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Edit File: 1777111974.M727974P2581218.server-619288.prediksijaya.com,S=138791,W=141267

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Date: Sat, 25 Apr 2026 10:12:08 +0000 (UTC)
From: PitchBook Research <news-noreply@news.pitchbook.com>
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Subject: Catching up on the AI frontier
To: most@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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b63xLiCaFClVzcrtebI54b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4x=
HCX90lQMkpel8HGrCGHVeTOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngE=
Ev4oUasCDmGdSLBvUt1YSVS5oF85j-2FY43om2qtXyTs-2BVHDMFQXVGUx1r22ZcbijbcsgdJgA=
EYoi47MQOeodXDjz37yq-2BAK8gt8MDY3kJXEW8YpHKFVCjTFya8NdapQv6pYMg5vhnUh2ibcnD=
Iv1E8ZYTjVYIoEIWeVEEuhrmRxyoVBNdQ5-2FFYOYUWsUGVKS9Nj7DJmhD1PxWhA34XjK1xZr53=
7-2BrEJBR5SgIsHhUY1bI7BzEqEDxEeDEaeW1r6qhPhiq-2FcO-2BoCN-2Be49CqSLShhr8CGO-=
2Fqiq5YHEGC26Hu9j0FnjcwTCx7ikwlh" style=3D"color: #1D5080;" test=3D"" unive=
rsal=3D"true">Read more</a></b>.<br><br><b>Who=E2=80=99s funding defense te=
ch?</b>: Our analyst note maps the landscape of investors shaping the categ=
ory's capital stack. <b><a href=3D"https://url6380.news.pitchbook.com/uni/l=
s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXfTtC1OM5L8a=
Fz55cKqYIlKfpn0TzZkCHnF-2FvLRBhMZA-3D-3DFevZ_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwa=
rHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWqyV9vnK6opfIGcBOMYXpVMG-2F6cfikV5X=
ANt-2FMifx028-2BmdBBVfKV4b63xLiCaFClVzcrtebI54b2jGA0ALn8703xXMnqai22wBSjtVU=
siX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrCGHVeTOKo-2BshpQ5YLno4-2F-2FBWxVdH=
EAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1YSVS5oF85j-2FY43om2pwpGD0-2FdYO=
KtBQFzzJtnbNdrdlrKDoHbupR-2Bs44bXuB-2FGh9rXsZ7gn3q2f1q8HOnH2B82vtWxvFsSwhCX=
HuwpXDHpjMMV52cB7zVZeaQf3VnTTAK9t6-2FUBzUVL17wUvIUS-2Fp4Wsd4vG-2F6Qo6UEA1ko=
nPebAOOxvCejOmKr-2FYTAHVuH0i9k3ubLTFyoB13jzQoaZTu64xGxRSh4kJvtRLdjduTpDn-2B=
Hksfl7BbBRgzR6QzumfAPvZwas5WytzaI5Oqtt8ujEztKu7-2Bl6kb893JY" style=3D"color=
: #1D5080;" test=3D"" universal=3D"true">Read it here</a></b>.<br><br><b>Fr=
om the frontier</b>: This week, analysts have been diving deep into the lat=
est major developments in AI and tech. Our notes on <b><a href=3D"https://u=
rl6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF=
a-2BaqM7ONnvsnswouzXfTtC1OM5L8aFz55cKqYIl86pFRc0VAGF-2FK8ANwqqWrg-3D-3DpOcw=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWqyV=
9vnK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2BmdBBVfKV4b63xLiCaFClVzcrtebI=
54b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrCGH=
VeTOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1=
YSVS5oF85j-2FY43om2pnM8gTbW8zyhgIYta6Dp94NCYnoW6exqZeAlPtRC2WfgGue4CK-2F-2B=
IlW0YMgy80P-2Ft6iKIclA11-2B4Jy48jd0oop8NUOs5R4c1oyGiqsicbL5UZWVnVZvc3b39Pvc=
Rby17MjSD9CxIOwm9P7Hzqe2L9Cu3DTQxF4t7V14kLmIJKJLyf-2Bk-2B3ryTol7kchhfD2ixFb=
8nu7EX-2BnmeT76AEBxNHHPhbPyHVZMtaG1xQkcpSccXE0je7b4fVl4-2FH6ZiIuyDnrg93IGMk=
AMc5LzQiWOz4b" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Anthr=
opic's Mythos model</a></b>, <b><a href=3D"https://url6380.news.pitchbook.c=
om/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXCuD=
J2YLZ3EtI3gxzpEx69Z7MGmb8iDY0vmfSzyGLbhw-3D-3DuQd5_I3w5d9c01gkD8gLzFEofZR-2=
Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWqyV9vnK6opfIGcBOMYXpVMG-2F6c=
fikV5XANt-2FMifx028-2BmdBBVfKV4b63xLiCaFClVzcrtebI54b2jGA0ALn8703xXMnqai22w=
BSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrCGHVeTOKo-2BshpQ5YLno4-2F-2F=
BWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1YSVS5oF85j-2FY43om2ow5QF1=
o8zO1tNHA5GMLAL4yl32dRPXBC3qCj5NJX-2B0L9zx6UaunM32Y72GWvoZsc9URL4rVbedPWGNq=
-2B9vcIkTudvbH7y-2FinMF1rj7xxt263YSsd2Du6tntoxob-2FJi4nJIsjfj6zdqo6CDcuhPxj=
wmsBMVY-2Bpi8hbNozbRq1A-2FHXw5ymxi7Jo5CbxwKnzfmpvzSe17D3Vf40FR3QMuj5Ui52kdB=
vDDnRLVKvwgx5GRE8KCNxw085PFD-2B-2BnNAWiQGvIzjr3Lpce0P-2BXBpvyL0f6" 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-2BaqM7ONnvsnswouzXCuDJ2YLZ3EtI3gxzpEx=
69OjHGr5qyFt-2FBH-2F3MOdyZZA-3D-3D7F1q_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBR=
FCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWqyV9vnK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2F=
Mifx028-2BmdBBVfKV4b63xLiCaFClVzcrtebI54b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2B=
L1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrCGHVeTOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu=
7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1YSVS5oF85j-2FY43om2pBYDe9-2BwHg-2FCQA=
GUhJrZ5fJnPQPPTdVyy4VcnkVdC0BM-2BYevrst6lIwPxisP3dpbUahz-2BaeQ33BSmjXVGu20F=
BMZT4tXwrWJeIDKtKfYhkjRhO83-2BUdK5CIsZOVRR2o-2BIrgjWGZx0mI1u4abaCpwH2B33Vaf=
Ys6FHPCKtpub9ReRC8nwgMwax0bRkmNmMkAA0b1RfOJSr8E6pOcDNC-2BZtF6gwQxrioSaI1Euy=
nEG2cyCqetOgnp2lCnGzhJDf-2FrzlWhMJjGSezCPPYitrN8qLW" style=3D"color: #1D508=
0;" test=3D"" universal=3D"true">Salesforce's headless architecture</a></b>=
 reveal the forces reshaping the competitive 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-2BaqM7ONnvsnswouzXfTtC1OM5L8aFz55cKqYIlqi-2BxOMiLfuF3I=
UAvDqXqMw-3D-3D67bM_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW=
eUgFVa0m8PzsFqvWqyV9vnK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2BmdBBVfKV4=
b63xLiCaFClVzcrtebI54b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4x=
HCX90lQMkpel8HGrCGHVeTOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngE=
Ev4oUasCDmGdSLBvUt1YSVS5oF85j-2FY43om2penp8CKTF07YrvOmtAtT9EFGMDafa0VXHyCT-=
2BlUb1DpDunHbk60vaYYK0Oh5vp8NoC5bN4JjToV8T-2BOUddt-2F8K-2F3XxUdqcnprQwLD-2B=
frwIm7e72CQl57RBQFdrbaGfD7dwC6UygzrSM7jPu-2FL9aAXjLzal2S19MPy3ABh7Vh-2BniOa=
r9j7rK-2FsQRHBFyRyHL4447K2BP7N4Ggal-2BiZX6b34p7RbCZv6FZBlmTaaFlzBhiYoLqE2gw=
4bvH0r-2BCfzb-2F7KcGu6aXiQxy22bkrrws-2Fm"> <img align=3D"center" alt=3D"" s=
rc=3D"https://img.pitchbook.com/news/73848.jpg" style=3D"border: none; widt=
h: 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=
1OM5L8aFz55cKqYIlqi-2BxOMiLfuF3IUAvDqXqMw-3D-3DLN4i_I3w5d9c01gkD8gLzFEofZR-=
2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWqyV9vnK6opfIGcBOMYXpVMG-2F6=
cfikV5XANt-2FMifx028-2BmdBBVfKV4b63xLiCaFClVzcrtebI54b2jGA0ALn8703xXMnqai22=
wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrCGHVeTOKo-2BshpQ5YLno4-2F-2=
FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1YSVS5oF85j-2FY43om2oYJtI=
qeR6ENIfJZBYsiBnht3794oOeCEqPtVMBmp1ZASLzBvhobVdYxjRdcdGwQPfNJKD-2FmmU2i40l=
VDvhPqKHL6WTFxPP3VvkcVMa7UN9I-2BW8EaGg4CTz8wJlMK1GEIwRnFHSmMlZz9SYIlsXqqZZT=
it8cnqVa9oIqDFfyEzWFrY-2FtHoeZlj5XD5AfC8Q-2FB3pYdXocV0-2F-2BYbgq7uxgfxdK5b3=
Ytj4Qxha2XfgijmJeIl0OZ89m35PCKWwdmLDm5mjaHFQxca5qT6VVmCImMSN" style=3D"colo=
r: #1D5080;" test=3D"">Download the report</a> to understand the trends inf=
luencing 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=
uDJ2YLZ3EtI3gxzpEx69Fpu-2FkDXH1mXl92C1-2BFjgWw-3D-3D9OL6_I3w5d9c01gkD8gLzFE=
ofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWqyV9vnK6opfIGcBOMYXpVM=
G-2F6cfikV5XANt-2FMifx028-2BmdBBVfKV4b63xLiCaFClVzcrtebI54b2jGA0ALn8703xXMn=
qai22wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrCGHVeTOKo-2BshpQ5YLno4=
-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1YSVS5oF85j-2FY43om2=
oAQ891fg9Ef3n4p2QF9BZnND5YLvuKvV-2F7iAYXVer73jyG0-2BEtJmPwoSAyjXzctVVmLZd02=
Gfrt-2FYrdmf2nlB9lj7TmUz8ksFscE7zlJa20R5Es3oB69OXBMO1AVbnL9Kmn4PPZJYngVj69K=
Pz-2B-2FGq99qKASAKBv1dolWaWok66Q2kLd7IUKEcG4fXYB8Mpyj7QYCBfr-2BIcbaUbt9GJBm=
vX75cs-2BwO26wloAZr8lNM7r-2FBz-2FJOqUHwIEdqcNjJKdcGvjkmYKUotoPba6k3Dkif" un=
iversal=3D"true"><img align=3D"center" alt=3D"" src=3D"https://img.pitchboo=
k.com/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-2BaqM7ONnvsnswouzXCuDJ2YLZ3EtI3gxzpEx69V1HiOzjVqnk9ml=
kRnFqowg-3D-3DOgFu_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWe=
UgFVa0m8PzsFqvWqyV9vnK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2BmdBBVfKV4b=
63xLiCaFClVzcrtebI54b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4xH=
CX90lQMkpel8HGrCGHVeTOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngEE=
v4oUasCDmGdSLBvUt1YSVS5oF85j-2FY43om2ro0fOr7gC65EZ8pYs1D7Vm-2ByWi1GC3Qc0YM0=
avEivHfaaXSagF-2BpdhiTr6-2B9xKI2RCB6-2F35FG-2BfoRfakf4Gs8Ns5adoToiWzjNZEJMS=
Ev9lvbUsOTAgfMjGfReRqPEirFXvAcxCwa3T4-2Flo0f-2Bt2u9afS7tdnMh6aIhZ90fFpSnYH-=
2F5olsGaeUupTgnHqAoHhz7Z3FepW8e0omNyeQf9aKyzyLAWh5RS27sicC8tp19gzwRXC0TOL6G=
BlSKf0cctFIYydPBsOMMW9vi-2BS-2Fq437" style=3D"color: #1D5080;" test=3D"" un=
iversal=3D"true">Agentic AI: The Evolution to Autonomous Systems: Part I</a=
></b>. Hear how founders and executives describe where agentic AI is being =
deployed in <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?u=
pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXCuDJ2YLZ3EtI3gxzpEx6=
9S-2BMkb7zy8MtthDxiF3RzzQ-3D-3DZyBR_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf=
mzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWqyV9vnK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMif=
x028-2BmdBBVfKV4b63xLiCaFClVzcrtebI54b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1g=
vXP5e6PZbL11BL4xHCX90lQMkpel8HGrCGHVeTOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1=
qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1YSVS5oF85j-2FY43om2ra0JRPDt6bID3NYTU7y7h=
LvBkQxAlQoPqR1CX-2B2OUwWtsKE4z8KdCi9c9-2FhauJnMAwASuZB509NaOt6mT0jCENLuqHah=
muV1jwnpuRgVd0w-2BgUAXJ-2FaQfnZWhm78xYejBY6CCqOfy4qNzeZDczeJUse8X9ZwHWqEpCU=
TgbO-2F9yj90j0L5qxrbXAtAbskSkR-2BXDZN7lPc-2FXEYACTX6JkZkoUbjsPsU-2B7lr3oM0H=
sGnjjXnWDGY5EPu9DDb6ussf0QDAcspHEQpe5oZaU70hgY3B" style=3D"color: #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>
                            <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/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=
swouzXCuDJ2YLZ3EtI3gxzpEx69LX9hhZb2o815pfkapNBNXA-3D-3DDI70_I3w5d9c01gkD8gL=
zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWqyV9vnK6opfIGcBOMYX=
pVMG-2F6cfikV5XANt-2FMifx028-2BmdBBVfKV4b63xLiCaFClVzcrtebI54b2jGA0ALn8703x=
XMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrCGHVeTOKo-2BshpQ5YL=
no4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1YSVS5oF85j-2FY43=
om2qPOGTfIaks5tpbdAKWvy5p5Zo-2BYn43UoaK2KEOJnswOSSfILPL30pJgIDOr5saF-2Bpcny=
legvLJue4Q6PnhlJrvX6e2fgLrlmVXpoXU97Ni-2B6N-2BWQfCCOv4uWp8klkACMGwo3Rixq9fy=
-2Bml9ohqVIKMCrA55KW5WB7ky9cz3N7KgxIsrUjp3bT0KmYM6lWyt0rnrc-2B67F3PH9AxU8Sv=
9YQs6yUGeMpS6XSBn8fTPkB3v1bFiTt0QQM7KSnqDhZDvSNmxV3H1utTDDpTnBD1N30n" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">our latest analyst note</=
a></b> reveals a surprisingly specific and repeatable profile of what actua=
lly works in agtech investing, and it looks nothing like how most capital w=
as 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=
uDJ2YLZ3EtI3gxzpEx698tdJ8xDpg100KfbqJX0kpQ-3D-3DYT91_I3w5d9c01gkD8gLzFEofZR=
-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWqyV9vnK6opfIGcBOMYXpVMG-2F=
6cfikV5XANt-2FMifx028-2BmdBBVfKV4b63xLiCaFClVzcrtebI54b2jGA0ALn8703xXMnqai2=
2wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrCGHVeTOKo-2BshpQ5YLno4-2F-=
2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1YSVS5oF85j-2FY43om2oLSx=
a85vU0Z1lIIAoZSjeIQj2hO9-2B29PfI-2F7lxinFErHp-2BJk5X-2FsESHfhLxlC4QWTUv6cZn=
VmJsbtCa21-2F-2Fg7rD-2F0ILpWW2a7LLnP8mbSHljBgOYr-2BIf2XzA4H4VmyT8tH5U8sBNeV=
kUYXwy-2BbGzaA6q9GEh-2FI0DR210JF-2F4rNqNA8-2F5rU7aMptDW9kFI9TcEyJAtlTdwOmzM=
vaei6JepEri8g5oBBqc4zMlETL-2FEQii8bo3e-2Bk-2BDrHhyFmcG-2Bh8P4l2-2BbIpJjQ2iZ=
y7OhWhmT" universal=3D"true"><img align=3D"center" alt=3D"" src=3D"https://=
img.pitchbook.com/news/73934.png" style=3D"border: none; width: 100%; heigh=
t: 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-2BaqM7ONnvsnswouzXCuDJ2YLZ3EtI3gxzpEx69LX9hhZb2o815pfkapNBNXA-3=
D-3DuWWq_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pz=
sFqvWqyV9vnK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2BmdBBVfKV4b63xLiCaFCl=
VzcrtebI54b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpe=
l8HGrCGHVeTOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDmG=
dSLBvUt1YSVS5oF85j-2FY43om2oOWYFwrPBQH4031F0MhSBYVsZ8hBRzItgq1RZUqYPbicBJFT=
o6x-2BQ1mkAvbEoSyKJQTEQ4PrFzlAeFakuUfxQWhuf4Za2mXZS-2FOpLKq0AacPFabMxQl-2Bt=
UdQ0w39L-2BTPPdC2KH7xpEwlY4wF4ANqyw2DtEGm4q0kwJM7AuiR7JbHrkxfv7yUHIm4IUH6mf=
wSJHUDju82bMpzh4gXyNtcPgeXgDXKV30uuv9wDOimEojw7nNjdIWQizuoRau5Rp6wSrWCfqblc=
idfWr2Py5LbzI" style=3D"color: #1D5080;" test=3D"" universal=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>
                            <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">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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ng=3D"0" cellspacing=3D"0" style=3D"float: none;
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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>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
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ight: 6px; padding: 0; " colspan=3D"2"></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=
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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-2BaqM7ONnvsnswouzXCuDJ2YLZ3EtI3gxzpEx691xGJpclm=
kaUZMd6CDVaJ1Q-3D-3D3Ylp_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZ=
bcbdWeUgFVa0m8PzsFqvWqyV9vnK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2BmdBB=
VfKV4b63xLiCaFClVzcrtebI54b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL1=
1BL4xHCX90lQMkpel8HGrCGHVeTOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6Y=
VsngEEv4oUasCDmGdSLBvUt1YSVS5oF85j-2FY43om2rE2m6DXlJV9nW4u0scRWaOhTYUv4T3H0=
JOGhKh2injI0LJiqOO4N3AYuRVYeBneYbOLV7QMmquhBDB5wUGN4RPCSgyxhcZnn5CMhQvWeSe2=
yeGppPN0FGeQfxBddNKfaHZ0bdWrfjw1T6Ag5RXXWiKz0tqOE2jep1apcMq-2BtU8HU-2FM3eZM=
PTh4FQ96EW0syZspKtOmAk-2FXxbkEGhXjxJyNNQ78e8Ljp9kuEwhfQqgbH3uvhy2-2Fhf5eQfc=
pEGjiieYWA6oIt-2Fr7xZy73fIZN37d" style=3D"color: #1D5080;" test=3D"" univer=
sal=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>
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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">
                              <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-2BaqM7ONnvsnswouzXCuDJ2YLZ3EtI3gxzpEx69p2P5pEX7v=
v2O4hyFw27Mqg-3D-3Duav2_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb=
cbdWeUgFVa0m8PzsFqvWqyV9vnK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2BmdBBV=
fKV4b63xLiCaFClVzcrtebI54b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL11=
BL4xHCX90lQMkpel8HGrCGHVeTOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YV=
sngEEv4oUasCDmGdSLBvUt1YSVS5oF85j-2FY43om2rzJbJOTyp4baTZSBY5nh0-2BwdsKIaZLY=
L-2FRwqNLF3TFkYmCSFGz16nXXTX3ctPKvAbiV2QQbdjGFaJYMBlrNcWu8pOyZ31Cxefv6ToeVq=
JYwT3vGSNkLWkNcQYA3C0-2FmCFcciFXE1ZP4QnMbiaP2muNEmdj452O2BHUmKGcvMFvwHkwFX5=
mf7iGxK9DL-2B5vIhHKBqLAPjcwX8Bo4GGEKy4jnLdg9dat6ka4eqoBvI7ZcYNkvdFIIKTc1JNM=
TdLX4RtS-2B1VzOW-2Fiv7O5D-2BjcawHf" universal=3D"true"> <img align=3D"cente=
r" alt=3D"" src=3D"https://img.pitchbook.com/news/73926.png" style=3D"borde=
r: 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=
aqM7ONnvsnswouzXCuDJ2YLZ3EtI3gxzpEx691xGJpclmkaUZMd6CDVaJ1Q-3D-3DwWrt_I3w5d=
9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWqyV9vnK6o=
pfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2BmdBBVfKV4b63xLiCaFClVzcrtebI54b2jG=
A0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrCGHVeTOKo=
-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1YSVS5o=
F85j-2FY43om2piT-2FAcKAMI38LQaQAbkjj6Bx08cdvdjz1cNohNO0HKj3EbBqPmgFOvo4gjTB=
aah4a-2BaK-2FEJDlS4tGAE5IdIU4NfOIlGLYZcq-2FutOJwRiyH2mOEKP7nlKDm5r6tM61RvZQ=
dCwWDb3hPkmOYlezlrz57Go9kSOTCgJxsjKNGY26ynXOlwha2QqgL8-2BUeDM3IjjMRx6Zx2013=
caNUJVX6RxKntcekSORKr4M4WTWVn9FilZlW7lN7xsTKPKi2-2FvM1HlVDFM0KfopdjIG6IkT8A=
OGJ" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Download the=
 report</b></a></em></td>
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                              </table></td>
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                           </tbody>
                          </table></td>
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                        <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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nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
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lign: left;"><span>Webinars &amp; Events</span></td>
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                              <table border=3D"0" cellpadding=3D"0" cellspa=
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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-2BaqM7ONnvsnswouzXCuDJ2YLZ3EtI3gxzpEx690uZDcRNY-2BL7fuCmTb2=
rU2w-3D-3Dv2Wh_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFV=
a0m8PzsFqvWqyV9vnK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2BmdBBVfKV4b63xL=
iCaFClVzcrtebI54b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90=
lQMkpel8HGrCGHVeTOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oU=
asCDmGdSLBvUt1YSVS5oF85j-2FY43om2o-2BkEKWNiDWsh5oe4Xj0zg-2Bt8vnzAXo9bQSZ-2F=
XiUyP6ON3xFBn8zMH9SP6V7L1-2BLhLg0U5VjW6fddMajNl86j42dRJECW5Uy3alfZS-2BwFSTO=
mnCOsRr9is1bbQLgTYPTGxxFPjFez3-2B6PXY4ZzY1PqprP9KTvcuYK0hsZYvIuvYtIjvZHSYrd=
EXYzRPuPxmSA8IH6Cu1ZJQ3TUM9bIErRKZ2eXb4lqgOXJLqkHth0ZRvipycaeoTPilBy6Mgr6Fu=
mEGyfVQXwbfoVE9mg9-2BqCiy" style=3D"color: #1D5080;" test=3D"">Register her=
e</a></b>.<br><br><b>April 28</b>: At DealMax 2026 in Las Vegas, Hilary Wie=
k, 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/cli=
ck?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXtN-2BhcBwcjkmYGx=
C-2BqjR7p5SrBbWuzJpyOZyLkttgkOQ-3D-3DOEKv_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHk=
xBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWqyV9vnK6opfIGcBOMYXpVMG-2F6cfikV5XANt=
-2FMifx028-2BmdBBVfKV4b63xLiCaFClVzcrtebI54b2jGA0ALn8703xXMnqai22wBSjtVUsiX=
-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrCGHVeTOKo-2BshpQ5YLno4-2F-2FBWxVdHEAA=
wAu7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1YSVS5oF85j-2FY43om2pl2HzSKCb57KWzp=
20deyQwjlhdiZMUYouO3WBVIWSAi1S6xbZS7SZ0ler-2Fcj6ljKDogTFReh11Xv52u-2BdwUFx-=
2BEn4LB6XTq-2B-2B7BvqTtRBiF7Unpx4wxtZAO-2F54FFEG2IQDkwXQDsosFB4i6w2I2v5dV1L=
5mIfd7I4EkY1UJdyaibE97h4-2FHGN78qLeSiuF7WKbsmfDeZtjAR1bUCYW4z1uRWNqhhmZrZL0=
vQEqdkHQ6vOA-2FfKiPeomub4D25kU966lPivsSeKVA-2FUqotuiOHhb" style=3D"color: #=
1D5080;" test=3D"">Register here</a></b>.<br><br><b>April 28</b>: Join us a=
t ILPA Forum EMEA in London, where Juan Mier, our lead analyst for fund str=
ategies, will give a presentation on the rise of retail capital in private =
markets. <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du0=
01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXtN-2BhcBwcjkmYGxC-2BqjR7pMs=
d-2F3Lt7sbhdccaW7k4TTQ-3D-3DrGQy_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy=
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8-2BmdBBVfKV4b63xLiCaFClVzcrtebI54b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP=
5e6PZbL11BL4xHCX90lQMkpel8HGrCGHVeTOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1=
ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1YSVS5oF85j-2FY43om2pM5x8LScARvqzPF5PgdV2gfy=
3-2By0VYbu4-2FgvdieK64c-2BrJ-2FUWqKoAcef3wsGmz1vJlogedHiQqoiPjFW1-2BRXiQ2Tr=
A8FhcLkbpV9yrj3-2B-2B2iNvuCjI5e2AaJhb6FaXSCOVyJA9A8n8XhyqL8YYh8X1B7vU-2BsK-=
2FMPgALMJcyfKw6RO-2FGgR1GMB4mqv-2B-2FG-2FtTR-2BbppjFhwi4pElE5t1yW-2FZL5DYEd=
hjDWd3GNRdSmyGagdxFLPS21W4pea-2Fl9HfLisEcpn57D9Po06vkNZ2n0yi-2F" style=3D"c=
olor: #1D5080;" test=3D"">Register here</a></b>.<br><br><b>May 4</b>: In th=
is webinar, experts from PitchBook, NVCA, J.P. Morgan, Dentons, and EisnerA=
mper will share insights from the Q1 2026 PitchBook-NVCA Venture Monitor. <=
b><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73Br=
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bdWeUgFVa0m8PzsFqvWqyV9vnK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2BmdBBVf=
KV4b63xLiCaFClVzcrtebI54b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL11B=
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ngEEv4oUasCDmGdSLBvUt1YSVS5oF85j-2FY43om2o3sDAA2XfM-2BDYDmcNDhMlhT4df1JBCNV=
rm2pqZgSIgRqrG1sDR5RK4ax77uhYc0lZAYfPh1KEqQdYuMKYMLbLl3ly6sFqPO3vCUe3lOr61f=
y95CMMdNtvApON8-2FhxcSEDG3-2F3gKT2XCQ9iq7FODIXhNYsrabdn0cPZxjajLHaM6R8cW2Z7=
hvTYcnuOkC3gtl2G4OZqoA3QL8A1kGvMEop5vgVPj-2B1trgxVD-2BOdKYPQwW2BmcfWdDtL5EZ=
1raGkiTarZXo4a-2BlvC0QM7Rltg5lG" style=3D"color: #1D5080;" test=3D"">Regist=
er here</a></b>.</td>
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20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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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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                     <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>
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                          <table border=3D"0" cellpadding=3D"0" cellspacing=
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cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100=
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                              <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>
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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>
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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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                              <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-2BqjR7pgsIMuXQsFvdMeuVD6nmA3w-3D-3DkOd9_I3w5d9c01gkD8gLzFEofZR-2=
Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWqyV9vnK6opfIGcBOMYXpVMG-2F6c=
fikV5XANt-2FMifx028-2BmdBBVfKV4b63xLiCaFClVzcrtebI54b2jGA0ALn8703xXMnqai22w=
BSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrCGHVeTOKo-2BshpQ5YLno4-2F-2F=
BWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1YSVS5oF85j-2FY43om2rT2Bly=
NbvsvvyiamauhJnrPUf7c5KfZnHw1FRDd6yGyBIQp0toKjWy1DbZcZcf217lFYPDimQp-2BSyu1=
JmsW1LU-2Bby-2B7FK8OlsolEnbRAn-2FxKHlsEoggWkcaGA19foap1DpnbacGM4XNKh8i8op0n=
kZzZLxMLgQPys-2BwGmgiQLBvWRWTzqrBeQbVg-2BLWnehBzEkziMmOZBBRTv5RY-2FSBcvifob=
NY-2FtbEZUcOzl1hfJh1-2BJ5PpWGdWOQCCnXxvO5E499CvmVVs7MIavYFdvqP0JX" 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-2BqjR7pKj5dY-2FyQk=
f0v2-2BNLx46SrA-3D-3DEHMY_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFqvWqyV9vnK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2BmdB=
BVfKV4b63xLiCaFClVzcrtebI54b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL=
11BL4xHCX90lQMkpel8HGrCGHVeTOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6=
YVsngEEv4oUasCDmGdSLBvUt1YSVS5oF85j-2FY43om2qbAT6uIUTIOKTkXNIoA68aIKEQ0-2Fq=
6XRYPFUrMMhCm7U5dwRjqQp4b4Oh1G28EfugsCfDL-2BJ1pvpj8cmv130DHvH5Oj0CTC6Mtpkzq=
dM8sEzslg3-2FxQbMenvm-2FYM46FUckpC99QyRItrEdnAbopKCQ033NdNzZb02vamyY47eJV4t=
5mUHT-2B8tEz1oLRW8iVQTaSjqCLPQ3hU6cL1uuYH-2F2HHxHB-2BJHx56BRX5gATVi-2FcmN0j=
cnRRzZB9lq3HsaJ3Gcm7mKAUJG7LEJYWimZN7h" 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-2BqjR7pKEjCCDknG-2FWABnMNzMss0w-3D-3DQvIp_I3w5d9c01gkD8gLzFE=
ofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWqyV9vnK6opfIGcBOMYXpVM=
G-2F6cfikV5XANt-2FMifx028-2BmdBBVfKV4b63xLiCaFClVzcrtebI54b2jGA0ALn8703xXMn=
qai22wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrCGHVeTOKo-2BshpQ5YLno4=
-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1YSVS5oF85j-2FY43om2=
oyu52AUXjS0VApTyfUAt-2FZNSh8YMbLidqGopU70HtVYCVX5l8ftK2Gq4jsjGllQ9FzoV56Vhm=
T6Tewwm2-2BFPZQ51nB4SUWe5HO-2BztYCbFyead5euLVz1-2BvLoLpSjBsk2MkZBOIGnEcrsFU=
lQW1uyUuOh6dCwgtt-2BZ09wj3umnhEvqv-2BRQYHmJgsoPqVclX2MNnTk5m-2BwhpgcgDQn8cd=
pJirkSZpGFVSA7sJ-2BnQAPhSY-2F4tNvnaKFWk6T4I3wJEH7dVvVQfe7AW69IT8YEIWLRh" st=
yle=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=
jR7peV5cOofM7DqIXvvCWu-2FTfA-3D-3Dmatb_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBR=
FCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWqyV9vnK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2F=
Mifx028-2BmdBBVfKV4b63xLiCaFClVzcrtebI54b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2B=
L1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrCGHVeTOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu=
7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1YSVS5oF85j-2FY43om2rdbovTq-2FQw3vM35j=
YEBIHV6QgjNffF8ySXsgkgLPxvXs2-2Bvf9TPidsgaMmhpMw6IBaBFXiKcQeRSSPtM4Jh7-2Fm4=
doWElzwbKfSmCTztKoFwwtyGyTKq-2F5-2BdrHMM6rsBq8idbgoR9s2Zud40CvsHaCkwf3rDvmj=
oPyZgjxwn6zHgTqmB7gL9RPvF9q1Wc37WeBa60f3sNJWBrlSw1E2IqHyW1u-2Bv7vzxArgVfqs6=
I-2FYqWndnaFSxq2mCYJvVfZGyVFEyfrMhJEhKiCs7KE8ubD-2B" style=3D"color: #1D508=
0;" 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-2BqjR7p6MW=
zFeNjToIgRhMaXgn95w-3D-3DPrzN_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F=
3t1yZbcbdWeUgFVa0m8PzsFqvWqyV9vnK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2=
BmdBBVfKV4b63xLiCaFClVzcrtebI54b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6=
PZbL11BL4xHCX90lQMkpel8HGrCGHVeTOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALc=
CmC6YVsngEEv4oUasCDmGdSLBvUt1YSVS5oF85j-2FY43om2oYjEFwW-2B0TBf6EfLJ5oYIuB0c=
7UMYr12e5t9gMnHwU6YO4XyncAvPzilaMw7XRc12iRv-2BfYcIsfomNhAo1fqFLR-2BWQuR7Du7=
TtNBSeyFjXDcHiLR3e6eQ2v2bnurglQm2sS2yIB3OgTdWiy9j1l8r7PyF-2BvZmFXNrB87YsnKQ=
dAl2rXYRnNqYlX7G4-2BwMvATa2D9WYEbg5TYnCyrgfQx2hk89RbmBV4fRmwjtN6Gpnm8KjSylp=
jpB0GB0JV0tN4qe3iTb-2BzMV-2B2YwktThktIUw" style=3D"color: #1D5080;" test=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-2BqjR7plQ=
mOq3Cpeu-2Ffan1D04wzug-3D-3D1C0x_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy=
-2F3t1yZbcbdWeUgFVa0m8PzsFqvWqyV9vnK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx02=
8-2BmdBBVfKV4b63xLiCaFClVzcrtebI54b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP=
5e6PZbL11BL4xHCX90lQMkpel8HGrCGHVeTOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1=
ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1YSVS5oF85j-2FY43om2r8D-2BjJd0uaE95MoJRPXT-2=
BvB0znQpl3uET-2BGy27upnxvc-2BnpwD8oiNxkz-2B-2BQeaS-2Bf-2BIbXfRRQeH8BImEuXnv=
qQ2pFUmp7C9Ya0ReAO2Nj-2FpDUXT9UuBUdHeOxGeUbRsq7lf6RtnK9ru4oTcC-2Fg-2FGZpXTW=
iyD7HiFrKXh-2BM9dlNHWC2pLT8cRKYFVL5vbouRA-2BDSAJIunfvOoWI-2FZLanfjgKh036uBe=
uTPIPReT36Bgm5aJ0VktJ2MMcGkd-2FpylzDGkDf-2Ft36Llc0fw-2Bm-2B9K2HDM" 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-2BqjR7piBGj-2Fkzo3MjQZom-2BuG8Abw-=
3D-3DjhsQ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8P=
zsFqvWqyV9vnK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2BmdBBVfKV4b63xLiCaFC=
lVzcrtebI54b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkp=
el8HGrCGHVeTOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDm=
GdSLBvUt1YSVS5oF85j-2FY43om2oQhrSwDpfSmjmWIwZ5xKhgJ-2F8iN-2BAjJo8KRICowH8iy=
VeeOyHX28I0xQiHhaLPYHAhPF0yD9NV9M1qnHdPpuLfnLhup74nB-2F9kKnIoPqhhjgPznann-2=
FDyAkYZNSxhrN5mJy4r384kJK8N0Ta-2BIQLZaXU6uTDlotvZ3N6m8XitVJL0YJl17NdanxRrGe=
mV0ihmfRihhHb1q1gI6su-2BWd5-2FbGjMeUJ7CVSg21xStnIuGoGgF-2FQvcoAO946Q-2BhQWS=
CHkApN8LROTurQhI4Eveq34u" style=3D"color: #1D5080;" test=3D"">The New York =
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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                  <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>ICYMI</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%;">
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                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
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                         <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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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>
                               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-2FFpeGB3r1wX-2BUU-2BJhHiLrverw-3D-3DNM=
Je_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWq=
yV9vnK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2BmdBBVfKV4b63xLiCaFClVzcrte=
bI54b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrC=
GHVeTOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvU=
t1YSVS5oF85j-2FY43om2o0UhuScvhtQZHfkcPCl6Xt5amcoh99oE-2BZ5A1Urtj09RqpZNgta9=
zYw1-2FbLMCZ9qP7mQCiomUkQhfJmBvljYzY-2Bn7RZKv9kqDPgEZlz-2BxRm6WEWUHvgPk-2BW=
58ofjFCNG-2Bb4QXfdNI-2F5kFmJMCiKergcm0vStGXBqL8WHgesThhiEC-2FKYrURzQJOIG-2F=
mEaTFFR4OInCWz2AED4kmkf-2F-2FakUkwcgVNm64pAzTNAF2ysuyJuG3eQOKblSE-2BgcPxpdV=
AXmqxcwRRTJ1bwVwvYYfEGD" style=3D"color: #1D5080;" test=3D"" universal=3D"t=
rue">Germany 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-2FFpqob8VWN1JKORMj1PZ71LXQ-3D-3DUNg3_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWqyV9v=
nK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2BmdBBVfKV4b63xLiCaFClVzcrtebI54=
b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrCGHVe=
TOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1YS=
VS5oF85j-2FY43om2qwj2cAFWdX-2Bql9WdQmhNImBD6goMa5aGbkJUJoppi8ifi6jreauudu5k=
WWjutnEleh4vWlKUIrDXV3gpJVnffIV9pxf-2BH-2FNpJUuvk8IhrLyDmUTEeW5A5r5Mq0OgVPg=
alKSRWmtxAy2WckI3PqF6k4KyXo02dcYkSWjMT5UG9uA1qZRB-2BVqMuYDwP5kVIWHHyyU24PMr=
dpecfwlca-2BqSQOlgalkv9oTzdvgrzWoX4XgGgS6-2FcdsEt-2BGwK-2FKqInWr6rq1H6Tg4lN=
0ioNLld-2Fdvy" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Swede=
n Market Snapshot</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzW8pOBYHKsHnNmvFD8vy-2FFplAke9YWYXxHF1SkqT24gJg-3D-3DpmFr_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWqyV9v=
nK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2BmdBBVfKV4b63xLiCaFClVzcrtebI54=
b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrCGHVe=
TOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1YS=
VS5oF85j-2FY43om2rmseX83Q6fG2-2BiWilQINi6KgOwu89yAnGnUv7aQJqsnd-2BThi-2FtQ3=
I711cMRHoOCzxm7dX-2BOVrytvstTc6cGD2wRU5NwQQo2gPI2i9TE0fGam77fcY3XRg03f6Wh47=
qAuEIQSm1DXM0FWyMxpUoB-2BEXZZ6lkHlrrW-2FQTLzGHVDh2B0jcmU3UY0cHfavYjC58JjLCl=
SRz-2B9fh-2BFXQmJubMU0keWXJ8Y48E9KKvDlXg-2FrO8LJ9Hm41gTlvgh-2FJJJ7mQ8yoWxim=
M11eOnvWTrt-2BiUg" style=3D"color: #1D5080;" test=3D"" universal=3D"true">I=
taly 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-2FFpNmhTfOeiNA7vOuxkdTLa2Q-3D-3DGTe-_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWqyV9v=
nK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2BmdBBVfKV4b63xLiCaFClVzcrtebI54=
b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrCGHVe=
TOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1YS=
VS5oF85j-2FY43om2oCXhLfmA9i-2B4RBYbwX-2FDDy9iKEAA38f5ZsV8O4-2BgS7wnahNZWD1M=
flyooiPpaAEezaoL7sBpWNJTYK3bGHJ0-2FK5a-2FUo1nNSb3DK-2F739qk32M-2B0XRS163vd6=
utVzYwwt19wKJaDkUgxwWDt9VKG-2FFXmSJaZ4AFfg-2BMszBKNCBkbAfY1wKEfopLtjWPC7Vfu=
6QalrBXt1Ma-2BelLCRL6qK6SyIpme3fwEREhMAGkUPmhic6HbCTs6iR3wg2swUHv5GDQeT-2Fk=
Y-2FUMbwmPNJUNownwO" 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-2FFpHkEFSajviZF3Nydxa7357g-3D-3D639F_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWqyV9v=
nK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2BmdBBVfKV4b63xLiCaFClVzcrtebI54=
b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrCGHVe=
TOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1YS=
VS5oF85j-2FY43om2rZp-2FEDdK1M1yxcza4V2qRn3Bg-2Bp8KbUMc2M5RVGyiRGATz1FD9gMFO=
KKQRpqm8JQFDdGVUncjJhLn0dowNfn57nUaf8GsjdpnIL82jkG7YMc3eYvZcr0SHN-2FCwyQCOX=
C10VpvvOQGWCNUZ8j4HFtkM9isjKucqRC-2Bj6ngAsd0-2BCFs5PNxgyki80IrA-2BY-2FxTtuN=
y64XcmXs43ztXt7B4znbc2dESMmdD-2BMgVxkuiixtOKdR5MGNsvqDCbiZy2vT0FHSZ-2B2-2B4=
6yGbdZcG-2FR-2FDqEk" 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-2FFpgNXsusQEduJMTGDjzXVW-2FA-3D-3D02sV=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWqyV=
9vnK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2BmdBBVfKV4b63xLiCaFClVzcrtebI=
54b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrCGH=
VeTOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1=
YSVS5oF85j-2FY43om2oyON7O-2BPyDS9zPHSFGdNA09-2FfY9RoXXDDcqC2BZHcm-2Fu0oY9xw=
70Oj55xglzdrdduf9qRMILQEQcnM3JZ-2Bj-2FTqjjv0ywZARiQ6I21-2BVoDAcNGBCE6jugcxv=
c-2F3UvH-2FwIf3UUWKZjOpYBt74MsZuUGO6NRslZXuBgIDcSMut7LTeyIPkiTdAiZY2jPHetNf=
Pg-2BLpM8WiyBdfCoFdDZf6wl51udvc0yV1BR5m9BPRfU6TyPBDveK0GarECC8ocXFQ4oeZ7rfq=
ne0xYE-2F5-2FMPMk7Q" style=3D"color: #1D5080;" test=3D"" universal=3D"true"=
>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-2FFpwuWqwcLLboN0ZpK9RjbjTg-3D-3D5vV1_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWqyV9v=
nK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2BmdBBVfKV4b63xLiCaFClVzcrtebI54=
b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrCGHVe=
TOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1YS=
VS5oF85j-2FY43om2qUOyvyni1IHaN-2FgqNgFrBb1b89zX9vzwXKoTZE4acWR73Cz0CtpJ3RsK=
B-2FdiSmfAEF-2B3kehHm9bywFcsM3xhc25XKmTAbbkB7BNpHkxxCd1sxgA-2BVipv2JrkxjMxs=
pFBegLsaqNEEVR4pgR6wxcyZJRvoxE-2FsP5T6ZKLbuxWmjeUh5HXwkv-2FGa80RbTE9jNMxFt-=
2FEEuyqrwr-2BkLx7S-2FLJfvmolw0aOxAKdlvYwWoksq47l9eELHr-2BKrF9FGzTEPeU1oi-2F=
D0venRRNqKg42qC6p" 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-2FFpuEWpv-2BYUw2oWfqDs3rhdow-3D-3Dhg22=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWqyV=
9vnK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2BmdBBVfKV4b63xLiCaFClVzcrtebI=
54b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrCGH=
VeTOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1=
YSVS5oF85j-2FY43om2pZSobXf8-2FM5EErz1v7NGQ9wOS6NJcBvBS1Jrlsh8K6y8MR9TusvB-2=
F5UAWvtMUU5IEWatD1SwO4jfNmWbT-2BOqfDW3QJ5NB5URhU42rWMYbK7UeFp4SAZEP3ZRyW6Rq=
5dRFlG1L-2B7E2yNKI97gvtupr5FIq-2FyenHQ-2BUv9XlHYSFq03jkA78zLfTyofqXon2HXZmt=
vf1PRDrSC-2BIky3KPJB2O4I2T1VZRGYbCQB-2FC8IQrwqvCDr0F-2BPUBEjqtiQmapI0ZhTO4K=
xsIUt9oD5Qq5GVc" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Pri=
vate 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-2FFpGRVXYMoaxPDvCZZR6L7FjA-3D-3DzLhX_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWqyV9v=
nK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2BmdBBVfKV4b63xLiCaFClVzcrtebI54=
b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrCGHVe=
TOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1YS=
VS5oF85j-2FY43om2rBZUH3dG4B5GQrakUQRBcV19-2FFLt2jlXEO7VcfBTIlO1OGOCnycRXjJa=
pd5Uax82IRiGEeMZ4vIs8CgNxd3Vijm34TwrThs4ZHw3qdc8WZUZ5KlapqF49piX-2BnYG-2FgR=
fMPPZOeMd6lFA77P-2Fnoaan2bR8mEW-2FNn6hQRpFoaKxDJAli73ix0HyDh1z7ETAcgkSZ-2F7=
b4NVmwMvjzybVsNFbzK4md6WqPv1mEw76-2FG8LFtVYuNbr7jNsy1Ahic2lbdL7rWhJ-2F2LBdh=
OLzthlZx9aD" style=3D"color: #1D5080;" test=3D"" universal=3D"true">The Sta=
te of Sustainable Investing in the Private Markets </a></b><br><br><b>Thema=
tic 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-2FFpCayD5LPZ3-2FKDBq3Nx847iQ-3D-3D5M_i=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWqyV=
9vnK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2BmdBBVfKV4b63xLiCaFClVzcrtebI=
54b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrCGH=
VeTOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1=
YSVS5oF85j-2FY43om2rLQGayDVf2dIZZrKFacb1JrD6IT6SUS2tSfPvCDoKCay-2FP9jn0Cu6-=
2BYsnoMnbByWZ5EOxMcny8hMqBMeCHkixfx-2F871gf0wCBOJQLbNyKSCPABXMAkS0MNvGXs6Vr=
EHgmqp5hwp6t-2FVsxU2Vi7JqfkDXsNe0SRJ-2BOJT3Lil44VG5gBUzYDvrsvxqSr1fo5Cumb4m=
df8Vm2nOATdiBd6SFYTPPc-2B2Df0OpuQ9zlI4wy9TmYVm8ZK7IRh1hERliFoS3y-2FCws9W7Jl=
f12NLFASk26" style=3D"color: #1D5080;" test=3D"" universal=3D"true">How saf=
e 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-=
2BaqM7ONnvsnswouzXCuDJ2YLZ3EtI3gxzpEx69V1HiOzjVqnk9mlkRnFqowg-3D-3DluLg_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWqyV9vnK=
6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2BmdBBVfKV4b63xLiCaFClVzcrtebI54b2=
jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrCGHVeTO=
Ko-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1YSVS=
5oF85j-2FY43om2qrbkYReolj8uTOFvsUOFngBo0wGGr6o-2FWWuZwCAC1b3fbLw8429l68LbP3=
pOC3LUH6JoG4K8MxID-2FKsPKV0aAoch4osLArQYUDuKY7mr4WLZ1cf0qDRO-2BANbntkRmrdCf=
qp75cqKtp0fDK0Mh8Rk-2B9jzBiEovRpSO-2BPJeI-2FrC577u8wG654nWjGiu0WWvscC711kQ4=
CQLRIakoZsmsZxMtV4vw0u7QVk6beE2ReQi8NK55DfhWvUO90pYN-2F-2ByY32jqh-2BY9fMrOK=
rDW5rTt8RyG" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Agentic=
 AI: The Evolution to Autonomous Systems: Part I</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzUHf8pdB1ZDAvdGw-2Bhyz-2Fhhz027hlOj8rEdab-2BE1ayV9g-3D-3DWj=
hD_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWq=
yV9vnK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2BmdBBVfKV4b63xLiCaFClVzcrte=
bI54b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrC=
GHVeTOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvU=
t1YSVS5oF85j-2FY43om2oDegzOK8mbGhh-2FrQ-2BIc5o-2F54YbH2B2ql1QO4r3-2BbbF5PqW=
LAZlybtvSTiRPSha-2FImUkpgeyoXUwQnwLgdBlgB1jpl-2FbOoMgcSB74lgeExWCmUqX42cWqn=
GpkptiacK4GzzO28wohZn9-2FzTzTfKKJm-2FXaaD4e6Gug7PSy2jrVPH-2B7T-2BvL9iA-2Fyw=
h1sIuPKw3PgTdTJUsRuZtVTqzqbxSPwCyD0YT9d-2BQXkg-2BA-2FsMlVLdDbjBnnnUNF2HQ-2F=
3qGS4hBsRTe4hvDNLuUu8L06XZGUJ" style=3D"color: #1D5080;" test=3D"" universa=
l=3D"true">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-2Fhho4jAzVrbswUaPWsnn3yuPQ-3D-3DO4Kt=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWqyV=
9vnK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2BmdBBVfKV4b63xLiCaFClVzcrtebI=
54b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrCGH=
VeTOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1=
YSVS5oF85j-2FY43om2rXBB8ECzg0oEisY0vvvPjN0BciTpNhIoL8YFHftgJBtDeHDctQxfZSAe=
7EtNFif6jPzFkUjbinBlX9HH0PdBmO-2B6NNfmxRu2piXucVf92VQ6CIz8px3f5SlyJseywoAxv=
apbVakYsVSRuJJIYlps1K2mEM-2BL-2BErB55Y0T7jV2rYkBtQTUxJOpAB7sqz7qQ81v8-2BH90=
e7X2vqGbW-2FnVAp1ylYtQEF79qTvn7QGcgYCClWF0ljpGCcFZ1qgHKIUqo9dQ4te3egRLyZROW=
ZcUTdmU" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Fintech &am=
p; 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-2FhhkWWpNRH8lcDYStBsqvv6ag-3D-3DwfFw=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWqyV=
9vnK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2BmdBBVfKV4b63xLiCaFClVzcrtebI=
54b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrCGH=
VeTOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1=
YSVS5oF85j-2FY43om2pqPS84AmyfmjaFK3VtCnerpoy1zQmH6EhEt3i-2BQayYVyoe6Pozmbc0=
mu7DYP2C6EiHACXlYXcxOSX6tJSzBJ43IqZwtht-2FKCYcJTJ-2B40861zEIw3upxtTy1aVLQZ2=
omfDgbfXK8-2BHBR1Wp89wLZIKJQDmwElCpArxoH7kW8SFA3MD5zr5M9sON-2BNM1kXlIRE3Yi3=
h2fzV4vhp3-2FL4iEtqNkiwW0Fj96FIDu7e4h8ddkBb7nAMWg7Oj7XjYL07gxVCQs2zelTvgpgr=
LZhkS8uci" style=3D"color: #1D5080;" test=3D"" universal=3D"true"> Healthte=
ch 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-2FhhQ8U3jbiNmOX5up6vFILAtA-3D-3DV69w=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWqyV=
9vnK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2BmdBBVfKV4b63xLiCaFClVzcrtebI=
54b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrCGH=
VeTOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1=
YSVS5oF85j-2FY43om2r5BnFLeQL6DgFj2PaSRpCCL4jRlWrvnhcVUWtpCr9FPqzdG1LUgKUbpt=
2SCGW0pcg9gO4LgagdtQsMo8vxFXRgk8ZcTudMIh7yI5We3ojpDIjOpXSkC7sFG8n-2Bko9sxdT=
dGS1Epd8DIodo5hTOW1IKwnk4gzMnfBsNp3-2FdRMsx4PhVhTkg5Ppre0m0cw4z2sZNnVs-2BfW=
d3IzmOcGlh2YHWS9tjr-2B2s3Rfzpn0tthOBRt-2B2JMJNie1M-2Fts2wURZoNESS3sFLHgKsZL=
TyNFSiA6P" style=3D"color: #1D5080;" test=3D"" universal=3D"true">US Credit=
 Markets Weekly Wrap</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzUHf8pdB1ZDAvdGw-2Bhyz-2FhhE-2BtDv-2FzTwEsjBc45fK3QkQ-3D-3D=
b79J_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqv=
WqyV9vnK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2BmdBBVfKV4b63xLiCaFClVzcr=
tebI54b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpel8HG=
rCGHVeTOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLB=
vUt1YSVS5oF85j-2FY43om2rtFUTnnignctHhyyzjhCGUYI0N-2F-2Bsv6u8sdRLSxcvKeezgew=
glpbPs1DTboONzX3aKvEtmq8SOnnx6k1szkBEAAhAili6J-2FJfs8QOKPXW2VJZEz-2FPAqNDD-=
2F9O5ovuZYB715YJgSyIQwHoi4IgZj5u9NsGjdqzOesWbLirpnz7K434ur1LUb7zX-2B3cNdpnw=
eAUv6ZgjEJWWHK1CJiqe90bT24RyfpbylfJH-2Fifl-2FCvSPtcV4erRAQB1KKIHi5mDgfApHIE=
7O0xg25CkGb2cvpnd" style=3D"color: #1D5080;" test=3D"" universal=3D"true">U=
S High-Yield Bond Weekly Wrap</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzUHf8pdB1ZDAvdGw-2Bhyz-2FhhNa5sqYJpvxeolXeV2CgTAQ-3D-3D9RMn=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWqyV=
9vnK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2BmdBBVfKV4b63xLiCaFClVzcrtebI=
54b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrCGH=
VeTOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1=
YSVS5oF85j-2FY43om2o3oFEg01qRYKmXQ6ZmViy1zsGoDrC4twm2Fu29Oymt7Xb2-2BAHU6WeR=
NNDjCvePl-2FLDWjr22etnJ2CdLbXMWylDtQl2wYVuor88Cx3YdT015VNJx7c73WbJnAI318lJE=
1nK7t7JzQJv52cmFDQklsN6Fq2LT9P4NzPYKU3CZ1kWj4j2R2OIjFM6lEDqJZ6PYGTUsBuTYzcx=
XMqILhtXAy-2F58x-2F94chEBgOScsfZnWE24c4U8dYZnBcMYRyblI9LQjpg4hbV7kCAxLf6NpY=
BmXHd" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Global CLO We=
ekly Wrap</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzUHf8pdB1ZDAvdGw-2Bhyz-2FhhFGnAGe96VAEGIHCo-2FgUrvQ-3D-3Dyp=
Gx_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWq=
yV9vnK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2BmdBBVfKV4b63xLiCaFClVzcrte=
bI54b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrC=
GHVeTOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvU=
t1YSVS5oF85j-2FY43om2q0BM8O0bgF8Pd2bUMWWVjqWHPA527ClnUobaN-2BKDvVKdlqnTbVqP=
wmK6Tjuen1vWkWvbhN2BBM5zjDXBvM7ItbjEJv-2FJz-2F-2BUZulfldxoHNavwScqAsRFtwxJ9=
NNhRetfWfSmSdaz6FyU-2Bd3Y-2FcepSQMUeOPnxrJg0rOT8EGOstfRpuRu1MqJXvmT1L2hQWAO=
ENkJRizlyZunI9QNefiAJKTmpgKjmLY3uSJxg3oENhqhWgRk7rRiEWaaWOGaV1ITUn-2FXkTGg-=
2FkM2CvIPJdkfQv" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Glo=
bal Distressed Credit Weekly Wrap</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzUHf8pdB1ZDAvdGw-2Bhyz-2FhhfngKGFCpXZMR8qu0y40Wkw-3D-3DXY7C=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFqvWqyV=
9vnK6opfIGcBOMYXpVMG-2F6cfikV5XANt-2FMifx028-2BmdBBVfKV4b63xLiCaFClVzcrtebI=
54b2jGA0ALn8703xXMnqai22wBSjtVUsiX-2BL1gvXP5e6PZbL11BL4xHCX90lQMkpel8HGrCGH=
VeTOKo-2BshpQ5YLno4-2F-2FBWxVdHEAAwAu7L1qh1ALcCmC6YVsngEEv4oUasCDmGdSLBvUt1=
YSVS5oF85j-2FY43om2pzXt8QLz5FkM7UEuC03kkuHsW-2FzhF1JMH1cKM-2B0EE4UEzdhZzfFg=
hab3tf5i-2F3v24M87FUzzPBHYWLV0GBo2r64kIGEvptV8AR95I5Dj2RWQ4Bf5XCoU9nLW7g3Zh=
dbh9exyjFd6L1OnxhbPsJiQGAKv5pIymvEcaXW5lMVwJwPsHK-2BsY4CnMaFXXoEJ5dp-2FmPNY=
kuP4C2u-2FIDM0To9fZhGx7zKZzHzEFJ3HRN5txlQTDp6SMj-2F-2BoLLtyWZAqKpwxfD9QYjm0=
4qjRJVk2-2B7Tap" style=3D"color: #1D5080;" test=3D"" universal=3D"true">US =
Private Credit &amp; Middle Market Weekly Wrap</a></b><br><br><b>Coming nex=
t week (subject to change)</b><br><br>
                               =E2=80=83=E2=80=A2 Q1 2026 Fintech VC Trends=
<br>
                               =E2=80=83=E2=80=A2 Mapping the AI Supercycle=
<br>
                               =E2=80=83=E2=80=A2 How AI Will Deliver Care =
to Billions<br>
                               =E2=80=83=E2=80=A2 Q1 2026 UK Market Snapsho=
t<br>
                               =E2=80=83=E2=80=A2 Q1 2026 Biopharma VC Tren=
ds<br>
                               =E2=80=83=E2=80=A2 Q1 2026 France Market Sna=
pshot<br>
                               =E2=80=83=E2=80=A2 Q1 2026 Enterprise SaaS P=
ublic Comp Sheet and Valuation Guide<br>
                               =E2=80=83=E2=80=A2 Q1 2026 Global M&amp;A Re=
port<br>
                               =E2=80=83=E2=80=A2 Q1 2026 Healthtech VC Tre=
nds</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%;">
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                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
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                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
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 ">
                           <tbody>
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0%">
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                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
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20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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                  <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%;">
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                     <td style=3D"padding: 10px 0 5px; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
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spacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
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                         <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>
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                        <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;">
                              638
                              </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
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                             <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;">
                              2426
                              </div>
                              <div class=3D"count-type" style=3D"float: non=
e; font-family: Roboto, Arial, sans-serif;
                                                         color: white; font=
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