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#78766f; -webkit-text-size-adjust: none;"><span = style=3D"color: #78766f; font-size: 1px; display: none !important;"> Latest= US PE Breakdown; Zooming in on secondaries; How AI is transforming supply = chains... </span></td> </tr> </tbody> </table>=20 <style> @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 800; src: local('Roboto ExtraBold'), url('https://fonts.pitchbook.com/ne= wsletter/Roboto-ExtraBold.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 400; src: local('Roboto Regular'), url('https://fonts.pitchbook.com/news= letter/Roboto-Regular.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 300; src: local('Roboto Light'), url('https://fonts.pitchbook.com/newsle= tter/Roboto-Light.ttf') format('truetype'); } @font-face { font-family: 'Roboto Serif'; font-style: normal; font-weight: 500; src: local('Roboto Serif Medium'), url('https://fonts.pitchbook.com= 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500"><span>The Research Pitch</= span></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 24px; font-weight: 300; padding-top: 9px;"><span>VC, = PE and M&A</span></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 14px; padding-top: 11px; padding-bottom: 38px"><span>= Presented by <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du= 001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWlvgf4AKBQgxG9vkHMp2uuyaKZ7= Bk5B3iigcuLmQshUw-3D-3D-bw__Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVRCJpiwShDeg-2Bz2cZ704VByS9I81OMu59N57EW9L0f-2FWHEOHrnme= QtxWp8ZFgHc9Bo2CzPnhryIG1nEvU5paVyVX-2BMm0KJu3-2B6mj-2F7XAtTPfenX7OmQ7y9wwK= RGnS5hD5b-2BigqVwQHWTKJybZp39-2BFFRaMuh8OV6TIJawHf8M74MGekdduyj-2BVgHN995-2= B7d25ZvTC3Rq5FCHqaDDTmARg7fNG-2BJhVT6iSHJnEZqUmScNTpS6zsHGS46LuPHq-2BGgsJVr= -2BkChIG6gQKTSQQpoWwWD-2FKbebNg4CTNTwwy2-2BSszWHWUrLk92a-2FbLFEcTJQ4m-2FkKB= 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<td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>US = PE Breakdown</b>: Q3's report is now available, featuring new overview metr= ics for PE deals and exits, a credit conditions section, and expanded secto= r-specific deal charts. <b><a href=3D"https://url6380.news.pitchbook.com/un= i/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWlvgf4AKB= QgxG9vkHMp2uuiq7No14JRqocW9k9dOdQ3w-3D-3DY-T__Pr966knuaHmaw6c7pKvB-2BCEiDnj= 5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCJpiwShDeg-2Bz2cZ704VByS9I81OMu59N57= EW9L0f-2FWHEOHrnmeQtxWp8ZFgHc9Bo2CzPnhryIG1nEvU5paVyVX-2BMm0KJu3-2B6mj-2F7X= AtTPfenX7OmQ7y9wwKRGnS5hD5b-2BigqVwQHWTKJybZp39-2BFFRaMuh8OV6TIJawHf8M74MGe= kdduyj-2BVgHN995-2B7d25ZvTC3Rq5FCHqaDDTmARg7fNG-2BJhVT6iSHJnEZqUmScNQ2xLcMw= r3GH4Nu9Rw757Rr0DBxMrTUyZKr6fgn-2BS8NSutYkFLQqGqauZDh3WdktLPwVPaTj5KkSCD28o= vWMVoVhrAj9fmmfoaqmxndADe-2F5iyealZ8ZiMOYqcVCRWUsgJlFD3ozI4d-2B3cNkP0lUmc0F= 9XV-2FM-2FfymGdIw0QWqBgtzPC-2BaEHrMt-2FNu6VGHRXD3-2FfjdB43hf9-2FqPYSZHflaz8= 0WJ8Wi4B-2FbOZbl12w4IsrJmPZNMMS4H2GhYrSoFADXE-3D" style=3D"color: #1D5080;"= test=3D"" universal=3D"true">Read it here</a></b>.<br><br><b>Zooming in</b= >: Our new analyst note broadens our secondaries coverage to include fund i= nterests in US VC, breaking down how GP-led deals work and why they've trai= led direct secondaries. <b><a href=3D"https://url6380.news.pitchbook.com/un= i/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWlvgf4AKB= QgxG9vkHMp2uuNpT2WmkBYEpoXQIPvo531g-3D-3DYb_u_Pr966knuaHmaw6c7pKvB-2BCEiDnj= 5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCJpiwShDeg-2Bz2cZ704VByS9I81OMu59N57= EW9L0f-2FWHEOHrnmeQtxWp8ZFgHc9Bo2CzPnhryIG1nEvU5paVyVX-2BMm0KJu3-2B6mj-2F7X= AtTPfenX7OmQ7y9wwKRGnS5hD5b-2BigqVwQHWTKJybZp39-2BFFRaMuh8OV6TIJawHf8M74MGe= kdduyj-2BVgHN995-2B7d25ZvTC3Rq5FCHqaDDTmARg7fNG-2BJhVT6iSHJnEZqUmScNQN1kiDg= GthNiACp0OKgQbybUyDhSsiqb6DHi1-2BQ1Kp6WnaW7-2FSZW0nELEg7u1ChXyieHP0OGvEHbIT= SihFQLFh-2BY23Ak8-2F3bkE0OBXsMgilqP6OWapLLfKzhTKHh1MBam-2BO0v2LS5l3blSA5k3a= kesC1M-2FMMp-2Fs45sk6jSJ2mSlh4IhwQ3CeDkFz0TOdhoB-2FGtlxfIdGhrKftvig-2BYhJJ1= UflSEDK1AVqsv-2Fp4MB2arSEzJz5rdYoAAdVWrIE3eV0-3D" style=3D"color: #1D5080;"= test=3D"" universal=3D"true">Read it here</a></b>.<br><br><b>Supply chains= rewired</b>: AI is reshaping every aspect of supply chains=E2=80=94and inv= estors are taking notice. Our analyst note explores how companies in the se= ctor are putting AI to work and who=E2=80=99s coming out ahead. <b><a href= =3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWlvgf4AKBQgxG9vkHMp2uu-2Fqa3Iy3YCerH46uCSAt= XVA-3D-3D0MTv_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8U= YA68NVRCJpiwShDeg-2Bz2cZ704VByS9I81OMu59N57EW9L0f-2FWHEOHrnmeQtxWp8ZFgHc9Bo= 2CzPnhryIG1nEvU5paVyVX-2BMm0KJu3-2B6mj-2F7XAtTPfenX7OmQ7y9wwKRGnS5hD5b-2Big= qVwQHWTKJybZp39-2BFFRaMuh8OV6TIJawHf8M74MGekdduyj-2BVgHN995-2B7d25ZvTC3Rq5F= CHqaDDTmARg7fNG-2BJhVT6iSHJnEZqUmScNTzvdLfjVqcHYNvIir5Fpj64ESUNkbK9TVUophV5= 2xFHDg-2BdkRDwiaLtOgayKBNLv59cAA-2BoxDvmXrjOGBNOjnq1HnOkshshOTr41IrUWZWv0SX= -2F1F2GKYNtIOlNPrnJ7Po5rRcoMDmRyB0dcjKo7FAKIIQ5EIWLgqMun0Pp-2FWi1dqAgNjWRzB= ruIT8FAJPZklImHB3VxOrUNdWfjy6wkahrQpb4bBwz4sqxtuudx7LAHBZXXb84-2B5YjmNGrN3L= xEY-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Read it here= </a></b>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </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 AlixPartners</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_573687" id=3D"n_573687" 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;"> Be a part of this year=E2=80= =99s AlixPartners Leadership Survey </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-2BaqM7ONnvsnswouzWlvgf4AKBQgxG9vkHMp2uuyaKZ7Bk5B3iigcu= LmQshUw-3D-3DuM2B_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc= Vf8UYA68NVRCJpiwShDeg-2Bz2cZ704VByS9I81OMu59N57EW9L0f-2FWHEOHrnmeQtxWp8ZFgH= c9Bo2CzPnhryIG1nEvU5paVyVX-2BMm0KJu3-2B6mj-2F7XAtTPfenX7OmQ7y9wwKRGnS5hD5b-= 2BigqVwQHWTKJybZp39-2BFFRaMuh8OV6TIJawHf8M74MGekdduyj-2BVgHN995-2B7d25ZvTC3= Rq5FCHqaDDTmARg7fNG-2BJhVT6iSHJnEZqUmScNRr5pY8gTtfZbpvoZwyY0qrIeBjGkn9WSkfj= ZNKCvT4bSLFPzgSYG35nnqvNPciE2CbXQ03Zp7TqkqA5HIbD1c4PulbXgopslQ5O2JstqH8eiEL= ZZqYPZh0A3CPf0jnzMudbbRnWNKbxMtDxZI8NxYPAK6pIFOxhqpSAHs8DrVKdBO-2Bqnvp-2BvS= 94jcMHlxfi4jDchSATF-2FxfjuAfVslWKLfOaXrcDebdhAYGCvLnh8KJkepcn9kcDLVAiXlJpta= 5Lo-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/ne= ws/70870.jpg" style=3D"border: none; max-width: 420px;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>For the 11th year, AlixPartners is co= llecting data for its annual PE Leadership Survey. In last year=E2=80=99s s= urvey, 41% of PE executives cited senior leadership at portcos as a top con= cern. With hold times at record highs, PE firms sitting on top of huge amou= nts of dry powder, and economic uncertainty, a high-performing leadership t= eam is crucial to success.<br><br> Take this year=E2=80=99s survey to receive a= copy of the report when it=E2=80=99s published. The findings will be impac= tful as firms look to drive value in 2026.<br><br><a href=3D"https://url638= 0.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7O= NnvsnswouzWlvgf4AKBQgxG9vkHMp2uuyaKZ7Bk5B3iigcuLmQshUw-3D-3D9myF_Pr966knuaH= maw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCJpiwShDeg-2Bz2cZ= 704VByS9I81OMu59N57EW9L0f-2FWHEOHrnmeQtxWp8ZFgHc9Bo2CzPnhryIG1nEvU5paVyVX-2= BMm0KJu3-2B6mj-2F7XAtTPfenX7OmQ7y9wwKRGnS5hD5b-2BigqVwQHWTKJybZp39-2BFFRaMu= h8OV6TIJawHf8M74MGekdduyj-2BVgHN995-2B7d25ZvTC3Rq5FCHqaDDTmARg7fNG-2BJhVT6i= SHJnEZqUmScNRTrX2-2FS1FNnxUFr9sbvMH4-2BdpUZHb4BvtB8KQYs7eV-2FfIL0hZ2WlxHEJW= PWYiWlOEi00YJFWvE2QMLPgBCCVr3Uyxp8gpq3gKf5ZO4hXubZTnw8FCx9ueYiJkmRcWSC8azqh= K8X8ytAYKyhbuipfITE1hNL-2BGCJ-2FVR6pGJgPXT4i2sGXurdRFo3pJl66a0kiMp0cVZw9Omz= JF2mcjolZdzyj0SlyL1KOYmtr6NDT7xfRBwXtZ-2F4DbDEvPVLxNPAhQ-3D" style=3D"color= : #1D5080;" test=3D"">Take the survey now</a></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_573691" id=3D"n_573691" 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 IPO 'comeback' isn't what = it seems </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> Figma led a string of splashy IPOs in Q3, and= several billion-dollar acquisitions reignited hope that liquidity is retur= ning. YTD dealmaking and exit value have already crossed annual totals from= the post-pandemic years 2022 to 2024. But beneath the optimistic headlines= , venture is still far from recovered.=20 <br> <br> Our latest findings in the <b><a href=3D"htt= ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW= Irf6GFa-2BaqM7ONnvsnswouzWlvgf4AKBQgxG9vkHMp2uu8dXSWwJlelyzq5JLiScy7A-3D-3D= ooJV_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCJ= piwShDeg-2Bz2cZ704VByS9I81OMu59N57EW9L0f-2FWHEOHrnmeQtxWp8ZFgHc9Bo2CzPnhryI= G1nEvU5paVyVX-2BMm0KJu3-2B6mj-2F7XAtTPfenX7OmQ7y9wwKRGnS5hD5b-2BigqVwQHWTKJ= ybZp39-2BFFRaMuh8OV6TIJawHf8M74MGekdduyj-2BVgHN995-2B7d25ZvTC3Rq5FCHqaDDTmA= Rg7fNG-2BJhVT6iSHJnEZqUmScNQEsL8jUz2iheaIEz-2B-2FSE03d6LOmWZLBe3gm-2BNYtvIc= bdg8aqj87u9QL8VP7LHCK9dQJWnVD78T5baG1UaE3uL5Lrri60RV-2Fzlv7JZ53duM1ULT6ewri= 1ZxFlTomiS-2FX6-2BofFk3Axe3Ob3uLPykp2c78yLG5F52HYcsTmUSluBRuKXicokUpW0pMCsz= A-2BgpJylwN6MgAOP5-2BaApSs1hhLi8XGrNppq1TzzKRMtaVRz7Ryq7VtCXDXdesILJkepptL8= -3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 2025 PitchBo= ok-NVCA Venture Monitor</a></b> reveal that 2025 is on pace for the second-= highest number of exits ever, but three-quarters of those are small acquisi= tions of early-stage startups, not the kind of blockbuster liquidity events= that restore market confidence. </div> <div> <br><a href=3D"https://url6380.news.pitchbook= .com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn= 62sMPFp1p8Ru0fDSUjE92UWf7HKJ5twww825qZ5SNg-3D-3DRZgl_Pr966knuaHmaw6c7pKvB-2= BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCJpiwShDeg-2Bz2cZ704VByS9I81O= Mu59N57EW9L0f-2FWHEOHrnmeQtxWp8ZFgHc9Bo2CzPnhryIG1nEvU5paVyVX-2BMm0KJu3-2B6= mj-2F7XAtTPfenX7OmQ7y9wwKRGnS5hD5b-2BigqVwQHWTKJybZp39-2BFFRaMuh8OV6TIJawHf= 8M74MGekdduyj-2BVgHN995-2B7d25ZvTC3Rq5FCHqaDDTmARg7fNG-2BJhVT6iSHJnEZqUmScN= QBY6rBe-2BCJnVMwrlzz2hIG-2BkQKs5aLZJ4sRkfAEWjJLPw42D-2BhsESmcyQmzOoFF44Bw8n= BlkcHAB40EkB6qgT85-2FzT77rE2ELVeoqZbS8pLvlchfaqwvzaEq9ybOlbsWNoaM3-2FTl0GNl= -2Fh8Ysee6Ab98UXSdb2x3ZxzBf8NgcGUu6UwBsy-2BStIkveDidhWMf-2FT-2F1oGDJi33JecZ= mBv-2Fwzgt24lsHxF7tyfRwqS-2BUDMFTrgmBwMEyuK0847f1dVKiA-3D" universal=3D"tru= e"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/708= 74.png" style=3D"border: none; max-width: 420px;"></a> </div> <div> </div> <div> Even the latest IPO wave, while welcome, rema= ins heavily concentrated among profitable or policy-aligned companies. Outs= ide of AI, space, and crypto, most IPO hopefuls are preferring to wait out = the macro uncertainty before going public, so the pipeline of filings remai= ns a trickle, not a flood.=20 <br> <br> Meanwhile, AI and mega-deals continue to dom= inate the venture narrative. Nearly two-thirds of VC dollars this year have= flowed into AI & ML deals, pushing valuations ever higher even as liqu= idity stays tight. Nine-billion-dollar-plus financings accounted for nearly= 40% of Q3's deal value, with standouts like Anthropic, Databricks, and xAI= raising enormous sums at record valuation growth.=20 <br> <br> The result is a top-heavy market. Though hea= dlines might say "venture is back," our data suggests otherwise. 2025 is a = transitional year for the asset class, and we are cautiously optimistic tha= t this year is setting the foundation for the beginning of a recovery in 20= 26. </div></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-2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSUjE92UWf7HKJ5= twww825qZ5SNg-3D-3DanIq_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVRCJpiwShDeg-2Bz2cZ704VByS9I81OMu59N57EW9L0f-2FWHEOHrnmeQtxW= p8ZFgHc9Bo2CzPnhryIG1nEvU5paVyVX-2BMm0KJu3-2B6mj-2F7XAtTPfenX7OmQ7y9wwKRGnS= 5hD5b-2BigqVwQHWTKJybZp39-2BFFRaMuh8OV6TIJawHf8M74MGekdduyj-2BVgHN995-2B7d2= 5ZvTC3Rq5FCHqaDDTmARg7fNG-2BJhVT6iSHJnEZqUmScNSHs7YIV3mOR-2BWBpExx6ht0RSK6s= L3ilcZyPT5pceGG-2FPPNkFJthuW-2B2cP9uNAeZ8zRA-2Fak-2FXtP4KDlQYo3MhAmcoUd4JXg= Id2Sn1pmusKvUrTLpvXuzWnfD3NYN1uv-2B6WnbDYIjTPWSVbO0qaI1oF0okeK67g0sD1eDBb1L= olgXUSbF04kCOS8AKJPc0mzBLyhBHjoLFCTsLgZX3FtHopsU-2FuE4ahgoRb07kGx-2FxJ5wN3v= l7LeEv5qOaj-2BH-2BYLcjo-3D" universal=3D"true"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <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/615= 86.jpg" style=3D"border: none; max-width: 420px;"> </td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>Best,<br><br><a href=3D"mailto:emily.= zheng@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Emily Zheng</a><br= > Senior Analyst, Venture Capital</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Industry & Tech</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br><b= ><big><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSUjE9gDYxXWD2= Iva3SM93FpoLvQ-3D-3D4udX_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQV= I43kbMcVf8UYA68NVRCJpiwShDeg-2Bz2cZ704VByS9I81OMu59N57EW9L0f-2FWHEOHrnmeQtx= Wp8ZFgHc9Bo2CzPnhryIG1nEvU5paVyVX-2BMm0KJu3-2B6mj-2F7XAtTPfenX7OmQ7y9wwKRGn= S5hD5b-2BigqVwQHWTKJybZp39-2BFFRaMuh8OV6TIJawHf8M74MGekdduyj-2BVgHN995-2B7d= 25ZvTC3Rq5FCHqaDDTmARg7fNG-2BJhVT6iSHJnEZqUmScNSko6ABL4FFPPY5Fha1U9kF10-2BN= NFd1K5pzcXMv5NQm7COMsyCSbVm9Zojz3CJZcdgr-2FbJMa4TgZTAIVycNehzmgJ3xgIAHNaFN1= wcOxhAqN9SmC8paMbkHCA1-2FaOZ1J6TCLMaTntmbhC91mDS1bX2q-2BvN0Y-2F-2FB4hda97z5= L3-2FKeKfFebfw8cuJg3hjm6qdnaHB9ctRcjR03PwAQAGePJ4J7tR-2FpI4Fg6rW0277Q7aq5Es= bfVpPzJwbXcg2L-2FYqluk-3D" style=3D"color: #1D5080;" test=3D"" universal=3D= "true">H1 Healthcare Funds Report</a></big></b><br><br> Fundraising performance between PE and VC he= althcare specialist managers diverged in the first half of 2025.<br><br> In PE, allocations to the sector remain elev= ated=E2=80=94with healthcare funds accounting for a record 3.8% of all PE v= ehicles closed.</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-2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSUjE9VaXoiElnS= M3pQGFr-2Fpoq8Q-3D-3DtTSq_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRCJpiwShDeg-2Bz2cZ704VByS9I81OMu59N57EW9L0f-2FWHEOHrnmeQt= xWp8ZFgHc9Bo2CzPnhryIG1nEvU5paVyVX-2BMm0KJu3-2B6mj-2F7XAtTPfenX7OmQ7y9wwKRG= nS5hD5b-2BigqVwQHWTKJybZp39-2BFFRaMuh8OV6TIJawHf8M74MGekdduyj-2BVgHN995-2B7= d25ZvTC3Rq5FCHqaDDTmARg7fNG-2BJhVT6iSHJnEZqUmScNSyYXHMRHgb8hljR-2FKZffQEqku= 9f3-2FMDxiFXCw6WqXEsnFwyabNDK-2FeRsiCkcPxoxYIv2-2F3bSkIwQ8i801W5-2FgoxBFeU-= 2BzD6YGRBV0HGvQt4FC5bv6Hk91RHLLFec-2FrgDCzt2Xfy55v0JO4Ud8q45TxpPE7oZODqLH7P= ZzPX4gxnmrm3KQTsqzT3ogzwvdYzME9wEkIF7E6pGXU4gqlZxg5J9U5cA12IjNYZuZ0xf-2FXFC= F9cZTVBirHFTbidBf1Ty8-3D" universal=3D"true"> <img align=3D"center" alt=3D"= " src=3D"https://img.pitchbook.com/news/70921.png" style=3D"border: none; m= ax-width: 420px;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> For VC, the picture is more subdued: Life sc= ience funds are on pace for the lowest tally in over 10 years, as the bioph= arma sector weathers a downturn.<br><br> But healthtech specialists are faring better= , according to our recent industry report, which covers over 500 healthcare= and life sciences specialist managers across VC and PE.<br><br><em><b><a h= ref=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4= Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSUjE9gDYxXWD2Iva3SM93Fp= oLvQ-3D-3DEqWs_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8= UYA68NVRCJpiwShDeg-2Bz2cZ704VByS9I81OMu59N57EW9L0f-2FWHEOHrnmeQtxWp8ZFgHc9B= o2CzPnhryIG1nEvU5paVyVX-2BMm0KJu3-2B6mj-2F7XAtTPfenX7OmQ7y9wwKRGnS5hD5b-2Bi= gqVwQHWTKJybZp39-2BFFRaMuh8OV6TIJawHf8M74MGekdduyj-2BVgHN995-2B7d25ZvTC3Rq5= FCHqaDDTmARg7fNG-2BJhVT6iSHJnEZqUmScNSbBi808RNUUjULQmuqyGRyPMCMBbqWzvVTRvaL= isaK1AtYTqrDy2QfqcnZQIKBqkYBqcTv-2Fo1aykRbhrx5StNFI6WaQm3s9OVWBF86oq3LhU4y2= vzSZqGJQvZficonN-2FCQLdzdQ-2FW5LTfwNytdhsQR4E0zbCI8lAmMIqPCDNL0pxr0LhG-2BhB= KKbChD64sBmEfB-2B5SvEBwy3iet0Vmpf0pMXf-2Bo6f-2Fp0hJsDGIjsIKJmrSgXSfuDGlyziH= FHnHCUpI-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Read th= e report</a></b></em><br> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Webinars & Events</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Oct= . 20-21</b>: PitchBook is a sponsor of the Private Credit Sourcing Conferen= ce in New York. Our senior director of US credit research, Kenny Tang, will= be speaking on the panel "Private Credit Through 2026: Opportunities, Head= winds & Market Evolution." <b><a href=3D"https://url6380.news.pitchbook= .com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sM= PFp1p8Ru0fDSUjE9mrb1u0xsHTxmKYggkO5HFw-3D-3D60NW_Pr966knuaHmaw6c7pKvB-2BCEi= Dnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCJpiwShDeg-2Bz2cZ704VByS9I81OMu59= N57EW9L0f-2FWHEOHrnmeQtxWp8ZFgHc9Bo2CzPnhryIG1nEvU5paVyVX-2BMm0KJu3-2B6mj-2= F7XAtTPfenX7OmQ7y9wwKRGnS5hD5b-2BigqVwQHWTKJybZp39-2BFFRaMuh8OV6TIJawHf8M74= MGekdduyj-2BVgHN995-2B7d25ZvTC3Rq5FCHqaDDTmARg7fNG-2BJhVT6iSHJnEZqUmScNT83l= 8ItMssEqIElpVK7E2-2BwwszNw2-2BvUHwTVt4NMRTN9FypxXbZdHS-2FukJ8WhcN8p6yt6E2K8= qUB2WACHmbnS-2F84THqbR7bl1V-2BejEIJO64LJApoeFt2ghVeonPdU51WTizTQ8ZIwWtBFI4C= 1kZ-2B3YtMtKHxGy4R6F8xy65vOy-2BQVp-2B9b8wh7lJcqArla5NFv815YOggWuo7yrIF2FyBL= G-2Fa7E1tdZ-2FBpWu3nUFdKJIgxKu8uGntFJ-2Brv5YUexqfI-3D" style=3D"color: #1D5= 080;" test=3D"">Register here</a></b><br><br><b>Oct. 28</b>: PitchBook's Hi= lary Wiek and Annika Villegas will host a webinar on findings from our late= st Sustainable Investment Survey. They'll discuss how priorities are changi= ng for global investment leaders and unpack investors' remaining commitment= to ESG, DEI, and Impact strategies in today's volatile social climate. <b>= <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4= Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSUjE92jB2aKCYTp0Ij8zvO2= XVGg-3D-3Dwg5O_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8= UYA68NVRCJpiwShDeg-2Bz2cZ704VByS9I81OMu59N57EW9L0f-2FWHEOHrnmeQtxWp8ZFgHc9B= o2CzPnhryIG1nEvU5paVyVX-2BMm0KJu3-2B6mj-2F7XAtTPfenX7OmQ7y9wwKRGnS5hD5b-2Bi= gqVwQHWTKJybZp39-2BFFRaMuh8OV6TIJawHf8M74MGekdduyj-2BVgHN995-2B7d25ZvTC3Rq5= FCHqaDDTmARg7fNG-2BJhVT6iSHJnEZqUmScNRm7OUD05IyJE4M7NgFqW9z5-2BPRUW-2BvxBQg= YPtBrf2EyJk5EllWbAEanHVTNwSekrVKP3qIrJr23JqTRFCZG6BpLmPHEtW1GEyebunEZIPItEO= ozTGbeJrX6WbLhYfoT-2F-2FmTUGIebO4kM-2FpXkFn-2B7YUeLDWdBHW0W8drCw-2FTQghicKH= YF-2BQ-2BdTdy0hfuMXUTKpfhegj7crNttmai8GJoe93qVjNB-2BBimDPsd5J7aebZXOS8Szf9r= kSi45hYgaH2Rrw-3D" style=3D"color: #1D5080;" test=3D"">Register here</a></b= ><br><br><b>Nov. 12</b>: Experts from PitchBook, NVCA, J.P. Morgan, Dentons= , and EisnerAmper will discuss findings from the Q3 2025 PitchBook-NVCA Ven= ture Monitor, current VC trends, and how upcoming headwinds may affect the = market. <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du00= 1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSUjE9xmnTZQQ= fyX9xzRxcbOBpdw-3D-3DNhw7_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ= VI43kbMcVf8UYA68NVRCJpiwShDeg-2Bz2cZ704VByS9I81OMu59N57EW9L0f-2FWHEOHrnmeQt= xWp8ZFgHc9Bo2CzPnhryIG1nEvU5paVyVX-2BMm0KJu3-2B6mj-2F7XAtTPfenX7OmQ7y9wwKRG= nS5hD5b-2BigqVwQHWTKJybZp39-2BFFRaMuh8OV6TIJawHf8M74MGekdduyj-2BVgHN995-2B7= d25ZvTC3Rq5FCHqaDDTmARg7fNG-2BJhVT6iSHJnEZqUmScNSiyTEfOaeVzj5-2BEFC5VvxOhrb= aRmk-2FZKbKmGaLP-2FsdY3t5hh2mbsp-2BzmnfcbY52Ac0FT-2FMR5QFvRE-2B2fzWoYfYg-2F= Yu6Z3Ajislh2NapROnUH01OQzd2ZazfGHyIc84vGmuG-2BwkUxvXJjqmh6TxurgCJQNqzYe46ri= Bik1rbb8YZyHUY9a8BD2297pK2zsMtHUIKGKIyn421KJlDObFBPso2Auc9Sn6JTNwYvRtwYaONO= 1NLraQwdBxkKUd9NhIASQ-3D" style=3D"color: #1D5080;" test=3D"">Register here= </a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>In the News</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> Our insights and data featured in the press:= <br><br> =E2=80=83=E2=80=A2 Amazon's prescription kio= sks may not drive significant revenue but could connect consumers to the co= mpany's broader pharmacy offerings, said PitchBook healthcare analyst Aaron= Degagne. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du00= 1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSUjE9W6BT-2F= I0rUXQnffB3eln8Bw-3D-3Dt2jf_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVRCJpiwShDeg-2Bz2cZ704VByS9I81OMu59N57EW9L0f-2FWHEOHrnme= QtxWp8ZFgHc9Bo2CzPnhryIG1nEvU5paVyVX-2BMm0KJu3-2B6mj-2F7XAtTPfenX7OmQ7y9wwK= RGnS5hD5b-2BigqVwQHWTKJybZp39-2BFFRaMuh8OV6TIJawHf8M74MGekdduyj-2BVgHN995-2= B7d25ZvTC3Rq5FCHqaDDTmARg7fNG-2BJhVT6iSHJnEZqUmScNSreTfZxLa76PKt1iI42HmbVuP= VfYIcHJquzr-2FiQQ75hF8KABQb10CipM3Gp0fRSh0bS6R4UNFJsoIKkBKNuplq2wCWb1kap9KS= MK6-2Bodnr20vEKX73gJ12ThXk7MfRtUnJO9QwqGwt6D-2BwqY6Rwmp-2BgZ52YM8k71P2FLTgE= wMWBeNdY6I6se5J-2BYF7zzMxVXisyTZZBWmSQRbw3AcWaBeLbdGzVaxlTtFERsWg9MQGQ2ppU6= 61mN7Lu6494X9kUYA-3D" style=3D"color: #1D5080;" test=3D"">Axios</a>]<br><br= > =E2=80=83=E2=80=A2 Climate tech VCs have rai= sed 3.8% of all venture capital this year, nearly double their share in 202= 0. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73= BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSUjE9uRwyknLhrdDTgp= 0EmXuWGw-3D-3DCOsQ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbM= cVf8UYA68NVRCJpiwShDeg-2Bz2cZ704VByS9I81OMu59N57EW9L0f-2FWHEOHrnmeQtxWp8ZFg= Hc9Bo2CzPnhryIG1nEvU5paVyVX-2BMm0KJu3-2B6mj-2F7XAtTPfenX7OmQ7y9wwKRGnS5hD5b= -2BigqVwQHWTKJybZp39-2BFFRaMuh8OV6TIJawHf8M74MGekdduyj-2BVgHN995-2B7d25ZvTC= 3Rq5FCHqaDDTmARg7fNG-2BJhVT6iSHJnEZqUmScNTz7cKKrMuF4WZfGb8FDMFrmPncpRA48CAh= ce67QqOkSIo98gw-2BR5Y9OyFTTUBaosV-2B1Q5QOZuZ-2FUNBJOZJLA4gsmZXhELOlmMZn0lIm= 8lRAomlMoiGB0ih5sLpUBwPO-2B-2BeN-2FZ47dEH-2FnZdcqtHjC8-2Bg0g-2FqBIHqcXACqiA= sEKP6-2BUV6K9-2FZMsZacxYy62MAnyYO8P8hbWyyYNipMJHbkQo-2Bhj7Tv5QD-2FaoG3SphGq= n-2BOFdOBFjqzGnEtoPOHPL9LM-3D" style=3D"color: #1D5080;" test=3D"">TechCrun= ch</a>]<br><br> =E2=80=83=E2=80=A2 Nvidia has participated i= n 50 VC deals so far this year, already surpassing the 48 deals the company= completed in 2024. [<a href=3D"https://url6380.news.pitchbook.com/ls/click= ?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSU= jE9vgBOfVEml5o48OVg9Tt-2B0A-3D-3DXzFY_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0= YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCJpiwShDeg-2Bz2cZ704VByS9I81OMu59N57EW9L0f-2= FWHEOHrnmeQtxWp8ZFgHc9Bo2CzPnhryIG1nEvU5paVyVX-2BMm0KJu3-2B6mj-2F7XAtTPfenX= 7OmQ7y9wwKRGnS5hD5b-2BigqVwQHWTKJybZp39-2BFFRaMuh8OV6TIJawHf8M74MGekdduyj-2= BVgHN995-2B7d25ZvTC3Rq5FCHqaDDTmARg7fNG-2BJhVT6iSHJnEZqUmScNRKN4ndX3z7j3d8M= Pia1hK1a-2FYYR7xahQrsbQpaZSpRxmedsZgWpSQ4WJRlFrEJ-2BDByihJg1p42Q5Ck2Wq4oObp= BYz2-2FSG8VcrG6K2xCq0CfiOhLOmHDKX8L-2BkNzPt1hyXC22xSZJkw0MX52ci-2FbSnSMVjHg= X1jIv73-2BKA6j6Xq76VPRvp6KZyqoruUd8qLjX-2BGbgTE8sC7Co4w6dFKNgMa8gujGXFgpxuq= myjgGyCFkQ6dYQP2BKjvtsPBfJwBZ14-3D" style=3D"color: #1D5080;" test=3D"">Tec= hCrunch</a>]<br><br> =E2=80=83=E2=80=A2 Global PE fundraising and= deal activity have improved this year, but it is far from the peak perform= ance of 2021. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSUjE9U= cmJ3uST59-2Blpl3cRG1gNw-3D-3DNCGX_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-= 2BHR4BiQVI43kbMcVf8UYA68NVRCJpiwShDeg-2Bz2cZ704VByS9I81OMu59N57EW9L0f-2FWHE= OHrnmeQtxWp8ZFgHc9Bo2CzPnhryIG1nEvU5paVyVX-2BMm0KJu3-2B6mj-2F7XAtTPfenX7OmQ= 7y9wwKRGnS5hD5b-2BigqVwQHWTKJybZp39-2BFFRaMuh8OV6TIJawHf8M74MGekdduyj-2BVgH= N995-2B7d25ZvTC3Rq5FCHqaDDTmARg7fNG-2BJhVT6iSHJnEZqUmScNQtTvbZq7j4aNDMyF00m= n5D8I8gdi-2BLuJ9wsQzF9sSOJtInww7ZKOf-2FBFEp4B-2BXZZzpszBP5EQY6p75s6T0lW-2FE= Wl8rPvM02kOMr-2BG-2BWghsP5Bou971EZQZPRBZnTLT96c0alVMAcJzgBAJOEfknkAeNQNFlc0= QH9KbnlOvriNZk-2Fa4zB2coSB4BOGDwquYG70F8G4x7VXbr3sXD4bA4AY7X5pKylBpv7iWeCIa= -2F0AR05CS-2FiRrUknMhqVwT7Gmd00-3D" style=3D"color: #1D5080;" test=3D"">The= Business Times</a>]<br><br> =E2=80=83=E2=80=A2 Startups in the San Franc= isco area have raised more money through the first nine months of 2025 than= in all of any other year on record. [<a href=3D"https://url6380.news.pitch= book.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWA= ghwR1tMW5-2B-2BlJ-2FW9wGffzaIvjinlG4CpcytBKuNdxg-3D-3DjoS2_Pr966knuaHmaw6c7= pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCJpiwShDeg-2Bz2cZ704VBy= S9I81OMu59N57EW9L0f-2FWHEOHrnmeQtxWp8ZFgHc9Bo2CzPnhryIG1nEvU5paVyVX-2BMm0KJ= u3-2B6mj-2F7XAtTPfenX7OmQ7y9wwKRGnS5hD5b-2BigqVwQHWTKJybZp39-2BFFRaMuh8OV6T= IJawHf8M74MGekdduyj-2BVgHN995-2B7d25ZvTC3Rq5FCHqaDDTmARg7fNG-2BJhVT6iSHJnEZ= qUmScNSlp6bX5h2N2OV6dkNyeYreN-2FZ0s-2B3x-2F7J-2FaU2W-2BnzdpDVGkz6cVKVOQvczW= bj9nWjF-2Bdb4T6vYZMCrEzhjUJ9BRYX01yDtYS3o1Lw8fClk1sCXlc1POcF7WoyeDyfRXXkQWF= 4e3n7Je-2BEBty1tpUv-2BmAmhPOQExKpQfgUmXt-2FTMLycr9XEaRTX6WkgPNB6jXdHhNEDPGz= OnlwvxXJx-2B3aOJ6WIVPx0840OZfcPkotkFhNJej7WwLKSVCFB7dlIPeM-3D" style=3D"col= or: #1D5080;" test=3D"">San Francisco Examiner</a>]</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>ICYMI</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> More of our recent research (* - premium):<b= r><br><b>Market updates</b><br><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzWAghwR1tMW5-2B-2BlJ-2FW9wGff8isUWCENJlfi3hjMxhLnXg-3D-3Deh= 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piwShDeg-2Bz2cZ704VByS9I81OMu59N57EW9L0f-2FWHEOHrnmeQtxWp8ZFgHc9Bo2CzPnhryI= G1nEvU5paVyVX-2BMm0KJu3-2B6mj-2F7XAtTPfenX7OmQ7y9wwKRGnS5hD5b-2BigqVwQHWTKJ= ybZp39-2BFFRaMuh8OV6TIJawHf8M74MGekdduyj-2BVgHN995-2B7d25ZvTC3Rq5FCHqaDDTmA= Rg7fNG-2BJhVT6iSHJnEZqUmScNRGadPNLy04tSDZXnkqgmeppK-2FaHh4RFVsCRQZOJoysqJSH= hNMTSPtdKXXtvvwAUuZeKNjVaq6ASvGVjXePD45qr6OF0p6lPZ4VIKuZmT2n8pWbOqZIv2tXzB1= sV0zrZyah-2BQXHgoT8-2BgOhmm2tSyLEt69oqPrByDpjyZbcoETl6mJ8ipNqxhAdY-2F7jq3Gh= uuoNYUYq9rlCDpe1qdd-2BMoeJZGBg0usc-2BS3AC4itU3lPSwGGfZ6TbME-2FVm-2Fml3bUMCE= -3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 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-= 2BaqM7ONnvsnswouzWAghwR1tMW5-2B-2BlJ-2FW9wGff9z5jKnTE6TkOoh1xnhrjTg-3D-3DPb= sQ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCJpi= wShDeg-2Bz2cZ704VByS9I81OMu59N57EW9L0f-2FWHEOHrnmeQtxWp8ZFgHc9Bo2CzPnhryIG1= 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Rg7fNG-2BJhVT6iSHJnEZqUmScNTXJWIPvIon-2Fhwne6nsQrQuqfQ6LcNKK9nZN1ufDciemO41= zCq46AuvlaijVKI-2FI7r01-2BlmHMl6CfcrPEqcjEXies-2BjEUlYWuDJ-2B-2BXSYor6U3UwT= j33Zoth0YyAQ54LOSB0mp6HzE-2BElznLztczuOqtKZw91iB-2FB7SPbMXDkh6sNPmVwYFt6HJR= ew35vRfDAD-2FzCbkd1vJf5do4gU-2FNkwX0WBuaSBVDCvn88xWheHDE-2FJU18SNRk1-2BGv-2= Biv1Nr4txY-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 Ag= rifood VC First Look</a></b><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzWAghwR1tMW5-2B-2BlJ-2FW9wGffgprkDi4XkEyIBCkJLKGgnQ-3D-3DFv= 4z_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCJpi= wShDeg-2Bz2cZ704VByS9I81OMu59N57EW9L0f-2FWHEOHrnmeQtxWp8ZFgHc9Bo2CzPnhryIG1= nEvU5paVyVX-2BMm0KJu3-2B6mj-2F7XAtTPfenX7OmQ7y9wwKRGnS5hD5b-2BigqVwQHWTKJyb= Zp39-2BFFRaMuh8OV6TIJawHf8M74MGekdduyj-2BVgHN995-2B7d25ZvTC3Rq5FCHqaDDTmARg= 7fNG-2BJhVT6iSHJnEZqUmScNR7FFlTie-2FSkdawMEXpQb8e2ZpVoA822NSGog5LjB2-2B7Yhm= 5TUmp8CG-2BYHgGASQZG-2BAwv7BkWbOQN7yvtDbQjEw-2FgePUyMlaeg2HeeaJ3ymMS0I6QBbz= -2F3JQnpEfq8qB89T93T9T2c2RapPHmHcjpZCEQLdsQ-2BLWRrSUb0pXf66gSZXqz-2FWzJTq5-= 2F-2BqWfsdTSFsGcdHYFVSaQNhexK9GzVFGUrGvMUvIBUUmVKrxnNCURdmt9zto11MAsB83AdOx= tg-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q2 Infrastruc= ture SaaS VC Trends</a></b><br><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-= 2BaqM7ONnvsnswouzWAghwR1tMW5-2B-2BlJ-2FW9wGff-2BhQWJTSsrCnnxqqMN2Y6eA-3D-3D= zbV3_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCJ= piwShDeg-2Bz2cZ704VByS9I81OMu59N57EW9L0f-2FWHEOHrnmeQtxWp8ZFgHc9Bo2CzPnhryI= G1nEvU5paVyVX-2BMm0KJu3-2B6mj-2F7XAtTPfenX7OmQ7y9wwKRGnS5hD5b-2BigqVwQHWTKJ= ybZp39-2BFFRaMuh8OV6TIJawHf8M74MGekdduyj-2BVgHN995-2B7d25ZvTC3Rq5FCHqaDDTmA= Rg7fNG-2BJhVT6iSHJnEZqUmScNTcaIVVUTNMEx1pMpn8WiLdbrYQsVu12qNGO3z3VwnLjmCSIz= n-2B1wShwZDjILsxMjA5yDPEBrYe1K79U1XZvl4PV2E5R5lX-2BL38tSQB2GBgAGWlBYzpemYo6= B1UHV7Wppu9nWNaFfybCmOj7TCQpPH2heyaEA7tWaprXM164AYGsEa8TGPr3HS0ObCL2obSFbCW= 8QTOM6ryKNyECuSdcODtWKu8x-2Fa72aQMlhfyrbtPbleJsAScHZDjihzCnthzp6I-3D" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">US Credit Markets Weekly = Wrap*</a></b><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzXgCSKf1bwfMBVcvzSFrVQpVwv2-2BpiqphXyvD7y1rdVHQ-3D-3Dzzl0_P= r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCJpiwShD= eg-2Bz2cZ704VByS9I81OMu59N57EW9L0f-2FWHEOHrnmeQtxWp8ZFgHc9Bo2CzPnhryIG1nEvU= 5paVyVX-2BMm0KJu3-2B6mj-2F7XAtTPfenX7OmQ7y9wwKRGnS5hD5b-2BigqVwQHWTKJybZp39= -2BFFRaMuh8OV6TIJawHf8M74MGekdduyj-2BVgHN995-2B7d25ZvTC3Rq5FCHqaDDTmARg7fNG= -2BJhVT6iSHJnEZqUmScNQAIA4rxbjcPBGr3cTWXVr-2Bqx9y8UzOF7N6ox4CqU0GmP2MGRDJdk= teAReHx-2FkY9NXl2j23nakOMAudeEHfKeNKHKqC2E4HIF-2FKc-2BPc-2BBJyS2gxuewmDOE6o= 6oqOSGU7-2FBixdMr0x9YxWwuQPUEAO9j70arB8lmokfA9W7dhhQ7L-2Ffm5BnztgjdrXrBOrcy= 6kWxjsixfrHC7WZPTFU8lJcZWa-2BS2OR-2B3VECTk-2FauJQFZCxaxIbNUYE9I8-2B6cdePkm4= -3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">US High-Yield B= ond 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-= 2BaqM7ONnvsnswouzXgCSKf1bwfMBVcvzSFrVQpE5RjLL-2FKi4ptnn7Z7fEwAQ-3D-3DX-iA_P= r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCJpiwShD= eg-2Bz2cZ704VByS9I81OMu59N57EW9L0f-2FWHEOHrnmeQtxWp8ZFgHc9Bo2CzPnhryIG1nEvU= 5paVyVX-2BMm0KJu3-2B6mj-2F7XAtTPfenX7OmQ7y9wwKRGnS5hD5b-2BigqVwQHWTKJybZp39= -2BFFRaMuh8OV6TIJawHf8M74MGekdduyj-2BVgHN995-2B7d25ZvTC3Rq5FCHqaDDTmARg7fNG= -2BJhVT6iSHJnEZqUmScNTg9Rsx-2Fv9XtBqvTpcVqWebCBAstou1i6xK4QBiUBTAeDmieDXMHt= qpxUVmm6yzjMC3NrRBjlDg0eOSzWxEvD8rEjvs63J-2BOhxVAY79wqT9PMmtdyEmqQAmAVRC2U2= 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tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">US Private Credit &am= p; Middle Market Weekly Wrap*</a></b><br><br><b>Coming next week (subject t= o change)</b><br><br> =E2=80=83=E2=80=A2 AN: Q3 France Snapshot<br= > =E2=80=83=E2=80=A2 AN: Stablecoins are Imper= fect but Inevitable<br> =E2=80=83=E2=80=A2 AN: European Defense Tech= Overview<br> =E2=80=83=E2=80=A2 AN: Q3 UK Snapshot<br> =E2=80=83=E2=80=A2 Q3 SaaS Comp Sheet<br> =E2=80=83=E2=80=A2 Q3 Healthcare Services Co= mp Sheet<br> =E2=80=83=E2=80=A2 AN: The Trillion-Dollar C= apital Frontier: Sovereign AI<br> =E2=80=83=E2=80=A2 AN: Q3 2025 Italy Snapsho= t</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" 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: 1= 0px; font-family: Whitney, Arial; color: #000000; font-size: 16px; line-height: 1.5;" valign=3D"top"><br> Thanks for reading! 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width: 24%= ; min-width: 24%; text-al= ign: center; float: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 854 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> Companies </div></td> <td style=3D"display: inline-block; width: 23%= ; min-width: 23%; text-al= ign: center; float: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 29 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> Funds </div></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-counts-btn" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"height: 25px; 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