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} .desktop-only { display: none !important; mso-hide: all !important; } .container { width: 100% !important; min-width: 280px; } .content { padding: 0 5px; } .walkthrough-image { width: 100% !important; } .performer-title, .performer-content{ font-size: 6px !important; } .header-msg { font-size: 9px !important; } .pre-header { padding: 10px 20px !important; text-align: left !important; } .side-bar { display: none !important; width: 0 !important; max-width: 0 !important; height: 0 !important; max-height: 0 !important; opacity: 0 !important; } .line-breaker { display: block !important; } .responsive-img { width: 100% !important; } } </style> </head> <body style=3D"margin: 0 !important; padding: 0 !important;"> =20 <table lang=3D"x-pre-header" class=3D"pre-header" cellspacing=3D"0" cellp= adding=3D"0" border=3D"0" align=3D"center"> <tbody> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, sans-seri= f; font-size: 14px; color: #78766f; -webkit-text-size-adjust: none;"><span = style=3D"color: #78766f; font-size: 1px; display: none !important;"> Also: = The narrowest boom in venture history; Consumer AI's capital concentration;= PE and VC trends in advanced computing... </span></td> </tr> </tbody> </table>=20 <style> @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 800; src: local('Roboto ExtraBold'), url('https://fonts.pitchbook.com/ne= wsletter/Roboto-ExtraBold.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 400; src: local('Roboto Regular'), url('https://fonts.pitchbook.com/news= letter/Roboto-Regular.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 300; src: local('Roboto Light'), url('https://fonts.pitchbook.com/newsle= tter/Roboto-Light.ttf') format('truetype'); } @font-face { font-family: 'Roboto Serif'; font-style: normal; font-weight: 500; src: local('Roboto Serif Medium'), url('https://fonts.pitchbook.com= /newsletter/RobotoSerif-Medium.ttf') format('truetype'); 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text-align: center;"><a hre= f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzUZ4i3jD5YeSOj15ZwdhnICLWWxHkgIziCvdjWexpG0Yw-3= D-3Dt9Uf_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N= VRjjefilMjUtYa5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeAD= GQiCae6QMVPXcpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxC= jxHjnPFNr276DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfq= pqYMaCtFBflP5mORXNe36jcQgEdANI305FuVmAON9DXI9mg2-2Bb0-2FCivYiMthQG5IL3XVgAp= o8L9GTnF-2FTV4q4k71hMRWMWf0z4SmOoCt99NvcBFIYjYOv9LGMZ6bvVOJLt5ApqrNpXSXFdAd= xqwr4fzCNgroL5TiR66hlvgecBWaArrfNDcz7PcdAXQQpzoboahkVZToZBLzpCpl7J0EyOHePfA= kZ-2BxxCkAxN1WnLlPZyoJnpVRNqH10F6c5kuIhS2QI6B3VTw4f6h076Ypr-2BENL1u3aOvbT-2= BawtkCcQQ78" target=3D"_blank"> <img width=3D'1' height=3D'1' opacity: 0; s= tyle=3D'display:none !important; mso-hide: all;' src=3D'https://my.pitchboo= k.com/ms/pixel?userId=3D3DUK23EBU6P5WAW&eventSource=3D3DZQDXJQ6VUBAECQE7XY5= D5PSLQI&emailId=3D3DIGTMZL6AYAPL6&emailName=3D3D7ETUXSUVU4M3HX3TDHQYK4L3UUM= VWWC3672JJBI&pixelPosition=3D3DUAZEVU3EPI6EYRHRSC2KEHCFHGQ6ZMZBKVWWKQA.gif'= /><img src=3D"https://url6380.news.pitchbook.com/wf/open?upn=3Du001.3gwe9Gs= F-2BTAFq5zC5EhFQ2a8abB1qTlMwYRLNzMolGjSmCPqRZuyzb5tQBOnSwcKlLarwCQQ7FSN-2BE= 2C5UDp7bude-2FWJhAthoHn65qxaQIoxaJ-2Fq8-2FjLxosK8jcwCXXRwNjvX6zCLXHmVqN4kQk= hWzHWCLOtyeq8H1RQE8WPjuTheIyllZKZIyqtBBuEizlZhPMcC1c7xen3OJYLmDW0E-2F4-2F8l= sZ7wC46BNnERi9HVNOUQV7leqLZagK-2BX3hAAqv08R5To2LVwJHh6AzaQqhnsBXjky5PQHBCPb= d9rXCXr5kMVE2-2FigoR261pZo5lS5o9thBx95N3mCAsRNgKHJQivoF0JyNTC-2B4lJ0DZk3N4e= qHnrVGARUWwyFhmQaVeeXf772vZ44MXvYrrceExIPB-2Bu-2FPTV5wTpdSaOCz9GHWKb9niB3Wd= oLdt1E-2BCHSqnX5uyS58c-2FcDMNL3WNJM5-2BZoEQEv67MH2VTDRExAK6urfO3EF2CTGsD8YO= MSn2IHI98G7WC0glhq7lWwD6Ksba13Ofu5VV1HXmYw8bfMhzQdNprZy-2BwugsPqamXN8fxjny4= 5" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"height:1px !impo= rtant;width:1px !important;border-width:0 !important;margin-top:0 !importan= t;margin-bottom:0 !important;margin-right:0 !important;margin-left:0 !impor= tant;padding-top:0 !important;padding-bottom:0 !important;padding-right:0 != important;padding-left:0 !important;"/><img width=3D"141" height=3D"39" src= =3D"https://fonts.pitchbook.com/newsletter/pitchbook_morningstar_logo.png" = alt=3D"PitchBook"> </a></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto Serif, Ge= orgia, serif; font-size: 44px; font-weight: 500"><span>The Research Pitch</= span></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 14px; padding-top: 11px;"><span>Presented by <a href= =3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzUZ4i3jD5YeSOj15ZwdhnICXmNCFZ4qWx413o-2F3rUSX7Q-= 3D-3Dvq00_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68= NVRjjefilMjUtYa5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeA= DGQiCae6QMVPXcpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5Qgx= CjxHjnPFNr276DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYf= qpqYMaCtFBflP5mORXNe36i3K82-2B30BKIUWbG8u-2F9mJ5tBQknAUB4MpYpwXPsIBDPZiFxqH= GnI2LeZZYPcvkkKnQKXZWNAcUPFXeFABahzSjpA9M-2F7-2FiiGyLXdpwvaSnv3vhNjnMY6Lque= xpJ6ab4dG6rpVmrhOC-2BAD8Ki7-2BfTxZYLKUbUrL-2B8iqU4y1L6ssGozqsqCW1BJ4UYoSu1N= S2Ey38Ni7WASKVLUPpMDhemgKOUbOpuNK-2FW5Zgr8bwFSKlhuoSytwdabBSa1biFYjYs-2BtV7= nr2uAvvqvfKuBWLWHG" target=3D"_blank" style=3D"text-decoration: underline; = color: #1D5080; font-size: 14px; font-family: Roboto, Arial;">Deloitte</a><= /span></td> </tr> <tr> <td height=3D"38" style=3D"padding: 0; line-height: 38px;">&nb= sp;</td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-content" cellpadding=3D"0" cellspacing=3D"0" bor= der=3D"0" width=3D"100%" style=3D"min-width: 100%!important; width: 100%!im= portant;"> <tbody> <tr> =20 <td class=3D"content" width=3D"460" valign=3D"top" style=3D"ma= x-width: 460px; padding-left:5px; padding-right:5px;"> <table lang=3D"x-main-content" width=3D"100%" cellpadding=3D"= 0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"= > <tbody> <tr> <td style=3D"padding: 0;"> <table class=3D" " cellpadding=3D"0" cells= pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20 "> <tbody> <tr> <td lang=3D"x-advertisement" style=3D"padding-bottom: = 20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzUZ4i3jD5YeSOj15ZwdhnIC0yqf7M-2FwS2-2BSffjReJauxg-3D-3= DJrng_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRj= jefilMjUtYa5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQi= Cae6QMVPXcpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxH= jnPFNr276DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqY= MaCtFBflP5mORXNe36ipXd7KzksO4e4Yx1JSD-2BMenaV4TGopWfAv8hwqa4RHd9RgGnnkjXMEL= sNUrnIKx3n3yKuqlxt5gcvcV2gGWIaFg2-2FaPfVwMgLhbDLbbr7kWLa-2FWa9HO3ZsQyeWMuKf= -2FF8a-2Fahx0PkLNez9oQLsjweagvpGDgShmfiV2IWILnM7hMTKc5bfuO4ls9XC9NDK7KPbFzo= pNqvb1Qj4O4K-2Bsl0z6z-2FBFQeGJFuAG3vbExYHERTCX1dhzbyutxs2MfdB9OlexL6TXjIWrY= wSNOkfWU-2FT"><img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad451= 2/Horizontal-460x120-3.png" alt=3D"Ads" style=3D"padding: 0px; margin: 0px;= border: 0px; display: block; width: 100%; height: auto;"></a></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>The= 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= uzWNoStvnvLfpXshlVg3Cz-2Bh6lV4rRM9qstjlIP0HoTG1A-3D-3Dtjd6_Pr966knuaHmaw6c7= pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefilMjUtYa5H6n7R18h6Y= GzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6QMVPXcpgJyJAyh0Mk-= 2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPFNr276DRbpV2Dq3IIpu= aInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtFBflP5mORXNe36j-2B= 3kz7R2ubbzM7Y9rvM9xCCjz3UoadtyAkvY3qlRTavkfRSDxCmIZkTe5Eox7ddOLCYrckUyB2h4H= KdmLSX2TVibKA9dB3m58g6Bo-2F-2BPQiqkZOF9VacUTbR0krKYVIvoT-2Fm-2FADDTuHaMFHed= w3WZASLWj2DFbFyH3iapwy5WGba1pd2vjFtG8cocWO-2Bc-2B-2BP3KpymMEcThOC-2BIKdzRCy= JtZMLnb0p0r-2FPI7Bc-2Fx-2B-2FcTURlF8RDFr9NRN7B2ZbkB2XwRuo3VBo0VdTpEiWlJ26ny= " style=3D"color: #1D5080;" test=3D"" universal=3D"true">our new analyst no= te</a></b>.<br><br><b>The state of physical AI</b>: Defense became a domina= nt destination for venture capital in the sector, with drones fueling a 142= % increase in deal value for the segment. The surge comes at the expense of= industrial robotics. <b><a href=3D"https://url6380.news.pitchbook.com/uni/= ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWNoStvnvLfp= XshlVg3Cz-2Bh4w0fDiezzt2mfiW65Y6TbA-3D-3DtCDq_Pr966knuaHmaw6c7pKvB-2BCEiDnj= 5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefilMjUtYa5H6n7R18h6YGzhPcBBK3931p= 5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6QMVPXcpgJyJAyh0Mk-2F5zfDlswySzA= AlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPFNr276DRbpV2Dq3IIpuaInKkg-2F5FuM= JXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtFBflP5mORXNe36gbnck6EHMDFSI6FbR= 27zUUZzwMUOexedwf-2Bhx8uddbnhYaqK-2FfdjkV1cgJxcWgHC-2FHqCiOdmwLPIdcqAtgeX2Y= BPgNbNEfocaU5KvykTo1HPYWni4Cj4HAFHZirW8-2BUMo-2Fl2JwJskZY9g3LpbIb5yXrAtFWTw= yh3BJvhHa7ul3GpeKfmbkb9w6i5oadD0WvIO7cxPD-2FXHrMOPK70M8th5aBGX-2BHaDbmvKMGh= QCMbD4QAPzhhJ-2FA9RPTNfOANzYXDpdF3ipE-2BTAqeMjnwy10qXY" style=3D"color: #1D= 5080;" test=3D"" universal=3D"true">Read more</a></b>.<br><br><b>Brace for = impact</b>: Anthropic, OpenAI and SpaceX are rumored to be going 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 this year. <b><= a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWNoStvnvLfpXshlVg3Cz-2Bhu3OyA9S9vEjf6= Z0B3ERfCw-3D-3DljSq_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb= McVf8UYA68NVRjjefilMjUtYa5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0= UK1HGySqeADGQiCae6QMVPXcpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe= 1wLycP5QgxCjxHjnPFNr276DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OH= CMSZiAPGYfqpqYMaCtFBflP5mORXNe36jQVox3A2VfIYMVEpHuLg93OOltcpb9EJ-2BPZUj2MsN= W9XkxumKhIebcxl0F2INvg0bqPv4yqwNj6ehPN6i42xBdkEeGcnMtP1hRaeJPM7PGs9-2B4Q9O5= 4UAZ8jXK6qWMWtCLhwfeVEydbdjXKzfFyNsfXwuhMWKe6VsiaL3KEeb1zMIg1ogwUYzfEerZdau= TL-2Foiq5Xkd-2FfKnYgwXDXfQrwzMqd-2FHd8pIR8Zq5yBSzlo6umEpQ1yaZWkOnIN9wPAlr5t= toExgD3dd68kykZzKB46" style=3D"color: #1D5080;" 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"> </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;"> </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-2BaqM7ONnvsnswouzUZ4i3jD5YeSOj15ZwdhnICXmNCFZ4qWx413o-= 2F3rUSX7Q-3D-3D3JPf_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb= McVf8UYA68NVRjjefilMjUtYa5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0= UK1HGySqeADGQiCae6QMVPXcpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe= 1wLycP5QgxCjxHjnPFNr276DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OH= CMSZiAPGYfqpqYMaCtFBflP5mORXNe36iIEE8r2Ms3hvTELEjcADUb83ZP8Eq4aVE3iOsULx2gA= hvYIHS-2F8-2F7EGynObg7R3Px01aAddgi4bsiUDAvAr3l2AsTlHA8zmv5i9sNIEGXJ6AXSpXGG= thY6gwcnvU9YpZ4j0Ub28unAaXmrGdO4gqqitQddQwAGnZE6oS4VH5eg1pXZQodSxWm3max7Wwa= FElLo5likbX00786Fj0DHRQUYExxJ065eAfeMODtloFy-2Fr-2BwMGlsgpWJbgAov5hGrCM5M9g= 8gRMQjU2lbwJO-2FKwdu"> <img align=3D"center" alt=3D"" src=3D"https://img.pi= tchbook.com/news/73086.png" style=3D"border: none; width: 100%; height: aut= o;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </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= jD5YeSOj15ZwdhnICXmNCFZ4qWx413o-2F3rUSX7Q-3D-3DxTAl_Pr966knuaHmaw6c7pKvB-2B= CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefilMjUtYa5H6n7R18h6YGzhPcBB= K3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6QMVPXcpgJyJAyh0Mk-2F5zfDl= swySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPFNr276DRbpV2Dq3IIpuaInKkg-= 2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtFBflP5mORXNe36jizCtF3gIKr= 2Rw4ZrqSy2EPE0nvKfdotfvo8OtT-2BpSiIIS9O-2FkZ1I5eDwIeBRKCfmBWDSK8Uw5U8fog6bW= H-2F2BG-2Bbrq9vyI1PmCgJMIa5rxGy-2B-2FXu2cNAs8HyePVqEcmmqh4ZjyFuZfwcdb3ia38u= bepF3PcMEBgTGYDNm0sTR5NkteQAkuYWtQBgeDOSQTSVXJcGSfqGqFdTuPNONcl7VTm3kL0dmzE= wTSeimB0aXdXVmrybSaahUNB1BlJdqsRKWT6BHNH2IH2GlzlsVthTb" style=3D"color: #1D= 5080;" 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"> </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-2BhCJbFBr28yvfLYsSvjztQNw-3D-3DFEQ0_Pr966knuaHmaw6c7pKvB= -2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefilMjUtYa5H6n7R18h6YGzhP= cBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6QMVPXcpgJyJAyh0Mk-2F5z= fDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPFNr276DRbpV2Dq3IIpuaInK= kg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtFBflP5mORXNe36i-2F6bvA= 3lGwRZ2jRDrDkWhCxQKSc2hMRjF6WRbSZCIFRUz3kQMLxURr3aq40d-2FZTNcNyOn0cfkqM29Dr= VfBCMJv9KL-2FG3LdUry3PnBBTXG6cxeGQgbi3HTnZU9V3M5dh9-2FniLsX3Yxa-2FRK5Yrvwa-= 2BDaDfherfrxtxHPz6SwiIiW5TguzKu-2FlfNSeLNrnYI7nnMLDRF69RKQODNTjg-2B86uH1xWu= W-2BQajE2Eu0xaiom8GpI9FrLlHFn3RTjBYReMjeAE4Ublx0GDzE2iSwF65KUm-2F" universa= l=3D"true"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/= news/73353.png" style=3D"border: none; width: 100%; height: auto;"></a> </div> <div> </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-2BhP-2FUBo4vMz7v6nNCeKcRXPg-3D-3DHuQS_Pr966knuaHmaw6= c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefilMjUtYa5H6n7R18h= 6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6QMVPXcpgJyJAyh0M= k-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPFNr276DRbpV2Dq3II= puaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtFBflP5mORXNe36jN= sR8InJXcEj8hFJGgZUifiMVbm8eW5tr-2BuHIgnIDKTJfDZt-2F2tO0g28vzoXWpv5-2BHQDkiM= 1qUD5i6ZXEQlxIZkznzMWt2Dmqk2jTNyC-2BXqIuJ-2BNEjE6qyKz1Jt0IzyLnjDLN5UEfruPP5= OXNwrbw3QVvBN36Jm9Ft-2FCaEfeVCOjBXLzGWZuVR54COypNOvC01RmwQwjweslwTB9XgU7ez4= dMA4GL14MYOPOsV49Yy-2ByqeSgYOQ1WWtb1Nnxk4JYmK36XdmLYd7k46TdZGNi3c" style=3D= "color: #1D5080;" test=3D"" universal=3D"true">2025 Annual US PE Middle Mar= ket 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"= > </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-2Bhqg5EXaPSoDx28WzHYlze6A-3D-3D1CY4_Pr966knuaHmaw6c7pKvB-2BCEiDnj5= UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefilMjUtYa5H6n7R18h6YGzhPcBBK3931p5= p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6QMVPXcpgJyJAyh0Mk-2F5zfDlswySzAA= lT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPFNr276DRbpV2Dq3IIpuaInKkg-2F5FuMJ= XryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtFBflP5mORXNe36g7KBFeg7f94kcNiIhh= v1du-2FgTzaUnSeqffpNbcU3ThyZNMGZyA1CIRY8EL97t-2FZrhZK3PQafX6Q2jVt1mXs5xS5IF= RIUb6cTMk0E3TgPvSGMfqCUc1xAXitDBkaPVNFz6I0FfBhH-2BoYoO3OgUOGm-2BZGeW5A5mvBP= v-2B6tr-2F-2FDpXztpjYNGryuGdMBi844iKcSy-2FXm8ZzAd5586DJ9qsp0XkM43mnhT6jtoJA= oh0OpsOEoCCTdZpjnNQt5Je69uVMh-2FPfDD5QdOZscZ0zB52sMFq" style=3D"color: #1D5= 080;" test=3D"" universal=3D"true">Q1 Quantitative Perspectives report</a><= /b> indicates that recovery may be an illusion driven by a handful of AI me= ga-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-2BhEfJVGa2n5dgCZhzkjGNdVQ-3D-3D9Ub7_Pr966knuaHmaw6c7pKvB= -2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefilMjUtYa5H6n7R18h6YGzhP= cBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6QMVPXcpgJyJAyh0Mk-2F5z= fDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPFNr276DRbpV2Dq3IIpuaInK= kg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtFBflP5mORXNe36i1L7mw-2= FysAG-2FA8wBeIg1lp5p6Ki9c3M1CsK9q4gmfplJwO4ZiF0lGursqf6y-2BXENElv44cgtmdDDb= 599aZahxi9D-2FgjSM9Gs3pDTrNe2rGigOgp-2FGK2ZiBPxd5VCxyLoCAOq8fJTuqBPawWdgLCS= kn5r1QT8U0qyTD8VWh7pAuBdFOsnA1LobHy2ZBztsS7rm8nodMAh-2F9u5-2BOtDZ2qxEQytxEU= JELljhiUA70WLVYjeTTZP4r1ukpZ-2FfM2mzCLRs30EBrXUJLBLJUrpRsPK52" universal=3D= "true"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news= /73345.png" style=3D"border: none; width: 100%; height: auto;"></a> </div> <div> </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= hqg5EXaPSoDx28WzHYlze6A-3D-3D-xvP_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-= 2BHR4BiQVI43kbMcVf8UYA68NVRjjefilMjUtYa5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBA= c-2B8xyPcMClf0UK1HGySqeADGQiCae6QMVPXcpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0Zspxk= jPKtpssuysY0oe1wLycP5QgxCjxHjnPFNr276DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8o= VGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtFBflP5mORXNe36iRxrLO98ffhEkF5WlVIHW7AsNrm7Q= gCuzrclZRAjZ6QYDOGWNmwmOpYSdlFSqSGdEHzGF-2FQMWj4ecd-2Fvavg6myrJXwPOzbFu8wfU= wkZYSfZJ8Xz7HlWjMCnuWZD-2FLWjv7bDeLyheoqY9aWYfYmCBKssRRHdvQySkn66UlrnZzQT29= 8sW9Sl6cCnzF8diuPMNSe7h-2FKB39DUUZRurkOuHs1MGFir2YT-2FSSHq0dxdp7cF1t14SSC-2= FleLzaotcB8tdQUxtS9KhWPiE-2FBJIZJvCT4N" 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"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Industry & Tech Research</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br><b= ><big><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWNoStvnvLfpXshlVg3Cz-2Bhv7K-2B= KUKMuyemHklCS4nH3w-3D-3DjwiL_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4= BiQVI43kbMcVf8UYA68NVRjjefilMjUtYa5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8= xyPcMClf0UK1HGySqeADGQiCae6QMVPXcpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtp= ssuysY0oe1wLycP5QgxCjxHjnPFNr276DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHv= w5kuSM0OHCMSZiAPGYfqpqYMaCtFBflP5mORXNe36gxA06SWppYZlnu5mqmWcXo5KmlE2D9wFe2= p-2BUBVZXTWarRZM11uCFXGM6NgQhIaF3XGzBpn8bwVxHVrAnzUIlFV5-2BCgppxc1XyWhbDiIi= mQ2Xz8lbSxj5p-2F6E3EUZYDGsPORlWmt1FtodnUH-2FpedSteJI4wk-2BajPTKxptRluZgP5j9= oGgiptCGj2id5bn3MrsS6e58dn7fRsgDQ-2F-2F4A0v8N7MYijUHTYxpjTw7Co9Hyp2Hh0Vv87x= o6Ks8PFfEWgl4sDM5mCbFmpC7W1ncOfrh" style=3D"color: #1D5080;" test=3D"" univ= ersal=3D"true">Advanced Computing PE and VC Trends </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-2BhnEItpHf= 0826SZvDbidm1fA-3D-3DqFp2_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRjjefilMjUtYa5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyP= cMClf0UK1HGySqeADGQiCae6QMVPXcpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssu= ysY0oe1wLycP5QgxCjxHjnPFNr276DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5k= uSM0OHCMSZiAPGYfqpqYMaCtFBflP5mORXNe36gRxAXdP8x5Vll5Qo6hHFAzRsDfQs5LAuJ1DaJ= NgElz5zg2xjdXcfi1xF1-2BcfYDSWHmZmPk1RVnjA9I0FOkCYpaqB7QjYsk7zBUMZT-2BxS6CMd= 5nid4ouPGvUwLPD-2BfwFesq3uh-2FueOc-2FzyR-2BsrlLmGDUJerpwZ5minPWf4-2FO2A0MAK= I-2FlyUQchlC1rt-2B0gcVe-2FAoXlfRJszv525xinl6xxrc9fuBpVAigramVy8NQ-2F9Nd7lIh= zUrL822-2FLhfSgSnnrGGs6sf7oQpV7FYbDClImK" 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"= > </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&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-2Bhv7K-2BKUKMuyemHklCS4nH3w-3D-3DcVS= M_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefi= lMjUtYa5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6= QMVPXcpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPF= Nr276DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCt= FBflP5mORXNe36jBMpVhReNopcg4A0LzQ1flLzvVvtps8bgeMFWjuFfoNwrjYAvr6DJZRNN1Jit= 9CvCkubB0mzcZ6yp-2FX4ekiKPoVId79eEKKi6xTO8WZqnu5pm-2F0c4Yu4IkV8XB5tlG5LzXA7= eOv8RDbx2OxQgXjb599-2FqOVxrS8wiMZeq3LwqzMXM-2B68x31HEOxX8V5IywGiDe2Ueyj5DG5= aNxl2J924oi5-2BbsxdmZo-2BCJzle47o5yvp6u-2B-2FYSzC-2BFCe9RIdSQGwN-2FQ9iPxa15= RCuCVTLADzex" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Dow= nload 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-2BhTt1UEX= vpo87YrtL3nmcBLA-3D-3D1wNY_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi= QVI43kbMcVf8UYA68NVRjjefilMjUtYa5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xy= PcMClf0UK1HGySqeADGQiCae6QMVPXcpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpss= uysY0oe1wLycP5QgxCjxHjnPFNr276DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5= kuSM0OHCMSZiAPGYfqpqYMaCtFBflP5mORXNe36h0AYynjzt5gMPQ4cU5FfzPXbB3CUx-2BBP-2= BHaCFkgXjhwsS4t3-2B0GXN0v7DLBB2cBzAMiRu-2FzGJUqLauh5qSTYLvvqihu7q0qTonmYBKN= hTWhSHpwWOGLoa98hYSB9BkOLzZfNu1PT-2BrELjv7yygwOAtLA0NmDaCUh3t-2FsmHQXG385WM= H1zl7FWjdZhEIpkinN9G9sAaogL7pzwRgLGYc1sHvuiac9xRZ9MjTxqocDnaAn2N5kI3TqctbdI= Bwf7CjKDBLBADdMmoFWvnuxRAWk75" style=3D"color: #1D5080;" test=3D"" universa= l=3D"true">Q4 2025 Construction & Engineering Report </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-2B8MGZQkRY4TDIt6YWF33rXjQ5= LnMP3vTp4bZlIYQ-3D-3DbQHU_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRjjefilMjUtYa5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyP= cMClf0UK1HGySqeADGQiCae6QMVPXcpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssu= ysY0oe1wLycP5QgxCjxHjnPFNr276DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5k= uSM0OHCMSZiAPGYfqpqYMaCtFBflP5mORXNe36hg6y1bjJKKS4za0oLSGkxcnLqic0MwyrXP5AE= NoNUSkZ4uuP3s4dZB2Adm6u1MxvEsJUg2yVAzzjTQBCbixwryFcF-2F86iO6tkjwtSPxHyiO7SL= OSa44GZbGhyrSKreQTbNvQamYZkHro35nmJIqq8kI0Z1T1eF82THTM3fOQbZVkzFH1lNRMh-2FJ= R0Hk9XjxynZekWnPaoVw4ZwgVD2VegbjUIPnfxhL4M2tjBmy8rHWchDxQQUJf7FAThstdfrxpjP= seg4tDAcl1LfHOspYonE" universal=3D"true"> <img align=3D"center" alt=3D"" sr= c=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"= > </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-2BhTt1UEXvpo87YrtL3nmcBLA-3D-3Dm8Ja_Pr966knuaHmaw6c7pKvB-2BCEiDn= j5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefilMjUtYa5H6n7R18h6YGzhPcBBK3931= p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6QMVPXcpgJyJAyh0Mk-2F5zfDlswySz= AAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPFNr276DRbpV2Dq3IIpuaInKkg-2F5Fu= MJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtFBflP5mORXNe36jiGU7lmXwg54W3af= yG7eIXjrJ5vugd-2B4ERBoUD6kl-2BKCwNaL3okHO6icL-2BJaYICoS3qpKytb1tIb-2BWiYVp0= 9wYZExNR9ta6OXCJqrWNmDovO8tUyzMoBxsJVKSOADa7QabpdX-2BPMEEbcEENkxe2ibG9XzFyJ= CIE2e-2FgraKy1yojE18QxB3wsQi5cS8ZZCePf13Sej99Z657emVUyiAw1iD9q6TBtfrJTuzOq0= 2Zda7-2Faud2F9YpzmGCNHCL3ckp-2B5AcnfdODIM8lPyCXPF-2F08Y" style=3D"color: #1= D5080;" test=3D"" universal=3D"true"><b>Download the report</b></a></em></t= d> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Webinars & Events</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>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-2B8MGZQkRY4TDIt6YWFnTtuhGEkyboJTxyC6Ekt1w-3D-3Dx09C_Pr= 966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefilMjU= tYa5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6QMVP= XcpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPFNr27= 6DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtFBfl= P5mORXNe36jPAmE5kIqqXNyCYl0MCilPkzpzEa3GkNpfsfow8iycnyESROiKW821jzzLTmZJwXh= PL7Sq37C1IBmrXXuc-2BzM-2BITPg4WdHckMBafXl5AbTYCW9603Ljyf-2FIb08804ptMMsE58f= GYsuFQZBih1ajgod0jpbAwpbLsFKJMJ8uj49FvVFE9Gg-2FGIRrhr64VIQNVyQtMG0PLHQ00-2F= iwwYbIuRSnesCdjC46Xda8lUX8NrqGbdKmuN7iGnEEwCGiybNG7l6cUVWIW4KQRxzEtSDlbhk" = style=3D"color: #1D5080;" test=3D"">Register here</a>.</b><br><br><b>April = 8</b>: Join PitchBook analysts for a discussion on US leveraged loans and p= rivate credit. We'll connect the data on Q1 performance and translate it in= to practical implications for underwriting, portfolio positioning, and capi= tal allocation. <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?u= pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUr9D-2B8MGZQkRY4TDIt6= YWFilnQzOXz4-2BSzvzeAPPTgrA-3D-3DERve_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0= YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefilMjUtYa5H6n7R18h6YGzhPcBBK3931p5p4B-2B1= 6HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6QMVPXcpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0Z= spxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPFNr276DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWr= UD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtFBflP5mORXNe36hUDSlmtNtOpTK1mofUkOyPbtb= Y3W9Ia8dwdJEyIrJx07-2FkKAkHhimu9yvKuW0RfQhZwyVA0DscDohZw1wIBEf-2B9rkyHtVwOs= irQokG6xrwSQziUsSAqvr-2FnjCJuX6yox5CYkt01ZTdWN-2FWJDSRKNSjuumP1eQDQbIx0cbOd= NnKC8vQWtCiVKLEFtc5uFzAsLud1Wb22eRk77pLGn-2BjsKFuencnU5b5S04UsxOB0pxYJtlhkF= E5L-2F7GJccyp3VjtRWc7hXvADnWeWWVI4UNHB8B" style=3D"color: #1D5080;" test=3D= "">Register here</a></b>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>In the News</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> Our insights and data featured in the press:= <br><br> =E2=80=83=E2=80=83=E2=80=A2 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-2B8MGZQkRY4TDIt6YWFfiVOtVW6O8QzZdO1Nyz5D= A-3D-3DVZVN_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA= 68NVRjjefilMjUtYa5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySq= eADGQiCae6QMVPXcpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5Q= gxCjxHjnPFNr276DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPG= YfqpqYMaCtFBflP5mORXNe36gZaOVjAb7Ap4R1JMNN-2FlszukAB5-2BIykpLEFIBb4k9tjC4iR= OPW0kgEQz2bdDOW11sfG1dnoGs8L8-2FRzdiptYEN6t-2BAmqW-2FmuXTsmlhFYU3Mmr80x1gPR= 8xoqiaQpwl884UOFAGgBJP5XZL7TqQIF8KsH5zGFi-2FlwGflKTESiTMSpz5pJQ-2BnUUJKZwLq= 5px1wN5FAXLXKW9ERWAe8HmLtSHJPylXsoClYL9o8FoHm8QOkmhl6BZvoqwer8x23YGaTJltaeJ= -2BG2YWUp9zqGPT6G3" style=3D"color: #1D5080;" test=3D"">The Wall Street Jou= rnal</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-2B8MGZQkRY4TDIt6YWF0bO3RzIi70rXDyEnRXjZWg-3D-3Do= A_7_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjje= filMjUtYa5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCa= e6QMVPXcpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjn= PFNr276DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMa= CtFBflP5mORXNe36gf6g2ZHb8RUcO8gyFRUXgFF0B3fD48IvgsPKjdBc-2Fjvp1Gwy1tGLfiK8r= KDbTjDCUi2VHE2E-2Fk0BFPXSIrWdkui3CQ3vV0gZmV-2BBE-2FuAVCGqnS8axsWL7RUPVAj0Z5= H-2F6s4QOGF22WRFaRcTMBcUiVku0jQ2eFp3HfK3cP5erdG-2B-2BPYgEIoO1NHyap-2B9FMTzA= 2hu-2FPqoKqWEtzoFp0hrowefJ-2FB-2FrSMTEforGqYb3UUYdBXDS3bwTjqeF6OM6-2FJC7-2F= GJfWOXy7GyqBP5lIucmE" style=3D"color: #1D5080;" test=3D"">Bloomberg</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-2B8MGZQkRY4TDIt6YWFwBstStGUxaStDU3YvY0F2Q-3D-3Dz= ZlX_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjje= filMjUtYa5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCa= e6QMVPXcpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjn= PFNr276DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMa= CtFBflP5mORXNe36hchmnj0wScSBs4U-2BvjpzXqocKoCUfWbSRI-2F6KfIN5tuL-2BE-2B1R1I= nJXm1E3Da-2FY2-2BL3iuUk6b1V3BFD7EYLIW4lbFUn-2BR9NC0XzgtZyST2A7ko3SMar7orkw1= 8SQ1idGaDgl-2BUe04COL4L0AZIjinmDQvsyts2PfH7FZmy8Uz02mQbvCuL5MPryFXKXxS32BQ1= qGI6dbGcBrWrRezzXIX1-2FbOkpu4SE9DeFL9hJxlmj1m3cKc4vgR27xGMMvqy7Hr3mZpCS1WJo= IMpTttq7oL9n" 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-2B8MGZQkRY4TDIt6YWFdgqjMRvUOXkgBgmf2K19zA-3D-3DN11B_= Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefilM= jUtYa5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6QM= VPXcpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPFNr= 276DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtFB= flP5mORXNe36jeoFynI0h8CaSKTVFkIBodv7-2BzhsMyk7hPSg01uR1mOF-2F6SXSUKO3etFWSa= pdHGUD2AGgJMjn4Tdb8VyP8Yra1X83-2BDiQySdbsQ59zIbJ7sXEqAc0P-2BlYSrsMR6LdOSJ1W= Bg83yYYi3SpgrHzmrGuHEe3sK4PUuTEr-2BpXbw-2BZnR-2B3K5jn8X9YY5dzzbZo9NXlLFLvsE= -2ByPPBpNh-2F1Fj89mdYkkL523JwIiaPM5t6wEqUwtDGx7BicZuzVsYdGdDpKPRpA3RVhDISjS= 4mOoDA1T" 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-2B8MGZQkRY4TDIt6YWFJjBmET1W50v8S9WOpAfh3Q-3D-3D9BHa_Pr966knuaHmaw6c7p= KvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefilMjUtYa5H6n7R18h6YG= zhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6QMVPXcpgJyJAyh0Mk-2= F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPFNr276DRbpV2Dq3IIpua= InKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtFBflP5mORXNe36ir0Vp= -2FJO0IJPM1A6iOAtWTJzwbp4-2FzxtF4eLTZ6JIZ3TTwno-2F7eOSokpXmg-2FFwfS7sX9t0-2= B5x40gzoKrgmW266FltQvH3LmuDo0Mi5RWjB1AHPOefDqC0UlwlpYOyjUWQ1mgo4OUE0r1wJpC-= 2Fjeq-2FWcGhZuazokYuW6NJv13AEDnrutFKkRR7-2B2Vx989amljYAb0oQeUz455NQxr78dUCY= v9oXdWmz3aXVxse5pbjdZFzDTnQUSsiKQWRXYugHpD6kU2u-2FwSmmyhpZ7QJ35O-2FT" 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-2B8MGZQkRY4TDIt6YWFjYjygmk= OuPf0EYShh0usHQ-3D-3DqndY_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRjjefilMjUtYa5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyP= cMClf0UK1HGySqeADGQiCae6QMVPXcpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssu= ysY0oe1wLycP5QgxCjxHjnPFNr276DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5k= uSM0OHCMSZiAPGYfqpqYMaCtFBflP5mORXNe36hMFmFMUMMygPcVWM9Af7L7RAMWk3fmQKdQL-2= BgOM56f-2F0flFpIubr-2BDQ3TCIIGEl0Nn4gL0ia10vcS62P8MgLOL5hZljIdZ7L4Vl2kDsqFS= eQcLKN-2FGJDJQNiEK5KVIr8DbVhL9JqxSHXgZF7NFNphmO997Hz4eglaZKSKiDwamhBDTIsjUp= 9NLUlhsST1q9fXzsGZagI-2BndEZxwT6FnMPKul34aKdotn06ACTG1L8uoMRtUefoaHfhbjSQ92= WCQDwTnRJzNmZvCguMkC8S2-2FJf" style=3D"color: #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-2B8MGZQkRY4TDIt6YWFpSFL2uRDph1FoKBN70MDKA-3D-3DkhGr_Pr9= 66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefilMjUt= Ya5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6QMVPX= cpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPFNr276= DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtFBflP= 5mORXNe36ilCZhBkcStNl223lWChtqHJTDeIYAQJtF95kwWPrrlqGQLPpDFsZAFahR4C29BmGhJ= s7-2BhTwV8kfY0UJAbwvol-2BGh02Wjjfyh5M5fih2WXZEMeENSQA4A1ldpoHwdDVdYAtpodmv0= zhJVx7RzAEVeTrJPEGu34MbSFG7FJ-2Fv8uA4Zcx-2FSo3GJJtYA2vyD9EKkzg-2Bb39dwCc-2F= dUmi8ktCrSjoVBlGJwL61HWcXQQ-2BU-2FndenDxJB1h2dkNh4P5lLDb-2Be6LdTKFS5em76U2y= JFHFR" 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"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>ICYMI</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> More of our recent research (* - premium):<b= r><br><b>Market updates</b><br><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzVdGTMUFhlpBA2ptI1wgciL0L4GAYS80AKHgJwtF5mMyA-3D-3Dn6___Pr9= 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UtYa5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6QMV= PXcpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPFNr2= 76DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtFBf= lP5mORXNe36hqe4U36Ue-2FT8xc-2BE5B1p-2B3V2KaXTHvOibMxRLH7aIRUb6riCaMQFFHgPm2= zjAGZVUx1gmpljyop97-2BDewWWmGSji3erw4K22rJr68xX-2BQL5xVihOQu7NsuhMPBiSaNo61= cGTnXqGvxxSgpSm4UQx5BQuLgeOkBsojBlm7KIlHI31loOhiM39zhL3f6E9fu54JIuO9ib3nolu= 2M8adFeKGgsH3hx7ftxTS9gUj3aNkeorLPCvZXEhSz949qiqr9Poc10weKKulCp5SnyV6YpKMi"= style=3D"color: #1D5080;" test=3D"" universal=3D"true">Through the Looking= Glass: The Race to Build Enterprise AI</a></b><br><br><b>Industry & te= ch 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-= 2BaqM7ONnvsnswouzVdGTMUFhlpBA2ptI1wgciLJrNSLmY3Lx2TYeMvAx5BXg-3D-3DsH3J_Pr9= 66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefilMjUt= Ya5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6QMVPX= cpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPFNr276= DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtFBflP= 5mORXNe36iCXh8oR-2BYOYFqoQigY-2Faaks0JL6Y7mVHwqXiZXkQ8WBNuGolpE2HkZqK-2Fc6R= NZWaVBNZqoiHabhyBjNfdBKlBpNSBu3M5SCyufVKA40by3f8JCf6cao28opkA86BHgR73Y9Mxq1= 4rWICTSeBL3KoGQbt-2FUvJ5uSKBCNf7Ev5skPLQHFsLzvd8dPwEp6h-2FrWJkcRDQO2j13KiB7= s8BjyZtuS-2BNZrYET3f81yvqf6n6sloq-2FM-2FifKwARFbhg7-2B97-2BRGIisHn-2BXWIkNd= FPG47mBms" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Nuclear F= ission Technologies</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-= 2BaqM7ONnvsnswouzVdGTMUFhlpBA2ptI1wgciLDPcKxMQYEshGkIJHvsmuRA-3D-3Dcijc_Pr9= 66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefilMjUt= Ya5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6QMVPX= cpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPFNr276= DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtFBflP= 5mORXNe36ghZFlVo-2BgY39YM8b6hPpEjjwcvTrexbLt-2BML-2BnDHPB5v8Ewczmn1k3jYuujI= dRrIwGIbv2Z4ECAZh27d-2BcbRFXYeJm03rqjbFpsACd4BunSfvt8m3jAYlZMEZgVxUklsOMOKt= MzZkUEkmp3p9aA5pbWUHuAIWuoPKyTxs3jlvblh4D6tTVkt-2BRNFMs6DdyH75kvFoT4U6EYBua= xNKuS0wXnw1EYVcmTWJCEc-2B3ZDEvhH78jeO2Xv8wksWqJFi6m5ak8V1HCKuK1ZWzAEw-2B3hZ= y" style=3D"color: #1D5080;" test=3D"" universal=3D"true">H2 2025 Healthcar= e IT PE Update</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-= 2BaqM7ONnvsnswouzVdGTMUFhlpBA2ptI1wgciLuV6i0TmeRkzaVyvZXxHFdg-3D-3DgSYD_Pr9= 66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefilMjUt= Ya5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6QMVPX= 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t= able-layout: fixed;"> <tbody> <tr> <td style=3D"display: inline-block; width: 25%= ; min-width: 25%; text-align: center; flo= at: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 165 </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;"> 609 </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;"> 144 </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;"> 6 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; 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