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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 Our latest US and Europe PE, VC reports; The 401(k) private markets push has a problem; Q4 Private Capital Indexes April 18, 2026 | Read online | Manage your subscription The Research Pitch Presented [...] 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] 0.0 RCVD_IN_VALIDITY_RPBL_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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} body,table tr,table td, div, a, span { font-family: Roboto, Arial, sans-serif !important; } </style> <![endif]--> <style> /* Windows Phone Viewport Fix */ @-ms-viewport { width: device-width; } .mobile-only { display: none !important; mso-hide: all !important; } .desktop-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 0 !important; } @media only screen and (max-width: 800px) { .mobile-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 1px solid #C3C3C3 !important; } .desktop-only { display: none !important; mso-hide: all !important; } .container { width: 100% !important; min-width: 280px; } .content { padding: 0 5px; } .walkthrough-image { width: 100% !important; } .performer-title, .performer-content{ font-size: 6px !important; } .header-msg { font-size: 9px !important; } .pre-header { padding: 10px 20px !important; text-align: left !important; } .side-bar { display: none !important; 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font-family: Roboto Serif, Ge= orgia, serif; font-size: 44px; font-weight: 500"><span>The Research Pitch</= span></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 14px; padding-top: 11px;"><span>Presented by <a href= =3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzVmQyEl9-2FaTyBftudfZAKuVlwSGB0jhxRdc7-2FZJc5zPP= A-3D-3DcpG9_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA= 68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJ= pbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdH= xscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0= tBHe06WztAVHmtLnuGsUYmXMz-2BWrpYLnPN0OF7p0m-2FF5-2BfGQtMEvubZx8w6cslwsUpheN= schJuCfCo-2FRByGV2Wn-2BhXjUS68keR6n-2B-2BWrK-2BS5MqmhE95vMheoCxt-2BIEmtX1OR= fq0ujWsYkcwzLHdHSMzFizr7WNUTee3CBgexUUMi2fm98j0B7-2BS3MveIEaGgPi2i1BSR1Ec0T= zpohS1zaWoqjQEtP6wpwAEN8C2nOed-2Fs5BhYSI11CXloQ47mlR9VBnLAeBVNA3srXXKah8BVG= 7h-2FIbt-2Fc-2Bw7o2l5hbS23KE" target=3D"_blank" style=3D"text-decoration: u= nderline; color: #1D5080; font-size: 14px; font-family: Roboto, Arial;">Apo= llo Global Management</a></span></td> </tr> <tr> <td height=3D"38" style=3D"padding: 0; line-height: 38px;">&nb= sp;</td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-content" cellpadding=3D"0" cellspacing=3D"0" bor= der=3D"0" width=3D"100%" style=3D"min-width: 100%!important; width: 100%!im= portant;"> <tbody> <tr> =20 <td class=3D"content" width=3D"460" valign=3D"top" style=3D"ma= x-width: 460px; padding-left:5px; padding-right:5px;"> <table lang=3D"x-main-content" width=3D"100%" cellpadding=3D"= 0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"= > <tbody> <tr> <td style=3D"padding: 0;"> <table class=3D" " cellpadding=3D"0" cells= pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20 "> <tbody> <tr> <td lang=3D"x-advertisement" style=3D"padding-bottom: = 20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzVmQyEl9-2FaTyBftudfZAKuVlwSGB0jhxRdc7-2FZJc5zPPA-3D-3= DGBaM_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRc= F4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOx= uppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47= vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06= WztAVHmtLnuGsUYmVi8QZBs3Ye61QHLZZxwLClqRB5V3JQRcRWTj3gcMxHYfeZEwbLSWwHNQPIv= 3qjmOw4DgMuBrRCV0Lqy-2FbQlGIC9wSZA1QioJArNj16vEdWZkmrf7CM79lWh1lI6UJ6ljqAaM= rkuZ26JS2abzPHOev6SPaVSeAractlwhs7xRtl7o7R-2Fht7zjDHq9NttNAODBlHx-2BzIbU4bd= QGXrIfa-2Fct2CkGovNXuA3lCixBvR9gh8tQTfm-2BaZFLDWu4H7-2B1mObU6bgmSPtsO-2BBMC= 3s3CSX6k"><img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4548/Ap= ollobanner.png" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; border: 0px= ; display: block; width: 100%; height: auto;"></a></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Dec= oding Q1</b>: The latest <b><a href=3D"https://url6380.news.pitchbook.com/u= ni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVmQyEl9-= 2FaTyBftudfZAKuVVzDMguYNMPIY5aMfuZtLmg-3D-3DSl4-_Pr966knuaHmaw6c7pKvB-2BCEi= Dnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbM= KLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5= fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsr= pCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmWP8F11naPh-2FMu6= Rb-2ByI3tY-2FCv6VSz0N8tQKV9kZkqBENQEJUxFpPToxgHF8IvYJ1hcicC1Ae-2BTH3BHJZOOG= w1ZQWyEi8qt6fW9XxqbHZDFas1oF2mrwiTP0QWZtQCwgWsLA2TleBXtcHrl3sBfVLRJdVLOnS8t= IA18Cp01LuGXurE7TO6uWHhZYDtHb-2FFwhp4l55yD99Hbw24fbgKCUmWRbLGjOXkfXkZyMQrJc= NoJs6woGvrpsxpYyef4HSOSJj-2Bquy11g7bL4HupHATKGyVM" style=3D"color: #1D5080;= " test=3D"" universal=3D"true">European PE Breakdown</a></b>, <b><a href=3D= "https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzVmQyEl9-2FaTyBftudfZAKuVPAZxRDu7IctM-2BTIkCH2B= dg-3D-3DnkNp_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY= A68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgV= JpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhd= Hxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL= 0tBHe06WztAVHmtLnuGsUYmXG0mZj7owFBm1rhJ8KcswYPY7vsM4X9xpWXdnS6IW7gRsUYvmXGp= QsB7U78JFkYc9DWeu4EbJKUgRRol1N1JmUTi03R6rbZ8cLYX9JOvLUkDqiCOuzUgHdeNHgudTW-= 2FJ15lCUW1ATMaWx9-2BXcyJeAvsp5nLMG-2Fqx5WBtAXlbViAJMCZI8lzna5gPFlaRREaVj5HZ= uGvC-2BGmWuOS6q0Y1tzh-2Bsq6EuL-2B8tWvaINBNAosBsPunXY-2BCg1-2BFbdiForCW87-2B= nJ8yRuOoEo5ys2MtVs2" style=3D"color: #1D5080;" test=3D"" universal=3D"true"= >US PE Breakdown</a></b>, <b><a href=3D"https://url6380.news.pitchbook.com/= uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVmQyEl9= -2FaTyBftudfZAKuVAA3w-2BEFk7UbIBd57wLRwoQ-3D-3DvEKg_Pr966knuaHmaw6c7pKvB-2B= CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGF= hbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKux= oO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEEC= bsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmXDTvoAh2JTdQT= jMrbdt6eRTh3peM4iqqNcYTHCuimpVy-2FFofO2zUfFC8RWOjWjSP-2BUQm04A8ICRLApqFSSmt= fjFeYwbmNvrGHQ6L43karf-2FGDf3POAd-2Bv9NozgsYUxZB3zHYcVVY8VvXQLLDU0ZR3mBK1g5= yzBCReoAedOdg6K-2FzEztOTdSFhrh9OZmS7daye0hGCNOpmKnkDUMTQcOdA1rWfyGACfQ-2Bs4= a5-2B7l-2BYkfp6KS-2Fyqt1SjviZY2hVhaTVSKiltwaO3BDdwsiqHLvvb" style=3D"color:= #1D5080;" test=3D"" universal=3D"true">European Venture Report</a></b> and= <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d= 4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVmQyEl9-2FaTyBftudfZAKuV-2F1jf-2= FqNmiR3isvNeVEj6cw-3D-3DCcBY_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4= BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIa= kJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x959= 5NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ= 7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmUP-2B6AXCFQktspIi1mO8io-2FAlvPRv56bV= XYA6MPmxgrp28KC9RsqE-2BfTaX29Q2-2Bg3-2BVfrdmGiJgCnp6RqssbHLQ2Hc485Iheh27oWA= kOp1qCxWPqWFUQnEq-2BQFHkd0waS2n2jDzQv4gZEjU4qdX72QBLeNnTi2aSjhFBon9TRuCG2Ir= 9QhHnZOPM6SgmmkE1BjYrPDTd790flHQmaxgC-2FqsB0q94WdEcDBsJICYIX-2BA7xRVXh4rQhv= ISKNmCHy3hSLzz76Zmn5qJr4XZaHWQT1Z" style=3D"color: #1D5080;" test=3D"" univ= ersal=3D"true">PitchBook-NVCA Venture Monitor</a></b> reveal trends shaping= 2026. Download the reports and dive into our analysis below.<br><br><b>Pri= vate market returns</b>: Our Private Capital Indexes track returns across a= ctive, closed-end funds, drawing on data representing $4.6 trillion in net = asset value. <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?= upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVmQyEl9-2FaTyBftudfZ= AKuVT64y-2Fxa3fFm2bOFdPyP3BA-3D-3DQ4Kj_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL= 0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBr= YorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sj= il3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-= 2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmXuzUSdPJW6h7rKK6blfaA3nO3v= PfmgqaV2YAvdpD7i85urVd207MJ-2FH1jGXoofUphxfpMTPBXadP7DEOu1NWzD2IMxbe3iMdWHq= oTsm-2BTIraQe8jCW-2BwcSgrUIsZN5iC4U1Ec3auyJuItS0oNoiIwR0IxbWX3oI5vZ-2B6uVQn= hXthKy7GEXazO5O9t38WcmDO8ro46l2NCxFBxwCIFKQNcetu-2Bz5Q-2BFd6Mj8bcIDT1-2BhL5= pib-2FMloD13UMxx70xh6myHYeZOJNEkc6Ntj19vlpl" style=3D"color: #1D5080;" test= =3D"" universal=3D"true">View the Q4 report here</a></b>.<br><br><b>Comp sh= eets</b>: Our latest guides on public company valuations and financials are= now available for <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVmQyEl9-2FaTyB= ftudfZAKuVDhRZ3e6gMFAOMLpsJeWO-2FQ-3D-3DW8KB_Pr966knuaHmaw6c7pKvB-2BCEiDnj5= UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUW= xBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTI= b1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFm= t9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmXCpnuibY17CvA9PyGIln= YczCuJ3v-2FBfzZId-2BVFoEFyN6fqA7IgBhuJpiO0Ohbu20E2PhO9ExN-2FeyN1oy1NXxa0Tej= CsyB1rrDBJLqCNN2m4BSO-2F2uVrCVp-2B9AevmbAwQsYBFnz1yHEOnvRTcu7EWn4-2Bs1BIewQ= ru-2FyVkninEXybzbXqvVILhzk9hDTNolBmxZSx82ml9IXylFl9r6uyaqYf2jH-2B9RO2ghjPWP= ZoG3uG7jbgxZS2Dna0otwkqOr-2BoRru8bMRfd-2Bz9vOluQhlK1R" style=3D"color: #1D5= 080;" test=3D"" universal=3D"true">fintech</a></b> and <b><a href=3D"https:= //url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzVmQyEl9-2FaTyBftudfZAKuVoB18rpi-2FgJOhBShh8QjZXg-3D-3= D6vXu_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRc= F4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOx= uppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47= vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06= WztAVHmtLnuGsUYmXgJZR0PfUxGn-2Bx7CC1Ba-2FYIoTxwJiVe-2FlHP1t1KZL9wfVhOFdQl5D= GMYUUwD6mn9qY3f1gq5KTwlsYbKSRFyhmyKFgVTcwYFihSLSiOApzlM6Lz-2F3gmHrNilLp8yGf= uMyj0pnfHZtSdcNG9PBm3ICLQeIbj8GWMpnBjuScD23o08SgWYGRPCeNHsqWf7lHFd9ARdarJw9= -2FT61K2v9zSQXZZcBx2paxAIZU6NpAWrYcw4-2FIw31EIpRwrlLCQKcrowoPcyBKQnXFF2Qtyc= olMh5N" style=3D"color: #1D5080;" test=3D"" universal=3D"true">healthtech</= a></b>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>A message from Apollo Global Management</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_579806" id=3D"n_579806" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> The other 95% </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-2BaqM7ONnvsnswouzVmQyEl9-2FaTyBftudfZAKuVlwSGB0jhxRdc7= -2FZJc5zPPA-3D-3Drdbu_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43= kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM3= 5cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqT= KCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-= 2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmUnJujkOkGKySIUwI5mVqIM1l6encKW1fMZYIrmmNskn= si5uEuhhpwWtKlg7ILzz6y89Rxubtzmw8NNM0A-2B4Q1anKCg4b4gTsUeMCWntrNfYelPYKzFB2= DXrqQ-2FA-2FNRR0EsvBc26Fr6vN-2FS-2FBrqg4q0qeLYQ72p9gXYRlyQS7fRZqyyTNPWlqaam= 0dbk6BKFe4lYM4Erm6ylOwpHA52Z7horDkAF9USFTVS8PL92OK2GokcuI7jQDlXkIWM9deDYCa-= 2FtNUUmBmf5p7dm7WECIvb"> <img align=3D"center" alt=3D"" src=3D"https://img.= pitchbook.com/news/73776.png" style=3D"border: none; width: 100%; height: a= uto;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>The private credit market is a $40+ t= rillion universe. 95% of that market is investment grade, financing the nex= t generation of energy, infrastructure, and manufacturing. The future of ec= onomic growth is private.<br><br><a href=3D"https://url6380.news.pitchbook.= com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVmQyEl9= -2FaTyBftudfZAKuVlwSGB0jhxRdc7-2FZJc5zPPA-3D-3D9Z3N_Pr966knuaHmaw6c7pKvB-2B= CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGF= hbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKux= oO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEEC= bsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmWn-2F6bkhDYof= BNj-2BuT0MZMKACUMjfdEynX76R6g1QSkWMuulXs9TTl08Pdg1Vub6BLP4i0V69OmZQEYuMcsFs= lK9gYyK6ozIqzVWS5mR2JPuUrXaiAMJwnk9eKAGVoAEriaqukAFeC355IZG8-2BqkAsrR-2Ba4w= yhm3LS9LIxcXGb0c5xhvPBsOLNF-2FBXSO9Y1l63iE8vabrRfZqUCHZo-2B5LkIbB60MQPorT6S= XfD3OtOmhy5Yu1wdl3UgOz7hWnlsV3CnfuXMrSPoDvIB-2BusUjeS6" style=3D"color: #1D= 5080;" test=3D"">Learn More</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" 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_579909" id=3D"n_579909" 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;"> Different maps, same terrain <= /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> Q1 2026 was a stress test for global private = markets. Tariff uncertainty, geopolitical disruption, and AI's accelerating= dominance continued to reshape how capital moves globally, and the pattern= s emerging across US and European PE and VC tell a surprisingly consistent = story.=20 <br> <br> The liquidity problem is the one the market = has yet to fully solve. Traditional exit routes that have been counted on i= n the past remained either closed or unreliable. Investors on both continen= ts are improvising in accordance, but the backlog of aging portfolio compan= ies keeps growing. Secondaries and semi-liquid funds continue to build in t= he background, but they aren=E2=80=99t able to fully alleviate the liquidit= y issue.=20 <br> <br> These pressures have factored into poor fund= raising figures globally, and dry powder stores have finally begun to see a= meaningful drawdown. How long these pressures can build before fundamental= ly changing deployment behavior is the question hanging over the rest of 20= 26. </div> <div> </div> <div> <img align=3D"center" alt=3D"" src=3D"https:/= /img.pitchbook.com/news/73816.png" style=3D"border: none; width: 100%; heig= ht: auto;"> <br> </div> <div> AI has stopped being a bet and started being = the baseline. It's now the primary driver of deal value in both US and Euro= pean venture, and it's beginning to influence PE deal selection and valuati= on logic, too. But the capital isn't spreading evenly. Rather, it's concent= rating, and the gap between who's benefiting and who isn't is widening on b= oth sides of the Atlantic.=20 <br> <br> What's striking is that despite real headwin= ds, conviction hasn't collapsed. Dealmakers are being selective but are not= absent. And there's a growing sense that clarity on macro conditions could= unlock meaningful activity quickly, whenever that arrives. The question fo= r the rest of the year isn't whether the opportunity is there for private m= arkets. It's whether the environment will cooperate long enough to reclaim = its past strength.=20 <br> <br> These themes underpin our latest US and Euro= pe PE and VC reports. Download them below to explore deeper analysis:=20 <br> =E2=80=A2 <b><a href=3D"https://url6380.news= .pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn= vsnswouzVmQyEl9-2FaTyBftudfZAKuVVzDMguYNMPIY5aMfuZtLmg-3D-3DHkDk_Pr966knuaH= maw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtr= iDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBjCR= PRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg6O= svO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYm= VbR8-2BhOPLYHaztnFoML5HNxVNyQxXl1VUQselAnepXpWxSwHtYXSZfrHS4SnbbOPg8H8HKJTY= s37IslRAQ58BZoGJ0VwQNivoqs88rgOdSzn1GFxLhIYPRKzr-2BKnMCOhhPZejqMDHeusydVSKG= p-2FdduPvG9bU7-2B-2FwH67x3ToGWF7e1CkJTCpcqey4YrZmsA3g1GvnDf-2FPA4rtZwdn-2F8= tzrgs0iZX8-2FUedEiPsevrMVH-2BhLjH-2Flt9Gyg2-2FMHbjHYHAoBP-2B3Tyw9VcKyiwY-2F= zH6C" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q1 2026 Europe= an PE Breakdown</a></b> <br> =E2=80=A2 <b><a href=3D"https://url6380.news= .pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn= vsnswouzVmQyEl9-2FaTyBftudfZAKuVPAZxRDu7IctM-2BTIkCH2Bdg-3D-3DXeUQ_Pr966knu= aHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSv= triDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBj= CRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg= 6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsU= YmXVycaJ6wp31vr0PEY4EAUxESZQhmQAwTbCU3fVMfSLcTyTVAKGDq6S9varaO8QLFynn1ux4n2= 7US1mNAYD08Z2dy77gljpCNwDM9iueMWA8Cz2qpLoLzGlSooy-2B2QRu6-2F9EdnbQaxIOdPhs9= yfMkgS8dPh4g8522MxU-2BEEu5de4xLJBH7HUTYBSn9KJuiDN5X6QaYFfGmeic1dHtioaBVYTta= BFgg042SQPsFHpsobY0ksR1QJstgXhnc4bN3BjIEADmkMRIu94fEDJSoXW2py" style=3D"col= or: #1D5080;" test=3D"" universal=3D"true">Q1 2026 US PE Breakdown</a></b> <br> =E2=80=A2 <b><a href=3D"https://url6380.news= .pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn= vsnswouzVmQyEl9-2FaTyBftudfZAKuV-2F1jf-2FqNmiR3isvNeVEj6cw-3D-3DGI7m_Pr966k= nuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcL= SvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKr= BjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWy= Sg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuG= sUYmUCVUONbo66sdsKyGNXhj0QK4WuXsNlWwjU06drC-2Fep-2F0lYUhFsBNCVwqf3jiakY45ED= JzvNAWWO4orwJnS06YnFyxKMFuXCJdEle7M-2FAlY1HitF-2BVR-2FguGbL29ZZiBmkoohYg-2B= FXy9Htpty3RRAClec5VbLoIXUmXDoXkCleau5zyTtXhrX5PBLt-2BJ-2BIdx9xRmFk5OSRWlUwM= u8Tw-2F2Pu4UeMF7UVQZP3Ap31NWwurKYPSB-2B20YSA5cF16OREHoBtmYxa5rOiA-2FUnyOX62= haS8" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q1 2026 PitchB= ook-NVCA Venture Monitor</a></b> <br> =E2=80=A2 <b><a href=3D"https://url6380.news= .pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn= vsnswouzVmQyEl9-2FaTyBftudfZAKuVAA3w-2BEFk7UbIBd57wLRwoQ-3D-3DD26n_Pr966knu= aHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSv= triDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBj= CRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg= 6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsU= YmV71Gj9S71zloNCEBhFxqVka6JCPezZFwWq-2FP4blOkKXKNE-2Byw8hbo3QB-2FM-2BPRNNaX= oJf2l2-2FbXnHjkopTMTEnQ-2F-2Fzs8un8odKLjEko1YlhM1o99SONvbJNhiqVwR-2FVmyoKNC= NVLsaFmJxqqJMq0-2FDM3Vl8cOHvvyAv7l7EkCEekP81e3Z1kAaFOifew-2BbuRKT5A4FoAWbrC= cGp0jqgHWCe2IVBBMZwY9coxpv9XY9hXYuSP99c5S6d717lOQTzywn3h9QF5Qxy0XZo-2BIz8J5= DG" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q1 2026 European= Venture Report</a></b> </div></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"right"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" style=3D"float: none; padding-left: 15px; "> <tbody> <tr> <td align=3D"right" style=3D"text-align: righ= t"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/532= 02.jpg" style=3D"border: none; width: 100%; height: auto;"> </td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>Best,<br><br><a href=3D"mailto:kyle.s= tanford@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Kyle Stanford, C= AIA</a><br> Director of Research, US Venture</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_579826" id=3D"n_579826" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> The 401(k) private markets pus= h has a problem </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">The De= partment of Labor made waves in March, releasing a proposal that could resh= ape what American workers see in their 401(k) investment menus. But the fra= mework may not deliver on its central promise: shielding employers from the= lawsuits that have long kept retirement plan options conservative and limi= ted.<br><br> The proposed rules, which followed a 2025 ex= ecutive order from President Donald Trump aimed at "democratizing access to= alternative assets," establish six factors that employers must evaluate wh= en selecting investment options for retirement plans: performance, fees, li= quidity, valuation, benchmarking and complexity.<br><br> But as our analysis makes clear, satisfying = those six factors may be far harder than the Labor Department anticipates.<= br><br> The central dilemma is who, exactly, is equi= pped to do this work. Most employers rely on HR staff or finance committees= to oversee their 401(k) plans, people whose expertise rarely extends to ev= aluating private equity, interval funds or semi-liquid private credit vehic= les. The Labor Department rules explicitly acknowledge that plan sponsors m= ay need outside help, but they stop short of requiring it, and final respon= sibility remains squarely with the employer.<br><br> On the subject of performance, the rules ask= fiduciaries to assess "risk-adjusted expected returns," a challenge even f= or seasoned investment professionals.<br><br> On fees, the rules suggest higher costs may = be justified if returns warrant it, but predicting future returns is a gues= sing game at best.<br><br> And on the subject of liquidity, the paper n= otes that 401(k) plans holding illiquid assets have simply never had to con= tend with mass redemptions because the idea is too new. Fiduciaries are bei= ng asked to evaluate a scenario that so far only exists in theory.<br><br> Perhaps most striking is the valuation probl= em. Private market assets are notoriously tricky to price, and funds holdin= g them alongside publicly traded securities typically only update those val= uations quarterly. In a plan where employees contribute every two weeks and= can rebalance at will, that gap could mean workers are buying or selling a= t prices that don't reflect market reality, heightening the risk of litigat= ion related to the purchase or sale of illiquid assets.<br><br> Motivated by the prospect of tapping trillio= ns in retirement savings, many asset managers, recordkeepers and retirement= plan advisers are already building the documentation frameworks designed t= o help employers satisfy the new standards.<br><br> But whether the rules will accomplish their = central promise=E2=80=94shielding employers from lawsuits=E2=80=94is far fr= om certain. The proposed safe harbors may make suits easier to defend, but = will not stop them from being filed. For many plan sponsors, the fear of li= tigation may continue to be the loudest voice in the room.<br><br> The 60-day public comment period is now unde= rway.<br><br> In <b>How safe is the 401(k) safe harbor?</b= >, we raise pointed questions about each of the six evaluation criteria out= lined above. <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?= upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVmQyEl9-2FaTyBftudfZ= AKuVN9iptjU0w8xVNNnY4D-2ByTw-3D-3DghJ5_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL= 0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBr= YorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sj= il3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-= 2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmXN5TC1HCy5e6oZk3az5hd3Ynbp= XIpbg4ajXgE61CPORHBMXpLhm7qRIXmnovaNW2a9VLjWd1D7acrBu-2BTCefzwk8L2P1R1aVoB-= 2BK9CiTr-2BdH-2BXfBWxXxZ0q05EgFyLaGP8j4EwbN98DPhAMdBxCmFOwjTJ1SjWrixMCcWOgJ= mkaklppsTtEFjbj6YbnXl6KGXRgWpuapnPpbsDg9fT3Mij9wtYsR1eAu0hRpl-2BQXGkh2kFGPo= M1qGECr3IGWROpPTewb3awy6QCY9vfYX9BwN5" style=3D"color: #1D5080;" test=3D"" = universal=3D"true">Click here to download the report</a></b>.</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/486= 57.jpg" style=3D"border: none; width: 100%; height: auto;"> </td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>Best,<br><br><a href=3D"mailto:hilary= .wiek@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Hilary Wiek, CFA, = CAIA</a><br> Principal Analyst, Fund Strategies</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>Market Updates</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-2BaqM7ONnvsnswouzVmQyEl9-2FaTyBftudfZAKuVb3GPS-= 2Ft8XkN5xyO9y-2BA92g-3D-3DcR7R_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BH= R4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlb= IakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9= 595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRk= EQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmV1pDmG94701lJIIkSXPff6F2XZJaYNlHQU= j-2Fpi78jgwj4ji-2FEXSubECGXFXsM1W6Kpm4aANcHTYWer5yqnSjMhYBGmNeBv-2BHoRFdZDH= 5WwtAFmjB-2FMBbpMA3GlEjbdhM-2BshQBd8y-2BZwWUONWwFv18D0pRK4g5ftIrnoToee-2FV2= nhVqjJvK-2F9j5Ev6g4f-2FJEqi3ga2-2FTlQWbIUfxsOSlL-2F-2FQrmX6riE6fiq2A6wrxQ4c= gcB5LC36EgbadvDtq3nzUJJnqv9mBVZ3KegwUsHoX-2BG" style=3D"color: #1D5080;" te= st=3D"" universal=3D"true">The State of Sustainable Investing in the Privat= e Markets </a></big></b><br><br> Despite a charged political environment and = the proliferation of greenhushing, sustainable investing is proving far mor= e durable in the private markets than public discourse might suggest.<br><b= r> Rather than retreating, many fund managers a= re simply adapting=E2=80=94using less polarizing language and tailoring the= ir messaging to different audiences, with a particular emphasis on financia= lly material initiatives.</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-2BaqM7ONnvsnswouzW1pDB34RYISrHBH1QHI6XIG3wLor7yV= Kzn7PM3t9AgaQ-3D-3DfoPH_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSw= M35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4m= qTKCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN= 6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmUQL4T1xxfemdqZyyjJY2QhpoEFf8qy7rovhkXpSov= mrWHtWBXN4R2wEvYY0eheDIwOgB9RRgkNMVYblVi-2BlaWKz2WBULrZahE-2FKBJjYTTLwoyXKe= VcbCA8Z8rIB19sNLHKaAcdxKFpmqUKq-2FU2gJp0lNCbnGEs-2B9c7btgoD-2FBrDNslHixmgEL= BJbM-2BSSX2o047H-2FH74eMGjpM-2BOnx0Ke-2BkgPKOnMO3U-2F51IymctvrApw-2Fp-2BnzU= S8DaQ4wSUU594Zcfc5woX-2Fxnvil5rVAOyNZL" universal=3D"true"> <img align=3D"c= enter" alt=3D"" src=3D"https://img.pitchbook.com/news/73818.png" style=3D"b= order: 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> Meanwhile, private climate-investing fund AU= M reached a new high of $1.5 trillion in 2025, driven primarily by energy t= ransition infrastructure fundraising, with projections pointing to more tha= n $2 trillion by decade's end.<br><br> AI is emerging as a meaningful tool for sust= ainability-related data collection and analysis, lowering barriers for smal= ler managers and helping sustainability teams do more with leaner budgets. = Plus, there are opportunities to reduce AI's environmental impact via datac= enter hardware and the architecture of the AI models themselves.<br><br><em= ><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n7= 3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVmQyEl9-2FaTyBftudfZAKuVb3GPS-2Ft8X= kN5xyO9y-2BA92g-3D-3DA2Ft_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJl= SwM35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG= 4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2= FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmUUzgconVDJQan-2B4xEEi3-2BhyrQ4hcHReCzA4= QYiYwhMyLoAqwnyHBkYMjPcUdOs6rOq8nINf3I-2FrQoJn3awFNDpRdEY4kpDI8pMHf0QS4BNG3= sihnF-2BANL2jUM9Rv0-2F3p6-2FmG0ikkJV0oa3u7Q8Ck2wDUpSMc5lj89fSuFjWxs8oWviH3y= 8m6bEc8LLdIa7qu2wyB1pN8ofQpcRqJcSLrfrjD6KsoQ-2ByLwY0d0qFWxdxpDrF3m-2FMR0uVC= QX5x7rVMCXJDLZikgoj7Zgy-2FaSWE0E" style=3D"color: #1D5080;" test=3D"" unive= rsal=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 27</b>: PitchBook is a partner of the CLO Industry Conference in New Yor= k. Glen Fest, our senior editor covering the CLO market, will moderate a pa= nel on the future of SRTs, CFOs and other structured credit products. <b><a= href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cu= ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW1pDB34RYISrHBH1QHI6XIinmMySHvJsmN44q2m91q= PQ-3D-3DL133_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY= A68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgV= JpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhd= Hxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL= 0tBHe06WztAVHmtLnuGsUYmUoF31SGF3FBz9FvF8IXxsDhgBgzkOdw4yX4UbWlDxFFNGR91CM-2= BMvCGjAxAc4Vh2OOsdTqiG4ArmdYmUx5cUeL7fjK2ftwEQdFi6dgAXceq8LQPZNDm-2Bl5NWX1v= bihWyBhYRduDwsXMR6yncE9BWeOQVY65wnqWpXXbvYPmUbTKI-2B5CQGU-2FFuFwfAaZpOp8DP7= J1asR8NkSGTnukEIOgJqaZVrYDxSIVPn5rHMqRCN-2FelqHZ0VtBGqyfAfTG0Q6lmD-2FXYDm75= Ty9V3K12pThHL" style=3D"color: #1D5080;" test=3D"">Register here</a></b>.<b= r><br><b>April 28</b>: At DealMax 2026 in Las Vegas, Hilary Wiek, our princ= ipal analyst for fund strategies, will give a talk on the rise of evergreen= funds. <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du00= 1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW1pDB34RYISrHBH1QHI6XIqU-2Fxu= D5EJd01r0g-2BeHL7xw-3D-3DhPmJ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR= 4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbI= akJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x95= 95NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkE= Q7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmUFgr1Dy9qhlL46CXEF20rah-2Bbb6VfFCuU= nAjBFZ6QozhDfkkjyd0-2BGWsySDPhQ1SvMEW-2BQJb2RMRTjz3we-2BpFjYUwF1jxXvGLbhgKW= 6NpSiaRqbpsQHR0dfx76yyKXvUu6JyP-2FSunTCKtQ4Tgi3g1MNI0-2Fk04NHi9I2jOuC7-2BZC= mD-2BG-2BY049LJco7tz1ZQ04lELSjKzOtcpM5N5Kqb1LI3TrdGr7-2BGsV-2F0MTdJLMVQDgqV= gz-2FD6CA7cE9DLNRabEK0WKiRLC4Y9IkmLUh6j9Lj" style=3D"color: #1D5080;" test= =3D"">Register here</a></b>.<br><br><b>April 28</b>: Join us at ILPA Forum = 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.d4n73BrX4C= uylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW1pDB34RYISrHBH1QHI6XINFISIdcOokFa-2BjaxG= afJMQ-3D-3DkAye_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf= 8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROG= XgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyv= whdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1Kg= qVL0tBHe06WztAVHmtLnuGsUYmVjilgk-2BUYGz4i72SbruRdtq0-2F5K-2FWQHY6TuWPUEnDmn= 8XIEq3FIxEZ0WDpQHB1CFSe5hhqlYRga9p2Rqd5FhaTZSYQo3LaUsiGWrVVvPQf41L5dwoGtSfa= 1ow-2FWdbZybUnB6RX8C9NVAl3aqjZ7rnZDiZ5RT0r5txFJleZUOifxKl7SPPTBgz3Fo4yvW5Mn= SpsqBwNtPlr5OcevSPqcQxomFBNf72ug337UIruKJtRgqXArq8rmtw8i3paSgaoKm7njAYj0RG8= YLk1Dx1dLcev" style=3D"color: #1D5080;" test=3D"">Register here</a></b>.<br= ><br><b>May 4</b>: In this webinar, experts from PitchBook, NVCA, J.P. Morg= an, Dentons, and EisnerAmper will share insights from the Q1 2026 PitchBook= -NVCA Venture Monitor=E2=80=94from AI's impact on investment and liquidity = to the extreme concentration defining the market. <b><a href=3D"https://url= 6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq= M7ONnvsnswouzW1pDB34RYISrHBH1QHI6XIkV5D2SIba9a5sDuMWUVvzQ-3D-3Dl9W4_Pr966kn= uaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLS= vtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrB= jCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWyS= g6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGs= UYmURNFMpFI-2BBMCs3z5sEv0NmIVbcN46IDbmDmeoMsufj1SB0EE5r588rcmDNjnTe2UJkVVIG= YkO3nns488Eb5qntzZENNvNd9tez-2BuNa51ZxWZsSNImfUuRYANMjQpDu2UP7gYCtEkmpO59mO= LFWevkpBv2c-2FQ-2BEV0QukXIWM2bnzaZGf5NF2bo5Sho2L-2F-2BxGRLErEpbTayorOmnr4iw= twrsdcB5C7-2BnaDEWQ-2BJPgDlEFvAXfcb0xH5hc9rAHMK-2FsKpu-2FrJg8rZTu4Mt7mLxJ3l= u" 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 investment in= US defense tech has gone from $520 million to nearly $7 billion last year.= [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73Br= X4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW1pDB34RYISrHBH1QHI6XIpLmHSmuD9kiWmx9E= 64-2FW4w-3D-3DCmOa_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbM= cVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cC= ROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCG= kyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG= 1KgqVL0tBHe06WztAVHmtLnuGsUYmXrRopvzJrJ5otn-2BKJpSPt-2Bf20Oo-2Bqh0brZIM4RnV= gOl-2Fwo5EfQYKJYGvcPUM-2FwPuO3sDPE30PRyTHGmkCFMXf0vAWrOqjMjWFQo73H1W9guOp3q= FPDs0UHgmXKjPYcLj1M5vBac34C-2FPl1GsA3cCYeTgDHOz0limGWrZRRFSUnnhjbIANMaRMN-2= FfKnTArAAjdXf1-2B5b3gEYfvGSZxz9ObwTJcmsap794Lair2WOlp-2B91YaqAl-2Ftu7Ary6eO= Kg2bgkzZHO7VSBwiWiQ79HRCrBP" style=3D"color: #1D5080;" test=3D"">Axios</a>]= <br><br> =E2=80=83=E2=80=83=E2=80=A2 The broad reopen= ing of the IPO window could then be pushed into 2027 if SpaceX goes public = this year, said Kyle Stanford, PitchBook's director of VC research. [<a hre= f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzW1pDB34RYISrHBH1QHI6XIlUYkY7kz7LMhiOlCPRzB2g-3= D-3DXP_n_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N= VRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbO= jOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxsc= r47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBH= e06WztAVHmtLnuGsUYmVcLUODiWel-2BCp4i20ba-2FUqXeTgQ8gWmTaPLpKwW8g4O6H1lG2ZeR= jhacp0qV87w-2BFRkfphrTqQrRfA4rpbHCPo-2FBcVhvrpQUaPVcd3oH2si0p9sm0pWK9fgk8h-= 2FaVjGF7yRIsAPXJD0PBBn86i5QFj3-2BTwj4nnzzIcx9TFVJIDHmgnHDjG-2BPvd-2FfeyP-2F= gmc-2FAVsWevjY6aTzzJgwkZKrB1SHqBnGH4mV82qbOSxpxHbRPJ6-2FOkxgg-2BIcTFRSsMf2x= mmDnxm3GamU1-2FxfDvdHaz" style=3D"color: #1D5080;" test=3D"">Reuters</a>]<b= r><br> =E2=80=83=E2=80=83=E2=80=A2 The Iran war tri= ggered a 22.5% quarter-over-quarter decline in deal value and a 12.4% drop = in deal count across European PE. [<a href=3D"https://url6380.news.pitchboo= k.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW1pDB= 34RYISrHBH1QHI6XI4j0SRJDdYbzehLj0tJQ-2FdQ-3D-3D4ydA_Pr966knuaHmaw6c7pKvB-2B= CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGF= hbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKux= oO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEEC= bsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmVpW23cFKbwkEx= Zq3WNNq693LAvqRi7ferOXPiEHwSYxMgx5ltlmX-2F-2By6oxviEXcFapBglGjyRJpPL0GGzI7J= -2F0XcX7D-2B73VWS-2Fksak7JFWeBUnrFHt8gPH0ss4-2F6erRV72CO2vVvvzIaLvnAiOiNOnm= P4w-2Fd1g7gN-2BFNkg7cI6RX1wpQD1nhMw-2FyMUDCvtgLjO9GorGDk3FLCXgfAWckC6pZ-2Fq= 9jHgF57BTESc5-2BNeiBpRPvo1nKW7WmriLsqfJEwYtojda-2BH8pkGun4WGhYlt" style=3D"= color: #1D5080;" test=3D"">Corporate Adviser</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 There are almost= 33,000 PE-backed companies worldwide, and roughly 11,000 have been held fo= r five years or more. [<a href=3D"https://url6380.news.pitchbook.com/ls/cli= ck?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW1pDB34RYISrHBH1Q= HI6XIf9PsQLhWNigiXvRQ3B-2Flcw-3D-3D79dv_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJY= L0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVB= rYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5s= jil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ= -2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmUb6mhfLj7nsbre-2F5qdgaQSE= 7fC4nHW9ifF1NdK-2FJMqAl8Ufgr2TiW-2FUxWUwLcOgYvbL-2BMgFO-2BOY1Nlcvt6kvVsg0IO= tRKS-2FLXsMi5CubynRvTm1YMhDD40jL-2BKiQ-2BwVcJh7vhO8WPB4loXqUtc0l-2FTro6VQzl= NKIJeUoInhSb4fbnqopUb9ss-2F2bCYjkibKuE8zE7vaeU-2FfMfe2taCxp1VLcuhPmiueRYnTu= NkSXVuKQ1ruSHW-2FyFfS-2BTm38Dw8hWlkciO1SFB-2BrgbnZ-2BNVSqr" style=3D"color:= #1D5080;" test=3D"">Bloomberg</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 "Capital is incr= easingly going toward ... defense-linked space systems, geospatial intellig= ence, satellite communications and in-space services," said analyst Ali Jav= aheri. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d= 4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW1pDB34RYISrHBH1QHI6XIivn37OjqVN= 4uoTfKGhbTYg-3D-3DAAMo_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI4= 3kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM= 35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mq= TKCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6= -2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmWEBQw0vlYe08UF0bERREOeG8-2BtnEtbGgR7RFkC-2= FeSmP5037D195hxvRMWt87Rgdi8rFUJzpR69-2BS4sO0x5IaMSx45JX25u0NdorAC8SGmK73Upv= Sh05shIEaxv3vw118mTrCcfJLpey2y0HKcFYyogF0bpk49j0NvDj2Zsm6vhnFd3vF3o9gd9qJzk= rkp2FfUskKxEpiYChtKRA77bowmCeq3bnxbIgJj-2BvWNeI2kffKoJrwF9STRrzdYEc3at5YMSB= sT2PbNN4by1RXsIjitj" style=3D"color: #1D5080;" test=3D"">Tech Funding News<= /a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 More than 50% of= the cybersecurity companies funded last year were for AI-native companies.= [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73Br= X4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUf4Eoduzc8g1QFShFssX2uH5-2BTYz1aCo2XEG= AUbohV-2FQ-3D-3D2TDb_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43k= bMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35= cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTK= CGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2= FG1KgqVL0tBHe06WztAVHmtLnuGsUYmWX0TeAwrDpndvAvPCVQplvp6uqi6RSRG9hfNTUWz33T3= eRhESC2-2BoVbVFmuF2O8WdpHhHstDnb5psI8-2Fln7QOCXlerKhamXzqTZTZ6gj0V-2FCEjuXo= hVnOij2k86W7Y3liUpNWC0a7Us6C-2FshnNy7G2EED-2FGZcyA-2Baj0Cwf-2FL3wcuNp-2B-2F= Rw5kcdlavuWfiAGWWWuwFC-2FMcmj6pM-2BfpNZpc0Vsh87N8ehLmsGby51-2Bx3jFz0BYSx-2B= 71Yv1dFKm4trvHz5BSW9axlj-2BNcxi5FWV7P" style=3D"color: #1D5080;" test=3D"">= The New York Times</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 "Continued licen= sing, targeted fundraises, and differentiated science suggest China=E2=80= =99s biopharma advantage will likely persist despite rising geopolitical fr= iction," a January PitchBook report found. [<a href=3D"https://url6380.news= .pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns= wouzUf4Eoduzc8g1QFShFssX2u4DNPKR1XZ-2BFE-2Ffxsyq6GTw-3D-3D1k6W_Pr966knuaHma= w6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriD= K6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPR= PqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg6Osv= O7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmXt= N7IbDFn1nR35b3Xi80iJsf3xWUZk6rXpGxU3xMITEPSUUBPyb8a7xEt8sal57zGkPhV9N08E2o8= ygzyjM3KYOU8qYHntwdEx0TgEESYzC2LLAF2rsTwk9WkYIwfYI5XdBSMFXDaf44Uerujct-2FBF= YZT412jJD4i-2Beg277mYnn47M5lxl52gA8vaHqm96bUsS31eMIVQLCDJWOzHwGIbhnkLja32wc= 1ZwoDu7yoJbXu5zQObmRoKodFP7zjrnJj2J1qu9-2FYpm8sYm1DtIO9TM" 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-= 2BaqM7ONnvsnswouzUf4Eoduzc8g1QFShFssX2uyUj3j-2BRs0aP1udAsGmzDsQ-3D-3DBixy_P= 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vXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPop= oWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2= BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHm= tLnuGsUYmVjxiHB1xdJdJTayQzD3MYDXhKD-2B-2FfAbamiDN5DZbDd2LQsDbyDJTc-2FIE99pU= yktNY26H7sx4Hg5U8LvJtoYOZWAHtUYHZTjn5RU4AbrpFCpIjSYDxij7ld6likJl7Q6wcfzlnTm= J3rh8Dd88XUH6MuWbpxoPKi5i9KCZV1oy4-2FaSlyGM5-2B-2FDsF-2F-2FhuZmiTjE3hHBlSJI= f2eExXj3bTiAS7K5A5a0a4GftYJLRZ0C2DWxGzoOlrleBI4VqtxZz-2F4PhTRJ-2FQOUWX-2BHE= 6G-2BVsOz9u" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q1 2026= European PE Breakdown </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-= 2BaqM7ONnvsnswouzUf4Eoduzc8g1QFShFssX2uZ-2BRzJPehZqtU54B6IGUuFQ-3D-3DAoUA_P= r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdV= 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vXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPop= oWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2= BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHm= tLnuGsUYmU66VF9dRPmT2-2BJ66rKY0cbDmOPbKPuV5vVPiUtIePesJ-2F41F9tvd6t0cEw4ric= eHJ8EbCpC5CBjSmDRUpQlHYMvGZ-2FKoN7Eni02lLQm89QxE8P1p5u-2FJZauJWxp7XaJl-2B3i= HiMJGQXzQGxnw1Jnh6j1T7r4sb7rH735LTi5mY7QREoKAMmnmbgHFJUQOCbCsUkiqpGDXgalKzz= k1aujt6CfclPv9dh8L-2BcEW2-2FJ7B1fg-2Fesx34E1trHYTaXXe9EpnQExrXm3x8GO7AjGHmu= 5HR" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Agentic AI: The= Evolution to Autonomous Systems: Part I</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-= 2BaqM7ONnvsnswouzUf4Eoduzc8g1QFShFssX2uuLWmBnmf5p9lx3yYLF010A-3D-3DhZS2_Pr9= 66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvX= 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Intelligence<br> =E2=80=83=E2=80=A2 Q1 2026 Sweden Market Sna= pshot<br> =E2=80=83=E2=80=A2 Q1 2026 Italy Market Snap= shot</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" 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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> <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;"> 621 </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;"> 1970 </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;"> 1081 </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;"> 20 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> Funds </div></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-counts-btn" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"height: 25px; line-height: 25px;"= ></td> </tr> <tr> <td align=3D"center" style=3D"padding-bottom: = 13.3px;"><!--[if mso]> <v:roundrect xmlns:v=3D"urn= :schemas-microsoft-com:vml" xmlns:w=3D"urn= :schemas-microsoft-com:office:word" href=3D"https://pitchbook.com/free-tria= l" style=3D"heigh= t:43px;v-text-anchor:middle;width:148px;" arcsize=3D"50%= " strokecolor=3D= "#F79B3E" fillcolor=3D"#= F79B3E"> <w:anchorlock/> <center style=3D"color:= #000000; font-fami= ly:Roboto, Arial, sans-serif; font-size= :12px;"> Request a free tria= l </center> </v:roundrect> <![endif]--> <a href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzXxwFXB8qXSqTfzx9h9yoYIG86e-2FVsAhvYEbL5Z2NBwnw-3D-3DE= nWR_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4= fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxup= pIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vO= vmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06Wz= tAVHmtLnuGsUYmWWeqigJHGsbPVUgUvLSbxprWs-2F5X649YaOEk1NoECbAG2DMQDjtj8V2qQkI= X7SKoe4Pe-2FN5oPrER-2FujTXkHALfcii0hH74hvc-2BQ-2BIxllndVRMBboS7h32OukptImwa= aW7il9JvQnDkdFGWsJ27p96D9-2BwWlRdSTM2EtOyZZ8eRi9-2B1-2FMl9lbs7DlrPM1doGb8SK= 9UFWdvxvORTwJRtf29NoTZRQ0FbstSFgouYP0I9Q9JFZ3mFtZHu0bQ44NPfBp2UEH5-2FZMmxUy= sd1EpyxJn5" target=3D"_blank" style=3D"display: block; font-family: Robo= to, Arial, sans-serif; font-size: 12px; color: #000000; text-decoration: = none; line-height: 24px= ; text-align: cente= r; padding: 9.5px 21= .5px; border-radius: 99= 9px; background-color:= #F79B3E; width: 150px; mso-hide: all;"> = Request a free trial </a> </td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;"= ></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td height=3D"20" style=3D"line-height: 20px;"> </td> </tr> </tbody> </table></td>=20 <td class=3D"side-bar" width=3D"140" valign=3D"top" align=3D"r= ight" style=3D"padding-left: 20px;"></td> </tr> </tbody> </table></td> </tr> =20 <tr> <td> <table lang=3D"x-footer" width=3D"100%" cellspacing=3D"0" cellpad= ding=3D"0" border=3D"0" style=3D"min-width: 100%;"> <tbody> <tr> <td width=3D"460" class=3D"container"> <table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" bor= der=3D"0" style=3D"min-width: 100%; padding: 0px 10px 20px 10px;"> <tbody> <tr> <td style=3D"font-family: Roboto, Arial, sans-serif; font-= size: 10px; -webkit-text-size-adjust: none; text-align: center;" align=3D"c= enter"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4= n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXxwFXB8qXSqTfzx9h9yoYI9zDjOdMjQBi= QIu-2F9qElDHg-3D-3DZ990_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSw= M35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4m= qTKCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN= 6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmW8PX0pzGIdKDxQAF4LW-2FJFcVSW0eoPPU1vAOXH6= imoI0VX6jmEaRSETOxVo-2BEiu56Fqw19UMe9cYti578-2BInHU8fj-2FYyUxwnAF3KNILZNQpo= vdO1ClUQ1NMegMZTnlTemDYSG5QOwDjzyyGWNnmfJdFpzoit4EKKuxjgoC486S3sSCQ69wJUF3v= irjLb-2F3BPcFqszJkJkAV8Rjbj-2BF5Jfpp2U0qoyyrorttgHzXit-2BwFyjPqxXwWIultBBSe= JkfkZtMBav-2BDzNKfZcCfarit-2F-2F" target=3D"_blank" style=3D"text-decoratio= n: underline; color: #1D5080">About PitchBook</a> | <a href=3D"https://url6= 380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2= BaqM7ONnvsnswouzUtUzuko-2Bqi2KKueX-2BohbLhu1Gno6tcE0bJMRnksfPfZg-3D-3D88AR_= Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjd= VvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPo= poWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-= 2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVH= mtLnuGsUYmXHUvcNflRkZu3lKNfx3XuxKhxglyniuRl85e6a3o5Ugi09Sj-2BP04kqm-2FtybxC= jQxW63WaabmZE-2Fw93qcrLEN7IMDzI8zdvhk5-2BiwMk-2FzQO9pTY74sgELAXBIotAWFnG1x4= s-2B6acguPhFKaVJJ1Pa8oNc1Rro4aay8beLUUFyCx7CmwVio72Wa-2BA0JfBgKapTB5Y1SofbW= dR6oQDio0bxlpQCRXxDvpLLWK6IuF-2F41tnrsTG8A9etxVKjQcviu2DJ-2FmwtLE-2Fg7CmqxA= I5uJMW3J" target=3D"_blank" style=3D"text-decoration: underline; color: #1D= 5080" universal=3D"true">Terms of use</a> | <a href=3D"https://url6380.news= .pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns= wouzUtUzuko-2Bqi2KKueX-2BohbLhZKR25ge7uvC-2B6Xk-2BjR31IQ-3D-3Dvp-A_Pr966knu= aHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSv= triDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBj= CRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg= 6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsU= YmX77zd1Rr0A-2BZe0CBUsAuTKEJKor7DohimWWl1-2F3CbMBwJKZMOAu0ctF3YMr-2B3OjmSf1= D050gk0I-2B6LVSrzkw1ie0jEVRjMpJMtXXqRkALsLXk2-2Fam3FTg5sl4TQEL5am-2FUhW-2F9= Pd0CQPgV7sUDUMqUVxt-2FrALZzzqttKnWhXV2vnglzEfV8o4UegdEnsFDwKXmb-2FwBJ7er6KQ= K5BEk8GysGO7cwxPgxd-2FgU-2B8blJ5Myd6l7zJ3698us0YzWIEwfEWBCS3t7b3LBmbPsA03e-= 2BNk" target=3D"_blank" style=3D"text-decoration: underline; color: #1D5080= ">Advertise with us</a> | <a href=3D"https://url6380.news.pitchbook.com/uni= /ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUtUzuko-2B= qi2KKueX-2BohbLhcBB5hM42ACGVIta6D1295g-3D-3DhKQf_Pr966knuaHmaw6c7pKvB-2BCEi= Dnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4fIjdVvXjcLSvtriDK6BEf6aALGFhbM= KLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxuppIPopoWpKrBjCRPRPqR297gRKuxoO5= fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOvmb-2BUHWySg6OsvO7c58ODVEECbsr= pCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06WztAVHmtLnuGsUYmXjcqE7K5Xelkdutw= u5akVABFmp369ccDZvD4VWU48Jm0W3C1BfWEsmE-2BZ2RBdWxEXcXnFdaaZOhBbeSu6cOea6bpc= z4Yq59aBu1-2Fc-2B63AZkSlxKWdpd-2FpY8hHnly6XsZnIChgiMefevOulTKODpixeUwyv-2Bk= UkQOpVMSIZhLxH4sjfV47hHbWylly7dtoOOC3nxjUnbknFxHttDL1wKIUawqrNg46EwZeLjF2jT= 0rrUHU-2Bk-2FVUnbhIvNmyDGkftbVVRy2cWXS9mAqnymUc9OGz" target=3D"_blank" styl= e=3D"text-decoration: underline; color: #1D5080" universal=3D"true">Contact= </a> <table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"= border=3D"0" align=3D"center"> <tbody> <tr> <td style=3D"padding: 15px 0 0;" align=3D"center"> <table cellspacing=3D"0" cellpadding=3D"0" border=3D"= 0"> <tbody> <tr> <td style=3D"padding-right: 10px; font-size: 10px;= ">Follow us:</td> <td style=3D"padding-right: 10px"><a href=3D"https= ://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF= a-2BaqM7ONnvsnswouzUtUzuko-2Bqi2KKueX-2BohbLhMjDWV2tLob9AEy1tFwNalA-3D-3DSd= zV_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRcF4f= IjdVvXjcLSvtriDK6BEf6aALGFhbMKLUWxBgVBrYorBaYlbIakJlSwM35cCROGXgVJpbOjOxupp= IPopoWpKrBjCRPRPqR297gRKuxoO5fdTIb1c5sjil3Wg4x9595NG4mqTKCGkyvwhdHxscr47vOv= mb-2BUHWySg6OsvO7c58ODVEECbsrpCFmt9ssJ-2BSXZCRkEQ7-2FN6-2FG1KgqVL0tBHe06Wzt= AVHmtLnuGsUYmXf7AWh-2F7SnMxzG2bHG5R1zm-2BNcVvpvAFxCN8KUod26wfb0gTOjH-2Bl89N= 7YWl8vfj0ok2kKw99VEgJcW5EBTNa2CUwHA6a228sGLkF-2FQvGe5tRxn4U7RQgtpGDcKUmLiGp= kMV4hgODXvtMFwF-2FmPTi21eaYgsqSW40PXZObXiKOL3N5M70DzFyrCleRdSeGlOgk5bmjAyPS= CJ55r4d1Rtx4gqYGUAA65PDLpmBFB6fNjxxH3AFaBU3Yq-2BOCVuhRRKuB7cnJtD8lMYy5VN5Cg= GVC" target=3D"_blank" style=3D"text-decoration: none"> <img src=3D"https:/= /fonts.pitchbook.com/newsletter/linkedin.png" width=3D"25" height=3D"25" al= t=3D"in" style=3D"border: none; 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