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The original message has been attached to this so you can view it or label similar future email. If you have any questions, see root\@localhost for details. Content preview: PitchBook Newsletters Also: VC First Looks are here!; Ranking the most active PE firms; The state of European AI; March's Global Markets Snapshot... April 4, 2026 | Read online | Manage your subscription The Research Pitc [...] Content analysis details: (0.5 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 2.5 RCVD_IN_MSPIKE_L3 RBL: Low reputation (-3) [159.183.175.69 listed in bl.mailspike.net] -2.5 RCVD_IN_HOSTKARMA_W RBL: Sender listed in HOSTKARMA-WHITE [159.183.175.69 listed in hostkarma.junkemailfilter.com] 0.0 RCVD_IN_VALIDITY_CERTIFIED_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to Validity was blocked. See https://knowledge.validity.com/hc/en-us/articles/20961730681243 for more information. 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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 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 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>VC = First Looks</b>: Q1 data is here! Access the key top-line metrics that will= shape our upcoming reports. <a href=3D"https://url6380.news.pitchbook.com/= uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWM3qejS= zDxx26rIdiEaU9CerqZD39sfUaQQSVP7fsrfg-3D-3Dry0L_Pr966knuaHmaw6c7pKvB-2BCEiD= nj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrM5g3mb-2FVBsFEE7QfW75sgsrOouecqJl= 8LQ5-2BEpsOqvokOKJiEG1czryudm-2F-2BY9L8h-2Bcut3k-2Bc-2FZy8PP7Sam0nTYNz3pDuX= Z2yiHE03QnfNh944w4pSyViPUT2lsHmh-2Bj-2BcGP0dkADf27o8DH3kQMAsIn8MY-2BwXcajdH= U8qczrmbpg2CTgrncZC20ymK-2Fj6aWKXNNpMkz4l-2F2m-2BkCUym9Ja61lObERt2Hsim8VaAC= iZ6X8MiBNTN5X9c5c8Q2CarS4JTrZbnrSFhOr2e9rxkBhVx-2F3kBrFoN3zFJPKe7PNclUoGs91= 9PMbM5RiFHpvHRZH05LLbIwME7UVgXHDPI024GlK6-2F8kqq69HUU8G2HyEgLM4QlO3B7VyERYD= LNBFwgBT4Howgpk1h-2FGD6mest3NNX9gJE7IGHlELxobf8pn6NIq-2Bpii7swmI5R-2FXJg84w= Mqq-2BuMlyKSZN9v-2F1ovDQc3cs23Zhnn-2BQOtujHtrd0rY0Dn2VJzyqbigJpv6hT08MCshPI= rU0RlsRqWRspz1gpA-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"t= rue"><b>Get the data</b></a>.<br><br><b>PE Lending League Tables</b>: Our a= nnual rankings of the most active PE firms are now available. <b><a href=3D= "https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzWM3qejSzDxx26rIdiEaU9CcoMSAq-2BUxuqwOko-2FykDY= FA-3D-3DAADE_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY= A68NVRrM5g3mb-2FVBsFEE7QfW75sgsrOouecqJl8LQ5-2BEpsOqvokOKJiEG1czryudm-2F-2B= Y9L8h-2Bcut3k-2Bc-2FZy8PP7Sam0nTYNz3pDuXZ2yiHE03QnfNh944w4pSyViPUT2lsHmh-2B= j-2BcGP0dkADf27o8DH3kQMAsIn8MY-2BwXcajdHU8qczrmbpg2CTgrncZC20ymK-2Fj6aWKXNN= pMkz4l-2F2m-2BkCUym9Ja61lObERt2Hsim8VaACiZ6X8MiBNTN5X9c5c8Q2CartwbIvMMe-2Ft= BOJeMBYzYVpt4jnCUCqoRT-2BKIv2RSyTw620pC8q1Phd4wzc5jaiRrx94LT3CwY5CZfgr6HeXT= iPZFan34oUo1nIJiD1D8LjLK6Ppp-2FfkIdTUiHDUwT9Z2vnPXBGdStxM883mvIs-2FysOS7kH4= IfHwSQhRXvC7-2BOyTVdhhG9kxbcUzwOpcRFVmxAMT79rdbyFQNNzqty-2B4QrxU38g-2B-2FhU= oi-2F-2BeOEC3ra4y1RKQQiQGjd54MbDZfMfcGwW1c-2FYvn9vnURbZgA5qk3Iw-3D-3D" styl= e=3D"color: #1D5080;" test=3D"" universal=3D"true">Get them here</a></b>.<b= r><br><b>March performance</b>: Our Global Markets Snapshot breaks down a m= onth of returns across dozens of indexes and sectors. <b><a href=3D"https:/= /url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6= GFa-2BaqM7ONnvsnswouzWM3qejSzDxx26rIdiEaU9CkN4jbyD5WJhnXvpitB4-2FNg-3D-3DEs= so_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrM5g= 3mb-2FVBsFEE7QfW75sgsrOouecqJl8LQ5-2BEpsOqvokOKJiEG1czryudm-2F-2BY9L8h-2Bcu= t3k-2Bc-2FZy8PP7Sam0nTYNz3pDuXZ2yiHE03QnfNh944w4pSyViPUT2lsHmh-2Bj-2BcGP0dk= ADf27o8DH3kQMAsIn8MY-2BwXcajdHU8qczrmbpg2CTgrncZC20ymK-2Fj6aWKXNNpMkz4l-2F2= m-2BkCUym9Ja61lObERt2Hsim8VaACiZ6X8MiBNTN5X9c5c8Q2CartXM1YgirkK7FO-2FGPIwyh= Y1pfiKSUnSwmkZhB4Whzm5dLm01qqbausrcc-2BmaHmYkE1jrmoeTToMtteNxMnUTIvjbyGoIbo= G8txBTIjXgpxtAVVbUtofrRCHwod7ZgdFHsTfn7naosKgh47uZ2QWZvYfmGgYllc62H1xzfltnw= VNOzDQNHYRfznMfIhYA0jbrUfQDtEhJ9TnZLMPtE-2B3FWh6JmqwL6CmW507878umU-2FSmD1pf= X-2F1v-2FBbhdtoILFT5jX2nNXWnDOGkcJ5LaM7OWnw-3D-3D" style=3D"color: #1D5080;= " test=3D"" universal=3D"true">Read it 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" 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_579399" id=3D"n_579399" 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;"> Crude awakening: What the oil = shock means for private market portfolios </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> For private market investors, the conflict in= Iran isn't just a geopolitical headline=E2=80=94it's a portfolio-level eve= nt that deserves full attention. This week, we published <b><a href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzWM3qejSzDxx26rIdiEaU9C9UPPsPaeLQKqH-2BwFBLSMAQ-3D-3= DfzH3_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRr= M5g3mb-2FVBsFEE7QfW75sgsrOouecqJl8LQ5-2BEpsOqvokOKJiEG1czryudm-2F-2BY9L8h-2= Bcut3k-2Bc-2FZy8PP7Sam0nTYNz3pDuXZ2yiHE03QnfNh944w4pSyViPUT2lsHmh-2Bj-2BcGP= 0dkADf27o8DH3kQMAsIn8MY-2BwXcajdHU8qczrmbpg2CTgrncZC20ymK-2Fj6aWKXNNpMkz4l-= 2F2m-2BkCUym9Ja61lObERt2Hsim8VaACiZ6X8MiBNTN5X9c5c8Q2Car05KgTM6KHnYo9MI6R-2= FIZwOv4RAmowNnmlVweQOsT7nakQTbTV2xPH1oM1EUp-2BVdj1MeaCbMrUY0AnWrgZIG7UNs0Cf= 6DFN7fPTP-2FZ8psEg3szXsdlKlcRG6MErfyJTVsLVZ-2BCgmJNjIllQAeF07W8DLQXq-2BgYcJ= FcFGujkbxpnzyz5hmT4wOwRRM-2FUONw-2F57aUAj6cBejtI0G4zfLWVpY9Vkc-2BKxpMLvLJdh= ABqYBSGpu-2FlJ67-2FBaaeDiW-2BA-2FBycRAGKuUzhpbA-2B9lrfnTQzUQ-3D-3D" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">an analysis</a></b> mappi= ng exactly how sustained high oil prices are transmitted through private eq= uity, venture capital and private credit. The picture is nuanced, and the i= mplications vary significantly depending on where your exposure sits.=20 <br> <br> The central insight is that this shock is as= ymmetric. Unlike a rate cycle, which reprices everything in one direction, = elevated oil creates distinct winners and losers within the same portfolio.= =20 <br> <br> Energy producers, midstream operators, renew= ables infrastructure, and defense suppliers stand to benefit. On the other = side, leveraged non-energy businesses=E2=80=94think airlines, chemicals, he= avy industry, and growth stories with tight margins=E2=80=94face compoundin= g pressure from both rising input costs and tighter financing conditions. G= Ps managing diversified books will need to triage, not manage uniformly.=20 <br> <br> For venture capital, the environment is more= broadly challenging. Higher discount rates are compressing late-stage valu= ations quickly, AI deal appetite could soften if energy costs stay elevated= , and a crowded startup landscape now faces steeper survival hurdles. Capit= al is consolidating with established managers and megafunds, leaving emergi= ng managers in a difficult spot. Secondary market activity is one of the fe= w genuine bright spots.=20 <br> <br> In credit, direct lending is the most expose= d segment. High leverage, limited transparency around defaults, and rising = BDC redemption pressure are combining in ways that are harder to track in r= eal time than in public markets. Broadly syndicated loans have some structu= ral resilience through CLO capital flows, though a downgrade wave is antici= pated by midyear, given that 52% of the market is currently rated B- or low= er. High-yield issuers are moving quickly to lock in rates before spreads w= iden further. </div> <div> <br><a href=3D"https://url6380.news.pitchbook= .com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWM= 3qejSzDxx26rIdiEaU9CkObHP-2FUq-2BC1f1nBnRANmRA-3D-3DzL8n_Pr966knuaHmaw6c7pK= vB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrM5g3mb-2FVBsFEE7QfW75sgs= rOouecqJl8LQ5-2BEpsOqvokOKJiEG1czryudm-2F-2BY9L8h-2Bcut3k-2Bc-2FZy8PP7Sam0n= TYNz3pDuXZ2yiHE03QnfNh944w4pSyViPUT2lsHmh-2Bj-2BcGP0dkADf27o8DH3kQMAsIn8MY-= 2BwXcajdHU8qczrmbpg2CTgrncZC20ymK-2Fj6aWKXNNpMkz4l-2F2m-2BkCUym9Ja61lObERt2= Hsim8VaACiZ6X8MiBNTN5X9c5c8Q2CarWNsuQH5x6aB4pVjCF149IC1hJPgpEXUB5zJJ2HqIeHZ= A1RhPg4QtJ-2BExcfzsDe9Xifd-2B1F9Ow-2Bla4yiH68BFddEpwQ8O3DnncKJMHVQjyPGowlJp= thnhBWHuDb44yUu7PeebjQV3-2B3-2FkT-2BLf4YgAXe9JRr-2B9Uw2smDXege6H0mg0TSbKeWy= xTltID-2B-2FlIpqVV64-2BOJ4IB-2F0-2FPkGiipb-2BipEpADvmnEpozuxLsC6hUORbbkgEH2= LdIqjV0q2n-2F8XIHR7rtGaEmZO98AihRKvItw-3D-3D" universal=3D"true"><img align= =3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/73571.png" style= =3D"border: none; width: 100%; height: auto;"></a> </div> <div> </div> <div> The real risk isn't the oil price itself=E2= =80=94it's that sustained energy costs re-anchor inflation expectations, ke= eping rates higher for longer and extending pressure across private markets= well beyond the conflict's duration. The IEA now forecasts oil prices thro= ugh 2027 running 20% to 25% above pre-conflict levels. A short-lived spike = is manageable; a structural inflation reset is more complicated. </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:paul.condra@pitchbook.com" style=3D"color: #1D5080= ;" test=3D"">Paul Condra</a><br> Global Head of Private Markets Research</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/735= 63.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" 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-2BaqM7ONnvsnswouzWM3qejSzDxx26rIdiEaU9CY2u1GWSU= Dy-2FEEpgSWI0l4w-3D-3DrlXH_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi= QVI43kbMcVf8UYA68NVRrM5g3mb-2FVBsFEE7QfW75sgsrOouecqJl8LQ5-2BEpsOqvokOKJiEG= 1czryudm-2F-2BY9L8h-2Bcut3k-2Bc-2FZy8PP7Sam0nTYNz3pDuXZ2yiHE03QnfNh944w4pSy= ViPUT2lsHmh-2Bj-2BcGP0dkADf27o8DH3kQMAsIn8MY-2BwXcajdHU8qczrmbpg2CTgrncZC20= ymK-2Fj6aWKXNNpMkz4l-2F2m-2BkCUym9Ja61lObERt2Hsim8VaACiZ6X8MiBNTN5X9c5c8Q2C= arIup3c21kk0mFgJLbHSTx-2Bw-2BemsFXd-2B1owR5J0mhi34TRo-2FG0DH0Ll9Ae5dvzT4Mk2= 0JAKDvna7rvcufoJ4Tc2kBBdT8UOStBwSOt9toIrCdofx0TLw21AtQHdYLbrFFoZPanIScPXL1M= PG0KgniEPkobFcw-2F5sUjWEImbwZlMd-2BDoHy7mhvvPYLxKA3gIR5LTXHyp-2BjXzGEbvRfUC= mNkJmbHFTk-2FJgINeZrP6RWAe3-2F8NRXQgfV3T7a-2FbP6clPnugqFZ1jHltBrZATPEdeGgyw= -3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">The State of= European AI </a></big></b><br><br> AI has firmly established itself as a struct= ural force within European venture, now accounting for a significant share = of both startup formation and capital deployment.<br><br> While growth remains strong, the ecosystem i= s becoming increasingly uneven=E2=80=94concentrated in core markets and tra= ditional software verticals, with meaningful headroom for expansion across = underpenetrated sectors and regions.<br><br> As the market evolves, the key question is n= ot whether AI will continue to grow, but where the underpenetrated areas ar= e, which could present meaningful opportunities in an increasingly saturate= d market.<br><br><em><a href=3D"https://url6380.news.pitchbook.com/uni/ls/c= lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWM3qejSzDxx26rI= diEaU9CY2u1GWSUDy-2FEEpgSWI0l4w-3D-3Doc62_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uwl= JYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrM5g3mb-2FVBsFEE7QfW75sgsrOouecqJl8LQ5-2= BEpsOqvokOKJiEG1czryudm-2F-2BY9L8h-2Bcut3k-2Bc-2FZy8PP7Sam0nTYNz3pDuXZ2yiHE= 03QnfNh944w4pSyViPUT2lsHmh-2Bj-2BcGP0dkADf27o8DH3kQMAsIn8MY-2BwXcajdHU8qczr= mbpg2CTgrncZC20ymK-2Fj6aWKXNNpMkz4l-2F2m-2BkCUym9Ja61lObERt2Hsim8VaACiZ6X8M= iBNTN5X9c5c8Q2CarQbiGJ2r9DVSxqePTfO0-2BRlVIjFAaMnJwwtvqZyGyfdUGuTPYtPHHyIud= rLdOdCSyxhZoiunLMjA6EcggGMl3AoeFULoKHObbAReFLsgD7ssGLxhQ-2FP9OQvRz30Y9PxWwn= ZinK-2FTwwu1m9XmtxfJFzibbxlNePPfmFRrF8zWNT9Ew7Okyq9mhwtWudX-2B4TLQaYi01Iu0v= 68tK6INMPY6TiZZywcEKvJZBw1LCTkPPXNWAlzL40tzARl9PrPUJ-2Bvr2o1OFWrD2aO9bcVwpX= 6wSJA-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Down= load the report</b></a></em></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br><b= ><big><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWM3qejSzDxx26rIdiEaU9CbHhCvI0O= wX2HEoen0jR7IA-3D-3D7F4a_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQV= I43kbMcVf8UYA68NVRrM5g3mb-2FVBsFEE7QfW75sgsrOouecqJl8LQ5-2BEpsOqvokOKJiEG1c= zryudm-2F-2BY9L8h-2Bcut3k-2Bc-2FZy8PP7Sam0nTYNz3pDuXZ2yiHE03QnfNh944w4pSyVi= PUT2lsHmh-2Bj-2BcGP0dkADf27o8DH3kQMAsIn8MY-2BwXcajdHU8qczrmbpg2CTgrncZC20ym= K-2Fj6aWKXNNpMkz4l-2F2m-2BkCUym9Ja61lObERt2Hsim8VaACiZ6X8MiBNTN5X9c5c8Q2Car= F1ttm3CkXAUtJfndI6FNDmQ92AaebIW3AD7-2FD2HSfPMyJ8J3f4fPDL1tg8faWfOHpes6TY4wi= HINrPmd5A68uzYAqqJXrPyMQ8QzDet2NUOzzSPwjlc-2F66Af9J2FBOJBniJMLiNDXU-2F5g2Jz= n6Lymb0FFEjLKKCgOvqMUObUhvklY-2FXxrn8fuWXaxDPYu5Kd1grILbWGgN1nMsdTAX7G89sE9= dM12hDLHCWFH6X6fsxMjbCtvji4iOQMCqixkZyzzf2gvDWR2WmZRuSQHdZCnA-3D-3D" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">South Korea Private Capit= al Breakdown </a></big></b><br><br> South Korea's private capital market entered= a transitional phase in 2025, diverging sharply from the country's surging= public equity markets.<br><br> While the KOSPI recorded its strongest annua= l performance in more than two decades, total private capital deal value fe= ll to $16 billion from $24 billion the previous year.</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-2BaqM7ONnvsnswouzWM3qejSzDxx26rIdiEaU9C3uJTqw99H= ggpwgTHUCBYBw-3D-3DHJ9v_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVRrM5g3mb-2FVBsFEE7QfW75sgsrOouecqJl8LQ5-2BEpsOqvokOKJiEG1cz= ryudm-2F-2BY9L8h-2Bcut3k-2Bc-2FZy8PP7Sam0nTYNz3pDuXZ2yiHE03QnfNh944w4pSyViP= UT2lsHmh-2Bj-2BcGP0dkADf27o8DH3kQMAsIn8MY-2BwXcajdHU8qczrmbpg2CTgrncZC20ymK= -2Fj6aWKXNNpMkz4l-2F2m-2BkCUym9Ja61lObERt2Hsim8VaACiZ6X8MiBNTN5X9c5c8Q2CarI= Li7tysbMxUKQ-2B9E5CFY74H7sjcSBZSRB2JFKfoRYFSRBPLwDXcKRCttYT9zfSnptHQ0eJq-2B= Qa-2BJm7P5hfwszsqJKNr9wmiRoZG3K8bNk98zdRSar780pZtLC-2FOVlf85-2FX52jFaOCPwps= koZhvUt2QtuNldbqRBZXFmc6N7Q6rCGY3f0VZ3ku6XlJ3WtYdkBHt0foFFMTn6-2FrhifucPC9Q= tPoOXZIU4rpfK9Ta1tXBSwbFuTockLz47UkLVXb8bcUEeR6jxMjakGG6KGt-2BFiNQ-3D-3D" u= niversal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchb= ook.com/news/73543.png" style=3D"border: none; width: 100%; height: auto;">= </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> Corporate carveouts driven by chaebol restru= cturing have become a notable source of private equity deal flow, while cor= porate venture capital accounted for more than one-third of venture transac= tions and over 60% of total deal value in 2025.<br><br> Fundraising trends also highlight a widening= divide between asset classes: Private equity raised $8.4 billion across ju= st four funds in 2025=E2=80=94nearly 8x the capital raised by venture vehic= les=E2=80=94illustrating the increasing institutionalization of South Korea= 's buyout market even as the venture ecosystem undergoes a cyclical reset.<= br><br><em><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWM3qejSzDxx26rIdiEaU9Cb= HhCvI0OwX2HEoen0jR7IA-3D-3DG-op_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2B= HR4BiQVI43kbMcVf8UYA68NVRrM5g3mb-2FVBsFEE7QfW75sgsrOouecqJl8LQ5-2BEpsOqvokO= KJiEG1czryudm-2F-2BY9L8h-2Bcut3k-2Bc-2FZy8PP7Sam0nTYNz3pDuXZ2yiHE03QnfNh944= w4pSyViPUT2lsHmh-2Bj-2BcGP0dkADf27o8DH3kQMAsIn8MY-2BwXcajdHU8qczrmbpg2CTgrn= cZC20ymK-2Fj6aWKXNNpMkz4l-2F2m-2BkCUym9Ja61lObERt2Hsim8VaACiZ6X8MiBNTN5X9c5= c8Q2Carq7tvxDfI4ZyF62unKsUya6z43AXtyI2JL3r-2FgXJ8EHhY3HN6Q6ZveMANCDueWASq1e= lUhrcj0wQYMGKc-2BRWdtz062JhRlgOCzZqT81ChYJiCHk72ympfnsXFbfor3BjXx2LuNmlUsb7= CHW9bY3oLMmc3RidJkSE3N58ImzwHkarhnvrkMxCcIkDnlHRjZSKkjOTWl4X0C4wh69q3qFRQkD= -2FnCQ4SJLqY14yBFrq8tVNaqIA66Kn1-2BFA-2ByXQTTRRX-2FSyoVpuj2pJYXwCcsEhSqA-3D= -3D" 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>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-2BaqM7ONnvsnswouzWM3qejSzDxx26rIdiEaU9C7JITwd57= pze4Yg-2B-2BldpPhA-3D-3D38wx_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4= BiQVI43kbMcVf8UYA68NVRrM5g3mb-2FVBsFEE7QfW75sgsrOouecqJl8LQ5-2BEpsOqvokOKJi= EG1czryudm-2F-2BY9L8h-2Bcut3k-2Bc-2FZy8PP7Sam0nTYNz3pDuXZ2yiHE03QnfNh944w4p= SyViPUT2lsHmh-2Bj-2BcGP0dkADf27o8DH3kQMAsIn8MY-2BwXcajdHU8qczrmbpg2CTgrncZC= 20ymK-2Fj6aWKXNNpMkz4l-2F2m-2BkCUym9Ja61lObERt2Hsim8VaACiZ6X8MiBNTN5X9c5c8Q= 2CarTx2ZbeiV7XZbuEJ1ruId6AIcTXng48ELcEBWxAHzCy6I4Sd1qexjXECtJkeaI8MVqsGctuf= 0Vusgb6FqvJlI7xWXKuiLJxZY2hzpt0rgZ-2Fid-2ByIdz6AfP2r7EKXpJ3vQ9Rd7HHi3Diinze= HLGv52dU2u9yk-2BIgEfUAA3Yu4e-2FSv4cU90eurEb90DDFZORmF3e-2BWZWJdgGu-2BgaKN7i= lMtWiqSUkXXeVGPWioUJiXYGMkIVxS5cCbGiBZyds5NnipmU5ptw30QLF7lLzd8bzFclA-3D-3D= " style=3D"color: #1D5080;" test=3D"" universal=3D"true">Physical AI in Aut= omotive Manufacturing </a></big></b><br><br> Physical AI is rapidly emerging as a strateg= ic imperative for the global automotive industry=E2=80=94and the investment= dollars are following fast.<br><br> Vision-language-action models, humanoid robo= tics and world model architectures are converging on the factory floor, wit= h the potential to fundamentally reshape the competitive dynamics of a $3 t= rillion to $4 trillion industry under siege from China's cost advantages, r= elentless pace of new model development and surging EV exports.</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-2BaqM7ONnvsnswouzWM3qejSzDxx26rIdiEaU9CJ5B-2BJdQ= d-2FaTJr9-2FrVEVAFw-3D-3DUJCv_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR= 4BiQVI43kbMcVf8UYA68NVRrM5g3mb-2FVBsFEE7QfW75sgsrOouecqJl8LQ5-2BEpsOqvokOKJ= iEG1czryudm-2F-2BY9L8h-2Bcut3k-2Bc-2FZy8PP7Sam0nTYNz3pDuXZ2yiHE03QnfNh944w4= pSyViPUT2lsHmh-2Bj-2BcGP0dkADf27o8DH3kQMAsIn8MY-2BwXcajdHU8qczrmbpg2CTgrncZ= C20ymK-2Fj6aWKXNNpMkz4l-2F2m-2BkCUym9Ja61lObERt2Hsim8VaACiZ6X8MiBNTN5X9c5c8= Q2CarKVdQHg9Ix1yN-2F9wtxmEpaIrXr5BONhTtBXM1afQlEeOoV1wzAAr7bC5hU6-2BYe6uF-2= F80bFH-2FoOYLaT5KFW1mv-2BKgTHhOubcY1kY-2FLTV4l9qEHPl4pRZlTsXlR6JAR6ktTW-2Bj= iiO2l8N8rIGc2lptTUFIwjR3SeqJ2HCyRqE8i-2FCYUR74zbx29Xa8TS-2Fy2COq-2FKVLxkC9n= 99HA0BiaD7-2FmIECg3NZAGzyCAeIMcroM6AWzhdX6neGEEA9uF5hk4AIj0XBYMKWlgr-2BNtAS= NYYNmYg-3D-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"ht= tps://img.pitchbook.com/news/73546.png" style=3D"border: none; width: 100%;= height: auto;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> Against a backdrop of $70 billion in EV-rela= ted write-downs across legacy OEMs, a global automotive workforce of 50 mil= lion people facing an uncertain transition, and Chinese automakers cutting = vehicle development cycles to 18 to 24 months, that physical AI may be less= a strategic option for Western and Japanese manufacturers than a survival = imperative.<br><br><em><a href=3D"https://url6380.news.pitchbook.com/uni/ls= /click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWM3qejSzDxx26= rIdiEaU9C7JITwd57pze4Yg-2B-2BldpPhA-3D-3Do5Y9_Pr966knuaHmaw6c7pKvB-2BCEiDnj= 5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrM5g3mb-2FVBsFEE7QfW75sgsrOouecqJl8L= Q5-2BEpsOqvokOKJiEG1czryudm-2F-2BY9L8h-2Bcut3k-2Bc-2FZy8PP7Sam0nTYNz3pDuXZ2= yiHE03QnfNh944w4pSyViPUT2lsHmh-2Bj-2BcGP0dkADf27o8DH3kQMAsIn8MY-2BwXcajdHU8= qczrmbpg2CTgrncZC20ymK-2Fj6aWKXNNpMkz4l-2F2m-2BkCUym9Ja61lObERt2Hsim8VaACiZ= 6X8MiBNTN5X9c5c8Q2Car3xZhCAWpPEpN9gSBPoXMrGFQt-2BLHFSrYjpQNXMGIAJWNsAEHWlTk= DKgJcqlf8aNVBJs4riWDrbkhC8Uu3PvZ4Mv5Js9DUz66krGQ48keFV8Vm9FV1LJFv8WvbgbnhfI= FDftv-2FZm2qv1n3APTo-2Bi6ukOUpIqWLZ-2F8PpXoDKKVXlT8ZJaTHmbk8gza4lOTUCoGMY5u= Tpy-2F12y5tXVr3dOb2HZ1Xjmj0MkbOdnCSAWpefdTS8c7e3B-2BususcshMSXk6blGYyaOBS0b= ztvo8T5wH2w-3D-3D" 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-2BaqM7ONnvsnswouzWmr9Nov58XW3cqUtsVHVn= QDRrO6hPZW0az8b2-2BQhnLpQ-3D-3D62tW_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQ= P-2BHR4BiQVI43kbMcVf8UYA68NVRrM5g3mb-2FVBsFEE7QfW75sgsrOouecqJl8LQ5-2BEpsOq= vokOKJiEG1czryudm-2F-2BY9L8h-2Bcut3k-2Bc-2FZy8PP7Sam0nTYNz3pDuXZ2yiHE03QnfN= h944w4pSyViPUT2lsHmh-2Bj-2BcGP0dkADf27o8DH3kQMAsIn8MY-2BwXcajdHU8qczrmbpg2C= TgrncZC20ymK-2Fj6aWKXNNpMkz4l-2F2m-2BkCUym9Ja61lObERt2Hsim8VaACiZ6X8MiBNTN5= X9c5c8Q2CarKPMe7DZ8qp7wDXqNAx12bmysGlQs3vCx-2BEpLkgLFMBp0Y3Cst38TpSTdDBp2Gf= BKJjxzNN-2FEpDtFX63dINUAs-2FF5K7OfzBz3GtHUfxENpIALAf2cTu5qYuuLjGSeV1PLAuDsW= OqKBaT7iAxqcCWmverp6HoHYpcq5a9GdTvnV9kCn5P5oL1bXYZuIN5os4Taann734YAMJ761Ety= xqwc-2FTYbR7TK09rKd7MI9MMQN26rW-2BSn2krJlrzOqyaaJ-2Bzkim05gU6C-2FDNBZ7Lgqsu= KhA-3D-3D" style=3D"color: #1D5080;" test=3D"">Register here</a></b>.<br><b= r><b>April 16-17</b>: We'll be in Nashville for the US Private Credit Indus= try Conference on Direct Lending. Nizar Tarhuni, our executive vice preside= nt for research & market intelligence, will discuss how private credit = is increasingly financing tech and energy infrastructure, and PitchBook sub= sidiary Lumonic will provide a live demo. <b><a href=3D"https://url6380.new= s.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzWmr9Nov58XW3cqUtsVHVnQIijC3kRwpZyR9VZ9RR9Geg-3D-3Dq1cj_Pr966knuaHmaw6c= 7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrM5g3mb-2FVBsFEE7QfW75= sgsrOouecqJl8LQ5-2BEpsOqvokOKJiEG1czryudm-2F-2BY9L8h-2Bcut3k-2Bc-2FZy8PP7Sa= m0nTYNz3pDuXZ2yiHE03QnfNh944w4pSyViPUT2lsHmh-2Bj-2BcGP0dkADf27o8DH3kQMAsIn8= MY-2BwXcajdHU8qczrmbpg2CTgrncZC20ymK-2Fj6aWKXNNpMkz4l-2F2m-2BkCUym9Ja61lObE= Rt2Hsim8VaACiZ6X8MiBNTN5X9c5c8Q2Car5db1dZFAF3tAF3P4br99lBsy6cuephQK2CS1A6W7= Hc46S8VqFJQ91g0trlw93o5ScPmdQ6PXq-2FtCVYTytoSScC-2BPuapL3nDhLKKfHt1gWUqDwYM= 2riNff4RiyEX-2B0HbUVOHuFMZgAcZzp9fVqsxrsGs82trXttBLCTN4J4-2B6AJ0LLMtuhlJkQd= Xi5LgM0FZSzAFhlnM7lnFlZG-2Bg8qfUWOJzzqnVH7ZTaDdC39pi09X17Z6BVLLUTyo9FHhHtX1= 2o6zbcUgmhuu06DoCeOgQCQ-3D-3D" 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 r= ise of evergreen funds. <b><a href=3D"https://url6380.news.pitchbook.com/ls= /click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWmr9Nov58XW3c= qUtsVHVnQMnExxCmxAAqBaNE3h9Rkhg-3D-3DcTLM_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uwl= JYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrM5g3mb-2FVBsFEE7QfW75sgsrOouecqJl8LQ5-2= BEpsOqvokOKJiEG1czryudm-2F-2BY9L8h-2Bcut3k-2Bc-2FZy8PP7Sam0nTYNz3pDuXZ2yiHE= 03QnfNh944w4pSyViPUT2lsHmh-2Bj-2BcGP0dkADf27o8DH3kQMAsIn8MY-2BwXcajdHU8qczr= mbpg2CTgrncZC20ymK-2Fj6aWKXNNpMkz4l-2F2m-2BkCUym9Ja61lObERt2Hsim8VaACiZ6X8M= iBNTN5X9c5c8Q2Car2bFRqCh6VYg7SUutj-2ByQIeSSCynu76RRRHIwGIeOBt8l3T71jhHOysHF= rgTlYKXhsUoCefWwn6hMnnpkczrpFMY5rXU-2BcHIz0aGnv76iiwtb3mRDqV7czBmFvmTfYJWUP= 6dC-2BDRn-2BFP3rjyQ2fLePqWG75UCAwhRt-2FMKTirVL0Kj-2B9cD8gNPUhoi9b3ETDgCFd9s= iDqOWNL0FXAd0FQKk476vNSiLg-2FqvkBD7L8l-2Fq39rRb9NacmccsFriVLRajEoaZ05xb7hNl= WEdKIhH2ZbA-3D-3D" style=3D"color: #1D5080;" test=3D"">Register here</a></b= >.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>In the News</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> Our insights and data featured in the press:= <br><br> =E2=80=83=E2=80=83=E2=80=A2 VC funding for F= rench start-ups grew 450% between 2015 and 2025. [<a href=3D"https://url638= 0.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7O= NnvsnswouzWmr9Nov58XW3cqUtsVHVnQ8Ve1YQy9GpZxA7qybbBpkw-3D-3D1jEi_Pr966knuaH= maw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrM5g3mb-2FVBsFEE7= QfW75sgsrOouecqJl8LQ5-2BEpsOqvokOKJiEG1czryudm-2F-2BY9L8h-2Bcut3k-2Bc-2FZy8= PP7Sam0nTYNz3pDuXZ2yiHE03QnfNh944w4pSyViPUT2lsHmh-2Bj-2BcGP0dkADf27o8DH3kQM= AsIn8MY-2BwXcajdHU8qczrmbpg2CTgrncZC20ymK-2Fj6aWKXNNpMkz4l-2F2m-2BkCUym9Ja6= 1lObERt2Hsim8VaACiZ6X8MiBNTN5X9c5c8Q2Car4NBdMmZOu8-2FlgTsbtX5Z-2FwwA9bsE0Hw= 9YLbsj8zCtbiXaSmgeun1b8kRnMuNy3xHtP5LgtbjoanftrQBe8UMeWUMUScM8Rds-2Bn-2B23H= 5utzljHXF6w3AH-2FIi26p5bkMb-2BlLHXZE8nbv3eOvzppc7kICKrThrZaE2oCKM7EbCotNy5h= FD7o89-2BI0EKnZVMU6Wd0nHu6cE2reAg7WUqWv1nYi9l1SKuhbm8fxJz-2BMVD1K8d4fGNKlmE= aMVAfqgF3YszaCBAW-2BMccNNYB5c-2BXTXZew-3D-3D" style=3D"color: #1D5080;" tes= t=3D"">Financial Times</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 "The volume of c= apital targeting [Asia] in 2026 is higher than a year ago, though it is con= centrated at the top end of the market," said analysts Ansel Tan and Melani= e Tng. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d= 4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWmr9Nov58XW3cqUtsVHVnQJqc22kps6l= iKo3RNQD3Vqw-3D-3DbUHa_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI4= 3kbMcVf8UYA68NVRrM5g3mb-2FVBsFEE7QfW75sgsrOouecqJl8LQ5-2BEpsOqvokOKJiEG1czr= yudm-2F-2BY9L8h-2Bcut3k-2Bc-2FZy8PP7Sam0nTYNz3pDuXZ2yiHE03QnfNh944w4pSyViPU= T2lsHmh-2Bj-2BcGP0dkADf27o8DH3kQMAsIn8MY-2BwXcajdHU8qczrmbpg2CTgrncZC20ymK-= 2Fj6aWKXNNpMkz4l-2F2m-2BkCUym9Ja61lObERt2Hsim8VaACiZ6X8MiBNTN5X9c5c8Q2Carr2= 9JjNOrtSoK8lENgfqZ-2FGyyKxwiB794cXtp-2B1sQi4hFSSsnHm1E-2BgV7yQ7V-2F-2FlKHAt= T-2BORdsEfHM9nqkL24qUII-2B168FiH7TGsuvnZuKqfyhtl-2FQiBdYln7prEWz7nzxVkTHhtg= IrDqU-2BRY8rFCifoAdZeDMe3vVkPbpZ1NyizhmCler3DJYPgKNQSk0mg8zZ1X-2B9Nf3FfYF4s= 3raS1TeDdTz9pPBIrsxEvHfRC9xToGaQ9K5hmrvBil0rQSuvdpopntMg-2BcKBH-2BGXfVnqr-2= FQ-3D-3D" style=3D"color: #1D5080;" test=3D"">CNBC</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 Private US compa= nies raised more than $200 billion in the first two months of the year, acc= ording to PitchBook, but over half went to OpenAI. [<a href=3D"https://url6= 380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM= 7ONnvsnswouzWmr9Nov58XW3cqUtsVHVnQw2aNyGUvCGS5yLcIVVPIeQ-3D-3DJZz__Pr966knu= aHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrM5g3mb-2FVBsFE= E7QfW75sgsrOouecqJl8LQ5-2BEpsOqvokOKJiEG1czryudm-2F-2BY9L8h-2Bcut3k-2Bc-2FZ= y8PP7Sam0nTYNz3pDuXZ2yiHE03QnfNh944w4pSyViPUT2lsHmh-2Bj-2BcGP0dkADf27o8DH3k= QMAsIn8MY-2BwXcajdHU8qczrmbpg2CTgrncZC20ymK-2Fj6aWKXNNpMkz4l-2F2m-2BkCUym9J= a61lObERt2Hsim8VaACiZ6X8MiBNTN5X9c5c8Q2CarBRfDLTWG2lGw6OXFAvlI9pqEFNI3KeWwZ= g-2BiEnWOUSik2aCaK-2BPt6MyEQ14ryU7DSFtfH8exxBL92PkXg0IeseckF3B4L9mGEYfrq4an= mt2zbPcAu9YhQRoYxD5pSBswQ6qwsozNK1-2Bl3h-2F1GsftthOqEV45EDoea0yGV7-2BqWjNM2= s-2BLR18KtH1xe1i9OK9jVmxdNac-2FSk5JdBAf2-2BfUlTpKg5ts-2Bw7MwenglD4ldco03v4i= -2Bgl-2FdamE-2FG1nFLrQDakitMjEvSBcyc2yg7Fl0A-3D-3D" style=3D"color: #1D5080= ;" test=3D"">Financial Times</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 Banks=E2=80=99 s= hare of buyout financings above $1 billion fell to just 39% in 2023, down f= rom about 80% in the five years prior. [<a href=3D"https://url6380.news.pit= chbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouz= Wmr9Nov58XW3cqUtsVHVnQDSdltUd0Rw-2FFIDQaOC6P0g-3D-3DQweI_Pr966knuaHmaw6c7pK= vB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrM5g3mb-2FVBsFEE7QfW75sgs= rOouecqJl8LQ5-2BEpsOqvokOKJiEG1czryudm-2F-2BY9L8h-2Bcut3k-2Bc-2FZy8PP7Sam0n= TYNz3pDuXZ2yiHE03QnfNh944w4pSyViPUT2lsHmh-2Bj-2BcGP0dkADf27o8DH3kQMAsIn8MY-= 2BwXcajdHU8qczrmbpg2CTgrncZC20ymK-2Fj6aWKXNNpMkz4l-2F2m-2BkCUym9Ja61lObERt2= Hsim8VaACiZ6X8MiBNTN5X9c5c8Q2Carc3sQ2uqwNZCc2tRvwASqteG6Kzovg-2FWwi6JnpVW6x= L5WokuX4hKxorFX-2F77eIsGH-2FXc34E98va5Qw8qND38fJg2Pj73pP9n93WvuqPH9XwbFTygh= KntlYEMvB0WhZgYXusFohq7NlZK1fsJnKcDWPnVx4FeizlHTBLF6KONDHahiM0ckvIERL4izAJw= CMtVtnd0s3VY13enivDmkNvXMZUUXXypXMFVsx0tmRhGWI-2FcAgywHG3tTAHSXvA0y2NkV5nzf= o62awYwk9x-2FPbFk0sQ-3D-3D" style=3D"color: #1D5080;" test=3D"">CNBC</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-= 2BaqM7ONnvsnswouzWmr9Nov58XW3cqUtsVHVnQGJ4c71OAltlYiHQrh7qqMg-3D-3DRp5N_Pr9= 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66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrM5g3mb-2F= VBsFEE7QfW75sgsrOouecqJl8LQ5-2BEpsOqvokOKJiEG1czryudm-2F-2BY9L8h-2Bcut3k-2B= c-2FZy8PP7Sam0nTYNz3pDuXZ2yiHE03QnfNh944w4pSyViPUT2lsHmh-2Bj-2BcGP0dkADf27o= 8DH3kQMAsIn8MY-2BwXcajdHU8qczrmbpg2CTgrncZC20ymK-2Fj6aWKXNNpMkz4l-2F2m-2BkC= Uym9Ja61lObERt2Hsim8VaACiZ6X8MiBNTN5X9c5c8Q2Car7DjH8-2BE2L5PVvxYdtpdS01fB7U= RFKwamp917kjOxUVPQy4xhJDdi6Ktz4SS5HyFGnMtSS9-2FKDATzypv8VJgFzVejHkGzyN8deAz= vEic1ABp7CerOo3mfBzuUujRGiPVWnO-2BGJocXkamgg1ehux7YgIJWEDJi3aWc9pZwSwYS6Eac= syf-2FVPTLlShk-2Bxw8OJrgHPLyGMWz-2FZOfMmKogAFhossQHsbwkOQBBN46tWQ2RsY6FSFRb= zXlV7-2Bw1IOozdKUQdFNc-2Bk-2B1xo-2FGw30c9lXQg-3D-3D" style=3D"color: #1D508= 0;" test=3D"" universal=3D"true">US PE Middle Market Report </a></b><br><br= ><b>Thematic research</b><br><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzWmr9Nov58XW3cqUtsVHVnQ-2BNM4s5SEAD2eZrusai7LgQ-3D-3DSy9H_P= r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrM5g3mb-= 2FVBsFEE7QfW75sgsrOouecqJl8LQ5-2BEpsOqvokOKJiEG1czryudm-2F-2BY9L8h-2Bcut3k-= 2Bc-2FZy8PP7Sam0nTYNz3pDuXZ2yiHE03QnfNh944w4pSyViPUT2lsHmh-2Bj-2BcGP0dkADf2= 7o8DH3kQMAsIn8MY-2BwXcajdHU8qczrmbpg2CTgrncZC20ymK-2Fj6aWKXNNpMkz4l-2F2m-2B= kCUym9Ja61lObERt2Hsim8VaACiZ6X8MiBNTN5X9c5c8Q2CarVJP8fW8ap2lVE6TjfjjYnZWpnE= 9P3kLe3w5aUHpJS3P9lpNOBWlQE3dqFoG6kCR7tb85pB3Cl7hLg9K9sxlGX5dSSWH0zefXmkPRq= U-2BzIterkgq4aBHvsea2H5ATcH9z7reljByjhCoyIviyjCHGd3ziV9IudVYllSQdqWU9DmOu-2= ByIGsZPkkzf-2FKClI7ywsnb4pvMBxtt3qybMVbs804NP5Vs7ECFNU9D5cKAQgYKwvcqRpvGH-2= F7tV96-2BXxsPPeOJ-2F-2BW3EfNed53cWhREblfA-3D-3D" style=3D"color: #1D5080;" = test=3D"" universal=3D"true">When Access to VC Becomes a Liability </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-= 2BaqM7ONnvsnswouzX3895DTencxpafouUgXQefvnbIYMFdcjoQ0-2BJ7N3whUA-3D-3DYNXt_P= r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrM5g3mb-= 2FVBsFEE7QfW75sgsrOouecqJl8LQ5-2BEpsOqvokOKJiEG1czryudm-2F-2BY9L8h-2Bcut3k-= 2Bc-2FZy8PP7Sam0nTYNz3pDuXZ2yiHE03QnfNh944w4pSyViPUT2lsHmh-2Bj-2BcGP0dkADf2= 7o8DH3kQMAsIn8MY-2BwXcajdHU8qczrmbpg2CTgrncZC20ymK-2Fj6aWKXNNpMkz4l-2F2m-2B= kCUym9Ja61lObERt2Hsim8VaACiZ6X8MiBNTN5X9c5c8Q2CarsznT-2BtfzxjSWiZZaRYfyZekj= jpys-2F9rx3mKFU6FT7-2FNHQrLp41fQFLOxw8xOnqEf8Z3atR-2FP535kzVi0tGaFjtEKYlPfG= 27MTdGAD83-2Fnqv-2FOGu1LBRPFj1jwUuRnV4yZH23oCPp2KUN8YOb71kjtmAwFp-2FWA1vr-2= FEYT2Z4MHyMIDyDe3ynEM8oyzTbE5l4Sxl73-2F1-2FkBwaNsZp-2FbSLZb3fS9s3WhcomAj4fa= mLPRNT2EZF5YLbaGPEa5M-2Fh9RN-2FlXmEFRb0OkfneLQ7tdji9w-3D-3D" style=3D"color= : #1D5080;" test=3D"" universal=3D"true">Mega IPOs 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-= 2BaqM7ONnvsnswouzX3895DTencxpafouUgXQefTaiEC7waD6YKLDsVNjU-2Beg-3D-3DV2-J_P= r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrM5g3mb-= 2FVBsFEE7QfW75sgsrOouecqJl8LQ5-2BEpsOqvokOKJiEG1czryudm-2F-2BY9L8h-2Bcut3k-= 2Bc-2FZy8PP7Sam0nTYNz3pDuXZ2yiHE03QnfNh944w4pSyViPUT2lsHmh-2Bj-2BcGP0dkADf2= 7o8DH3kQMAsIn8MY-2BwXcajdHU8qczrmbpg2CTgrncZC20ymK-2Fj6aWKXNNpMkz4l-2F2m-2B= kCUym9Ja61lObERt2Hsim8VaACiZ6X8MiBNTN5X9c5c8Q2CarBE7uoMgc5GYex7X48OwomjR7SF= wmtqmnGiRiiLPmMtKt2gW504oycqT69iK90i9O27zbo-2BsGYWwzbp-2BvmsHD-2BIaFzMOpqj5= r9JthlkCjV8UfRL-2FQ4iq5T-2BYPBPueRXegtcGznJVwpDCzLu0BGqO9DGuiDG-2BI4jh6-2BD= 4bRGqJLBxq-2F6Kpjw71gGsUvUYyYCUc2i5PKOY2GMRaeHXvYC4PGDQuYVmpmXke8-2FfS9tq69= nPzDleYDCrex3K-2FUHDScsLvZ1cbndrCYrgpo-2FB3Jye-2Fag-3D-3D" style=3D"color: = #1D5080;" test=3D"" universal=3D"true">Through the Looking Glass: The Race = to Build Enterprise AI</a></b><br><br><b>Industry & tech research</b><b= r><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzX3895DTencxpafouUgXQefdQJ2Q4Jnx5lZvKwUMphmRw-3D-3D4Rwh_Pr9= 66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrM5g3mb-2F= VBsFEE7QfW75sgsrOouecqJl8LQ5-2BEpsOqvokOKJiEG1czryudm-2F-2BY9L8h-2Bcut3k-2B= c-2FZy8PP7Sam0nTYNz3pDuXZ2yiHE03QnfNh944w4pSyViPUT2lsHmh-2Bj-2BcGP0dkADf27o= 8DH3kQMAsIn8MY-2BwXcajdHU8qczrmbpg2CTgrncZC20ymK-2Fj6aWKXNNpMkz4l-2F2m-2BkC= Uym9Ja61lObERt2Hsim8VaACiZ6X8MiBNTN5X9c5c8Q2Car2BzeNQgeHtromPfKsnGkMMdwFf14= IEOwKbPcrFP0qUuzKHfQrPgZSykVkqS4UTivkOK1dfNMjuHfkvVvAGExfePTrVRUgMY5MEVHers= zch1eZJG4zIVKPhT3nnCBfdNaNqbljqtkqETwlQuErp-2B6jYgfdXfZvwQRCwcx53z0-2BSIwNs= SOA9NnudJbF2SYR7V-2BFOK-2FkiNRrqKLvxuEkQqCGRdpYBoNMw3vV2hiPmrnii7DP4rcdBeEa= TLBxREBTjlnqzxoMUz1binLrLugtYsIAQ-3D-3D" style=3D"color: #1D5080;" test=3D"= " universal=3D"true">Q4 2025 Enterprise SaaS M&A Review </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-= 2BaqM7ONnvsnswouzX3895DTencxpafouUgXQefdv2ISS2aD9i6cIDLecG-2BCQ-3D-3D3yyt_P= r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrM5g3mb-= 2FVBsFEE7QfW75sgsrOouecqJl8LQ5-2BEpsOqvokOKJiEG1czryudm-2F-2BY9L8h-2Bcut3k-= 2Bc-2FZy8PP7Sam0nTYNz3pDuXZ2yiHE03QnfNh944w4pSyViPUT2lsHmh-2Bj-2BcGP0dkADf2= 7o8DH3kQMAsIn8MY-2BwXcajdHU8qczrmbpg2CTgrncZC20ymK-2Fj6aWKXNNpMkz4l-2F2m-2B= kCUym9Ja61lObERt2Hsim8VaACiZ6X8MiBNTN5X9c5c8Q2CarQzcb8nJvGlOGa7X7zvlLcaOrBD= UvJ-2F9HBg8s2vhJnALGdPE-2FtKA305gTd9lGpnNok5LF16D9adz6ECXi3REzaGmhd-2FIDjAc= qWQZS-2Bat7TPkJ8UHPDZ6LKI263PDurngRQHz4HDousOKsbu2rd93CJS4tCDm45gvCAvFFKKuU= L7qhl9GH-2F9n6fl69MK61NbeuEvXM61YcXAN-2FJ4t4Hw9wAKsqUMylP81P2wgcB3I12PJzs8D= 2cip4u0sK6unz83CbmzamtFuw2zrfR7W68hHBlA-3D-3D" style=3D"color: #1D5080;" te= st=3D"" universal=3D"true"> The Most Investable Corner of Defense? Electron= ics</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-= 2BaqM7ONnvsnswouzX3895DTencxpafouUgXQef1BqbOOKssRpHCmnRm5fXxA-3D-3DQVVi_Pr9= 66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrM5g3mb-2F= VBsFEE7QfW75sgsrOouecqJl8LQ5-2BEpsOqvokOKJiEG1czryudm-2F-2BY9L8h-2Bcut3k-2B= c-2FZy8PP7Sam0nTYNz3pDuXZ2yiHE03QnfNh944w4pSyViPUT2lsHmh-2Bj-2BcGP0dkADf27o= 8DH3kQMAsIn8MY-2BwXcajdHU8qczrmbpg2CTgrncZC20ymK-2Fj6aWKXNNpMkz4l-2F2m-2BkC= Uym9Ja61lObERt2Hsim8VaACiZ6X8MiBNTN5X9c5c8Q2CarefrFn85i1B8QwAaPOUfmIaXmlT3U= RlO8P1xbaOtKbnCZP7UvjCF4t-2BOsnr-2FLJOgd6-2B5Hc-2BLZS2uWpTrxnpkWCQLCfwJua4T= 3nUyvn-2BaEPxFwDJPnkHr9Dt0OP2QCI5ioWWfY9CCITZOHU6rMkgmeq2zoerzAFKNXdY90EEY1= 1gBEsjPwarWH3xiXpPYKAK0IbkC1q6XMUJqaGr7vICHtJ84xoz-2F6vXEi6oQXdFphmE7LBWS5i= wo8VqdZSZTNUeuTwh0U2bZH4XlDumYyjETV6Q-3D-3D" style=3D"color: #1D5080;" test= =3D"" universal=3D"true"> Q4 2025 Construction & Engineering Report</a>= </b><br><br><b>Credit 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-= 2BaqM7ONnvsnswouzX3895DTencxpafouUgXQefmOu9ua4r5CVcQU-2BLOrbzHQ-3D-3DZgQs_P= r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrM5g3mb-= 2FVBsFEE7QfW75sgsrOouecqJl8LQ5-2BEpsOqvokOKJiEG1czryudm-2F-2BY9L8h-2Bcut3k-= 2Bc-2FZy8PP7Sam0nTYNz3pDuXZ2yiHE03QnfNh944w4pSyViPUT2lsHmh-2Bj-2BcGP0dkADf2= 7o8DH3kQMAsIn8MY-2BwXcajdHU8qczrmbpg2CTgrncZC20ymK-2Fj6aWKXNNpMkz4l-2F2m-2B= kCUym9Ja61lObERt2Hsim8VaACiZ6X8MiBNTN5X9c5c8Q2CarCbM4GNyiWJ-2F9eCQyVY7VFtJO= 0V5Lkl-2FkAjeveMvjuJ1GIS6sPbnadcr2ffnClwT3bPVYuOfG4Sk6466DOThiii-2FYFREc2ZS= -2BK67TiCa-2BJ-2FgYVDeskfHkULdyNoOuEkMKpKhSFL-2FjO07JUVLR2JK4Y2GAKNHN7OBx0B= eAr6mDeHIN4UxpwHnSUYUy74AmSHhCoV3ICvkO4plfNwJJtN5uja4JQXqFya3rzTmmgSykPAHkD= GTescDUOVpLCvDG7999uhhmZlLcFTWDrJRGQJoWjQ-3D-3D" style=3D"color: #1D5080;" = test=3D"" universal=3D"true">US Credit Markets 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-= 2BaqM7ONnvsnswouzX3895DTencxpafouUgXQefZgVIyTGEq8hUU7IPFLt73g-3D-3DR-9M_Pr9= 66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrM5g3mb-2F= VBsFEE7QfW75sgsrOouecqJl8LQ5-2BEpsOqvokOKJiEG1czryudm-2F-2BY9L8h-2Bcut3k-2B= c-2FZy8PP7Sam0nTYNz3pDuXZ2yiHE03QnfNh944w4pSyViPUT2lsHmh-2Bj-2BcGP0dkADf27o= 8DH3kQMAsIn8MY-2BwXcajdHU8qczrmbpg2CTgrncZC20ymK-2Fj6aWKXNNpMkz4l-2F2m-2BkC= Uym9Ja61lObERt2Hsim8VaACiZ6X8MiBNTN5X9c5c8Q2CarpXJsEOPxX6OVI51q2zkHV2sWfts8= V0aGvg35DjOCNVMuoDgRy3fCtwCqha5oPFopcRgspfzpY0x8oJY8yVwYOG6zcI1F4jaZkDdh4td= oL5UQPGInU-2FPk4TdXOzE-2FwDrDk3onGdN5WWgKL03OXX9vusp4hIX71uOT8lPYPzRsJCRy1c= 4xDKEd8xE1FDELRPZtULbzEbgB12SPWAf9u-2FB0-2FHLr4q-2BEThhh-2Bx-2BvaSe8cUyp1FK= ZqmzjZ-2BYavunKCiI6l6rr8H8ppLHMXSvZcm8ZDQ-3D-3D" style=3D"color: #1D5080;" = test=3D"" universal=3D"true">US High-Yield Bond Weekly Wrap</a></b><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzX3895DTencxpafouUgXQefE4CwnkgEPHHiky-2F-2BSrTtVA-3D-3D3UqE= _Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrM5g3m= b-2FVBsFEE7QfW75sgsrOouecqJl8LQ5-2BEpsOqvokOKJiEG1czryudm-2F-2BY9L8h-2Bcut3= k-2Bc-2FZy8PP7Sam0nTYNz3pDuXZ2yiHE03QnfNh944w4pSyViPUT2lsHmh-2Bj-2BcGP0dkAD= f27o8DH3kQMAsIn8MY-2BwXcajdHU8qczrmbpg2CTgrncZC20ymK-2Fj6aWKXNNpMkz4l-2F2m-= 2BkCUym9Ja61lObERt2Hsim8VaACiZ6X8MiBNTN5X9c5c8Q2CarkdxwIjFRp4GCnN7p1QuQ6uF-= 2B9ivZ-2B94Ueu9WUum8yTx0yTnuOptLOZWmUWP2AC-2FgyhifcqdjfVSjlKsmh8ua7DUozglOf= 4cPOuTyhCeM-2B42yZMXtUuuY-2Fx7UqjGINUb03f90xQy-2FQQj-2BGo9-2F1mI9IADu67zwNz= Yju1s5n76gF1EU7gNE2j9MV3StYg9Q8eIWqx8f1euR4CsDhX-2Bhq6JA0M6D5tb3nIISgvWtoby= -2B8zb8Ak-2FsODeF31ByoEmh3KGJNAGcYamrN2F37vbHdOQHIA-3D-3D" style=3D"color: = #1D5080;" test=3D"" universal=3D"true">Global CLO Weekly Wrap</a></b><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzX3895DTencxpafouUgXQefkuW61ohqr2FYTtwIIgB-2F4w-3D-3Dwpj7_P= r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrM5g3mb-= 2FVBsFEE7QfW75sgsrOouecqJl8LQ5-2BEpsOqvokOKJiEG1czryudm-2F-2BY9L8h-2Bcut3k-= 2Bc-2FZy8PP7Sam0nTYNz3pDuXZ2yiHE03QnfNh944w4pSyViPUT2lsHmh-2Bj-2BcGP0dkADf2= 7o8DH3kQMAsIn8MY-2BwXcajdHU8qczrmbpg2CTgrncZC20ymK-2Fj6aWKXNNpMkz4l-2F2m-2B= kCUym9Ja61lObERt2Hsim8VaACiZ6X8MiBNTN5X9c5c8Q2Carrc19I-2F6hwqHg-2FLypyLPxT3= cJ3IRI0t-2F5OUnHJkbZrBz0mXGDNkCuS99s3jgU8ohD85i8N6qoKYWeC0hhV-2Fl9dzazatHQf= CIdXp5-2FTacDbiCCvYATSfc4cvCetG3COYzBvwXzc7qoNTPQF1XcUCCI7FTvtcMA0t2-2BQpTz= XKpCRiPdKmiOvifHk9f1hpKtm7Mq6Vjs6Zahhk5F7YNscSgDaG1bBiUVfyd-2FKT9-2Fkibsc3t= NWf90DBQmjGCeaU4cdzu69yt-2Fdk50MQL-2B3mKIRENbDg-3D-3D" style=3D"color: #1D5= 080;" 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= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzX3895DTencxpafouUgXQef-2B-2F3ogP6G3yzKiR-2FKKm-2FDSA-3D-3D= lQWX_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRrM= 5g3mb-2FVBsFEE7QfW75sgsrOouecqJl8LQ5-2BEpsOqvokOKJiEG1czryudm-2F-2BY9L8h-2B= cut3k-2Bc-2FZy8PP7Sam0nTYNz3pDuXZ2yiHE03QnfNh944w4pSyViPUT2lsHmh-2Bj-2BcGP0= dkADf27o8DH3kQMAsIn8MY-2BwXcajdHU8qczrmbpg2CTgrncZC20ymK-2Fj6aWKXNNpMkz4l-2= F2m-2BkCUym9Ja61lObERt2Hsim8VaACiZ6X8MiBNTN5X9c5c8Q2CarqmV37W-2BQMHIPDmuRdE= 58qlJCKcLYkSRh-2BrlSeYJDepGgNQFijQ9GISqhaZJUocnvqpiBY51si4bfoCUQvRC-2FC0pkn= IEqVI8gpH1GVuOXNWw48P4tm1KcSTr2L7B1A-2FGiv9Z0LCtpSmlIYBOjI8W21Vjyvmalg8I77l= p-2FKv2XNbOSP34hpM-2FPqOYqv-2FdVdGjv6bf9ll94dX-2BaQS9ZRhRktvsIy5KM0g6hJl2b0= MFEJ5Ys6UHw4LYpBzqHoOOall8KGYUx5evOTcTwSpw-2FD0EhwQ-3D-3D" style=3D"color: = #1D5080;" test=3D"" universal=3D"true">US Private Credit & Middle Marke= t Weekly Wrap</a></b><br><br><b>Coming next week (subject to change)</b><br= ><br> =E2=80=83=E2=80=A2 Q1 2026 Global PE First L= ook<br> =E2=80=83=E2=80=A2 H2 2025 Healthcare Funds = Report<br> =E2=80=83=E2=80=A2 VC First Looks for defens= e tech, mobility tech and more<br> =E2=80=83=E2=80=A2 Q1 2026 European PE Break= down<br> =E2=80=83=E2=80=A2 Q3 2025 PitchBook Benchma= rks<br> =E2=80=83=E2=80=A2 Agentic AI: Champions Acr= oss Sectors Part 1</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! 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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;"> 683 </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;"> 1875 </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;"> 1069 </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;"> 34 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; 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