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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_HOSTKARMA_W RBL: Sender listed in HOSTKARMA-WHITE [159.183.175.69 listed in hostkarma.junkemailfilter.com] 2.5 RCVD_IN_MSPIKE_L3 RBL: Low reputation (-3) [159.183.175.69 listed in bl.mailspike.net] 0.0 RCVD_IN_VALIDITY_SAFE_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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pad= ding-left:5px; padding-right:5px;"> <table lang=3D"x-header" class=3D"container" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> =20 <tbody> <tr> <td> <table lang=3D"x-header-subscription" style=3D"min-width: 100= %; text-align: left;" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" = width=3D"100%"> <tbody> <tr> <td class=3D"header-msg" style=3D"padding-top: 20px; paddi= ng-bottom: 28px; font-family: Roboto, Arial, sans-serif; fon= t-size: 11px; -webkit-text-size-adjust: 70%; text-size-ad= just:70%; -ms-text-size-adjust: 70%; text-align: center;">April 18, 2026 &n= bsp; | <a href=3D"https://url6380.news.pitchbook.com/= ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXJQ5dzJ9wy-= 2B03ha-2FYLEq88vtaIWfCwb1UKvDtFjpNetA-3D-3DXnGB_I3w5d9c01gkD8gLzFEofZR-2Bh6= VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFstehGS4yepMSZ-2F-2BQEp6BYPEDWbLhxE= 5p8C8UQ8BRvzzEJtu8xP5DLGEoF0u6qmntIo9Bx4BpLrct7awOLHBmBSEhzYmi3C8bt6JWm-2F1= jnGRU5XpmSpF0aiMPJ3fCfXqw13EQ9PrEIjTZksX717jyuv-2BMQaZvBALI-2B-2Fi3twgGZC7Z= TBSp0F-2BpCT5CMbhBP58T1CXNAEu-2BAwYWZtEQiCOQi7xm9mEDom4SrwjmnyCePmIoB3oh-2F= JhHdoh2hsvQVqhXPL-2Frlak3fPmIBy-2FbnCzsdZYE5dqZh9aSNaLD6KKHmtq3MjPjuFust-2F= uP6nhqWRvQqXQActtiCL0jA77AuuxEZpejiIWOu21fvtACyCoUxIVJMKaF5WpwWg22ZN5-2FIuO= UH-2F-2BsQa6n9p2m11WSFzCzQHaIbO8DZBvjpuoB-2BLVdELxDJTI27XiJKrMUulkTk4P5ca1s= 6eTqGqpD-2FmeQKoHxbxor4NCxRNCG-2BDSXHFoXdKCVuxMfbZhzVgq86VXY5-2F94" target= =3D"_blank" style=3D"text-decoration: underline; 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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-2BaqM7ONnvsnswouzVmQyEl9-2FaTyBftudfZAKuVZA-2BHO6wadsdkhHNN6QLBJ= g-3D-3DAtT1_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m= 8PzsFstehGS4yepMSZ-2F-2BQEp6BYPEDWbLhxE5p8C8UQ8BRvzzEJtu8xP5DLGEoF0u6qmntIo= 9Bx4BpLrct7awOLHBmBSEhzYmi3C8bt6JWm-2F1jnGRU5XpmSpF0aiMPJ3fCfXqw13EQ9PrEIjT= ZksX717jyuv-2BMQaZvBALI-2B-2Fi3twgGZC7ZTBSp0F-2BpCT5CMbhBP58T1CXNAEu-2BAwYW= ZtEQiCOQi7xm9mEDom4SrwjmnyCePmIRIcuqSsGr8juJD7zCZalooAJ6IqXiIkKAbd9ERzvSyoQ= MsnsYgzV47h6JHr9CeGWdgPqjPGul93I-2BwZq4kH5cDGbEQPK6n7khkgsOz13LXV9TR5v-2Be-= 2FcH5JVo-2BEdxZ6HSsp918PjkkPE67OCa-2BxFMVJ5i1-2B7njN4eDKv4TKsSI1bPSlgDTOH3r= WKNgl918z69UAFnirq2PPudJSfODKJ2qs-2F-2BdYfVS-2FslPrn05GP4iu1-2BpIp1G4qQ9jYc= WwJrwnrXhGH-2FhhvNE-2BFNwxIC4xci" target=3D"_blank" style=3D"text-decoratio= n: underline; color: #1D5080; font-size: 14px; font-family: Roboto, Arial;"= >Apollo 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-2BaqM7ONnvsnswouzVmQyEl9-2FaTyBftudfZAKuVZA-2BHO6wadsdkhHNN6QLBJg-3D-3= DsFJs_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFs= tehGS4yepMSZ-2F-2BQEp6BYPEDWbLhxE5p8C8UQ8BRvzzEJtu8xP5DLGEoF0u6qmntIo9Bx4Bp= Lrct7awOLHBmBSEhzYmi3C8bt6JWm-2F1jnGRU5XpmSpF0aiMPJ3fCfXqw13EQ9PrEIjTZksX71= 7jyuv-2BMQaZvBALI-2B-2Fi3twgGZC7ZTBSp0F-2BpCT5CMbhBP58T1CXNAEu-2BAwYWZtEQiC= OQi7xm9mEDom4SrwjmnyCePmIIT2Syx7Rscg3JhzHzkcqt1cVbps0UTCHUl0HLD-2BYh08SHbWr= cZVa0sNRtbapSs7wv-2BBsuJIOtiz7bmwumk07EZXxI-2Fg-2BVi1bozStX6z4W55yODpc89buK= iqKk9OH3ehjdKVsGVtpFi6xqOUGGy-2BGmixjaO1-2Fq5L6yAKweUKYvoYcSUgyFDNT5QYzU-2F= aKf8V1w0MgI09ScO-2Fk3fH0ou7EjT5vYpnGYVKLX-2BLt-2B8yPVbXMQfGw1nbXgClXT2RxTW1= -2Bpw8uAhpzZ2lxqApP-2F1Our"><img width=3D"460" src=3D"https://img.pitchbook= .com/ads/ad4548/Apollobanner.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-= 2FaTyBftudfZAKuVGhvM676FItyhLkrO92d3vg-3D-3DOI-z_I3w5d9c01gkD8gLzFEofZR-2Bh= 6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFstehGS4yepMSZ-2F-2BQEp6BYPEDWbLhx= E5p8C8UQ8BRvzzEJtu8xP5DLGEoF0u6qmntIo9Bx4BpLrct7awOLHBmBSEhzYmi3C8bt6JWm-2F= 1jnGRU5XpmSpF0aiMPJ3fCfXqw13EQ9PrEIjTZksX717jyuv-2BMQaZvBALI-2B-2Fi3twgGZC7= ZTBSp0F-2BpCT5CMbhBP58T1CXNAEu-2BAwYWZtEQiCOQi7xm9mEDom4SrwjmnyCePmJhceXo-2= BWCF36n1QPsAN2K9KDbZ4O-2F1zykNP88x-2F44r6j9Ae4BNqzuNLrasrJz726pqCdG5sXosCpL= z5IPlGaAGOw8dBMcUYHegTGuk9o-2Bk80Km1XkI33m94BbC0C23GymXi9f0rZaiZMK1wNv9fJ-2= FLrdb9Y6-2BW-2Btvx-2Bvvj6dAdiVmfZM2yNCnX5hgvGjDUQtuqjJIs-2B5fpYKR8gdUUE1H-2= FegBG0L7PSGJfLtNYe3UwpB-2F-2BNEUFjDSyw9fqun3lu9m4LBCcVxKubq8M3-2FLBLzb6" st= yle=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.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVmQyEl9-2FaTyBftudfZAKu= VcaFs9gpneo8yCVs-2ByRToJQ-3D-3DRo3F_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf= mzy-2F3t1yZbcbdWeUgFVa0m8PzsFstehGS4yepMSZ-2F-2BQEp6BYPEDWbLhxE5p8C8UQ8BRvz= zEJtu8xP5DLGEoF0u6qmntIo9Bx4BpLrct7awOLHBmBSEhzYmi3C8bt6JWm-2F1jnGRU5XpmSpF= 0aiMPJ3fCfXqw13EQ9PrEIjTZksX717jyuv-2BMQaZvBALI-2B-2Fi3twgGZC7ZTBSp0F-2BpCT= 5CMbhBP58T1CXNAEu-2BAwYWZtEQiCOQi7xm9mEDom4SrwjmnyCePmKwGcGWQcioinyhUYrHlp-= 2BRaSSGH8ab1axmHNb0-2F1vLA0Ra7Zy6GgXa9RqpCjZmbq3KUM5tdPK5E4BNCc-2BngqLPU4T6= dVuHrLZuAfnMGWMXp8WogzypcEpWJdxPusiAtAdux63bTGi-2FmKh4oExbvvsi29aO0JwMlrorJ= JvE4VmY38asyMIGSykqh4hTbT-2FBkymw8X5hCePcrxF0LL2z7EMJWo9TTbkB0g4-2FvRNi1AfQ= FWoRIdznWC1FM4rl91Tw8Zcq3Wakuwnpx-2BarCMSsmWHP" style=3D"color: #1D5080;" t= est=3D"" universal=3D"true">US PE Breakdown</a></b>, <b><a href=3D"https://= url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G= Fa-2BaqM7ONnvsnswouzVmQyEl9-2FaTyBftudfZAKuVWm0SHU15sEwFFG1ggzrQMg-3D-3DplU= q_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFstehG= S4yepMSZ-2F-2BQEp6BYPEDWbLhxE5p8C8UQ8BRvzzEJtu8xP5DLGEoF0u6qmntIo9Bx4BpLrct= 7awOLHBmBSEhzYmi3C8bt6JWm-2F1jnGRU5XpmSpF0aiMPJ3fCfXqw13EQ9PrEIjTZksX717jyu= v-2BMQaZvBALI-2B-2Fi3twgGZC7ZTBSp0F-2BpCT5CMbhBP58T1CXNAEu-2BAwYWZtEQiCOQi7= xm9mEDom4SrwjmnyCePmKhoYl-2BN8qmtFiChuI-2FTLvqH6NAZEwlDfAfIi67EBqsM77J-2B2V= 4C4KvWHm20szw3s3hS-2F-2BTMC96hFPavEuWkBQzkewlE-2B-2BcU-2Fude61yaYPQSG49gGge= xVlsevwXpYLoRC4bcGOhCQlss35CtwqX5XSJiOcmFMN3rInHJt7VFoyxR7GR8KbNovCdBBxWJ7I= xaBCG774GcX9e2ar2udastnqMxpNxbGhONL6-2Fuk3acUbYDAO8JmQ8VV6kDLo0urgLVAgATNhL= pYYKgbxGqIfCUn53" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Eu= ropean Venture Report</a></b> and <b><a href=3D"https://url6380.news.pitchb= ook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou= zVmQyEl9-2FaTyBftudfZAKuVmk9cvgdeY4Sbx8v0Hcmp1g-3D-3D9B1M_I3w5d9c01gkD8gLzF= EofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFstehGS4yepMSZ-2F-2BQEp6B= YPEDWbLhxE5p8C8UQ8BRvzzEJtu8xP5DLGEoF0u6qmntIo9Bx4BpLrct7awOLHBmBSEhzYmi3C8= bt6JWm-2F1jnGRU5XpmSpF0aiMPJ3fCfXqw13EQ9PrEIjTZksX717jyuv-2BMQaZvBALI-2B-2F= i3twgGZC7ZTBSp0F-2BpCT5CMbhBP58T1CXNAEu-2BAwYWZtEQiCOQi7xm9mEDom4SrwjmnyCeP= mImPTe40ukPTWgfK8jEUFN4AOWWH5t1emhkj7Zy2vtt2x9SlMRcLZjdmoSEmcQkk0CknpFqFIyJ= z7KGP9fN41VNdFzjM7-2BXA81zyMIo5J0zx4-2B2s74RhvCiRe5OYD-2BS6f-2BIuokmGZeK-2B= S69hs-2BkSaIwA1Cv8BOJogIRoJnwjjtkS08ER3-2Bv0Kq0Oa3eer7sh2-2BMOPRBNS2TCuLYEE= FNtUTb-2F-2FrwOftj-2B-2F9iiusrSd3yxeE816-2FsS8ZZWCh0DNJ8-2FR7x0MDYoMcwdlyOE= eM8TxOE" style=3D"color: #1D5080;" test=3D"" universal=3D"true">PitchBook-N= VCA Venture Monitor</a></b> reveal trends shaping 2026. Download the report= s and dive into our analysis below.<br><br><b>Private market returns</b>: O= ur Private Capital Indexes track returns across active, closed-end funds, d= rawing on data representing $4.6 trillion in net asset value. <b><a href=3D= "https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzVmQyEl9-2FaTyBftudfZAKuVjP0KFqPIjeMJXgYUqFsnNA= -3D-3DS49B_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8= PzsFstehGS4yepMSZ-2F-2BQEp6BYPEDWbLhxE5p8C8UQ8BRvzzEJtu8xP5DLGEoF0u6qmntIo9= Bx4BpLrct7awOLHBmBSEhzYmi3C8bt6JWm-2F1jnGRU5XpmSpF0aiMPJ3fCfXqw13EQ9PrEIjTZ= ksX717jyuv-2BMQaZvBALI-2B-2Fi3twgGZC7ZTBSp0F-2BpCT5CMbhBP58T1CXNAEu-2BAwYWZ= tEQiCOQi7xm9mEDom4SrwjmnyCePmKXi-2BPHzcbTfuBlW18wJx2-2FmX-2BovY01FZeiM0-2FM= 3vjjGEbxnVxQ25GpoCOi-2FyanZi2j3s8sn85PGbTr3Jlh6OFLSFHFp1wJd9dFEkqPzKcDzxcCi= QrXovabbcSA7nZj8ONWTJoNDNPtNJJj8jVJUnyPjBPMCnbR-2FE57tmnx7o06tIrhcFNbD73eTM= PneIkkPjv7Gihaf8iqxI3FuPJdcE7CrHhyYJ-2FmPexDvAuTlBJtVier5UsjqjKEMlusj7k-2B-= 2BZBMgsoNAzY9cCJLb-2BUFt8-2Bl" style=3D"color: #1D5080;" test=3D"" universa= l=3D"true">View the Q4 report here</a></b>.<br><br><b>Comp sheets</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=3Du0= 01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVmQyEl9-2FaTyBftudfZAKuVftWS= gJZA2ydGUE1SnZgF9w-3D-3DDBJF_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3= t1yZbcbdWeUgFVa0m8PzsFstehGS4yepMSZ-2F-2BQEp6BYPEDWbLhxE5p8C8UQ8BRvzzEJtu8x= P5DLGEoF0u6qmntIo9Bx4BpLrct7awOLHBmBSEhzYmi3C8bt6JWm-2F1jnGRU5XpmSpF0aiMPJ3= fCfXqw13EQ9PrEIjTZksX717jyuv-2BMQaZvBALI-2B-2Fi3twgGZC7ZTBSp0F-2BpCT5CMbhBP= 58T1CXNAEu-2BAwYWZtEQiCOQi7xm9mEDom4SrwjmnyCePmJTQgy6o7XbwuHvWgyDtaegj6zSxY= KOf2-2BHJGKsI036T4-2FZAuo2LMQ1jO2-2Brni3IWeDL-2BMQoZI-2F5qf7ZkyQqFvC4IXB-2F= vu15gMxGn4aI-2FcXZvPXi1jMC1P5o-2BIRP1Y-2FQVbByqBcCafqVU-2F5lL6ubreXfsvRWlo0= QBFzlR2GRFDLantnYIGBrGHOJnW0v31zapPHZl6OSVP3zNsx6HcW0q5UH99OeAf8xdgHL5vJaat= GQp2OJOL5fiHPEa4JMXuJ8XJQrSlKKbrnTsmZ7QR2-2FozB" style=3D"color: #1D5080;" = test=3D"" universal=3D"true">fintech</a></b> and <b><a href=3D"https://url6= 380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2= BaqM7ONnvsnswouzVmQyEl9-2FaTyBftudfZAKuV2O7cbjGlIgRaPY-2FEptJvGw-3D-3DMbxp_= I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFstehGS4= yepMSZ-2F-2BQEp6BYPEDWbLhxE5p8C8UQ8BRvzzEJtu8xP5DLGEoF0u6qmntIo9Bx4BpLrct7a= wOLHBmBSEhzYmi3C8bt6JWm-2F1jnGRU5XpmSpF0aiMPJ3fCfXqw13EQ9PrEIjTZksX717jyuv-= 2BMQaZvBALI-2B-2Fi3twgGZC7ZTBSp0F-2BpCT5CMbhBP58T1CXNAEu-2BAwYWZtEQiCOQi7xm= 9mEDom4SrwjmnyCePmLbLkNwzCzLuiVYNeokTXyXv1ns-2FZ2sylEUUxgWu9gC4qP5BlMcg07Pw= i3a304FBXEDFr69gvfMZbmtbsOLZcCbKA-2B92-2F8FV8lN7JUX0zppk9zgHXr7f5D99VJYCm-2= FtLvrSu488ZVGHOgvr9dGtsEHdQgrr1I8cECCpeu6DyI8uFiGKUkKM8Uch4wBJhP0qTQ1-2FPmU= UPPPPW0UQGEwHiviIu5ZXBfDhFFfAp-2FKFHfr-2BkH34a0w0NDD90TLsnnhO2mzx8I9JUNx5ql= tZqz28x1XG" style=3D"color: #1D5080;" test=3D"" universal=3D"true">healthte= ch</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-2BaqM7ONnvsnswouzVmQyEl9-2FaTyBftudfZAKuVZA-2BHO6wadsd= khHNN6QLBJg-3D-3DvluW_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb= dWeUgFVa0m8PzsFstehGS4yepMSZ-2F-2BQEp6BYPEDWbLhxE5p8C8UQ8BRvzzEJtu8xP5DLGEo= F0u6qmntIo9Bx4BpLrct7awOLHBmBSEhzYmi3C8bt6JWm-2F1jnGRU5XpmSpF0aiMPJ3fCfXqw1= 3EQ9PrEIjTZksX717jyuv-2BMQaZvBALI-2B-2Fi3twgGZC7ZTBSp0F-2BpCT5CMbhBP58T1CXN= AEu-2BAwYWZtEQiCOQi7xm9mEDom4SrwjmnyCePmJIe5tcdkBfRxE5WMH6KVM2GpImlUhjNk2Nc= Is-2Fj-2FAM98aToH1qnXP3I0md9jqlj5zqdb6AtmqZSjd0-2FneZkRnfvll1FyoRCx7DKmgBMo= iKZlclMh5nAT-2B0I-2BUtck0BzgCK9-2FzW7LH5oGgCSI9r0XsUP-2Faw-2BCQu-2F5QvSlDJG= m8FShYz-2FB08lWwp3NHUnaRLQPnV6Nfnq-2BDbn5R0AlrMAl7AFqT5a1m26CBF0QnJ1tZv1AYI= z0Y7pngZJLA5VhBaz2bkqAFSKVw-2FmRQVwkrTsbj3"> <img align=3D"center" alt=3D""= src=3D"https://img.pitchbook.com/news/73776.png" style=3D"border: none; wi= dth: 100%; height: auto;"> </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= -2FaTyBftudfZAKuVZA-2BHO6wadsdkhHNN6QLBJg-3D-3D8H8q_I3w5d9c01gkD8gLzFEofZR-= 2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFstehGS4yepMSZ-2F-2BQEp6BYPEDWb= LhxE5p8C8UQ8BRvzzEJtu8xP5DLGEoF0u6qmntIo9Bx4BpLrct7awOLHBmBSEhzYmi3C8bt6JWm= -2F1jnGRU5XpmSpF0aiMPJ3fCfXqw13EQ9PrEIjTZksX717jyuv-2BMQaZvBALI-2B-2Fi3twgG= ZC7ZTBSp0F-2BpCT5CMbhBP58T1CXNAEu-2BAwYWZtEQiCOQi7xm9mEDom4SrwjmnyCePmJk1ul= LCIDULjXrIlfpgaDAXRDjUWUUriiqnWSEL3LoDSMTQpyNZg-2F8FSiVqPxIjxdM-2FUCEcX7FIQ= PCPnNvvvudTLHI2vPaj6Yndli-2BbL-2BHKjBiu7-2FR1t3xC9EB59cNEGFWQAxHiiXQOSsK9YV= ZLQUuvLxkhha4gs4-2B85ArJVyfhxYke14h2JZyeVogadzie-2BptdlgoeT5spigq1L9QilRq9E= 2qO8JIKk6BrnhKjCZYfWTL1L6CznQ8BYUTj0rvFroQXumdX-2BXyz9FFR-2FyqO4kB" style= =3D"color: #1D5080;" 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= vsnswouzVmQyEl9-2FaTyBftudfZAKuVGhvM676FItyhLkrO92d3vg-3D-3DMmRY_I3w5d9c01g= kD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFstehGS4yepMSZ-2F-= 2BQEp6BYPEDWbLhxE5p8C8UQ8BRvzzEJtu8xP5DLGEoF0u6qmntIo9Bx4BpLrct7awOLHBmBSEh= zYmi3C8bt6JWm-2F1jnGRU5XpmSpF0aiMPJ3fCfXqw13EQ9PrEIjTZksX717jyuv-2BMQaZvBAL= I-2B-2Fi3twgGZC7ZTBSp0F-2BpCT5CMbhBP58T1CXNAEu-2BAwYWZtEQiCOQi7xm9mEDom4Srw= jmnyCePmKJClMjhBTlVDw-2F3FVB3nJAjtkHiK8DnE2tgW0VlD5UHedvWtHCOlHz3Dlx3bowfdK= kPvMSpslAdPneadP9Lw-2FkBc0N0W26ShcC-2BS2GLuo3BCTKXJD3yPTUToHi-2F6hSS7Xzk6vs= 9ZdvliOk2LskrhsFKgWYegD9nHwgIDF9H20lUR5XRah3YTngPyrGm-2BjRHhz-2BwO5qy92S3XA= RRvBIDydX3qaDaKUxnwKVDFkJ9vLuUicYL6n2ooqCfj-2BrEWi8ID4daSOM3KaFRRYhBw3J0nyr= " style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q1 2026 European P= E Breakdown</a></b> <br> =E2=80=A2 <b><a href=3D"https://url6380.news= .pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn= vsnswouzVmQyEl9-2FaTyBftudfZAKuVcaFs9gpneo8yCVs-2ByRToJQ-3D-3DrGqc_I3w5d9c0= 1gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFstehGS4yepMSZ-2= F-2BQEp6BYPEDWbLhxE5p8C8UQ8BRvzzEJtu8xP5DLGEoF0u6qmntIo9Bx4BpLrct7awOLHBmBS= EhzYmi3C8bt6JWm-2F1jnGRU5XpmSpF0aiMPJ3fCfXqw13EQ9PrEIjTZksX717jyuv-2BMQaZvB= ALI-2B-2Fi3twgGZC7ZTBSp0F-2BpCT5CMbhBP58T1CXNAEu-2BAwYWZtEQiCOQi7xm9mEDom4S= rwjmnyCePmIh3lcHKckqTpHztWHn-2B-2BDE5WcJ956OJpNKvggOQdpBIF6hRopJERF7jokOLSO= ZRP5lZ-2FRLr6eRCIl0oStS16wfK8ETA8UO-2B8oQu0M8VIx1Sc6zpXrBl0iRSWFqQo69qSpIQM= 79DezAdO3CMvwBOaWgYMIQ-2FG-2BdIB4msY5Azv4DkNl7Og-2B-2Bt8Ua-2BDlfup5EQscrbAk= 8SX28OuKtqztYwlWmd-2F98nUtUbRRGUw-2BvaaA0wyrNacehuvJPyP76ijae-2Bbkt3kETnPaI= o5yhcQhlEDpG" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q1 202= 6 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= vsnswouzVmQyEl9-2FaTyBftudfZAKuVmk9cvgdeY4Sbx8v0Hcmp1g-3D-3DOLda_I3w5d9c01g= kD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFstehGS4yepMSZ-2F-= 2BQEp6BYPEDWbLhxE5p8C8UQ8BRvzzEJtu8xP5DLGEoF0u6qmntIo9Bx4BpLrct7awOLHBmBSEh= zYmi3C8bt6JWm-2F1jnGRU5XpmSpF0aiMPJ3fCfXqw13EQ9PrEIjTZksX717jyuv-2BMQaZvBAL= I-2B-2Fi3twgGZC7ZTBSp0F-2BpCT5CMbhBP58T1CXNAEu-2BAwYWZtEQiCOQi7xm9mEDom4Srw= jmnyCePmIFGNElYeckrpdtPllrHSUKTOF8yPqfVyF9i3dVvfziQjUqqZARsaMf-2BEiRCj4izDn= QlnRd-2Bqfo7YP0avxi94jinZWF6Xu27KS9vtyxi44ZF4da-2B18ma-2BqaRduZ6vmCKr4aH4Xu= PFK63-2FYnCH1iIrzkUY85VxTxAD7RstbFNmm0Ag-2FB-2B0M82c6qRRSgqAcxa5g54G3e3BAnd= Y7XnQSagpNKpHhYjRh2kjNuqsI8nACPYqGJanbgCJCyHYH0bTue6YgxC5gSRKQBz7QprTA87k2z= " style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q1 2026 PitchBook-= 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= vsnswouzVmQyEl9-2FaTyBftudfZAKuVWm0SHU15sEwFFG1ggzrQMg-3D-3D8jlF_I3w5d9c01g= kD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFstehGS4yepMSZ-2F-= 2BQEp6BYPEDWbLhxE5p8C8UQ8BRvzzEJtu8xP5DLGEoF0u6qmntIo9Bx4BpLrct7awOLHBmBSEh= zYmi3C8bt6JWm-2F1jnGRU5XpmSpF0aiMPJ3fCfXqw13EQ9PrEIjTZksX717jyuv-2BMQaZvBAL= I-2B-2Fi3twgGZC7ZTBSp0F-2BpCT5CMbhBP58T1CXNAEu-2BAwYWZtEQiCOQi7xm9mEDom4Srw= jmnyCePmIoy2PQGuTHCxYATc592zMuTLhu0OvnRqy0kYYeAEfCGYZpI7-2F9aNQX-2FKRqCmR0S= vVhUViCgzvhOROFETtjDCfpOcTuL5EPRXxEsEqFjPNfkYGzNUxAKMGlbY7mQiFk2-2F0SU0S2eu= b1c8fOzolOHtwqn4XK8txAMTfR9HNNnZdkIpir4ATyCaxRzDXMgqf63oPcKF-2B9fHoa7MzfyJq= jE23C6gHW5Gp-2F-2BEKQnz-2FViJ-2FwM-2BDRnnpbbgwHx7MBfEPFWGmRblGMZvAvKoEL9Sd1= 8QPk" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q1 2026 Europe= an 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= AKuVrHjz9-2F7zjf-2BGKETsMFoubQ-3D-3DQ9yh_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkx= BRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFstehGS4yepMSZ-2F-2BQEp6BYPEDWbLhxE5p8C8UQ= 8BRvzzEJtu8xP5DLGEoF0u6qmntIo9Bx4BpLrct7awOLHBmBSEhzYmi3C8bt6JWm-2F1jnGRU5X= pmSpF0aiMPJ3fCfXqw13EQ9PrEIjTZksX717jyuv-2BMQaZvBALI-2B-2Fi3twgGZC7ZTBSp0F-= 2BpCT5CMbhBP58T1CXNAEu-2BAwYWZtEQiCOQi7xm9mEDom4SrwjmnyCePmL4VjoUKHC-2BPDqB= bohr2nEwzuULbKSgeHjImSby-2FOcjQNkARRQDiC0H8asxsAqaSP2uvrOLLjikA8kZKOkMdmmQQ= GtpYx6NxCa-2FzL5mkRPpor7KStL4rYDXmCnhOzjPY5tsjI0-2F5j3FKgAZ86yErEZOwFLxmmOL= mZUgiHCoSNQX2J1hJwQQIZZnBaiGO3O0EZTuB831iok9bG-2FdW6-2Bn-2BC5rs8Ypl4rz1CwW1= DjzkNNog2eBK2paLyWgaT9xdQq8Bu0udu35qQaq0XMug2JsJaSn" style=3D"color: #1D508= 0;" 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-2BaqM7ONnvsnswouzVmQyEl9-2FaTyBftudfZAKuVa3WwfP= 9HIAqaITJFedK4mA-3D-3DJTwy_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1= yZbcbdWeUgFVa0m8PzsFstehGS4yepMSZ-2F-2BQEp6BYPEDWbLhxE5p8C8UQ8BRvzzEJtu8xP5= DLGEoF0u6qmntIo9Bx4BpLrct7awOLHBmBSEhzYmi3C8bt6JWm-2F1jnGRU5XpmSpF0aiMPJ3fC= fXqw13EQ9PrEIjTZksX717jyuv-2BMQaZvBALI-2B-2Fi3twgGZC7ZTBSp0F-2BpCT5CMbhBP58= T1CXNAEu-2BAwYWZtEQiCOQi7xm9mEDom4SrwjmnyCePmIxdjmCco6RJk12Me-2BsxsnZvpRKx9= Ge91K-2BQHXhlnlFDGp4NfBsLt59Oqsz38jxE6q9owGs9T-2B-2BGwaFIUSlHDHND2gf8yogNbI= WHKotjOEDK2XyOFc4t7WQ7979qxcpEjm0DEDb-2B1rD-2Fn38VDPycsyy0OaQ5ZO8NbwXsGx5jc= ZB4sJsKtwCJ62eg-2FN66vkRchzbQVLt1-2FJnjBB2hgigowmiSJS6v3zJIzsehNACPQYRTET1V= 6a-2FCJJ3FUx0twSL8h0aIFXaqubJjrpiNAWPLM08" style=3D"color: #1D5080;" test= =3D"" universal=3D"true">The State of Sustainable Investing in the Private = 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-2BaqM7ONnvsnswouzW1pDB34RYISrHBH1QHI6XIrRTsdQ0kA= 9MgdH3xH8E9ig-3D-3Di9D2_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb= cbdWeUgFVa0m8PzsFstehGS4yepMSZ-2F-2BQEp6BYPEDWbLhxE5p8C8UQ8BRvzzEJtu8xP5DLG= EoF0u6qmntIo9Bx4BpLrct7awOLHBmBSEhzYmi3C8bt6JWm-2F1jnGRU5XpmSpF0aiMPJ3fCfXq= w13EQ9PrEIjTZksX717jyuv-2BMQaZvBALI-2B-2Fi3twgGZC7ZTBSp0F-2BpCT5CMbhBP58T1C= XNAEu-2BAwYWZtEQiCOQi7xm9mEDom4SrwjmnyCePmJXcc31VcpZzpEiMTiULem-2F75l-2FazD= RSJfqZ1tQgxwgIPGJYahyRTV6fkYNBr5ET8mwBJrR5NuEb-2FMA0oSoMlvdK2k97JnfkSTFn25v= xj-2FJV-2BZTGw5XTn34OLFUJNm6EM2LRFewQ6Xb32kVRtku8Ak3d6VMZbQuuzPcy-2BMNqb72O= -2BnvciVdYl2KKouAvNGP8u7zP3JvTf6E09wofmI-2FqmN7OrjBNKVyQSjCu6JFD7A20cVvQKHv= iMjjvzmX1drBpImyhvfkoL3j6dOFK6088R13" universal=3D"true"> <img align=3D"cen= ter" alt=3D"" src=3D"https://img.pitchbook.com/news/73818.png" style=3D"bor= der: 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-2BaqM7ONnvsnswouzVmQyEl9-2FaTyBftudfZAKuVa3WwfP9HIAq= aITJFedK4mA-3D-3DWl6o_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb= dWeUgFVa0m8PzsFstehGS4yepMSZ-2F-2BQEp6BYPEDWbLhxE5p8C8UQ8BRvzzEJtu8xP5DLGEo= F0u6qmntIo9Bx4BpLrct7awOLHBmBSEhzYmi3C8bt6JWm-2F1jnGRU5XpmSpF0aiMPJ3fCfXqw1= 3EQ9PrEIjTZksX717jyuv-2BMQaZvBALI-2B-2Fi3twgGZC7ZTBSp0F-2BpCT5CMbhBP58T1CXN= AEu-2BAwYWZtEQiCOQi7xm9mEDom4SrwjmnyCePmJac3stxjcjbtcnIIR1UYUWZKiOvC1bjRfdp= ypy8X3kOo1Et3Uk7Nr8sObag4oYXmd5mEdFizOvomQfXLQ3XVzv-2Frvy5vYsTJ4mEepwzrMjlD= 4MYwXsSL6rWKmQrAzp-2FXOW0GZUz2US-2FxPm8QFeXvGGiI6GQhiAsURSb1u2uO3Zdm2axNxoW= 1-2FipijBJ1nAR5EDUV46HCoroidNaEw-2FPivxj8bZS-2FMZvq2qvOULJXij-2BmFy5t9OtVLr= 2jTqyqHgBIFjCYUu-2FnYInXI-2FQFma1a79" style=3D"color: #1D5080;" test=3D"" u= niversal=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-2BaqM7ONnvsnswouzW1pDB34RYISrHBH1QHI6XIdb9-2FaSXp4ET67e4KBC= R0-2Bg-3D-3DFqWZ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUg= FVa0m8PzsFstehGS4yepMSZ-2F-2BQEp6BYPEDWbLhxE5p8C8UQ8BRvzzEJtu8xP5DLGEoF0u6q= mntIo9Bx4BpLrct7awOLHBmBSEhzYmi3C8bt6JWm-2F1jnGRU5XpmSpF0aiMPJ3fCfXqw13EQ9P= rEIjTZksX717jyuv-2BMQaZvBALI-2B-2Fi3twgGZC7ZTBSp0F-2BpCT5CMbhBP58T1CXNAEu-2= BAwYWZtEQiCOQi7xm9mEDom4SrwjmnyCePmICnKsyhMt-2Bumzod9yrhJKc3AI-2FNHPRbXqxkt= JNQ6bcck8U3QBS-2F3FguXl0EztO-2F-2Bu-2FlUyYl-2FA1tghI25Ohwgfs5XOzl-2BviE-2BU= enbrmQluX89v8CErFxO0L9M-2FOl6rmEoeOu07mmlBgocDMmFOxjD3c-2BCZJJr-2BJLbJMyySt= hUMzYrQeNnKosCN7VUTyJdqnzkyEUSPbx9COFEShtnNguV5xGedYB4lriVgOHhsfFh-2FuSv-2F= 0oEvM4rjlbvi-2BSwY67n1HS8T5UOPEcEdOOYj3-2F01K" style=3D"color: #1D5080;" te= st=3D"">Register here</a></b>.<br><br><b>April 28</b>: At DealMax 2026 in L= as Vegas, Hilary Wiek, our principal analyst for fund strategies, will give= a talk on the rise of evergreen funds. <b><a href=3D"https://url6380.news.= pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnsw= ouzW1pDB34RYISrHBH1QHI6XIHHXcB568pfp-2B2HEjEnYb6A-3D-3DSCGQ_I3w5d9c01gkD8gL= zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFstehGS4yepMSZ-2F-2BQEp= 6BYPEDWbLhxE5p8C8UQ8BRvzzEJtu8xP5DLGEoF0u6qmntIo9Bx4BpLrct7awOLHBmBSEhzYmi3= C8bt6JWm-2F1jnGRU5XpmSpF0aiMPJ3fCfXqw13EQ9PrEIjTZksX717jyuv-2BMQaZvBALI-2B-= 2Fi3twgGZC7ZTBSp0F-2BpCT5CMbhBP58T1CXNAEu-2BAwYWZtEQiCOQi7xm9mEDom4SrwjmnyC= ePmL3D-2B2SJWHBJvC-2BmBAcKrOQfFR-2FwCHCznTLxVq6h3qb0HepevMYHkYo-2BAviTC-2Fc= UEXrfx7eELz6jkgvfMsgqdL-2FN7FotBYsY7xwYNW0Le35oflh6Oi-2B8kNO4RKRboBD2z7Sk6-= 2B1DcyiFAVQfnmiczVrVWuxxNFMp-2FDad8Az43POExpMsKzsD71Fp2m5cO4jO-2FB9AZtqXiOt= rtKpv6M3HwP6PfdWWp7Yaug4aFlhYwQku1nQyiaCCIprvTS9zYySwf29gqBhMHABL0dkUG4hFNO= f" style=3D"color: #1D5080;" test=3D"">Register here</a></b>.<br><br><b>Apr= il 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.c= om/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW1pDB34R= YISrHBH1QHI6XIzZ8fEbo2lF7wC8T4-2FrRQMg-3D-3D8red_I3w5d9c01gkD8gLzFEofZR-2Bh= 6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFstehGS4yepMSZ-2F-2BQEp6BYPEDWbLhx= E5p8C8UQ8BRvzzEJtu8xP5DLGEoF0u6qmntIo9Bx4BpLrct7awOLHBmBSEhzYmi3C8bt6JWm-2F= 1jnGRU5XpmSpF0aiMPJ3fCfXqw13EQ9PrEIjTZksX717jyuv-2BMQaZvBALI-2B-2Fi3twgGZC7= ZTBSp0F-2BpCT5CMbhBP58T1CXNAEu-2BAwYWZtEQiCOQi7xm9mEDom4SrwjmnyCePmKr1z16JA= QzvHSIi3Pp7EZk-2BZmXNmxGslE2YCsnMDZ2QLm1l26fGWAok8g3Y6j0Xss0Omrdky6ATs7MG80= gK7V56-2FegVCTQWEPHTS8ppb4CfdJLWxayn45Z6TdDpqqGRa1reokgIeOkbNbLB9PBH4pDch1h= 4NiPqaFIPU1dMJImrF9ZtQJzti7v5-2FnwUvR3aieN7klsWZp8oZKDIbmJfyOQTs6jXd6pa-2BC= ze7T8ZCzPgdLGxxSsT5O7dOVVh2NTSg4dN7LafEFOdtraXUwRv3wQ" style=3D"color: #1D5= 080;" test=3D"">Register here</a></b>.<br><br><b>May 4</b>: In this webinar= , experts from PitchBook, NVCA, J.P. Morgan, 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 defin= ing the market. <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?u= pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW1pDB34RYISrHBH1QHI6X= Iif8O1XF2kY0ZKkAu5C9ALA-3D-3DatWE_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz= y-2F3t1yZbcbdWeUgFVa0m8PzsFstehGS4yepMSZ-2F-2BQEp6BYPEDWbLhxE5p8C8UQ8BRvzzE= Jtu8xP5DLGEoF0u6qmntIo9Bx4BpLrct7awOLHBmBSEhzYmi3C8bt6JWm-2F1jnGRU5XpmSpF0a= iMPJ3fCfXqw13EQ9PrEIjTZksX717jyuv-2BMQaZvBALI-2B-2Fi3twgGZC7ZTBSp0F-2BpCT5C= MbhBP58T1CXNAEu-2BAwYWZtEQiCOQi7xm9mEDom4SrwjmnyCePmKwewZ0C-2FQC8dIy5ZcU-2F= N06erXUoKoW8bdimbbB7SCN2fsV1dG4dfO-2FhblUqRluoRQhsS1-2FiNQuwXIVsfmgdt-2BwIU= JLRCisvRfMKzRZd0o19y7prDapatcEqjF8cImDl-2FgDwCTBlOmhQ34-2FsU12s8IgzU9TcUero= oahyM-2FzjBBhKzjU9Z1TZMMvgx-2BTy35V32BYukTV1QdRWHcR6B71HLbXjZCVN9nkjoARuhM3= QcBY0-2FKyAoB3-2B39EJ-2FSTDIHtbHV2FEAYjdZUUsN2t2zxFwgt" style=3D"color: #1D= 5080;" 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-2BaqM7ONnvsnswouzW1pDB34RYISrHBH1QHI6XIKlgxwCVwS4qL9XTF= A49xoA-3D-3DWKMk_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUg= FVa0m8PzsFstehGS4yepMSZ-2F-2BQEp6BYPEDWbLhxE5p8C8UQ8BRvzzEJtu8xP5DLGEoF0u6q= mntIo9Bx4BpLrct7awOLHBmBSEhzYmi3C8bt6JWm-2F1jnGRU5XpmSpF0aiMPJ3fCfXqw13EQ9P= rEIjTZksX717jyuv-2BMQaZvBALI-2B-2Fi3twgGZC7ZTBSp0F-2BpCT5CMbhBP58T1CXNAEu-2= BAwYWZtEQiCOQi7xm9mEDom4SrwjmnyCePmJtpCbGw8xGfazgtlRHlAB6sW2LyazWQI-2FQBwT9= a-2FXb-2Bn1RR7RH8JTd-2BcAqWYMG0p-2FQ-2BjX4imTjOU2fByWlJpvI6l69zHkktv8K-2F9R= ffGDWovNXkcO9IYojZzBSKyBQMAro0g76koCo4-2F3vdfulMINYKUaXt8z8TlpJl1HPu80Z5hkc= POlEoemC7ou8BU7-2BfUcebMiJXQSrm2C5scxF483s-2BzhDNFKD42RiLD4DF7vdgbVX9tKkIVf= MG3dDyP4vVERp-2Fv8XoQ7yC6Bmh7Vx-2FKlo" 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-2BaqM7ONnvsnswouzW1pDB34RYISrHBH1QHI6XIc7o-2BCpLespMdgTGX-2Bby-= 2Flg-3D-3DA1Zx_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFV= a0m8PzsFstehGS4yepMSZ-2F-2BQEp6BYPEDWbLhxE5p8C8UQ8BRvzzEJtu8xP5DLGEoF0u6qmn= tIo9Bx4BpLrct7awOLHBmBSEhzYmi3C8bt6JWm-2F1jnGRU5XpmSpF0aiMPJ3fCfXqw13EQ9PrE= IjTZksX717jyuv-2BMQaZvBALI-2B-2Fi3twgGZC7ZTBSp0F-2BpCT5CMbhBP58T1CXNAEu-2BA= wYWZtEQiCOQi7xm9mEDom4SrwjmnyCePmKMKhk4T2HgpSAalOzJ3wdzuFuaJ0c3Eaxbwq5-2Fad= PYi5gtEltCmSz5WCeOES9CPU5OpOlcygvUkL-2BfZfIWi-2FfffddJN-2BKEUtpVAZOBrf6p4sH= 1VkaokhelQBOwxS9OOxXXs6oef7WoQyIAMSOq0ef-2FK-2FO9s2dJR59M0OM1nLBnmvjB4GOFtN= iPiJk8tXHokuvTTkqJ4uLD2aDEVta07-2BhQx1S0V20Q043yZ0WKdmBss5SdrTpPBz5HMmVCnk9= sGRmA5OjWiwBQSJPHukP7N2ZZ" style=3D"color: #1D5080;" test=3D"">Reuters</a>]= <br><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= 34RYISrHBH1QHI6XIMwwSiOQhlJeH-2F5fv-2BNtT2w-3D-3DPqpe_I3w5d9c01gkD8gLzFEofZ= R-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFstehGS4yepMSZ-2F-2BQEp6BYPED= WbLhxE5p8C8UQ8BRvzzEJtu8xP5DLGEoF0u6qmntIo9Bx4BpLrct7awOLHBmBSEhzYmi3C8bt6J= Wm-2F1jnGRU5XpmSpF0aiMPJ3fCfXqw13EQ9PrEIjTZksX717jyuv-2BMQaZvBALI-2B-2Fi3tw= gGZC7ZTBSp0F-2BpCT5CMbhBP58T1CXNAEu-2BAwYWZtEQiCOQi7xm9mEDom4SrwjmnyCePmLUU= uEQMNu5xQYkP0T0nigWIlHp9LJZ2Ul3iGCF-2FO9NhpMrjow2bVynT-2BXUGEYL6hySAZK9HOtq= AKwlSuJtxph5XjH0eJuV3fch5imoPjU3JEN9LTMczQfPJaK54WmsNbrere-2BFt6EWuYPxvxFJa= u-2BUYyq-2BjVFcaRqvYXzfiVSwSJRIQEHmRzg-2FqDyGmt3ECQcu2mbMRggCGwlHFrDljT5ota= fHVbJ5sgf7K9Kl2ClcjpkfM6SX1ML48THZhUeKS6k6soFgAnytoBhCTpSgyQyK" style=3D"co= lor: #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= HI6XIYLShvNbkrd2wAyZP77HP8g-3D-3D7Pzs_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRF= Cfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFstehGS4yepMSZ-2F-2BQEp6BYPEDWbLhxE5p8C8UQ8BR= vzzEJtu8xP5DLGEoF0u6qmntIo9Bx4BpLrct7awOLHBmBSEhzYmi3C8bt6JWm-2F1jnGRU5XpmS= pF0aiMPJ3fCfXqw13EQ9PrEIjTZksX717jyuv-2BMQaZvBALI-2B-2Fi3twgGZC7ZTBSp0F-2Bp= CT5CMbhBP58T1CXNAEu-2BAwYWZtEQiCOQi7xm9mEDom4SrwjmnyCePmKdrGwx97yL-2BAsj9QP= MfMqO2pXc5YpM71tQ-2BtxqGjnCSjpEungsCdgfqKKuI-2BmonK52xfC6FCzy7Le-2FNLdPHgOn= vgYH-2BW1cZw3pDVjCos085WsVdAJAUoHrLL6zkRSj8uDXLEKm-2BX39HmC7VFYxG0FG-2FjHfG= usjSUnqtv1ucrhafGp-2F9HEC4R8fBEWYGQ8dIgw4uvSTSJ4LqbLwu707FEYbd6loDDm71e9PdC= loqp7xBgFfFOIQpt8CWx5WcmreagQJCmdYY-2BBHcVMEGL8kZB-2FA" style=3D"color: #1D= 5080;" 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-2BaqM7ONnvsnswouzW1pDB34RYISrHBH1QHI6XICGWjtgd-2B= GjcandQhiZ7xZQ-3D-3DfBpE_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZ= bcbdWeUgFVa0m8PzsFstehGS4yepMSZ-2F-2BQEp6BYPEDWbLhxE5p8C8UQ8BRvzzEJtu8xP5DL= GEoF0u6qmntIo9Bx4BpLrct7awOLHBmBSEhzYmi3C8bt6JWm-2F1jnGRU5XpmSpF0aiMPJ3fCfX= qw13EQ9PrEIjTZksX717jyuv-2BMQaZvBALI-2B-2Fi3twgGZC7ZTBSp0F-2BpCT5CMbhBP58T1= CXNAEu-2BAwYWZtEQiCOQi7xm9mEDom4SrwjmnyCePmKNHqjwSNVZolvIZonJOeIi1PTovZWMAz= w0IsB2lEC1lyeFgQnM6awBCcJAz2iQi-2BBi-2BSe7MquE-2Fs0soZXX1H1dNzjMqBIB0aRFesH= 2-2Fknv39peexzjEXe2jqT5aQdEdhQjfElWgyO7Wv-2BuYJFgagJQwOoPNzTYjCxgqUZluJ-2Ft= 79mgaeMjAP8vJdnFMFqkQW-2Fo-2FV4NyUYpZj-2BtL-2BIDLnY0tAzFLDujGiNf7daPZdJqgto= Y9O99kzLdnQLJ8XuL2jdVawS5qejazgeNU40cd2yB" 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-2BaqM7ONnvsnswouzUf4Eoduzc8g1QFShFssX2ugeOSwQhDqofOhzlr= JiAoWg-3D-3Du3mT_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUg= FVa0m8PzsFstehGS4yepMSZ-2F-2BQEp6BYPEDWbLhxE5p8C8UQ8BRvzzEJtu8xP5DLGEoF0u6q= mntIo9Bx4BpLrct7awOLHBmBSEhzYmi3C8bt6JWm-2F1jnGRU5XpmSpF0aiMPJ3fCfXqw13EQ9P= rEIjTZksX717jyuv-2BMQaZvBALI-2B-2Fi3twgGZC7ZTBSp0F-2BpCT5CMbhBP58T1CXNAEu-2= BAwYWZtEQiCOQi7xm9mEDom4SrwjmnyCePmIhopl4czL61vt-2BW1sqDmWJ3kzvuMzqRzV8AKaP= zbhzLJxDbZJPgVOgePW1NXQu2ZTk8Wfl-2FDkndNcRAX-2FGr1IvV6t1oGju5z-2BnbIbZzc1iB= Ras7iuUQP8OKpc4vo7LUribImBBTFIE61xz6suz4ulGD3M0-2BsJC9VG0xKT2xPzVxZFA2Vmlh-= 2B1bXlFGTDrqnoMGXNH-2FE8CTBf1owYd2ODEn2KtfHABqy1s-2FsjGMre6cuKcnp7x9fQpydtY= r3M2w5HGDv2-2F3dSYINpTDTreHdwqE" style=3D"color: #1D5080;" test=3D"">The Ne= w 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= wouzUf4Eoduzc8g1QFShFssX2uk96ekJgPSKrBhZjHWCE4Uw-3D-3D3_nV_I3w5d9c01gkD8gLz= FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFstehGS4yepMSZ-2F-2BQEp6= BYPEDWbLhxE5p8C8UQ8BRvzzEJtu8xP5DLGEoF0u6qmntIo9Bx4BpLrct7awOLHBmBSEhzYmi3C= 8bt6JWm-2F1jnGRU5XpmSpF0aiMPJ3fCfXqw13EQ9PrEIjTZksX717jyuv-2BMQaZvBALI-2B-2= Fi3twgGZC7ZTBSp0F-2BpCT5CMbhBP58T1CXNAEu-2BAwYWZtEQiCOQi7xm9mEDom4SrwjmnyCe= PmJaQUDJgaoAYhtUWN-2FzT5EaATLwH7SJXP-2FSDDDd1fxyk52sTqqIi1rdTAayCvcWep42UlY= tq-2BIK1-2BfkODLLOZmWXfY57PGDdJZe2-2BGgteI9EUVfx-2Bp1wi82-2FBlW9cDBC2QgpZqF= 3ojShnkkfxuy4YcctW-2BGlKTiaO89usmcJ9FceUqtC1cXgaebPOJEL45OIcmDu3VVDUSy6-2BY= 8muHhXGleJUD2nIBC4JPoEiAOYOh6fa-2FrQbehR6CmvbMEqp9wR56XyYjRxV8uOgSoN1UBKo7g= " 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-= 2BaqM7ONnvsnswouzUf4Eoduzc8g1QFShFssX2uDOdcwm2roeUNaLV5-2BBSSFw-3D-3DbkiZ_I= 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Valuation Guide<br> =E2=80=83=E2=80=A2 Defining Agtech Success<b= r> =E2=80=83=E2=80=A2 Q1 2026 Germany Market Sn= apshot<br> =E2=80=83=E2=80=A2 Agentic AI Part 2<br> =E2=80=83=E2=80=A2 On the Path to Medical Su= per 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 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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-2BaqM7ONnvsnswouzXxwFXB8qXSqTfzx9h9yoYImmbdmRYNnO3cV7WLHci01w-3D-3DXh5= v_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFstehG= S4yepMSZ-2F-2BQEp6BYPEDWbLhxE5p8C8UQ8BRvzzEJtu8xP5DLGEoF0u6qmntIo9Bx4BpLrct= 7awOLHBmBSEhzYmi3C8bt6JWm-2F1jnGRU5XpmSpF0aiMPJ3fCfXqw13EQ9PrEIjTZksX717jyu= v-2BMQaZvBALI-2B-2Fi3twgGZC7ZTBSp0F-2BpCT5CMbhBP58T1CXNAEu-2BAwYWZtEQiCOQi7= xm9mEDom4SrwjmnyCePmLX8Kkqwigt-2Fky5WAqASbEaQNeXA9c-2FWkY-2BNG0fCFuQ9vyqUKY= eWm-2BouqtK3p3RUg4Qg7NT9MpET-2FOo5xTdGPDu2TrHwgAY2xnxZ-2FwecyKu3-2FGWtAghK6= xiNplndMW7RHqn-2FcYi-2Fv1CEhIuLetj0TejgZ4-2FfcNf4DESVxCoGeGJL3tWE2JLl9Qz-2F= anH3ODR4F2itAguDpihTgcNkSfPae-2FXpm1gVvYKaAsqJ-2BFshzA-2BbV5477LnkuyzDqnNYP= kL-2Fq2oHOhvq6-2F2G5gyF94YiSeC" target=3D"_blank" style=3D"display: block; 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