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Date: Sat, 21 Mar 2026 10:13:16 +0000 (UTC)
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Subject: Middle market's strong season
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 state of consumer AI</b>: Concentration and bifurcation have emerged as th=
e key themes in the sector. Learn about shifting dynamics and evolving chal=
lenges for consumer AI startups in <b><a href=3D"https://url6380.news.pitch=
book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo=
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LzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLiSKxdhi0BofC1BdoicCr=
LFD5ZN-2FJkWPWjkOnS3YAkDIdAxk-2FSpswUeTOXZiFEwEa-2FHx5y3-2BdJhZn6ExB8Ugyl9K=
IUsIySNIvs0goY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKICEyVGxK8csW8D8n6PvPK0SN=
-2B-2FFq-2F-2FTU0wxuf8-2FaENOljPJgD0bI-2FBAmgVMf6ADAwW-2FGbjt9PEVcjEZPmRsiI=
1IqMWIn1hsyQx3v-2FppUA-2FMl7o8fTayvaqeAVKVRAIKFfKReAVr0VAgDMUxSYKWBXqUtkgrF=
Z8vNnDYa0FyAvo2jTsf05XTjyANciIth04Q1ggHiuvq-2B1-2BNLUTWfvSij43s72FFyMaODPdU=
SMJrgvWo49kV1Pip5WGnvaDlseeN7Tp0vwm6Pyqilj09GyWbTxYUEjcMv17gOUJhvHQ2JAl6rOo=
7RG-2FqiZ-2Fh8QY7HfeqCz9IgDk4XL92V35yfNqvDQTbsz42X-2FRdvbGLv-2B6wvEHoJbqCnM=
u14oURlG" style=3D"color: #1D5080;" test=3D"" universal=3D"true">our new an=
alyst note</a></b>.<br><br><b>The state of physical AI</b>: Defense became =
a dominant destination for venture capital in the sector, with drones fueli=
ng a 142% increase in deal value for the segment. The surge comes at the ex=
pense of industrial robotics. <b><a href=3D"https://url6380.news.pitchbook.=
com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWNo=
StvnvLfpXshlVg3Cz-2Bhvl9Nn6wzNiTUYAMaYLTQ0Q-3D-3D4UUc_I3w5d9c01gkD8gLzFEofZ=
R-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLiSKxdhi0BofC1BdoicCrLFD5ZN-=
2FJkWPWjkOnS3YAkDIdAxk-2FSpswUeTOXZiFEwEa-2FHx5y3-2BdJhZn6ExB8Ugyl9KIUsIySN=
Ivs0goY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKICEyVGxK8csW8D8n6PvPK0SN-2B-2FF=
q-2F-2FTU0wxuf8-2FaENOljPJgD0bI-2FBAmgVMf6ADAwW-2FGbjt9PEVcjEZPmRsiI1IqMWIn=
1hsyQx3vWqaDUlyUeG9aN8do6l4VS0QKnFdnEGXggmLYq-2FkqAgJF7hWl3v0yXPSIAqhTVe1gr=
DPnUn1HMNux60zQAZgC1xDY6CdHvwvGO7RjVQWw0viVRzCm8LdkhoSDcPAzRQ6-2BJlmpWzgeWa=
LAXQVHed4wU-2FuVzW7jNd4f30WHj7zz6pyfasOXWKmX0033Z01d7mMZaGGgvNOoxNH63VqgGg5=
bXxqqIdDWbdGom1OICo0SY4cyEEgGMB3k2fO5PxBLVhvFe9Cltu7m9Joj8Vle64jM2" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">Read more</a></b>.<br><br=
><b>Brace for impact</b>: Anthropic, OpenAI and SpaceX are rumored to be go=
ing public in 2026. These mega IPOs would add much-needed liquidity to VC, =
but they could also add challenges to many companies looking to go public t=
his year. <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWNoStvnvLfpXshlVg3Cz-2B=
hzrP7cURSartHpTl2LGaf1w-3D-3DNF-F_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz=
y-2F3t1yZbcbdWeUgFVa0m8PzsFLiSKxdhi0BofC1BdoicCrLFD5ZN-2FJkWPWjkOnS3YAkDIdA=
xk-2FSpswUeTOXZiFEwEa-2FHx5y3-2BdJhZn6ExB8Ugyl9KIUsIySNIvs0goY93uSfzWKnn9WH=
h8721DoDp3LzCtP-2B-2BtpKICEyVGxK8csW8D8n6PvPK0SN-2B-2FFq-2F-2FTU0wxuf8-2FaE=
NOljPJgD0bI-2FBAmgVMf6ADAwW-2FGbjt9PEVcjEZPmRsiI1IqMWIn1hsyQx3t0jY90S1GbsPM=
WMu9B7EBFaKYNnHtslH-2B3O4ABXSMzP0Yq-2BTd6upnS8k04if7H41yGKF8uP1Wq4ca3AgULP2=
kAD0FM0RuXMKec1DeFKHXN-2Brfn0SVvUVJ7soxwex74j0fkR9YA7NzfkTGts-2BUi5UdlDzt9j=
eSTelETdQpUaVPFezRJXQUbFLNIdNjtpH0c0cssEPAEVyD1vjyiNC06RgFphfN-2FwapekY1cK9=
BkZPT0MeB-2FhwbIzKxU9QJZtk8IRbMG7k8AQquMGEG2zWezriCu" style=3D"color: #1D50=
80;" test=3D"" universal=3D"true">Read our report</a></b>.</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&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 Deloitte</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_578287" id=3D"n_578287" 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;"> The exit market is back, but h=
ow broad is the recovery? </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-2BaqM7ONnvsnswouzUZ4i3jD5YeSOj15ZwdhnICDL6V7YFjAqTan-2=
FjBtLshEQ-3D-3Dy1TB_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW=
eUgFVa0m8PzsFLiSKxdhi0BofC1BdoicCrLFD5ZN-2FJkWPWjkOnS3YAkDIdAxk-2FSpswUeTOX=
ZiFEwEa-2FHx5y3-2BdJhZn6ExB8Ugyl9KIUsIySNIvs0goY93uSfzWKnn9WHh8721DoDp3LzCt=
P-2B-2BtpKICEyVGxK8csW8D8n6PvPK0SN-2B-2FFq-2F-2FTU0wxuf8-2FaENOljPJgD0bI-2F=
BAmgVMf6ADAwW-2FGbjt9PEVcjEZPmRsiI1IqMWIn1hsyQx3teC57Z7nJo4qJY30qrAdWzsSW64=
c94dSvnZVvpYkR35AmXJcfH-2FLCk32vnPtU5RvoUIVGtEStKax4-2BDlyLxXfiQIDb2ldsCh-2=
B4tczwKQ5EutejaCYgbpZqhCM2Cp1XZz1RLeJezNF8QQQg9jSfTDPaioZTlLkDzgSP4RU3szRS0=
yQL59DQttlRyoUTPDL7kCNc6TX0hHQsazS-2BtwA6WYvSr1WSmnUh-2BLO2rG4-2Bvk269Qdgz2=
9Fd3B8j4tnBj36dqzitAyeBRivcKXq2SgFPbBc"> <img align=3D"center" alt=3D"" src=
=3D"https://img.pitchbook.com/news/73086.png" 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>Expansion-stage exit markets staged a=
 meaningful comeback in 2025, with total exit value more than doubling YoY =
to $484 billion. Yet exit counts held steady, underscoring a recovery drive=
n by a relatively small group of large transactions rather than broad-based=
 liquidity. The latest edition of Deloitte=E2=80=99s Road to Next series ex=
plores where momentum is building and where selectivity still defines the m=
arket. Highlights include:=20
                              <ul>
                              <li>A sharp rise in exit value led by VC-back=
ed unicorns, which accounted for more than one-third of total value across =
62 transactions</li>
                              <li>A more than 200 percent increase in media=
n exit size for unicorns, compared to an approximate 75 percent rise for no=
n-unicorns</li>
                              <li>Regional momentum extending beyond the Ba=
y Area and New York into markets such as Dallas, Houston, Indianapolis, Nas=
hville, and Seattle</li>
                              </ul><a href=3D"https://url6380.news.pitchboo=
k.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUZ4i3=
jD5YeSOj15ZwdhnICDL6V7YFjAqTan-2FjBtLshEQ-3D-3DH93X_I3w5d9c01gkD8gLzFEofZR-=
2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLiSKxdhi0BofC1BdoicCrLFD5ZN-2F=
JkWPWjkOnS3YAkDIdAxk-2FSpswUeTOXZiFEwEa-2FHx5y3-2BdJhZn6ExB8Ugyl9KIUsIySNIv=
s0goY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKICEyVGxK8csW8D8n6PvPK0SN-2B-2FFq-=
2F-2FTU0wxuf8-2FaENOljPJgD0bI-2FBAmgVMf6ADAwW-2FGbjt9PEVcjEZPmRsiI1IqMWIn1h=
syQx3tVWBakP3l52h-2F5kE1MLiGVTvEk8F4BXC45XD4efSlZuHjTTYUDJ0aG5EFj7buqhBHpxQ=
9lXribzl2wnaGu4t6tNFrnfVWTls0PeKDnr3WRaXEzhotVMIQJXBM6a616O-2BTJBhDsByRsnHt=
YCCQcG-2BHRooMHqvWceEzAsX6yMHZ0daWh2Mf1OTYKpgK4ckJZllqMGF1Y-2BRI3Kl-2BGxYKV=
1bZqkHr0fAHYBY0ylHlFYWoaRMUMEaN1BnjNkbWJ7-2BLr7DNDWsLSjKEUWji4SH8XkRmd" sty=
le=3D"color: #1D5080;" test=3D"">Read it now</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" 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_578822" id=3D"n_578822" 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;"> Full-court press: Middle marke=
t deals and exits see second-best year ever =F0=9F=8F=80 </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>
                              PE's middle market didn't cut down the nets a=
s it did in 2021, but deal activity surpassed more than 4,000 transactions =
worth more than $400 billion, marking only the second time this feat has be=
en accomplished. The segment continued to provide a consistent stream of op=
portunities for PE buyers.=20
                              <br>
                              <br>
                               Execution timelines improved. The average ti=
me to close fell to 8.8 weeks in 2025, down from about 12 weeks in 2024 and=
 below the five-year average of 10.4 weeks. Faster closings suggest improve=
d alignment between buyers and sellers and a more efficient financing backd=
rop, in addition to efficiency gains from AI tools.
                              </div>
                              <div>
                              <br><a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWN=
oStvnvLfpXshlVg3Cz-2BhyNf4LmDcUwBI6-2B7WyPWf8g-3D-3Dks9o_I3w5d9c01gkD8gLzFE=
ofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLiSKxdhi0BofC1BdoicCrLFD5=
ZN-2FJkWPWjkOnS3YAkDIdAxk-2FSpswUeTOXZiFEwEa-2FHx5y3-2BdJhZn6ExB8Ugyl9KIUsI=
ySNIvs0goY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKICEyVGxK8csW8D8n6PvPK0SN-2B-=
2FFq-2F-2FTU0wxuf8-2FaENOljPJgD0bI-2FBAmgVMf6ADAwW-2FGbjt9PEVcjEZPmRsiI1IqM=
WIn1hsyQx3tABSBPOkREg4CTff0p3AesA2kFKcvyDaiJf2at1ENfb7UJudh73JJNpfrl60kslzp=
QH8nRZ1G8VtONl7TOcML7RX3ySiqIxjZ-2FYf1dq1HEQn3Qx5QyV7x63NEt1-2Bk4mv0srsmB5C=
QSSdl0JwofZi5ra8j1rp1vCRoEgmS8fjOUMnLAqUI0038BO1ZfaRoeVDjqmROAyCyr1tAlmAIRD=
izj7sRueNHP4eqKhdI5EJ50602kjORq5U76YEzNEzEbqlNf1DzwWaeUuhsHLWEiMlOh" univer=
sal=3D"true"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.co=
m/news/73353.png" style=3D"border: none; width: 100%; height: auto;"></a>
                              </div>
                              <div>
                              &nbsp;
                              </div>
                              <div>
                              Middle-market exits are trending up, reaching=
 more than 1,000 exits for only the second time. But the breakout moment ha=
sn't arrived =E2=80=94 and with LPs watching the clock like fans in a one-p=
ossession game, the pressure to deliver liquidity is only growing.=20
                              <br>
                              <br>
                               Fundraising has been the exception for middl=
e-market GPs, marking the worst year for capital formation since 2018, comp=
ared to the deep tournament run seen by deals and exits. Moreover, fundrais=
ing is likely to remain challenging for middle markets in 2026, so no Cinde=
rella runs are expected from the asset class in the near term.=20
                              <br>
                              <br>
                               The question for deals and exits in 2026: Is=
 the ecosystem in for a deep tournament run or an early-round bounce for ac=
tivity? Market uncertainty has reared its head once again, very similar to =
the beginning of 2025.=20
                              <br>
                              <br>
                               Will these new headwinds cease in an orderly=
 fashion, allowing the middle market to keep building on the progress seen =
in 2025? If not, the year ahead could be filled with air pockets and activi=
ty that is driven by large-scale transactions while the rest of the market =
meanders around.=20
                              <br>
                              <br>
                               Many sponsors have been through various mark=
et cycles, allowing them to navigate the current landscape, even if it mean=
s a more subdued Q1 with activity improving throughout the year.=20
                              <br>
                              <br>
                               For additional analysis and data on the core=
 of the PE ecosystem, download our <b><a href=3D"https://url6380.news.pitch=
book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo=
uzWNoStvnvLfpXshlVg3Cz-2BhA4POsWPggAG5tP8fjp92cg-3D-3D5GTr_I3w5d9c01gkD8gLz=
FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLiSKxdhi0BofC1BdoicCrLF=
D5ZN-2FJkWPWjkOnS3YAkDIdAxk-2FSpswUeTOXZiFEwEa-2FHx5y3-2BdJhZn6ExB8Ugyl9KIU=
sIySNIvs0goY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKICEyVGxK8csW8D8n6PvPK0SN-2=
B-2FFq-2F-2FTU0wxuf8-2FaENOljPJgD0bI-2FBAmgVMf6ADAwW-2FGbjt9PEVcjEZPmRsiI1I=
qMWIn1hsyQx3vgQN1vJNumCsWzC-2BieqzhNayBVBvmqJr-2B8XnQyRM-2FtmHJim9OL2-2Blp4=
PE40FZihsCR7dbOPI-2FkT70jINV2yTt-2Bvcrw1cCsWZ3fIRJM-2B8eRnLX44RGV00A1g1J461=
T0xYaUpybCgmzZ-2Fu87-2BfBwQA-2BoUr54Me9c2wDW-2FTav5f8K1ulzojFxAIGA0-2BL22aW=
oyRKd9lpy-2FXk3AQYh3Pa7ApmQodJ-2FZa2LN9MMiZfOdXHXdEJ4oupkp31-2FS0Rtu6DpQPTR=
kddh0C4DyrQQQVM1jgZn" style=3D"color: #1D5080;" test=3D"" universal=3D"true=
">2025 Annual US PE Middle Market Report</a></b>.
                              </div></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table>
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">
                              <table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" lang=3D"x-image">
                              <tbody>
                              <tr>
                              <td align=3D"right">
                              <table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" style=3D"float: none;
 padding-left: 15px; ">
                              <tbody>
                              <tr>
                              <td align=3D"right" style=3D"text-align: righ=
t"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/658=
07.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>Happy March Madness,<br><br><a href=
=3D"mailto:kyle.walters@pitchbook.com" style=3D"color: #1D5080;" test=3D"">=
Kyle Walters</a><br>
                               Analyst, Private Equity</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                        <tr>
                         <td colspan=3D"2" style=3D"padding: 0 20px;">
                          <table class=3D"                " lang=3D"x-news-=
group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid=
th: 100%; min-width: 100%;    =20
">
                           <tbody>
                            <tr>
                             <td style=3D"padding-bottom: 25px;">
                              <table class=3D"" cellpadding=3D"0" cellspaci=
ng=3D"0" style=3D"width: 100%; min-width: 100%;
                                                                           =
                                                         border-bottom: 1px=
 solid #C3C3C3;
                                                                           =
                                                 ">
                              <tbody>
                              <tr>
                              <td style=3D"padding: 1px 0 0 0; line-height:=
 0;"></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_578816" id=3D"n_578816" 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;"> The narrowest boom in venture =
history </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>
                              US venture capital appears to be surging in 2=
026, but PitchBook's <b><a href=3D"https://url6380.news.pitchbook.com/uni/l=
s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWNoStvnvLfpX=
shlVg3Cz-2BhxS6vJmqR3KhigPzUf-2FpW9Q-3D-3DKSJt_I3w5d9c01gkD8gLzFEofZR-2Bh6V=
warHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLiSKxdhi0BofC1BdoicCrLFD5ZN-2FJkWPW=
jkOnS3YAkDIdAxk-2FSpswUeTOXZiFEwEa-2FHx5y3-2BdJhZn6ExB8Ugyl9KIUsIySNIvs0goY=
93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKICEyVGxK8csW8D8n6PvPK0SN-2B-2FFq-2F-2F=
TU0wxuf8-2FaENOljPJgD0bI-2FBAmgVMf6ADAwW-2FGbjt9PEVcjEZPmRsiI1IqMWIn1hsyQx3=
sAyitjzPAdv6vjjTEog0YVsQb-2Fqk57iv0YsUazIdNIIrbzFvLrNXw-2FDNcp5aRWgG6uhcHcD=
8SZu1WqOYKKhyqc3D7IFLuIzZBWSMQRPOyEfh-2BmFikd3m7Od9IKYuzYWYJpLIQBptQM4x4IgJ=
j3O-2BBPNbvnq3EMx7mE5xEw4gMC94Bil63v-2FzY4kZNwUSkP3aiWZPgK2-2FHZGxKTmPXW4ZG=
yJqI0NCDgFjDirv8x9waBmneZON3VB-2FkdHUc-2FZOxQvU0L9ookPW10DVFU7KY82wDd" styl=
e=3D"color: #1D5080;" test=3D"" universal=3D"true">Q1 Quantitative Perspect=
ives report</a></b> indicates that recovery may be an illusion driven by a =
handful of AI mega-rounds.=20
                              <br>
                              <br>
                               OpenAI's $110 billion raise in February didn=
't just dominate the quarter=E2=80=94it nearly tripled the $40.8 billion ra=
ised by every other venture deal outside the 10 largest transactions combin=
ed. In total, just 10 deals accounted for 82% of the $229.7 billion deploye=
d through February, a concentration level without precedent in modern ventu=
re history.
                              </div>
                              <div>
                              <br><a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWN=
oStvnvLfpXshlVg3Cz-2BhGt4vu7ODKaSMfafLKb36SQ-3D-3D1bEQ_I3w5d9c01gkD8gLzFEof=
ZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLiSKxdhi0BofC1BdoicCrLFD5ZN=
-2FJkWPWjkOnS3YAkDIdAxk-2FSpswUeTOXZiFEwEa-2FHx5y3-2BdJhZn6ExB8Ugyl9KIUsIyS=
NIvs0goY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKICEyVGxK8csW8D8n6PvPK0SN-2B-2F=
Fq-2F-2FTU0wxuf8-2FaENOljPJgD0bI-2FBAmgVMf6ADAwW-2FGbjt9PEVcjEZPmRsiI1IqMWI=
n1hsyQx3sox1L6lUXazMPyz6LyyvnpzX86RJ93sE41CcXZ4Hh60plV12cVF1iuBrmlVViDkTncM=
4Jprx7s0dUD0-2BmNxtCVt8QVQzZxuwODyUIXmP17-2FtDQocROWrtDWMkLqhZxOHU1RsRMqJ-2=
BgeLXPKLOkjCN-2FHAdffxxth2o-2Foh6f2-2FHkAtsATTQxFY93Ko5cLBpi3b2kyohzCrvkXRV=
LBN-2Fp0Tcaj8TNFlMsLETuKFveLqt6P4P2k75p-2F8OBXM8OrFY25IKWIzA23meynAl2oe07h6=
ns" universal=3D"true"><img align=3D"center" alt=3D"" src=3D"https://img.pi=
tchbook.com/news/73345.png" style=3D"border: none; width: 100%; height: aut=
o;"></a>
                              </div>
                              <div>
                              &nbsp;
                              </div>
                              <div>
                              AI now commands nearly two-thirds of total ve=
nture deal value while representing less than a third of deal counts, a gap=
 driven by massive capital flowing to a small number of dominant players. O=
penAI, Anthropic and xAI collectively captured over $50 billion in 2025 alo=
ne, and the overlapping investor base across these companies suggests the m=
arket views foundation-model AI as a winner-take-most race worth funding at=
 almost any price.=20
                              <br>
                              <br>
                               Public markets, meanwhile, are signaling tha=
t AI's gains may come directly at the expense of incumbent software. Nearly=
 every recently listed VC-backed SaaS stock has declined significantly year=
-to-date, significantly underperforming the Morningstar Growth Index. Pitch=
Book's analysis suggests investors are treating AI not as a tailwind for ex=
isting SaaS businesses but as a displacement risk=E2=80=94a "SaaSpocalypse"=
 where the moat that once protected subscription software is being eroded b=
y the same technology attracting all the capital.=20
                              <br>
                              <br>
                               That divergence matters for portfolio constr=
uction. AI companies are commanding startup-friendly deal terms and valuati=
ons that exceed non-AI peers by more than 3x at Series D and beyond. If the=
 displacement thesis holds, those premiums may prove justified. But if AI's=
 ability to generate returns proves as concentrated as its fundraising, the=
 gap between winners and everyone else in venture will only widen further.=20
                              <br>
                              <br>
                               Download our full Q1 2026 Quantitative Persp=
ectives <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWNoStvnvLfpXshlVg3Cz-2B=
hxS6vJmqR3KhigPzUf-2FpW9Q-3D-3DfPsB_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf=
mzy-2F3t1yZbcbdWeUgFVa0m8PzsFLiSKxdhi0BofC1BdoicCrLFD5ZN-2FJkWPWjkOnS3YAkDI=
dAxk-2FSpswUeTOXZiFEwEa-2FHx5y3-2BdJhZn6ExB8Ugyl9KIUsIySNIvs0goY93uSfzWKnn9=
WHh8721DoDp3LzCtP-2B-2BtpKICEyVGxK8csW8D8n6PvPK0SN-2B-2FFq-2F-2FTU0wxuf8-2F=
aENOljPJgD0bI-2FBAmgVMf6ADAwW-2FGbjt9PEVcjEZPmRsiI1IqMWIn1hsyQx3tnzGgqk2XWB=
1TkssQyQBN-2BvH2moMf73QxlEiqTvBP9a4vL8WdxUixk-2BCPNyFrXSWaXedFlj3w14VkCKaVV=
gYTBtyaP-2BhKWeE97U3hn1iZ8bbqRzmBxfCyfWCe6UyGJCaGi4zipYqeaPEDQzLXhlzV7VblVm=
xbQ-2BxTffPRJGHWam-2FiHeT-2FTSQlP-2BtOrVOxR-2F83w1rACeMPSOgUmghxTREKqZP-2Bk=
QP4-2BRpyK9rEF-2FO-2FJeUVly5OEwT0PAzNvzM0YGxAxlQEkV5CAb4IYptFt7Sgv" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">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">Have a=
 great weekend,<br><br><a href=3D"mailto:jacobie.fullerton@pitchbook.com" s=
tyle=3D"color: #1D5080;" test=3D"">Jacobie Fullerton</a><br>
                               Quantitative Research Analyst</td>
                              <td valign=3D"top">
                              <table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" lang=3D"x-image">
                              <tbody>
                              <tr>
                              <td align=3D"right">
                              <table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" style=3D"float: none;
 padding-left: 15px; ">
                              <tbody>
                              <tr>
                              <td align=3D"right" style=3D"text-align: righ=
t"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/725=
92.png" style=3D"border: none; width: 100%; height: auto;"> </td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&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>Industry &amp; Tech Research</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-2BaqM7ONnvsnswouzWNoStvnvLfpXshlVg3Cz-2Bh82O82g=
txaO5ZEFR-2B9Y7VRQ-3D-3DFaLa_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3=
t1yZbcbdWeUgFVa0m8PzsFLiSKxdhi0BofC1BdoicCrLFD5ZN-2FJkWPWjkOnS3YAkDIdAxk-2F=
SpswUeTOXZiFEwEa-2FHx5y3-2BdJhZn6ExB8Ugyl9KIUsIySNIvs0goY93uSfzWKnn9WHh8721=
DoDp3LzCtP-2B-2BtpKICEyVGxK8csW8D8n6PvPK0SN-2B-2FFq-2F-2FTU0wxuf8-2FaENOljP=
JgD0bI-2FBAmgVMf6ADAwW-2FGbjt9PEVcjEZPmRsiI1IqMWIn1hsyQx3tHPDszpht0aJnInO9T=
QV7s3l8ljwAM2dKMgUi8MYeahF-2FeIvF9Uptzd4CKKQF4DBMCELz9dFreJk6rv3s27T-2FY607=
S-2FwqdMnntNdZppQ6F1zHz-2F-2FA-2F3fBId9bs-2FL5TiOm1isogIHBJGfMqdDg2-2BpjKmv=
ZmkHJ0ucqANlZR-2FYp43F0yz799-2Bve8RCAvll1Cld-2FavNZObEn575xOun-2FJF3exOWdlw=
eEbNQnD6NO2iE89gQgbG4gej0a6OoeZgxgLZtlJzZi0c4GWHLvmPx4KsxA6" style=3D"color=
: #1D5080;" test=3D"" universal=3D"true">Advanced Computing PE and VC Trend=
s </a></big></b><br><br>
                               Did the AI infrastructure boom just hit warp=
 speed?<br><br>
                               Our Q4 2025 Advanced Computing report reveal=
s a massive quarter for the sector, with total private market deal value ro=
cketing to a five-year high of $53.5 billion.<br><br>
                               While public markets fret over hyperscaler c=
apital expenditures and software-as-a-service valuations, our data shows th=
is is not a speculative bubble. Instead, it is the foundational physical co=
nstruction of the new AgentOps and enterprise AI runtime environment.</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-2BaqM7ONnvsnswouzWNoStvnvLfpXshlVg3Cz-2Bhcs1Cbne=
62Sa-2BeZY8uIOQcQ-3D-3DEEIa_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t=
1yZbcbdWeUgFVa0m8PzsFLiSKxdhi0BofC1BdoicCrLFD5ZN-2FJkWPWjkOnS3YAkDIdAxk-2FS=
pswUeTOXZiFEwEa-2FHx5y3-2BdJhZn6ExB8Ugyl9KIUsIySNIvs0goY93uSfzWKnn9WHh8721D=
oDp3LzCtP-2B-2BtpKICEyVGxK8csW8D8n6PvPK0SN-2B-2FFq-2F-2FTU0wxuf8-2FaENOljPJ=
gD0bI-2FBAmgVMf6ADAwW-2FGbjt9PEVcjEZPmRsiI1IqMWIn1hsyQx3udBasXzcerB5S8-2FDN=
qCuiU4SA16m1pm7dCFkzHYbFQwquhiOqht-2BNjjYvSKRs55g6NR2qdtDcwA3foJuQqs2LKMXw1=
wztibGNP8YsEw6YQdJce6Nz1A4Lb1lYm-2BPoVIBPuWoeH7mDNQNCj41M3ubcncPxWbX4ny-2FK=
u79KR6pGB6PD7Y0zDbFL4KhiSu-2FvAUwdNqviTitW98bsg43A1TLQWXa8pnLx6tEeXp4aIxsig=
3M1ZwsiLVXDHugc-2F1JctO82sBIzFEM2WTtUUa75JWT-2Bd" universal=3D"true"> <img =
align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/73319.png" =
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></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>
                               The datacenter segment dominated the quarter=
=E2=80=99s momentum, fueled by a colossal $40 billion M&amp;A exit for Alig=
ned Data Centers to a BlackRock-led consortium, alongside billion-dollar VC=
 fundraises for AI cloud providers Crusoe and Lambda.<br><br>
                               Meanwhile, quantum computing saw a breakout =
quarter with deals surging 125% year-over-year, even as semiconductor chip =
design activity cooled to a five-year low.<br><br><em><a href=3D"https://ur=
l6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa=
-2BaqM7ONnvsnswouzWNoStvnvLfpXshlVg3Cz-2Bh82O82gtxaO5ZEFR-2B9Y7VRQ-3D-3DUcJ=
D_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLiSKx=
dhi0BofC1BdoicCrLFD5ZN-2FJkWPWjkOnS3YAkDIdAxk-2FSpswUeTOXZiFEwEa-2FHx5y3-2B=
dJhZn6ExB8Ugyl9KIUsIySNIvs0goY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKICEyVGxK=
8csW8D8n6PvPK0SN-2B-2FFq-2F-2FTU0wxuf8-2FaENOljPJgD0bI-2FBAmgVMf6ADAwW-2FGb=
jt9PEVcjEZPmRsiI1IqMWIn1hsyQx3uKIiVpaxw-2FW7Zhxr95HEwuoKqnkpfr47-2BNTgG3cW4=
wqh7sorGtBITuxQKU-2FKtSlaJuR3RkBeEII1PKbNoXmdZ-2BVuiOz7KqMLuuNtYnsmQZboAK4p=
fkyaIsMpMtOhrwbxjNe4GXrgvf4dGKTH4Qr0rw-2FjLvhI6sDscKTtAgJPPJjlfSG-2B-2Be1LM=
6c2E1-2Bw1AKnBD43J2YbpGXD8P6BXRafTNBWyj9OtZpd3QGxqAwwSd0lekhRwvg3o97VN5D9vF=
c1c5Z543Q6iCFPJlwOnEfrIt" style=3D"color: #1D5080;" test=3D"" universal=3D"=
true"><b>Download 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>
                        <tr>
                         <td colspan=3D"2" style=3D"padding: 0 20px;">
                          <table class=3D"                " lang=3D"x-news-=
group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid=
th: 100%; min-width: 100%;    =20
">
                           <tbody>
                            <tr>
                             <td style=3D"padding-bottom: 25px;">
                              <table class=3D"" cellpadding=3D"0" cellspaci=
ng=3D"0" style=3D"width: 100%; min-width: 100%;
                                                                           =
                                                         border-bottom: 1px=
 solid #C3C3C3;
                                                                           =
                                                 ">
                              <tbody>
                              <tr>
                              <td style=3D"padding: 1px 0 0 0; line-height:=
 0;"></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 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-2BaqM7ONnvsnswouzWNoStvnvLfpXshlVg3Cz-2BhaZKFIa=
NcbW-2FJVCkyU7uKmw-3D-3Dt5Nc_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3=
t1yZbcbdWeUgFVa0m8PzsFLiSKxdhi0BofC1BdoicCrLFD5ZN-2FJkWPWjkOnS3YAkDIdAxk-2F=
SpswUeTOXZiFEwEa-2FHx5y3-2BdJhZn6ExB8Ugyl9KIUsIySNIvs0goY93uSfzWKnn9WHh8721=
DoDp3LzCtP-2B-2BtpKICEyVGxK8csW8D8n6PvPK0SN-2B-2FFq-2F-2FTU0wxuf8-2FaENOljP=
JgD0bI-2FBAmgVMf6ADAwW-2FGbjt9PEVcjEZPmRsiI1IqMWIn1hsyQx3tfP-2BtovmqFhil2-2=
BXO4Lzt60aj51ekX0pyeMyvshhvyCIEU-2FhbTBsfngkxvw81Cyg5tQ0dT8iG7GySmiwhCtYlnZ=
i5cB0aKdqRj10hzSATcfU-2BzMVP7zSQDp-2B9-2F3xJjRKI3l9aSQxiMIWwOJQHvWvjJTaBVt3=
4cI2-2BVpOMI3sTb9uYTHvs662VCThsvl3tBrPYOvMqX3B4W6gGp6JUtibYXtVEPF7M-2Brtxq5=
MBpZA2ImEra2JVH5GrwBEomwG1xalC9nj69BmSsMzDQ6jNv97-2Bq" style=3D"color: #1D5=
080;" test=3D"" universal=3D"true">Q4 2025 Construction &amp; Engineering R=
eport </a></big></b><br><br>
                               Private equity dealmaking in construction an=
d engineering surged to record levels in Q4 2025, with an estimated 458 dea=
ls, up 65% year-over-year and 19% from Q3.<br><br>
                               This marks the highest quarterly deal count =
in our dataset dating back to 2018.<br><br>
                               Deal value reached $23.2 billion, up nearly =
29% from last year, although down from an exceptionally strong Q3.</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-2BaqM7ONnvsnswouzUr9D-2B8MGZQkRY4TDIt6YWFA2OQ9od=
Iv7YvRG1ihGTluQ-3D-3DuXaT_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFLiSKxdhi0BofC1BdoicCrLFD5ZN-2FJkWPWjkOnS3YAkDIdAxk-2FSps=
wUeTOXZiFEwEa-2FHx5y3-2BdJhZn6ExB8Ugyl9KIUsIySNIvs0goY93uSfzWKnn9WHh8721DoD=
p3LzCtP-2B-2BtpKICEyVGxK8csW8D8n6PvPK0SN-2B-2FFq-2F-2FTU0wxuf8-2FaENOljPJgD=
0bI-2FBAmgVMf6ADAwW-2FGbjt9PEVcjEZPmRsiI1IqMWIn1hsyQx3sUieI3OH0VqF-2BkY8Z8L=
Mf6LIiWw-2FjI1YT9A95oyIaffmIYdv-2FmQhoWmR9HnbjoRWZsFDzxvbhiGl49C7Enk7w2pcwb=
Ed9T5kyB46uEp6ffYPAyxtYKLC-2FAUZggmCj724F-2BfksTqYJo9LXbgAck1bp8bdxBlM9z-2F=
6-2F4uIsohrsoRypQJFUuBv6BbMKzeHARABX-2BDOCbqBLbjbdHde-2FjKw7ncdm7OvN0ASCsIV=
oKOR5U6SLaLDA1S40IBKnjMfcjscOLpMLirJuL4Y0A2Hedo917" universal=3D"true"> <im=
g align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/73357.png=
" 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></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>
                               Engineering was especially hot, with deal co=
unt rising 37% YoY and specialty engineering up 62%, driven by strong deman=
d for project management, advisory services and electrification-linked work=
.<br><br>
                               Construction activity also accelerated, part=
icularly in specialty trades such as HVAC, metal fabrication, and roofing, =
where fragmentation continues to create platform-building opportunities for=
 PE investors.<br><br><em><a href=3D"https://url6380.news.pitchbook.com/uni=
/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWNoStvnvLf=
pXshlVg3Cz-2BhaZKFIaNcbW-2FJVCkyU7uKmw-3D-3DDONy_I3w5d9c01gkD8gLzFEofZR-2Bh=
6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLiSKxdhi0BofC1BdoicCrLFD5ZN-2FJkW=
PWjkOnS3YAkDIdAxk-2FSpswUeTOXZiFEwEa-2FHx5y3-2BdJhZn6ExB8Ugyl9KIUsIySNIvs0g=
oY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKICEyVGxK8csW8D8n6PvPK0SN-2B-2FFq-2F-=
2FTU0wxuf8-2FaENOljPJgD0bI-2FBAmgVMf6ADAwW-2FGbjt9PEVcjEZPmRsiI1IqMWIn1hsyQ=
x3uIqfAvHrLH-2B-2BwYXNr1tv-2Bk7MZl0hteYObUDeiMQM5eJa6nTw6X-2FNlM5g38FqqGsXq=
Yi8P0XxNFay-2BrskHgJjwYpy4ugslajVaeW2-2BaSov-2ByyHDPD-2BYgJdC0BkPIzQxVpHJC6=
XbaHl91-2BaD7d4RpS16JdfWYHFM015QstC55CenQMSktRqhKWeOQWfArAhZg5YgmtdbD3BsWSz=
fr23zEBCmYoCoVqtex3QpdesIQ2qDOdJkN44RligqpIqZnN7rB71V0Lt6Db5qCna4VueqbEpW" =
style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Download the repo=
rt</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>
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                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <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 25</b>: In our Q1 Allocator's Atlas, PitchBook analysts Hilary Wiek and =
Juan Mier will be joined by Neal Prunier of ILPA to discuss evergreen fund =
structures and consequences for institutional funds. <b><a href=3D"https://=
url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2=
BaqM7ONnvsnswouzUr9D-2B8MGZQkRY4TDIt6YWFhqMGoP7Nprg9IlCLD3q43w-3D-3D1hGt_I3=
w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLiSKxdhi0=
BofC1BdoicCrLFD5ZN-2FJkWPWjkOnS3YAkDIdAxk-2FSpswUeTOXZiFEwEa-2FHx5y3-2BdJhZ=
n6ExB8Ugyl9KIUsIySNIvs0goY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKICEyVGxK8csW=
8D8n6PvPK0SN-2B-2FFq-2F-2FTU0wxuf8-2FaENOljPJgD0bI-2FBAmgVMf6ADAwW-2FGbjt9P=
EVcjEZPmRsiI1IqMWIn1hsyQx3t44EVEn1e-2B7mgXSKkrv7-2BTXyb1NFh39QAUYqqBQoMRZ6X=
xPoKBEbWC5CUkDSl3wv-2FFI43FrXGrIPmgOAW-2FFa60GE2flQ6wIGe3f0eqiAfktM3XAjviL4=
SaDvREjdnOrTZIEto9iBLfFFOKjvIWMhbsmjfJPTzcMmUWujqoH3foxwImh8LvviQaw1Y0wrNC5=
O3pVmn8n0tDZCJ7YBPqXr-2Bye7X9CD3kpLpsonlxG38WvZvZHtsY8F59d-2BElXnT0EZGk3UY3=
210xXCcF1aDMB-2FL6" style=3D"color: #1D5080;" test=3D"">Register here</a>.<=
/b><br><br><b>April 8</b>: Join PitchBook analysts for a discussion on US l=
everaged loans and private credit. We'll connect the data on Q1 performance=
 and translate it into practical implications for underwriting, portfolio p=
ositioning, and capital allocation. <b><a href=3D"https://url6380.news.pitc=
hbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU=
r9D-2B8MGZQkRY4TDIt6YWFmMUfiATYRtdWLiX-2Fh7OgKw-3D-3DPHYp_I3w5d9c01gkD8gLzF=
EofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLiSKxdhi0BofC1BdoicCrLFD=
5ZN-2FJkWPWjkOnS3YAkDIdAxk-2FSpswUeTOXZiFEwEa-2FHx5y3-2BdJhZn6ExB8Ugyl9KIUs=
IySNIvs0goY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKICEyVGxK8csW8D8n6PvPK0SN-2B=
-2FFq-2F-2FTU0wxuf8-2FaENOljPJgD0bI-2FBAmgVMf6ADAwW-2FGbjt9PEVcjEZPmRsiI1Iq=
MWIn1hsyQx3t4O0gwggN4w-2BYZqROLrBy82apVxwTz4R2w2-2FSxwoXyxXwVeWnfRssL-2BuSP=
mVsuxJz-2BNzh7SMmVnLqTb232hi8BFDYCooAv0oBQ8CzXNSt8RZ0c3WuIN609TsUehQztAMx6n=
4RnHUHwZYfdmdm1zlkzenz5ET0Kp02slXbQXEz-2FSm2yEKMYiFS-2By9uOPRXPtbv8eSlm9tzW=
pEAa1VYErQGJfNZ9sZC4SmbBegP8-2BO9QQEUJuOl7GA8UyE-2F3fUSRpOs9tuqIbirP0yIoNdy=
Ofm47" style=3D"color: #1D5080;" test=3D"">Register here</a></b>.</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&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 Margins are nega=
tive for AI labs, with OpenAI projected to burn $14 million in 2026. [<a hr=
ef=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw=
7SpSWIrf6GFa-2BaqM7ONnvsnswouzUr9D-2B8MGZQkRY4TDIt6YWFIxg-2FI6qF6s8gmAdcIS2=
Yrw-3D-3D1VIE_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa=
0m8PzsFLiSKxdhi0BofC1BdoicCrLFD5ZN-2FJkWPWjkOnS3YAkDIdAxk-2FSpswUeTOXZiFEwE=
a-2FHx5y3-2BdJhZn6ExB8Ugyl9KIUsIySNIvs0goY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2=
BtpKICEyVGxK8csW8D8n6PvPK0SN-2B-2FFq-2F-2FTU0wxuf8-2FaENOljPJgD0bI-2FBAmgVM=
f6ADAwW-2FGbjt9PEVcjEZPmRsiI1IqMWIn1hsyQx3vxetREU-2BgVAadYr85b6fAIH3XOBi8qK=
FdLmiiKSHxkUtND5uo5O8Lwm8rVNIJzGlxWNa03CGPY-2B46k0OLtToSP8bS-2BOs-2BIEnJskI=
XjxDcvN2uI5Y7rWebtjXg4-2B7G0VYS-2F61pUGtfJbgyrMTY9u8FjIiq2hwho62Jhcd72MHdGD=
PbV-2BLzlj0S2-2F0XBpxBYqIkCx9oQ9e6dbEKuGsekRaiZDxmbEkCOg7rZF3AMp0EdScdD9P-2=
F7Ys5-2FzfBTfAdHzKUztUEhgXh46ZT-2BtzVu2Dno" style=3D"color: #1D5080;" test=
=3D"">The Wall Street Journal</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 Funding rounds f=
or startups in Europe have reached a high thanks to US cash. [<a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzUr9D-2B8MGZQkRY4TDIt6YWFuAOv-2BNEY2LnRo5Esq1o-2FZw-3D=
-3Db5T3_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs=
FLiSKxdhi0BofC1BdoicCrLFD5ZN-2FJkWPWjkOnS3YAkDIdAxk-2FSpswUeTOXZiFEwEa-2FHx=
5y3-2BdJhZn6ExB8Ugyl9KIUsIySNIvs0goY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKIC=
EyVGxK8csW8D8n6PvPK0SN-2B-2FFq-2F-2FTU0wxuf8-2FaENOljPJgD0bI-2FBAmgVMf6ADAw=
W-2FGbjt9PEVcjEZPmRsiI1IqMWIn1hsyQx3s4WyGNuXVAZIj-2FtjEaeVcacbcSsg-2BclZM5G=
4xU1IFDRUlxl2xMcjVugdYqIDRm6v9Mka2eEasGrNQwGGvYPxd8GdZ7N9mcqwU9ues0THOXu3zp=
GVkRs-2Fw8Dy9mRlYziz06-2Bbu8uknwzB8fvn9Powkhx9bIt70bhfwpZ839-2FbMzoyVB3Jt3A=
mbGV-2FEmV8uS4ZyVEi2VQw300proD7CoUx0aUY0WiWZ9lugWh2UqClTzHX1DoFKI-2FI1y1y1N=
ucbl5hyPiIKFuM2P5h-2BMkO2A4h3g" style=3D"color: #1D5080;" test=3D"">Bloombe=
rg</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 In 2025, $34 bil=
lion of direct loans were refinanced into the leveraged loan market, while =
$37 billion of leveraged loans migrated into direct lending. [<a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzUr9D-2B8MGZQkRY4TDIt6YWFzpQyEQ6knq9tx-2Bg-2B9yi73A-3D=
-3DFXmJ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs=
FLiSKxdhi0BofC1BdoicCrLFD5ZN-2FJkWPWjkOnS3YAkDIdAxk-2FSpswUeTOXZiFEwEa-2FHx=
5y3-2BdJhZn6ExB8Ugyl9KIUsIySNIvs0goY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKIC=
EyVGxK8csW8D8n6PvPK0SN-2B-2FFq-2F-2FTU0wxuf8-2FaENOljPJgD0bI-2FBAmgVMf6ADAw=
W-2FGbjt9PEVcjEZPmRsiI1IqMWIn1hsyQx3vWmf-2Faxe1aQv4Wb-2BYudJ-2Fkk6BecyGPb5l=
XTDRmWLDUFoBhO1Bx2kjmIffvztWOQyeUkH1aH7lhjPFpnsEqaaSgauTfcmygKaxrnZcaOeqESP=
-2F9Ei4KBfMdhupiN0mFJqISWT4U7IXr4bLy31U3TR8gLIc4bHdt9h5IWusTcYJA7YfGJvBctR-=
2B63yV8uUKLWEe2UyYVYC2YFQHjg1Fec6OXbULgCM7eS-2BDe1c23NCQ-2FC8iZGa57B62bUL3Q=
MrIitsDGlbJlUQcrzDqqwt32O8MP" style=3D"color: #1D5080;" test=3D"">Financial=
 Times</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 Middle Eastern s=
overeigns last year invested $42.5 billion in direct VC. [<a href=3D"https:=
//url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa=
-2BaqM7ONnvsnswouzUr9D-2B8MGZQkRY4TDIt6YWFopOK8yMtBaMrY0mAvIs3HQ-3D-3D9cz3_=
I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLiSKxdh=
i0BofC1BdoicCrLFD5ZN-2FJkWPWjkOnS3YAkDIdAxk-2FSpswUeTOXZiFEwEa-2FHx5y3-2BdJ=
hZn6ExB8Ugyl9KIUsIySNIvs0goY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKICEyVGxK8c=
sW8D8n6PvPK0SN-2B-2FFq-2F-2FTU0wxuf8-2FaENOljPJgD0bI-2FBAmgVMf6ADAwW-2FGbjt=
9PEVcjEZPmRsiI1IqMWIn1hsyQx3vQ4G5hFUNpMgE2pIDeetTtBa9Ztp1o66MCl6AKuiMGtiZLE=
uxbJzy4R3ASPzr90jhhnxZ9m8a1i0-2F8c4XGIGbjCCnJNX-2BaNgVTCBRA4UeH7858VCGRSkC2=
4iWn74kOpBClwCi7O7tTl5P6G-2Bj2Dselxj9RR9manMMlpD3MOvnDb0Pp9rGqAoKrZzDlL28lP=
6E7o1bNjO4mUtt-2F3qhHk2BrIG89Y0Yml6K-2BKBHarI5h-2BHIEBWFVgdLTwGviepVRl4KyZc=
-2BXFPRWPoWbAyDX4809" style=3D"color: #1D5080;" test=3D"">Axios</a>]<br><br=
>
                               =E2=80=83=E2=80=83=E2=80=A2 Healthtech, cybe=
rsecurity, biotech and enterprise SaaS all saw a decisive pickup in early-s=
tage activity in Q4 2025, driven by AI. [<a href=3D"https://url6380.news.pi=
tchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou=
zUr9D-2B8MGZQkRY4TDIt6YWFqDfOCWo2Tpe5eFRKSsLKeg-3D-3D4-nW_I3w5d9c01gkD8gLzF=
EofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLiSKxdhi0BofC1BdoicCrLFD=
5ZN-2FJkWPWjkOnS3YAkDIdAxk-2FSpswUeTOXZiFEwEa-2FHx5y3-2BdJhZn6ExB8Ugyl9KIUs=
IySNIvs0goY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKICEyVGxK8csW8D8n6PvPK0SN-2B=
-2FFq-2F-2FTU0wxuf8-2FaENOljPJgD0bI-2FBAmgVMf6ADAwW-2FGbjt9PEVcjEZPmRsiI1Iq=
MWIn1hsyQx3v5i5HGXGOmim7bmrYT73rDtcxvXLtpnWdXY2QRI6NklWjdNpJawmpdUJBySV0hVm=
qn6cuBLoHwneY-2Btf3Z5Oxyl-2BH54ua60R3VaMvrHeCpLr-2FubFiQrN1XZwT-2BQ382t0nBs=
WJx0Qa-2BKxCVu-2BHrECBOE5X2tZ6xnQ0TeBxMY1yhDa-2B0hXNBRuU-2BTEbnoF5lcYHlmWgQ=
UJTyFC-2FSsyWthNM3dMAVhLXLWPosmpncgSD9f12AkG88auKdim46mNNj9bCgKL6BHrztIJMd8=
vRZrXta" style=3D"color: #1D5080;" test=3D"">Fortune</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 Buyouts in busin=
esses worth $100 million or less totaled $89 billion last year, up 56% sinc=
e 2015. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUr9D-2B8MGZQkRY4TDIt6YWFdUi4YIz=
M10x5gu7cCPqu4g-3D-3DMBwE_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFLiSKxdhi0BofC1BdoicCrLFD5ZN-2FJkWPWjkOnS3YAkDIdAxk-2FSps=
wUeTOXZiFEwEa-2FHx5y3-2BdJhZn6ExB8Ugyl9KIUsIySNIvs0goY93uSfzWKnn9WHh8721DoD=
p3LzCtP-2B-2BtpKICEyVGxK8csW8D8n6PvPK0SN-2B-2FFq-2F-2FTU0wxuf8-2FaENOljPJgD=
0bI-2FBAmgVMf6ADAwW-2FGbjt9PEVcjEZPmRsiI1IqMWIn1hsyQx3sciIWx-2FOb9THDlFnsQd=
8Nu-2B25frNt4huP7L5k9lm-2BYeSa1-2FASXf2779dLx8C6TrZSNnU13t8Yfo-2FweFURbobZX=
foYvv9HRhQf-2FAr5a539Y3uZ-2BZERsizDlJ2OfL1c4fwtt55JbEokmUd8AWRhS6CX63W-2B-2=
BqER5MA-2FTlqiHCktE7-2FDxWsBhtBUMrR-2F8P7Fkyj1d5Scwr7WIZbhMUtcKiZgpAx-2Bscg=
S69EF-2BkksQRi20TiGL-2BN9wCfshSoZGhrDKsUI2PfVn5FomAwhGuLKzxI35" style=3D"co=
lor: #1D5080;" test=3D"">Bloomberg</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 US fusion start-=
ups raised $1.6 billion in private funding last year. [<a href=3D"https://u=
rl6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B=
aqM7ONnvsnswouzUr9D-2B8MGZQkRY4TDIt6YWFp4sKOeCy09Oe-2BM8W3xj0QQ-3D-3DwCX7_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLiSKxdhi=
0BofC1BdoicCrLFD5ZN-2FJkWPWjkOnS3YAkDIdAxk-2FSpswUeTOXZiFEwEa-2FHx5y3-2BdJh=
Zn6ExB8Ugyl9KIUsIySNIvs0goY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKICEyVGxK8cs=
W8D8n6PvPK0SN-2B-2FFq-2F-2FTU0wxuf8-2FaENOljPJgD0bI-2FBAmgVMf6ADAwW-2FGbjt9=
PEVcjEZPmRsiI1IqMWIn1hsyQx3u89e89v7rt9qpJfoz56uX3Zy08s6bW4AauSZ23DoSzypkDWe=
BdLba0g5qxOxVcNZpjb9xAinIHSsQNcjZwu292vmHSsCuH3Ak2kFf5xTYAbD2vG-2FwkxSzkVK9=
c8sPPwWpmgzT4udNhYoQ6VIUKyE1qdzLD-2FSQvMvoYNWAv2s-2FWXlmMgwNyywZuHynZ-2BVpu=
yLDBSv8RJRFW9vGHsi4rLEh78UyOuhMBZrIJge4-2BUoXhOCkGQgF3Jt4-2F9-2Fnm77fguOcrG=
72kj4dcNDLhbXYlXBwJ" style=3D"color: #1D5080;" test=3D"">Financial Times</a=
>]</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>ICYMI</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br>
                               More of our recent research (* - premium):<b=
r><br><b>Market updates</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzVdGTMUFhlpBA2ptI1wgciLOhb3rtnJzMnLNx2O5k4p-2BQ-3D-3DPJ4i_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLiSKxdhi=
0BofC1BdoicCrLFD5ZN-2FJkWPWjkOnS3YAkDIdAxk-2FSpswUeTOXZiFEwEa-2FHx5y3-2BdJh=
Zn6ExB8Ugyl9KIUsIySNIvs0goY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKICEyVGxK8cs=
W8D8n6PvPK0SN-2B-2FFq-2F-2FTU0wxuf8-2FaENOljPJgD0bI-2FBAmgVMf6ADAwW-2FGbjt9=
PEVcjEZPmRsiI1IqMWIn1hsyQx3sDocL42IkWl7BiaZ8EwgzGwDa1E99YkLftiCp5-2B69yRryb=
a7PkiQmvpPNy5DTwZBhHd8Ae-2FMKKNY4mY1C-2F9sD0kxmaDCGY9p4L6ItD5C5DoXF2TJNsFGH=
C-2F6Gqc-2Bk-2BMwD4SklSHA3rhbYXGeJSt1fbUzP7iGOEppxv6TQYGyOfSc5KTnCEiu-2FX7Q=
4UkWA8UPWq3KDIGzs4JQp0Ek2-2BTZyjjiSW-2FCxObNFpRbEPMHzKDV8Qrrm8GNr-2BWfsS6-2=
BPYIsDf4-2F2K9TsqddkhXz4GT3aJ" style=3D"color: #1D5080;" test=3D"" universa=
l=3D"true">US Public PE and GP Deal Roundup</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-=
2BaqM7ONnvsnswouzVdGTMUFhlpBA2ptI1wgciLW6C-2BVqPt-2BLSGyBqwLi5VaQ-3D-3DDqWw=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLiSKxd=
hi0BofC1BdoicCrLFD5ZN-2FJkWPWjkOnS3YAkDIdAxk-2FSpswUeTOXZiFEwEa-2FHx5y3-2Bd=
JhZn6ExB8Ugyl9KIUsIySNIvs0goY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKICEyVGxK8=
csW8D8n6PvPK0SN-2B-2FFq-2F-2FTU0wxuf8-2FaENOljPJgD0bI-2FBAmgVMf6ADAwW-2FGbj=
t9PEVcjEZPmRsiI1IqMWIn1hsyQx3tPbXkWKrRnZsD4EqKPQm8G1lsa29aP5QDOt-2FPIPFZ09F=
27-2FVrSwCpbe0YK3Dv6MrROV3Oyqah-2BlCIBq9uVEN13tOaFolOYlplt-2FPw7-2FAUJyXqa7=
Dwwd7rpyJMcFx2ff-2FT6gYVi7zUmt9oRHYGisF3d-2FIeV1WxKQ2PwZa9v-2B-2BJ-2FBUeqP-=
2Ft8P1TwVdfJcH11GodYqibnA2IsjrcD3if71-2BnQivrpGNvgcG0mHmEXf-2Fzgqg2Z3WFiYtt=
wJSKYiyqBhSIHxOWLAz3vo5Pf7uY3vOBi" style=3D"color: #1D5080;" test=3D"" univ=
ersal=3D"true">2025 Annual Global Private Market Fundraising 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-=
2BaqM7ONnvsnswouzVdGTMUFhlpBA2ptI1wgciLg8P0K5Cxsi9CDNm-2Bjtlowg-3D-3DnQap_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLiSKxdhi=
0BofC1BdoicCrLFD5ZN-2FJkWPWjkOnS3YAkDIdAxk-2FSpswUeTOXZiFEwEa-2FHx5y3-2BdJh=
Zn6ExB8Ugyl9KIUsIySNIvs0goY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKICEyVGxK8cs=
W8D8n6PvPK0SN-2B-2FFq-2F-2FTU0wxuf8-2FaENOljPJgD0bI-2FBAmgVMf6ADAwW-2FGbjt9=
PEVcjEZPmRsiI1IqMWIn1hsyQx3teZawZ-2FwxZotRKTm2Uh2db-2B2Um4ITqMBxOoLWodoKLHc=
q2L9HahU-2FT7nhthJw3E4qe2kB5F-2FuDvlBHxxz6E6WyGyM58sCcxHdE8dyUFOQs99aDCKXRF=
W4FDlj4-2FnzDojWBQzJPrwMx7NL0y8IEuqzPUTVgG0hnYeQHix4YEe6iK2JCbnJ1KVov7oz3tO=
uTVMlcTEF7KZOkaTXGyqxWaLB5IcasLtcVlotcm-2FA55-2FDe2-2BNXlLJ-2FzK61pDKlAKi0h=
xAkBcHE57nzF7xdetYXyoP6" style=3D"color: #1D5080;" test=3D"" universal=3D"t=
rue">US All In: Female Founders in the VC Ecosystem</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-=
2BaqM7ONnvsnswouzVdGTMUFhlpBA2ptI1wgciLv2-2BSeWcQJMCXDXcNUE-2BTKw-3D-3D53Ko=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLiSKxd=
hi0BofC1BdoicCrLFD5ZN-2FJkWPWjkOnS3YAkDIdAxk-2FSpswUeTOXZiFEwEa-2FHx5y3-2Bd=
JhZn6ExB8Ugyl9KIUsIySNIvs0goY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKICEyVGxK8=
csW8D8n6PvPK0SN-2B-2FFq-2F-2FTU0wxuf8-2FaENOljPJgD0bI-2FBAmgVMf6ADAwW-2FGbj=
t9PEVcjEZPmRsiI1IqMWIn1hsyQx3t6Ppm9Z-2B5vy0KWuA0tdwXEjJhQcoeQH0mj7ISUe6H8R1=
7d40-2BBVTaaqUeM-2BsgpaoHzZpIrwcn1HE-2B8-2BbWv2elSO01-2FZrnnrbG3nqjZZOajLru=
UD5-2F1pWIT01s29lQJZHWloshpBjKVZATL01q-2BS-2FgDVtAOtGLsn0HWdIwDXJd-2BIRyKds=
exdUbYkafhYUgRHL7V2TsIA-2FeRYZgeyhzuunuDaqErMX2WaVv7iGUZlz1YiTONUq35wFATJFm=
TmvXhX4TniKxQzbCz3IIhq9pjWAXU" style=3D"color: #1D5080;" test=3D"" universa=
l=3D"true">European All In: Female Founders in the VC Ecosystem</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-=
2BaqM7ONnvsnswouzVdGTMUFhlpBA2ptI1wgciLrFA9Bp946dWiCDgw925qZg-3D-3Dg1jQ_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLiSKxdhi0B=
ofC1BdoicCrLFD5ZN-2FJkWPWjkOnS3YAkDIdAxk-2FSpswUeTOXZiFEwEa-2FHx5y3-2BdJhZn=
6ExB8Ugyl9KIUsIySNIvs0goY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKICEyVGxK8csW8=
D8n6PvPK0SN-2B-2FFq-2F-2FTU0wxuf8-2FaENOljPJgD0bI-2FBAmgVMf6ADAwW-2FGbjt9PE=
VcjEZPmRsiI1IqMWIn1hsyQx3vk0ymmSgpaKg85J-2F-2ByanXFM2vioei-2Brxb6PNLaLO7JzF=
Sjsxdcmu2mBatCCLAzkip6Kjgz0vYnINdUimtCI2ll-2B-2BOwckwvvy9EwQtnlFTfkuhm-2BVe=
J-2F8fTMRQ4NyCOnuHmuXf4pLGINDKr0Ad864BYe3q0FamStKD827ygpoOis8Qvmxt8AqiSTij8=
0T7O6cFjOgHgRFbFLtLmiSKv6f762xWnA8tLlwqb-2BVJlWoqoqlRCFseibq3CY4OrKTwhh39Fj=
0DLDVkFNDpJ26lYdx5p" style=3D"color: #1D5080;" test=3D"" universal=3D"true"=
>The Iran War Viewed Through a PE Lens</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-=
2BaqM7ONnvsnswouzVdGTMUFhlpBA2ptI1wgciLggsEjjxcWSJNd0UgrhAuRQ-3D-3D6fT4_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLiSKxdhi0B=
ofC1BdoicCrLFD5ZN-2FJkWPWjkOnS3YAkDIdAxk-2FSpswUeTOXZiFEwEa-2FHx5y3-2BdJhZn=
6ExB8Ugyl9KIUsIySNIvs0goY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKICEyVGxK8csW8=
D8n6PvPK0SN-2B-2FFq-2F-2FTU0wxuf8-2FaENOljPJgD0bI-2FBAmgVMf6ADAwW-2FGbjt9PE=
VcjEZPmRsiI1IqMWIn1hsyQx3tcTf06plXfh17AnWvX2QThpwWOEtievb1SAXIJtYOnbmW39fEA=
5yAZ0Ot-2BhQe-2BWHLY1tE-2Beb8CBH5HRRhG7GNg4EnvDFFqEmU6o3-2BLdiPE93Jhxt8Wdub=
d30ZDLJ6Ky5izm1YSnAF-2BXK-2FhSGnv6x0-2BFlxLE-2B6gaEKuh2evrE7sPNEd9lOs3ZNSxJ=
hrz4ssegxyLqnhRysOfgtU8VYhYt-2BEsrtggB0Y4bkBYZzj3LhBHNDgTMvvsVeBj7Iw4EKq4dj=
-2Bx70xInRuHdBrPnF4yToF" style=3D"color: #1D5080;" test=3D"" universal=3D"t=
rue">Iran War Raises New Risks for AI Datacenters</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzVdGTMUFhlpBA2ptI1wgciL2zUYqvf9fINnFMAjDTnOAw-3D-3DxKPL_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLiSKxdhi0B=
ofC1BdoicCrLFD5ZN-2FJkWPWjkOnS3YAkDIdAxk-2FSpswUeTOXZiFEwEa-2FHx5y3-2BdJhZn=
6ExB8Ugyl9KIUsIySNIvs0goY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKICEyVGxK8csW8=
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VcjEZPmRsiI1IqMWIn1hsyQx3soQnsU3OQYvHIVwNKQz0jN1r2f7hq-2F1bfF6O5i9-2Bo8bnTm=
C8GsJSEWWb2mYiki599fOPZTKhKdjKSQ-2BFNw-2FMFpnhLQ7EkUckfqlPwQMZtjR6DpDEmtG0E=
AOIW0T3wJFzLofSVEzHYU5q4x0Ji9Rb4R1YbCGTpQhHxrdastzOComv69d-2BdbjYWGwbrSqRBi=
FK41T4Uz-2BeYafHv29Qe6GkNrv4TT59V7WDvW-2Fs13-2BZju-2BgOqnytnBFm7UDKm-2Fspvk=
o-2BQcuVfeSFJ3CZYphuophA-2B" style=3D"color: #1D5080;" test=3D"" universal=
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                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzVdGTMUFhlpBA2ptI1wgciLslkCybo2muPR8JoaZGu20Q-3D-3DRP5n_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLiSKxdhi0B=
ofC1BdoicCrLFD5ZN-2FJkWPWjkOnS3YAkDIdAxk-2FSpswUeTOXZiFEwEa-2FHx5y3-2BdJhZn=
6ExB8Ugyl9KIUsIySNIvs0goY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKICEyVGxK8csW8=
D8n6PvPK0SN-2B-2FFq-2F-2FTU0wxuf8-2FaENOljPJgD0bI-2FBAmgVMf6ADAwW-2FGbjt9PE=
VcjEZPmRsiI1IqMWIn1hsyQx3sCdmQaB26eg9nqo77qdUC38tErE1D9pQ6iGINi2UnJts8qQWmK=
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lBz5pszrGAF2ijO78auRAVRqFhng1wvbXQUu4uZLvtF-2B5yoLSeSVx-2Fj-2B-2BR2KAArl0-2=
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LsNeSibQk5ZpRyGwW" style=3D"color: #1D5080;" test=3D"" universal=3D"true">N=
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2BaqM7ONnvsnswouzVdGTMUFhlpBA2ptI1wgciLQjikkGwKtr-2BC8bOiwcqJsw-3D-3Dni-O_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLiSKxdhi=
0BofC1BdoicCrLFD5ZN-2FJkWPWjkOnS3YAkDIdAxk-2FSpswUeTOXZiFEwEa-2FHx5y3-2BdJh=
Zn6ExB8Ugyl9KIUsIySNIvs0goY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKICEyVGxK8cs=
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PEVcjEZPmRsiI1IqMWIn1hsyQx3tTMn9cUvH5B5LOGAjtgiFwuroCOQowpAcI3fhafJX-2Bp-2F=
8Jqc4mCwi-2B7OthCNUxNZjl99GlmQleQff2ea2uqa0B2nvW-2F35Li3axjrjN03zeXOSSgFghj=
58fiT-2BSlA8pGOuLanH6k-2B4Fkxxs6NSsxf4dmCwxCNPj-2BueP2vfrKGif2esrrULf7NgVAS=
PpxL63Saz48egjw94bwrjCDMRUzfiSS9t2HeahqQGyDpsCO0kC-2B-2FGLu483p-2F2To-2F09L=
guNlNWBJQcvrdqjrZstYJYNsR3X" style=3D"color: #1D5080;" test=3D"" universal=
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                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzVdGTMUFhlpBA2ptI1wgciLWUSPcK5rNePXOZQ3OYFwOw-3D-3DOSFe_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLiSKxdhi0B=
ofC1BdoicCrLFD5ZN-2FJkWPWjkOnS3YAkDIdAxk-2FSpswUeTOXZiFEwEa-2FHx5y3-2BdJhZn=
6ExB8Ugyl9KIUsIySNIvs0goY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKICEyVGxK8csW8=
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VcjEZPmRsiI1IqMWIn1hsyQx3vfBc86FSOjiVv7LhPUt9EBi715n1hpyebLIIRv0J8pI6KWCrdD=
HYnKvRk47bw5gIbsA2fOQyAvdBvT6UJgaWutM-2FeQY5sxT11zyRcvcS2g5rvmo0sTl-2FNrg3W=
QRcjaBeicNGcjsYEi6fwO91TAC3FRaV4UjJ72ZPeBtf8mv2pjxoDzPlmzxtSlRLxBosD-2BWo8L=
Iz9nMeNoK2VWIA74w561uBpfk3IbzqjGQailXmP12TIcY8enU9UHUkQNYH5MewjGcRKtr5rWj8x=
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2BaqM7ONnvsnswouzWibOG4zz6EDNR2ILrSHrBzZYlrtlyspET4HGgtoqBXzQ-3D-3D6RuG_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLiSKxdhi0B=
ofC1BdoicCrLFD5ZN-2FJkWPWjkOnS3YAkDIdAxk-2FSpswUeTOXZiFEwEa-2FHx5y3-2BdJhZn=
6ExB8Ugyl9KIUsIySNIvs0goY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKICEyVGxK8csW8=
D8n6PvPK0SN-2B-2FFq-2F-2FTU0wxuf8-2FaENOljPJgD0bI-2FBAmgVMf6ADAwW-2FGbjt9PE=
VcjEZPmRsiI1IqMWIn1hsyQx3t1idrb5O2qSp-2BOqYU6cSqfDG1DZFmKsyT84kQdQQ06hAJtW-=
2BBo-2FSzm7iNsZDcQZUzv3bHwuESaDV3-2BYxwm10EV-2FvU86POhXYKbxEQYELqdDh9xiFfvv=
yDgwj7Tn9NwDmSgWtgv2j-2FG-2FmfSLMvPyNxGAwSWaCsaq0Wgr6CATWjig8fv5taJQvL9qBwL=
ZOscItI-2FBzLdCjN8b2d7Gm-2B-2BGmw2t2XQkM7dweATyevUdS-2BYKIHjWj5qSC-2FXagwod=
hI1iawkqwiup1y93P9jR9MqtSgv" style=3D"color: #1D5080;" test=3D"" universal=
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3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLiSKxdhi=
0BofC1BdoicCrLFD5ZN-2FJkWPWjkOnS3YAkDIdAxk-2FSpswUeTOXZiFEwEa-2FHx5y3-2BdJh=
Zn6ExB8Ugyl9KIUsIySNIvs0goY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKICEyVGxK8cs=
W8D8n6PvPK0SN-2B-2FFq-2F-2FTU0wxuf8-2FaENOljPJgD0bI-2FBAmgVMf6ADAwW-2FGbjt9=
PEVcjEZPmRsiI1IqMWIn1hsyQx3tmCZRqCi9LzeK1j7xX8fGb9NrsvekEPZaUGXmuw9hKYgBgNE=
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paeQo3e8ruaN3Mwd5JYy0RFm0rjxfrREypOVZKmrXGGMY4CGDWBNBxj8ywham2T0s6vLLgDscyk=
dhZGVXLVp" style=3D"color: #1D5080;" test=3D"" universal=3D"true">US Credit=
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2BaqM7ONnvsnswouzWibOG4zz6EDNR2ILrSHrBz-2Fu-2BrsWLMlg6Dvij6GNi3lQ-3D-3DkuQn=
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JhZn6ExB8Ugyl9KIUsIySNIvs0goY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKICEyVGxK8=
csW8D8n6PvPK0SN-2B-2FFq-2F-2FTU0wxuf8-2FaENOljPJgD0bI-2FBAmgVMf6ADAwW-2FGbj=
t9PEVcjEZPmRsiI1IqMWIn1hsyQx3u9qFajNJCoh-2BLrUk2iGDgi2oNQLBh6Ii23MJWHaLIDbF=
Thz7rSZz-2FjUjxHS43QhFblrt2XKGZoRrokPjqTjnJkF3GffBIHsrMx0FZ3h9nVqSOzrn3eyoI=
6E7-2FQ4WHiwKi9YePf4dp75-2FgVl4PeDWV9cCJGTAwZ-2Fc12o5dvV7OasAbolV3CM0FRTmV7=
q9UXMGrv0V0feSizcwN9eYlEU55-2FYLyTWlfYUqSQ7SmbHANKEHfh1W6jkJVne4ktbdOhfFhbE=
dOEN4YO679b5bf0rpdY" 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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2BaqM7ONnvsnswouzWibOG4zz6EDNR2ILrSHrBzXvs-2F65MWMm2IytlGmm2AFA-3D-3DqRme_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLiSKxdhi=
0BofC1BdoicCrLFD5ZN-2FJkWPWjkOnS3YAkDIdAxk-2FSpswUeTOXZiFEwEa-2FHx5y3-2BdJh=
Zn6ExB8Ugyl9KIUsIySNIvs0goY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKICEyVGxK8cs=
W8D8n6PvPK0SN-2B-2FFq-2F-2FTU0wxuf8-2FaENOljPJgD0bI-2FBAmgVMf6ADAwW-2FGbjt9=
PEVcjEZPmRsiI1IqMWIn1hsyQx3vd0ZBQqBoEGpBIJ8ieM2wFZTLFJ68gBsESbaMmr-2BI4OmkN=
3a1iOrCkqQ8422klcmnI0FUPFu-2BytxWdmEpg4qlCHwbO4iptVZBSgcQO-2B0rwXm1wHvZGfcy=
QDHtVbJ4ywR7x7HSVLYZ5T-2BxGF4pkja-2B2VAveZt9Bv7SFJVwY8mseRGEzxuVxPr-2Bd-2F6=
pI-2FQb4buRkB5sXUt-2FsZiSDsgt8PNoqKqNSZvnX-2B85CeF-2B8BqDgIdY9VBG2ZakfdhR6J=
aGmjHGlhqV3oks-2F7aEoUCmpmz-2FM" style=3D"color: #1D5080;" test=3D"" univer=
sal=3D"true">Global CLO Weekly Wrap</a></b><br>
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2BaqM7ONnvsnswouzWibOG4zz6EDNR2ILrSHrBzSauzuddKk7ZPDxbzG8XANA-3D-3DxXAV_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLiSKxdhi0B=
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6ExB8Ugyl9KIUsIySNIvs0goY93uSfzWKnn9WHh8721DoDp3LzCtP-2B-2BtpKICEyVGxK8csW8=
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VcjEZPmRsiI1IqMWIn1hsyQx3vwcCs7EXzFDHTPKnMtTlXqU1dkpWRKsmXCUykzQeFa9DVAkUpT=
W4KE6BmF3g5eD-2FJ5eG1aZ9uwTB8ZOs7SLg7SBzn8ZKV56W07in9-2BAtzNasO3K532a1LY4kX=
VbYJuLzehy-2BWVpHneQJv3K9zG8v44sjgD0xr5ouuIaTtotRymALagc5qSZENL30AY89wBNa9k=
86gGGb67lIMIKzfEayhieI3eAXo0p9a3NMGg-2BcgZHBpVBrko7Ivkxf9rjLTEz-2BFdZRYUVPY=
UUT21nKv5rGNN" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Globa=
l Distressed Credit Weekly Wrap</a></b><br>
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2BaqM7ONnvsnswouzWibOG4zz6EDNR2ILrSHrBz-2BlyWpoNpP3E-2BQEGdEcM-2FHA-3D-3DTJ=
hv_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLiSK=
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7wmE7G-2FedPXimfjETZJxn3Vuf" 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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                               =E2=80=83=E2=80=A2 2025 Annual Global Privat=
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Capital Breakdown<br>
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ing the Funds</td>
                              </tr>
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                           </tbody>
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ight: 6px; padding: 0; " colspan=3D"2"></td>
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e; font-family: Roboto, Arial, sans-serif;
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e; font-family: Roboto, Arial, sans-serif;
                                                         color: white; font=
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                                                         padding: 2px 8px 0=
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