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Edit File: 1760782158.M16867P1691599.server-619288.prediksijaya.com,S=117092,W=119169

Envelope-to: vetyl@ponjosonek.com
Delivery-date: Sat, 18 Oct 2025 17:09:18 +0700
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Date: Sat, 18 Oct 2025 10:08:28 +0000 (UTC)
From: PitchBook Research <news-noreply@news.pitchbook.com>
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Message-ID: <Sp6aeSRMTC2UIUQfYe3iXA@geopod-ismtpd-3>
Subject: Don't call the IPO wave a comeback
To: vetyl@ponjosonek.com

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chains... </span></td>
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orgia, serif; font-size: 44px; font-weight: 500"><span>The Research Pitch</=
span></td>
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             <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&amp;A</span></td>
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ans-serif; font-size: 14px; padding-top: 11px; padding-bottom: 38px"><span>=
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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=
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 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=
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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">&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 AlixPartners</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_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"=
>&nbsp;</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">&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_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>
                              &nbsp;
                              </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 &amp; 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"=
>&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">
                              <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"=
>&nbsp;</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">&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>Industry &amp; Tech</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: 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"=
>&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>
                               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>
                               &nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Webinars &amp; Events</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <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 &amp; 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">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>In the News</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </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">&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>ICYMI</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: 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=
kx_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCJpi=
wShDeg-2Bz2cZ704VByS9I81OMu59N57EW9L0f-2FWHEOHrnmeQtxWp8ZFgHc9Bo2CzPnhryIG1=
nEvU5paVyVX-2BMm0KJu3-2B6mj-2F7XAtTPfenX7OmQ7y9wwKRGnS5hD5b-2BigqVwQHWTKJyb=
Zp39-2BFFRaMuh8OV6TIJawHf8M74MGekdduyj-2BVgHN995-2B7d25ZvTC3Rq5FCHqaDDTmARg=
7fNG-2BJhVT6iSHJnEZqUmScNTd43d-2FZTlezOQ-2BeeibUclrXuIfUSmhGJdNCJBmnJEAORau=
vOsUhGQ5OR7cT-2FNkEUpLEExAKLN85aZPJIjPwacG44MlqsBYB2Fd04Ia-2FLNGa73b-2BX5WL=
ddtAuPEoet-2B-2B8eRen5hAkU-2BWCC766M7L2D2bllJw3kx9-2FJq7xi5JPOXa3Q5BNjNByMC=
n6KgZZdvOfSCmJdjtsFk91kiHUbpFSTVx-2BFrpUd5DLt0JDo0PZa2QeXOfcvgf7dXU54jkKLYc=
WI-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 European V=
enture 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-=
2BaqM7ONnvsnswouzWAghwR1tMW5-2B-2BlJ-2FW9wGffzoaeOWU-2BAXCfUYQ3gvkLDQ-3D-3D=
J5ll_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCJ=
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=
nEvU5paVyVX-2BMm0KJu3-2B6mj-2F7XAtTPfenX7OmQ7y9wwKRGnS5hD5b-2BigqVwQHWTKJyb=
Zp39-2BFFRaMuh8OV6TIJawHf8M74MGekdduyj-2BVgHN995-2B7d25ZvTC3Rq5FCHqaDDTmARg=
7fNG-2BJhVT6iSHJnEZqUmScNSsxsGAWUnFg7XljIQZ71NNYpaaxriPGij8WiuInwhUqKQBsCdF=
QaMuGmrEtBeICVAb20BO3Mgvj-2BQUR5O-2F9olPks28VCsHJblMqVyh6-2BUvHAqX7CT91wTXO=
VlaIUuDIgrF8t9kG0iQfv1PJMJ19nI3ROjLp03xhacCeBFfqoFSpxfZj0Fr8Jmkijhs0teu0UuL=
lJwMHd071R7ayM3MLv8AOGLmOKYJ-2BIlBFrI5DTXp6jV-2FXihr1T80sJuddPo8fTM-3D" sty=
le=3D"color: #1D5080;" test=3D"" universal=3D"true">Q1 2025 PitchBook Bench=
marks</a></b><br><br><b>Thematic research</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzWAghwR1tMW5-2B-2BlJ-2FW9wGffZv75iak6-2BdoknLn8y5wACA-3D-3D=
5Jb-_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCJ=
piwShDeg-2Bz2cZ704VByS9I81OMu59N57EW9L0f-2FWHEOHrnmeQtxWp8ZFgHc9Bo2CzPnhryI=
G1nEvU5paVyVX-2BMm0KJu3-2B6mj-2F7XAtTPfenX7OmQ7y9wwKRGnS5hD5b-2BigqVwQHWTKJ=
ybZp39-2BFFRaMuh8OV6TIJawHf8M74MGekdduyj-2BVgHN995-2B7d25ZvTC3Rq5FCHqaDDTmA=
Rg7fNG-2BJhVT6iSHJnEZqUmScNTLRMw4LSsmZJo-2FF8BpFuCAwXPjZ5ql5lHwXzc7W6Pvd56P=
7LP3-2Fn5MeMZgB2yxYXrpk5Ve5d8PgLvZ4zOStDyYDlKC45AoEgehxlWX1PHf2j2tRlnqdux-2=
FNR3JSQCIOUGCNvEzbfpKYuMzlZwIAXmfXdsFB9RU3HTcGoDMsMEq-2BiK2pw-2BMUn8MDORwia=
02NESFdzpKv3MRz9IPG6UaWcc-2FnRkc-2BORCHKyKywSGSnzWtrhCJB-2F5L05E5uhIPok8QnE=
-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Analyst Note: E=
A's Buyout</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-2FW9wGff2tqRwFUGI-2F7SYQUG21bNCQ-3D-3D=
c-Uc_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCJ=
piwShDeg-2Bz2cZ704VByS9I81OMu59N57EW9L0f-2FWHEOHrnmeQtxWp8ZFgHc9Bo2CzPnhryI=
G1nEvU5paVyVX-2BMm0KJu3-2B6mj-2F7XAtTPfenX7OmQ7y9wwKRGnS5hD5b-2BigqVwQHWTKJ=
ybZp39-2BFFRaMuh8OV6TIJawHf8M74MGekdduyj-2BVgHN995-2B7d25ZvTC3Rq5FCHqaDDTmA=
Rg7fNG-2BJhVT6iSHJnEZqUmScNRWsWqH4nfcbDqyvztTBuJqnlTn6BEtOeQjG4RDV3N3Pbmtzp=
t4Q8jsnUFR6YYQcWsELJXf532g0XJiq5IIfDaz9JkMKKC4pNSXXnBNtiZxrEPSbLvMqzTBoJCat=
DQC6CUDzJMvle-2FifsHJjCQqYyMbGr468uVXsZLjD0s0TKXTB5S7W72DbZKHp08sA-2FJcUFw3=
NpEYRgDXUQU8YpRsuHIdzBpDNkF6Ei9MFwfjCQJipqCy46oQlMJNGNHuE99i8iE-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">Allocator Solutions: How =
Much Alpha Is There in Private Markets?</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-2FW9wGffBtJ-2FfEd-2BB6eG7Ldw7-2BsDaw-3=
D-3DLG2-_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N=
VRCJpiwShDeg-2Bz2cZ704VByS9I81OMu59N57EW9L0f-2FWHEOHrnmeQtxWp8ZFgHc9Bo2CzPn=
hryIG1nEvU5paVyVX-2BMm0KJu3-2B6mj-2F7XAtTPfenX7OmQ7y9wwKRGnS5hD5b-2BigqVwQH=
WTKJybZp39-2BFFRaMuh8OV6TIJawHf8M74MGekdduyj-2BVgHN995-2B7d25ZvTC3Rq5FCHqaD=
DTmARg7fNG-2BJhVT6iSHJnEZqUmScNTJfO1V-2ByNLdjxNKaPC0tmR-2BEH1KXTfnREltzyE-2=
FBOeCOS5DA9t8HYy6UgQ6dfAwCJL8X24FYzDBNKkPBMzc4FZjiVL4YMW5ud36rXB50xGlaJ5HeX=
EJGm1Y4usnVxxi3TdJ2jUjpmFLetXSCFd6wpTDoGhaKla7xMVzr6Pe8fQjbRYxKNWC52kbNbsxZ=
MuHfODHZES-2B56x-2FlfUjY6UsnrJ43fmZY292NS-2BZG2YIBqMl-2BxBxB1X0KYyy5YhrkOL1=
w4-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Analyst Note:=
 Discord IPO Preview</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-=
2BaqM7ONnvsnswouzWn62sMPFp1p8Ru0fDSUjE9gDYxXWD2Iva3SM93FpoLvQ-3D-3Dt4Pq_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCJpiwShDeg=
-2Bz2cZ704VByS9I81OMu59N57EW9L0f-2FWHEOHrnmeQtxWp8ZFgHc9Bo2CzPnhryIG1nEvU5p=
aVyVX-2BMm0KJu3-2B6mj-2F7XAtTPfenX7OmQ7y9wwKRGnS5hD5b-2BigqVwQHWTKJybZp39-2=
BFFRaMuh8OV6TIJawHf8M74MGekdduyj-2BVgHN995-2B7d25ZvTC3Rq5FCHqaDDTmARg7fNG-2=
BJhVT6iSHJnEZqUmScNS1plXb60Le2sfMvoy65NsJHDoScoyZBiQlD6-2B3ffaYOiVc8w5Hjo-2=
FsID64hjnOQJSs9HpaYRY34GtxD97jWUcLyefp-2F77CT7mQLEtVihs5HlIo-2FcpCaAcgGkY2q=
dt0qPUIJnijaiexpRKIegQKGEYe1fDm27kvvuTDJGohun3GJ-2Fyp5UZslXnsCbXfRaeUII4ztY=
R7SgtkzhtNbnMjXED17p5lxM9Ds1WVV3TmPsL-2FLXO1cvbDXw3cd86gR71dTic-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">H1 Healthcare Funds Repor=
t</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-2FW9wGffDU76BQP-2Fz3q7WShM0KJ9Xg-3D-3D=
YGEJ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCJ=
piwShDeg-2Bz2cZ704VByS9I81OMu59N57EW9L0f-2FWHEOHrnmeQtxWp8ZFgHc9Bo2CzPnhryI=
G1nEvU5paVyVX-2BMm0KJu3-2B6mj-2F7XAtTPfenX7OmQ7y9wwKRGnS5hD5b-2BigqVwQHWTKJ=
ybZp39-2BFFRaMuh8OV6TIJawHf8M74MGekdduyj-2BVgHN995-2B7d25ZvTC3Rq5FCHqaDDTmA=
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=
ruOZoeUJdzbbCtjlJPSU6ksR9NrZokpObUFq6GnHSxQnDG6piB1F07cUwlNBnLZYqY2DFnnrsJQ=
Ii-2FpR-2BOIYDgL4qfDK1PjEhdu2xOedtGp5mbW959zonu5XsoN4OuoSrnXY-3D" style=3D"=
color: #1D5080;" test=3D"" universal=3D"true">Global CLO 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-=
2BaqM7ONnvsnswouzXgCSKf1bwfMBVcvzSFrVQpXduOzhxUw6ihPk6kbXXVsQ-3D-3DEjZU_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCJpiwShDeg=
-2Bz2cZ704VByS9I81OMu59N57EW9L0f-2FWHEOHrnmeQtxWp8ZFgHc9Bo2CzPnhryIG1nEvU5p=
aVyVX-2BMm0KJu3-2B6mj-2F7XAtTPfenX7OmQ7y9wwKRGnS5hD5b-2BigqVwQHWTKJybZp39-2=
BFFRaMuh8OV6TIJawHf8M74MGekdduyj-2BVgHN995-2B7d25ZvTC3Rq5FCHqaDDTmARg7fNG-2=
BJhVT6iSHJnEZqUmScNTHbq3KK8zdiMwBPfUhAT89q9LJSnVqksE3MrKCqpXTOYNYsLYsh6pWA2=
oL4vRT5Vfh2xODI3Q1noiFnuJiA7eo3xJTuh-2BrRxE3erHrkZBQesrVaJpPwSfz4MOu52qEpYf=
vnqOum4n7kn0DfqgqsF4-2FnxbaPphsW7gqqJiwczl0B7J-2BntBL5ayFTWbjKPYpU8ahzWztLB=
HhR0-2BvKe9H0lEV8rAshrKWYb14Dnh8WlM2ZQeUdzmd0n-2F3Emoeo3Bcapo-3D" style=3D"=
color: #1D5080;" test=3D"" universal=3D"true">Global Distressed Credit Week=
ly 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-=
2BaqM7ONnvsnswouzXgCSKf1bwfMBVcvzSFrVQpXduOzhxUw6ihPk6kbXXVsQ-3D-3DphNf_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCJpiwShDeg=
-2Bz2cZ704VByS9I81OMu59N57EW9L0f-2FWHEOHrnmeQtxWp8ZFgHc9Bo2CzPnhryIG1nEvU5p=
aVyVX-2BMm0KJu3-2B6mj-2F7XAtTPfenX7OmQ7y9wwKRGnS5hD5b-2BigqVwQHWTKJybZp39-2=
BFFRaMuh8OV6TIJawHf8M74MGekdduyj-2BVgHN995-2B7d25ZvTC3Rq5FCHqaDDTmARg7fNG-2=
BJhVT6iSHJnEZqUmScNQGaT4d77CSsguMQsJmJBtzBJm4UMlWVWNurjUvgx5h7Rf4Vdd-2Fnqy-=
2F0cqd4uUsfjPVImK-2Fm8Ss1PoW1-2FkcGXJY9AWskx06RHJJ2uxAaqOh4HLJHNK1pycVvzD-2=
BgsnhERBs5nHn0fAAhFX67VcsmTVh5REV4Aw4kZHeTc42GMtyeSWD2fZSD7oQ0V-2ByurXsvmgD=
Yq-2Bh1GXiRrVyArGkL2yyasuiAI-2B6fV2Y2lrUwhYVdcFkDJJ6XLa-2BtCZhRKauQwU-3D" s=
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">&nbsp;</td>
                </tr>
                <tr>
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g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
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                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
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nuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCJpiwShDeg-2B=
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pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%;    =20
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dth: 100%;">
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                     <td style=3D"padding: 10px 0 5px; font-family: Roboto,=
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                      <table lang=3D"x-counts-title" cellpadding=3D"0" cell=
spacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
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                        <tr>
                         <td align=3D"center" style=3D"font-family: Roboto,=
 Arial, sans-serif; font-weight: 700;
                                        font-size: 14px; line-height: 27px;=
 color: white; padding: 26px 57.2px 37.3px 57.2px; white-space: nowrap;">Si=
nce yesterday, the PitchBook Platform added:</td>
                        </tr>
                        <tr>
                         <td>
                          <table lang=3D"x-counts-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%; t=
able-layout: fixed;">
                           <tbody>
                            <tr>
                             <td style=3D"display: inline-block; width: 24%=
; min-width: 24%;
                                                    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;">
                              619
                              </div>
                              <div class=3D"count-type" style=3D"float: non=
e; font-family: Roboto, Arial, sans-serif;
                                                         color: white; font=
-size: 12px; line-height: 24px;
                                                         padding: 2px 8px 0=
 8px; -webkit-text-size-adjust: 100%;">
                              Deals
                              </div></td>
                             <td style=3D"display: inline-block; min-width:=
 24%;
                                                    width: 24%; 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;">
                              2077
                              </div>
                              <div class=3D"count-type" style=3D"float: non=
e; font-family: Roboto, Arial, sans-serif;
                                                         color: white; font=
-size: 12px; line-height: 24px;
                                                         padding: 2px 8px 0=
 8px; -webkit-text-size-adjust: 100%;">
                              People
                              </div></td>
                             <td style=3D"display: inline-block; width: 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
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                              <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>
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                           </tbody>
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                        <tr>
                         <td>
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llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
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                            <tr>
                             <td style=3D"height: 25px; line-height: 25px;"=
></td>
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                            <tr>
                             <td align=3D"center" style=3D"padding: 0 133px=
 13.3px 133px;">  <a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzXgCSKf1bwfMBVcvzSFrVQpbUzIqoPpFKRoW5az9DEj0w-3D-3DfcP=
C_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRCJpiw=
ShDeg-2Bz2cZ704VByS9I81OMu59N57EW9L0f-2FWHEOHrnmeQtxWp8ZFgHc9Bo2CzPnhryIG1n=
EvU5paVyVX-2BMm0KJu3-2B6mj-2F7XAtTPfenX7OmQ7y9wwKRGnS5hD5b-2BigqVwQHWTKJybZ=
p39-2BFFRaMuh8OV6TIJawHf8M74MGekdduyj-2BVgHN995-2B7d25ZvTC3Rq5FCHqaDDTmARg7=
fNG-2BJhVT6iSHJnEZqUmScNSybAYblkDS2oHnSSOAY3kdy52TaTfKrbfLBLfacHFYDZUtJPFGM=
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2FWJ900NW5v4vn9DiWuITlY6g2tZ-2FvCHuW84m6DWfxjHpV8Hnx-2FstmdFUG1GoAIjyD-2B8a=
vFRpSHz3jh5ZOa9IWC29KgP-2FFdXwJ3sfYdevVtKNe6PJRpkRE3c4SYT-2FpxdnT-2FzX6E-3D=
" target=3D"_blank" style=3D"display: block;
                                                          font-family: Robo=
to, Arial, sans-serif;
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none;
                                                          line-height: 24px=
;
                                                          text-align: cente=
r;
                                                          padding: 9.5px 21=
.5px;
                                                          border-radius: 99=
9px;
                                                          background-color:=
 #F79B3E;"> Request a free trial </a> </td>
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                         <td style=3D"padding: 0;"><a target=3D"_blank" hre=
f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
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DjTSGHcSezscFTkOxO-2Bqj9sVbUPKksdC2E8Yhtxdkso1rRYgTtZpF8XzzZoMCLtbcbQSSvk1B=
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