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Date: Sat, 11 Apr 2026 10:13:22 +0000 (UTC)
From: PitchBook Research <news-noreply@news.pitchbook.com>
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Subject: Defense tech's hot streak
To: most@ponjosonek.com

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Fresh PitchBook Benchmarks; Healthcare defies fundraising slowdown; Agentic=
 AI's inflection point; Our Q1 European PE Breakdown </span></td>
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0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Pit=
chBook Benchmarks</b>: Fresh data is here for fund returns through Q3 2025,=
 with preliminary figures for Q4. This edition features IRR quantiles, pool=
ed horizon returns, cash multiples, PMEs and more, sliced by strategy, vint=
age year and geography. <b><a href=3D"https://url6380.news.pitchbook.com/un=
i/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVn4XylZOy=
BMUNkrg4njICnNuMZdzdEUqIjbp-2BwrrxHHA-3D-3DHzoW_I3w5d9c01gkD8gLzFEofZR-2Bh6=
VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpk0w4GKwIM4XL7DZbrxRX6vWy3DNHrjg58=
xdRMcU9Pt0EZysjq1kSyfpL-2F7AQrJ3TFwi5qI2HzSYdjA31E1CArHsDJ3GLrS77Z8FdEKZ6RL=
kB7h7-2FVmUjCp-2BqgyJSaxteUnL2iJ-2FTS4sIjn1gMLsg-2FMHB7GcLErlIrQrXkhWGsKaSv=
cqxyl0oKBrmXd4zDG7LxEypXiBYna0rYJq3CW7-2FOoi1QyL8TKMgX0gKLSBrAXQJIJ-2FtbplO=
zfaS5PBxdhvRsPyboZufH0bby9LiVAcAlAcWsh2yLxgKh2S4ZhLY2jQj7A5sZiZ-2BCwt3TOyQ6=
j-2B7vggG34tOuzVaSbpqOh7TkhFeG-2F7qbgUe1SnnMQxLE5VF-2FX0hQZIm-2F0lrTlJUaA9e=
4HMp0KIvzfc9QIsbqgb4IHwuNv1mxHu-2BdFgcx5K2w0Qv8X8PymGcVEWVH8QpRvV9l75Ntsbln=
dHqyyAZg9oBgAzict2Lj-2FNEIO5JXvMDKjirgZmlL8GYrH5h6VB3xYQ" style=3D"color: #=
1D5080;" test=3D"" universal=3D"true">See the data</a></b>.<br><br><b>Agent=
ic AI inflection</b>: Agentic AI is moving beyond experimentation. Our new =
analyst note aims to identify where capital should be deployed as these sys=
tems transition from early adoption to core enterprise infrastructure. <b><=
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J3TFwi5qI2HzSYdjA31E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2BqgyJSaxteUnL2=
iJ-2FTS4sIjn1gMLsg-2FMHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7LxEypXiBYna0=
rYJq3CW7-2FAZDEMzw3KDU6ls-2FjKF6VYCXREG3a-2BCKId5CwaOiG029ctGfnvi-2BsCN4aYs=
-2BgD1IVDv9f3lZSm-2FUOlo1iWLCIQCK3wxWEkd1GlsX70vJbYzn7-2Bv198LeG3Q2WiNxkzDO=
14wcMeUtSOhzpzaj1s1qhDO5anhV9tl7dFq-2BMUTWfgTEmMmPugB917tqsUH0JvIryxy3ZWGdf=
2cu-2Bk1A1vFhRL7VPkVADBwTfSZnTC4d5m9YotUrX4mjEC-2FiDlios00bHdFsipXCr2TNGigP=
Y1DbUxqHeeKBcp3X0eaWtVVDDUTu" 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">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>A message from Fidelity Private Shares</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_578929" id=3D"n_578929" 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;"> Fundraising&nbsp;can be smooth=
er with the basics dialed in </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-2BaqM7ONnvsnswouzVn4XylZOyBMUNkrg4njICns3-2F9Ktp0C3TmD=
vuEcIr8QQ-3D-3DzAyf_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW=
eUgFVa0m8PzsFpk0w4GKwIM4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZysjq1kSyfpL-2F7A=
QrJ3TFwi5qI2HzSYdjA31E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2BqgyJSaxteUn=
L2iJ-2FTS4sIjn1gMLsg-2FMHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7LxEypXiBYn=
a0rYJq3CW7-2FPsms-2F3fmBCQ7iWWnmaH-2FAwlNHaNPkh5XWoqJ1Tpf5M58-2FB5CYz8h4v5J=
oV7xT-2FKTY2B0351qf-2BZmk7otd8DcSdkzkYYny-2BHAwkO8wrjkA7fP5KptxO36-2FVYimUz=
pncVlhgM-2BpnRXcIv7uKRhnknUDgFuu-2Bvnk2PW82NTEsfrmWU7kGIQ7OniJ3jF-2Frkk0mnD=
yF-2F0Nhx12XuXZoUtr1G-2FaJV5yuX61k9b-2BxAoktxoDUk-2FLeyFITa2xlWxJKqpXNMgkKQ=
MQqdtIKqukiCImWXbr-2BKARpZAmWy9BiIRRz4eHPb"> <img align=3D"center" alt=3D""=
 src=3D"https://img.pitchbook.com/news/73051.jpg" style=3D"border: none; wi=
dth: 100%; height: auto;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table>Most founders don=E2=80=99t struggle =
with fundraising because of vision or ambition. They struggle because the m=
echanics are unclear, fragmented, and learned too late.<br><br>
                               The Fundraise-Ready Startup Kit equips found=
ers with the materials they can use throughout fundraising, not just during=
 a pitch:=20
                              <ul>
                              <li>A cap table that makes sense.</li>
                              <li>A pitch deck with a real example.</li>
                              <li>An investor updates template you can reus=
e.</li>
                              <li>And diligence materials that don=E2=80=99=
t require a last-minute scramble.</li>
                              </ul> It=E2=80=99s not about being perfect. I=
t=E2=80=99s about being prepared.<br><br><a href=3D"https://url6380.news.pi=
tchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou=
zVn4XylZOyBMUNkrg4njICns3-2F9Ktp0C3TmDvuEcIr8QQ-3D-3Dc_UG_I3w5d9c01gkD8gLzF=
EofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpk0w4GKwIM4XL7DZbrxRX6vW=
y3DNHrjg58xdRMcU9Pt0EZysjq1kSyfpL-2F7AQrJ3TFwi5qI2HzSYdjA31E1CArHsDJ3GLrS77=
Z8FdEKZ6RLkB7h7-2FVmUjCp-2BqgyJSaxteUnL2iJ-2FTS4sIjn1gMLsg-2FMHB7GcLErlIrQr=
XkhWGsKaSvcqxyl0oKBrmXd4zDG7LxEypXiBYna0rYJq3CW7-2FC5-2BIBmKvMgTciYxyXN1tsb=
701j6ZbhcpKGvuYYw38APK21T3EqarrPMxn0wU1WNRUxqGnTfvHDTkUbmxC-2BuZvp4CEnic2qD=
fOvaoC4Zxly70-2BIUXCi6OWHdTJnJ3IAioGXJrT-2BC2-2FtUCuqao2p57Yy-2FAq3iUKBiHHt=
qo6hQnCNZR92xYmfnb3fADDI2D3HjigCyTs1CnzjHEXHqzLF3nKkZ9DvvDabXxO0tfRKZYpUGh8=
2y8DXLg0ubXpGygcCKb1kuQJV3-2BivFxp7HUl98DW5McFFq4bCX32OwAUJTscxN" style=3D"=
color: #1D5080;" test=3D"">Download the Fundraise-Ready Startup Kit</a>&nbs=
p;</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_579642" id=3D"n_579642" 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;"> Defense tech VC opens 2026 nea=
r record highs </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>
                              Defense tech opened 2026 with another huge qu=
arter.=20
                              <br>
                              <br>
                               According to preliminary data, VC investment=
 in the sector reached $17.8 billion in Q1, just below the $17.9 billion hi=
gh set in Q2 2025 and up from $14.2 billion in Q4 2025. That puts Q1 among =
the strongest quarters in the dataset and adds to the case that defense tec=
h is no longer just a cyclical pocket of venture interest but an increasing=
ly durable funding category with sustained institutional backing.
                              </div>
                              <div>
                              <br><img align=3D"center" alt=3D"" src=3D"htt=
ps://img.pitchbook.com/news/73679.png" style=3D"border: none; width: 100%; =
height: auto;">
                              </div>
                              <div>
                              &nbsp;
                              </div>
                              <div>
                              The contrast from a few years ago is clear. I=
n 2022 and 2023, quarterly investment generally moved between $4.7 billion =
and $9.5 billion, with capital deployment coming in bursts rather than in a=
 steady pattern. There was real interest in the category, but not yet the k=
ind of consistency that would suggest investors were broadly underwriting d=
efense tech as a long-term allocation theme.=20
                              <br>
                              <br>
                               That started to change in 2024. Quarterly in=
vestment rose from $5.7 billion in Q1 to $8.9 billion in Q4, pointing to a =
buildup in conviction. Investors were increasingly backing companies tied t=
o autonomy, national security modernization, resilient infrastructure and n=
ext-generation defense systems, even as the broader venture market stayed r=
elatively selective.=20
                              <br>
                              <br>
                               Then came the real step-up in 2025. After Q1=
 came in at $7.9 billion, investment jumped to $17.9 billion in Q2 and stay=
ed elevated at $11.3 billion in Q3 and $14.2 billion in Q4. Just as importa=
nt, funding did not fall back to earlier levels, suggesting defense tech wa=
s being treated less like a narrow thematic trade and more like a strategic=
 category.=20
                              <br>
                              <br>
                               Q1 2026 only reinforces that trend.=20
                              <br>
                              <br>
                               Shield AI raised $2 billion at a $12.7 billi=
on valuation, comprising a $1.5 billion Series G led by Advent Internationa=
l and JPMorgan Chase, and $500 million in preferred equity financing from B=
lackstone. Saronic Technologies raised $1.75 billion in a Series D led by K=
leiner Perkins, valuing the company at $9.25 billion, more than double its =
prior $4 billion valuation following a $600 million raise earlier last year=
.=20
                              <br>
                              <br>
                               Together, those two rounds accounted for $3.=
75 billion in a single quarter and highlight where capital is concentrating=
: scaled autonomy platforms with strong production narratives and clear dem=
and signals across air and maritime environments.=20
                              <br>
                              <br>
                               If investment continues anywhere near this l=
evel, 2026 could further solidify defense tech as one of the most durable a=
reas in venture and growth investing.
                              </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/718=
86.jpg" style=3D"border: none; width: 100%; height: auto;"> </td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table>Warm regards,<br><br><a href=3D"mailt=
o:ali.javaheri@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Ali Javah=
eri</a><br>
                               Analyst, Emerging Spaces</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Market Updates</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br><b=
><big><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001=
.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVn4XylZOyBMUNkrg4njICn1W32gTa6=
pHMcGuuwj-2FF3ug-3D-3DC7Mk_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1=
yZbcbdWeUgFVa0m8PzsFpk0w4GKwIM4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZysjq1kSyf=
pL-2F7AQrJ3TFwi5qI2HzSYdjA31E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2BqgyJ=
SaxteUnL2iJ-2FTS4sIjn1gMLsg-2FMHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7LxE=
ypXiBYna0rYJq3CW7-2FC-2Fxjg0Mg4yM9-2FlMyIt3XBuQ4kVyCz5iJp9su6d4aT9AvLNYrLCv=
CVwe5MNPF6Ad6xQ0TafoJIEqgh4Is8Tt1dkFc9aOJabkSBqAVZ5HBf0yivN0kel2yaDwNa85FP2=
-2BC5HbRZs435x6snralAs1tAq1ItaRflMm3KjmXh3UEcvwRailUkfAVzMQesaSBpXJgRnxs0jI=
5ZO9SJ2f9TDHGPt1-2FTY-2FxrpbjTEAvShYhX9QnjGg2-2FxCezQ1EzdepJcTAGboaRpD3AT22=
jyc2c6NYk8XGfAo3iOM6cedYci5ttQs" style=3D"color: #1D5080;" test=3D"" univer=
sal=3D"true">Q1 2026 European PE Breakdown </a></big></b><br><br>
                               European PE carried strong momentum into 202=
6 until the Iran conflict shifted the calculus.<br><br>
                               Deal and exit activity slowed quarter-over-q=
uarter as sponsors adopted a more cautious stance, syndicating risk and con=
solidating existing positions.</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-2BaqM7ONnvsnswouzVn4XylZOyBMUNkrg4njICnL9BxvRCpn=
RcZajMt4rnXnQ-3D-3DJibS_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb=
cbdWeUgFVa0m8PzsFpk0w4GKwIM4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZysjq1kSyfpL-=
2F7AQrJ3TFwi5qI2HzSYdjA31E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2BqgyJSax=
teUnL2iJ-2FTS4sIjn1gMLsg-2FMHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7LxEypX=
iBYna0rYJq3CW7-2FAo6K3qnqgqH6xFEDs28GLNg7i1arLhlFYgfafaFHA4-2FUIk3FbnKstSIR=
Jp1i3SvroRw-2F2FbDvnXRI3pbVzK7RWedxxV-2B0zgnmGMOLMI-2F7VvgsdiU6U0BXwfRtR-2F=
oT-2BGX60yQWQc2E-2FfKv0foMoYeS71DlycwEhhpCi0fM8HWXwnVjbxPcSWNdhLgdfc5Wgn3jh=
HtbAqfgPZTMfzsCGD76jlW6EJxfIFWwB0DRbwUM3WDRme-2FiwBONV1R3fdHFmZawwV2iTHMI5y=
TSm24SY7l8FUVRAkoacmE0mA2lQHK7ks" universal=3D"true"> <img align=3D"center"=
 alt=3D"" src=3D"https://img.pitchbook.com/news/73695.png" style=3D"border:=
 none; width: 100%; height: auto;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table>
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br>
                               Fundraising remains subdued, but the mid-mar=
ket continues to demonstrate resilience, with strong step-ups signaling tha=
t LP conviction has not disappeared; it is just becoming more selective.<br=
><br><em><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du=
001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVn4XylZOyBMUNkrg4njICn1W32g=
Ta6pHMcGuuwj-2FF3ug-3D-3D9ce8_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F=
3t1yZbcbdWeUgFVa0m8PzsFpk0w4GKwIM4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZysjq1k=
SyfpL-2F7AQrJ3TFwi5qI2HzSYdjA31E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2Bq=
gyJSaxteUnL2iJ-2FTS4sIjn1gMLsg-2FMHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7=
LxEypXiBYna0rYJq3CW7-2FH2W-2Ffo4g-2BH-2B8SJUdZ0qIYcGg-2F0Tl2d29AnozBmVefyri=
0VOl1MjEo3wABgi9bL5MUGp0OMJ-2BzWLZnlILvC7JyXN2dHlW0aiTPDZYWbKWlUkHF7p-2Bj6d=
NsvPeu-2FIYc-2F0Nn6FoelVjKX354Wyqb1zKuDOx3GM9KMkGSu1ItwzGon5G8RcCA0vYu76Caw=
2ORR8QvrmisZuuurof-2B4Gy88g7KVKOLbFxUPTJlIg1tZGJ-2BXF98KzejJQQND2IS-2FnRbNI=
qMpbrVYaXO5Au9h3NgC41Jic20xwGtJmnhHJFUgMPubW" style=3D"color: #1D5080;" tes=
t=3D"" universal=3D"true"><b>Download it here</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">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Industry &amp; Tech Research</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br><b=
><big><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001=
.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVn4XylZOyBMUNkrg4njICnLx4ksGbN=
mJ-2FlefrdF-2F6UCQ-3D-3DTcL0_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3=
t1yZbcbdWeUgFVa0m8PzsFpk0w4GKwIM4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZysjq1kS=
yfpL-2F7AQrJ3TFwi5qI2HzSYdjA31E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2Bqg=
yJSaxteUnL2iJ-2FTS4sIjn1gMLsg-2FMHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7L=
xEypXiBYna0rYJq3CW7-2FKaCVYKRf2MZmq5U-2BlW0vEFYlxqOZKOrxaOmST1IqVKbu8n4OpBD=
k3XQUHaC30B3SzwdIme9c6C2IOMn9ceg70kyHuakawWd9-2F9bhMxO-2BahAm9sd7kgpM2Dp-2F=
pyFNTThkj1xbneAOIuhcsL9-2BzDEiNvThmEL9hfpS99P6qT-2F6d-2BBiM1XtpKBqB310N09A8=
pII0siuMCtRJ67Xi9BxJoBgNIjtptFVEioUcPs1lQfGlulki8lW9-2BI8LhreO1KgrtksONedi3=
B2wHoU-2Bpvk86z0O7h2gsYbJnL3sVmmxTUeIsE" style=3D"color: #1D5080;" test=3D"=
" universal=3D"true">H2 2025 Healthcare Funds Report </a></big></b><br><br>
                               Against the backdrop of a challenging year f=
or private market fundraising, healthcare specialist managers saw capital c=
onsolidate around fewer, larger vehicles=E2=80=94rewarding incumbents and s=
queezing out emerging players.<br><br>
                               Healthcare PE commitments reached $18.3 bill=
ion, the third-highest total on record, but the concentration was stark: Fo=
ur funds accounted for 67% of commitments, while total fund count dropped 4=
6.3% YoY.</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-2BaqM7ONnvsnswouzVn4XylZOyBMUNkrg4njICnOrZa2HXH8=
TuGxFZHdnhYPA-3D-3Dgm7H_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb=
cbdWeUgFVa0m8PzsFpk0w4GKwIM4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZysjq1kSyfpL-=
2F7AQrJ3TFwi5qI2HzSYdjA31E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2BqgyJSax=
teUnL2iJ-2FTS4sIjn1gMLsg-2FMHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7LxEypX=
iBYna0rYJq3CW7-2FK73-2BnWKmseKfqARF0yJVG5uGQmxPECq8z86HmLK2DbSwQMQeSmGokArO=
Mnnrw-2FpEQC6GLEXtqM3LleYhl3ZLPfU9Y664YI7enqJEgh4ivhLDXuj-2FYBEgQ6F3Y6NjSx6=
yD1dJUVslitybcwuugWDgDh1SezFmZo-2FwEbgbbQ7dniHKqCPq-2FLET45oit0c6f8K74Zmvys=
GipfLCa-2Frk3OVeMTQPj2mAKJvIhsa4Un98tlABHFzxlBM0dwKZ2NeDEzYLNVmqTO1gH3iCw-2=
BSVogJwOI-2FMWtVxcFBcJg01rVwAjfw" universal=3D"true"> <img align=3D"center"=
 alt=3D"" src=3D"https://img.pitchbook.com/news/73663.png" style=3D"border:=
 none; width: 100%; height: auto;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table>
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br>
                               In venture, life sciences posted its weakest=
 fundraising year since 2019 by both total capital and new funds closed, th=
ough the specialty's share of total VC closings held remarkably steady=E2=
=80=94despite significant headwinds for the biotech sector.<br><br>
                               This report unpacks the full GP fundraising =
landscape across healthcare PE, life sciences VC and healthtech.<br><br><em=
><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n7=
3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVn4XylZOyBMUNkrg4njICnLx4ksGbNmJ-2F=
lefrdF-2F6UCQ-3D-3DFDzd_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb=
cbdWeUgFVa0m8PzsFpk0w4GKwIM4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZysjq1kSyfpL-=
2F7AQrJ3TFwi5qI2HzSYdjA31E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2BqgyJSax=
teUnL2iJ-2FTS4sIjn1gMLsg-2FMHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7LxEypX=
iBYna0rYJq3CW7-2FI0ppkX1oh6C27iJwbKqviB746XNyniZgxgY-2FtJ9abIAQZLeFejHNss9j=
ApuGV2eW-2FpyxNuhDigcDyG6FIPzmdH-2B1ROLemmsi6xf6tJR24ooDN-2BB9WpuZkR4XQ3eKs=
fYN9-2B6w4TYN-2FNI4EXxKKxBg3CqV0PCnG7AeE3U7-2B4TIHgV-2FOnTY8kIQukHe9qJuAiwP=
hgN-2FONWdn0igflpxinD99zC0lbqA1nx3-2BDJoBRiAvxzZWlW2Lxywpp7EbdN3-2BBXTpkd1M=
pHfeeDV3SuPiGcAt-2FO7tOWYeXiqmeN5-2F0MkMdv" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true"><b>Download it here</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">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Webinars &amp; Events</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <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-2BaqM7ONnvsnswouzVn4XylZOyBMUNkrg4njIC=
nlpjRZm64Myh6gMUmxm2Vvw-3D-3DGEfK_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz=
y-2F3t1yZbcbdWeUgFVa0m8PzsFpk0w4GKwIM4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZys=
jq1kSyfpL-2F7AQrJ3TFwi5qI2HzSYdjA31E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp=
-2BqgyJSaxteUnL2iJ-2FTS4sIjn1gMLsg-2FMHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4=
zDG7LxEypXiBYna0rYJq3CW7-2FMdlDFNqAzDMUAksQJamrOyaST3eSXtKLPox5nkAR7GVAgvLn=
2s-2BZF37lNchV1y6Bib4iuMSvloqameGkPY47eLRBOcUFwDu5z-2BgpfjA2DXs3bo6XYCo7ePw=
LJq4gap67IKu1JcHHQP4wNZ9jvu6KINiaa5ZiGlk6S4jw2x61ePgifyTpGX4-2FUOudgsNWhjWM=
Bs-2FUQj85SjdkNFyVUixbm1V7FVQAa30ve-2FvhkUdR-2FADHCAwWpENW-2FJ8wscHHppuZIbt=
nJoGAVyeFcsWMwodE8vWH7R3CU-2F-2B1C3lw2fHIbek" style=3D"color: #1D5080;" tes=
t=3D"">Register here</a></b>.<br><br><b>April 16-17</b>: We'll be in Nashvi=
lle for the US Private Credit Industry Conference on Direct Lending. Nizar =
Tarhuni, our executive vice president for research &amp; market intelligenc=
e, will discuss how private credit is increasingly financing tech and energ=
y infrastructure, and PitchBook subsidiary Lumonic will provide a live demo=
. <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n7=
3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVn4XylZOyBMUNkrg4njICnx4HXGuT-2FAbh=
7gqXKhJV0qg-3D-3DlTPb_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb=
dWeUgFVa0m8PzsFpk0w4GKwIM4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZysjq1kSyfpL-2F=
7AQrJ3TFwi5qI2HzSYdjA31E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2BqgyJSaxte=
UnL2iJ-2FTS4sIjn1gMLsg-2FMHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7LxEypXiB=
Yna0rYJq3CW7-2FMt-2FaYyzSFa1nqatzBV5Zi32o5dBZSto9-2FjjVQj2Mtn44YlhpeRl3YVGG=
fytQLiu4UbHmdhmo2oWw5Xi8GpKXwPNeqREhrNaN6qTJh-2FQtkXnzwwbLqeLuUQQTVGAo7JJ2W=
xVT3gLiEUCn3e9BI9BxMHMFvtUl3JwtCAoepBMAAb5FTGAAto4WlJXUSIj026SvYO6LTmoXLrB1=
0KF5TYBmBXrk0BSU7WennTLlaOXIVDUm8qVaffl4gIrmaBpMwDsW6CUlIpMO3A2iKEtDO2wCjdT=
biu5Wx8ZCVBmig0SvYaI" style=3D"color: #1D5080;" test=3D"">Register here</a>=
</b>.<br><br><b>April 28</b>: At DealMax 2026 in Las Vegas, Hilary Wiek, ou=
r principal analyst for fund strategies, will give a talk on the rise of ev=
ergreen funds. <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?up=
n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVVIwI6Uy0AO-2Bhuzu2Vqn=
5yl9ixs7mR1R755ZODyPCTGg-3D-3DLBfY_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfm=
zy-2F3t1yZbcbdWeUgFVa0m8PzsFpk0w4GKwIM4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZy=
sjq1kSyfpL-2F7AQrJ3TFwi5qI2HzSYdjA31E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjC=
p-2BqgyJSaxteUnL2iJ-2FTS4sIjn1gMLsg-2FMHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd=
4zDG7LxEypXiBYna0rYJq3CW7-2FGSPqd-2FBVulCJivn-2BxQXBkJ95dDJU-2BdKFDs-2F3vHl=
nKpXt8hS7xkKThBGNJOBRY79d9YVCKw9PnQchcot2xapqzV0MldCuK-2BGTYdjx-2Bj-2BY-2Bh=
JTGAAhlhPMF1sMGsdGJcJg3YwNe5rcjuR1q-2FO8ujQvnIzV5wjVlbvBOGqXfDmoIJWEHERh0FF=
lU2VqvJT4g7FxzTHHX8Eber7VxNmE3s3W9d6coZ8AbGe03pu8VYbbkKAPKjpcXIB6TpVjy5t-2F=
mVP034zdKCkQSTrcKkmXL1QfoZAjln3wGsJSBqL2rOFHB5O" style=3D"color: #1D5080;" =
test=3D"">Register here</a></b>.<br><br><b>April 28</b>: Join us at ILPA Fo=
rum EMEA in London, where Juan Mier, our lead analyst for fund strategies, =
will give a presentation on the rise of retail capital in private markets. =
<b><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVVIwI6Uy0AO-2Bhuzu2Vqn5ymVI6cyR5lmtQG=
fNBXqqIdA-3D-3Dg7dA_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW=
eUgFVa0m8PzsFpk0w4GKwIM4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZysjq1kSyfpL-2F7A=
QrJ3TFwi5qI2HzSYdjA31E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2BqgyJSaxteUn=
L2iJ-2FTS4sIjn1gMLsg-2FMHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7LxEypXiBYn=
a0rYJq3CW7-2FM-2BGqEucDaqiUX1dNaYNvJA57-2FnS46XQxGeFyD02daMte2XbCL-2B3idVqx=
YGV7rXdQS8l2N0mXC-2Bn0lUxn09pFNpDqnhyU2y67pWiu4-2F5vKsSHr8-2BsnFg1cD5CkksNp=
gktmnBCK9jv2qBkFSvPIKWOgTb-2F8mAVPWUVyGxo4tOYo-2Fgnu9R4GxpLZ53zLEDZXwRPkLPx=
J0pg0XFtoI8PrBjtr-2BbhoYyyo3uCBzGhXbczyO4aZB8sbuLa5rGkaNYu927wF5lj-2FhobEaE=
7S66pM0Gim4gea3JJCOvQ443jwySKshK" style=3D"color: #1D5080;" test=3D"">Regis=
ter 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>
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                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>In the News</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
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                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br>
                               Our insights and data featured in the press:=
<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 While the rocket=
 ship business will be the core focus of SpaceX's stock market debut, the m=
erger with xAI and exodus of cofounders created a "lot of distractions," sa=
id analyst Franco Granda. [<a href=3D"https://url6380.news.pitchbook.com/ls=
/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVVIwI6Uy0AO-2=
Bhuzu2Vqn5y6A3ycgb86SGn2Ks3nD3FjA-3D-3DAf4T_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwar=
HkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpk0w4GKwIM4XL7DZbrxRX6vWy3DNHrjg58xdRM=
cU9Pt0EZysjq1kSyfpL-2F7AQrJ3TFwi5qI2HzSYdjA31E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h=
7-2FVmUjCp-2BqgyJSaxteUnL2iJ-2FTS4sIjn1gMLsg-2FMHB7GcLErlIrQrXkhWGsKaSvcqxy=
l0oKBrmXd4zDG7LxEypXiBYna0rYJq3CW7-2FJdAcs-2Fpm8pQLiuYn9iyiKJRR-2Ftyz3hgbeD=
-2BnDW7wcjgzxFCYBxmN9DU2o0KnJRSsThEywWfFRcH5RvijxO8JgRlGwyIDpSxPBQ4W6ki2IZz=
IvTM0O3suOW0mQ-2FubNvAPYtKK3n60Hvm7vGz7Ps1-2Bql7IkDhgjDI0-2FiW03c-2FjXCvINC=
29-2BJeFihnhdtGnzyuvO9nEVVkd7lXmSE7tyGZXR1-2FEd6206AJTD5wlYAWlhk-2B7xIBqwAe=
mnI-2FWr0nsDGP1tRCDG8LcwzV96vq88FBwxkjdLKASe8kqy6r-2FBLdw2-2FV" style=3D"co=
lor: #1D5080;" test=3D"">Business Insider</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 California start=
ups raised 62% of all US venture capital dollars in 2025. [<a href=3D"https=
://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF=
a-2BaqM7ONnvsnswouzVVIwI6Uy0AO-2Bhuzu2Vqn5yzKnOGpCuP9BELdaEzCzZ1w-3D-3Dpuu7=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpk0w4G=
KwIM4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZysjq1kSyfpL-2F7AQrJ3TFwi5qI2HzSYdjA=
31E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2BqgyJSaxteUnL2iJ-2FTS4sIjn1gMLs=
g-2FMHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7LxEypXiBYna0rYJq3CW7-2FCpqOsE=
-2FGdjSuH3MMTcLP-2FfdzAAWKDD35mHVF2FPjOdPQfVqtcS8jwrnogumxuIoUPFaKFXsXGGuQb=
GCxkZsSzFkM3RRu-2BCVEzwGPBWqAJUWdIDCXMMGmCkPp15Hpskyh0M7oo7IpENiATX-2FBp-2F=
TklND2bxfCDnqeBTbh4-2FnSpLnEvDblsl6IO6DA61cfu5dddXQVrTF5NFh-2FMV7UyVGpFGO9C=
HqMzcrvaZmlbAY00Iqti5bLVTzdTdEa341AltkgOE6-2B7UZ2qPkWuUfvQ3GkPDVFa3KXefsIrp=
-2F33Tij0y0" style=3D"color: #1D5080;" test=3D"">Bloomberg</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 Two SpaceX rocke=
t test launches are expected ahead of a potential June trading debut, and w=
ill be "crucial for what happens to the IPO," said analyst Franco Granda. [=
<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4=
Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVVIwI6Uy0AO-2Bhuzu2Vqn5yztOY7yJ-2BFs-2Fk=
a1ifcdiTTw-3D-3DB6-S_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbd=
WeUgFVa0m8PzsFpk0w4GKwIM4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZysjq1kSyfpL-2F7=
AQrJ3TFwi5qI2HzSYdjA31E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2BqgyJSaxteU=
nL2iJ-2FTS4sIjn1gMLsg-2FMHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7LxEypXiBY=
na0rYJq3CW7-2FGWH4Y9dGGvWZH8Pow6aEeqIzTbT54EmgUhquM0aUvUWlsSb0-2Bg5O4IzRgoO=
whyQ3QzfbBqI4LftdGlyKhQ-2Fz-2FmMK-2BlHiANPub0BOLewqL06VQlT5FWPESUOsNa208Pm6=
u7ikcMTxF7k0NSqzWve9Ip6Rms1idg7wPzHTMy4iO6YzuEtonLl7-2FyMRQqoUtUmAflJQQWo-2=
BzQUNNHfJzYgSdGTaJyd7Yj5trbu5bvP7v6-2Fibl6DW0-2BfL5NTZ38Dz6fn3XtaSVrjYaVAI7=
ezSPhI-2FOvykpZcZ-2B9MEVTYxsUBm0g" style=3D"color: #1D5080;" test=3D"">Bloo=
mberg</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 "I hear from mos=
t traditional software buyers that they are not very interested in a broad =
push to replace SaaS vendors with internally built systems. They primarily =
want AI to be embedded into existing software," said analyst Derek Hernande=
z. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73=
BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVVIwI6Uy0AO-2Bhuzu2Vqn5y7g4iB25XHeqb=
Z1zGMS0i0g-3D-3D9ZAK_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbd=
WeUgFVa0m8PzsFpk0w4GKwIM4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZysjq1kSyfpL-2F7=
AQrJ3TFwi5qI2HzSYdjA31E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2BqgyJSaxteU=
nL2iJ-2FTS4sIjn1gMLsg-2FMHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7LxEypXiBY=
na0rYJq3CW7-2FNR2MZn7lIAGFvUMBpmzbvkC9vcqbbhInSRMTT4JmaiBmiU4lqRAWJ3mSHo4su=
fqQ72XJPr7r-2Bon2SFggW7rgqdvrlC95-2BZKBx8yUjmHnJr-2FkxCzRUOAj-2BfqvP5MtHHRl=
sK1uBSe3yh-2BimWAm7mcJuagAmcV58Cu3QX3t-2FE0ITCDy-2FpYz8E44QEwDtbcVBBAkAthT8=
wNkQ5QF46xMpxd36d6iP1hGAp9X35pykeEXos11jA-2F4e6SeN0fLczZErCGYiciaP0PRgRtZVP=
-2FG0W2ApFn7sjy0-2Be0mxHNBkMT1L-2B5" style=3D"color: #1D5080;" test=3D"">Bu=
siness Insider</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 Venture funds in=
 the US raised $47.8 billion through March. [<a href=3D"https://url6380.new=
s.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn=
swouzVVIwI6Uy0AO-2Bhuzu2Vqn5yYt1xusAbqZAI2FkCNZ-2FIuA-3D-3DkLgr_I3w5d9c01gk=
D8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpk0w4GKwIM4XL7DZbr=
xRX6vWy3DNHrjg58xdRMcU9Pt0EZysjq1kSyfpL-2F7AQrJ3TFwi5qI2HzSYdjA31E1CArHsDJ3=
GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2BqgyJSaxteUnL2iJ-2FTS4sIjn1gMLsg-2FMHB7GcLE=
rlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7LxEypXiBYna0rYJq3CW7-2FEZl8l8RDzDvj0XgEfu=
8ZbdGqOF5qHecbo54U1SSj25u7S4SGyPbV9nG2K0yQEYpAMazcX9v2lntJ5J37kwSLXGQZ-2BwI=
t2w9GiK3wAyl941tZEMu-2Fqm1xC7RSCXqcqyhaBW-2F-2FyTY60TeBLk5mOGL2wh5qWn6v7bFA=
Ybab3xqJ4mgNeICha4NdaUdma2xJXaT9uedIN5GB70hhFWQC9Y8UhDI2pWMjfIyi4oZEtRoZqtd=
kTDUvvwcGc7ROkJ9zeNHM6YzT6Kn5pPRBQ-2FKA6UZITl-2F6vWb1IbJ-2FXyaVYfWrxsW" sty=
le=3D"color: #1D5080;" test=3D"">The Wall Street Journal</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 Just five AI meg=
a-deals accounted for nearly three-quarters of all VC investment in Q1. [<a=
 href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cu=
ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVVIwI6Uy0AO-2Bhuzu2Vqn5y0yamT6tjmmt7OFusf4=
IVTQ-3D-3Dl912_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFV=
a0m8PzsFpk0w4GKwIM4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZysjq1kSyfpL-2F7AQrJ3T=
Fwi5qI2HzSYdjA31E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2BqgyJSaxteUnL2iJ-=
2FTS4sIjn1gMLsg-2FMHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7LxEypXiBYna0rYJ=
q3CW7-2FDa8fD34fcmG7V7gmAnb-2F24ZRX0b-2BceeijkGUEw6FJHx7ajg2fUO87-2FNDnw4Su=
4XlYcvF9FoAIiP-2FGojg4p1q7Ad42WMa-2BGp1YF5Z8oFTqxaGgqVSraBha6RS7uBh3JydRpVN=
9AxojzlZROFjZv2CRHgkXf3W1PWyyumd8VQWo0bt-2BRpcp6gKqvxrGVwew5i9sId9oO2fgfpeE=
QlH8RuMliW03WLPpDhSqpabYojEh3a3m-2FY9fSw-2FWOV3RokQCerxPg2yCtbpyrSQ-2Bmo0jx=
JyMK21yTJOND-2FhAxOUmdTVq-2BJ" style=3D"color: #1D5080;" test=3D"">Pensions=
 &amp; Investments</a>]</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>ICYMI</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
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                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
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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-=
2BaqM7ONnvsnswouzVVIwI6Uy0AO-2Bhuzu2Vqn5yp5Iuzod-2BJcK0yQ-2BpZv19bQ-3D-3DyC=
Qe_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpk0w=
4GKwIM4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZysjq1kSyfpL-2F7AQrJ3TFwi5qI2HzSYd=
jA31E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2BqgyJSaxteUnL2iJ-2FTS4sIjn1gM=
Lsg-2FMHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7LxEypXiBYna0rYJq3CW7-2FNZ8U=
RuHMdI38frArFcomGiKZw8WetpSQ96QN9UBoQimVJUaMkiiAyFKg-2BrcEs6BPSePgzfISXBw7z=
ksTNqzUpjwYmA9JAaHpqw9EQ9jn77nK3DPKor0sC1D9QwBdYQYYBCNCYlHcy95rfbWlZZfHCJ-2=
FyoJjLlBogH6M3-2B-2Fv6k0G0Ygaupkm-2FK2ziRIefPm7ljJijQiGix-2Br255hWMyc-2B2Vx=
kqCM7XpyxkvmMmXHVwQkarM5FAgrxJC-2BHCMrj4FKsfbJWgOe44G6X-2FT0KWhDvN3emxHDr0n=
qQig3HTcR7wOQ" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q1 20=
26 Global VC First Look</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-=
2BaqM7ONnvsnswouzVVIwI6Uy0AO-2Bhuzu2Vqn5y61BmLW0F5Uo7Z7MvCZuNWA-3D-3D6NFc_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpk0w4GKw=
IM4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZysjq1kSyfpL-2F7AQrJ3TFwi5qI2HzSYdjA31=
E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2BqgyJSaxteUnL2iJ-2FTS4sIjn1gMLsg-=
2FMHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7LxEypXiBYna0rYJq3CW7-2FKDOfJvFf=
AuKWM2bxZFMw-2B0hnU7iyWZu3Zk6KpdEOCfdN63YjvNRIMxDf-2Fuja-2BYsfCl3Q7Rd1XLn94=
cL-2FHeTqCud6wqbG5HOOqTcLz6zrXFS0jNftYJPpKQmvHiaXuspb5iaXpB6L9IKUIC5RuI1tR8=
fgwLbT3K2nUnRHS1egv22n2sPTjxTfosyF0PYMgZXVa5Jwjj7czSUxOGEaixXKhxaiJiawkEcdG=
awbFICWWeAogCdSaK9eI5div3lBnqBUNgPhBr9HYl8sbFSsFfDNJKynWormV-2BcQ3bOCZmpEj5=
v" style=3D"color: #1D5080;" test=3D"" universal=3D"true">PE Lending League=
 Tables </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-=
2BaqM7ONnvsnswouzUvlFS8F5dc2fQ-2FtCCm8Mt-2B7CsiIXK55GrvuyUdtZ-2BXKA-3D-3DPb=
eR_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpk0w=
4GKwIM4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZysjq1kSyfpL-2F7AQrJ3TFwi5qI2HzSYd=
jA31E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2BqgyJSaxteUnL2iJ-2FTS4sIjn1gM=
Lsg-2FMHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7LxEypXiBYna0rYJq3CW7-2FBjX6=
nvv2ZcneLAta4-2F-2B7Kd61LoCyMAkZLT-2BsTC3oNR2jUJMCKXbXWRFoxMu5dU-2FJJrCUlms=
m0uEFxpZ0HwrOxhioizCV4vZXRN6lrKgr58NOxb3p89wVjp9m93PbaSIp7JQSMXt2ruxZfswUW9=
nV0FxBYSot9OMj0ZgQKXvc9vcw-2ByJkrVeWoWmyTzUX9IpyPyDXqEQJyDqsoas-2FhGIyzoEDO=
-2Bskx9FZ9SvFmFuv-2F1dgaqRVhEGvgK3a-2BUofR41pi2X2CdaONhYlpUBI-2BRYkYIDhBlX6=
g7MbiqpGuw2WOLY" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Mar=
ch 2026 Global Markets Snapshot </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-=
2BaqM7ONnvsnswouzUvlFS8F5dc2fQ-2FtCCm8Mt-2BOpSHEPTlEqM9aOynZD-2BwrQ-3D-3DAP=
aH_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpk0w=
4GKwIM4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZysjq1kSyfpL-2F7AQrJ3TFwi5qI2HzSYd=
jA31E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2BqgyJSaxteUnL2iJ-2FTS4sIjn1gM=
Lsg-2FMHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7LxEypXiBYna0rYJq3CW7-2FNwl5=
idFfM-2B1pjWVJ4qb94JgShUjq9tCrAPWI2QtPLmb4DCGn-2BK7Jd8PqfKQ0gRRH7rbrRal8UeW=
enFBk7TGDVE-2B-2BmHRXK8FTxfWM3CIQCq2jwxLKOK-2BIPfFqeZ-2FpQcl3nfMb7LI-2FGi4d=
1bMHaB3ij7cjohzwjBOQ3-2FJdBiuBCIglBnW33EI3dcn5Q9DJrjDKf1FVd2v6BhEf7Nul-2Bx-=
2FkyHrUnMKbtx-2BogcBk3vgTGBo0td6Xa9olXTwoELVRUimEHnPgct65-2B4g3T6G5o-2BnP0a=
6cljg3dc4HQDmR8LYj-2BE-2B" style=3D"color: #1D5080;" test=3D"" universal=3D=
"true">South Korea Private Capital Breakdown </a></b><br><br><b>Thematic re=
search</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzUvlFS8F5dc2fQ-2FtCCm8Mt-2BnLc4Cw5LIen1Z18hmFQ71Q-3D-3DnG_Z=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpk0w4G=
KwIM4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZysjq1kSyfpL-2F7AQrJ3TFwi5qI2HzSYdjA=
31E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2BqgyJSaxteUnL2iJ-2FTS4sIjn1gMLs=
g-2FMHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7LxEypXiBYna0rYJq3CW7-2FGNJaq0=
lEOkQCGukIDHjiwErpXJViVHB-2B3zsTcGFH8uDYmhzaYJcBjv4vHdpdxec7kvk-2FTYef6FA6e=
I30eLzEmmHV51F2iHy6V65nGd0NrxuZX3WYQSEi5zHQu83tM5LWQtBz6vAQdz2m-2FRyUxzuCXB=
M40KvwwpCtD3OogC12kf7UhO7JsfvOe2xcvJ521EMs0RBqbIBn9JUi2dAQMxRSVWd-2BeDBz4fJ=
0jmblcRTO5cbzkxuxAGu94DRt0GZNQAxTq6Jg-2FYXz2BLgbxTXmMD27cCO8JnO1gfBBL0z6HRg=
JUb" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Crude Awakening=
: How High Oil Prices Impact Private Markets </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-=
2BaqM7ONnvsnswouzUvlFS8F5dc2fQ-2FtCCm8Mt-2BBmm6VEIonRO-2FVVRrgrvp-2FQ-3D-3D=
sWqG_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpk=
0w4GKwIM4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZysjq1kSyfpL-2F7AQrJ3TFwi5qI2HzS=
YdjA31E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2BqgyJSaxteUnL2iJ-2FTS4sIjn1=
gMLsg-2FMHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7LxEypXiBYna0rYJq3CW7-2FK3=
avf5O1K80o2rL-2Fct1zmg6E6eYQ6rS989jGvE6sRHSdUzriU3FJ79oy41JQ3EoDeyAY9U-2FBS=
qwPpuxuE3SKyzWvk00jxawVQPvhhJBZBVru2QO9lHlwOMEzJNPZbN7-2F-2BtPpi8hGnK-2FMY8=
ObZt-2FyJqZfuA2fHpfWqP5hBzR2rsDyBlbmRYALrgckdYGwlI1orWgDvonB-2FLE-2BYJZdfgL=
EbSFbTUcjNpKNc4DK9QsPpcFmjEs3-2BXWaRzp2fNhuWIWvWrOvTNEKbK4bNwlsqJFKsca5DaY6=
cI0fE9k8kmZE9fQ" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Meg=
a 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-=
2BaqM7ONnvsnswouzUvlFS8F5dc2fQ-2FtCCm8Mt-2BuH-2BUmEhSrAGfYl-2BxaMLDBg-3D-3D=
OyhV_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpk=
0w4GKwIM4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZysjq1kSyfpL-2F7AQrJ3TFwi5qI2HzS=
YdjA31E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2BqgyJSaxteUnL2iJ-2FTS4sIjn1=
gMLsg-2FMHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7LxEypXiBYna0rYJq3CW7-2FH1=
71n6dxsjmir7Wpm2PVeCHHT2-2FZ9MSTA8KykMWeXVEJDv8-2BdTPjf136WoE-2F7s6krRhxxpW=
-2FzylbHB8mADh5VYn4K6PkNtcToUAlH8MwX9eJNRPdjSZRZCI3KeU36LNOyjbL-2FHjglnfsXa=
2YzH-2BraZdrP9oRycll51SULtlMmPDL14fI-2FFX7RyAjzvW2Ye4izZTuTRQM6g-2BVbkTQh5b=
rpLLCUDJ1GkHF2WUrzBd0Rt9YEThbFweos6lSLrDo-2FlrZxCMpyFsCpCI73Tp3AGoz36rooKwJ=
kpXal-2BOBhf3IXdU" style=3D"color: #1D5080;" test=3D"" universal=3D"true">T=
hrough the Looking Glass: The Race to Build Enterprise AI</a></b><br><br><b=
>Industry &amp; 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-=
2BaqM7ONnvsnswouzUvlFS8F5dc2fQ-2FtCCm8Mt-2BFnFJDHa0l-2FxjhwQLCZgJ-2BQ-3D-3D=
EUXC_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpk=
0w4GKwIM4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZysjq1kSyfpL-2F7AQrJ3TFwi5qI2HzS=
YdjA31E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2BqgyJSaxteUnL2iJ-2FTS4sIjn1=
gMLsg-2FMHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7LxEypXiBYna0rYJq3CW7-2FGK=
6Ait8mudSItfSeIFT9pajyogWb0jTk6-2FD0pHCn78jz1q-2BZEbaZsMMfTl4hXvk5QGhFi2UIY=
42XloLStDW22Uf9dpAHIIZssq22dwB3s-2FTQAm7UZgd1JXpoaQ-2Bc1XFeqyX-2Fx28D7LMPCa=
PDnJJI9Twe7rY2PEInvtHdOLNvoMN6q8x16UzT6qJ6wv2LYotGCfuc4-2FikbHULgQ-2FjnrnD7=
BSGBHfgKijyI7qQ0hgWr5qpHPX-2B-2Fp6I2ICJ8QbS-2FhQ4HWs8vj0TVttjFxLnCCVFvlQDbA=
azCVFc9PwV4lBjWHO" style=3D"color: #1D5080;" test=3D"" universal=3D"true">T=
he State of European 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-=
2BaqM7ONnvsnswouzUvlFS8F5dc2fQ-2FtCCm8Mt-2BWiRdogwtDArWvHUMwWxWoA-3D-3DhZsU=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpk0w4G=
KwIM4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZysjq1kSyfpL-2F7AQrJ3TFwi5qI2HzSYdjA=
31E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2BqgyJSaxteUnL2iJ-2FTS4sIjn1gMLs=
g-2FMHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7LxEypXiBYna0rYJq3CW7-2FAcRudT=
xa5cWBXyqD1rJfOywJCyHekKtXg-2BZsUdLJECd850MOck5JHzDTdewpa0Ua7-2Frj-2F74yI5N=
CFfskXd0-2BGJaz2nyzDppBpozLBdyBryJJ1i9n7Qs73SgWcw1jw3VaJ21CE2oM3PMUOlQ5EG8G=
K24GhkqP0O8ZTOTdCTfuKW7-2FTA0wg6J3rsjtvRESO1GTFndQZw0gIYvSTdTdiap88zR9on007=
F9ESsLDUVqdqmOMmYEhmw2ERlKAFI6UqQz7gk6OHcA2MI7111GXHnzGTDgIgMgPOJbif-2BsIgY=
fdU27" style=3D"color: #1D5080;" test=3D"" universal=3D"true"> Physical AI =
in Automotive Manufacturing</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-=
2BaqM7ONnvsnswouzUvlFS8F5dc2fQ-2FtCCm8Mt-2BjRRp2Bw7pwmdHMr6-2BHet2A-3D-3D8x=
Ma_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpk0w=
4GKwIM4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZysjq1kSyfpL-2F7AQrJ3TFwi5qI2HzSYd=
jA31E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2BqgyJSaxteUnL2iJ-2FTS4sIjn1gM=
Lsg-2FMHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7LxEypXiBYna0rYJq3CW7-2FHdSH=
KE0BqxUWSvUtNiXrMwtGwOi9SOIGyF8XSHFEAarJGM6G8fKmji2boPpKC3G8f-2Frxb7ifSswXk=
Ff1nxpGsSRrxE23Xb79Re6ll6eK2TV-2BOoynor-2BlPtLSVUoH7g02m6BBxeFRKZn8097fAYRX=
iOpiJmUatSwOlYsyg2wqQqEJl3tb3e5Erl2qwTsogYPltUEGlEmTzXxvyDt1-2Fb6gcRtuC-2F6=
KIWUr4-2Bfk7LFfWSKbVUgjLpYhqOqbS84kaGxjpRTqeB339Yq4bqlcgeuW021whInPYFxfpgxR=
yVoHL2B" style=3D"color: #1D5080;" test=3D"" universal=3D"true"> Q4 2025 Co=
nstruction &amp; Engineering Report</a></b><br><br><b>Credit 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-=
2BaqM7ONnvsnswouzUvlFS8F5dc2fQ-2FtCCm8Mt-2B9wKBKX44RpqYWwtvSPyKWQ-3D-3D5hM-=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpk0w4G=
KwIM4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZysjq1kSyfpL-2F7AQrJ3TFwi5qI2HzSYdjA=
31E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2BqgyJSaxteUnL2iJ-2FTS4sIjn1gMLs=
g-2FMHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7LxEypXiBYna0rYJq3CW7-2FOGojUb=
FAMoBoAEa-2FmEPDMkNX2FayYkjVQRPGZDwzbeqT6VlzhxHCFg39yQuYuLDnKgKWFdqVP8iK2Hm=
mzDXz5TjyNm0D6xGpYfIEwF-2BBUxvsN80C3dsgR6m8sgkS1RfYREek2JAldsebcTLJqpXXz-2B=
xbDHRV7i9n7G7R0gjRAwXTqQYGPqcgG0nqWmmLUYCCJrFfTsRNQEUQFE-2FQjAWLjBV2gaOyEwr=
xtIxBjeUkFyP-2BxxKo7-2BVXZFbovz-2F0xxf859kWRHuGyaOsKRjimNwGEX6ZJ3ZMVGL-2BsK=
4M09M1WUu" 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-=
2BaqM7ONnvsnswouzUvlFS8F5dc2fQ-2FtCCm8Mt-2B95vkQHuDIVzbksp-2Fl2R7Ug-3D-3D1e=
7e_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpk0w=
4GKwIM4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZysjq1kSyfpL-2F7AQrJ3TFwi5qI2HzSYd=
jA31E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2BqgyJSaxteUnL2iJ-2FTS4sIjn1gM=
Lsg-2FMHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7LxEypXiBYna0rYJq3CW7-2FArXv=
GC3-2BKicx0GOqZV22y9WZdz6zwCjjBnTwGm3-2FmdL8yKHiPawt3CW8ZgF0XuCkkDuv-2FIQ9P=
LlL13wSkwT29jvENNfwhtd3VwyTw90RwNXCIWVqlysM2TGRowBDSLU3vOj1xKcXQTfZcOo3Rm5b=
JMqOGf1i7b-2BMR4aidSO8sCx7WSQ4UxMeLLIxaHA6b2OjBRYABWtFBK9b-2F7hBdE5tJYItSqo=
eKEnnTt0a6cdmG1-2BrMSlL5cpt1n53xOUV33PNbgKvWLt7y-2F4Qy7RwnM-2FICun5zTypdsxV=
gYvdy-2F-2BhJs8" 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-=
2BaqM7ONnvsnswouzUE3E59cjG4KehlHaSnWigFpc-2Fn-2BqaSpf7y8FiB8WU23w-3D-3DthNh=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpk0w4G=
KwIM4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZysjq1kSyfpL-2F7AQrJ3TFwi5qI2HzSYdjA=
31E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2BqgyJSaxteUnL2iJ-2FTS4sIjn1gMLs=
g-2FMHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7LxEypXiBYna0rYJq3CW7-2FPc4WK7=
yD1y87XkJle86mpdGNbSriKHN6DE4SEXTyaGAxru9N1FXqjCa0w9Mym1iuO3DSn5COqTFvdYtI2=
Bbk-2FPcP123i2tnYIbMaB-2FmNlpbp-2BPWkyhdxoggOzOfJZTE4R8-2BHT2Fj7Nbt6XvIvlWk=
OFqjMgUq-2FPzl76sagi59OZwaiC9OjpQ5-2FPgpi6Bo-2FdHKZQBHPc5tTd1QpYQA1V4m1XQeC=
1v2qWCeUp7Cd7cclvxRqiT48sAd8hSuJ7w5h8ya7g1jLO3WQzUc9vxcg1xf9qOiQ-2FmcXZo8zb=
eLU3qFUox" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Global CL=
O 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-=
2BaqM7ONnvsnswouzUE3E59cjG4KehlHaSnWigFHoMmvoHHLlj6ypK2Rh3P0w-3D-3Dt_xG_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpk0w4GKwIM=
4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZysjq1kSyfpL-2F7AQrJ3TFwi5qI2HzSYdjA31E1=
CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2BqgyJSaxteUnL2iJ-2FTS4sIjn1gMLsg-2F=
MHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7LxEypXiBYna0rYJq3CW7-2FEc8aAQT-2F=
net6mn-2FAJDktJKg-2FfxSx3Hv8PqUaLumtf-2FS1l4Vrao5cRIWH2PnVO4bU7GMZAIORflyZ6=
sHUbtUdZbclrExkyIIbiKX43sx9iXhoA4LACHPb-2FD-2BgjlKwGRXLujw3aN1tLCVQRgD9D5x2=
TEXFXtJhfzkZeHpsu63Rli8oxCp2g-2BRzsRrVsep7xin3z-2Ffg-2FaR7Upe3juGr6CMoGzF04=
vjtlnHK4ErEQUWjY53YmA4C3VSNHRprSuqLPnq79AJrPHE09DKEiDkoQC326uf2H2YESf7h4WoL=
VWuN1q5" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Global Dist=
ressed 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-=
2BaqM7ONnvsnswouzUE3E59cjG4KehlHaSnWigFToI1D52oZQtyCTNc5zghow-3D-3Dy6NQ_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpk0w4GKwIM=
4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZysjq1kSyfpL-2F7AQrJ3TFwi5qI2HzSYdjA31E1=
CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2BqgyJSaxteUnL2iJ-2FTS4sIjn1gMLsg-2F=
MHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7LxEypXiBYna0rYJq3CW7-2FCFLv-2Bi19=
glNwjPjp-2F-2FqH6o1csRUj-2BD5JYtFxa2L9spbKMiUVp1arFalvdaMimzFgts5cWIfmJQjPC=
ZvFT-2BDjz-2Bo4h6pLHUaJ-2F05QZcLDGuDyQf9rk-2FHUaVNnvw09TUIcMitiHG1xZhkQYYtp=
gnNVHYECj2jhahaEm1Ukp-2FfrpInllUthoUpWcmYOJ5KO2S2fxW-2F4bxVD1VB0kBKnP7CUnv-=
2B6e2qh2hVC19y9fMgEC7d7jtK8Bk7ufy-2BAAPK9Tk-2BEc6kBgMFpJ2-2BcC5hYCfd-2Fl5vH=
wLT9-2BwoPQH5e3dxNPd5" style=3D"color: #1D5080;" test=3D"" universal=3D"tru=
e">US Private Credit &amp; Middle Market Weekly Wrap</a></b><br><br><b>Comi=
ng next week (subject to change)</b><br><br>
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Report<br>
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r>
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 the Lawsuits?<br>
                               =E2=80=83=E2=80=A2 Q1 2026 PitchBook-NVCA Ve=
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                               =E2=80=83=E2=80=A2 Q1 2026 AI Public Comp Sh=
eet and Valuation Guide<br>
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 Comp Sheet and Valuation Guide</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
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                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
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                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
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                           <tbody>
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                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td>
                  <table lang=3D"x-counts" cellpadding=3D"0" cellspacing=3D=
"0" border=3D"0" width=3D"100%" style=3D"background-color: #051C38;  min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 5px; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-counts-title" cellpadding=3D"0" cell=
spacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td align=3D"center" style=3D"font-family: Roboto,=
 Arial, sans-serif; font-weight: 700;
                                        font-size: 14px; line-height: 27px;=
 color: white; padding-top: 26px; padding-bottom: 37.3px; white-space: nowr=
ap;">Since yesterday, the PitchBook Platform added:</td>
                        </tr>
                        <tr>
                         <td>
                          <table lang=3D"x-counts-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%; t=
able-layout: fixed;">
                           <tbody>
                            <tr>
                             <td style=3D"display: inline-block; width: 25%=
; min-width: 25%;
                                                    text-align: center; flo=
at: left;">
                              <div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Roboto, Arial, sans-serif;
                                                    color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
                              594
                              </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;">
                              2231
                              </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;">
                              1134
                              </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;">
                              23
                              </div>
                              <div class=3D"count-type" style=3D"float: non=
e; font-family: Roboto, Arial, sans-serif;
                                                         color: white; font=
-size: 12px; line-height: 24px;
                                                         padding: 2px 8px 0=
 8px; -webkit-text-size-adjust: 100%;">
                              Funds
                              </div></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td>
                          <table lang=3D"x-counts-btn" cellpadding=3D"0" ce=
llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                           <tbody>
                            <tr>
                             <td style=3D"height: 25px; line-height: 25px;"=
></td>
                            </tr>
                            <tr>
                             <td align=3D"center" style=3D"padding-bottom: =
13.3px;">  <a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzUE3E59cjG4KehlHaSnWigFTcn29DncDUI340flXpeqnw-3D-3DYiA=
C_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpk0w4=
GKwIM4XL7DZbrxRX6vWy3DNHrjg58xdRMcU9Pt0EZysjq1kSyfpL-2F7AQrJ3TFwi5qI2HzSYdj=
A31E1CArHsDJ3GLrS77Z8FdEKZ6RLkB7h7-2FVmUjCp-2BqgyJSaxteUnL2iJ-2FTS4sIjn1gML=
sg-2FMHB7GcLErlIrQrXkhWGsKaSvcqxyl0oKBrmXd4zDG7LxEypXiBYna0rYJq3CW7-2FMSb2p=
cEPea5SEXr8qbpbfcdDkr-2B9Iiu8zwseoxx5PRG15I45dHIJaiErCEnAoPurCUnU6Y2xU1izRX=
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