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font-family: Roboto Serif, Ge= orgia, serif; font-size: 44px; font-weight: 500"><span>The Research Pitch</= span></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 14px; padding-top: 11px;"><span>Presented by <a href= =3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzVN5SgTEkeUXoUKDO5YCEVtOcNj6Xptrxqr0plEk0oB8g-3D= -3Dcku9_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs= FaBinvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif= 5q-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-= 2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUr= uHqcf4COJpXhh4NtW6yjekiW6QX6o4YbbDPLcPVRmkLvBk-2BQ9USFVpY-2FNSIsTCuAvZvbGzB= xaAZNjCPde2meg6t0sf3Skys42pMm0AWimfDKwuRYWw-2BnyhfgFKD6wtXDlXQMBHWmoCSlloYI= rxRytwGm-2B3wUIQieNX0ySKmqxLvKPRJ4xBnQXx5TvdNP2abpI5xXLAktPd-2BOcPpzTUMkZ25= KgfVdl0-2Bt67AY-2BP8UKpu-2F5s-2B-2BXVGGWPtU9r-2BE-2BwMdUZzo8ccXqOTj8sMlXzYb= KGtbMfBGNo56Hjq2aAimR0YcNFX8vO" target=3D"_blank" style=3D"text-decoration:= underline; color: #1D5080; font-size: 14px; font-family: Roboto, Arial;">F= MI</a></span></td> </tr> <tr> <td height=3D"38" style=3D"padding: 0; line-height: 38px;">&nb= sp;</td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-content" cellpadding=3D"0" cellspacing=3D"0" bor= der=3D"0" width=3D"100%" style=3D"min-width: 100%!important; width: 100%!im= portant;"> <tbody> <tr> =20 <td class=3D"content" width=3D"460" valign=3D"top" style=3D"ma= x-width: 460px; padding-left:5px; padding-right:5px;"> <table lang=3D"x-main-content" width=3D"100%" cellpadding=3D"= 0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"= > <tbody> <tr> <td style=3D"padding: 0;"> <table class=3D" " cellpadding=3D"0" cells= pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20 "> <tbody> <tr> <td lang=3D"x-advertisement" style=3D"padding-bottom: = 20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzVN5SgTEkeUXoUKDO5YCEVtOcNj6Xptrxqr0plEk0oB8g-3D-3DpAd= U_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinv= ze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQ= Adc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TM= UZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4= CJmTkHhZ24ziH-2FQ3MWu8bzZaJUq8jmAVvBlYydlL8LHCEWsWkPKF9tib-2FEXoxI1smPN5gP8= QvffUcTdDa0qoHKHRYyolkeM8SBixelff6uEF7SlxjK7L9FxvTkJticc3aT8717Wc-2B0XTc2py= -2FXegb4lwQrxNBvxlRqO5MliTxhSleje5VfjS0nFUVIXCqR0oYW80Eg-2F3Q89myQxGNTnonD9= LhMR1XZ7tdP0P63cU02d-2Fs83GHAzYXDNJ4qhpSe6NcCmzgYqibL1xZYwYzNjGiZ4C8ewSaMy8= oQs-2B42edkbDW"><img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4= 527/FMIHorizontalbanner.png" alt=3D"Ads" style=3D"padding: 0px; margin: 0px= ; border: 0px; display: block; width: 100%; height: auto;"></a></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>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= ?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzViMxpf6MVJwQW7IWrju= YgZ8J4Kn4yaULB-2BsNa4ijvdtQ-3D-3DCkdE_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRF= Cfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs3= 34ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2F= Z1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4F= vlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CC1Xz3lDCYloB9ROkASapoBrgjVNRQNgDLzSv9V= hO8fgRhWYtCZwSELAcV09mANQA1Bb57YaFiallBmwQQaMMHfobq-2F89qJNEtKjrQfVjxIYE80c= Km-2FVuzcdq8tzJ5-2FW2EKc6AAljfoRrbl0p-2Bj1k6pfioLOs0C7fF-2FqVTsZu1TdpvFl-2F= 2BsUT0ZT-2BMWAe26kebjlENGqglRI2-2BUZxfU0cMr3U65nmKclq7zO6-2FwaEEwZCF6GK44cT= PznF-2FZiLf-2BBjUvdLH-2Fwm-2BVO9lHmqf5uA9tlF8O5TxtRm9BSohF0icG" style=3D"co= lor: #1D5080;" 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 returns 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=3Du0= 01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzViMxpf6MVJwQW7IWrjuYgZ9S7FDK= pEXNTgxR-2BzZBE7eA-3D-3DZcBg_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3= t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgq= v1EIwfWNwh02tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61m= WepV0nwfOlqcObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6= TPp5FN1XE5y-2B1zqCCUruHqcf4CC3ENCzv0ThdP0gisrcajIFApn3x5I6ZdIsQpidqxoDy0x2W= NkBbhsEhxfA6AIRMk71fwPu0eyOGN1VRlzlLSHOvrGe-2F0yhQGdx5wW1XXiOOInntSju0jVmCI= a1mguzBIR2zDQHcySatNwNWX73Yfye80qWJ8214M8B7VQxF3nebGwDoHtVVvwSCjNf9zLoE-2F3= AJeHuIVprkzMANzNlRKI-2FHlhzxsMxpJ6ESryMYxSNa9E3AmIm-2BWaQg-2F1AEh24IJuXZNnW= Bwlz6c-2BLa70hUfbDtNH9bCbQSdsThChuZZguh" 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"> </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;"> </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-2BaqM7ONnvsnswouzVN5SgTEkeUXoUKDO5YCEVtOcNj6Xptrxqr0pl= Ek0oB8g-3D-3DGq_R_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU= gFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh0= 2tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlq= cObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y= -2B1zqCCUruHqcf4CPQP3rVJ1qA0nkE7C1MfETu7URt4EY-2FlJXefjbr-2B724KYkfYunl0hti= mhaAeWfZ-2BbAtnmMboco7ZHKdDVusHsQZDK-2BB8ZpRCy4KiAoSYsuMhkuroRWdDu74dM0C-2F= VSz5FMJtA8WQg-2FNW7m0Vt5L7DQV7yiHDp6XWgV-2Bg6jDdZvgkcGstY-2F9dYi1lrR-2Fyw9Z= LtsKD-2FIR5KD-2FiGv7OCdWERQu6lcmHTM-2B7iqpzIev3pckA-2FG30yjnCIWwBYPwjNCUoIE= 9H-2Bz9ptlYYo6WuilVhZBAUpVx-2F9wESIUd5K0d0gGTo"> <img align=3D"center" alt= =3D"" src=3D"https://img.pitchbook.com/news/72852.png" style=3D"border: non= e; width: 100%; height: auto;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </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-2BaqM7ONnvsnswouzVN5SgTEkeUXoUKDO5YCEVtOcNj6Xptrxqr0plEk0oB8g-3D-3DlPAC_= I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze= -2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAd= c-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZ= e9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CL= Cx9dB-2BSXr2vL6kRoQIcL5yI-2BXBRcaP9vn2HwJOmlc-2BmIxcCzAE2k-2Fth-2BIiW6x-2BB= 4oTGPvqHDEDb79U6DEapwBg6D4P9-2FlFHqwpCUPooTwekSycSBV38bkeHcoIqfC4AOKTgkLqgD= U1-2B6IliFaM-2FeB192TmKLJGBmx8OXxwanCj9sVZi1at7SzGNA462qU0vcxcyESc-2BcIyz8y= i4D1Ca4RZRid3Yf6WeOOFJ83Q4Dk9ZLXTATpku0YQKriglFx8fT0bO-2F2FiVLpai0joDQ9kvNQ= 6i-2F8wNfkgbieHhLqVYAC" style=3D"color: #1D5080;" test=3D"">Read the full r= eport</a> to understand key trends, opportunities and ways private equity c= an invest in the space.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_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= Mxpf6MVJwQW7IWrjuYgZ5ZMa9imbijv7yn2-2FStb5nA-3D-3DHdEb_I3w5d9c01gkD8gLzFEof= ZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjS= cKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9= csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B= 6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CJ-2BJHxg0NYs0lsdQJZNH= cvLPBkMCJDH1htmcNNzwwOVHiMU2MF7DN6PH3yZEP7MGTS7O18-2FKQCxKAWiJyUb88NOiJnaGW= rwn3efmJhuhlaZuakDGj1lns95pR7B3DBb9d7Abv7Dx9axhhBYaHdk2VLrCft1t77g5xQaL6s7I= bWBHW0G9d5rnrK7NCHW4Y3sKz89cVPIt2kyCaJbokquJgALTGuhmmwPdGP6VOi0BugabZZGydx1= mQgxEJPsyIh11S9Wb3KVSlQlpbXaGdGDXJG27-2FHeOq9NNgAYYXtml8nue" universal=3D"t= rue"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/7= 3503.png" style=3D"border: none; width: 100%; height: auto;"></a> </div> <div> </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-2BaqM7ONnvsnswouzViMxpf6MVJwQW7IWrjuYgZOOcyRwB9-2FFPId4MGcuGbVQ= -3D-3Djv2c_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8= PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfI= Nif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB= 1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqC= CUruHqcf4CG-2FscEUoa-2FRQyNYc7gvSaKn-2B2MkFg-2FY4fhdxzYkdAKlMiSZKqnNI84BUJt= Pancw7Zfpa1fJoXzVIZF6Ki8dTZMZfBWa3LKxtCe-2F6LOIJTSiWHuG8Wpdrw23PYPo2-2FTBFJ= jHD1OCOp2QPCRuedcC-2B2MZ6TSkIP-2FyIEzqFmu-2F9SI1CoBJSuAvCJgEjD-2F7r0P9aCGm7= Zp-2FrNdsx7zpkmspJZd16kHynGZvAFQq9Y1fdyXSR559UgpkxAVeoltNoYV5N5oXXUoSypUmpT= NDxd4baopy3It6QU6AlfpvsBSVtYSjg" style=3D"color: #1D5080;" test=3D"" univer= sal=3D"true">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"= > </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&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= Mxpf6MVJwQW7IWrjuYgZ-2FqW0eetR1zN70xJAjb5LAg-3D-3DSDWI_I3w5d9c01gkD8gLzFEof= ZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjS= cKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9= csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B= 6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CG-2FscEUoa-2FRQyNYc7g= vSaKm-2FxMLGxkuE-2F6s4xOUR3q5XQfoB-2FDefG-2FNsWjL-2Fsz6Ynib2RHN35zEHk8-2BEE= 2AQ4xmE0edHO5w5IK-2FQTww7BNJ7TYWhd82MhM-2FWlmkIXo2bzNH4WiWqvxMPreHRQgb5a3DL= Dy-2B5-2FQaeqiBAcE0yQIfyggb6iSZuNB9M3NAHWYdhMehfbWhcnmzgqlYX2JY5EM-2BXRqUvf= FS7r5oFtAMUtk9gLXope4hO6-2FY-2BySeXVpmcrcNp-2FbQEJzdZ6SzVTKeyRMV4ErLMMQurLA= cBJYgXFQD-2B" universal=3D"true"><img align=3D"center" alt=3D"" src=3D"http= s://img.pitchbook.com/news/73448.png" style=3D"border: none; width: 100%; h= eight: auto;"></a> </div> <div> </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&= ;A surged 102.2% year-over-year while VC-backed M&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 & 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= 6MVJwQW7IWrjuYgZXBD-2FjSKPm0Lw2O8ZonDjRA-3D-3DnWt__I3w5d9c01gkD8gLzFEofZR-2= Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVw= n9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJ= sYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp= 30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CG-2FscEUoa-2FRQyNYc7gvSaK= ndsaAV8SZZtabFu79afVd9K2-2BRbXz5GfkTFsvBYhi1C9iPWjduONUbgpIORkhiKAv0EtaatyC= JEDdz7YoJorMzdYDLVGw1WkGLREUWx8C0JxoUvZh1RfW-2FCu4Vwhfd1VqyJZbFjT14csCAygZb= mV7rsNnK4c7Og3LnzJwcXDaOTAdvbPAVgoko6Xq3-2FnwpN2-2FVc-2FARZtHxv9tEssRPckObP= ukkCjEmH4OHeEwH5tOsjkArQa5tSLusRVaRFXCc-2F4zlbiyWyAK6PQamhi7zrsS7" 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> <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">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"> <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/734= 34.png" style=3D"border: none; width: 100%; height: auto;"> </td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Industry & Tech Research</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br><b= ><big><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzViMxpf6MVJwQW7IWrjuYgZ-2FvUOvz= 7GhymghYXR4u-2FCWA-3D-3DY7ua_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3= t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgq= v1EIwfWNwh02tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61m= WepV0nwfOlqcObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6= TPp5FN1XE5y-2B1zqCCUruHqcf4CG-2FscEUoa-2FRQyNYc7gvSaKlUUwusHQ9srLIK3T07DnsM= hMZdH6y4-2BIKPQQ-2F-2Br64tFP1QQJKjOdeCUfJj5FMI1cBAv4Igs2llSCNqWVMXjA4qZqspe= a-2F2V3i0G8LWpejAZxaGn0D5MTTi9o4AfdprH62f9RKS3RA3TE0w5p4IGDmLpG7bNcgcmlNX9g= X3gA2NVVRd-2BX3n0U7xU7IKZ9ZciLGa1pDayvhAVe0TMBvCrL5B86Rce2VybXiO-2Fu9Ot4C97= ZYLX2bQ8h-2FY36KfsqTi0izppr8SdM8yZc2VxHuwW2EX" style=3D"color: #1D5080;" te= st=3D"" universal=3D"true">The Most Investable Corner of Defense? Electroni= cs </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> </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-2BaqM7ONnvsnswouzViMxpf6MVJwQW7IWrjuYgZwR-2BV0ij= ESibyAH19VompVg-3D-3DsLB4_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1E= IwfWNwh02tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWep= V0nwfOlqcObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp= 5FN1XE5y-2B1zqCCUruHqcf4CG-2FscEUoa-2FRQyNYc7gvSaKkBnu9OqruwGQgjL28MWhkqPWT= fJvXQONAvBlxhQHxAtIsgOnfAFekAjMqKcikN-2FokFPZIbbX9ygHwPIjZxETOnu66wcnoHsnjk= 9QCJUUXtLlA7YBKEeUKZaQYYiixw-2Fdiw8dndmP-2BpNCr6Kz4i5CxymLcM08Zn3YrAQaKhpiQ= oE-2F0AHc0XFDFud07u1GFfr7i2IhMPnsAyJqlg5bLoN-2FboH4qa-2F6sx-2B1KwK3mPdWHc7x= UPRFp6Qnm-2F9PQ4Ip4ZGBTnGqu9-2FabG1ICkAczkOi83" universal=3D"true"> <img al= ign=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/73465.png" st= yle=3D"border: none; width: 100%; height: auto;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> 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-2FvUOvz= 7GhymghYXR4u-2FCWA-3D-3D9PpU_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3= t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgq= v1EIwfWNwh02tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61m= WepV0nwfOlqcObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6= TPp5FN1XE5y-2B1zqCCUruHqcf4CG-2FscEUoa-2FRQyNYc7gvSaKnlNlsn4-2FbGUmHsaqPGIN= Vq-2BfsqYH1pp625inQhqz8FHBhW6oCokulo3EFepVlTP-2FfvishAhCY6paoiGIG-2B-2FrpHS= ge4SC3CQK84D93mv2Q18EFRHIT-2FslkQbX-2BfwG8mJwVUy9sivlbfLV-2FqCounQIoyacDfQl= GXvI4-2FV86MonPIOzIoYnfGSPzUvI4mQEWYIQuY-2Bvwq3vBeGWEqZavvJA7yAOq0-2BozNDYM= qUi-2BCoNzJKRrk3SRBe-2FiYXlCz3eBIKe5uFqeyhzi3IlYilDD0rbMa" style=3D"color: = #1D5080;" test=3D"" universal=3D"true"><b>Download the report</b></a></em><= /td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Webinars & Events</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>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= ZjLsoPCWVSmM0Ft2BbmW05g-3D-3DKEwW_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz= y-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334Sh= lWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1Ab= Ho61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFD= m0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CG-2FscEUoa-2FRQyNYc7gvSaKk7QwGoypaLJFW6j5k= kuy9uLevyKOwOVkxoimyYJ9iUnv36zobVf-2B1hQ-2F4ORaASaZ1w0a4AnKEf29ss80OJjCBm-2= FpCNQN-2F-2Buo6QPK9AGJX1kP3MOOMcW2ODh-2BBV1AXMCv1Fnf6SrwiciEjdxPEw-2BnkLSAX= V8V75rHj8-2BWFe-2BtrLbwoZWkyEoVzqcC1stbJGnkoY54xTZGnOx0-2Bj5qBj-2BCgSi7Xyxs= 93-2FF6ItbXtHm264oUKd7J57il44Wqb-2BO9Y7x0RoUsnBxpBriZyPqqEpiIJ" style=3D"co= lor: #1D5080;" test=3D"">Register here</a></b>.<br><br><b>April 16-17</b>: = We'll be in Nashville for the US Private Credit Industry Conference on Dire= ct Lending. Nizar Tarhuni, our executive vice president for research & = market intelligence, will discuss how private credit is increasingly financ= ing tech and energy infrastructure, and PitchBook subsidiary Lumonic will p= rovide a live demo. <b><a href=3D"https://url6380.news.pitchbook.com/ls/cli= ck?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzViMxpf6MVJwQW7IWr= juYgZ2ncIyG8h-2BxdOiYOtuxGNqw-3D-3DBwTK_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxB= RFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKK= s334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-= 2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG= 4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CG-2FscEUoa-2FRQyNYc7gvSaKkRXIJqSHRIN= wpMmPmN55CGawOjGJn0FuDcBFyNkMEc-2FCUWHRJmypVp8Ya6CzywyjLHfh-2Flm6gBBtBaIoDF= QNavVcshotrHkARQMPgXk610N6jkb9UcCNwataSpp9aQ2xTXmcxtMT2v-2BdXYiFbCg962MXqWh= OO1ehMTIMYdyrLn0-2BsR-2B6LCCwHcBUsPEg0u5iPE-2BRsyZVpqThShWfFlF4Wn-2FCRz-2FM= b7NdnRfYDcE82IDpm-2FlRgRf3DJ-2BO8h5kRkpzhu4tKtJiuyhsb0e7vO2PP7" style=3D"co= lor: #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 stra= tegies, will give a talk on the rise of evergreen funds. <b><a href=3D"http= s://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G= Fa-2BaqM7ONnvsnswouzXvMgYYxTa0TM6o9KE8ccSl9483qMYHOuJ12RBy9l-2Bi6g-3D-3Dqij= i_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinv= ze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQ= Adc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TM= UZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4= CG-2FscEUoa-2FRQyNYc7gvSaKk9N8-2BcJ-2BNoclMGRe9SKu-2Bbdwh7WZ-2BcV4Fq4aPSUwW= Ldzzt7binPemWl6rFnDpGxKMksyxjRq4SdZ8-2FenEf4Kk86fCNIdaG3AOzOnq83acwPT0omm2a= DQYBdpSE4CSrx-2Bg7IcEVAr6p6yejcJGKtVIJrLG-2BJ9RRUwkfvnHMTo1vFjevon7MUUlxPff= XmaISKoTHTzlG6irXP5OEEycJ6-2BMO-2BQ56qyYKnj0CLAZBODGP8abrS5FV-2Bcggew0ySjIO= uKHLwJY3-2FGLj-2Bnpeb-2FGGusWk" style=3D"color: #1D5080;" test=3D"">Registe= r here</a></b>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>In the News</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> Our insights and data featured in the press:= <br><br> =E2=80=83=E2=80=83=E2=80=A2 Margins are nega= tive for AI labs, with OpenAI projected to burn $14 million in 2026. [<a hr= ef=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw= 7SpSWIrf6GFa-2BaqM7ONnvsnswouzXvMgYYxTa0TM6o9KE8ccSl9YdcaMIGjFz-2BA0xN-2F-2= FuZPQ-3D-3D_U3O_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF= Va0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02t= VGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcO= bkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2= B1zqCCUruHqcf4CG-2FscEUoa-2FRQyNYc7gvSaKlX0B0OGtS-2B7DwCHrSZtx6-2BP0XnAnIde= Q1hayVEt-2F7ADsTuBwCCgjk30nLD6nmad3HO-2FAQl9rwtZGq1cz-2BbNsPRPDj-2BlScI1wjS= AQ1PblbWoDR1AJ4GPyd-2FVdWN-2BOdTW2veyOoOnNMJ9hzSCaCsCwlcZjeZAPWHndLnLpWwoOt= Xr2gFC-2BYZWr5o4y6KGk-2FofOmEol1mdzBQKfqmCQuo6ekKoBe1lYGmKt6ZXnv9m-2BFbxu7P= XPL9JjcWxpAP68d9a9U2SpGCFKTcYahL5vRDniea" style=3D"color: #1D5080;" test=3D= "">The Wall Street Journal</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 Funding rounds f= or startups in Europe have reached a high thanks to US cash. [<a href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzXvMgYYxTa0TM6o9KE8ccSlVbYNcNia41c-2B8vTGeA6ZlQ-3D-3DH= aLg_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBi= nvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2= BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3= TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqc= f4CFxB3mi-2BM5BB-2BVlDXU7ZtrLLiod3wpmqReI6F-2Fnn3o6w8gofkvYK5T4-2FTOHj4-2BJ= 5RJuFTt2OeOsHfWcZ530NXCHBWPLDHC8Qg5Nex08-2BNy0zbV-2FXVfiY-2F4FYbvtQ1aua5b7X= uN7zzLBdu-2FksHVe9F-2BbVKg3Tnnzx2X7OLjM-2BjB5VCeXff99ZoYqBeOCQcWgTmmaXc4F7c= dyRx-2BvHYBWArQyCtGHpuDXJ4GD9Pwa2jFE3CheKiIUBAcJJoBXLmAcHzwhBdayI4GdlIJBf4B= eXxHlQtPDdNmXVSGQoy1QedsnA" 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-2BaqM7ONnvsnswouzXvMgYYxTa0TM6o9KE8ccSlC0-2BIiSUC-2Bzl3BMyP7lbyag-3D-3= Dhj08_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFa= Binvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q= -2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2B= I3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruH= qcf4CFxB3mi-2BM5BB-2BVlDXU7ZtrK4liA2XtvRrCDb6yfg-2B2QckLYDTX3UK-2B0jeR3WFcR= DMqaEp-2FenG0uL4nzt7IJAk7-2F7CZzZX860r6EqJc9DgBlYVV-2F3UsA8JjAy3pUvxtcYSiZs= ZFPQ0mzmpZREXIIFk07i-2F1bcr-2BXPpl1-2F4PcXZiShgNzPtHJqqUiEQK-2FUuybBVqHwiRJ= YyqpsINtsIStWVUIKmDv8HMFKagJCP9S9nkb-2BOvtWyWBcihKtLTcilm9yWIT2-2FcpeBCEN1s= vUDAkyRt44gybgA63ZnCJN5RKd3cqy" style=3D"color: #1D5080;" test=3D"">Financi= al 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= -2BaqM7ONnvsnswouzXvMgYYxTa0TM6o9KE8ccSlhk3YFwbmZQqMOO01Z0TFyA-3D-3DddP0_I3= w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2= B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-= 2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9= Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CFxB= 3mi-2BM5BB-2BVlDXU7ZtrL-2FGH9tiKA6vJQEZDm-2B5BusN7LsLJrVdsSQsaBn0ftihr2wxlj= 0aB56y-2Bdd32FDaoDwtAVwMZA-2B5gcR3myw-2F7OaQWW1a4lYZhBn3q-2BxL8WVZKbqk3ofE-= 2FEWl-2BKRYTc0CS9eSbjEK8iS0irp3boMCMNy98zPYkhN4HbStGIHwhS4eZBMRd1-2FlVfZANJ= E5LqDa4Pk5RDWL9SC4FuMl2FgQXhr-2FngI-2BO25JAXHCNtZtR83aGR2kdzLQLBYNOULGOOAgI= yryfNVC49-2FdpeBVjKzXS5S" 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= zXvMgYYxTa0TM6o9KE8ccSlbMDRmC9BigY3LgOyh7IhTA-3D-3D1QcB_I3w5d9c01gkD8gLzFEo= fZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2Fyj= ScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka= 9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2= B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CFxB3mi-2BM5BB-2BVlDX= U7ZtrKGLmmddIGK1JXlscYOk1LBsaBQ9WHQKab8dQ0gJsCw1GFRswHTCixAtrRqNO6YUVTLO6lR= kCZt7egT-2F-2BUb-2F5fXaWThfu4kLsrwTdDdJpEtAiWfZnB5dBrw9i3a1oj4ngyz48X5AtI1t= i-2F2SgejdQF8VV-2FFWkO2Yx3zscXDnoqbXSeqWktPlfnaprQ5G231FvD-2Fnnb4Lkmsk2LRzk= EPSoXhX6Jl1ywg98l3lybPuN02-2B7blr-2B3eTPGCpqeS3szwmjqu7-2BT7rdAEZD-2FkF1rZI= 8R1" 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-2BaqM7ONnvsnswouzXvMgYYxTa0TM6o9KE8ccSlCiIhMkVFK= xF7b-2F-2FQCjuWvg-3D-3DvXzV_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t= 1yZbcbdWeUgFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv= 1EIwfWNwh02tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mW= epV0nwfOlqcObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6T= Pp5FN1XE5y-2B1zqCCUruHqcf4CFxB3mi-2BM5BB-2BVlDXU7ZtrJhmLYomDKPmQXJOlpMM6TEG= bGo46i5wnCWRralwo8dBcN5HZpITX4L0q68lnP5HLHkHrl6z0-2BI999V8tpvSe-2BoGxBsBheC= 3h9Iyj-2Bg-2BBGdnp3Gz8KYzlnejBGT6IU3rMWj-2F2bSYlzwwIKKoOM5-2BoMzn4xuqnjaqJH= 2E0ZSm0p1HkKYLkJu-2F0oPBO4NdZzqsn3FNUtQPDqLrNAVF63afsC54WsfA2LAYra1BkYH1-2B= ST7mwkp0PruRxU2vIR4WQMQA67WPz1VnwCGTAzhYSwaUi7" style=3D"color: #1D5080;" t= est=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= aqM7ONnvsnswouzXvMgYYxTa0TM6o9KE8ccSlA9xMqrvQcfslcMqM6J4Isg-3D-3D1fWF_I3w5d= 9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B1d= kTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2Fw= 2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9Jb5= JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CFxB3mi= -2BM5BB-2BVlDXU7ZtrKiPBF5vLQ6HHk4PNCIhHEPB-2B5x06D3Zi9oRZW-2FnylSQXI1KiPEM4= xeQBULcTZyqPMxL35NwrW1YhKxgsoarZsmtHpo30-2BF3o-2FSqadVUHY80r8c7NtSTRLpZSLGH= bwwhgRjZzLZv6XLL1iPQegUpbiY3UzNWMe4miFVWicGdyYDE6fuidWJP1xfiLASfFxOJiSqOZ1n= bJPAWXgUrBWJddyf-2BsFgHCnk-2FhhOTFhW8wEpc1GShQ9gmKZDqGUuLf9pPOdgo7u4EpRIxeI= oPX6csU05" 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= 9KE8ccSlzxmVik3ZouRnfMwvel4shg-3D-3Dmp5J_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkx= BRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuK= Ks334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9= -2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgq= G4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CFxB3mi-2BM5BB-2BVlDXU7ZtrItamuygOTd= 8eYap3Oo9fZ-2BCHx-2FajazkGRdd33ye-2FfI4PfQX4pXM26LdXV3XrHoWygT3cb2bL254hsEZ= 94t6cTIWsCVXNG-2BsltU1xPPT2h0mhcv7eaFc6-2FJOAHGnmFv1sKgQhagNRrsWT0GuiYC7pUR= GIX-2FZLqNoVlhprQlUe2SYxBLc3uhsZ1chhRDQB-2FGHRXIP-2BMXQ4PA4N9zhRDIfMKyodim-= 2BgQFerF9QZSG7zY7PxYlc8q6QeM-2BqQuNRQO8FuFpdYmM5OePDIq9ql6-2BagMZ" style=3D= "color: #1D5080;" 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-2BaqM7ONnvsnswouzXvMgYYxTa0TM6o9KE8ccSluEFfoRFaRf-2FeVES5fgsJ-2= FQ-3D-3D8VbO_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0= m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGz= fINif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkr= BB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1z= qCCUruHqcf4CFxB3mi-2BM5BB-2BVlDXU7ZtrJu1IhKXA9kdDb-2BRuz6ahtuHng09fCpXTjLpz= V913RQMaYOzOskMn081b79s3RfTaO1PLtN2RTSHuQDLBsXYrrdlAwCixvwpq9sjcasbIm0KKtP-= 2BUTqvMQpdxGGqRbeUxC1Ls-2FtXZN4lG3a4r13xyXbFKERbBrGr0Gxo0YONkb11Pm-2B3YbzTT= NadWVkbfAd-2FZq4grvCsEJTCf4kNuz4R0VBxz7K1hW3hnBIsRBdRsOXUegC-2BPDEoPWEEKU-2= BisUDf9KathcR5v2X1UL6kJk96pL1" 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"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>ICYMI</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> More of our recent research (* - premium):<b= r><br><b>Market updates</b><br><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzVXBqq07cQdK5TK1ULvST4Jul1F-2F1SJ9ujJ8K1EyqHfUg-3D-3D01Nl_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-= 2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc= -2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe= 9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CFx= B3mi-2BM5BB-2BVlDXU7ZtrK2A5xFeS7Cdny7XxPLzycmP8hJqioOUEUoC1TO1z2UjdIkmYRZP7= hqGvhw07Swzmoe-2F9-2FUgrElknkUxcw-2B6epzAic4v-2BRUNyOiRFuseIVEj-2B79XU6vC-2= Fyelr8FINoC8Mjn3eaEvDuDZNx4Hutqk5AlSPDliTVCvncu0k32eed4VTjQsN8nwUZwQB7CSdyH= AoBLUTMRjAUQUMw35WhUtIsOZNmRPsk0k-2BMat8-2F01e-2Brmi7qTlHWNsCjexHmqWnan6mr-= 2BfAmDG9xxjgV2nBS49Xj" style=3D"color: #1D5080;" test=3D"" universal=3D"tru= e">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-= 2BaqM7ONnvsnswouzVXBqq07cQdK5TK1ULvST4JAszA8muvo2Fb1lrR8u52MQ-3D-3DXm0K_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B= 1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2= Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9J= b5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CFxB3= mi-2BM5BB-2BVlDXU7ZtrK1m9dKEY5q-2FBQ-2Bek95kvFd-2FlVIjOB-2FuI611pm6ix7Yjqpz= JfKc2y-2BFxZbBeWiEK5UpHvoXP61ygFV5emeNm0-2Bomq-2BliINq9HkxnkJRd6ov6AINgtiBr= w8rH31d3IYmlUdUcUaE-2Foy8Hu-2B8iNpg41P8W9GOmMCo61FYTsLZXnIoYloEO0SibcknYuQm= wrI7kMi6tqaB-2Fm1u42FheqtNfD4i0E4aMmSzXWNFcMQCdLXKu9urbthw3ZzPiecqI9zfSSsPA= AleSjLCF23Aeew2Hf-2Fk" 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= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzVXBqq07cQdK5TK1ULvST4J4Cm5KNEDGT-2Fbvfl7BHTH3Q-3D-3DM6On_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-= 2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc= -2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe= 9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4COJ= pXhh4NtW6yjekiW6QX6qudTaoqZjtEbsmgXw0VNw-2FmVpIRSrqHvNAiUqAbIi7bOLEwiH7HF1f= yg6sQJWan6IGIcc4shc08NXOxMvUNQ1Yei02Y2q4L93BRBw6Nv9Cov5tWlXR-2FcKACXFQ8Cf0b= gs-2B7HyLjZViezPsReqMZ7-2Fs8huRe4JF7hTCyhYEv4lNT70-2Fr2T6QEQsNCBgFWDdlUmeGH= xIIZPardYqkgzE-2FsWT3KL8Ub-2B-2BhecdZn7plG8Hh0uuEHBvog6oq5mSA1v1K4qTDYoPj-2= B8jU5BCVq6RXUZx" style=3D"color: #1D5080;" test=3D"" universal=3D"true">US = All In: Female Founders in the VC Ecosystem</a></b><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzVXBqq07cQdK5TK1ULvST4JUCks1DawTi8EHOjBTxxxaw-3D-3DMn7r_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B= 1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2= Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9J= b5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4COJpX= hh4NtW6yjekiW6QX6pu3M2cCJGKfFWz4KPuYdpg9zs3h0NMmsRxu-2Bo9zeQi0XiowiTT02Bsgw= xHFhPh5oOHgEoW3Uo-2FSOMvuHig9URyAtnSyfNTH47xGSmyXB76ElIxLJBg5jFvlWH0N0VV7RH= 4Nc9q0pKHCfIpiDmxEcNaBB7ubZcv3him6O-2FYFHl1NOBbNX4DMzB9kat1SrLKEd587ObzlQr5= MudFtlVKK4xj-2FWG3ZtiUYM1n-2FEhhY3X8efZ0GoZICYDrrMnyf6krOD8GG-2FyxqZhe4jPMe= Fekj9m5" 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-= 2BaqM7ONnvsnswouzVXBqq07cQdK5TK1ULvST4JIZ81AXU1alw5rnyz3VDuWg-3D-3DCB8-_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B= 1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2= Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9J= b5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4COJpX= hh4NtW6yjekiW6QX6poPLqUzk-2B0VJqS-2BYb1-2Bb-2BDHDQvUE-2FIJEDR6EEcO2pg1VfYdr= U46kc-2Fukcm-2BNgyL4q1d38bUCFbKP8hv-2BBLbEF5TwEk-2B-2BIcc5nlL9Bapq1kyLO9lci= wp-2BH-2BrqWK2NeXN4R-2FGL1mpAWqsQCRUkXgxrc5E51k-2Fz3DEeJL7PZ88-2BYSA9X2HVM6= G0HHw8jkM-2FbH1FKtQ2pIb2-2BxyzX4L1uTgaSnjlxVc0jNbKNQlEhYaT9mT2-2BrUpddsF-2F= 1HVeOZWQncJESiwGPS28DCXexcZE54qSp" style=3D"color: #1D5080;" test=3D"" univ= ersal=3D"true">VC Investment in Consumer AI </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-= 2BaqM7ONnvsnswouzVXBqq07cQdK5TK1ULvST4J-2BoWIpW3ZOvKhCYaP-2FVeBLQ-3D-3D-24Z= _I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvz= e-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQA= dc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMU= Ze9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4C= OJpXhh4NtW6yjekiW6QX6qvhwPMkccEF1gFTdeilfkVRUXTbD-2FJlOz9VOR1c5KBP49TrgDE-2= FjdKvnQdUGL1FaVg9Na5GS7MoP-2B-2Bcfq6VFXdcq0AzbsHNIZfGBjys8efafJgp3H-2BZzh7N= Y4y1tbloKcEcNJ7328I4B3NeL0Soif3dIbz9QOo98f9voE-2FrKoPfc66KF1JGBWubsDOUjoZgg= 7JEG1Vggrq9nPc0Mfofynv1cIBjiHd6qfmtpiv7oOLX60T6ob213yGPdZlRW2PO53rH8k9lhvDr= qf4achWeQY6" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Mega IP= Os Could Threaten 2026 IPO Class</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-= 2BaqM7ONnvsnswouzVXBqq07cQdK5TK1ULvST4JEpzW34JNdwQP4DAJ8DxhCQ-3D-3DwQdG_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B= 1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2= Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9J= b5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4COJpX= hh4NtW6yjekiW6QX6rDr4o5eOmYxxTnJjucFMkCPDVFxj84W5o1fSCzxPWgHgGhcB0-2FtwVumx= g-2BHRaEdeD52Pmmb4T3pCx9zNDrw-2BUmgs-2BOnx-2BNqy2G5fmOvG2btHpF7-2FjNKW1qipx= OLmiz8tLt0kFfTm7BVRS6cYrdBhG06mWDiitCxNDZcCgpoIGncflkqLdxd1d8pMf9yLRnlkawu8= HZYDjb-2FLBjpOVXai3NJwtbUsVNLvcLtuNuirZPDDjcoYEIlBJOzCLMdHMeCWPdOwYLqw5MKxY= vnLpxCU7K" 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 & tech research</b><br><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzVXBqq07cQdK5TK1ULvST4J-2FAUj10-2FwkMHjOQpUEiduUQ-3D-3DdJ-E= 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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> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 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> Thanks for reading! Feel free to <b><a href= =3D"mailto:pbinstitutionalresearch@pitchbook.com" style=3D"color: #1D5080;"= test=3D"">email us</a></b> any time with feedback, questions, or tips!<br>= <br> Learn more about the <b><a href=3D"https://u= rl6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B= aqM7ONnvsnswouzUXmrIhO1IdY5QXCWWrRB3KBQyhYm5gvAV8xKUD-2FjlDig-3D-3DTKDY_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B= 1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2= Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9J= b5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CJmTk= HhZ24ziH-2FQ3MWu8bzYwM9eQAKSJU6kO24iDMeD7th7sCJOnR4GnTuy5jg4YLOUtAvGZArhBwM= 5OyTKO1r7ZehxC8jKQS0K3DD8A-2BtfzAXYT64KDSatfkdZQJf0lsSYee7s8ov1O86g1EbkpytN= gV9JOomewnYFdAWegT3U02K7eQjZMOYysN3wv6WqHR9L7RwHn0-2FQhwpupORw2XqRbmLuLY9Ou= 9oKDQGp3msNFQJdZ4euTV-2Fxk0f-2B9oJbX1nx8NJiPeP0rwq6s5pBsxcEJQVQf1WcUGBf42XI= N1-2Fca" style=3D"color: #1D5080;" test=3D"">PitchBook Institutional Resear= ch Group</a></b>, meet <b><a href=3D"https://url6380.news.pitchbook.com/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUXmrIhO1IdY5QX= CWWrRB3KKyUXytg2-2F17BypZQouU8XA-3D-3Db0PR_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarH= kxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvy= uKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXA= p9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9q= gqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CJmTkHhZ24ziH-2FQ3MWu8bzYs5yMay-2B= 9WsRQoEeqdjYpabmU0PAth6iFn6awyXw1BY68qDkOzYaVhKymDJHVDDpUHJjGcVfr8sLEUjkzEV= 0vvoJnsmzxWfYeHmNYvkBu6b5IiBIby93Uyln6THcSLH5jwplkRJTd96KDHhRkO6YXPwWTNP04Q= XYD-2BQid4WK4Fartv0Kef1calfmqKRkbU2mRu3iH8n7E9DxysRHUg3P-2FHw8oR-2BdNQlC5A6= vayRC1QNG9tL2cdnSCjO2kfEK8Ku4LtfHRDOtKB2EML7-2Fly0WTT" style=3D"color: #1D5= 080;" test=3D"">our analysts</a></b>, or access our research libraries for = <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUXmrIhO1IdY5QXCWWrRB3KgFiJOqcg-2BLXsQ= 4LDGh2ztQ-3D-3DETUI_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW= eUgFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNw= h02tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfO= lqcObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE= 5y-2B1zqCCUruHqcf4CJmTkHhZ24ziH-2FQ3MWu8bzbsJ9flsJ47Lv92a4nhbbpJiu7FPiK1k7g= y9rjFWBnnif5BZsuYXpGXzcn5OeEcgEv631hEX-2BVPceUDoDplzbzfanMme0M824n1yUdzvtj1= -2B1-2B6IqrrVZ8dKobqazScvARO91K8qzkd50NqMmiamDyt3XOe8ve5-2F8aXhsFlfuPDUVNqM= lIEU-2Fwst-2FBf6pmnWXkzOokecmrEOaGjUsnkZpT-2BAtfRK-2BKfHhjM2IL3rGhR2vEaMjBD= gxjKaJaCKAsx54GI-2F1V-2BUp0QVu1iR6-2BUTsY5" style=3D"color: #1D5080;" test= =3D"">clients</a></b> and <b><a href=3D"https://url6380.news.pitchbook.com/= ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUXmrIhO1IdY= 5QXCWWrRB3KgmXPS2L-2FH630I-2BwhOdi6hA-3D-3D_w-v_I3w5d9c01gkD8gLzFEofZR-2Bh6= VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBinvze-2B1dkTE8OgsOK-2FyjScKVwn9b= yTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2BQAdc-2Fw2gCsO7487I6rka9csyJsYJ= tDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30Q= xHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqcf4CJmTkHhZ24ziH-2FQ3MWu8bzb9TKz= 9MuBsN25zliLnlOyicqPI3ydjHUYPuxP9xBh4gVGOxwPkrbzm7lQ9Zdgt4PwaDiUrgDakRJ7bNW= odkaYW6VfWrTZ6q40Btxf5-2BLUJjdwe9kYWH45yjLs3i50uLLB5wKCru-2F4phy4Nz9clJtkuv= TsSnI79NBNkJbm-2BVJN-2B8WhXCorGs6E9QS-2BbNTMooiHwqBT1Bs5b9e-2BQaIPeA0QOYpmH= 19a09bLaYA1O-2FpHXHxr6dODrT1k7aj49MLQMi7-2BatU9s-2FgZrmX08-2BVTgEzKh" style= =3D"color: #1D5080;" test=3D"">non-clients</a></b>.<br><br><em>Did someone = forward this newsletter to you? 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t= able-layout: fixed;"> <tbody> <tr> <td style=3D"display: inline-block; width: 25%= ; min-width: 25%; text-align: center; flo= at: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 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;"><!--[if mso]> <v:roundrect xmlns:v=3D"urn= :schemas-microsoft-com:vml" xmlns:w=3D"urn= :schemas-microsoft-com:office:word" href=3D"https://pitchbook.com/free-tria= l" style=3D"heigh= t:43px;v-text-anchor:middle;width:148px;" arcsize=3D"50%= " strokecolor=3D= "#F79B3E" fillcolor=3D"#= F79B3E"> <w:anchorlock/> <center style=3D"color:= #000000; font-fami= ly:Roboto, Arial, sans-serif; font-size= :12px;"> Request a free tria= l </center> </v:roundrect> <![endif]--> <a href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzVAoK7eO4QXJBNK6xovbmvHsB-2FDWxyldFosC1lNwM0l2A-3D-3D7= hjG_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFaBi= nvze-2B1dkTE8OgsOK-2FyjScKVwn9byTTvyuKKs334ShlWlgqv1EIwfWNwh02tVGzfINif5q-2= BQAdc-2Fw2gCsO7487I6rka9csyJsYJtDKXAp9-2FZ1AbHo61mWepV0nwfOlqcObkrBB1N-2BI3= TMUZe9Jb5JwjQ-2B6vcLU-2B6wqp30QxHs9qgqG4FvlFDm0uZ6TPp5FN1XE5y-2B1zqCCUruHqc= f4CJmTkHhZ24ziH-2FQ3MWu8bzYk92ZH6Uksr-2FO3opW1a7jk-2B1hwNJPjLmXPSwAjaon38C7= uQvBlziY9b0fj-2BcIHpkGj1ZB6ovEDtNOTvYAJIJuOpCADKUtN8ELwHRVYQt0tA-2FWUtyWtCG= SmcZcCcbS97Qw-2F6ijH9qrf0jedDv0-2B5KakLgo4gHfvDuZzJUW00wjhS6yizGF2fHI7WtFyy= uWBs3kIY2QTH-2BfmyUy7uHegQqhL3dlej-2FxlTtaG2d470UfOMOtT8Umztf5z0uZYKOFnJGQ0= HMJXqUAQaYKY3BlOG895" target=3D"_blank" style=3D"display: block; 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