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Edit File: 1777111944.M793092P2580909.server-619288.prediksijaya.com,S=139431,W=141913

Envelope-to: vetyl@ponjosonek.com
Delivery-date: Sat, 25 Apr 2026 17:12:24 +0700
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Date: Sat, 25 Apr 2026 10:11:38 +0000 (UTC)
From: PitchBook Research <news-noreply@news.pitchbook.com>
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Message-ID: <Ibo4oj4zQmqy_b_11GYkHQ@geopod-ismtpd-2>
Subject: Catching up on the AI frontier
To: vetyl@ponjosonek.com

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style=3D"color: #78766f; font-size: 1px; display: none !important;"> Also: =
The agtech profile that returns capital; inside the digital infrastructure =
funds boom; Who's paying for defense tech? Clean energy PE trends... </span=
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 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Dat=
acenter-driven demand</b>: Private digital infrastructure funds raised a=E2=
=80=AFrecord=E2=80=AF$26 billion=E2=80=AFin 2025, almost four times their a=
verage from 2021 to 2024, but their outlook is not universally positive. <b=
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kbMcVf8UYA68NVRA4fByyM3oBCdHFt5jQ7bCmfwAP299twR14aFcizCV9CvN5pQnv0msNG-2B7A=
I5lNaHFpX3eDh-2BAjY9TLVACJ4LX-2FbZrKXOuLoqUNPBToUfbJSE-2FdImz-2FQPuYRmP7DkG=
ePh-2Bjfh2HClpwc7QuThRZWgN7cBy-2FuM50dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxOtQ=
p-2Fds7A-2FVGQjSGYaL6Hua8f3t-2BbS-2BJL74rKMAqFNYFiMbXQoYMjpFeeFXa6LWGKrK7hV=
jYxe134c4yvZUIfKq37CawnaxQ5o5TCi33IL8s4C0D4yR5LqY-2Fa52WEIkZ8a-2BBCdAEsu5gk=
PdDcbT3NE-2By-2FT6kBEVfS8eZC9rFQ0-2BZ6rK7wWtkqsXv0U86HTUkrtuum4uQmkCniYs8d0=
0LQ1B12bgsF73gtiTtfUqXLU3tNWEdF0XC4leluT-2BfISgMmxUUclWxzkuMYsgqTZhYtC-2BuD=
n-2BpofRwiOQELqLlvh7cxNeTYO9v5LepYUysjMR5TE8" style=3D"color: #1D5080;" tes=
t=3D"" universal=3D"true">Read more</a></b>.<br><br><b>Who=E2=80=99s fundin=
g defense tech?</b>: Our analyst note maps the landscape of investors shapi=
ng the category's capital stack. <b><a href=3D"https://url6380.news.pitchbo=
ok.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouz=
XfTtC1OM5L8aFz55cKqYIll1Xb24oVJR-2FABpUxSde0AQ-3D-3DBjYi_Pr966knuaHmaw6c7pK=
vB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fByyM3oBCdHFt5jQ7bCmfwA=
P299twR14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh-2BAjY9TLVACJ4LX-2FbZrKXOuL=
oqUNPBToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HClpwc7QuThRZWgN7cBy-2FuM50dOq=
VeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQjSGYaL6Hua8f3t-2BbS-2BJL74=
rKMAqFNYFiPWPJN55emfQ-2BxbHGURoKWGtQplcycpEwpAYZaHe47Ih8hx4y-2FMsFRQclm3fHg=
rZC1pwOpLB-2FwESYzow5Xyg4crXR3DhcQWuYypjOsTPa-2FEXeqbwqlR45deJ8AdA3y5TbBFUb=
bTnKj3aqUnovserewwz8ZxtwlGH6yDwoMKnZ3gUDXPlAmf6qtay-2ByoU6t0CmSXC31czEh1y1O=
xmuwX2ZdogKmEuSTfjL4iG0FC6jQel37gWU5Hd7UZDxLiVlIl9gfDftSDNd-2BLPwguSHbLMCC0=
" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Read it here</a></=
b>.<br><br><b>From the frontier</b>: This week, analysts have been diving d=
eep into the latest major developments in AI and tech. Our notes on <b><a h=
ref=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4=
Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXfTtC1OM5L8aFz55cKqYIl2wJeFiupoceLYOJJac=
pDsA-3D-3DF9P7_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8=
UYA68NVRA4fByyM3oBCdHFt5jQ7bCmfwAP299twR14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHF=
pX3eDh-2BAjY9TLVACJ4LX-2FbZrKXOuLoqUNPBToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bj=
fh2HClpwc7QuThRZWgN7cBy-2FuM50dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7=
A-2FVGQjSGYaL6Hua8f3t-2BbS-2BJL74rKMAqFNYFiPP9P4AQpHK6ybF4ZLb1e-2BK1p0P0FJh=
uqoeee9ITT-2FoF3Nzv7SyRwtlECzWHsPoQH97ZPbd4nRm484W5MT1SC-2B31IP8VSpwYb6Gg0M=
jz9VwFgYrtA0Y53ppcduUMO6HOy1YK8OYnAqKLlYUUrmt0JMInzHz9vbx1hVzbFbQ4HEl6pHrEA=
zkr4aKYfZf9fzVTyxs12zu5ztgJxIkyFZzWOglOfl-2FtjA5BQhjcqZ50uaR2eZ1ANh6Tt5a-2F=
Y0E3ngMyaDOvr2PhEdP8sNSXhktRHQL" style=3D"color: #1D5080;" test=3D"" univer=
sal=3D"true">Anthropic's Mythos model</a></b>, <b><a href=3D"https://url638=
0.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba=
qM7ONnvsnswouzXCuDJ2YLZ3EtI3gxzpEx69lXj4NnoTP7sOLX1f7j3Gzw-3D-3DS8w9_Pr966k=
nuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fByyM3oBCdH=
Ft5jQ7bCmfwAP299twR14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh-2BAjY9TLVACJ4L=
X-2FbZrKXOuLoqUNPBToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HClpwc7QuThRZWgN7c=
By-2FuM50dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQjSGYaL6Hua8f3t=
-2BbS-2BJL74rKMAqFNYFiPinyVWAmyGsUG-2FEMINXHXemRPCgm1NhhvLV68wsnGVuPnMQZGKP=
uT69K5eorfIFsncl7XM75kr1QZyqMghuT-2BaNlrz1ajHZg6DQC3tgx0ce-2FVt-2B-2FHASU75=
DCA4obcpjlbHu-2FHXeDCtSuH69XIBdKjB7zjg1zOsLQFpsx7AXRHoqp7fRpqYBoJmhM3LyELuz=
51F0Xytyk-2FqdwGfShaSHP56POAJNXImwDI7PC8qTi6y7MJOmYe1RHv484W-2B8-2BhhnWJs30=
N8ymkmt0V7g78s427N" style=3D"color: #1D5080;" test=3D"" universal=3D"true">=
SpaceX's Cursor acquisition</a></b>, and <b><a href=3D"https://url6380.news=
.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn=
vsnswouzXCuDJ2YLZ3EtI3gxzpEx69iggD2N51JBkgdfSq-2FnMQLA-3D-3DL0eU_Pr966knuaH=
maw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fByyM3oBCdHFt5j=
Q7bCmfwAP299twR14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh-2BAjY9TLVACJ4LX-2F=
bZrKXOuLoqUNPBToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HClpwc7QuThRZWgN7cBy-2=
FuM50dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQjSGYaL6Hua8f3t-2Bb=
S-2BJL74rKMAqFNYFiPt6uyCcrEYCDfn04lQlAGlHrrtygUERjJshJSJ2m37RGpyN94ENDcdfhx=
x-2FLu1wzeOqk5lAAYQOGGmwECEhTcsCyC68RQ9tkWSj4gth8hgZWuVYeBMDvQ6W7mrqh3MQYER=
LhUadLCADZQ1KiFdcGOCjiWjgUdFlvdyUGdlqe9e-2BWKx6dkkVsDoWJpamPYfUPnNRf-2BzhlG=
ta0Q-2FQAok26UDejfGhWH1u7ZcZ-2FtylRkQhJ6q0yrI4iRjv-2FaQ8QoiqnRl6B0tVEbtiuOH=
QR8H0mti" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Salesforce=
's headless architecture</a></b> reveal the forces reshaping the competitiv=
e landscape in 2026.</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>A message from Fidelity Private Shares</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_579944" id=3D"n_579944" 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 venture market is changing=
, founders need to know what comes next. </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-2BaqM7ONnvsnswouzXfTtC1OM5L8aFz55cKqYIlF9VGeFHjrl5ROsP=
r1U57ng-3D-3DWOjS_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc=
Vf8UYA68NVRA4fByyM3oBCdHFt5jQ7bCmfwAP299twR14aFcizCV9CvN5pQnv0msNG-2B7AI5lN=
aHFpX3eDh-2BAjY9TLVACJ4LX-2FbZrKXOuLoqUNPBToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-=
2Bjfh2HClpwc7QuThRZWgN7cBy-2FuM50dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2F=
ds7A-2FVGQjSGYaL6Hua8f3t-2BbS-2BJL74rKMAqFNYFiMUyhlwoYm64KnXcXgUEcDXgC9UWit=
1XXdUX54s8nfgQ8ZTff84aYsxYmDRayGkkioyA7vjbqBgbwRmCOwkvhcpcm1ENPQdC-2BT9-2BT=
b7zp4uriQ-2FEeGjWX2zZw2RgIBGOHc0b0MP6bNaVfDfPG5zYyTaoHPA8QAdZZwskRKZkCI-2BE=
zzVjNhuvrtoHnqPVB2OJyXVaCRTjGaR57ogX2yX2NOrbTFlCh0Mlg05bdcUZyQq2xmFwSg2Q44h=
sUjeByxHkWN6dBx-2FJHnJKBW157L7XfLi"> <img align=3D"center" alt=3D"" src=3D"=
https://img.pitchbook.com/news/73848.jpg" style=3D"border: none; width: 100=
%; height: auto;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table>Fundraising has changed dramatically =
in recent years. Capital is more concentrated, with investors writing fewer=
 checks. AI companies now capture a larger share of funding, while valuatio=
ns shift across the market.<br><br>
                               Liquidity is improving after years of constr=
ained exits. Acquisitions, buyouts, and potential IPOs may reshape how foun=
ders approach timing, valuation, and exits.<br><br>
                               Our new report explores the venture trends s=
haping 2026 and what they mean for founders navigating fundraising and grow=
th.<br><br>
                               Inside the report:=20
                              <ul>
                              <li>How venture capital is evolving</li>
                              <li>Why valuations differ between AI and non-=
AI startups</li>
                              <li>What better liquidity means for exits and=
 secondaries</li>
                              <li>How investors are evaluating companies in=
 a more selective market</li>
                              </ul><a href=3D"https://url6380.news.pitchboo=
k.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXfTtC=
1OM5L8aFz55cKqYIlF9VGeFHjrl5ROsPr1U57ng-3D-3DC8v2_Pr966knuaHmaw6c7pKvB-2BCE=
iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fByyM3oBCdHFt5jQ7bCmfwAP299twR=
14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh-2BAjY9TLVACJ4LX-2FbZrKXOuLoqUNPBT=
oUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HClpwc7QuThRZWgN7cBy-2FuM50dOqVeSDVdZ=
JEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQjSGYaL6Hua8f3t-2BbS-2BJL74rKMAqFN=
YFiM-2BGzOGr7RguzBXUz9jpwHkQdnJR0nYheuz8Wbd7fmSLwn5nLRZ1KBHQcI4waPAJJ2-2FbI=
OUpf2WoXefwS0sUVfISJO7qWL36Ohzore6PJMqWnv9wujt9v-2BNGuPtk3PjgDaQIfumNBJULm6=
P2uns4SeordqAS0hfZgoEcYUR0hFoge6nsRdG8dA1HBFfJl5bnTjV6SHPMoZ61TzkAsv6EwNzcf=
WHDjTixG5BLkiAo7YaN-2Be80LP14okD-2BMOOih-2F4E5dIBFKDE1J-2Fjt6dqSenNyu6" sty=
le=3D"color: #1D5080;" test=3D"">Download the report</a> to understand the =
trends influencing venture capital and founder decisions for 2026.</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_580127" id=3D"n_580127" 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;"> What investors get wrong about=
 agentic AI=E2=80=99s moat </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>
                              The most durable advantages in agentic AI are=
n=E2=80=99t being built in a model lab. They=E2=80=99re accumulating inside=
 company workflows, and the window for investors to buy at a good price is =
closing.=20
                              <br>
                              <br><b>The conventional approach of backing=
=E2=80=AFthe best model to win the market misses the reality of what's happ=
ening on the ground.</b> Today=E2=80=99s best models will become commoditie=
s within six to 12 months. What doesn't commoditize is how deeply a system =
is embedded in how companies operate.
                              </div>
                              <div>
                              <br><a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXC=
uDJ2YLZ3EtI3gxzpEx69I6E8l3JZzrW0ZPp9oXHY2g-3D-3D1djA_Pr966knuaHmaw6c7pKvB-2=
BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fByyM3oBCdHFt5jQ7bCmfwAP299=
twR14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh-2BAjY9TLVACJ4LX-2FbZrKXOuLoqUN=
PBToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HClpwc7QuThRZWgN7cBy-2FuM50dOqVeSD=
VdZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQjSGYaL6Hua8f3t-2BbS-2BJL74rKMA=
qFNYFiNulB599hsw5iRoHMEWHTp-2BpO9E-2Fyu7E7OkZrzwq5SWyoyAR4DPC8Zc5DWtW3MXxAy=
lqrMkapocvtA5LDKtNk9q9cJwSx0TVNUaPG1t9i8HVbG-2B2TXKv0ZWdVl7umk9wXKn63YHQ764=
7e1t7236oUy7GBxI0goeWGeq5bK8AEYfrbOSTFEOHAxUPdXIqNjxNqnq5VgpqqPaZyIjAINqVnV=
q3wOrh8pIy1mDvezWDwIdqACPYqo6q-2BnMaxMkxm1yIMAvAWX3qVKprO4xnt0Gi0hG" univer=
sal=3D"true"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.co=
m/news/73964.png" style=3D"border: none; width: 100%; height: auto;"></a>
                              <br>
                               &nbsp;
                              </div>
                              <div>
                              <b>Governance and trust are the first barrier=
s.</b> Enterprises don't adopt agentic AI the way they adopt software; they=
 extend trust like they would to a new colleague. An agent that operates in=
side financial workflows, security operations, or customer-facing processes=
 must earn the right to act autonomously.=20
                              <br>
                              <br>
                               This means that from Day 1, these systems mu=
st be built with explainability, audit trails, and confidence thresholds in=
 mind. In workflows where certifications take 12 to 18 months to earn, earl=
y movers have an edge.=20
                              <br>
                              <br><b>Organizational context is the second.<=
/b> Every deployment makes the system smarter about how that specific enter=
prise operates=E2=80=94its people, its norms, its workflows. That intellige=
nce isn't easily transferable to a new vendor. A competitor with a better m=
odel still starts from zero on the context that makes the model useful.=20
                              <br>
                              <br><b>Workflow integration is the third, and=
 the most structural.</b> When an agentic system is built into how a team w=
orks, replacing it means rebuilding how the team works. The switching costs=
 are less about dollars and more about process changes, retraining, and the=
 performance hit during transition.=20
                              <br>
                              <br>
                               Platform-scale companies with deep workflow =
ownership are on a different trajectory than point solutions, which face in=
creasing acquisition pressure as their features get absorbed into broader s=
tacks.=20
                              <br>
                              <br>
                               Enterprise agentic AI investment reached <b>=
$24.2 billion</b> last year. The selection event is already in progress, an=
d entering late means paying a premium for switching costs that accrued to =
earlier investors.=20
                              <br>
                              <br>
                               Go deeper on the investment landscape in <b>=
<a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73=
BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXCuDJ2YLZ3EtI3gxzpEx69a-2BZUHPpsqJ9t=
FVnFbu-2FPgg-3D-3DSf73_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI4=
3kbMcVf8UYA68NVRA4fByyM3oBCdHFt5jQ7bCmfwAP299twR14aFcizCV9CvN5pQnv0msNG-2B7=
AI5lNaHFpX3eDh-2BAjY9TLVACJ4LX-2FbZrKXOuLoqUNPBToUfbJSE-2FdImz-2FQPuYRmP7Dk=
GePh-2Bjfh2HClpwc7QuThRZWgN7cBy-2FuM50dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxOt=
Qp-2Fds7A-2FVGQjSGYaL6Hua8f3t-2BbS-2BJL74rKMAqFNYFiMiblnwIfoznN3tR6zKWcpLm6=
9g6Z2oit4fw8gQ0W6Oy7BvEZRVfW55a8NrowFmDefZNrXaUfRI72PC32uWBdVRcdDEFBNQzTLRI=
34xmBfZot-2BcQS3-2BxD7neAzgZMht-2BtMhGhj1o0pTax0-2FLDu6vpft4knxGJdrEBJ5KXJB=
pZqJemmZxFk5zbDjb3FEQn8c3msNxft7VzsdD61qla7RB15whyFaKUh90OY-2BiI2JH989AEiz9=
IoJwXVhMQC-2FFwLQHXhLDAS9Aq416vRpDVqRdk4c" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true">Agentic AI: The Evolution to Autonomous Systems: P=
art I</a></b>. Hear how founders and executives describe where agentic AI i=
s being deployed in <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls=
/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXCuDJ2YLZ3EtI=
3gxzpEx69-2FasmqIm-2BLe6fbe5gSArlww-3D-3DVmyD_Pr966knuaHmaw6c7pKvB-2BCEiDnj=
5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fByyM3oBCdHFt5jQ7bCmfwAP299twR14aF=
cizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh-2BAjY9TLVACJ4LX-2FbZrKXOuLoqUNPBToUfb=
JSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HClpwc7QuThRZWgN7cBy-2FuM50dOqVeSDVdZJEXi=
KDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQjSGYaL6Hua8f3t-2BbS-2BJL74rKMAqFNYFiM=
nm0jC2kqJi-2Bx-2FlYdj3Ip1ciGYCq3NZfw29bbc2tA9sJPjws6lmMy1-2BaWnxCbxFmfAiHn2=
KhGwh3z4JDo44p5JPC0AWbxGs1Y4QU9dtTBrCpJscwAdf9eiYc5bUfV-2FyQwFIJfkP2Dx1n88A=
5aCNG4K1Fj47C5ummRIurXSI4xe34WoPHACXV8sEWm6Z9OM-2BDntaEHfXU9zTGHCRj9FOrnLHe=
Ecbc59c3yo5fdpvhwSKrplcyeUjQaFjK6HCUlDuFnraWAbFmwLqc5Uv1LsXHW6" style=3D"co=
lor: #1D5080;" test=3D"" universal=3D"true">Part II</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>
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                             <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/711=
21.png" style=3D"border: none; width: 100%; height: auto;"> </td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table>Best,<br><br><a href=3D"mailto:dimitr=
i.zabelin@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Dimitri Zabeli=
n</a><br>
                               Senior Analyst, AI and Cybersecurity</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_580217" id=3D"n_580217" 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 agtech profile that return=
s capital </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>
                              Agtech's postboom (2023-present) narrative ha=
s been dominated by capital destruction, and not without reason.=20
                              <br>
                              <br><b>Our dataset confirms $8.2 billion in k=
nown VC-backed losses</b>, with 2025 posting the highest annual confirmed f=
ailure count on record.=20
                              <br>
                              <br>
                               But that headline obscures a more useful sto=
ry. The comprehensive outcome data in <b><a href=3D"https://url6380.news.pi=
tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn=
swouzXCuDJ2YLZ3EtI3gxzpEx69rxPIAh7xE8w7yjWT4Fj8Jg-3D-3DeZ1g_Pr966knuaHmaw6c=
7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fByyM3oBCdHFt5jQ7bCm=
fwAP299twR14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh-2BAjY9TLVACJ4LX-2FbZrKX=
OuLoqUNPBToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HClpwc7QuThRZWgN7cBy-2FuM50=
dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQjSGYaL6Hua8f3t-2BbS-2BJ=
L74rKMAqFNYFiMvsWhjz8HPeDpSF1v5Bt-2BYYCZgiWxz8FCn3hrw2S-2FW6F9Cg6A6u5lhc7k8=
jQDMrpawFkC-2FiRjHhIhrA5z5Uu0Sauf1QnpxqPLCfC-2FXA4UyrL5IVVzUUbM8Fvg5D21x9Ke=
DH2dBxhvIbcTt8T-2FlCuJA2SQ1i1YYWYH2dm8L-2FOfPYzAWCdGNpy-2BKdvhvmOPdO10-2FEx=
uxE93bfewXip6xhKCobQJW0MIFLbCKRbvE12fly-2B6oaTjduZqHzTbgjYpsE-2F7q1Me62f1RB=
-2FOSPjVOKxLR" style=3D"color: #1D5080;" test=3D"" universal=3D"true">our l=
atest analyst note</a></b> reveals a surprisingly specific and repeatable p=
rofile of what actually works in agtech investing, and it looks nothing lik=
e how most capital was deployed during the 2020-2022 boom.=20
                              <br>
                              <br>
                               Of 1,197 VC-backed agtech companies with kno=
wn outcomes through year-end 2025, only 142 (just 11.9%) exited with a disc=
losed valuation. The rest either failed outright or exited without a disclo=
sed value, which almost always means small or distressed. That <b>11.9%</b>=
 is the denominator every return expectation in this sector should be measu=
red against, and most are not.=20
                              <br>
                              <br><b>The companies that do exit well cluste=
r in three segments</b>: crop inputs &amp; enhancements, precision ag and a=
nimal ag. The acquirer base in biochem &amp; inputs (Bayer, BASF, Syngenta,=
 Novozymes, and Corteva) is not just active but strategically motivated, ex=
ecuting a documented shift toward biological alternatives driven by regulat=
ory pressure on synthetic pesticides. That makes it the one agtech segment =
where the exit market is structurally growing, not cyclical.
                              </div>
                              <div>
                              <br><a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXC=
uDJ2YLZ3EtI3gxzpEx69cyBzG60WJFY-2Bx0jK2p9jkA-3D-3DTCPk_Pr966knuaHmaw6c7pKvB=
-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fByyM3oBCdHFt5jQ7bCmfwAP2=
99twR14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh-2BAjY9TLVACJ4LX-2FbZrKXOuLoq=
UNPBToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HClpwc7QuThRZWgN7cBy-2FuM50dOqVe=
SDVdZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQjSGYaL6Hua8f3t-2BbS-2BJL74rK=
MAqFNYFiO7NuXfDKFJ-2F9RU4ZW7Ty4CEBX6VD3gvCPA8Cb-2BjfNtBY-2B3xwhtLtZndjsrOXZ=
drIsixpVVu2huiIJJjjOBZgUqHKET-2Bfnf7CTlr1fPIqak-2FcRB-2FNqjGlijGxFCYObrVd8r=
VCCm9AaiK-2BP3ruruHBeVSxkNv72CiVa2oL8EAlkuR7VuM0H9fyLAeZiZ-2BFW7QA7Wqj3zjnS=
1NQEMdEyJWOeICudaPKk1u7lnJb7BEGY9hNhtjd1qp6o4xTE-2FaPNaFNpfNsb2uDveksfSK1-2=
Bei9uA" universal=3D"true"><img align=3D"center" alt=3D"" src=3D"https://im=
g.pitchbook.com/news/73934.png" style=3D"border: none; width: 100%; height:=
 auto;"></a>
                              </div>
                              <div>
                              &nbsp;
                              </div>
                              <div>
                              The investor-level data is equally pointed. D=
omain specialists (corporate VCs and agtech-focused funds) post an 80% medi=
an exit rate versus 67% for generalists. Novo Holdings, Khosla Ventures, an=
d Fall Line Capital all produced top-tier outcomes through the same discipl=
ine: biochem or precision ag focus, early-stage entry, and pre-established =
relationships with the serial acquirers who drive large exits.=20
                              <br>
                              <br><b>Portfolio size mattered less than we e=
xpected.</b> What mattered was whether the investor brought genuine domain =
conviction to every position.=20
                              <br>
                              <br>
                               The profile that works is narrow: seed or Se=
ries A entry below $20 million pre-money, technology suppliers rather than =
operators, total capital raised under $30 million, and the patience to hold=
 for six to eight years. PE buyouts, up 5.2x from preboom (2014-2019) level=
s, are emerging as the most underweighted exit path, with the best capital =
efficiency of any realistic channel.=20
                              <br>
                              <br>
                               The question for the rest of 2026 is not whe=
ther agtech can produce returns. The data shows it can, and names the segme=
nts, the entry points, and the investors who have done it. The question is =
whether LPs and GPs will underwrite the discipline the data demands, or kee=
p allocating to the profile that the boom already proved does not work.=20
                              <br>
                              <br>
                               Read more in our analyst note: <b><a href=3D=
"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzXCuDJ2YLZ3EtI3gxzpEx69rxPIAh7xE8w7yjWT4Fj8Jg-3=
D-3DOZXX_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N=
VRA4fByyM3oBCdHFt5jQ7bCmfwAP299twR14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh=
-2BAjY9TLVACJ4LX-2FbZrKXOuLoqUNPBToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HCl=
pwc7QuThRZWgN7cBy-2FuM50dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVG=
QjSGYaL6Hua8f3t-2BbS-2BJL74rKMAqFNYFiNSfbRgH1sAPjh2blu6aEuOaY1l-2FnYNk9qUjJ=
w8ZocxIFzULAq-2Bf45aLsCmfrJ46l9BnD-2BYZPn0FvhBhHVOCOBjAXy24aI5bi-2Bg2aLgvKL=
-2B7c62pcPQ-2B-2BKSjeZnYnrbHLaYQ8K8j8iTh0KV5kw87n9G4Asn-2Bc82-2BnTnyN8tCR69=
Sa1K4T43zHm5FUNpgBInQ-2BWHC4jS3kPmRUwvLJwZdrYjZa7CbFIpBs9YF5o0AmPIgxYE7NwP2=
9n2aR3e4Km72i1oeHCEjpS7k4RusRLTHSEl" style=3D"color: #1D5080;" test=3D"" un=
iversal=3D"true">What Does a "Good" Investment Look Like in Agtech?</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>
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                             <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%">
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                              <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">Have a=
 great weekend,<br><br><a href=3D"mailto:alex.frederick@pitchbook.com" styl=
e=3D"color: #1D5080;" test=3D"">Alex Frederick</a><br>
                               Lead Analyst, Agrifood Tech</td>
                              <td valign=3D"top">
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ng=3D"0" cellspacing=3D"0" lang=3D"x-image">
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                              <td align=3D"right" style=3D"text-align: righ=
t"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/739=
31.png" style=3D"border: none; width: 100%; height: auto;"> </td>
                              </tr>
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                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
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                 <td style=3D"height: 20px; min-height: 20px; line-height: =
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                  <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;=
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nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
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lign: left;"><span>Industry &amp; Tech Research</span></td>
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cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
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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-2BaqM7ONnvsnswouzXCuDJ2YLZ3EtI3gxzpEx69xkTSvAng=
lGsBbTTcF-2FlUxw-3D-3Dvyjy_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi=
QVI43kbMcVf8UYA68NVRA4fByyM3oBCdHFt5jQ7bCmfwAP299twR14aFcizCV9CvN5pQnv0msNG=
-2B7AI5lNaHFpX3eDh-2BAjY9TLVACJ4LX-2FbZrKXOuLoqUNPBToUfbJSE-2FdImz-2FQPuYRm=
P7DkGePh-2Bjfh2HClpwc7QuThRZWgN7cBy-2FuM50dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8=
VxOtQp-2Fds7A-2FVGQjSGYaL6Hua8f3t-2BbS-2BJL74rKMAqFNYFiOK4N-2BCO7yKmUvW39Gx=
8RXeAtPfj-2BGw6Lp-2BQyi5k5rXuCS8b98JEmDXeNvaLuGNEZ1jiNvphjW-2Fc-2F30moyihJL=
NxRTKQCOS4woaW6xZhpSsn7o2cB4HKFTVmei1FPgxgqUlwgJf5pcPIerP424WPhveU3jgpKdR6C=
BcmWe0lh6CdKWnepFI-2BftLnG5maW94kgKriJXjcctXzlvmUQYHdWnfolE-2Bt4EuA6RHD9hev=
mB0Q8ymkyO81V1cNcCetquNFeyLHYwdpmKDdVk0FkRyN6DU" style=3D"color: #1D5080;" =
test=3D"" universal=3D"true">2025 Clean Energy PE Trends </a></big></b><br>=
<br>
                               Clean energy PE had a landmark year in 2025,=
 with total deal value hitting a record $46.5 billion=E2=80=94up 8.6% year-=
over-year=E2=80=94and deal count climbing 21% to 87 transactions.<br><br>
                               The biggest story was the rise of PE growth =
deals, which surged 134% to $22.9 billion, surpassing buyout and LBO deal v=
alue for the first time ever.</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-2BaqM7ONnvsnswouzXCuDJ2YLZ3EtI3gxzpEx69dM3V3188G=
HaJdRPgAyN2gA-3D-3Ds-Bh_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRA4fByyM3oBCdHFt5jQ7bCmfwAP299twR14aFcizCV9CvN5pQnv0msNG-2B=
7AI5lNaHFpX3eDh-2BAjY9TLVACJ4LX-2FbZrKXOuLoqUNPBToUfbJSE-2FdImz-2FQPuYRmP7D=
kGePh-2Bjfh2HClpwc7QuThRZWgN7cBy-2FuM50dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxO=
tQp-2Fds7A-2FVGQjSGYaL6Hua8f3t-2BbS-2BJL74rKMAqFNYFiMoGfljsxEEC6k8pO2cA-2BC=
ELYoAwr2yDQ2w2D9XLlglKM3O0q-2BQ9CcxwrGsn0-2B0gMz2o3QwZen8FDzGuYzX37PnPhywc4=
5hYDu3mW-2B-2BZMBQwvArly3-2B-2FC6p3f6W0BwGIJmK3FjbqcC1IJDIEx-2BIRFWCoGYEUCE=
bd3L6G4ICD9n-2F6lwLKiqMHUwGzryp912ZZnNhQqDv4dsnQZge5b9EI81MGPz0mdFi1dWZrtCD=
CL-2Fh4fqR-2FPJfYg27jvbWOvKLySKKz0A9Q9AmKi-2B3Kn8M8Qe2" universal=3D"true">=
 <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/73926=
.png" style=3D"border: none; width: 100%; height: auto;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table>
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br>
                               Grid technologies was the standout segment, =
hitting all-time highs fueled by renewable deployment and AI-driven datacen=
ter demand.<br><br>
                               The year=E2=80=99s largest deals included TP=
G and La Caisse=E2=80=99s estimated $5 billion LBO of Pike Corp, KfW Group=
=E2=80=99s $3.4 billion investment into TenneT Germany, and Ardian=E2=80=99=
s $2.5 billion LBO of Energia Group.<br><br>
                               After a sluggish Q2 weighed down by US polic=
y uncertainty, Q4 roared back with $16.8 billion=E2=80=94the best quarter i=
n four years.<br><br>
                               With the policy environment stabilizing and =
lithium battery storage hitting commercial maturity, 2026 looks set to be a=
nother active year for clean energy PE.<br><br><em><a href=3D"https://url63=
80.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B=
aqM7ONnvsnswouzXCuDJ2YLZ3EtI3gxzpEx69xkTSvAnglGsBbTTcF-2FlUxw-3D-3DNJPL_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fByyM3oB=
CdHFt5jQ7bCmfwAP299twR14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh-2BAjY9TLVAC=
J4LX-2FbZrKXOuLoqUNPBToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HClpwc7QuThRZWg=
N7cBy-2FuM50dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQjSGYaL6Hua8=
f3t-2BbS-2BJL74rKMAqFNYFiNxwETzwr5AvNgGU3KB2rWzoUIt9oyRu-2BV8T7M7JocdbPTTVq=
SKfyGWddI0zbOvEGXVSxCGgxMp7P8f6zxKWWazd-2F2etAEhLlhKNLAuJL8-2FJJXnJrjFFoLCu=
qcjEnSgEI0GW30LmufLQCHfrdXhthgYGCK8thFEldOsA6gNkSTBcdEMre4VzAghzMKUJLbYXBsI=
1yYGZH9MpOE8Y6n7dn7VswBtBH2zxicJ9GgL1eMTNN6dmyZEcogNWqvo4-2F-2FVRyAjhk2Ii5-=
2BS-2B0gcoqdHbNKd" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><=
b>Download the report</b></a></em></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Webinars &amp; Events</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
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                  <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%;">
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 Arial, sans-serif; color: #78766F;">
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" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
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                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
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 ">
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                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
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                              <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-2BaqM7ONnvsnswouzXCuDJ2YLZ3EtI3gxzpEx69k9uDW1uwI4CS2aGqwYK9=
cg-3D-3Dxc3j_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY=
A68NVRA4fByyM3oBCdHFt5jQ7bCmfwAP299twR14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX=
3eDh-2BAjY9TLVACJ4LX-2FbZrKXOuLoqUNPBToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh=
2HClpwc7QuThRZWgN7cBy-2FuM50dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-=
2FVGQjSGYaL6Hua8f3t-2BbS-2BJL74rKMAqFNYFiOqM9ghE0ImnY45lEFHiA15mSrhAQYoqff6=
aHqMT3J7yr8Se2SV-2Fz-2FK6-2FIWjhQV8up27Rfq9zqFuNiSBOnD0cSrJYaxJ-2Fa1ubsj8dt=
4q-2F7C-2FCqWL8mV4ymc1Wpr-2Ba9Wu-2BF91-2B2Cu-2BhePpxZzbJdY5SzXqhlVvYNn9jBN2=
YTrd2TbWkq007jrotaz6N4rutQIiDpCgmwO3-2FIX0fJTBb2u9JXtAsFyuTFhxkeEBjegmAhRS1=
wguIXcjk-2ByHKuVO3XIlYACuqfHYbrKGObg9KZFP2R" style=3D"color: #1D5080;" test=
=3D"">Register here</a></b>.<br><br><b>April 28</b>: At DealMax 2026 in Las=
 Vegas, Hilary Wiek, our principal analyst for fund strategies, will give a=
 talk on the rise of evergreen funds. <b><a href=3D"https://url6380.news.pi=
tchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou=
zXtN-2BhcBwcjkmYGxC-2BqjR7pxfyRndLYRX5RKIxDoywMpQ-3D-3DA6JC_Pr966knuaHmaw6c=
7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fByyM3oBCdHFt5jQ7bCm=
fwAP299twR14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh-2BAjY9TLVACJ4LX-2FbZrKX=
OuLoqUNPBToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HClpwc7QuThRZWgN7cBy-2FuM50=
dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQjSGYaL6Hua8f3t-2BbS-2BJ=
L74rKMAqFNYFiOPgEOTol8HC0FVjh3HBeImFt4gL901-2Fh2Mx2qUSkTQdMpMH4ee0-2BUDsmXC=
H9bIc9hgtDGcmr-2By4fJfh9ttqTM0djAb5KMJQnCZlAXt73Tl-2FPJXR8RTQ597QadYZjK-2Bs=
xb8GMSN-2FX-2B0n9DfjJzbmSDEggM3-2F7826gvBk4KnljJFKa6Im46VY04Gp8BiQYoITtb9jg=
zGNxS-2BvGnb4N-2BNZt0kH0eax1sLhhzyhw42ME-2FYNKwnCOIpN6Uuy8VbxohjyaEgopdZA4w=
pIbbwBsn8F3DM" style=3D"color: #1D5080;" test=3D"">Register here</a></b>.<b=
r><br><b>April 28</b>: Join us at ILPA Forum EMEA in London, where Juan Mie=
r, our lead analyst for fund strategies, will give a presentation on the ri=
se of retail capital in private markets. <b><a href=3D"https://url6380.news=
.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns=
wouzXtN-2BhcBwcjkmYGxC-2BqjR7pZAHddDl-2Ftr7uBjQePvkthg-3D-3DbR3j_Pr966knuaH=
maw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fByyM3oBCdHFt5j=
Q7bCmfwAP299twR14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh-2BAjY9TLVACJ4LX-2F=
bZrKXOuLoqUNPBToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HClpwc7QuThRZWgN7cBy-2=
FuM50dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQjSGYaL6Hua8f3t-2Bb=
S-2BJL74rKMAqFNYFiN2BiZm-2FttrTgrMt7Tef7-2Bf5Mgo-2FVAdx8f531-2B8jPPRt0jfuxJ=
UV5gKvwY7Y-2FnKX0sH2XXzEmwuh2gNE1N0PTp1abui7HF9oqIcorK6fmizBlnrnL3ZXLVWkOzL=
O7XQgyeNIp1-2BSzAJfeAaAsfKqbR10O73EkVIAEHTquJ3s5KmRyW2NPtkJ4zNXRpL8Jlo9Zw-2=
BTNipQonU6LU8x8b3d17KzKBj34oRjoV5I7X-2F4AZ3tjK6jozQxkf-2F-2F9n5nS2LvrjHmnuw=
enpbH43KLGiXqcmE" 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. =
Morgan, Dentons, and EisnerAmper will share insights from the Q1 2026 Pitch=
Book-NVCA Venture Monitor. <b><a href=3D"https://url6380.news.pitchbook.com=
/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXtN-2BhcBw=
cjkmYGxC-2BqjR7p6gbklm-2BSM4NHynszCXvH0Q-3D-3DZozW_Pr966knuaHmaw6c7pKvB-2BC=
EiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fByyM3oBCdHFt5jQ7bCmfwAP299tw=
R14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh-2BAjY9TLVACJ4LX-2FbZrKXOuLoqUNPB=
ToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HClpwc7QuThRZWgN7cBy-2FuM50dOqVeSDVd=
ZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQjSGYaL6Hua8f3t-2BbS-2BJL74rKMAqF=
NYFiNYoGxFHC9kqpuaDWZDBG17RLnfFRc1tr96KfvlcYFPnfC-2Fbb1otB24Lpl3aLsP-2BJDBA=
HxWY21QbbB7XeO2v-2BpyqesHLQz8oypEdcEyjb6PBiKgcWDLNESdOYmdr6SP6THMlUIA-2Bmh-=
2Bc9Iv4csP8rHsSlYYA8hI5qcqxRyTZsgZk4XotHPHd7DPvVkNEfzHjsQIgU33GF4zbLfq6-2Fe=
JO1QDCRPPqx4uEMTO9faQOhfuCVYeULh3cL6UtkdDF2WOJIDr3PbcA44riuC9Av79hUK7" styl=
e=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>
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                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>In the News</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
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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%;
 ">
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                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100=
%;">
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                              <td valign=3D"top">
                              <table align=3D"center" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" lang=3D"x-image">
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                              <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"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/7=
3878.png" style=3D"border: none; width: 100%; height: auto;"> </td>
                              </tr>
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8px; font-family: Roboto, Arial, sans-serif; font-size: 10px; line-height: =
27px; color: #78766F; text-align: right; font-weight: 300">Kyle Stanford, P=
itchBook director of VC research, on "Bloomberg Tech."</td>
                              </tr>
                              </tbody>
                              </table></td>
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                              </tbody>
                              </table></td>
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                              </tbody>
                              </table>
                              <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 Employee headcou=
nts at unicorns are shrinking. [<a href=3D"https://url6380.news.pitchbook.c=
om/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXtN-2Bhc=
BwcjkmYGxC-2BqjR7pR5mu2qnzS17NVRlKQ2cDIw-3D-3DM3xo_Pr966knuaHmaw6c7pKvB-2BC=
EiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fByyM3oBCdHFt5jQ7bCmfwAP299tw=
R14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh-2BAjY9TLVACJ4LX-2FbZrKXOuLoqUNPB=
ToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HClpwc7QuThRZWgN7cBy-2FuM50dOqVeSDVd=
ZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQjSGYaL6Hua8f3t-2BbS-2BJL74rKMAqF=
NYFiN6cPZV8HkdHuCNk-2BtG2VP6IjMBSXTMpKV87g7-2Bz2QSIFhzFjFkbt42PD-2BbucZroOt=
ZR32V3XP5VfrABqLWGrIiLJ0SK1S6-2FrTwCEu89jfBHPIlov1Q4KM81FueRhyeNe9WAFawr4H-=
2FEdINo4Ig7U8xSeeek4rXUnLhgPMVqYj6NGczDdwIBw-2FGrzb8cB8HWEaHLgsC5NvFHW45sWC=
yp7saT3Z9hxSl-2F-2BqzDB-2FoJYsB-2BMP6ZdWSQruqn31R8Gtl1Hr-2FZba-2BSEiQ9Y237P=
cojtgb" style=3D"color: #1D5080;" test=3D"">Bloomberg</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 "Even if you mis=
sed SpaceX in the 2010s, if you saw it somehow and got in before 2021, you=
=E2=80=99re likely 20x-ing your returns," said senior analyst Franco Granda=
. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXtN-2BhcBwcjkmYGxC-2BqjR7pFd0Y8-2BGZT=
ZRWTM1RjJnxgQ-3D-3DnVV5_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRA4fByyM3oBCdHFt5jQ7bCmfwAP299twR14aFcizCV9CvN5pQnv0msNG-2B=
7AI5lNaHFpX3eDh-2BAjY9TLVACJ4LX-2FbZrKXOuLoqUNPBToUfbJSE-2FdImz-2FQPuYRmP7D=
kGePh-2Bjfh2HClpwc7QuThRZWgN7cBy-2FuM50dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxO=
tQp-2Fds7A-2FVGQjSGYaL6Hua8f3t-2BbS-2BJL74rKMAqFNYFiOmn2-2BkXkQPvHWwun-2B5-=
2B9A-2Bb5GzmZj-2BNEfSOd5TyUaYaCSDmisEWTKoE2xKxZmhPBLTlWbbaIAm6T0C1c3AHiMMTA=
bY6um38qXD3Q0NHUUWGZzhGTqmQ0kuZwf1o6xTwOPRx4sc1Pkhdov3hawH9Ql8mjWWrdFOEqDse=
IWZU00W8-2BxnIMJBautcxVxlTAeXNfaDwuJyem5fy9lCU5VQtZeXEkDWpHZ5DA1va3mjqvb564=
CGEkJeW17mBW5jZgRIUNdM8Ovyhfu5yaEYSWBXirrK" style=3D"color: #1D5080;" test=
=3D"">Bloomberg</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 Kyle Stanford, d=
irector of venture capital research, discusses the latest PitchBook-NVCA Ve=
nture Monitor on "Bloomberg Tech." [<a href=3D"https://url6380.news.pitchbo=
ok.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXtN-=
2BhcBwcjkmYGxC-2BqjR7pNNa8fOxYaR337Nydc1fL9w-3D-3DU1rX_Pr966knuaHmaw6c7pKvB=
-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fByyM3oBCdHFt5jQ7bCmfwAP2=
99twR14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh-2BAjY9TLVACJ4LX-2FbZrKXOuLoq=
UNPBToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HClpwc7QuThRZWgN7cBy-2FuM50dOqVe=
SDVdZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQjSGYaL6Hua8f3t-2BbS-2BJL74rK=
MAqFNYFiNSRWIxRN-2F5-2B5dsWgq2z4bZVHuHLQNDfPr3zNddY1oRdKTIZImqgiaF-2BEP1oiV=
lf90-2BOHcORqsT4KAAnnFyqHopa-2Fg0zy5LAdfT-2FR6pXBvJnX9SNyDWNIUF8a6hu0lvi02F=
LgFqWwSgpt2oe3lh4EzI-2ByXm2wTj1DUg2sCkh4bKzWSziI4DsNt330y69m-2B0uEaHN9J4e69=
IDDD9dQZEbEbjdgt1M300NKCfsJfvrIR9WYi6WFzll0IH6GhQFfCGeGwfIn1UnOWNZNj5ANXkDR=
m7" style=3D"color: #1D5080;" test=3D"">Bloomberg</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 In VC, if you cu=
t out the five largest deals, Q1's record-high $267.2 billion in deal value=
 drops by 73.2%. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?up=
n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXtN-2BhcBwcjkmYGxC-2Bq=
jR7pu3k15T-2FFRfPljHmJMvBYnw-3D-3DTI_1_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL=
0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fByyM3oBCdHFt5jQ7bCmfwAP299twR14aFcizCV9C=
vN5pQnv0msNG-2B7AI5lNaHFpX3eDh-2BAjY9TLVACJ4LX-2FbZrKXOuLoqUNPBToUfbJSE-2Fd=
Imz-2FQPuYRmP7DkGePh-2Bjfh2HClpwc7QuThRZWgN7cBy-2FuM50dOqVeSDVdZJEXiKDEzSKf=
10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQjSGYaL6Hua8f3t-2BbS-2BJL74rKMAqFNYFiNISAsgaC=
oZRs7U1ruCsx6-2FoXYiBtz6YwkKwNkwFpw5pZiJZ8ghqNegilc9Y8n7W0lEVuphmFWnWF-2Fpl=
riGQ0SCZWBbeHvE4t3XwAuVpsBv-2BwHW4C8PE0A5zpC1YOTQ0g5N5zdmYCtrBN9Cq-2BrkNgqg=
R3NbaNLTIiUrK7my-2FOjZOpynhtoDBTROsQKlnsp6rFthKTQ2kHZQpbx675ixCtyhdRpOFLx2X=
8MM2J1g06m0Yrc4caKWdxH00da0pMv3qoDLKTrA048z62wG3pguKFqu" style=3D"color: #1=
D5080;" test=3D"">Fortune</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 "The majority of=
 the PE ecosystem has been financed from private credit," said analyst Kyle=
 Walters. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du00=
1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXtN-2BhcBwcjkmYGxC-2BqjR7pB6i=
rwdtfVca9UH72XQv8cA-3D-3D-RyH_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR=
4BiQVI43kbMcVf8UYA68NVRA4fByyM3oBCdHFt5jQ7bCmfwAP299twR14aFcizCV9CvN5pQnv0m=
sNG-2B7AI5lNaHFpX3eDh-2BAjY9TLVACJ4LX-2FbZrKXOuLoqUNPBToUfbJSE-2FdImz-2FQPu=
YRmP7DkGePh-2Bjfh2HClpwc7QuThRZWgN7cBy-2FuM50dOqVeSDVdZJEXiKDEzSKf10A-2By-2=
Fh8VxOtQp-2Fds7A-2FVGQjSGYaL6Hua8f3t-2BbS-2BJL74rKMAqFNYFiNMCkMZ4TdP-2FGTCK=
-2BpLufrCvSqr2pgIBN4BDPJJTyZd16zSsO1eBiJ5r2qyUqjAKFIw4u-2BygLbSTCAhgHikf73w=
qnBN7AYkrvD-2BjUW60QcI2VB5P9aULYdZS0iAfxflPDS8XJ6sowYbLvivKq9YsOGbd1uPIxMsS=
iR2Vm8LAw9Ws4UZSsrDrKry2NQYxwsAhRzE6cQxUfQ2gEXksSAKOx3RZQiUmrrESrBtWZqOQ2SS=
YFFzgXl7m6ZYdp76F5zjx49GddNGq0nSlDeSxaQ1-2FMCD" style=3D"color: #1D5080;" t=
est=3D"">CNBC</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 "With new entran=
ts likely to pressure GLP-1 pricing in the obesity space, Lilly is using to=
day=E2=80=99s cash flow to fund tomorrow's growth drivers," said analyst Be=
n Zercher. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du0=
01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXtN-2BhcBwcjkmYGxC-2BqjR7p5O=
hSn3YnZPM-2B34akdv5Rig-3D-3D68Bp_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2=
BHR4BiQVI43kbMcVf8UYA68NVRA4fByyM3oBCdHFt5jQ7bCmfwAP299twR14aFcizCV9CvN5pQn=
v0msNG-2B7AI5lNaHFpX3eDh-2BAjY9TLVACJ4LX-2FbZrKXOuLoqUNPBToUfbJSE-2FdImz-2F=
QPuYRmP7DkGePh-2Bjfh2HClpwc7QuThRZWgN7cBy-2FuM50dOqVeSDVdZJEXiKDEzSKf10A-2B=
y-2Fh8VxOtQp-2Fds7A-2FVGQjSGYaL6Hua8f3t-2BbS-2BJL74rKMAqFNYFiMLxaMJ7nnMsLYN=
-2FyKhHoUan5umBwu-2Bi5UpV7eSZ53WV2GiKqOf-2FiiUh-2B0FldiXioDSm2h0QZhlD-2B9FW=
YaqRQNzS2ipbm7Pww31b1-2BaM-2FDbekeMdunm8tEyZBZGKC2YKLsOyGfOlc2y8-2BoL6JDSjp=
o7QeoUeceE2aGZ62otz42gaWD8XAkmcu8hU5Awfopzh-2FaHU5WvYjuKDnNN0WYTF0EnrSTgjkj=
kJg4xEDlqEvBPfWHWyh5SsjtQrUn-2BWWsDSFiUugYxLuoF1YSrTKTwAGHT" style=3D"color=
: #1D5080;" test=3D"">MedCity News</a>]<br><br>
                               =E2=80=83=E2=80=83=E2=80=A2 Morningstar Pitc=
hBook's US Evergreen Fund Indexes is used as a general proxy for the types =
of alternative investments that may show up in 401(k) plans. [<a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzXtN-2BhcBwcjkmYGxC-2BqjR7px02Howjw3id3xckMI-2FadBg-3D=
-3Dzvxn_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV=
RA4fByyM3oBCdHFt5jQ7bCmfwAP299twR14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh-=
2BAjY9TLVACJ4LX-2FbZrKXOuLoqUNPBToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HClp=
wc7QuThRZWgN7cBy-2FuM50dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQ=
jSGYaL6Hua8f3t-2BbS-2BJL74rKMAqFNYFiOvmbY88v49FXJ-2F4KqwUvspL7QcQoR2d4nw4xt=
Nwk5-2Bp7y2BtxnTQ5nNO0zOFjQynIz1fHtdTyaavFEG-2Bcn4sQmxx-2BIq3hm-2BSsZc5v7nD=
sw6qVoCVwIikI3kgw-2FwdiU0cdo9j9dGnijs54Fv4bqyRegd5XhkuWf04hzWYBMrvSLWep9adH=
hOMib0lRv95r6XKvnErY5t1mJgjwj79WMIQNKIPJ0anPXL-2Br4qn2BCy4bNX9AKV0dv3T67Pv7=
IdZJjLQF9Iji3slxrpMhFjEYhfyt" style=3D"color: #1D5080;" test=3D"">The New Y=
ork Times</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>
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                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
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nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
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lign: left;"><span>ICYMI</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
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dth: 100%;">
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cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
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                               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-=
2BaqM7ONnvsnswouzW8pOBYHKsHnNmvFD8vy-2FFpHG3dNzLoCyHAYqEE6F2DhA-3D-3D_Kc0_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fByyM3=
oBCdHFt5jQ7bCmfwAP299twR14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh-2BAjY9TLV=
ACJ4LX-2FbZrKXOuLoqUNPBToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HClpwc7QuThRZ=
WgN7cBy-2FuM50dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQjSGYaL6Hu=
a8f3t-2BbS-2BJL74rKMAqFNYFiMUkqgHp-2BEeUlaTe1Z9tHKIl3rYrZnFAh88D3toiktwSex1=
a1E9YSFbtzFAI2uFH6j4HbbO-2Bu1T1-2Bdhlsj1DPVhUXNJzsT8jnLZeMznLxzz2rGkWf2Oqns=
IdtVGBtAHsfyUfWj5PVRKf2mvufF9Mts4ndF8xtdP0SWLKWdQIXUDV2iK4Z2LAT-2Fgwecru5OX=
d-2FIlxjAU7D2XGJlimuEpfW2XCo7cmTCsubglxXQElNMO4FawukmxvhmlUljF5YxsfuctNvFMF=
OyZOMZOox8zkhKC" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Ger=
many Market Snapshot</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzW8pOBYHKsHnNmvFD8vy-2FFpWX5FbEQyf8tO-2F-2BU3y0DUxQ-3D-3D4L=
vR_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fB=
yyM3oBCdHFt5jQ7bCmfwAP299twR14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh-2BAjY=
9TLVACJ4LX-2FbZrKXOuLoqUNPBToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HClpwc7Qu=
ThRZWgN7cBy-2FuM50dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQjSGYa=
L6Hua8f3t-2BbS-2BJL74rKMAqFNYFiMvFk36n3uuY7f71hJR4WO82HINo-2BWYPp7sS8lKcHT1=
W24sKdf-2BG-2FdQh4Zcu4nh6MFeseLsQEMkxI80lQsbR2jw2VMxe9Bqzhj4G862-2BEc70pLlv=
v-2FTljmkQbTCTVlRRYmrVoU2CJhel6qEtCN9tKTSlbuZIkUUCGHmZIusoS-2BPLXqpO3lUMfqL=
vQrAxVJ2-2Bl7m8T5EJpXiK9lqe0f613y3omW1B9dYVeoLq4-2FYOoQbJHo46C-2Fvk-2BArOub=
Gqp0eEudT98iDWJDp9o4IcChCDFv0" style=3D"color: #1D5080;" test=3D"" universa=
l=3D"true">Sweden Market Snapshot</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzW8pOBYHKsHnNmvFD8vy-2FFpIGcIfZb2pIfznFQIvQ6XVQ-3D-3DUu-J_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fByyM3=
oBCdHFt5jQ7bCmfwAP299twR14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh-2BAjY9TLV=
ACJ4LX-2FbZrKXOuLoqUNPBToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HClpwc7QuThRZ=
WgN7cBy-2FuM50dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQjSGYaL6Hu=
a8f3t-2BbS-2BJL74rKMAqFNYFiP-2BY63CsKDLmonlsEd1O92u0qu7b4n8G-2BDokVnczivH-2=
FFpfvzP9LguITsC-2F-2BDmyHlVN9QA-2F9xMJb5ERslIQdX-2BPwGdzXwFmUmMWejbejdc9L0a=
aSaXIiwfORWJzJySiqQwLOeqkupyGDF3gZz1au5xf8jPKRzr7ygsuJCImZPXCBLTI8iqCgDRY2A=
ZQ4hzpX9kfrvyzVJpF-2F4yZHetmT2dbmUJjUwXGTeg5l9ptG9CTuHVaMB0VuYHpaqfpYvcAjsu=
LT7ZBpny3MAgLWKKQwjQR" style=3D"color: #1D5080;" test=3D"" universal=3D"tru=
e">Italy Market Snapshot</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzW8pOBYHKsHnNmvFD8vy-2FFpcXiH65v72DM-2Bvs5xKGJMrg-3D-3DN8Z2=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fByy=
M3oBCdHFt5jQ7bCmfwAP299twR14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh-2BAjY9T=
LVACJ4LX-2FbZrKXOuLoqUNPBToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HClpwc7QuTh=
RZWgN7cBy-2FuM50dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQjSGYaL6=
Hua8f3t-2BbS-2BJL74rKMAqFNYFiM-2BzXBAq1vyZrC3tGh8lA8RG9Zdb9fwGdE8wNhwdD4sRD=
sCisgTfhX0Y9wZzLA-2Bz5mle-2FLohQzVRj04L7ieFwfPObyPIn2esdsxbwDHflJq4iQxQkj1W=
cq3DOjXZE3NvTmk5MExMM4g45cdiRDk1bH2MxMKrjH8F5-2FRXQOKbJMlk-2BGNf2rk752eAOpo=
XyYLCE4ZYF37nLEGGJTEkRJEKyiz9ggspTl7EhQU8RYU1O5opXbzc7JBmU9shWIcF0yc8mw04Md=
aI-2BzGiGEp2639QiPj" style=3D"color: #1D5080;" test=3D"" universal=3D"true"=
>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-=
2BaqM7ONnvsnswouzW8pOBYHKsHnNmvFD8vy-2FFppIOAyAm4ea5XaPuSqpezjw-3D-3DVQBb_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fByyM3=
oBCdHFt5jQ7bCmfwAP299twR14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh-2BAjY9TLV=
ACJ4LX-2FbZrKXOuLoqUNPBToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HClpwc7QuThRZ=
WgN7cBy-2FuM50dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQjSGYaL6Hu=
a8f3t-2BbS-2BJL74rKMAqFNYFiNZy6mG6XRg4Vluji0YIm5R7Px0wg0zNLWEvatk2p8TA9pPim=
X244Gjn6ou-2FadM86U67vDrSlf3zNAGPwO6dcMvLPm12m66oGfyrfdOv6Sd3sQ5s1-2B8NKUGV=
UTp-2F4xK7F-2FStBsKUg85uRXWlpNGDR1lY7tQf19glm-2BpUfQk5x4qeWEjwio5fPGI70LFVX=
68Vjv4KZZQ-2Bc1Wpo1jCjc4CD-2FkPgef8941fbypAfwOdo-2F-2B1nmgtcYGdXRVqZm7CfOhR=
E1-2FkzXA7q1SPWQAPgBWOGgL" style=3D"color: #1D5080;" test=3D"" universal=3D=
"true">US 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-=
2BaqM7ONnvsnswouzW8pOBYHKsHnNmvFD8vy-2FFpoWVSAhoFmF4h8A8FOZ5pkg-3D-3DYk4i_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fByyM3=
oBCdHFt5jQ7bCmfwAP299twR14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh-2BAjY9TLV=
ACJ4LX-2FbZrKXOuLoqUNPBToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HClpwc7QuThRZ=
WgN7cBy-2FuM50dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQjSGYaL6Hu=
a8f3t-2BbS-2BJL74rKMAqFNYFiMRu27yHrONZcPhg5ISHQPBPKt7vlbppw8EgMz-2Fp94MMQ0T=
e-2BwepcN50tGhw9ZCUV7RfJkfzFivXhXV-2Bq8QcgQ6Me-2F9TluoCHVZvPFlpFQ-2FtRtmqQ1=
n9xS9s4sgyyKEsjfFxh3pXuylopOU7582be5CtZAkBFDlrOzBeeCePYUGwHwu0O0zTACa16jgLk=
0R2TbU9AaqGLRsTUHNRDuA-2Bx1MMYL1ilFgg2rmyAXafxBAN1soq5C-2BPBO0Fahuss-2FvSlP=
6A8FI71-2BunEeff0jjEVms" style=3D"color: #1D5080;" test=3D"" universal=3D"t=
rue">European Venture Report </a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzW8pOBYHKsHnNmvFD8vy-2FFp2nQ3M9VeEtGduwjlaV2bZw-3D-3Dgcdz_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fByyM3=
oBCdHFt5jQ7bCmfwAP299twR14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh-2BAjY9TLV=
ACJ4LX-2FbZrKXOuLoqUNPBToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HClpwc7QuThRZ=
WgN7cBy-2FuM50dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQjSGYaL6Hu=
a8f3t-2BbS-2BJL74rKMAqFNYFiPVv5HSum0u0ZiEc2v0wGqSfAiNoCxSd3nQk7umjbxqTtrTzJ=
ET35nU-2FgAlBil3-2BHwtR6Tktc9MVoEmFQ275do0R1PuRcd8EJhF-2BizEtpoLseLw-2Fj4xZ=
DhWP-2F2PINhaKn-2FZpmxWGAgJrAH4Mf6ufCIo0wWDMvWzGjeLAj53RyZWMQlVwLN0A4ZaHGrR=
VmwqU3xiKHhawowFZ1Sj8iWBGfBm8X1L8tHuswKa85eVpaHcuoH0OCOGenwhuTeTiFnz0PAarLZ=
H4m7yc91UFf8gFlp2" style=3D"color: #1D5080;" test=3D"" universal=3D"true">P=
itchBook-NVCA Venture Monitor </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-=
2BaqM7ONnvsnswouzW8pOBYHKsHnNmvFD8vy-2FFpeIdeuNcr7PqjFwTQzc70zw-3D-3DFkGQ_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fByyM3=
oBCdHFt5jQ7bCmfwAP299twR14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh-2BAjY9TLV=
ACJ4LX-2FbZrKXOuLoqUNPBToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HClpwc7QuThRZ=
WgN7cBy-2FuM50dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQjSGYaL6Hu=
a8f3t-2BbS-2BJL74rKMAqFNYFiNNs0qKRs7KbDyoJP-2BFhRrSjY5MWnHsGw-2BwB7PINb3XkM=
e2h1jYphHFAxuiBMQTYQtSznc1k1UB1n8ko9YgACx6SAKbVpj97I-2BA2RWSoIRHjxagnLKSeM5=
57zwJa1QNljzNj-2FNWC0avr82-2B1kVGCJgY2T8n1CE-2B6vIM5lZvfpzETPYTEmPVVmY6WSkw=
nZiH8CHykiNF7-2BV-2FWHlBZ4i-2B9sqXUxVFBV2uDLl5DkAcE1ztXd6QZXJ0jrdyxFvMxpENj=
txIk0wJGtBIzpDb1J9NVVuP" style=3D"color: #1D5080;" test=3D"" universal=3D"t=
rue">Private Capital Indexes </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-=
2BaqM7ONnvsnswouzW8pOBYHKsHnNmvFD8vy-2FFpR2n7DrdQA1hDvBpgtkM91g-3D-3DRUKy_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fByyM3=
oBCdHFt5jQ7bCmfwAP299twR14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh-2BAjY9TLV=
ACJ4LX-2FbZrKXOuLoqUNPBToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HClpwc7QuThRZ=
WgN7cBy-2FuM50dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQjSGYaL6Hu=
a8f3t-2BbS-2BJL74rKMAqFNYFiMfopi5s4j2IT24CVSL1w9Sw-2F7DSZe908sk9Xo8cw2S0Oz0=
MPGsym3OmOM8FUMgCqD8gzkneB2NpqM9JQMKD1XlSyfFK3XxX0-2B7fF9UuGhX9tSG97HXK4jw9=
HWTS0yJkn6TpCHcFFPrR3CCRLqXjQhNIim2FPqp2k3kvirHYUQs9naP46owAlNYNTT6N1GCz2P-=
2BgzKxrAPjx-2BED30r57n18N3Ye5x8LUpSzEcDRvteUFv7fCPgmrRETXhFddP8jb9MMt6hsEnA=
LHDs0-2F-2B61kdeB" style=3D"color: #1D5080;" test=3D"" universal=3D"true">T=
he State of Sustainable Investing in the Private Markets </a></b><br><br><b=
>Thematic research</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzW8pOBYHKsHnNmvFD8vy-2FFpHz-2B14nCulG-2FEUK9EDeBtaQ-3D-3D2f=
y-_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fB=
yyM3oBCdHFt5jQ7bCmfwAP299twR14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh-2BAjY=
9TLVACJ4LX-2FbZrKXOuLoqUNPBToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HClpwc7Qu=
ThRZWgN7cBy-2FuM50dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQjSGYa=
L6Hua8f3t-2BbS-2BJL74rKMAqFNYFiN6-2FruVSxMCV65mufxEnG0iWuFrY9B-2FQcoi6nRQ7T=
BLbjHBK-2BShoKoBpp7gAi8439U6iLWRFt4ZntUolRCU5hdi40inK6PUd6snmvfCudX7IcEExU9=
AhErC-2BFAaVJwlIJovM6SZMfaxkbJoR65iq5ADxQ93rV7rOx3Bwi48CnlwsmInxeS-2BcDRbU8=
nCBwCm706OwTtt6uKuGjWyEc3sTGdg7TYlMqkM4wp1YAWYcBZ1-2BNqR354nJiuyC4VeuBdsL-2=
BWrEbro2PX9ivP236ndqQit" style=3D"color: #1D5080;" test=3D"" universal=3D"t=
rue">How safe is the 401(k) safe harbor? </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-=
2BaqM7ONnvsnswouzXCuDJ2YLZ3EtI3gxzpEx69a-2BZUHPpsqJ9tFVnFbu-2FPgg-3D-3DIsuA=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fByy=
M3oBCdHFt5jQ7bCmfwAP299twR14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh-2BAjY9T=
LVACJ4LX-2FbZrKXOuLoqUNPBToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HClpwc7QuTh=
RZWgN7cBy-2FuM50dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQjSGYaL6=
Hua8f3t-2BbS-2BJL74rKMAqFNYFiNjhB9IQ9g1rhIJaCe1jpujWDJQ6CIhoY8wie2RyIyKzYqn=
oZlf5uDj5fKJGGXxrIBa6p6MIB7L-2FPtX1KLX3eh-2Bw393NeIlhw8eVMxqbpmm2aAVhkvzOa-=
2BGlnQs6NjIMvLx7Y-2FPRQBdUzqWEBmQCz1Wpu8zdimMrg6G8T-2Fjry0869K-2BU55mUmjSwe=
ntQiusotciFev12CMCzHyhdS2uJIx0OcrYkPRxKQ6XgSvLjsctQjT6kW09lsQtnbVuH2w5S3qfk=
tAInqc-2F29psa1d7yCPr" style=3D"color: #1D5080;" test=3D"" universal=3D"tru=
e">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-=
2BaqM7ONnvsnswouzUHf8pdB1ZDAvdGw-2Bhyz-2FhhGDUohyqoslck53rdpZwwXg-3D-3DO4ow=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fByy=
M3oBCdHFt5jQ7bCmfwAP299twR14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh-2BAjY9T=
LVACJ4LX-2FbZrKXOuLoqUNPBToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HClpwc7QuTh=
RZWgN7cBy-2FuM50dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQjSGYaL6=
Hua8f3t-2BbS-2BJL74rKMAqFNYFiOqX92OOhKigbhnZPpCTt7J9tZU00eBSpAzzSvdtyeWZJ-2=
F4L5jS8YL5q9yPVNwoE2e1Ysk4EPTCErQFi-2BJTm1sWOV2J65OIXgU2Yc2AWyif4LUdgeNpUOv=
dNoSBvB5rNAVETdePjw80DjcUeQ8T9znp49en9GbebQHS-2BZM9t-2F-2FA63cU0iBI3wF1-2F-=
2FvN23s0snXGMlR4C0cDKvTyoeeKL4mS3gkjsARkIJS6BuUa4IC9BWKt9dGqUBRI6MkQ2ZcCT6u=
-2B9hl3wZiLwSEjCzihCFAE" style=3D"color: #1D5080;" test=3D"" universal=3D"t=
rue">Through the Looking Glass: The Race to Build Enterprise AI</a></b><br>=
<br><b>Industry &amp; tech research</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzUHf8pdB1ZDAvdGw-2Bhyz-2Fhhw0t2a9t-2BahnqiVJe6aLQig-3D-3Da1=
36_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fB=
yyM3oBCdHFt5jQ7bCmfwAP299twR14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh-2BAjY=
9TLVACJ4LX-2FbZrKXOuLoqUNPBToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HClpwc7Qu=
ThRZWgN7cBy-2FuM50dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQjSGYa=
L6Hua8f3t-2BbS-2BJL74rKMAqFNYFiNnaT1cjywvWib957VQi41mLWZsfKiJULodWu2cfvJqOl=
OPur7Qufe-2F-2B94-2FdIvk7oFtwfQUxWOxp5J97WOg85vsyQoZbZ0bIRHAODF-2BdRHVgZ-2F=
siHlEVvXhBVnRIzUMCwhrp-2FFlbQ-2F2ZuxX1BFHN3CaHVviE3PnnJWiZtqDZAkOxsW56nXs-2=
BIgyRLhALllQ-2Bh9uNxLdzkqN71f8XtZ3b3tQDGyv1KbWHxmNbxYW8SWR2zWuOsYE35rqqLeA8=
2ifev9KoiAW-2FGzNQx88xVZD-2BnWP" style=3D"color: #1D5080;" test=3D"" univer=
sal=3D"true">Fintech &amp; Payments Public Comp Sheet and Valuation </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-=
2BaqM7ONnvsnswouzUHf8pdB1ZDAvdGw-2Bhyz-2FhhRgHL5y9NHm7v7xXb8kgYAQ-3D-3DbJkr=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fByy=
M3oBCdHFt5jQ7bCmfwAP299twR14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh-2BAjY9T=
LVACJ4LX-2FbZrKXOuLoqUNPBToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HClpwc7QuTh=
RZWgN7cBy-2FuM50dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQjSGYaL6=
Hua8f3t-2BbS-2BJL74rKMAqFNYFiOL4rsA1f8q-2B50ktkhTq-2BpnlSHGUOJ6YgbInbwKqkDX=
q6e84dCikk-2Btizgn7gvMfNHppFJ8dLXMfU5wM4yjzm2CYoX38LpkNpORbVhA5FXWHR7aVliLk=
R5683r-2Bxznhy8DpUIU0R9To1xuRDX-2BwkhBE4Na-2BX-2FXWP1k67r-2Bf2h8C5jwJD0fLP7=
w5yjGfQwHQyiO4XETSRb6tDifPpHHyNRLonmysgpkltdVGOAsiD4XnnJzSBK0n-2BTEXW7FugTO=
2tC5jftKiebHqE-2FoRlQq0Mkj8" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true"> Healthtech Public Comp Sheet and Valuation Guide</a></b><br><br>=
<b>Credit research</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzUHf8pdB1ZDAvdGw-2Bhyz-2FhhcRQ6nDc5Pg7uhemewTbkDQ-3D-3DNf9S=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fByy=
M3oBCdHFt5jQ7bCmfwAP299twR14aFcizCV9CvN5pQnv0msNG-2B7AI5lNaHFpX3eDh-2BAjY9T=
LVACJ4LX-2FbZrKXOuLoqUNPBToUfbJSE-2FdImz-2FQPuYRmP7DkGePh-2Bjfh2HClpwc7QuTh=
RZWgN7cBy-2FuM50dOqVeSDVdZJEXiKDEzSKf10A-2By-2Fh8VxOtQp-2Fds7A-2FVGQjSGYaL6=
Hua8f3t-2BbS-2BJL74rKMAqFNYFiMcJVN6wdITbH8AhJdGyVit0G-2FSx-2FrCDmDKcYfExHrC=
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aNrzl2Q2Qhc-2B9HdXDK0kLM-2Fcfhwg1" style=3D"color: #1D5080;" test=3D"" univ=
ersal=3D"true">US Credit Markets Weekly Wrap</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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8c_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA4fB=
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VYT6yCHdd8RvvKUR6quTyjd" style=3D"color: #1D5080;" test=3D"" universal=3D"t=
rue">US High-Yield Bond Weekly Wrap</a></b><br>
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GXdrqcTB-2BESykkinpMhSkCtTGTU" style=3D"color: #1D5080;" test=3D"" universa=
l=3D"true">Global CLO Weekly Wrap</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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5n6RwlOj7-2FRF627ZEBHYykL5wkErehjDIhtlP7NIyRf6aKiAUZz03dGREEZz5bQKCMrtBpTxZ=
8ukMmDRWvGpgFAamVsVR0C7mngevlpGw8e5E8iGr-2FDYTxfmNkE1IhxXLzGVARE8eX6PFOiEgL=
SCMBILdBUbgrmM3Ia" style=3D"color: #1D5080;" test=3D"" universal=3D"true">G=
lobal Distressed Credit Weekly Wrap</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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I0-2F-2B1y2ntFKlwQQ3HNI" style=3D"color: #1D5080;" test=3D"" universal=3D"t=
rue">US Private Credit &amp; Middle Market Weekly Wrap</a></b><br><br><b>Co=
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e; font-family: Roboto, Arial, sans-serif;
                                                         color: white; font=
-size: 12px; line-height: 24px;
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                                                    width: 25%; text-align:=
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ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
                              2426
                              </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>
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;
                                                    min-width: 25%; text-al=
ign: center; float: left;">
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ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
                              1169
                              </div>
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e; font-family: Roboto, Arial, sans-serif;
                                                         color: white; font=
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;
                                                    min-width: 25%; text-al=
ign: center; float: left;">
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                              29
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