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Envelope-to: vetyl@ponjosonek.com
Delivery-date: Sat, 28 Mar 2026 17:13:10 +0700
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Date: Sat, 28 Mar 2026 10:12:11 +0000 (UTC)
From: PitchBook Research <news-noreply@news.pitchbook.com>
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Subject: Secondaries at a crossroads
To: vetyl@ponjosonek.com

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style=3D"color: #78766f; font-size: 1px; display: none !important;"> Also: =
Updates on the evergreen fund landscape; Enterprise SaaS M&amp;A hits a pos=
t-pandemic high; Our annual Global Private Debt Report... </span></td>
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0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Eve=
rgreen inflection</b>: Evergreen funds have surged, but liquidity limits, r=
edemption gating and credit concerns are testing the model. Our report exam=
ines where the market stands now that investors are becoming acutely aware =
of its risks. <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click=
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BxqeDXcfn1eb3G3TeKgF5Ed6rcSMOBiwguPBCGpg2fj90IP-2FK8p-2F4zlf7HGGeVCYPXB1KRS=
b-2BYsnRdnFWsT2C0qMtrLOi0spl02KqEEF3ygVgDemGAP4QS2snh-2B6ph1wmr2EtiuZNYeWJl=
kL0oVXeecw5WnDEE7KJzFCIY93qaUFcPc1XSj90S0ghegSj493yMZdwDvf-2FYslcd1ASW7Qn7X=
Vg4BG0m692myX4xkpvb65MEqDkKOTdUZABl28GVNNS-2FoJeBe-2BKjdJEN-2FSQRoPunbkAgOz=
-2BMbLPSLF5rnCJ-2B-2BwhD3uXIVbuYV-2BNNNbhe3XC7w66TZ-2F" style=3D"color: #1D=
5080;" test=3D"" universal=3D"true">Read it here</a></b>.<br><br><b>Private=
 debt update</b>: Private debt fundraising proved resilient in 2025, but re=
turns slowed, signaling a possible end to the asset class's golden era. <b>=
<a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73=
BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzViMxpf6MVJwQW7IWrjuYgZzts3CmSt7utcck=
QTCv6gdw-3D-3DQeo0_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbM=
cVf8UYA68NVRrCPhYbegCc-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BUaeLODVbMnkqKVovxU=
jkXWo3AAT-2BGhKGFFKfxwG8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBveWaAbftc=
5kYE2KwNrpSjJVnQjnpo3yaSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeKg=
F5Ed6rcSMOBiwguPBCGpg2fj90IP-2FK8poPbLFs3iCPzMPPRYQtEjR7xxyJoCrT-2FwVqVS-2F=
-2FQQ56co-2FDhkTsPXsKe6mbEhFxJ-2BgYRB1JnZh8zMVbMAYDMH4oXgHcrvMZB5HgG2ysZL2t=
ouR-2Bq7lHlUQZa8ChOk24SdVn4hcZcIVytv-2FbZ3-2B9pz1FOG582Ga-2FFEee-2FcfEYpk41=
tG7xI5r7b8psoYv8sTT7SyCGTeOuVCz89XjgwQCLvjsDZPP7aiIhBoV3BM-2BnX8SUVEPfn8bXk=
dpWXN4zwJJEP846fvJXdZO4r3-2Fxl-2FZ-2BpR" style=3D"color: #1D5080;" test=3D"=
" universal=3D"true">Read more</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 FMI</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_578795" id=3D"n_578795" 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;"> Sectors to watch in the built =
environment </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-2BaqM7ONnvsnswouzVN5SgTEkeUXoUKDO5YCEVtV4j3IZLWCdDk0gh=
m7fo3cA-3D-3DRZ3g_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc=
Vf8UYA68NVRrCPhYbegCc-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BUaeLODVbMnkqKVovxUj=
kXWo3AAT-2BGhKGFFKfxwG8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBveWaAbftc5=
kYE2KwNrpSjJVnQjnpo3yaSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeKgF=
5Ed6rcSMOBiwguPBCGpg2fj90IP-2FK8rSDQYSVubOUZNWAEed1AOpGPDoULQDMj6HjIpix1SNM=
YfPfVp6pgezfI7f4qJzCrD5JRFqwrLtxG63JHJlhVbcOI89y8S7tsFQ5Xy54Z6-2BLxTXBJbvFl=
6FjzMAs-2Fcmzw9sDsLzkIBQmj4jx1ui3IdfBmOjUkJ6HbcNEOA-2FJs4-2Bd7o-2BHRRTIyfNO=
Lud2C6EvpNlMdEDiek7lVowNR0WUp0pXLY6mOLhNh-2BLQRws91P-2BXyOlwVjV8a5Gyx3kNOJm=
8illWqSydzPuthcGg7cQvxzN"> <img align=3D"center" alt=3D"" src=3D"https://im=
g.pitchbook.com/news/72852.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>Private equity deal activity in engin=
eering and construction has exceeded $27 billion annually in recent years, =
driven by sector fragmentation, federal infrastructure investment, and long=
-term demand.<br><br>
                               FMI's latest sector brief outlines why elect=
rical services continue to stand out as a growing PE opportunity: a $254B U=
.S. market projected to exceed $320B by 2030, increasing recurring and non-=
discretionary demand, and a highly fragmented landscape well suited for pla=
tform creation and roll-up strategies. Attractive tailwinds include electri=
fication, data center and AI-driven power demand, aging building infrastruc=
ture, and tighter NFPA/NEC maintenance requirements.<br><br><a href=3D"http=
s://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G=
Fa-2BaqM7ONnvsnswouzVN5SgTEkeUXoUKDO5YCEVtV4j3IZLWCdDk0ghm7fo3cA-3D-3DvzRe_=
Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrCPhYbe=
gCc-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BUaeLODVbMnkqKVovxUjkXWo3AAT-2BGhKGFFK=
fxwG8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBveWaAbftc5kYE2KwNrpSjJVnQjnp=
o3yaSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeKgF5Ed6rcSMOBiwguPBCG=
pg2fj90IP-2FK8pviHjW3xRpmpdUKL7QkOIZTibLaWpp9ptum9MdaDV8keJdX4mzBmLU6arrpow=
J5PKaoD-2FzEymFrBTVUG58LCvvvUxs0yTM1XxZydNWXBJahcAJzdQLJOa5VlLKRJdk4v7XUvbW=
ozm8v6trMIhvLP6j7ZkuQ-2B2-2BjZuKpPjYQR6IcFOMBLVvi7sLU3yI-2FadV4RxK-2FOEwNfg=
KbIpOiK50rxygO2VtVgNCS5DzfqehoDaQc1zRIor45SNVGUX0E8gYFObd263HXvK31eEP28GeKs=
lo" style=3D"color: #1D5080;" test=3D"">Read the full report</a> to underst=
and key trends, opportunities and ways private equity can invest in the spa=
ce.</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_579024" id=3D"n_579024" 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;"> Secondaries are at a crossroad=
s </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>
                              Venture secondaries have opened the floodgate=
s to the most coveted private companies in the world, giving even new and u=
nsophisticated investors a chance to buy into SpaceX, OpenAI and Anthropic.=
=20
                              <br>
                              <br>
                               There is just one problem: Many of these sta=
rtups never authorized these trades and have never been in contact with the=
 so-called sellers. So, who is actually on the other side of these deals?=20
                              <br>
                              <br>
                               We have seen this dynamic before. In 2020 an=
d 2021, SPACs promised efficient access to a market that traditional channe=
ls could not unlock fast enough. Capital flooded in. Discipline did not. Ou=
r DeSPAC index is down 75% since its peak=E2=80=94not because the idea was =
wrong, but because there was more capital than quality opportunities, with =
the weakest structures capturing the most flows under the guise of "access =
to private markets." Venture secondaries are at risk of following the same =
arc.
                              </div>
                              <div>
                              <br><a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVi=
Mxpf6MVJwQW7IWrjuYgZa43P1dXKICtbjidtROejVA-3D-3D-8ZP_Pr966knuaHmaw6c7pKvB-2=
BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrCPhYbegCc-2Fs63v3rGJrhnD-2Be=
wiZubd088r3uQ-2BUaeLODVbMnkqKVovxUjkXWo3AAT-2BGhKGFFKfxwG8AdR42K3GfLgI8JB05=
pyqxWdnpywadgzwEIYSowKJMBveWaAbftc5kYE2KwNrpSjJVnQjnpo3yaSmtpyZ8Zb7bNgamYjH=
zmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeKgF5Ed6rcSMOBiwguPBCGpg2fj90IP-2FK8o06aGsIF=
ruBJUdMhNbQkiAwFHfKcFLTHNdm136nypGURn8q-2FEoBbSevzgMf59KPvpMlNvRRLr2nhAT8vJ=
-2FlWQHKz3mNUEoHXNULHzYoDqqafu7xRSnVMe-2FNzZS8aTB6hV-2FR2CVdXU2bbXsce9fCSQy=
47vwZGksOQRto43iBauH01xP8CufRhECCuDIMwfYtjesUmw360pskomr2ZeM0UGgfq53KLKbRRd=
OD6FnLuIneIyKIHlesUw1yO2ZeofxvuReUoJf7uiVvrIRTUcwa-2FNq" universal=3D"true"=
><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/73503=
.png" style=3D"border: none; width: 100%; height: auto;"></a>
                              </div>
                              <div>
                              &nbsp;
                              </div>
                              <div>
                              The infrastructure that would make this marke=
t trustworthy=E2=80=94standardized policies, verified ownership, regulatory=
 oversight=E2=80=94has not kept pace with the capital pouring in, and that =
needs to change sooner rather than later.=20
                              <br>
                              <br>
                               Special purpose vehicles have been a valuabl=
e tool for faster, more accessible transactions, but they have also become =
the preferred vehicle for outright fraud. When the marquee names eventually=
 go public, the gap between perceived and actual ownership will no longer s=
tay hidden. Even a handful of bad actors will be enough to shake confidence=
 in the entire secondary market.=20
                              <br>
                              <br>
                               That does not mean secondaries are broken. I=
t means they are at a crossroads.=20
                              <br>
                              <br>
                               At their best, venture secondaries are a dur=
able liquidity mechanism that benefits every participant in the ecosystem. =
At their worst, they risk becoming the next chapter in a familiar story.=20
                              <br>
                              <br>
                               The same forces that fueled their rise=E2=80=
=94demand, opacity and financial engineering=E2=80=94will determine whether=
 they mature into infrastructure or collapse into the background. Now is th=
e time for the market to determine its legacy.=20
                              <br>
                              <br>
                               Read more in our analyst note: <b><a href=3D=
"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzViMxpf6MVJwQW7IWrjuYgZVVGGMUXZKUMOw5HkbZ8wCQ-3=
D-3DXLGq_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N=
VRrCPhYbegCc-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BUaeLODVbMnkqKVovxUjkXWo3AAT-=
2BGhKGFFKfxwG8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBveWaAbftc5kYE2KwNrp=
SjJVnQjnpo3yaSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeKgF5Ed6rcSMO=
BiwguPBCGpg2fj90IP-2FK8rwHXjkXFaOqZpOqYNftHQsb-2FR-2B87kqeyMiq-2BoomopR9HU0=
Bj9FkPPEMHjXyscKUcRSOFH-2BitOLZ3Jm2QAnatWHIH3ThGnfg95bOXQM7d2Jb0PIcGW8XIvgy=
UXN2AxQZe0Fz-2FdV2JGwnC-2BXzlY-2Bq1TDXMe5Nh5yODIFHtqjdBvQoVocl7OqUlXuvkIE5l=
k-2B41i7ENqPETNEld97sWpEvWayUfilWR0qP-2F78uGBjPcbDCvB-2BiZVP2aDnHWab6D76cxu=
QKc2S4DPvFCRNEkZwEfpF" style=3D"color: #1D5080;" test=3D"" universal=3D"tru=
e">When Access to VC Becomes a Liability</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/615=
86.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>Have a great weekend,<br><br><a href=
=3D"mailto:emily.zheng@pitchbook.com" style=3D"color: #1D5080;" test=3D"">E=
mily Zheng</a><br>
                               Senior Analyst, Venture Capital</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_579026" id=3D"n_579026" 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 enterprise SaaS consolidat=
ion cycle is back </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>
                              Global enterprise SaaS M&amp;A hit $270.6 bil=
lion in 2025, making it the largest dealmaking year since the pandemic-era =
peak of 2021. This was propelled by Q4=E2=80=99s $83.7 billion across 245 t=
ransactions, including 17 multibillion-dollar mega-deals, which matched Q3=
=E2=80=99s record.
                              </div>
                              <div>
                              <br><a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVi=
Mxpf6MVJwQW7IWrjuYgZex-2BCFE0naDLhJxUqXzMGoA-3D-3DjFb4_Pr966knuaHmaw6c7pKvB=
-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrCPhYbegCc-2Fs63v3rGJrhnD-2=
BewiZubd088r3uQ-2BUaeLODVbMnkqKVovxUjkXWo3AAT-2BGhKGFFKfxwG8AdR42K3GfLgI8JB=
05pyqxWdnpywadgzwEIYSowKJMBveWaAbftc5kYE2KwNrpSjJVnQjnpo3yaSmtpyZ8Zb7bNgamY=
jHzmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeKgF5Ed6rcSMOBiwguPBCGpg2fj90IP-2FK8q4lYSU=
c5lXZ8bZr-2FYjjqd65pCmFN3btejdvrNr6e9KGLaoliJVtHBaVwh9Sf6F-2BNvV-2FbOsZLLxC=
JdHgH5eP78BVFRrUi6fFZTrGXUFqIplqvhJyTC7-2F9deONGEunrVwHZvspQWMl9hhPsMBP6Wfc=
EcP4aWGgi4XUvJoW8JJTiTKFh17tCZ3DyBHZMdiywO1QeyKAGSaoqSm9XfxoHdhHgp91nNsp7C1=
ftoVIm4MhBGQwLs9SX4bmyyRwTYopjrPoJphNDc-2Fh-2Fgx153zqpAtD0O" universal=3D"t=
rue"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/7=
3448.png" style=3D"border: none; width: 100%; height: auto;"></a>
                              </div>
                              <div>
                              &nbsp;
                              </div>
                              <div>
                              The reacceleration signals that the software =
consolidation cycle is back in force, bolstered by both strategic acquirers=
 and financial sponsors deploying meaningful premiums for category-defining=
 platforms. The bid for scaled, AI-enabled enterprise software assets is in=
tensifying, and the competitive window for both acquisitive growth and exit=
s remains wide open.=20
                              <br>
                              <br>
                               Corporate acquirers drove the Q4 surge, with=
 deal value skyrocketing 168.5% quarter-over-quarter to $51.8 billion. This=
 restored the PE-to-corporate deal value ratio to its historical 1:2 after =
Q3's anomalous 2:1 split favoring PE.=20
                              <br>
                              <br>
                               The quarter's largest transactions include I=
BM's $11 billion acquisition of Confluent and the $8.4 billion Clearwater A=
nalytics take-private led by Permira and Warburg Pincus. These show a heart=
y appetite at both ends.=20
                              <br>
                              <br>
                               PE remained robust at $32 billion despite mo=
derating from Q3's exceptional pace, and for the full year, PE-backed M&amp=
;A surged 102.2% year-over-year while VC-backed M&amp;A rose 64.4%.=20
                              <br>
                              <br>
                               Segment-level data shows us where capital is=
 concentrating. Enterprise resource planning dominated at $136.6 billion, o=
r 50.5% of 2025 deal value, while the sharpest growth came from analytic pl=
atforms, up 222.6% year-over-year, and supply chain management, up 115.7% o=
ver the same period.=20
                              <br>
                              <br>
                               At the subsegment level, financial managemen=
t systems and manufacturing &amp; operations commanded the most activity in=
 Q4, reinforcing that buyers are targeting mission-critical, workflow-embed=
ded software where AI-driven automation can deliver step-function efficienc=
y gains.=20
                              <br>
                              <br>
                               Into 2026, we expect a more permissive regul=
atory environment, rate stability, and an accelerating enterprise imperativ=
e to integrate AI into core operations. These should sustain elevated dealm=
aking, with the highest valuations reserved for vendors at the intersection=
 of deep workflow integration and demonstrable AI-native capability.=20
                              <br>
                              <br>
                               For more data and analysis on the bustling d=
eal activity, download our <b><a href=3D"https://url6380.news.pitchbook.com=
/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzViMxpf=
6MVJwQW7IWrjuYgZ-2B-2ByD6MWhPx-2B817XNq-2BJ-2B1w-3D-3DWUFw_Pr966knuaHmaw6c7=
pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrCPhYbegCc-2Fs63v3rGJrh=
nD-2BewiZubd088r3uQ-2BUaeLODVbMnkqKVovxUjkXWo3AAT-2BGhKGFFKfxwG8AdR42K3GfLg=
I8JB05pyqxWdnpywadgzwEIYSowKJMBveWaAbftc5kYE2KwNrpSjJVnQjnpo3yaSmtpyZ8Zb7bN=
gamYjHzmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeKgF5Ed6rcSMOBiwguPBCGpg2fj90IP-2FK8oo=
6cBepoaO1TjoUoPEPFhg16YAip8B6rA7j8PcCdwkkxGN2wHqKMcYrvJ-2BhOqD2JmTlH327wuHv=
MH228aUoHE2GTfTLY2fwex37Uu6Dv8Sw1mwbK7fuYLUmuSHocARnxCY5iOHnCOrACt1YCfflTsh=
P5uv0FRk-2FKtNQ1j0RgLzYjnqb1xGa-2FCdGXsK6TtDUJSvcLE56M3WouwKpKfTcVuFZGmgW-2=
BHopwAhld-2B1t-2BSf5s8wRAJf-2BmbPzpddHVMOEx3FndLJ7tHbuEEXdpYXNJcE" style=3D=
"color: #1D5080;" test=3D"" universal=3D"true">Q4 2025 Enterprise SaaS M&am=
p;A Review</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>
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                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Best,<=
br><br><a href=3D"mailto:kyle.walters@pitchbook.com" style=3D"color: #1D508=
0;" test=3D"">Derek Hernandez</a><br>
                               Senior Research Analyst, Enterprise SaaS and=
 Infrastructure SaaS</td>
                              <td valign=3D"top">
                              <table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" lang=3D"x-image">
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                              <td align=3D"right" style=3D"text-align: righ=
t"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/734=
34.png" style=3D"border: none; width: 100%; height: auto;"> </td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
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                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
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                  </table></td>
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                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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                 <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;=
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                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Industry &amp; Tech Research</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
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g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
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                    <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>
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                         <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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                             <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-2BaqM7ONnvsnswouzViMxpf6MVJwQW7IWrjuYgZ-2BAwnA7=
wJ40hCOCRg27ZA2Q-3D-3D7z8n_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi=
QVI43kbMcVf8UYA68NVRrCPhYbegCc-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BUaeLODVbMn=
kqKVovxUjkXWo3AAT-2BGhKGFFKfxwG8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBv=
eWaAbftc5kYE2KwNrpSjJVnQjnpo3yaSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1e=
b3G3TeKgF5Ed6rcSMOBiwguPBCGpg2fj90IP-2FK8rE6j-2FkfrULq6d35BDvTqdlWdyrmqPyk0=
JtLxX4pJIq676adVNX-2B5XN6mygxSuQd-2BTOFNALa5z5B8C-2FhmPCShtWacqeL2CHaKvxYzZ=
BN2SDgpyR4esSHrglJGFn4r9gMRzoiUlF2dl3lwVFzlUntoDEmN39wA0LHz4UkZhQEUhPbssLpD=
tpJ2yOmNswe90vrM1YYCw9M5Z0b49aQj3G2ebmmaHnUtig-2BqPjL8w8B0ZicStdA4lyjhEjiCs=
cSDyc9cIkUX0M2oKAyATJESdqWDbX" style=3D"color: #1D5080;" test=3D"" universa=
l=3D"true">The Most Investable Corner of Defense? Electronics </a></big></b=
><br><br>
                               PE deal activity in defense electronics is a=
ccelerating as modern conflicts push militaries to spend more on sensing, e=
lectronic warfare, resilient communications and mission computing.<br><br>
                               PitchBook data shows 27 defense electronics =
deals in 2025=E2=80=94up 93% YoY. While total deal value rose modestly to $=
1.7 billion, the higher deal count underscores where the opportunity is for=
ming: small-to-midsized enabling technologies beneath the prime contractor =
level.</td>
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                              </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%;">
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ing=3D"0" cellspacing=3D"0" lang=3D"x-image">
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ing=3D"0" cellspacing=3D"0" style=3D"float: none;
 ">
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                              <td align=3D"center" style=3D"text-align: cen=
ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzViMxpf6MVJwQW7IWrjuYgZh1UYaquQn=
SOw-2BUUyg3bG2w-3D-3Dq3DY_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVRrCPhYbegCc-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BUaeLODVbMnk=
qKVovxUjkXWo3AAT-2BGhKGFFKfxwG8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBve=
WaAbftc5kYE2KwNrpSjJVnQjnpo3yaSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1eb=
3G3TeKgF5Ed6rcSMOBiwguPBCGpg2fj90IP-2FK8qgGG6z6Y3zYbBgmY3uSD01TBSZ9K05NId-2=
FsPuP4DbwFHI5sC2a53lbsLysy6EM2ZhGJ0SqZaTdHl9ZI63nTXdxvsn91cC3Ldr8TWiCP0oR3W=
3ovPPtV57i-2FidxVsKCv1ueZ2VhDVNdLBWAIj5thkCK-2BqBbDVRvfA39IVM8vMfD5TmCykIYp=
q1U5TPQAWqQq5uEHdAmG1ZnX986PAydzzw-2B6ek-2FgQLVS6J9lY4HuSqoTWfDGp164pQcIPnw=
4BwirJS7XOksS6Htjq8dppsvKDcz" universal=3D"true"> <img align=3D"center" alt=
=3D"" src=3D"https://img.pitchbook.com/news/73465.png" style=3D"border: non=
e; width: 100%; height: auto;">  </a></td>
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                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
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                          <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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                              <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%">
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                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br>
                               Strategic buyers remain the clearest exit pa=
th as primes and Tier 1 suppliers look to lock in electronics capability an=
d secure supply chains.<br><br>
                               This analyst note goes deeper into the techn=
ologies driving this activity, mapping where they sit within defense system=
s, how they function, and what their total addressable markets and projecte=
d growth rates look like over the next decade.<br><br>
                               As global defense budgets tilt toward electr=
onics-intensive upgrades, PitchBook expects sustained PE interest in scalab=
le, qualification-heavy businesses with durable aftermarket exposure.<br><b=
r><em><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001=
.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzViMxpf6MVJwQW7IWrjuYgZ-2BAwnA7=
wJ40hCOCRg27ZA2Q-3D-3DawFN_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi=
QVI43kbMcVf8UYA68NVRrCPhYbegCc-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BUaeLODVbMn=
kqKVovxUjkXWo3AAT-2BGhKGFFKfxwG8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBv=
eWaAbftc5kYE2KwNrpSjJVnQjnpo3yaSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1e=
b3G3TeKgF5Ed6rcSMOBiwguPBCGpg2fj90IP-2FK8p0hn13j9ZMu6haryb96mOkoqWVj4sBdvcZ=
MvbI89snMU5aLdiNEr-2BrJRoMkzBlxTppRB8mVL9i7s0kreXtueHaKQJt0GntwJ33zNo43SMCh=
Ub9cXbV3MUwkBwHDgngZtGyd2RN491bx1KDDWNk86JWSO1RaQ9pwFJXx5YyQcAq3RUGKnpfuNkj=
CNoYyib-2ByXbi5pWSLANoicdu7y1eIrRxogfOcuwl3XnbrW-2BqxYweuLwhrHSXTv-2FpmhhOU=
6YetZRGDiyTq5IR9twlXOwPJXyY" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true"><b>Download the report</b></a></em></td>
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ight: 6px; padding: 0; " colspan=3D"2"></td>
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                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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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>
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dth: 100%;">
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                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Apr=
il 8</b>: Join PitchBook analysts for a webinar 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-2BaqM7ONnvsnswouzViMxpf6MVJwQW7IWrjuYg=
Z1QID278-2FqYZ3wbYYVwA7vw-3D-3DT7C1_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQ=
P-2BHR4BiQVI43kbMcVf8UYA68NVRrCPhYbegCc-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BU=
aeLODVbMnkqKVovxUjkXWo3AAT-2BGhKGFFKfxwG8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEI=
YSowKJMBveWaAbftc5kYE2KwNrpSjJVnQjnpo3yaSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2Bx=
qeDXcfn1eb3G3TeKgF5Ed6rcSMOBiwguPBCGpg2fj90IP-2FK8rrVAUbjBVtk-2Fi2uc4t-2BhI=
hWbUnkwdueTm5h04IhnhwL13hu61BdNzlQ0QpIUKfHIbsNo0nkyUGLvqscSAkSwvqRShTDovsLr=
r9JgaeLWybdCxD5e6eRtSY-2Bxeva-2BhPl-2B2-2BAWgrO5jVsWkciC1YcSmcHHSUj0pwmN5Ge=
amtyhEPs4pq1NWqtwyYQgfMmwvVNWLMA4eB-2F6r5cV5RvVylTnwKi2ts1U87LFFDjNyin7FWaz=
DCkP32EdPHy-2F7SQxXssCJwy3fDReyqNpnkNhVXriCU" style=3D"color: #1D5080;" tes=
t=3D"">Register here</a></b>.<br><br><b>April 16-17</b>: We'll be in Nashvi=
lle for the US Private Credit Industry Conference on Direct Lending. Nizar =
Tarhuni, our executive vice president for research &amp; market intelligenc=
e, will discuss how private credit is increasingly financing tech and energ=
y infrastructure, and PitchBook subsidiary Lumonic will provide a live demo=
. <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n7=
3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzViMxpf6MVJwQW7IWrjuYgZQTcahgliXRCFq=
HpmHRd8ww-3D-3DtYrY_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb=
McVf8UYA68NVRrCPhYbegCc-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BUaeLODVbMnkqKVovx=
UjkXWo3AAT-2BGhKGFFKfxwG8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBveWaAbft=
c5kYE2KwNrpSjJVnQjnpo3yaSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeK=
gF5Ed6rcSMOBiwguPBCGpg2fj90IP-2FK8rLhkOYvQkn7geujxXFUAEJzpFuh2u9tSE2GRUOWbQ=
JFaXLytAFhqtQLZLtX0sBpQb7TQGsgjrXeopRQtLi8hVV9SJrZBtYZlEi-2FmixzGpGWVgBgaKS=
KwGF-2B99SoqbisV54LipamfFgjmgtj3FdbqAjTrUP4Q6d-2B2JetQNSRkFLpl5KRs0t334IvrC=
xuXTQfUnOMI2pkg2tEGwz-2BFI9uDwRAYkeMTiYOfN4N9sKUlec4hVz-2Bj50NVML5fKYQhpRwk=
gfB36IYTjVXE1Km6LVOEPg" style=3D"color: #1D5080;" test=3D"">Register here</=
a></b>.<br><br><b>April 28</b>: At DealMax 2026 in Las Vegas, Hilary Wiek, =
our principal analyst for fund strategies, will give a talk on the rise of =
evergreen funds. <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?=
upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXvMgYYxTa0TM6o9KE8cc=
SlJbAQlbkYXOexAHxn9nzPQA-3D-3DT6rz_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP=
-2BHR4BiQVI43kbMcVf8UYA68NVRrCPhYbegCc-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BUa=
eLODVbMnkqKVovxUjkXWo3AAT-2BGhKGFFKfxwG8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIY=
SowKJMBveWaAbftc5kYE2KwNrpSjJVnQjnpo3yaSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2Bxq=
eDXcfn1eb3G3TeKgF5Ed6rcSMOBiwguPBCGpg2fj90IP-2FK8oIUY0KPpnRQIrptuecNtYd9Fmi=
Zz9hlWgVhzhpzhf35SRKNywO5lCg1elniKJwpUIvi-2FivlSl8VmJihwHiznFbvioyQCzKsotbP=
YTODp1EcxLqWbaP68WpK6RT2DYVIE-2FA-2FgWxkor9KMy5iYapODug8YfBDYvfqmOZFurItcni=
SaA6EJRetXXOtdy-2BbZliAzjscCejTL3sxaISanPuaQWtP1A-2FAx21UAoO-2FELnSJdyDMpSJ=
-2BotwjIVViEqRoyRXeH11FargqUNfXu-2BssQN2yat" style=3D"color: #1D5080;" test=
=3D"">Register here</a></b>.</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>In the News</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br>
                               Our insights and data featured in the press:=
<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 Margins are nega=
tive for AI labs, with OpenAI projected to burn $14 million in 2026. [<a hr=
ef=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw=
7SpSWIrf6GFa-2BaqM7ONnvsnswouzXvMgYYxTa0TM6o9KE8ccSl7I58M3cCXDphYtqp3KAgug-=
3D-3DJKxA_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68=
NVRrCPhYbegCc-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BUaeLODVbMnkqKVovxUjkXWo3AAT=
-2BGhKGFFKfxwG8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBveWaAbftc5kYE2KwNr=
pSjJVnQjnpo3yaSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeKgF5Ed6rcSM=
OBiwguPBCGpg2fj90IP-2FK8pjDOT4L3n-2F11Zt-2FwENwaTpz55-2BvGcKu9PqMv7xv7rA6QL=
TGYr8Ofw-2BS1J81Pr2Q6Cu8Wmuy6p6TnOUz6fMk3CPW8ubOqIWVrmIcnyj8vdyywgXj3HaFzDV=
Rgrjn-2FyKkZFCZk2th5-2FdHPf7ComRxSPKeZTYJwETP0sRRifQQDhwNJSnViwL4ZTNrjIV2VU=
E-2BBt2lEAAldqti2qe2lsUBEjJtAOFnOF35McnUQB6mq-2BW3qo1A0PdssmIrZftqMtCet9kEb=
8ejC-2BtGOOi6w-2Bmc-2BkX" style=3D"color: #1D5080;" test=3D"">The Wall Stre=
et Journal</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 Funding rounds f=
or startups in Europe have reached a high thanks to US cash. [<a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzXvMgYYxTa0TM6o9KE8ccSlguBPczbt77NjOQMYMxEM1g-3D-3DyhN=
l_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrCPhY=
begCc-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BUaeLODVbMnkqKVovxUjkXWo3AAT-2BGhKGF=
FKfxwG8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBveWaAbftc5kYE2KwNrpSjJVnQj=
npo3yaSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeKgF5Ed6rcSMOBiwguPB=
CGpg2fj90IP-2FK8o22FSs0VuoM6bbvyxNYP6tyosJuAvHcD-2B-2FjlZbjZhVgGLk6z7uxaj1Q=
9EqtfPIuSGY6w2RNwlbfT-2FHAm4-2B8-2BgqbwDpGS6iJ8rVYEDuTkaWgHFoKN96WAkEy6KoMR=
bHNGmvYhs8u2Y3-2BFpLh5eeUSTfUGwE5z3KX68jlAPRimuZsY24MUPSTuene7oO9UipI5R2v-2=
BrsiiOixZ8rCS8hv-2BY-2ByYz1dpkXElXG5iwdYostuZqvcchP-2Bg85e7uBHvVkwaneH7m8tc=
6e32qh6ZgmtBLi" 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-2BaqM7ONnvsnswouzXvMgYYxTa0TM6o9KE8ccSlxt2D0F5vbHxmbK2VFXw-2Ftw-3D-3Dl=
MnV_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrCP=
hYbegCc-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BUaeLODVbMnkqKVovxUjkXWo3AAT-2BGhK=
GFFKfxwG8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBveWaAbftc5kYE2KwNrpSjJVn=
Qjnpo3yaSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeKgF5Ed6rcSMOBiwgu=
PBCGpg2fj90IP-2FK8qvsE4x7z4ivnQB0OmXoryLBxM-2BXyPgv0-2BAqF0cWAntfWl1zzYi9Mf=
nsU2ch8-2FMoSLzHjvDRD72wl8AOEVb8bg1x9PAyf2LaISGP7AappXk7qW4GtKKS39qOd9kgaJl=
00TYdKhJFvW8PKjPTFj5NpiGmeWcOTiigB0c1WlZ9gI14WaCdBk-2FVLNRDhE6MUsGRypo1K5ih=
ihbSQD4ARHsuSI7TE9QUIdeC63weqneBvVrIGrD1vhYnORNw19Nf-2B-2FqFVtM3VU46oXx59NZ=
rTco5w9k" 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=
-2BaqM7ONnvsnswouzXvMgYYxTa0TM6o9KE8ccSlaE-2B9xaFDJm8ua0UzscLwZw-3D-3D5ZF4_=
Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrCPhYbe=
gCc-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BUaeLODVbMnkqKVovxUjkXWo3AAT-2BGhKGFFK=
fxwG8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBveWaAbftc5kYE2KwNrpSjJVnQjnp=
o3yaSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeKgF5Ed6rcSMOBiwguPBCG=
pg2fj90IP-2FK8oUkV0pALytoGh56WzOZstIgQC3bFGUnDejDr-2Ftikx9KHwbgHll3fuhfwi6e=
m84bSXXL7Vh3MFdHj5uaJrucJBH5PjT4aARB1Ib6k8oV3jWRLXdD66Tn8K1XdXIDw2RX3MRCljn=
IhSB4qeR-2BlgIglyeYUgiTlimLFTgVs14eryXFGGwe8HMxuHkBQ0eCN6Ffp-2BT-2BpyHQxhjM=
8JV9kEjQO7yUEL-2Ft4MvDaQh9MPF0-2F1Ku2XajytWVU-2FTE16DHBh3IpTbRI241dXE9op5Qy=
9UvcTO" 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=
zXvMgYYxTa0TM6o9KE8ccSlriebgM-2FAglR8ka3XuSuJIw-3D-3D25FF_Pr966knuaHmaw6c7p=
KvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrCPhYbegCc-2Fs63v3rGJrhn=
D-2BewiZubd088r3uQ-2BUaeLODVbMnkqKVovxUjkXWo3AAT-2BGhKGFFKfxwG8AdR42K3GfLgI=
8JB05pyqxWdnpywadgzwEIYSowKJMBveWaAbftc5kYE2KwNrpSjJVnQjnpo3yaSmtpyZ8Zb7bNg=
amYjHzmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeKgF5Ed6rcSMOBiwguPBCGpg2fj90IP-2FK8oNd=
XfUneQzpf21ksdCRGnYC7XBsw6hA6AVQLf48lR32Zijvzb17mKNSS2rKBEzm3je8NbjiNj4zOTT=
sOyKI0YezmEDqVZE0SZPyN2y1dobWS-2FzOEBcsjM57MLWWcLyFPrj0Kgl8NUJxfg4ML0e-2BEk=
AHhWCRP8sJ945m4x2A13qYM0-2Fuwy-2FiBVDWllcL4QZuQuWlHq5AohlYjCDM13B-2FvP1Arm7=
a6466rTf5ntR1PbLA6QDs8Q-2BUgwfCH6asS-2FG1DHIW52jU1X6hpBUADPtfRf0" 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-2BaqM7ONnvsnswouzXvMgYYxTa0TM6o9KE8ccSlixU5e-2Bw=
cm5QxQtGQADj30w-3D-3D7IaH_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVRrCPhYbegCc-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BUaeLODVbMnk=
qKVovxUjkXWo3AAT-2BGhKGFFKfxwG8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBve=
WaAbftc5kYE2KwNrpSjJVnQjnpo3yaSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1eb=
3G3TeKgF5Ed6rcSMOBiwguPBCGpg2fj90IP-2FK8qnYjJW1-2F0WFkA0MG4P-2FHPynI2cCyPV5=
G1tC32Fe4vJFmYIon2YeHRD5vnCMk1p-2FXQVsMyrEKbAt0MCC56cgX2TpxvWPJofW1UWuy8vV3=
VJdcqKmtCsDeu8aCG-2FeGdajrbXjg6KL-2F9HLiCc3NZM37MD5dFnoAyQLd0QD0Cl2ec-2BMyd=
HZuOVyduY1fdo6QM0dY6yJ3bbVW-2B4TMhOl-2BhvRBQGtmfH64TQncILV1SCyo-2BW0ZAA74t5=
rdJCdHPNC6upKwjAzhtqo36MjCpk6K3T8Zqq" style=3D"color: #1D5080;" test=3D"">B=
loomberg</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=
aqM7ONnvsnswouzXvMgYYxTa0TM6o9KE8ccSl-2F-2F-2BDInB8t6S1kdXmixHwpQ-3D-3DMM9k=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrCPhYb=
egCc-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BUaeLODVbMnkqKVovxUjkXWo3AAT-2BGhKGFF=
KfxwG8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBveWaAbftc5kYE2KwNrpSjJVnQjn=
po3yaSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeKgF5Ed6rcSMOBiwguPBC=
Gpg2fj90IP-2FK8o2QqY-2FP-2FMzv56M424EgveOJ587uCa1NoUWENJw5jzPv5kZtOCUNuFyHw=
Hck1VezNsEK9SpjwQodu9-2F1gIH83z2BLF8MALJrZ8dtXU0Rtlx2bqRxte4WwQKVRZjt9aJlcp=
2AUU7pOEA8WVauXbkiHj0YAntI6wZ1qr0GROtupcFeqY8bqwo9ZxMi53iicrpZX9twFA2-2FIs-=
2BEG-2BcxQ6k9SmvYTA38j61Wtxd5FR6hKrOL6YUO4ikuH4LJQ1HuvNxMUzTAYsfLvokAfOsmL0=
zUs1u" style=3D"color: #1D5080;" test=3D"">Financial Times</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 Anthropic, OpenA=
I and SpaceX could potentially generate more than $100 billion in proceeds =
when they list publicly. [<a href=3D"https://url6380.news.pitchbook.com/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXvMgYYxTa0TM6o=
9KE8ccSl0y9Ff9uFul39yQ2H3wkdqQ-3D-3DEILe_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJ=
YL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrCPhYbegCc-2Fs63v3rGJrhnD-2BewiZubd088r3u=
Q-2BUaeLODVbMnkqKVovxUjkXWo3AAT-2BGhKGFFKfxwG8AdR42K3GfLgI8JB05pyqxWdnpywad=
gzwEIYSowKJMBveWaAbftc5kYE2KwNrpSjJVnQjnpo3yaSmtpyZ8Zb7bNgamYjHzmqC7gzijCWk=
b-2BxqeDXcfn1eb3G3TeKgF5Ed6rcSMOBiwguPBCGpg2fj90IP-2FK8o0a8oEPsDDQ3pbb-2FIT=
h4dYkcd4CxPH5IaKP6SXCpwsjHBtEyr3DNoVA-2FmhB3ufcoui-2BoDcajDHswDbWLcmg6-2F-2=
FmFfp97T9X8M9OIKvumQtFpsZ8BCd4QnFzj1j4-2FH6DLrABw-2BKB2XUv0RiSg5FwZ80DFaQjJ=
4nQVYEvlHiEDRnlSR-2BxK6nISgvwFzzS25AXJWsxBRjD9RFbgJNhH8riWTaSAiLKmu3Q43mYB5=
Y6n12lfTcSbzBzWQdi8WODJX8PEui-2F3YizIk-2BZBJgsZLva67S" style=3D"color: #1D5=
080;" test=3D"">Bloomberg</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 "[Cybersecurity]=
 vendors are very aware now that they need to adapt because if they don't, =
these smaller, AI-native companies have a very unique window where they can=
 really penetrate the market," said senior analyst Dimitri Zabelin. [<a hre=
f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzXvMgYYxTa0TM6o9KE8ccSlaonSKqC2PdSf9Dn713xAiw-3=
D-3DxL2C_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N=
VRrCPhYbegCc-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BUaeLODVbMnkqKVovxUjkXWo3AAT-=
2BGhKGFFKfxwG8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBveWaAbftc5kYE2KwNrp=
SjJVnQjnpo3yaSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeKgF5Ed6rcSMO=
BiwguPBCGpg2fj90IP-2FK8qvxq78YkxfLX1JUDApPC9yd1yG88CIpyVSDX-2FDgptlcwxRNQ9I=
FWOXd1qqF0D6hkwEDK3kRdNkBOcM5SUPI4XmWYfMkmi-2BdnOd7-2FkvOofEl-2FcykaRHjDMxz=
NtkrO8hW2G8yizNyNQlooHgDBlsARu3bSpne8f-2B-2FwLQ-2FLtGRSV8sDNpF8t-2BRZxBepq4=
OhAGqlLnKMUr90LE84aVT4I46WwkmCuocKOE81AMnpCxtb0B7bHjhSP6iq6oNRKLtLsGpPrNQ5r=
3UNJyVIRecd7SkfrD" style=3D"color: #1D5080;" test=3D"">Axios</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;=
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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>
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                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
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                               More of our recent research (* - premium):<b=
r><br><b>Market updates</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrCPhYbegCc=
-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BUaeLODVbMnkqKVovxUjkXWo3AAT-2BGhKGFFKfxw=
G8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBveWaAbftc5kYE2KwNrpSjJVnQjnpo3y=
aSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeKgF5Ed6rcSMOBiwguPBCGpg2=
fj90IP-2FK8rHWfGJK7xfEedaMMQpkKwlC-2FwZBUCiaAkOuCQ-2Fvt0k29Nkotikn78FopP9gA=
YkAti4w2djLu2ipO1OaCKIa74S-2Fgv86scd22Zkg4lcoHXMvMMgyBaOpHjMkbPzwMVN4Zwk5Yt=
rTsVqnnjMmE6IcVIpz9PVE4o7JIhK3NzipG9WVmK8fvF4Es5XV7b30ltM0f4I-2B-2BmignC-2F=
ruduI7htHYEsgFXmh38dpkPzwZnWZYLPOFcFJXlqm-2FCj0CT-2BgO96ft5KKdIKJBgNHMDMApk=
cD3od" 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=
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xwG8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBveWaAbftc5kYE2KwNrpSjJVnQjnpo=
3yaSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeKgF5Ed6rcSMOBiwguPBCGp=
g2fj90IP-2FK8p0dj2NrUhmU23bAM-2BMRSmdBrtbIGaD-2FcX4x-2BX-2FzY3vu-2FY0HmGUxF=
Lcp1-2BczxgN5-2FZaQe-2FWtys4ggUESR0YFeNpN0nkW21TbJT2tyVXMEW23ZrZFsVGGwqLKxF=
qmfdfRpoKx4Do5gRQDmhx3xn2SvSB7-2FCBirKAH4XA-2FyAntSLtMJ-2FrdmDaZuV8hQUcVNE6=
uIcYHw6XhjGKZOhtxCP-2BegJPy0UI9f9F-2BrLU-2BZElZ2-2B1WM1vVIgRklEmkRB8sgBVGyz=
qHJt5pFZL5rCuDltdy7el" style=3D"color: #1D5080;" test=3D"" universal=3D"tru=
e">US PE Middle Market Report </a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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Cc-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BUaeLODVbMnkqKVovxUjkXWo3AAT-2BGhKGFFKf=
xwG8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBveWaAbftc5kYE2KwNrpSjJVnQjnpo=
3yaSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeKgF5Ed6rcSMOBiwguPBCGp=
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UvMKW4R-2F6rRRPZz-2FRbGLxHDlQQT43nZujFU0kanNKAhTEE5bZQVK9idf3B-2BEvjfI25Zgx=
bRKs4PzJ9FA78UjMPEoKIyEzPuaZ07ezlunU3INH1YVHJvgKc-2BN8SRPTDsWv4F6tN8fibDxMl=
7Z1HGeCmS-2BJ6hIesDT4VMZca7YQrWzzoxcVFt1qwhows7kFz6FNYeN52nyx3NmelmzQd29Kv-=
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le Founders in the VC Ecosystem</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrCPhYbeg=
Cc-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BUaeLODVbMnkqKVovxUjkXWo3AAT-2BGhKGFFKf=
xwG8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBveWaAbftc5kYE2KwNrpSjJVnQjnpo=
3yaSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeKgF5Ed6rcSMOBiwguPBCGp=
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yvpHN" style=3D"color: #1D5080;" test=3D"" universal=3D"true">European All =
In: Female Founders in the VC Ecosystem</a></b><br><br><b>Thematic research=
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R8MQUqugA9yVAG2-2FE" style=3D"color: #1D5080;" test=3D"" universal=3D"true"=
>VC Investment in Consumer AI </a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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Cc-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BUaeLODVbMnkqKVovxUjkXWo3AAT-2BGhKGFFKf=
xwG8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBveWaAbftc5kYE2KwNrpSjJVnQjnpo=
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g2fj90IP-2FK8oC46ShrLCG4-2FJvXifXeX-2BidlIa53uwi98qszfiw9zYIQyAH0JK53imgunf=
cRcyWwY8-2FtRtbggql9BESe-2B3zyAsZy4RpOglE7XxuhaMObkuY13vRwE6mO0U1xElUwbqYu6=
0VxuylwvgLgKJADhFL9uYbOPfIs1Fs98z7a4xIGuwgkRDIu5sbdg9Q-2Fl-2FXFsu8fdp-2BEzu=
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Os Could Threaten 2026 IPO Class</a></b><br>
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A-2BVSB1gKkvZNm7nIGKztL7rez2cwb7qC7ICeC4E666gSILmh8GQVpZlJoLAEbSch5FmKoWkVU=
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jXeyEsSDu" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Through t=
he Looking Glass: The Race to Build Enterprise AI</a></b><br><br><b>Industr=
y &amp; tech research</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrCPhYbeg=
Cc-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BUaeLODVbMnkqKVovxUjkXWo3AAT-2BGhKGFFKf=
xwG8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBveWaAbftc5kYE2KwNrpSjJVnQjnpo=
3yaSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeKgF5Ed6rcSMOBiwguPBCGp=
g2fj90IP-2FK8pcF-2B-2FtXvI6Wcb8wQBVxoXLq-2FxLtnMd0HQT7bdbxxLK4K6w8irDJSumbo=
WxgefM-2BW9bp-2FnfqiBAxFU1SoD8vF-2BJFq0pU0MKunb9lPLZAMJDB-2BKBYaKoL69VZPS7e=
cITI3P2CWkA7-2B8fkgp4FSbUoi1-2FFwuK80dixqy-2BA9eC2QgRQlnpT-2BoVl2ERCiZOnDXW=
3xUX76acSlZKtSQoAgeUhTvfPDtJfET-2F77XTGpi5FJB6BU8XHUkVgg48KcumIXdklvuXBD7ka=
-2Bk9OeHSCMsgsaBW" style=3D"color: #1D5080;" test=3D"" universal=3D"true">R=
obotics &amp; Physical AI VC Trends </a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzVXBqq07cQdK5TK1ULvST4JRy3dlZSqImOGXpbhUUYn6w-3D-3DIrnM_Pr9=
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-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BUaeLODVbMnkqKVovxUjkXWo3AAT-2BGhKGFFKfxw=
G8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBveWaAbftc5kYE2KwNrpSjJVnQjnpo3y=
aSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeKgF5Ed6rcSMOBiwguPBCGpg2=
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HJ8KDyZgtBPf6QnvXGBYaVGJf5hz30zEwmqV1ZxjpwoPxIXRnPC1OFjE4oDW8cfRXYBivxAq-2F=
EDlXQe8-2BHx8Y6jjgQyXKaSCZhU4txeTdPH8iM0i6q0reT9ByvmsFj63AwZvFxfLb1Zr8bU4TZ=
r6J58H64roJncgoo2l0RbqoLucqxcOA0bY-2FBFCQfznuhkDQATXgMkqwE-2By9kpLURFSijL2S=
Iz-2B" style=3D"color: #1D5080;" test=3D"" universal=3D"true"> Advanced Com=
puting PE and VC Trends</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzVXBqq07cQdK5TK1ULvST4JZDd4XBGJL-2BLpbLFKYQacZg-3D-3DVS7a_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrCPhYbeg=
Cc-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BUaeLODVbMnkqKVovxUjkXWo3AAT-2BGhKGFFKf=
xwG8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBveWaAbftc5kYE2KwNrpSjJVnQjnpo=
3yaSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeKgF5Ed6rcSMOBiwguPBCGp=
g2fj90IP-2FK8rKSPlHRkFEEPeWZRMihlh3copaZNDP5HBCWAACxyigO0xbUWnxB9D9fbjEZC27=
xgA-2B3SUVI-2F29Oa7L4-2FgCI3-2B-2FOxK208Cnz9bENTzmv4X-2FvLm38io4I5AsS1oBEx6=
toquF-2BTEYAFqsEIWwF411xW2moebXYEOhW92O6-2FPu9MUXob2MwskswZKyrVuVGMunbEqWtr=
xn-2BHWUiDTiQDJcAHGCqPsxR8GgF3Wa1NKVIfI8yVWp0xkkJPgRHf4PMMD9igyvG318ueeBLl2=
OUFEwCqn2" style=3D"color: #1D5080;" test=3D"" universal=3D"true"> Q4 2025 =
Construction &amp; Engineering Report</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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2BaqM7ONnvsnswouzUXmrIhO1IdY5QXCWWrRB3K0Z6ARGU8cPSN05AocEPZqQ-3D-3DRbv0_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrCPhYbegCc=
-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BUaeLODVbMnkqKVovxUjkXWo3AAT-2BGhKGFFKfxw=
G8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBveWaAbftc5kYE2KwNrpSjJVnQjnpo3y=
aSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeKgF5Ed6rcSMOBiwguPBCGpg2=
fj90IP-2FK8qN2CiGJJsbJMer9PPH9JJ7dEwXQny-2B11Nqk8AUGmuFN3CrZNtGDnxGQ8OmArCK=
AYtwZr403x-2B3JbbeTbonaU6PlbDDyremrm6PpTd9Gct17wOvIngb76mNhAIDfSwd8C2ssLHrF=
haUDDEXiDSKQFQ99tcmc75zRRfh4SPjr2la-2BzFtAQG-2B6rkArHfKq9JJG2Wd9bqgpwya6OU9=
0OkpFMHDQrTLtBkzDCAALcYGwbrLb9iC7ByOTZuH3GjOQvKuFUeVxjjim7x3QICnXjwuGhA4" s=
tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">US Credit Markets Wee=
kly Wrap</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzUXmrIhO1IdY5QXCWWrRB3Ks8neQ6WXgerBSuEohAqhyg-3D-3DZ0eq_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrCPhYbegCc=
-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BUaeLODVbMnkqKVovxUjkXWo3AAT-2BGhKGFFKfxw=
G8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBveWaAbftc5kYE2KwNrpSjJVnQjnpo3y=
aSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeKgF5Ed6rcSMOBiwguPBCGpg2=
fj90IP-2FK8ok5Q52q0ZFlHslfeoYwrnqzvfsrltPuwMHN1y8sUchyMpK8MuqUh8f5ZYnkWWheK=
AVdP7yC5r-2BqQnwU70S15Kx-2B4Mwza8V9Me6RvTKhfXjFv9xDJx-2BsSL16h7Ydp5fxlDGuKW=
V9u8CGtw0ZwOJhqPvj7n2eE2G1wVcoK-2B9g2MtEQJ1lwJb-2FPwvQ6eKlDawou3utjy8zPbSKd=
2-2FDOsvMySqjftoIgrkh95nLQeeLunbtpLTL7jlP-2B77IHDnWRkLPltDg4euLenOa4WYooYkk=
pSv" style=3D"color: #1D5080;" test=3D"" universal=3D"true">US High-Yield B=
ond Weekly Wrap</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
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66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrCPhYbegCc=
-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BUaeLODVbMnkqKVovxUjkXWo3AAT-2BGhKGFFKfxw=
G8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBveWaAbftc5kYE2KwNrpSjJVnQjnpo3y=
aSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeKgF5Ed6rcSMOBiwguPBCGpg2=
fj90IP-2FK8pcqt44YA4aIB5IucCpvybEqQBCM5j9fMzAa7uuQnVgpa2jiT-2FXYlxVowXBJYRJ=
sN3dTc11-2F3GE1JDC2SiFFJIqaarnotl-2B3l30MXwst7F5oueQguUAK-2F6uiX5W4I4RgvAww=
3LKS85cUMRmwxKqElz8aP8VixrN4cu3JXGFe6xUheYVByN9D3971b00ClJAhcbfHWT30zL3wEkO=
IrsJz20wW5AFEfLg49XvNVOgeuUcDULT5XoTdvkzRj-2BLQs491hRJ4py9Xgh6aMZsS15437nA"=
 style=3D"color: #1D5080;" test=3D"" universal=3D"true">Global CLO Weekly W=
rap</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-=
2BaqM7ONnvsnswouzUXmrIhO1IdY5QXCWWrRB3Kjg-2FrL-2BjA35-2FpPXwK3vUNIw-3D-3DAl=
Bl_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrCPh=
YbegCc-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BUaeLODVbMnkqKVovxUjkXWo3AAT-2BGhKG=
FFKfxwG8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBveWaAbftc5kYE2KwNrpSjJVnQ=
jnpo3yaSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeKgF5Ed6rcSMOBiwguP=
BCGpg2fj90IP-2FK8pqMveVDEMzCs-2FTOE0TLbsZTdr-2BCtjUDvkNwUdO136MxDlqZy7mluni=
nLHzVLbUapkZXCKoXTEztxcG5L0e9fshvhdO7NZc-2BKtSrRetklJOl3I-2BlCzwqdteSCb4s1h=
Jo6lO2OloB4YdonLdqqobJHN8LECvd-2BwN5oivDzwpDfJTxyewGv9e3VMsT0Jnl0kIkZlOmh3C=
50va692NfrXeqad6yV-2FudKBZXSCjN-2Flx9A19nR1J80ZqmQI55aV-2FVsFQCZxzXJFkDn6rY=
xwBpFSVbrXR" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Global =
Distressed Credit Weekly Wrap</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrCPhYbegCc=
-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BUaeLODVbMnkqKVovxUjkXWo3AAT-2BGhKGFFKfxw=
G8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBveWaAbftc5kYE2KwNrpSjJVnQjnpo3y=
aSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeKgF5Ed6rcSMOBiwguPBCGpg2=
fj90IP-2FK8pJF7ZzQjqsWxxiTij7twTybox5CX7UpRkMNT-2FmLZE7V81tSSAOfmA6XngyAy7c=
s9wS-2FpcCMzb44HVDfz11A2-2FGyoT1uSSmNiU3YleUzpi7rJdJjOpVh9fhwRztJscC6e4Qi5l=
I8TyzWVpQ-2FK751k4wFWLAH-2FxpSFh-2F27GfcHgpOJDIgvLmd7o1UdL24rrmx5krmoPPqj6c=
88cxJRxIBp7mWBDDKqTQR93h7JZvC03LjHkX7S5zxABlk9q5O5PHjzQqzaL9bg2TPMh5Tqu-2BS=
dmP" style=3D"color: #1D5080;" test=3D"" universal=3D"true">US Private Cred=
it &amp; Middle Market Weekly Wrap</a></b><br><br><b>Coming next week (subj=
ect to change)</b><br><br>
                               =E2=80=83=E2=80=A2 AI Impact on Automotive M=
anufacturing<br>
                               =E2=80=83=E2=80=A2 European AI<br>
                               =E2=80=83=E2=80=A2 March 2026 Global Markets=
 Snapshot<br>
                               =E2=80=83=E2=80=A2 2025 Climate Tech PE Tren=
ds<br>
                               =E2=80=83=E2=80=A2 Q1 2026 Venture Monitor F=
irst Look</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
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                    </tr>
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                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
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29XqA5NFPO3hRvF2o-2FgWzpTfuPovpA-2FeYpeHM-2B11lM5cipf-2BpRpMwDy2HhN-2BiLYn8=
nwXdjj4XNv-2FdoPIWLfwtDOICohK0i1E7j-2F8hmBLTYUOG" style=3D"color: #1D5080;"=
 test=3D"">pitchbook.com/subscribe</a></b>.</em></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td>
                  <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;">
                              527
                              </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;">
                              2300
                              </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;">
                              962
                              </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;">
                              16
                              </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=
6GFa-2BaqM7ONnvsnswouzVAoK7eO4QXJBNK6xovbmvHTUoQ-2FZantGtJ514NUHMG1A-3D-3DK=
XS7_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrCP=
hYbegCc-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BUaeLODVbMnkqKVovxUjkXWo3AAT-2BGhK=
GFFKfxwG8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBveWaAbftc5kYE2KwNrpSjJVn=
Qjnpo3yaSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeKgF5Ed6rcSMOBiwgu=
PBCGpg2fj90IP-2FK8oOfogGUmDxhj3AAxQVQiIF9KbUlo59bJPTObBDCV12MhhYC7yVx1xrx4w=
Q-2BdiltRY351ERXSSXOAZUM14lpYH2ejeSuTKmlO8pJSP4UzWe1-2FnQ-2Fkk9djvkJhMXOlDW=
9E7Dl7md8EFGYNYgOuKGROFUmDbZVbKyzzh3eV1UjqJmqE6-2FFw4QYOxZ709c0ENR48eMysdbu=
OHjXddZRrRXL-2Bfz0Ezv07qXPsvgIUbxx8CDyuSFWwLRXzHuhV6Hc4yKIDHhqnCHCRkQ6qmNTZ=
ZYXYQl" target=3D"_blank" style=3D"display: block;
                                                          font-family: Robo=
to, Arial, sans-serif;
                                                          font-size: 12px;
                                                          color: #000000;
                                                          text-decoration: =
none;
                                                          line-height: 24px=
;
                                                          text-align: cente=
r;
                                                          padding: 9.5px 21=
.5px;
                                                          border-radius: 99=
9px;
                                                          background-color:=
 #F79B3E;
                                                          width: 150px;
                                                          mso-hide: all;"> =
Request a free trial </a> </td>
                            </tr>
                            <tr>
                             <td style=3D"height: 25px; line-height: 25px;"=
></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td height=3D"20" style=3D"line-height: 20px;">&nbsp;</td>
                </tr>
               </tbody>
              </table></td>=20
             <td class=3D"side-bar" width=3D"140" valign=3D"top" align=3D"r=
ight" style=3D"padding-left: 20px;"></td>
            </tr>
           </tbody>
          </table></td>
        </tr> =20
        <tr>
         <td>
          <table lang=3D"x-footer" width=3D"100%" cellspacing=3D"0" cellpad=
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                 <td style=3D"font-family: Roboto, Arial, sans-serif; font-=
size: 10px; -webkit-text-size-adjust: none; text-align: center;" align=3D"c=
enter"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4=
n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVAoK7eO4QXJBNK6xovbmvHDtrVYuYzvST=
Xim-2Fi34l6og-3D-3DYWAD_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRrCPhYbegCc-2Fs63v3rGJrhnD-2BewiZubd088r3uQ-2BUaeLODVbMnkqK=
VovxUjkXWo3AAT-2BGhKGFFKfxwG8AdR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBveWa=
Abftc5kYE2KwNrpSjJVnQjnpo3yaSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1eb3G=
3TeKgF5Ed6rcSMOBiwguPBCGpg2fj90IP-2FK8q3sS99hTPOxqHLPv4xCVwFHGrkPaw08WPYFMz=
hGgRdqlY-2F0TP2rhNpeBczQb58qOwtZD0lhRrMIXyXmOlDBcU3JjrYSs8kXc5A0XjiaEsZsEQU=
YQzn4n38550QmIhWD0hfkB8JPy1NQnebyUiRpjc2G5Djvaxkxc0NG7h1VtuaKONH-2FfdXJFpyi=
zzcoWU-2BHsg4maW2p86zwS0wFgzhvfy0lq2PX-2FV0v5ptB8KXr4Q7A0-2BV2tOKn8C-2BjZEE=
780Y20pgoD88YQYfdu-2BSiFNQWpmr" target=3D"_blank" style=3D"text-decoration:=
 underline; color: #1D5080">About PitchBook</a> | <a href=3D"https://url638=
0.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba=
qM7ONnvsnswouzVAoK7eO4QXJBNK6xovbmvH9cGWc5vQjB3kDpYT8RLrZg-3D-3DFV4o_Pr966k=
nuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrCPhYbegCc-2F=
s63v3rGJrhnD-2BewiZubd088r3uQ-2BUaeLODVbMnkqKVovxUjkXWo3AAT-2BGhKGFFKfxwG8A=
dR42K3GfLgI8JB05pyqxWdnpywadgzwEIYSowKJMBveWaAbftc5kYE2KwNrpSjJVnQjnpo3yaSm=
tpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeKgF5Ed6rcSMOBiwguPBCGpg2fj9=
0IP-2FK8pd-2B7M9JroydRxyOS1lgGi2nslk6VBptat6WyBiZ8WfYkTX2mvhOuU3FY9o-2BoSDg=
Lw1yz0ZjkmaytNDd-2BbfvatdehqLupBEDqZuHE1s-2Fj-2FAqeZPdSA7BrbbGR5tOikMxUJWIA=
vocLto6TQiZ4UR3L-2FLmlUCHqFuGtt4bsW0eiNXiYgupIr-2Fxwn5SMraIikNBsLbZ5vkbqEdc=
8u-2BJKnzAg4HEP67lUFfyf-2FySZdcQXKHDdTui8sdqJXy8vucPr-2F0ZcMUkxEeHqmMb6wQfz=
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itchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo=
uzVAoK7eO4QXJBNK6xovbmvH1MZxUGDqobyIzfHM3RPJDQ-3D-3DJSo-_Pr966knuaHmaw6c7pK=
vB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrCPhYbegCc-2Fs63v3rGJrhnD=
-2BewiZubd088r3uQ-2BUaeLODVbMnkqKVovxUjkXWo3AAT-2BGhKGFFKfxwG8AdR42K3GfLgI8=
JB05pyqxWdnpywadgzwEIYSowKJMBveWaAbftc5kYE2KwNrpSjJVnQjnpo3yaSmtpyZ8Zb7bNga=
mYjHzmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeKgF5Ed6rcSMOBiwguPBCGpg2fj90IP-2FK8pnl-=
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tion: underline; color: #1D5080" universal=3D"true">Contact</a>
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a-2BaqM7ONnvsnswouzVAoK7eO4QXJBNK6xovbmvHax8KgBMOoGdbLhJIBYZKNw-3D-3DABJJ_P=
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g2fj90IP-2FK8ovyN3Mib984sHP3VwsOohqrYfs-2BAwBH5-2FY7zW11YpqhrGJf1ESD4-2BPM5=
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3OY0aKqYC9NI5EW3erC6pefj-2FV-2BI1yAisgbJj-2BdF2DKFVvcw4TZQy7jssPMGauwBLcjiC=
ChHALerZzGbAXh5gh34-2Fdmw1-2BvPLF0gAFeHtbmnJPvAAYXlzpQ4Js5WxPeNWDnZU-2BZOPa=
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Ua_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrCPh=
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jnpo3yaSmtpyZ8Zb7bNgamYjHzmqC7gzijCWkb-2BxqeDXcfn1eb3G3TeKgF5Ed6rcSMOBiwguP=
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zR1Hg-2FsjZudg06M8L-2Fg7BF5zddMubgrNrVVGw-2BXlkHqK2FI96pE2FZz-2FhIQyZ6nel9w=
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gn: middle;"> </a></td>
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ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVAoK7eO4QXJ=
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5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrCPhYbegCc-2Fs63v3rGJrhnD-2BewiZubd0=
88r3uQ-2BUaeLODVbMnkqKVovxUjkXWo3AAT-2BGhKGFFKfxwG8AdR42K3GfLgI8JB05pyqxWdn=
pywadgzwEIYSowKJMBveWaAbftc5kYE2KwNrpSjJVnQjnpo3yaSmtpyZ8Zb7bNgamYjHzmqC7gz=
ijCWkb-2BxqeDXcfn1eb3G3TeKgF5Ed6rcSMOBiwguPBCGpg2fj90IP-2FK8qqtgPoDg0mlo-2F=
ggKMgiAxr1KpF9gi3VQJXt89jkTVAghta95oPUdpZki-2FgQn1aemjfXByuYyYLJ0QzjDZIYUdq=
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