0U-2FQe0sji-2BVLBV5DK9Ftyij0zIPPuUe2zbkNVd4j3nWLksn6bBOw9ECwd624OX=
bWldwXXFZhoo-2F5kwh7zOFo-2BC3EVAxfU9mOjQZhavrz-2FzbQxZUWzRJRlkSAzx-2FFamZN9=
IfdfiLjmK2qEKfZUuEEreKRa"> <img align=3D"center" alt=3D"" src=3D"https://im=
g.pitchbook.com/news/72727.jpg" style=3D"border: none; width: 100%; height:=
 auto;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table>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-2BaqM7ONnvsnswouzX5R6X=
fEZT7VktWK6M-2BXW3fGro4f4pM4i9Jcx1n6PL7Nw-3D-3DXsRE_Pr966knuaHmaw6c7pKvB-2B=
CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRXEaj4r9l6fc4pc8k94TmKa33wfkbsT=
4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2BWqO2QfKevh0wdGsD9npahVSAJ5Dtg0Zu9Nd1=
KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbvg7-2FTxEYf5ycku3nl63SlHz4hX36FDujg87u0yvf=
7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8DTL5cKsubRSpACeQeXhmHDoLBEUeBVjpW690-2BBlq=
hIcEpSOBthLLPYOSrrsPMFN9PLfSsMHHkZLG2iVb8fi-2F6F3ztRNNGoJixNEBIZmSPCEAqlKkv=
fevFRNXAhIbKPJ2ELKVWERAeawV4uXrptd5wXwIlaDNNmz0UqnQUf0vxG4-2FIaWS1FrdZvIE56=
kziBDOD-2BqaBPXXvstRy-2FYvKEc-2B741Ws4fk24P7a6deibceabn2BE1sQ1fjXRgfEixhg4e=
HPfHL0HJJEBceqc85LYZO5zu1pZ7EdHQw9oEEKSw-2FHXmgWA3bEzw" style=3D"color: #1D=
5080;" test=3D"">Download the guide</a> to navigate midstage VC with confid=
ence and position your company for long-term success.<br><br>
                               Fidelity Private Shares LLC offers cap table=
 management and other administrative services to private companies and thei=
r equity plans.</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_578094" id=3D"n_578094" 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;"> Dislocations create opportunit=
y. </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>
                              We are in one now.=20
                              <br>
                              <br>
                               As investors debate whether AI will commodit=
ize software, risk appetite has pulled back. Lending standards are tighteni=
ng. Public software multiples have compressed. Many of the largest alternat=
ive asset managers are down more than 20% year to date. In moments like thi=
s, markets often price in a harsher future than fundamentals justify.=20
                              <br>
                              <br>
                               Today's pressure is concentrated, largely ar=
ound software exposure within credit portfolios and equity holdings. Yet be=
neath the volatility, the operating data tell a more balanced story. Our <b=
><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n7=
3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW4CCJl-2FQ-2BauN63kg-2FrFFOkR8mI-2B=
tJymFeYG2dJuC7FEA-3D-3DVrsK_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B=
iQVI43kbMcVf8UYA68NVRXEaj4r9l6fc4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwAHf=
E8KNJXH9IQ8v-2BWqO2QfKevh0wdGsD9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvUSlO=
yL-2F7CHbvg7-2FTxEYf5ycku3nl63SlHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1Km=
0G8pc9Zb8DTL5cKsubRSpACeQeXhmHDoLBEUeBXCggu08gvhKAwvYdOHCFAYxeESNaC7O5nFNHu=
BzpfPPKXjoFIwtGe723W8GqHu-2BYMQ9jp74YNBydWfXJ6uX2ZDcI6URlUfQFAtIDHJBa8SECjW=
HfjjgYO9-2Bgf-2B924XzaC6EpJK-2F839B6Xn2OSlEPVlb9h7EGYF4kRbzpB5OdJ9wDwY-2BUX=
qL8r675Bj-2FOMlaCop-2BglRYW1AMF7dZ2eeAs2lCwPpWnT6JPgR5AibI9j6AFeGwc-2FhPARd=
Ob5LJNYd-2FeJW-2FABtXcytdOVWuR-2F0cgKD" style=3D"color: #1D5080;" test=3D""=
 universal=3D"true">Q4 2025 US Public PE and GP Deal Roundup</a></b> examin=
es results from Blackstone, KKR, Apollo, Ares, Blue Owl, Carlyle and TPG to=
 separate the bearish narrative from what the fundamentals actually show.=20
                              <br>
                              <br>
                               In 2025, private credit strategies across th=
e Big Seven delivered a median 11.2% return, reinforcing their role as a co=
re financing channel. Deployment accelerated sharply in Q4 as financing con=
ditions improved. Realizations climbed nearly 15% year-over-year as IPO pip=
elines rebuilt and M&amp;A sentiment firmed. Credit fundraising remained do=
minant, accounting for more than half of total inflows.
                              </div>
                              <div>
                              <br><a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW4=
CCJl-2FQ-2BauN63kg-2FrFFOkHAcPE1mix1LoznjKNCUOBA-3D-3D3ocM_Pr966knuaHmaw6c7=
pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRXEaj4r9l6fc4pc8k94TmKa3=
3wfkbsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2BWqO2QfKevh0wdGsD9npahVSAJ5Dtg=
0Zu9Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbvg7-2FTxEYf5ycku3nl63SlHz4hX36FDujg=
87u0yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8DTL5cKsubRSpACeQeXhmHDoLBEUeBXGXpIu=
HP-2BwS3Os-2F5ruyha9VXf5JkdJpaoUZtbwo3Fp92XHCnb9jaD9sLEax3XMMXI6lzPr5AOCUYb=
zUWWqFKxm6evmy6Rm33DaMxOJoi5eBdUF5HoeFxMMJ-2FnQQz7szRy8fx-2FbFx17klCDJhBWUw=
r4pjx8trRXhI7bgh57cShfDldERRmMpNEhnz0Qzj64-2FWp7rc7YV8jpfqoZ8TrNMXu5rSItKOZ=
OYy15ixUy0R5XLsgfAtZQeWeOu8UVf-2Bimb8Go7ZwtDgZ7zkyUK9ps2Ouz" universal=3D"t=
rue"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/7=
3012.png" style=3D"border: none; width: 100%; height: auto;"></a>
                              </div>
                              <div>
                              &nbsp;
                              </div>
                              <div>
                              Firms are also widening their playbooks. Digi=
tal infrastructure tied to AI demand is scaling. Wealth and insurance chann=
els are compounding into durable capital bases. Sports investing is expandi=
ng the opportunity set. Capital is not retreating. It is repositioning.=20
                              <br>
                              <br>
                               In a familiar cycle, investors sell first an=
d reassess risk after. The real question is where this dislocation is creat=
ing mispricing, how underwriting standards are shifting, and which strategi=
es may benefit as conditions stabilize.=20
                              <br>
                              <br>
                               Our report breaks down deployment, exits, fu=
ndraising, operating results and strategy shifts across the Big Seven, with=
 data through Q4 2025. If you are looking for signals in the noise, <b><a h=
ref=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4=
Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW4CCJl-2FQ-2BauN63kg-2FrFFOkR8mI-2BtJymF=
eYG2dJuC7FEA-3D-3DjqZt_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI4=
3kbMcVf8UYA68NVRXEaj4r9l6fc4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJ=
XH9IQ8v-2BWqO2QfKevh0wdGsD9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F=
7CHbvg7-2FTxEYf5ycku3nl63SlHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc=
9Zb8DTL5cKsubRSpACeQeXhmHDoLBEUeBVyZxhHwFRN42Nb3B4kekiQJg1yKEoA-2BHg4IIMs6v=
qjvmhklzSdHEy94MqBXt-2FiYofkX2AD97Yyj4FsgknJUfkabOJBoKQ8uosmc7v855RsjWS31by=
qUCLLnWbxYcEcJyLfT5zN-2BboC8YHWsJjYn93kODcJQVcG9dJsBfMPpj-2BsPDWZ3JRK3f9xli=
Xv6p8N-2Fhb3nYu7RVcfufcCOJFwAIHMfuHc7P9VgTvnGjXrznxwSjx86pGk-2Fafr5lINztuss=
1MI-2BLo5GNpUqXSPzwZ7WCq9" style=3D"color: #1D5080;" test=3D"" universal=3D=
"true">download it here</a></b>.
                              </div></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table>
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">
                              <table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" lang=3D"x-image">
                              <tbody>
                              <tr>
                              <td align=3D"right">
                              <table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" style=3D"float: none;
 padding-left: 15px; ">
                              <tbody>
                              <tr>
                              <td align=3D"right" style=3D"text-align: righ=
t"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/645=
76.jpg" style=3D"border: none; width: 100%; height: auto;"> </td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table>Best regards,<br><br><a href=3D"mailt=
o:garrett.hinds@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Garrett =
Hinds</a><br>
                               Senior 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>
                       </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 border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br><b=
><big><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001=
.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW4CCJl-2FQ-2BauN63kg-2FrFFOkZo=
EfNRUlNvE5tQlXG7Ol4g-3D-3D9hj5_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BH=
R4BiQVI43kbMcVf8UYA68NVRXEaj4r9l6fc4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEw=
AHfE8KNJXH9IQ8v-2BWqO2QfKevh0wdGsD9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvU=
SlOyL-2F7CHbvg7-2FTxEYf5ycku3nl63SlHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O=
1Km0G8pc9Zb8DTL5cKsubRSpACeQeXhmHDoLBEUeBXZ-2FXWFu-2BdLO-2F1BQOs3m17qT2Euyt=
GlhRrNiB5XpvOnl0Jcs5N63v26xQy192UWpufngK9L10JcDyM39RcVhWewaK5l5GtlTiji8ixVP=
In2kujBQ3n3S2hWaYFBUeSomAhbLmBJeuRgtqMHrF8hmdeE48dO5JLIM2YNXdU-2BepxQwXrP4a=
Uvm3gpwEiskY3nhX66PAhX7dpHqJsVO2VfEV8qb17wBl99Vkl5G7c8OTL6t7iYVIXrmjbWB5-2B=
u5n85d8Lk-2BvVoOpurAeixHlVPisL7" style=3D"color: #1D5080;" test=3D"" univer=
sal=3D"true">2025 VC Emerging Opportunities </a></big></b><br><br>
                               Our annual VC Emerging Opportunities report =
provides quantitative data for investors to stay on top of quickly shifting=
 VC trends. The report includes both bottom-up and top-down analyses of 11 =
select analyst-covered verticals.</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-2BaqM7ONnvsnswouzW4CCJl-2FQ-2BauN63kg-2FrFFOk3BX=
4tVQ5F6f0WoT1Qln3PQ-3D-3DBMMn_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR=
4BiQVI43kbMcVf8UYA68NVRXEaj4r9l6fc4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwA=
HfE8KNJXH9IQ8v-2BWqO2QfKevh0wdGsD9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvUS=
lOyL-2F7CHbvg7-2FTxEYf5ycku3nl63SlHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1=
Km0G8pc9Zb8DTL5cKsubRSpACeQeXhmHDoLBEUeBUAf5wJXN3mrq0u8YDUfllsFuDljMo5m9pkd=
3WWK36sA0EW-2Bp2fytnVmDA2u0iHSneIHZDAThltOJS-2FYZNiw2oF6nFWtY9-2F9yzSiPorI4=
Gu4fUuTXW7R-2FfdDSRJFcjO1n3tyxfgWLpJvQTAQLXxBNNB8rSvh2ErlsjaJ-2BSncEY3DPYVu=
8IKWkxfOQ8B81hsnKswzQ05WkTYWu1-2BuTiLL70Mvq1Byhfuh4Z5SClSn-2BMicalUuktuH9nF=
IXWE4-2FkE1zsq9pNEa6m7RcglWavSkxiR" universal=3D"true"> <img align=3D"cente=
r" alt=3D"" src=3D"https://img.pitchbook.com/news/72968.png" style=3D"borde=
r: none; width: 100%; height: auto;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table>
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br>
                               SaaS companies continue to be a positive sta=
ndout, with very high exit probabilities calculated by our VC Exit Predicto=
r and several early-stage investment opportunities. The report predicts und=
erperformance from agtech, gaming and healthtech, with individual analyses =
included for all 11 verticals in the report.<br><br><em><a href=3D"https://=
url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G=
Fa-2BaqM7ONnvsnswouzW4CCJl-2FQ-2BauN63kg-2FrFFOkZoEfNRUlNvE5tQlXG7Ol4g-3D-3=
DvNL8_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRX=
Eaj4r9l6fc4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2BWqO2QfK=
evh0wdGsD9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbvg7-2FTxEYf5y=
cku3nl63SlHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8DTL5cKsubRSpA=
CeQeXhmHDoLBEUeBXtfrTL0jY6YYsoDXod4GEk-2FXjzm7W6-2F6zL26qIi2tJNTbM-2FrCz62W=
bZpeHfvqVZ1pMeeRh8tiAp6j-2Fo9FOFFGUehljRXNZBzc7wKLpibYGm1cjs6w4M-2FMi40I1uO=
Qpqdm4rrmvPTCe0AwxrUJv6n4-2Ffn1GlhVggwWs77M96M-2FCaG0EVHVvWb7bIopsKdHeEjQE1=
CoNbZJypoHbOXjoLXTZ9XzMrRy8Yuoml4DNMc9RC1sw1q8LnbnpKOAnlWk72GBLXeQ4lNY5edpx=
2-2F3Z2CDz" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Read =
it here</b></a></em></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Webinars &amp; Events</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Mar=
ch 11</b>: In an upcoming webinar, J. Thelander Consulting and PitchBook wi=
ll explore how compensation at investment firms has evolved and where it=E2=
=80=99s headed. We will share the latest market data on base salaries, bonu=
ses, carried interest and key insights across investment firm roles and bac=
k-office positions. <b><a href=3D"https://url6380.news.pitchbook.com/ls/cli=
ck?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW4CCJl-2FQ-2BauN6=
3kg-2FrFFOko3Cuze7KsqL82N4CFyNerQ-3D-3D6_gj_Pr966knuaHmaw6c7pKvB-2BCEiDnj5U=
wlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRXEaj4r9l6fc4pc8k94TmKa33wfkbsT4iqQYYou=
qgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2BWqO2QfKevh0wdGsD9npahVSAJ5Dtg0Zu9Nd1KYtLsRD4=
2sx7tR-2FsHvUSlOyL-2F7CHbvg7-2FTxEYf5ycku3nl63SlHz4hX36FDujg87u0yvf7CiuFxaK=
bndKdzKcuQX0O1Km0G8pc9Zb8DTL5cKsubRSpACeQeXhmHDoLBEUeBWcFyI-2FCGy0UpNJhpNH9=
ziRvd6jSyHP1TpP-2BHcnoUslzieHFU04vnpKnLNdY-2BuZVjZ7aumDZT0iqlWzYdIEdebln8Wz=
i-2Fc8NocEgGbo0KcB-2BYpev80NiXou-2BDPBuSxADm3yD1M9bsR3pg86kQeUwMUdQ3jnesOBw=
t8IvAeEFo2foHdXpxsVJ2oiMDs0Bgp-2FCcqJF18JEuKfwguUmLFBp792QtLDnn87dg2GFHmCJA=
66Cc6oOufZbDtfPTlqQVCFrtaBieuEi8815YPbo0RbXqfK" style=3D"color: #1D5080;" t=
est=3D"">Register here</a></b><br><br><b>March 18</b>: Join PitchBook LCD's=
 credit experts for a discussion on the European leveraged finance market. =
Topics will include the impact of the AI-related market sell-off, the outlo=
ok for M&amp;A and other financing activity in 2026 and whether the CLO mar=
ket is heading toward another record year. <b><a href=3D"https://url6380.ne=
ws.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs=
nswouzW4CCJl-2FQ-2BauN63kg-2FrFFOkMztQTokahKCy-2FyJEmLlDhg-3D-3DrVC2_Pr966k=
nuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRXEaj4r9l6fc4p=
c8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2BWqO2QfKevh0wdGsD9np=
ahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbvg7-2FTxEYf5ycku3nl63SlHz=
4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8DTL5cKsudulN9jm5G3S0dqI7R=
nofR8V9oKcUoEsNCKQ4O1h8tW-2FNkoXzRAJxlc6i4fZ57js7uFBCX3962YXN-2B4EM5elfpOqU=
kUft-2FOlUISigV-2FddIYjri-2FYbLCt3-2FKglOhFmj7JjwxaI8O0EDxaRe9o2MkpFvEYDuQ4=
QAr0voZrd8J55T6pdYHiiKxqMw0neIpMm-2BvSOVAd5U6nBKrl-2BKag9sd2m2TRdO-2B5pWWE9=
qQT8VV8a2gzwLr828EjmIlexVOdhHw5A-2FZhqqCowJ8PD6KYtfpAqhFjMSaEqFoSPTHNmwyhDQ=
xA" style=3D"color: #1D5080;" test=3D"">Register here</a></b></td>
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                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
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                 <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=
>
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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%;">
                   <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>
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                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <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 Five of the larg=
est credit secondary funds ever raised closed within the past year. [<a hre=
f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzVWMqVnAuzfHpEOCAo5xuHPP-2BIfoWV841MBvpHm-2FE9p=
xA-3D-3DvBdT_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY=
A68NVRXEaj4r9l6fc4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2B=
WqO2QfKevh0wdGsD9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbvg7-2F=
TxEYf5ycku3nl63SlHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8DTL5cK=
sudulN9jm5G3S0dqI7RnofR9qd93dyl9euiJa-2B5cIxQMG7qw3apgXGtzUDGCbKphbwZYtChuS=
mTPibaTYStyCJicssDesxq0i66cThQHzdJjAaL-2B9H5bAOTxLYhZ05GA-2F9T5XAV8MkVMuE5x=
96ZnLcbAwevFCtUYJ1U0M0QK6etenwM-2FSOLYO1iaSrzAjU14UmpD1cuVjc-2FLFoGFuiZLM-2=
FE8bf64ZKGdFyV2LRS7u6EWQtTR-2FYf-2FGyksCiZ5szjF0CUYi4khSkSOrodGcmzMyTMhWF4c=
Lx4-2F22-2Fvdfx-2Fb0WZ1" style=3D"color: #1D5080;" test=3D"">Axios</a>]<br>=
<br>
                               =E2=80=83=E2=80=83=E2=80=A2 Sports deals inv=
olving private equity firms have risen 60% between 2020 and 2025. [<a href=
=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S=
pSWIrf6GFa-2BaqM7ONnvsnswouzVWMqVnAuzfHpEOCAo5xuHPP0OdGG4OBogsLaIYbZTKTQ-3D=
-3DRwT7_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV=
RXEaj4r9l6fc4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2BWqO2Q=
fKevh0wdGsD9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbvg7-2FTxEYf=
5ycku3nl63SlHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8DTL5cKsudul=
N9jm5G3S0dqI7RnofR9dh6-2FXoVJxlPtZraKCXL3J1aSyu-2BS8jGqbwzXJsxqH1LhPwzEriL2=
103k2PzSNfAIAL-2B9tuhjpgoO4Fiarrz-2BwiiWCwwSUzIoABsNQlAv5o-2BaKmatEZDsR3-2B=
I3vfHJYXoWwQg9yevfgEKXsQeoQqY8rQHR6-2BeTdfA-2FGOq-2FgFT4nBsa5m8X0K4IUBBbThu=
nv4i6n8o-2FyiFbiVc6x9swgeP2xWhCoVLcNpnkNTWvUGOuzveD5hcF5VEJt-2Fw-2FPDhhdVpK=
rfJ0-2FnpJN4Mwks0AQXUJ" style=3D"color: #1D5080;" test=3D"">Reuters</a>]<br=
><br>
                               =E2=80=83=E2=80=83=E2=80=A2 "High concentrat=
ion is a high-risk strategy best suited for large, well-capitalized growth =
investors like Thrive Capital," said senior analyst Emily Zheng. [<a href=
=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S=
pSWIrf6GFa-2BaqM7ONnvsnswouzVWMqVnAuzfHpEOCAo5xuHPslqApVgSlLHKpUrnVndS6g-3D=
-3DVqq0_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV=
RXEaj4r9l6fc4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2BWqO2Q=
fKevh0wdGsD9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbvg7-2FTxEYf=
5ycku3nl63SlHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8DTL5cKsudul=
N9jm5G3S0dqI7RnofR-2BuhEX7k5A-2FCAUOyQi6VDW5H1WuBg5Bf-2FRD1gI44Ucw3KRSrSlCC=
pglE9LIVD-2B1oThFRvUpIGyOh9lDqckv0esJOKDZvzrRUqjbKFqSnyIFds1bxnuFmRY7OnJ5g5=
h1yahU5I0EuD9I9-2Fq-2BNiDCgsiAHD8xpyDvBH0wgc0ou6XFgSOAgBJnHAFVpkAhU-2FIPuDZ=
amv-2B26uvVr81xNqQyJgiravwJRUM5xQ0cn4DSBGqBFdbtQ5jpAtiwHO-2Fqdwt2dl8xoOZSFn=
rr8oReMBdoYwV2" style=3D"color: #1D5080;" test=3D"">Bloomberg</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 "High concentrat=
ion is a high-risk strategy best suited for large, well-capitalized growth =
investors like Thrive Capital," said senior analyst Emily Zheng. [<a href=
=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S=
pSWIrf6GFa-2BaqM7ONnvsnswouzVWMqVnAuzfHpEOCAo5xuHPamzxuIyAwFXIdYsXwuuzHw-3D=
-3DXFFE_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV=
RXEaj4r9l6fc4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2BWqO2Q=
fKevh0wdGsD9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbvg7-2FTxEYf=
5ycku3nl63SlHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8DTL5cKsudul=
N9jm5G3S0dqI7RnofR-2FdC7v9xeRurCQPI0Zjj9JVBfwervNUf9BGzWMSWJHWB7PBuL5g1tj9y=
jR9XfdKe3igxn0qq791qoHaW8pDbp0WWCFxd5-2Bs1PtmQer5rd9yvEG-2B2IVFjH9X-2BIFUSL=
mINB02CWYqfXFNP1REslZ-2FhBSfTFngYzmiTh7tnH81i5JDy-2B5calTf5u4d-2BjtstH-2BNo=
AkcF47xZ4l2FEry8EuweIqi3roVJY7LNwJ-2B2zqFlHFvBodGTIDhaYwPlNoYo-2Bjz-2B2wpcg=
y9HdVVEoCJxUFk9-2BWy" style=3D"color: #1D5080;" test=3D"">Bloomberg</a>]<br=
><br>
                               =E2=80=83=E2=80=83=E2=80=A2 Leadership depar=
tures at xAI increase risk at "a sensitive stage" ahead of the company's IP=
O, said senior analyst Dimitri Zabelin. [<a href=3D"https://url6380.news.pi=
tchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou=
zVWMqVnAuzfHpEOCAo5xuHPd100gSAoZ3A-2FYWKCB0lNoQ-3D-3D7E3m_Pr966knuaHmaw6c7p=
KvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRXEaj4r9l6fc4pc8k94TmKa33=
wfkbsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2BWqO2QfKevh0wdGsD9npahVSAJ5Dtg0=
Zu9Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbvg7-2FTxEYf5ycku3nl63SlHz4hX36FDujg8=
7u0yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8DTL5cKsudulN9jm5G3S0dqI7RnofR8wzAYPI=
XMxG0rBfvOMIxw1P0d2qvH-2Bw56kSpy5v-2FNuMhRKu7negNh0oNlGExt9oJrEzidQmxTRXLbF=
ffZrVAJGMQHZ6F-2BThGb1uxXqqB3hZcapr41iIFFVmqPrVoceNtkFLxSB2Nqy67DUUnDSJ9CHE=
OxS08a1PvCB-2Fzk5JVMDRpvEzHrEcxGV-2FF8SYhfnW9jVAFWIwCCgLQTM9mstc7OexgL9s-2F=
H8X5IWHxAz2G0CvPfZGBUgBEMnFI7oWtTC4oNI1CG7Itr1XNSOMoDb-2B4Cv" style=3D"colo=
r: #1D5080;" test=3D"">Bloomberg</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 The number of cy=
bersecurity deals from 2020 to 2025 was nearly triple that of the previous =
six-year period. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?up=
n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVWMqVnAuzfHpEOCAo5xuHP=
gbHhSKTPl9wNi8mbfQoqWA-3D-3DFFV1_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2=
BHR4BiQVI43kbMcVf8UYA68NVRXEaj4r9l6fc4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVz=
EwAHfE8KNJXH9IQ8v-2BWqO2QfKevh0wdGsD9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsH=
vUSlOyL-2F7CHbvg7-2FTxEYf5ycku3nl63SlHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX=
0O1Km0G8pc9Zb8DTL5cKsudulN9jm5G3S0dqI7RnofR-2B1X6oHRPvIP143XxSffbOFam7SNS3e=
v6fUP3VgfflNrvraFyT0M3ewuXX1aJiMcTD4IGUjY-2BwNnQAtIk7zn9MSpzZpbwLTxLx83ra8N=
lI-2FSTtwBxpAeP5nn4xPww2kSN-2BKM-2FMOj0tmT9M2B34Fn6U793OPddZJqYVBEVvdqA2z52=
E66h8-2FL9mEGjWSAKusUIIF1UD70CKDmEBp-2FVv0i0zl5gMoI-2FxgmuilFYpvrmyoLJXENxT=
vhEcH8WXgJtKEidK-2FHfRMBrNp7Z5bxRWKL-2FUS" style=3D"color: #1D5080;" test=
=3D"">Bloomberg</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 Defense tech dea=
ls in 2025 reached a record $49.9 billion, almost double the 2024 total. [<=
a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4C=
uylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVWMqVnAuzfHpEOCAo5xuHPAhaqhXw9bG8-2FDZPIK=
ZJFew-3D-3D7HSX_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf=
8UYA68NVRXEaj4r9l6fc4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v=
-2BWqO2QfKevh0wdGsD9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbvg7=
-2FTxEYf5ycku3nl63SlHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8DTL=
5cKsudulN9jm5G3S0dqI7RnofR-2BaGlCbYcTvpzdjbLtRbFKzESfkIyMdIcYX28Wlh90py8aUe=
m-2FtZh1QWNwFEWDvPnXk4buVEpWUEcb62Ug9sFYON2zoncK2h4BBdfzCzzFAtsBJeD8Kp6u3jY=
jwfSOf1NAn-2BiwmQszNv48nXQEqWZbdY5jrAlSp4o3nVq-2BePiZt-2BHXCnOj3ai1nMZfCwoO=
inlpBXPfSXgbXV4If9p7AeY85LosI1aYdHYIZAvzINu9IznwNUSf8e7rzWhunEp5F5TU-2FEWNk=
xPgvnzC739KiCNMA" style=3D"color: #1D5080;" test=3D"">Institutional Investo=
r</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 Anthropic's Clau=
de features for financial services tasks could put jobs in that field at ri=
sk, including "seats at investment banks, seats in equity research, white c=
ollar jobs =E2=80=8Aparticularly on the lowest levels," said analyst Derek =
Hernandez. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du0=
01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVWMqVnAuzfHpEOCAo5xuHPAzAa-2=
FT4fDGS88Z0zwbJhZQ-3D-3Dh-FM_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4=
BiQVI43kbMcVf8UYA68NVRXEaj4r9l6fc4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwAH=
fE8KNJXH9IQ8v-2BWqO2QfKevh0wdGsD9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvUSl=
OyL-2F7CHbvg7-2FTxEYf5ycku3nl63SlHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1K=
m0G8pc9Zb8DTL5cKsudulN9jm5G3S0dqI7RnofR8AkVF-2BcjRYOquDyVhtyjSfSEQSVXP1sT9y=
srLbCxtQiQZpm34PUvbNGhTefffyD3thxovv4FQjLJlOAE19pSupJyTFuZEtLR9xQM1LJPFUkgB=
NljFhH-2FnPcoSmd5D0B8yNBAWnJkI9pMZM0m3x3auJuihxj60Kf7JGXdKvZFPp1hkzwHFD-2FB=
4s-2B8rnAMRO9JTTpaGoPammlrPRvuOfmPglEh9t8elnf4dtBlzpkMRX-2FXxrwvXgiiTWDht-2=
BT8CLynEUjoIcBYnAzVXXTJ6vTm-2BO" style=3D"color: #1D5080;" test=3D"">The In=
formation</a>]</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>ICYMI</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
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cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
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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-=
2BaqM7ONnvsnswouzVWMqVnAuzfHpEOCAo5xuHP6WI0T-2FL-2FlgP4MUUBcfqTUw-3D-3DAhhy=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRXEaj4r=
9l6fc4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2BWqO2QfKevh0w=
dGsD9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbvg7-2FTxEYf5ycku3n=
l63SlHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8DTL5cKsudulN9jm5G3=
S0dqI7RnofR8klwBuF0dEV9FkgMBzJOW8JytLZxje4YgcJnOXQb38yc3Xw9gsA5KVOepZK9SS1V=
LIWWjMKUoS-2BclFUtLhtaQIYfRhigGBBz8GloNMO6cpGNJ-2BTqMARVwXMv9-2FFksTh9jPfb6=
6x1l-2FqDboxAoEk3kXkGxS-2BM2-2BMIP0M-2FF8YbnZg4gesSxGHd4ArKcRcgyqtRitriqcck=
ak0-2B2N8fAh8FO7POJg-2FA0f8Ooey-2BKeUESCj-2B9tlmqfTwZ19E6e3IlkaSZ30-2FXYrc7=
vYBR9IRfasG75" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q4 20=
25 Private Capital Return Barometers</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-=
2BaqM7ONnvsnswouzVWMqVnAuzfHpEOCAo5xuHPjapbTNY0soLLww0hN92nxQ-3D-3D4_Ri_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRXEaj4r9l6f=
c4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2BWqO2QfKevh0wdGsD=
9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbvg7-2FTxEYf5ycku3nl63S=
lHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8DTL5cKsufHbwWlKUIvz9ri=
cJfJ53TplaFbZQufIE7DGfp1PRC4dg5-2FysTQBjHKW4BQam2GIr84RJLhp8xbOJFURlO1g4e13=
SbhBAfsidUJzvs5PtVED4c-2BgMBDavsI3MlhcUd-2Fc1e7ZsZEIG-2Be6NNGANEADXv-2BCJh9=
y3qnTH80TI-2Bocpsx4sRy-2BqJuR6xq16ymd3Qw7XfdF2A5NZyleI6QYU2K4DoStqNiYS18fDg=
G5QQesH47wUnEhKRWrgIbmM0v-2FHNLEAvE-2BmxDXoLmW6eDdAHt4Jbw-2FNou65iWEtTNc9sC=
1LO-2F3" 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-=
2BaqM7ONnvsnswouzVhq855jSuLPw6hy-2FJqzwlZZFays7MsfpbGRuED9FQIwQ-3D-3DmORH_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRXEaj4r9l=
6fc4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2BWqO2QfKevh0wdG=
sD9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbvg7-2FTxEYf5ycku3nl6=
3SlHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8DTL5cKsufHbwWlKUIvz9=
ricJfJ53TppiZZjf6K-2FocUuXmfFCwz40xzKJwSXuFdDJu4ckgkx1Gh8LYJhndjDkPaNSaS3JP=
eUXAbqOG91vklEhE-2FCf8JBTRZ73ImKu-2FBxetZtTzXGE7TnByaQuHKg0WIqKZVO5Mt1VRkN0=
c7BWIHFXobdCENeW8Tj4PLGrz4Kam2zrjg-2Fe1ArXVr2RW4o1KKOsMS1lzmEZ6QzOzg6cQxz2p=
-2FdPp-2Fg88KkQKitl7Y9ZMB4YRUXZoW-2FeMb9j-2BoWpfnrcGYjBKdhh-2BWm5xXrCZyfh7L=
d0KgF" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Tracking AI V=
enture Activity in APAC: Part II</a></b><br><br><b>Thematic 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-=
2BaqM7ONnvsnswouzVhq855jSuLPw6hy-2FJqzwlZfHB3ndsoe1fjAejslsMfLA-3D-3DP-eN_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRXEaj4r9l=
6fc4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2BWqO2QfKevh0wdG=
sD9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbvg7-2FTxEYf5ycku3nl6=
3SlHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8DTL5cKsufHbwWlKUIvz9=
ricJfJ53ToP-2B4M6wxIgEmFAnDioKhPRF7HN4zKYK3FFBv-2BqoGmjx1rrTs1Egks6AtHxcI7h=
tjcwccLsO0QHRlR-2F0BDKm3xSlg2gLAra08gYVgSANt2sw-2BI1lDJp0fifPQXRR4jkfyptWLq=
fs10du-2BG1mL2u2ActIHaXNkw0HFX0tCuFPLwaXX-2Bq-2FYX3-2F2o5YZmxRO8743N3c8Qw-2=
FVngPkrhYgrD-2BND0b5h1HjiteCdjKYa6L6vuHVYwW-2FU3OFi3mv3nK-2BLRyz6QHKZcaLsoa=
CxWwYEE4Z-2Bc" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Priva=
te Equity's Exposure to the Software Reckoning</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq=
M7ONnvsnswouzVhq855jSuLPw6hy-2FJqzwlZuqC7vjxRh9Cv8Sty2dKuLg-3D-3Dw2M6_Pr966=
knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRXEaj4r9l6fc4=
pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2BWqO2QfKevh0wdGsD9n=
pahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbvg7-2FTxEYf5ycku3nl63SlH=
z4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8DTL5cKsufHbwWlKUIvz9ricJ=
fJ53TrdQaK6hCsWvBvkWD5n87uidxxF-2B9sv-2BBu52-2BPt7JUpNYBY8HLK1lIMC-2BLZGnQa=
3glhZI7xs5dUZnNt4veDPNvvJxwJ-2FuyWAqQuVUqXAiBDNKnwhDFaexnyg-2FgEzHNtQWWqMxI=
0eAaRPH2xh-2FZHtCifQV-2BSwQdAJo-2FhzY5EnkI8cDNNsSjmRT-2B1kuAXrW5b808x3FNpGD=
q7VGLjg9UN7ChEI6Texk9SPDx9bTCOzZnuDi6gZ6gcXUmFGaEc2gCg4Chv70gZYTZ5f4Sl4gJLO=
uTb" style=3D"color: #1D5080;" test=3D"">PitchBook Valuation Estimates</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-=
2BaqM7ONnvsnswouzVhq855jSuLPw6hy-2FJqzwlZCnzomn2-2B-2BwzP7O-2FLEpXDMA-3D-3D=
hy2I_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRXE=
aj4r9l6fc4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2BWqO2QfKe=
vh0wdGsD9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbvg7-2FTxEYf5yc=
ku3nl63SlHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8DTL5cKsufHbwWl=
KUIvz9ricJfJ53TphzLu3j4YqeRjWMz5uiSi7-2FMFU4ogqPWphmETnlmrtA8e2k9qhpAvFET4e=
GgvUDJeEVKEk0j-2BfL-2FkbcgFM086FOhwL5Nl1xlKVRy-2BOgdo8AIKcFlXhVhDP2aKbqLo7n=
TL4Hfe0fPKH3YFGWP20RqjYKNTouX1Izjw32XvYRXhRaGtuvwiU6LxL-2F251pA0ojLgIAlL5aV=
ERJvItyeMm631tN68g8fiV2KLp9HgI0lIb1wnePEDePJ3RN5EaR-2B6ulbw6AWfMY3IACK6MT12=
uphFN" style=3D"color: #1D5080;" test=3D"" universal=3D"true">SaaS Is Dead,=
 Long Live SaS</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-=
2BaqM7ONnvsnswouzVhq855jSuLPw6hy-2FJqzwlZpHKbe-2FLdr3ojCG2tBYm68Q-3D-3DuG53=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRXEaj4r=
9l6fc4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2BWqO2QfKevh0w=
dGsD9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbvg7-2FTxEYf5ycku3n=
l63SlHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8DTL5cKsufHbwWlKUIv=
z9ricJfJ53Topu3Ff0g-2FkQ3w-2B2dA5LGU-2FTHS2b4A51kL-2BM70erwZVnDZSMZ2XwnjfI-=
2B8TiNF2TghiBSpdinqyHFYhYZfGtrXVzVLZ3lH0rF0YLEklmTgU43d9Bes4Uqswo-2Btk7qg3R=
jsh4pZCzUbzgpqzdi4IcB-2BYCZZNzfYebBdEyhzqoVuirwe-2F4h8dMt-2FQPtxXqUyn4xi34J=
rKtYMoxxXziapa3NXpDgHdKi6n9TfjsQt2Fn-2BMYtD68J7TKV7xxcrrewPMq5K2SJv8dpvtbI2=
vv-2FSiK6KG" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q4 2025=
 Enterprise SaaS 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-=
2BaqM7ONnvsnswouzVhq855jSuLPw6hy-2FJqzwlZ7m4DItjtJ34QpYgOalbLPg-3D-3Da_s4_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRXEaj4r9l=
6fc4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2BWqO2QfKevh0wdG=
sD9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbvg7-2FTxEYf5ycku3nl6=
3SlHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8DTL5cKsufHbwWlKUIvz9=
ricJfJ53TrVPeUMNVYP-2BEBvCVwuxnxcpyKI-2FjkjEJbaIynS3pdXggzG9ufXpaxYGwIpS6Ea=
Xhu62-2F4pKNkpOCr3HHleo7BQnmUnt3tvorCOFj9YI44detkQW0RVWjloMiBbcj5DzMUz6p2Kl=
-2BR7WfIAvDCK5p7jkrB-2BI-2Bw3tqhoCWAU7jP2qPOC2s4jg24-2Bwhe03CHB7hXoRBb768Ek=
6SuNifJOYnvg14-2BzWWx7bRtoxdIqGMoS0hKNTtIe16NySFqarBe-2F8vBrzyOOTVqpBPEcUDn=
QDaKu" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q4 Medtech VC=
 and PE 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-=
2BaqM7ONnvsnswouzVhq855jSuLPw6hy-2FJqzwlZFi20bBahLU1-2BTtuiY4kqsA-3D-3DnWKn=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRXEaj4r=
9l6fc4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2BWqO2QfKevh0w=
dGsD9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbvg7-2FTxEYf5ycku3n=
l63SlHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8DTL5cKsufHbwWlKUIv=
z9ricJfJ53Tp5PNffjnOqt4g0Y0zdvw99zLhr1vA2XQsJQsciMSTtqvRjOi7MBsq7Dz15JAZhM0=
3sog6pZ2cpE-2BK-2BXpnYFF9jX09XykQySd7OPzSUAfp6yfBwDlBNKR0wuq50hc9YPrqlZXBV2=
mgqrlxn9UHL0Q5mMJ-2BoKxW7OsYCEc9b87xz6wzDELSAXTi65aorrIAO4b-2BlyHR-2B30DNLa=
TjxORdNwEfqmS-2F7tDxEeKqWJCnXc-2BsoSXmcYTuGILzLrxXzlXHBe1-2BqjgXs0gtK6RTOL0=
J-2B7r9" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q4 2025 Bio=
pharma 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-=
2BaqM7ONnvsnswouzVhq855jSuLPw6hy-2FJqzwlZx8WmjANqQVBNbKAqiuOzmg-3D-3DGO_B_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRXEaj4r9l=
6fc4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2BWqO2QfKevh0wdG=
sD9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbvg7-2FTxEYf5ycku3nl6=
3SlHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8DTL5cKsufHbwWlKUIvz9=
ricJfJ53TohaPlMF-2FlQ5fbAujemwHpA9p6p9-2BnKRULdiMZUv6IzSfENLBBT0bhrOYduHEcu=
5iKT-2Bqfy-2BjOvQyLVW9Y2q2JvYelt-2B6KYz1fLMRMvmlDqjCsAuH4wQczD1doUL5nh9vX6d=
VR2JLrEtJ0JJG8itdOcrtS-2FbKFyu-2FNK1VGE79KUfIrx8jb8Zylrsys-2Fp8yTk8LfJNSQ-2=
BaCXyBVb0fP3Uxqe9VLpe3WeKm2ojrqO4EOumHlMdniCh4MilJpPTl9ZL-2BNT0pAgCcn66wExJ=
Ur5Imte" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q4 2025 Con=
sumer Retail &amp; Services 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-=
2BaqM7ONnvsnswouzVhq855jSuLPw6hy-2FJqzwlZV868tA9ztgSdKNOZijq48w-3D-3D-cMz_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRXEaj4r9l=
6fc4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2BWqO2QfKevh0wdG=
sD9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbvg7-2FTxEYf5ycku3nl6=
3SlHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8DTL5cKsufHbwWlKUIvz9=
ricJfJ53Tr2yfA3PYm63-2BCEZgkqgtcBT-2BEnbQpsvOwffLHuhE-2B0qBg4DHI8mWMc24ADFv=
-2FWu2CXMQ-2BobKAqiPmYT-2FS4K54BT1o06FtCAqH9lWBOhiw9qX0e0gdMkC-2FfNaQEIsLIz=
4oJVwnxmrrefw3JK8q1MclByFNm7iKzsTWjTSbcDxIDyFsD7gOLcDGXorotZqj8LRrnK33ZmyHP=
SxvXsu3ykcpwJeTf4yoNKbJBpL3w2qITKYqwzO3n-2FMiEbkzu9sqkoH8y2zhcV-2FBldu-2Fd5=
uiLl-2FTM" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q4 2025 A=
erospace &amp; Defense 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-=
2BaqM7ONnvsnswouzVhq855jSuLPw6hy-2FJqzwlZWKdtPX6JzzQ80pn7qhkcNA-3D-3DLaPZ_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRXEaj4r9l=
6fc4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2BWqO2QfKevh0wdG=
sD9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbvg7-2FTxEYf5ycku3nl6=
3SlHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8DTL5cKsuYUpknbA2uX8F=
TxI6RQZnd8yVuRyYbjdH7eh12fH-2FOV-2BXllJKFurWIXodLVPKCkrspmgjqt6htpUlkJBOrIL=
RUVnlCdFG-2FQy02rKEUPHQYoC4DB-2Fs3OH88U6i2AwbHbVxI4gtApeUccA8IoGKd2EMeaYzYM=
n5p5Si43DXLwOxnCacQDwATSb7Tnhpxcdoh2tauln9pVye2QoPxmGoyCLRrmgvJlMQHJ0h8-2FP=
SMR1aMRVEbhIE5qQcG-2Fd7GD2iUplsPpGYnnc9fpRcwvsT2eDIFMMN050QieQFhs5Y2Bqo8ad"=
 style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q4 2025 AI Public C=
omp Sheet and Valuation Guide</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRXEaj4r9l6f=
c4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2BWqO2QfKevh0wdGsD=
9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbvg7-2FTxEYf5ycku3nl63S=
lHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8DTL5cKsuYUpknbA2uX8FTx=
I6RQZnd-2BcPJ-2BI0kV685x-2FADsiPTLAgiCHAZnnJpQJkxx9A3LT8D9MAXTi1iKhDI9dNGJj=
EXrJL7PLgJH3Yrnex-2FyA9kpN5pqqQPOB25RlJpFq8vNrCeknBPPGxBp7kCFxTDf6-2FB894Aq=
GRpFHeFa81x2xhIJJosoMqC7gyV51QE-2BMkpNE2nMXWvbzH9xSkpzy6WOIS6mr2T-2B28D-2Fx=
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T4bIP7-2FIE" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q4 2025=
 Medtech Public Comp Sheet and Valuation Guide</a></b><br><br><b>Credit res=
earch</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRXEaj4r9l=
6fc4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2BWqO2QfKevh0wdG=
sD9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbvg7-2FTxEYf5ycku3nl6=
3SlHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8DTL5cKsuYUpknbA2uX8F=
TxI6RQZnd9PgKEHQOicgqtBu-2FpFeYyxBtNx-2Bqm0LNcHsey26leiQaqBjABOx0mrwdZrtSKy=
Hh1l1j63FJNs5-2BsJc1vA1WbU4Hlinc8kBKLZoVj-2F-2FSSlVMmH0YX7Kb38OUnWJADCKWNhp=
N9fUuxET7eJBypf0WcVSt86CsrIa475ho6NNrnhrm9gw5MGbvE3SYl8j6aBWnLwAB0pzezgTt6u=
Y4T-2FJVrg0E0a07gmr8bqXvW8ZurDwtSo9l0i4elTfFc8NMr17Ch1d5K77AOy0x3YCVPxbBIu"=
 style=3D"color: #1D5080;" test=3D"" universal=3D"true">US Credit Markets W=
eekly Wrap</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRXEaj4r9l6f=
c4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2BWqO2QfKevh0wdGsD=
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z-2FFr23vN44Q72f4FEsCE2lJYYXnRi-2B-2BEeB4n1HF4nc7tY9HSbWA8V7LkmefUSbYlK4SG7=
R0lQfpt9eYtSwUoXdMx1ccUlkwyfVxXcRB7Dgna9IOHbE8jqKb32kus-2FUEkw48GKVKYDTc" s=
tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">US High-Yield Bond We=
ekly Wrap</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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xz-2BLwy3NvIb7lZiztyx1QhGPbXH-2FFUkJbSJE-2Feri2cthAdjjO-2BT2wsqDNQUARWc7zET=
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g1ezaxZY2M2IfHVBGeQyHtHRooesJoGHEP5fDnOOcndX6YOSrcmR0eTst8whnNemSx3yLCs1dtA=
wJNrIFpjh" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Global CL=
O Weekly Wrap</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRXEaj4r9l=
6fc4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2BWqO2QfKevh0wdG=
sD9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbvg7-2FTxEYf5ycku3nl6=
3SlHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8DTL5cKsuYUpknbA2uX8F=
TxI6RQZnd-2BM1G0BSgwAcL3rIpojg99eFJVjZ5HKN2tH40s8Chn4VHypfQqjIQZXiLaIJFaJsd=
QTHQV1qWdkJUqmbM3yjGOmInV07KCL9XBcogSmcf45g5GYDhmExvyvsg6uyquZyGMiu1wdwHBLj=
P3jNGSArPs-2B75B8G64Lck-2BEuWpNWteLtCHc8DvySfhdmXl-2Bx05NZMOKnGTzP-2B7EZ5ZZ=
tyhlny-2FxUs-2BHzYzYMFB8O61pXo4rWADUwniCF-2BMD17eSImQlz4jKy2Y005JcFWF-2BUaY=
C85Dt" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Global Distre=
ssed Credit Weekly Wrap</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRXEaj4r9l6f=
c4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2BWqO2QfKevh0wdGsD=
9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbvg7-2FTxEYf5ycku3nl63S=
lHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8DTL5cKsuYUpknbA2uX8FTx=
I6RQZnd9ynAEANtc1LYVfPZWY2ol2yefyNkAj8uYzSOISXTHbtqgVsIXb0nSp7oqwVZd-2Foq9Y=
51T6fyaSTMbMDJ6dp6J2G6rRrz3BcjnObuY1ZkmDCu4yP17GG-2FgGIpSI0tUhaSvi950IfkX71=
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ScqfN1ByEzs5M5i7iy2CRofa5hxvjIsTT7gLRghO17OIDmu-2F1QrKyQ5rvLRH2-2FIz60xZjV"=
 style=3D"color: #1D5080;" test=3D"" universal=3D"true">US Private Credit &=
amp; Middle Market Weekly Wrap</a></b><br><br><b>Coming next week (subject =
to change)</b><br><br>
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                              </tr>
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ight: 6px; padding: 0; " colspan=3D"2"></td>
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                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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                  <table lang=3D"x-counts" cellpadding=3D"0" cellspacing=3D=
"0" border=3D"0" width=3D"100%" style=3D"background-color: #051C38;  min-wi=
dth: 100%;">
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                     <td style=3D"padding: 10px 0 5px; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
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spacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
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                        <tr>
                         <td align=3D"center" style=3D"font-family: Roboto,=
 Arial, sans-serif; font-weight: 700;
                                        font-size: 14px; line-height: 27px;=
 color: white; padding-top: 26px; padding-bottom: 37.3px; white-space: nowr=
ap;">Since yesterday, the PitchBook Platform added:</td>
                        </tr>
                        <tr>
                         <td>
                          <table lang=3D"x-counts-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%; t=
able-layout: fixed;">
                           <tbody>
                            <tr>
                             <td style=3D"display: inline-block; width: 25%=
; min-width: 25%;
                                                    text-align: center; flo=
at: left;">
                              <div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Roboto, Arial, sans-serif;
                                                    color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
                              597
                              </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;">
                              2355
                              </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;">
                              964
                              </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;">
                              19
                              </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>
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                           </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;">  <a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzWa-2BvBnT5-2FjIYFyyP6IaRExyZOWCtja4niqmbWkJ6IBSw-3D-3=
D1a3u_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRX=
Eaj4r9l6fc4pc8k94TmKa33wfkbsT4iqQYYouqgLqcS8RmVzEwAHfE8KNJXH9IQ8v-2BWqO2QfK=
evh0wdGsD9npahVSAJ5Dtg0Zu9Nd1KYtLsRD42sx7tR-2FsHvUSlOyL-2F7CHbvg7-2FTxEYf5y=
cku3nl63SlHz4hX36FDujg87u0yvf7CiuFxaKbndKdzKcuQX0O1Km0G8pc9Zb8DTL5cKsucEzUL=
flT-2B-2FyfJ-2B-2FnTpFAyTafIEhSJYAfqSnLPFjIYfvJgnk6ArGkAv3FjhgqGDnZor0F9Hly=
hKnYAgetLTVeDrUo-2Bab-2FPS1LLrh36Uo8l5pnPUY4A3i-2BB2zf1JUpOquf0WjfQatHVdlZi=
DDVS8Ky3KcubYN9KoegM95hIyLgQrv3OOpYbq4VwBJ5ctKbbvbNjRWvIT-2BnywKJW-2BIxg37L=
QPB2MnqJwffeKWT9zbwiiIl0hZacVZRV5la89Q6Q5AwQLco7WhgB4hB7QC62yr7D8RXw5sxoQRl=
4ACFoCtDjNC8" target=3D"_blank" style=3D"display: block;
                                                          font-family: Robo=
to, Arial, sans-serif;
                                                          font-size: 12px;
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none;
                                                          line-height: 24px=
;
                                                          text-align: cente=
r;
                                                          padding: 9.5px 21=
.5px;
                                                          border-radius: 99=
9px;
                                                          background-color:=
 #F79B3E;
                                                          width: 150px;"> R=
equest a free trial </a> </td>
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                             <td style=3D"height: 25px; line-height: 25px;"=
></td>
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                 <td height=3D"20" style=3D"line-height: 20px;">&nbsp;</td>
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ight" style=3D"padding-left: 20px;"></td>
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enter"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4=
n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWa-2BvBnT5-2FjIYFyyP6IaREx3aCExNW=
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