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Date: Sat, 21 Mar 2026 10:12:23 +0000 (UTC)
From: PitchBook Research <news-noreply@news.pitchbook.com>
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Subject: Middle market's strong season
To: vetyl@ponjosonek.com

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 state of consumer AI</b>: Concentration and bifurcation have emerged as th=
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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">&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-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"=
>&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=
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">&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-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>
                              &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-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"=
>&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-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>
                              &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=
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>
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                              <td align=3D"right">
                              <table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" style=3D"float: none;
 padding-left: 15px; ">
                              <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-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"=
>&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-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 &amp; 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"=
>&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-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">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Webinars &amp; Events</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
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                            <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">&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>
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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"><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">&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-=
2BaqM7ONnvsnswouzVdGTMUFhlpBA2ptI1wgciL0L4GAYS80AKHgJwtF5mMyA-3D-3Dn6___Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefilMjUt=
Ya5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6QMVPX=
cpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPFNr276=
DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtFBflP=
5mORXNe36iRtit75tM34HKewZCW3Fa5rUKqA7P4NAsZ9nte6m5pF5bMctBF0uXuExJ0m3kejALD=
SPOg6xTP2HJXqM7IAHGDjE-2Fj5wwzOCygYevg7-2FZSAvNHp5xWYAflefAdvneV7KB9ZTQ-2B1=
LRS5OUnTO0-2FmMeRcN21Ht-2F4NbQAcIOIysm3l3uzATbfGVEg0PQVkgxt0qhmxxTtbNGpbQsx=
NzR2JXdS3mYNyN3Vc4mOrquiY7OhlbJF5AqTNzbjBcvOip82A2oy5JzNTL-2FVXdSvZMF8YA5e"=
 style=3D"color: #1D5080;" test=3D"" universal=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-=
2BaqM7ONnvsnswouzVdGTMUFhlpBA2ptI1wgciLz04QRSuM6RDjp-2BQyWsCplw-3D-3DRUKW_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefilMj=
UtYa5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6QMV=
PXcpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPFNr2=
76DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtFBf=
lP5mORXNe36jK2Mg1rjr8hyDSrC8noAybRnsunEZ8ZY-2Bl6Vmm2ohLq7BEenik40muBYZgCe0G=
TXL1sIYgrOKsf0snXISUXakr24At6G6QM9XA1GzAjjcCS9Ziz4x2lXBw7gxk7DH-2B7NVipSTt5=
U-2FPL66vhj47ExC7Zuo4zwWzGQcK-2FhtdYM1PJ-2FO5goPDSRqRtfVFkwQX4Fq2jMCNIGm2yh=
p92TK21OA0sDOxDnt1cz2oig0SMRBzJbsPDinS-2FHUxv77hYQiFGhcBUhWZVHvtU1OWVum3Aus=
q" style=3D"color: #1D5080;" test=3D"" universal=3D"true">2025 Annual Globa=
l 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-=
2BaqM7ONnvsnswouzVdGTMUFhlpBA2ptI1wgciLEntEl8qy6GpHaiaA5jbk5A-3D-3Dr3uw_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefilMjUt=
Ya5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6QMVPX=
cpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPFNr276=
DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtFBflP=
5mORXNe36jmBJWo6yeoKO43ePZqcQojg3QIV08pOjjNrFimVefqYusIxqEimMks6nk13IdJvG5u=
0zoySKfkYzfHbK-2BXsRCLsUlWgUhcQ4WXo13Ii4Gjei3SJDBjV9EbtOI7-2BETun53NXnjndRk=
bPSB-2B9x0ZZvFUEbCjn6Pvin9II-2BdBQOCsqDdO8wVZiyfUZQGUwhrPmViOusaZ12MC60Rp0J=
qRo16gdMWBVtOQfKxW-2FRpTbgytzunOAkQBStoA42DqrRESeCKzKal2UonEUdsUf6T282Yn" s=
tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">US All In: Female Fou=
nders 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-=
2BaqM7ONnvsnswouzVdGTMUFhlpBA2ptI1wgciLwllbkFrtqA-2Fj57PrMif-2Fnw-3D-3Di7yT=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefil=
MjUtYa5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6Q=
MVPXcpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPFN=
r276DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtF=
BflP5mORXNe36h9O5WNd-2FaE8OvyugkEn-2B4YmaLe83Az-2BR6WePAzMPCBatp-2BIOIzpOqu=
gTPlqu8k85u9pFOUTNZyGKz6r7SR1lQ7gDQ40uYanRQjvaGnwTvA0AZeljtqKd6O37eAcOIbaGt=
8hhPC-2FzC-2FgWoGJex-2FFCYrVWRNdFK2AFIDvEz-2FP7r8Onr8VvbwgNtBDIPMPr4iPjggFw=
IzPYl8AwIjx2rn6dX4yxKVPIVRe5g1ioNpM1FI4VIsizpJjLsUIQ4erTlZYdKIh2DwmpP6Qzvrw=
y8lfYTV" style=3D"color: #1D5080;" test=3D"" universal=3D"true">European Al=
l In: Female Founders in the VC Ecosystem</a></b><br><br><b>Thematic resear=
ch</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-=
2BaqM7ONnvsnswouzVdGTMUFhlpBA2ptI1wgciL-2Fs72hl2sU62uN6kNNrXqqw-3D-3DxwZl_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefilMj=
UtYa5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6QMV=
PXcpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPFNr2=
76DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtFBf=
lP5mORXNe36jyn9IDc-2FZdiMOe-2BFQCgS-2B005YLYYZcHcSBRdH3srRGW6WymyWK-2FyaWvi=
Z46PanrSxPvTGkgkpzFNqOkMKvBjqRTYsNlO7ZqycwnXWICYuoH7jBSE1tF1f6WAYXIHERbV-2B=
Erywi2xOl720YuDaZ0K-2FOagrc9hQcKZ2oYWeS-2BM8VUunH5xock3mTasMCt8aV6jsoobB73S=
e-2FbLYB0ONKdYhDnz6zKKPr84oNXWJRWKqSp6ApgAPhVgFG6k7q-2BvwzuJXYbPQkRPvRhMWUa=
L0-2F4Itb" 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=
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2BaqM7ONnvsnswouzVdGTMUFhlpBA2ptI1wgciL4O8i5CWhQnEQ4DkI1kaB-2Fg-3D-3DVyLM_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefilMj=
UtYa5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6QMV=
PXcpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPFNr2=
76DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtFBf=
lP5mORXNe36g0-2B08Hb-2BZ3jBSlqOY3nbZ-2FKxICe-2Bmg5AT6YLneCB-2B9x9kSeIu7F0SD=
2sBowHcYHuDx9F6jBiznp1tG6RzEd6KghQveIM5Op-2BGdlHn6J-2FpzSyPa9nW4JVMt0VlsFHS=
Yfu9pLS7-2BlYvM6OuB0PWmQBjlmndC2KDmG3MNX-2FxOIh34nymRDgINvXS9nMquW4ARSHVVtp=
KtoVnW-2FHQRg-2FA8FRvtjazveaP00-2FZ-2BHppcPOXNnjzPm1wRq9drbSenBAWqcT0KM0Dev=
Q-2FIGwTg4-2FrFjjry" style=3D"color: #1D5080;" test=3D"" universal=3D"true"=
>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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2BaqM7ONnvsnswouzVdGTMUFhlpBA2ptI1wgciLWR19fYL2-2Fpjf2ZHcNngBzQ-3D-3DK8RK_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefilMj=
UtYa5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6QMV=
PXcpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPFNr2=
76DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtFBf=
lP5mORXNe36hqe4U36Ue-2FT8xc-2BE5B1p-2B3V2KaXTHvOibMxRLH7aIRUb6riCaMQFFHgPm2=
zjAGZVUx1gmpljyop97-2BDewWWmGSji3erw4K22rJr68xX-2BQL5xVihOQu7NsuhMPBiSaNo61=
cGTnXqGvxxSgpSm4UQx5BQuLgeOkBsojBlm7KIlHI31loOhiM39zhL3f6E9fu54JIuO9ib3nolu=
2M8adFeKGgsH3hx7ftxTS9gUj3aNkeorLPCvZXEhSz949qiqr9Poc10weKKulCp5SnyV6YpKMi"=
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ch research</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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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=
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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=
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2BaqM7ONnvsnswouzVdGTMUFhlpBA2ptI1wgciLuV6i0TmeRkzaVyvZXxHFdg-3D-3DgSYD_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefilMjUt=
Ya5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6QMVPX=
cpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPFNr276=
DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtFBflP=
5mORXNe36hLnITa72iLnGUxkbVpHCcrBxtonj2LA80zYhEqYE5kdgdB8gJ-2Fzk7tJ81Nvqsi68=
32Pnm-2BhKuhd5bLDpfdq6pGUOFdnfWcIHfQC5AqCcmfQKjogJNXy92ORI7VrI4C-2BmYVWoj-2=
F6Efzbuytv-2Fxpl7HK9u0lofqe2d9t-2FvTawUq02-2B9kb8yu0dlZzkl6ktX-2FA0H4ttT4W8=
a-2FCDp2M3v8zD2AeBuC-2Bn3mlKGse-2F2we2mMcX0JE3aWc-2FWipFmZV1Ea5eL0FeqCAr5K7=
iBplsfINeC5" style=3D"color: #1D5080;" test=3D"" universal=3D"true"> Emergi=
ng Space Brief: Swarm Robotics</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzWibOG4zz6EDNR2ILrSHrBzvMCXESgjL2lLJ28iPqRE2w-3D-3DDIbB_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefilMjUt=
Ya5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6QMVPX=
cpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPFNr276=
DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtFBflP=
5mORXNe36j-2F7pwAkKP2jhil2l-2BRXRSYlkobLcJ2Lc4fJunhUKCEE25aMkXu5EiyIwf8J0xV=
DtG5tlrSagyx3t7-2Fs-2BLBjR-2FqkRsnOhfJLdiAYZXHFGmmxcuy4rgZJLoy6BHk1VETzwkOv=
hRMcM2CteXD0vy90sqwiekvFzzRN-2FkioyMn09-2BMVeZN8iUrk-2FT6zMuPp56PaoWcxoLLJU=
s6StqgmLepPONhh3QwM2M1T3-2B0oEXi37HIsgcRX8NjKGPV8OkN60OCIO8SfyvtqVwef5zRB1V=
M0K-2Fu" style=3D"color: #1D5080;" test=3D"" universal=3D"true"> Mobility T=
ech VC Trends</a></b><br><br><b>Credit research</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefil=
MjUtYa5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6Q=
MVPXcpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPFN=
r276DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtF=
BflP5mORXNe36jNFrSoWqeB6rk2u0EQuc5gB-2FTwlR10vpA91kx3Ypy5ToaCEY5xd0BpRgGEFM=
SewFMIdn49DSwKv5GT3QaygJSw1tiVEtQ2IW4KpacrPAIOu5AZPU4Ba5fjF8fckg72KLNW-2Ft9=
Az5sOMDzw9K2waW3m2QGqzjljwy5bAvxbyeDGYOI7GMlOrNgtdjbnx-2BBpFoDSq3rTWqnguZ4m=
zUYwSlA-2B1yQgJnqbaHmp8v0PVe3FRQt5VrQHcBZx94acn-2FR5lx5tPlTtsi8v3rpA9uyoax-=
2Fx" style=3D"color: #1D5080;" test=3D"" universal=3D"true">US Credit Marke=
ts Weekly Wrap</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzWibOG4zz6EDNR2ILrSHrBzsryxKFYohjCB3grM5o9zJQ-3D-3Dq6q4_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefilMjUt=
Ya5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6QMVPX=
cpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPFNr276=
DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtFBflP=
5mORXNe36gnYq2zTYI34s7dgRUUbzgdpaG3A-2BkPwwcz3l2Ff92Q-2BUAHut2FL7Ql-2Fd56oW=
3sshnc-2Fqrv9mBquJY3DYyzV43jrZvtS1zOigIMBndwuTVpmY8Ah-2FpeSTc4IlgDwtiOjNuxd=
YRncaF8MneUCspcV1gQi27NKsBY51dKnz5rfy-2FLmItu5egn5uXAyGwAhOirmEXCDJyCf8IjKb=
zZbzPbzHPkfzQb6mZjXcBOZgl5xqO-2B6qAt9uFKikClsq0yR-2BqiG1QEXicLScyG-2BjZfmSO=
Y9EXj" 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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2BaqM7ONnvsnswouzWibOG4zz6EDNR2ILrSHrBziJ40wNbkd9aR3ZYq5gL2MQ-3D-3DLka4_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefilMjUt=
Ya5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6QMVPX=
cpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPFNr276=
DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtFBflP=
5mORXNe36g8Cj-2BWkTAvGmwSduHHS93tAVgi-2BM54Oj-2FR9mphrzpkrI5-2F92LwH7yP5gOi=
bal6rlaM4dKZkuW2In4GZPRMwInD1Z9Z5EQuD6kdXGVq1MWm0zOWgrLvkhP1SUD25e1try9bf0k=
tstMHvPZBh44AZLimYZqQRo-2F-2FlzOwemARnXfeSM5nPsYalcCZSu91yX8iE5zWQGZ96XKHvc=
21Nnk6-2BhYj8x38IFoG60z52M-2FD-2BXj5E5JTHp6VBCSz9qPUqX-2FzU2WzC4VzXQS72qrn6=
MMXkdE9" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Global CLO =
Weekly Wrap</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzWibOG4zz6EDNR2ILrSHrBz9CseC-2BRPOmmwH-2BOUoJS63g-3D-3DgqRd=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefil=
MjUtYa5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6Q=
MVPXcpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPFN=
r276DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtF=
BflP5mORXNe36gbtpSL5pHkQ3devKS11arwzgFk-2F3TPpq4ytiCAUfdmoow368c50lOIrPsr9-=
2FjxgW9UUDFAnCtxMtJamQYyp7ux8QwV97UOKqP5kGwBeCv0Cy7vHRxombqlfTIplRac5zorORN=
5A93d7ZZ4Hlk7CGB0tAb-2BGg6wqXOduVX7RZeqODQpCHEXPh2fGydgQUVQ8KWRcmnjAshBq43F=
xrh4d-2FsY7GIYiUqPDcgoAlk28-2B2-2F4qaowk-2FWXZXSP9y4bF1Pw1i6pGwh3hBxxvxWKS7=
7dDNc" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Global Distre=
ssed Credit Weekly Wrap</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzWibOG4zz6EDNR2ILrSHrBzcxsR0wmstJghgP0KYxI-2FNQ-3D-3D6jht_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRjjefilMj=
UtYa5H6n7R18h6YGzhPcBBK3931p5p4B-2B16HBAc-2B8xyPcMClf0UK1HGySqeADGQiCae6QMV=
PXcpgJyJAyh0Mk-2F5zfDlswySzAAlT-2F0ZspxkjPKtpssuysY0oe1wLycP5QgxCjxHjnPFNr2=
76DRbpV2Dq3IIpuaInKkg-2F5FuMJXryhnWrUD8oVGVHvw5kuSM0OHCMSZiAPGYfqpqYMaCtFBf=
lP5mORXNe36i3w6LkahWNqdTCyjAPcuIyBS9Jr3VeTEzMAbSPl8UCmFKIYgZxY-2B-2B7nMCPuL=
IYTjSqB6rUjM9KebRhf0uouYrEK19Fop8PGcUphCPxjr5EyhXYQeUyQIP2rrXem4kt808HgZiEK=
5qG6K6LH7pCyVN9rdbXbHOExRN8biLk-2BpeKRQpz1dQHodZjFv0epzoWUkxqbFtDHfSA-2BKMb=
5QiCwhGNKM2z4G4K-2FQPlok0yl7W49AEFa6Ona0dAesCXmABHqe00TOkKUhalPz6XYCoI7UF0"=
 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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ight: 6px; padding: 0; " colspan=3D"2"></td>
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20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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dth: 100%;">
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                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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                <tr>
                 <td>
                  <table lang=3D"x-counts" cellpadding=3D"0" cellspacing=3D=
"0" border=3D"0" width=3D"100%" style=3D"background-color: #051C38;  min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 5px; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-counts-title" cellpadding=3D"0" cell=
spacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td align=3D"center" style=3D"font-family: Roboto,=
 Arial, sans-serif; font-weight: 700;
                                        font-size: 14px; line-height: 27px;=
 color: white; padding-top: 26px; padding-bottom: 37.3px; white-space: nowr=
ap;">Since yesterday, the PitchBook Platform added:</td>
                        </tr>
                        <tr>
                         <td>
                          <table lang=3D"x-counts-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%; t=
able-layout: fixed;">
                           <tbody>
                            <tr>
                             <td style=3D"display: inline-block; width: 25%=
; min-width: 25%;
                                                    text-align: center; flo=
at: left;">
                              <div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Roboto, Arial, sans-serif;
                                                    color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
                              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;
                                                         color: white; font=
-size: 12px; line-height: 24px;
                                                         padding: 2px 8px 0=
 8px; -webkit-text-size-adjust: 100%;">
                              Funds
                              </div></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td>
                          <table lang=3D"x-counts-btn" cellpadding=3D"0" ce=
llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                           <tbody>
                            <tr>
                             <td style=3D"height: 25px; line-height: 25px;"=
></td>
                            </tr>
                            <tr>
                             <td align=3D"center" style=3D"padding-bottom: =
13.3px;">  <a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
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Request a free trial </a> </td>
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