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Edit File: 1761387004.M585667P3326129.server-619288.prediksijaya.com,S=135723,W=138127

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Date: Sat, 25 Oct 2025 10:09:21 +0000 (UTC)
From: PitchBook Research <news-noreply@news.pitchbook.com>
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Subject: US PE finds strength after struggle
To: most@ponjosonek.com

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0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Eur=
opean defense tech</b>: The shock of Russia=E2=80=99s 2022 invasion of Ukra=
ine reshaped priorities across the region. Our analyst note takes an in-dep=
th look at Europe's defense tech ecosystem as it undergoes its biggest tran=
sformation in decades, with private capital now viewing it as a legitimate =
and scalable asset class after years of underinvestment. <b><a href=3D"http=
s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
rf6GFa-2BaqM7ONnvsnswouzWG2JXM-2BkjJ9zUDAp2vNxVQOHAax-2FMFnj3yPBojdIkt1A-3D=
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F3q-2B6-2FvOKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ8mFGD6RO0icl=
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z1dBoRo-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Read it =
here</a></b><br><br><b>Q3 comp sheets</b>: Our latest guides on public comp=
any valuations and financials are now available for <b><a href=3D"https://u=
rl6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF=
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xUJkH68ERIjmi-2BMCLlUoRSDeApqE81QKrE0CEju9ku2j31zDxvV6OA-2B0DWU-2BpYrLkY6i4=
SF9gRnnIG3qn4V3kpM6l6spODRMcE3-2B3oaxYPClFoU-2FeZ4xqwU9UBlsSD3Sq1CSSeQ4pN7Q=
rl7FIPN47CJYfnmjq3IQ2C-2FARN0Gof1Jml-2FqGcNRIEtfwCNHAp3ojmIbGU39Dm7Y-2FKdHU=
8mscMWFZ6lxgdL9yNP7B-2BmGIdX78pvdrZxKZEm5AEYZ5MsZdz09v8dxGyp5wpxOUQquVo-3D"=
 style=3D"color: #1D5080;" test=3D"" universal=3D"true">SaaS</a></b> and <b=
><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n7=
3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWG2JXM-2BkjJ9zUDAp2vNxVQBCq6KAFxUDI=
14bqjbtHWFw-3D-3DABZf_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb=
dWeUgFVa0m8PzsF3q-2B6-2FvOKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8=
hJ8mFGD6RO0icl8-2Bzr3yh96hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN7Vwk=
oRK6ZfkrMUCLewtXg1YF1LAqGm8UjAoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C8FzkL=
f-2FvUNpIupkeWPo-2BxUJkH68ERIjmi-2BMCLlUoRTMz4PkrHXzWOSmBL-2FTGqoNgc7LzJ8Iv=
qLIN01iVx6Z-2FUTKym6tsHheaezuECCpDlWE3lVtZfL4ww51mA1R030BPh4k-2BKgTBpPjJNRc=
dHG8BMU4qA54b2wNcraPwNX9MIXZHqwWnc0YKMlvpDfF3newcNsQ4xEIpdM4fGAFeutFXw5FxjE=
F4qIFH8kofI27-2B1FKM867PEIhBXeporljCBMs1l6JbAfnoL8KA2vZ8vSyNiKX1Py-2FBLJMIA=
JFolqSN6k-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">health=
care services</a></b>.<br><br><b>The state of ESG</b>: We surveyed investme=
nt leaders to understand how strategies are changing around ESG, DEI and Im=
pact in today=E2=80=99s volatile social climate. Join Tuesday's webinar, wh=
ere we'll unpack the survey=E2=80=99s findings. <b><a href=3D"https://url63=
80.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7=
ONnvsnswouzWG2JXM-2BkjJ9zUDAp2vNxVQKDTWpJHrX7dJvTDyEv5fDg-3D-3DeHJJ_I3w5d9c=
01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF3q-2B6-2FvOKtY=
9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ8mFGD6RO0icl8-2Bzr3yh96hY7Y=
6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN7VwkoRK6ZfkrMUCLewtXg1YF1LAqGm8Uj=
AoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C8FzkLf-2FvUNpIupkeWPo-2BxUJkH68ERI=
jmi-2BMCLlUoRRL6xU1iHbJzKbtXoyGN7E8kYU0ZEkR1ztmoZQyw175VddQB-2Bs0U4KPXgCRU8=
kSgdzfZG0K3NzAWeF96NIt38HLLwXEOpY9AJF4nO4IDngSf-2BdsmIVtYCCfx4t0V3GbScWEA2Z=
kMByj-2ByDMHR3fNcgCGBgftIeRtSFgYzzDJA4vB1ayQmAs-2BKq4DWg155Gw-2FgiYaOzPNGwN=
MPk9eoaW-2FA8t4ukmlNqY7wIVnqTDHglMCVudrWmwqXCNMrSJmbJPsXo-3D" style=3D"colo=
r: #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>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_573929" id=3D"n_573929" 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;"> AI use in PE due diligence dou=
bled from 2024 to 2025 </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>
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                              <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-2BaqM7ONnvsnswouzWG2JXM-2BkjJ9zUDAp2vNxVQjUvyd2DV9Q1Wj=
x9ekgbdMg-3D-3Dk-VO_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW=
eUgFVa0m8PzsF3q-2B6-2FvOKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ=
8mFGD6RO0icl8-2Bzr3yh96hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN7VwkoR=
K6ZfkrMUCLewtXg1YF1LAqGm8UjAoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C8FzkLf-=
2FvUNpIupkeWPo-2BxUJkH68ERIjmi-2BMCLlUoRSThwhLE9nVmkcMBqLgkqzw5xYAdZnsSC9ca=
B-2BZp9N1-2FDV0XTo9d8PXW3y4yAwnkaltj6ryL56unN-2BSNzk0LP-2BrrJCHJtPYW7WSSQ9Y=
IYS-2FArIsNUeQE0tpiR7esUVbJXGVYyOomXUyjbW1oSKZy3m7KYYp670wjwf-2FV65E8WTllQd=
frTwdW6ZdeN3yQ5-2Fm-2BWrv2daCKJ3awrX0K4ERDXZsEKRmlaBOvvQauO-2F-2FQSaIe9UTKP=
6OJ-2Fb34-2FWWHMJESco-3D"> <img align=3D"center" alt=3D"" src=3D"https://im=
g.pitchbook.com/news/71018.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>Last year=E2=80=99s AlixPartners Priv=
ate Equity Leadership Survey revealed a major shift: AI adoption in due dil=
igence jumped from 18% to 38% in just twelve months. The pace of change acr=
oss deal teams and portfolio operations is accelerating=E2=80=94and with it=
, new questions about leadership, talent, and execution.<br><br>
                               As the 11th Annual PE Leadership Survey laun=
ches, AlixPartners is asking: how are firms turning AI potential into measu=
rable value?<br><br>
                               Your experience can help define the next cha=
pter of private equity leadership. AlixPartners invites you to share your p=
erspective=E2=80=94take the survey today and ensure your voice is included =
in this year=E2=80=99s results.<br><br><a href=3D"https://url6380.news.pitc=
hbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW=
G2JXM-2BkjJ9zUDAp2vNxVQjUvyd2DV9Q1Wjx9ekgbdMg-3D-3DI_U5_I3w5d9c01gkD8gLzFEo=
fZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF3q-2B6-2FvOKtY9JOwqsfY4yO6=
Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ8mFGD6RO0icl8-2Bzr3yh96hY7Y6OeRDXkK6ADL=
6H9abtM-2BlnL55WGiPSYBCFKHWgjN7VwkoRK6ZfkrMUCLewtXg1YF1LAqGm8UjAoUoImGOVnwj=
vIvghRor4PNHfbIb3qt-2BioX106C8FzkLf-2FvUNpIupkeWPo-2BxUJkH68ERIjmi-2BMCLlUo=
RSQN47TsioK3HbM8rI4iGNzO0f3VoBIajs4sATiLTuqLNJouV2nIocq5bYaDrgJjHXocHiRt95T=
xAVN8GF66v1wbSQS3bdTsXerGaP6lFWG4YnaSZH9MzmlREEeRE-2BR68G75Se-2FhNYycJvUj1n=
pbv8YLVL97EQq5YWtijg0BODHrGsavxEEKlCLeKLT5l2kMdJb9OSc6ObuU8OdmUlcmTXLfzoe9h=
Fg-2BQ2B-2Blp-2BIp1eoOthtwTk7L5BLTfym0RRDjg-3D" style=3D"color: #1D5080;" t=
est=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_573757" id=3D"n_573757" 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;"> US PE: What doesn't kill you m=
akes you stronger </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>
                              After a turbulent first half of the year driv=
en by policy uncertainty, tariff risk and geopolitical tension on top of pe=
rsistent inflation and still-high interest rates, US private equity markets=
 appear to have come out the other side with renewed risk appetite and stro=
ng dealmaking activity.=20
                              <br>
                              <br>
                               Private equity deal activity reaccelerated i=
n Q3, with improved investor confidence as markets adjusted to market volat=
ility.=20
                              <br>
                              <br>
                               Q3 deal activity experienced both quarter-ov=
er-quarter and year-over-year growth, building on the momentum seen in the =
robust first quarter of the year. Total US PE deal count is on pace to surp=
ass 2024 levels, while deal value has already exceeded last year's total. T=
he impressive growth in deal value is driven largely by a surge in mega-dea=
ls, reflecting the risk-on sentiment returning to the market.
                              </div>
                              <div>
                              <br><a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWG=
2JXM-2BkjJ9zUDAp2vNxVQLVuR7e6rTuPHiyyg4WtNgw-3D-3DlJvX_I3w5d9c01gkD8gLzFEof=
ZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF3q-2B6-2FvOKtY9JOwqsfY4yO6Q=
u8xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ8mFGD6RO0icl8-2Bzr3yh96hY7Y6OeRDXkK6ADL6=
H9abtM-2BlnL55WGiPSYBCFKHWgjN7VwkoRK6ZfkrMUCLewtXg1YF1LAqGm8UjAoUoImGOVnwjv=
IvghRor4PNHfbIb3qt-2BioX106C8FzkLf-2FvUNpIupkeWPo-2BxUJkH68ERIjmi-2BMCLlUoR=
QEBv1TedJMKjTkfNOBgcAxBDYB5OfFgk3YP9ngFsWEJWG97KyoTjfFG-2FKItw-2Bbm4g5h7NSx=
LiPeDUBYp7L9OCW5NlReB-2Fw17OfaNoacrSLF5QsxHlogQsFFE4amkSB6A708FEnLDXVynjBVD=
Pvew9Q8kacXLiTMuSWfXUzdFXK-2BCZZ8s-2F681enJsMU5OhDggBJXB-2FaMvaK7uH9gw-2FZw=
XJoC8tMEEzeTVInT6mHP1mFtwCW4uh0AmEHoqh4XIVr6kw-3D" universal=3D"true"><img =
align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/70915.png" =
style=3D"border: none; max-width: 420px;"></a>
                              </div>
                              <div>
                              &nbsp;
                              </div>
                              <div>
                              Exit activity presented a mixed picture. Whil=
e exit value declined for the third consecutive quarter, the PE industry ha=
s already outpaced full-year 2024 levels thanks to a higher volume of $1 bi=
llion-plus exits.=20
                              <br>
                              <br>
                               Also notable is the 22% QoQ increase in exit=
 count, which suggests that more assets are beginning to move through the s=
ystem. The growth in exit count is welcomed, as exit count recovery lagged =
that of exit value in the recent exit slowdown of the past three years.=20
                              <br>
                              <br>
                               PE-backed IPO activity remained healthy thro=
ugh Q3, another encouraging sign of a more robust recovery in the exit envi=
ronment. However, the recent government shutdown throws a wrench into an IP=
O revival that had been gaining steam.=20
                              <br>
                              <br>
                               Looking ahead, the Federal Reserve's 25 basi=
s point rate cut in September=E2=80=94and the possibility of further easing=
 before year-end=E2=80=94could provide a much-needed boost to deal and exit=
 activity, offering a potential tailwind for sustained momentum across the =
PE landscape.=20
                              <br>
                              <br>
                               Still, absent a sudden sharp revival in exit=
 flows in the final quarter of the year, fundraising is likely to remain ch=
allenged, constrained by limited distributions to LPs. Fundraising activity=
 is expected to post a second consecutive year of declines in both fund cou=
nt and capital raised.=20
                              <br>
                              <br>
                               For more data and analysis, download our <a =
href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWG2JXM-2BkjJ9zUDAp2vNxVQwuxs-2B52iKMfr7=
fOmK5fgSA-3D-3DSFHZ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW=
eUgFVa0m8PzsF3q-2B6-2FvOKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ=
8mFGD6RO0icl8-2Bzr3yh96hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN7VwkoR=
K6ZfkrMUCLewtXg1YF1LAqGm8UjAoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C8FzkLf-=
2FvUNpIupkeWPo-2BxUJkH68ERIjmi-2BMCLlUoRTsmB6e0aGWiXg-2BoBXLk0Eacq0G3Ugvdy6=
2PwCk9OvQ4LlBX78ePPWLr8fiJwVt2BZQfxBa3ON-2FFO2EJDm5nZgq3N5-2BxI6qr0pwOGgMN-=
2F-2F47MVHMiH-2FiR4U7MWOHGvU9xxMTPaX4ymXRDJdJFUMZKyTq-2BwsjwuEcMQb-2BNB0tXd=
Q7bCHEFTq-2Fp9FaVal5tAP1tKBTcFYMja0mh-2FE4dzJdPswuL0LZInvfyb7NGxmKliEPiFl7R=
bclFvZ49ZMHZiG8QM-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true=
">Q3 2025 US PE Breakdown</a>.
                              </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-2BaqM7ONnvsnswouzWG2JXM-2BkjJ9zUDAp2vNxVQLVuR7e6=
rTuPHiyyg4WtNgw-3D-3DMGqP_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsF3q-2B6-2FvOKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfj=
IhB8hJ8mFGD6RO0icl8-2Bzr3yh96hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN=
7VwkoRK6ZfkrMUCLewtXg1YF1LAqGm8UjAoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C8=
FzkLf-2FvUNpIupkeWPo-2BxUJkH68ERIjmi-2BMCLlUoRRtSrbxCVU6YF2PCtzzRta8lXjmbPI=
Op0L4Mt-2F1gbMLw4oRifjdwCQmQJgVm3hVJ6nrud7B-2BRE-2F1UGUPin1UlILp1Co0hjf4rHi=
6vwrHJ8McNtCQ81jPCgg2tq9e6XoUXI75EES-2FHwJHLkRC5EzFFFSJo-2B5X5IDHz0iMp-2Fv4=
JmmRzjbeJ8CftEqTePy7zlzWEPvkEjW9vw4X8ObuLmy6xdPpB308ve9J8OllxyckpSIlzhWeO3m=
BsmnVb-2Fl4McDWIA-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/708=
90.png" 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:jinny.=
choi@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Jinny Choi</a><br>
                               Senior Analyst, Private Equity</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>Thematic Research</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-2BaqM7ONnvsnswouzWG2JXM-2BkjJ9zUDAp2vNxVQRqa6tG=
5mCn9BXs4yMQGU7A-3D-3D6Dev_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1=
yZbcbdWeUgFVa0m8PzsF3q-2B6-2FvOKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRf=
jIhB8hJ8mFGD6RO0icl8-2Bzr3yh96hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgj=
N7VwkoRK6ZfkrMUCLewtXg1YF1LAqGm8UjAoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C=
8FzkLf-2FvUNpIupkeWPo-2BxUJkH68ERIjmi-2BMCLlUoRRZEat6AW9ZAkkrcIkIr3eNSYkGQu=
3-2Fjucl2kWh2-2BSXYPkFW4JqUCG5tb8zXlrdVJnV5Hz9SJdLNC086cxLCt2MNgWGw5rT8mor1=
9jZPsuKtva0-2FUP-2FUW4TrCS0zVhaUTRpn7eryiffoTL8gkPFKJgTA4lyitaS4YTCaXEXiV0W=
EsmLiYFl-2BY2tlfgmLS429evqiPMRHARc5Wi-2BESLc-2FBmlm9MW30F0MCWKvZg-2FgHBnBRf=
aAMIQBU-2FN60PK0VEwmHA-3D" style=3D"color: #1D5080;" test=3D"" universal=3D=
"true">Stablecoins are imperfect but inevitable </a></big></b><br><br>
                               Stablecoins are quietly becoming the new fin=
ancial plumbing=E2=80=94not by replacing banks but by reshaping how money m=
oves through them.<br><br>
                               In many markets, stablecoins are no faster o=
r cheaper than existing payment methods, but they are spreading anyway beca=
use they solve problems traditional systems still cannot: moving value inst=
antly across borders, blockchains, and time zones.<br><br>
                               This report maps the value chain and explain=
s how stablecoin transactions work end-to-end.<br><br>
                               It also identifies which use cases, geograph=
ies, and business models justify investment versus where traditional rails =
remain superior.<br><br><em><b><a href=3D"https://url6380.news.pitchbook.co=
m/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWG2JX=
M-2BkjJ9zUDAp2vNxVQRqa6tG5mCn9BXs4yMQGU7A-3D-3DkQlj_I3w5d9c01gkD8gLzFEofZR-=
2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF3q-2B6-2FvOKtY9JOwqsfY4yO6Qu8x=
dPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ8mFGD6RO0icl8-2Bzr3yh96hY7Y6OeRDXkK6ADL6H9a=
btM-2BlnL55WGiPSYBCFKHWgjN7VwkoRK6ZfkrMUCLewtXg1YF1LAqGm8UjAoUoImGOVnwjvIvg=
hRor4PNHfbIb3qt-2BioX106C8FzkLf-2FvUNpIupkeWPo-2BxUJkH68ERIjmi-2BMCLlUoRS0I=
-2Bi3vcgUYJIQvvwMKGvmn7jL9ZckE-2FaxjBuoidnEAh29R6wRLtF57U3u85Dx9xGWZtQtTfVN=
u8D-2FbS9JPjFFxHPNc4mm98K-2FnMEz3t3Esz9AaHKpv2bhtZ-2BFQ2VIO3-2FqdEo7RjrPMCp=
HBKeBZyQOZzEFLINkuc7DkyKR-2B5bnghxkCCe3JayASmpts6mOYjhSQ6tn6XEdnmL0dEM8eO8t=
c-2B0-2B-2B7FanEWq2dbDbtsx2x2Bqk5Q71P5EHy9OwIFQoo-3D" style=3D"color: #1D50=
80;" test=3D"" universal=3D"true">Read the analyst note</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>Q3 Country Snapshots</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-2BaqM7ONnvsnswouzWG2JXM-2BkjJ9zUDAp2vNxVQBHY7ft=
nsWhFMInGwFqj5Vg-3D-3Dr56o_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1=
yZbcbdWeUgFVa0m8PzsF3q-2B6-2FvOKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRf=
jIhB8hJ8mFGD6RO0icl8-2Bzr3yh96hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgj=
N7VwkoRK6ZfkrMUCLewtXg1YF1LAqGm8UjAoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C=
8FzkLf-2FvUNpIupkeWPo-2BxUJkH68ERIjmi-2BMCLlUoRS5wUm8AnIUuNAwAAaiQEhnu-2BrM=
3aEtT4c5EAUAsn9U0f769IRWHnyPaoAnjVixU-2Fr-2BUMgIsvjUIO-2FMozmCcPvAMW1VmF14X=
Zc3z0pB-2F83Qu8dVgGgczjsFE62IabYB-2F3HdN0D7Wv3yg9Gd4F72jZYAJRqjk9VtCvVjw4VD=
1J3YVZk-2BPnVWDherCjM8i70HVjwToHBXxn8jtEcxgkCncopjQAvpKLwsjbfZed9JayYq4dvEb=
nPDVcv28HFWgATuGcc-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tru=
e">UK </a></big></b><br><br>
                               PE dealmaking surged to near-record highs, h=
itting =C2=A354.4 billion, powered by major buyouts and growing US investor=
 participation.<br><br>
                               Exit value also rebounded strongly, led by a=
ctivity in finance and healthcare.</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-2BaqM7ONnvsnswouzUgnY-2F3guJoea8g6t4RI-2BHGXYC2m=
ZSfKwTYDVEZ5hOHuQ-3D-3D34DG_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t=
1yZbcbdWeUgFVa0m8PzsF3q-2B6-2FvOKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlR=
fjIhB8hJ8mFGD6RO0icl8-2Bzr3yh96hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWg=
jN7VwkoRK6ZfkrMUCLewtXg1YF1LAqGm8UjAoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106=
C8FzkLf-2FvUNpIupkeWPo-2BxUJkH68ERIjmi-2BMCLlUoRRQsbo5qBSjf861y8VQEhslHa5WY=
KW-2F9YSlB8f22Ceb3xDAVwDGnOMeCS2186Wm0uU79OhjMO0cE55D07MWlA-2B-2Btzi3luy9yj=
NyN5lMDRbW5-2FPT1NapDYBYayV0gP44pnxYX9WwpifB67aRmGP3OZIK-2FrNi-2BjXxvJxjI2h=
4o93cIP3o-2FQWevnA5wBhpVzHLAKMIWLEyfBKO-2Bs56Lf45ZcjWh8-2B0nlGovVs0CMKRtbAH=
Eg6vLHUmAqQv7pC28e2pM9E-3D" universal=3D"true"> <img align=3D"center" alt=
=3D"" src=3D"https://img.pitchbook.com/news/71036.png" style=3D"border: non=
e; max-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>
                               Meanwhile, VC showed strength in deal value,=
 climbing to =C2=A33 billion, with AI in the spotlight again.<br><br>
                               However, fundraising across both asset class=
es softened, suggesting LP caution and smaller fund strategies are taking h=
old. Macroeconomic uncertainty, delayed rate cuts, and looming tax reforms =
continue to shape investor sentiment.<br><br><em><b><a href=3D"https://url6=
380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2=
BaqM7ONnvsnswouzWG2JXM-2BkjJ9zUDAp2vNxVQBHY7ftnsWhFMInGwFqj5Vg-3D-3Dqdoy_I3=
w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF3q-2B6-2F=
vOKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ8mFGD6RO0icl8-2Bzr3yh9=
6hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN7VwkoRK6ZfkrMUCLewtXg1YF1LAq=
Gm8UjAoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C8FzkLf-2FvUNpIupkeWPo-2BxUJkH=
68ERIjmi-2BMCLlUoRStFiStU278XzT6UffUO7yIS-2FyPtxoBklNZ0vHk1GsHYlZUzKHp9PzSc=
M-2F1-2FNy5t-2FwwzwXfPcfy4zCHxi57k2OpMAHORKI-2B87QNKcHLmaHFX0Kj0fsv-2BSJOYk=
9N-2FIk4fyXNwHA2QIG7XeXDCpFDkNfR5idyKGZN5iVQcImAChPyxxa6IDgB01T2K9Fm-2F4LQl=
QnVTIGTyJFG5IF6aKV3NbXh8jrKynEw6wPKwUZw0QB8CKtTG23zT8KWZTpSHfigUZc-3D" styl=
e=3D"color: #1D5080;" test=3D"" universal=3D"true">Read the report</a></b><=
/em></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                        <tr>
                         <td colspan=3D"2" style=3D"padding: 0 20px;">
                          <table class=3D"                " lang=3D"x-news-=
group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid=
th: 100%; min-width: 100%;    =20
">
                           <tbody>
                            <tr>
                             <td style=3D"padding-bottom: 25px;">
                              <table class=3D"" cellpadding=3D"0" cellspaci=
ng=3D"0" style=3D"width: 100%; min-width: 100%;
                                                                           =
                                                         border-bottom: 1px=
 solid #C3C3C3;
                                                                           =
                                                 ">
                              <tbody>
                              <tr>
                              <td style=3D"padding: 1px 0 0 0; line-height:=
 0;"></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 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-2BaqM7ONnvsnswouzUgnY-2F3guJoea8g6t4RI-2BHGgneF=
ktNBFgqcCzrYgoK8Qg-3D-3D9dlv_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3=
t1yZbcbdWeUgFVa0m8PzsF3q-2B6-2FvOKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zl=
RfjIhB8hJ8mFGD6RO0icl8-2Bzr3yh96hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHW=
gjN7VwkoRK6ZfkrMUCLewtXg1YF1LAqGm8UjAoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX10=
6C8FzkLf-2FvUNpIupkeWPo-2BxUJkH68ERIjmi-2BMCLlUoRR-2BQWWIzZ69f4gEDra9LB6rk6=
X32p-2FFX4hF3XhbU5ibsLw7opDNkUmlBLyOfrb-2FgDN2Veyy5BuUa4T6p7eP6EHUUQIlGfOMq=
D2g6smxwV1eKqa2KwXEd4E03EKretvLxS5VKNlaNqOXf9PaaQb6VpWIU-2F-2FtIr9b77QzxGA6=
FsSjxp7x1mKpLfqxR060yqS5L-2BPHXHkqw5ptsd6kjnlRbTHg4gY0TQEacrubY1XWY9wU8iRwV=
4Z1J9JbCqqLDnNlsfs-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tru=
e">France </a></big></b><br><br>
                               French public markets in Q3 clawed back thei=
r losses from the early-quarter tariff shock, but the momentum remained fra=
gile. Private markets lagged as sponsors took a wait-and-see approach, and =
deal activity slowed and fundraising cooled during the quarter.<br><br><em>=
<b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4=
n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUgnY-2F3guJoea8g6t4RI-2BHGgneFktN=
BFgqcCzrYgoK8Qg-3D-3DnPOb_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsF3q-2B6-2FvOKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfj=
IhB8hJ8mFGD6RO0icl8-2Bzr3yh96hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN=
7VwkoRK6ZfkrMUCLewtXg1YF1LAqGm8UjAoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C8=
FzkLf-2FvUNpIupkeWPo-2BxUJkH68ERIjmi-2BMCLlUoRSYrBWOJutxH8PlSZEFIEZIIERpo-2=
FYCS4lAydd1NcqOtCCfejLV3HFWSvVLMR-2Btl-2BgfO8p9APwJTwk0Id9-2BqiL-2FXoZANUBJ=
SxxiZNr7BW8vYj7ajL2vIgqnLHDMRYE0Kpf4SPycjWLiNCOv4j6fH7Nms7Vpi2G0WHg4zMTpp9g=
iQzYl5cgn1k7J2yPUZSfHP-2B9h9lAnCm4m4AyPrE9gw8OMae-2F33uOPjXxn5-2BnbY5t9eS4x=
nIStRtFcrCHTOyFe9G8-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tr=
ue">Read the report</a></b></em></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                        <tr>
                         <td colspan=3D"2" style=3D"padding: 0 20px;">
                          <table class=3D"                " lang=3D"x-news-=
group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid=
th: 100%; min-width: 100%;    =20
">
                           <tbody>
                            <tr>
                             <td style=3D"padding-bottom: 25px;">
                              <table class=3D"" cellpadding=3D"0" cellspaci=
ng=3D"0" style=3D"width: 100%; min-width: 100%;
                                                                           =
                                                         border-bottom: 1px=
 solid #C3C3C3;
                                                                           =
                                                 ">
                              <tbody>
                              <tr>
                              <td style=3D"padding: 1px 0 0 0; line-height:=
 0;"></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 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><bi=
g><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n=
73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUgnY-2F3guJoea8g6t4RI-2BHGpTRqaTYN=
GCit4nzqTuRVKg-3D-3DEX6N_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZ=
bcbdWeUgFVa0m8PzsF3q-2B6-2FvOKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjI=
hB8hJ8mFGD6RO0icl8-2Bzr3yh96hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN7=
VwkoRK6ZfkrMUCLewtXg1YF1LAqGm8UjAoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C8F=
zkLf-2FvUNpIupkeWPo-2BxUJkH68ERIjmi-2BMCLlUoRT5S2NMsPcr83RuFH-2FahynyKwB2i2=
OgTNAS3JXJ9ZtFmdS8rWA1XXpJPSySgANGglyhYuHgS3ExB2LO1g9IscVwlShu6fDSTI3Ho9NrC=
pPxg5LxHlX-2B9A0VOLwdPxlnu1e0jjXm8FzS-2Bu-2FKEvSIjPPCOqqxQE3QxaV6Pwd7vaaYEB=
l6fEP9Eg-2Fmj58-2FqaK-2F6YyrY6kWuiT12Z9LH2IHbS373yRutZFGFxTCTIVv-2BrJ6OdJ5w=
qcpmERmPAsli-2F-2F4eLw-3D" style=3D"color: #1D5080;" test=3D"" universal=3D=
"true">Italy </a></big></b><br><br>
                               Italy=E2=80=99s Q3 economy was mixed: GDP st=
agnated and exports weakened amid trade headwinds, while inflation and fisc=
al consolidation held steady. Public markets outperformed. Private markets =
were more cautious, though VC deal value rebounded and PE deal count hit a =
five-year high despite smaller transaction sizes.<br><br><em><b><a href=3D"=
https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7S=
pSWIrf6GFa-2BaqM7ONnvsnswouzUgnY-2F3guJoea8g6t4RI-2BHGpTRqaTYNGCit4nzqTuRVK=
g-3D-3DtCBP_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m=
8PzsF3q-2B6-2FvOKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ8mFGD6RO=
0icl8-2Bzr3yh96hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN7VwkoRK6ZfkrMU=
CLewtXg1YF1LAqGm8UjAoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C8FzkLf-2FvUNpIu=
pkeWPo-2BxUJkH68ERIjmi-2BMCLlUoRSvrarz1XLNrvyLFOZqSoN02-2FI1keM5vZgIXk8SCAf=
-2FzSrwSFYVB7xYu39F9AQfxVkj06w5aR3VZqw3dmPivB-2B-2BqtxHmQtUDpyZQ-2B5kwEW4yW=
o0E141MIlkmDz2-2FsdbX-2FOtPNy6fjnlmduJ5eJGQBbOdoNiVAdwg6dcWfonoV-2FSoUGyVBM=
B5wAiekc-2FqXHPaqIHFdTL4vsQsfovc1qBBSTRIZH76CKReRP7QBCJtA8dGO52ZL9-2FzuGOzg=
M26tKv-2B9o-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Read=
 the 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>Nov=
. 4-6</b>: PitchBook is a sponsor of the ILPA Summit in New York. Visit our=
 booth for a demo of the platform. <b><a href=3D"https://url6380.news.pitch=
book.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUg=
nY-2F3guJoea8g6t4RI-2BHGw-2Fxqjr5gnu4sRbaCvYJu1A-3D-3DC8px_I3w5d9c01gkD8gLz=
FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF3q-2B6-2FvOKtY9JOwqsfY4=
yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ8mFGD6RO0icl8-2Bzr3yh96hY7Y6OeRDXkK6=
ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN7VwkoRK6ZfkrMUCLewtXg1YF1LAqGm8UjAoUoImGOV=
nwjvIvghRor4PNHfbIb3qt-2BioX106C8FzkLf-2FvUNpIupkeWPo-2BxUJkH68ERIjmi-2BMCL=
lUoRTQuII92GkQcGoHhdQAhAMrIUe-2B8It0Ee1SzVKZJcm-2FTErKK-2FCQN0Rgw9kqb0zum-2=
FK0p7EOus4yD36uW5Gzh80vrug8FTTfA0QCkjZQ56lKKZQQ6tEOh-2FCbD0RGHmPeIs8mXDBgo0=
voKQG2HcRnsmG9IfvljyrS1WKBrBzhsdAIhq9LbkJqSy9OZFGDchEAT8dzEr7TYZEAFuKtqZ1Co=
VmFqwNR3Hgjr48TLkKIqMBHnukStLFd4Zu05nKu3rOuTj8-3D" style=3D"color: #1D5080;=
" test=3D"">Register here</a></b><br><br><b>Nov. 12</b>: Experts from Pitch=
Book, NVCA, J.P. Morgan, Denton and EisnerAmper will discuss findings from =
the Q3 2025 PitchBook-NVCA Venture Monitor, current VC trends, and how upco=
ming headwinds may affect the market. <b><a href=3D"https://url6380.news.pi=
tchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou=
zUgnY-2F3guJoea8g6t4RI-2BHG49vmTWuP1fa87n-2Bu4-2BIb2A-3D-3DAaKn_I3w5d9c01gk=
D8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF3q-2B6-2FvOKtY9JOw=
qsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ8mFGD6RO0icl8-2Bzr3yh96hY7Y6OeR=
DXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN7VwkoRK6ZfkrMUCLewtXg1YF1LAqGm8UjAoUo=
ImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C8FzkLf-2FvUNpIupkeWPo-2BxUJkH68ERIjmi-=
2BMCLlUoRScDqflVsdM3k-2Fovd6VRA8lp-2FZ0gK8Smao66UlFlVoN8zzI48zNP112prcQf2ay=
DdDeWu88PiPc-2BxEDcAZSO1vzrrnAMDIFmrmd0zV6y-2Bu9qRioWqfuL6Ub8z-2BpkyRFi0fJl=
-2BfJfQ9-2FCdCOjhfc7Zy-2Fu3M80SiIOjkoBUYNYOIFcC20DV42TUJ78UT0xym1TcvlTBpeuW=
pHBzXsziPL-2FbmqIrP2II2Z73gx-2Bz7vENtUjny6cKVkV8MNXDzk2-2BDHqak-3D" style=
=3D"color: #1D5080;" test=3D"">Register here</a></b><br><br><b>Nov. 18</b>:=
 PitchBook is a media partner for SuperReturn Secondaries North America, wh=
ere you can connect with leaders in the secondary market. The event is free=
 for many LPs, and others can use our 10% discount code. <b><a href=3D"http=
s://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G=
Fa-2BaqM7ONnvsnswouzUgnY-2F3guJoea8g6t4RI-2BHGuIglehK-2BrNzJA4UOSBDoJQ-3D-3=
Dfpgj_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF3=
q-2B6-2FvOKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ8mFGD6RO0icl8-=
2Bzr3yh96hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN7VwkoRK6ZfkrMUCLewtX=
g1YF1LAqGm8UjAoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C8FzkLf-2FvUNpIupkeWPo=
-2BxUJkH68ERIjmi-2BMCLlUoRQwd-2FNOoLi00EyyqH6tdnbp-2FPcOXQQjYjxNoD9FmOPeUvL=
pNJAINndMKahgNCPr-2Fi8JwC6bgJ51ZGWtHFGou753mfPUYW5b812E1iuzccKOULjJrlZFPEIQ=
-2FUqWnLbcVkpl7w84i8gqv-2F0nDDpt0MdVYRAL4DSxXt7YetL16rWXzjZfBIA0-2Bri5buniN=
Cuq60-2BsqAs5rramm6v4h3EodSB4DTVI5u4iklo3hVpq34aqMt-2F6-2Fc1Orh9T-2F-2FqCw1=
96PBw-3D" style=3D"color: #1D5080;" test=3D"">Get 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>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 Private credit funds more=
 than tripled over the past decade to $1.6 trillion in assets. [<a href=3D"=
https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
rf6GFa-2BaqM7ONnvsnswouzUgnY-2F3guJoea8g6t4RI-2BHGOmiFTW3RcWukByFQwtOUNg-3D=
-3DBufl_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs=
F3q-2B6-2FvOKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ8mFGD6RO0icl=
8-2Bzr3yh96hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN7VwkoRK6ZfkrMUCLew=
tXg1YF1LAqGm8UjAoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C8FzkLf-2FvUNpIupkeW=
Po-2BxUJkH68ERIjmi-2BMCLlUoRQoyFAV3SVo6aOwJf2-2Fg4n2PTqLqEI8xJ1GtCM3y1FJhWX=
a4JQY-2FJx6grsOMli5kDaulyrxqp22EjAfr90-2FehJoAUuaEW0XiUUJXBcl7vINZMkWQvXJ3U=
QeJqrLAYlgYp1BteT-2BJWGrGU-2Fd43LFjtAeVAfaZQaqOu0agypUmmyLLKMnuMybCtDmm-2FO=
ZkSAK68yaujhXjcpqj8VUBiJUgCz6lokDT2MNm4XZorImkt9ebylzB9J4CR-2F5oUWUcwHEuAA-=
3D" style=3D"color: #1D5080;" test=3D"">Reuters</a>]<br><br>
                               =E2=80=83=E2=80=A2 Private-wealth-focused fu=
nds hold more than $400 billion in assets. [<a href=3D"https://url6380.news=
.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns=
wouzUgnY-2F3guJoea8g6t4RI-2BHGrvguMoQtmXkJHCISS1u5xA-3D-3DkhE6_I3w5d9c01gkD=
8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF3q-2B6-2FvOKtY9JOwq=
sfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ8mFGD6RO0icl8-2Bzr3yh96hY7Y6OeRD=
XkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN7VwkoRK6ZfkrMUCLewtXg1YF1LAqGm8UjAoUoI=
mGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C8FzkLf-2FvUNpIupkeWPo-2BxUJkH68ERIjmi-2=
BMCLlUoRQ1jRU973L4x-2F105CHhk4Oxd08MpGCwg8Lr-2BwkA2xRyjoUJVo4AIn1GKeMbKNLoz=
GZczGKLQQBCtGESwPNFhJvMdj1fnZY318acMLWmqXeq-2Ff-2BHckdH4e58CPlVYKS6FVMXqUzY=
wj1fftbDNyDP0PqlIWY1AsKIAF-2BRdV8bwulggeLWVredX0WwmBSHwAAs0d3PlkNFWKSx4DmPg=
TP1ogUcEnFraWANQhVZJ0cK0HVcuG0Ec0Mql0gBq91-2B6-2B6qpas-3D" style=3D"color: =
#1D5080;" test=3D"">Reuters</a>]<br><br>
                               =E2=80=83=E2=80=A2 PitchBook analyst Ben Ric=
cio discusses how AI in drug development could be "insulated" from a potent=
ial AI bubble popping. [<a href=3D"https://url6380.news.pitchbook.com/ls/cl=
ick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUgnY-2F3guJoea8g=
6t4RI-2BHGn-2BHJ-2FfjTWgV67fLgrcvZbQ-3D-3D9_he_I3w5d9c01gkD8gLzFEofZR-2Bh6V=
warHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF3q-2B6-2FvOKtY9JOwqsfY4yO6Qu8xdPWx0=
j4qbPS-2Fxt3E4O4zlRfjIhB8hJ8mFGD6RO0icl8-2Bzr3yh96hY7Y6OeRDXkK6ADL6H9abtM-2=
BlnL55WGiPSYBCFKHWgjN7VwkoRK6ZfkrMUCLewtXg1YF1LAqGm8UjAoUoImGOVnwjvIvghRor4=
PNHfbIb3qt-2BioX106C8FzkLf-2FvUNpIupkeWPo-2BxUJkH68ERIjmi-2BMCLlUoRQnw3va3P=
-2F6MIsHRDWs7EG4-2F7oV-2BKcygKjYcdDD0Kl6oZZ2cCpnFC7CoBSjeVBHWJtvC9WSYcg8SHt=
CtICFim2rxAxDpVV8e5cpqtpFwxMyUca-2F0jAkqBxN76jzS2YvsQBEJyslaawISjchWbUrtN1R=
2GAJHptzW8hCfMFTILr8h6E1h0v2v1BtHWTGUwp-2BEu7bGhfqK58a9epiKGzQW9xpanKckF9al=
7Nn20SN46BKV-2Bg-2FF4tLEMWQSTOEcCOe5PA-3D" style=3D"color: #1D5080;" test=
=3D"">PharmaVoice</a>]<br><br>
                               =E2=80=83=E2=80=A2 Wawa=E2=80=99s estimated =
annual revenue grew by approximately $4 billion, to $18.8 billion as of 202=
4. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73=
BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUgnY-2F3guJoea8g6t4RI-2BHGNIKQqgLz7n=
4hIROZEGuA-2FA-3D-3Dx6Ut_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZ=
bcbdWeUgFVa0m8PzsF3q-2B6-2FvOKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjI=
hB8hJ8mFGD6RO0icl8-2Bzr3yh96hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN7=
VwkoRK6ZfkrMUCLewtXg1YF1LAqGm8UjAoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C8F=
zkLf-2FvUNpIupkeWPo-2BxUJkH68ERIjmi-2BMCLlUoRTQt6oZ4uHHnmFLyJTi4GebAcHk-2FF=
WD-2FmLRrUOC8ZkUTEvzkmI0Zyz7rXQYo-2FtHuvqKdP2voR-2Bh6GDf6F51C7UAwLqF-2BuCyn=
76B1ZzdzgkxzkNsSq81q5f2mXvhhCwltre0bRRlt1kLDe1Ji4-2Fxw-2FsWTKVwvKxnEB5eAQ8A=
HP4SS7-2FWqdQoaiPm5DCdJ5jAbbp6LGmvjeSXFNFJ1p5Wx2n4J7fqE0lzwtD4qZmyDZTMixniY=
FJfIrFWaOObvxwI4HM-3D" style=3D"color: #1D5080;" test=3D"">CNBC</a>]<br><br=
>
                               =E2=80=83=E2=80=A2 Europe-based VC funds hav=
e raised $8 billion so far this year. They raised $27 billion in 2024. [<a =
href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU1u-2FEWKaEISQZXuY-2Boz6LKeoVoQ33Swql7Dbcna=
A2tZw-3D-3DXuGe_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF=
Va0m8PzsF3q-2B6-2FvOKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ8mFG=
D6RO0icl8-2Bzr3yh96hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN7VwkoRK6Zf=
krMUCLewtXg1YF1LAqGm8UjAoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C8FzkLf-2FvU=
NpIupkeWPo-2BxUJkH68ERIjmi-2BMCLlUoRTh5NMvDh5WgS7KPoG-2FAhwXvKt5-2FTj2g40Qp=
-2FlmyK-2F7TbpPeDe94QvvsyJeLnCPGk9-2BIc9lOOwO8N2muI66WsBlmZrpv9H2ri1hAp3Mue=
mB7IUzJ7LhGtDVFdFA0N-2FLnknbQJyLcQfEu1ej88ZiWQPX0NZSQXP50z7aDrJsifdSyCv4cHd=
-2FzV5JVKpBO1Xj7Fasy7Fpy2mPiVRoIOuKm9qEu4vL7Bu1mL3YUAu35t4JE3GatuGsdmrm8At-=
2BJzZy8Vs-3D" style=3D"color: #1D5080;" test=3D"">Forbes</a>]<br><br>
                               =E2=80=83=E2=80=A2 Early-stage venture fundi=
ng for consumer packaged goods brands has plummeted nearly 60% since the in=
dustry=E2=80=99s peak in 2021. [<a href=3D"https://url6380.news.pitchbook.c=
om/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU1u-2FEW=
KaEISQZXuY-2Boz6LK0zLnCQhbRT3c1-2FDphuoSig-3D-3Dkxm6_I3w5d9c01gkD8gLzFEofZR=
-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF3q-2B6-2FvOKtY9JOwqsfY4yO6Qu8=
xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ8mFGD6RO0icl8-2Bzr3yh96hY7Y6OeRDXkK6ADL6H9=
abtM-2BlnL55WGiPSYBCFKHWgjN7VwkoRK6ZfkrMUCLewtXg1YF1LAqGm8UjAoUoImGOVnwjvIv=
ghRor4PNHfbIb3qt-2BioX106C8FzkLf-2FvUNpIupkeWPo-2BxUJkH68ERIjmi-2BMCLlUoRRW=
lUsTHNZ3N5HDjR2q0hkrKg-2BAFo-2F6ScUlRoIkWlwhKf0F56eLjN9pewIoMr0yxUCSpgCRNE3=
mr2ytsiQuFu9sNYX9XU7yJ20B9HUsbwGZqOsh8yiveypuy02GPwX7MMJhcZtIEBjp945yKVdOek=
QSt0S0U8aLfUfLgmFEAzElmL8-2FbrhTH0W8Pm3uWztYxPjB3GBLN7JkIbSMZeyiGxdozlfGEQq=
byZH1nK8jRIJsSsJJnd8lO7yeQKobvz53ZpU-3D" style=3D"color: #1D5080;" test=3D"=
">Inc</a>]<br><br>
                               =E2=80=83=E2=80=A2 Buyout firms have investe=
d nearly $12 billion in accountancy firms across 211 deals this year, nearl=
y 40% more than they spent in all of 2024. [<a href=3D"https://url6380.news=
.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns=
wouzU1u-2FEWKaEISQZXuY-2Boz6LKAxrTgBxg78R6Xhg3lnt5VA-3D-3Dj9xZ_I3w5d9c01gkD=
8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF3q-2B6-2FvOKtY9JOwq=
sfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ8mFGD6RO0icl8-2Bzr3yh96hY7Y6OeRD=
XkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN7VwkoRK6ZfkrMUCLewtXg1YF1LAqGm8UjAoUoI=
mGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C8FzkLf-2FvUNpIupkeWPo-2BxUJkH68ERIjmi-2=
BMCLlUoRQ9mN724k60lb-2Fiy2aI9M8GQ5JKt-2FwgnDwUk0Jb88CrPQfq7-2FauGlaat4-2BM6=
s9izJ2a4JEnPEavGHbbVhjORoVWjf-2BK4WhA1qMqxeRsgeChtPCpXBYfty9hShon25luPe0IP5=
Y1iUHTaSUU-2BNCs1y3rPyx04FW-2FVF-2FLNyZpXVifF4pQ6V2X5R9izcZ1Bq3JhhZPj6ZLwkt=
67FRio1QE2geXMHrq28XReNMDCbPh7P5tjvDAlmPO4ps-2F36v9cN0Zdgo-3D" style=3D"col=
or: #1D5080;" test=3D"">Financial Times</a>]</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </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;=
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                   <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>
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                <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>
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                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <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=
0%">
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                               More of our recent research (* - premium):<b=
r><br><b>Market updates</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzU1u-2FEWKaEISQZXuY-2Boz6LKWPblcb0rsZyM36-2FHLk-2BhgA-3D-3D=
jzPo_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF3q=
-2B6-2FvOKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ8mFGD6RO0icl8-2=
Bzr3yh96hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN7VwkoRK6ZfkrMUCLewtXg=
1YF1LAqGm8UjAoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C8FzkLf-2FvUNpIupkeWPo-=
2BxUJkH68ERIjmi-2BMCLlUoRSsTyzdyHT7HUaMgesW76ZaT5-2BN8p9rxWW7R2G25x5C-2F6Iw=
IjD-2By9TGlqOe5K9PGKs481WyH1mfZBxkNd9hOBcpqre4uNn1tzXWs4-2BDpM0Xlmt0hSaVVxe=
1Xe1qgUioTQ6a82Q6GL2X-2BpReU5aVAKyJxrD1sAjJIkRVknMNWFPaINDCblW1rO5OIC2ujgCD=
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D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 PitchBook-NVCA=
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                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzU1u-2FEWKaEISQZXuY-2Boz6LK2X2KB6cHJllVGiGIVDZkzg-3D-3DYq4I=
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 style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q3 European PE Brea=
kdown</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzU1u-2FEWKaEISQZXuY-2Boz6LKe6R92D8GI9l1t9VwPRsF0A-3D-3DaTg-=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF3q-2B6=
-2FvOKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ8mFGD6RO0icl8-2Bzr3=
yh96hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN7VwkoRK6ZfkrMUCLewtXg1YF1=
LAqGm8UjAoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C8FzkLf-2FvUNpIupkeWPo-2BxU=
JkH68ERIjmi-2BMCLlUoRRzFzaBXMuuQgqYXZA4702JETjiaARfeKhoLnwOGh7DGpGtInGNlIDq=
v0kwzrgCrzQ8-2FRiagQLhH-2BmW5vDbFghlYMQrVGITWmFIOgEuxwONMJYc2N1jNP1AICfGITZ=
jLfVxZOudNGwzW8p3TT8kc76iVlL6jdwUwt4mWB3Nz-2FsjjS6cCDkJuUHTNBbWwBLpMLuyFCgN=
a7Qj5nZ8ZjBpJxswJyL78SM5p4ER7ykT6f4rz49CW3lMknwFouqq-2FbxRXBo-3D" style=3D"=
color: #1D5080;" test=3D"" universal=3D"true">Q1 2025 PitchBook Benchmarks<=
/a></b><br><br><b>Thematic research</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzU1u-2FEWKaEISQZXuY-2Boz6LKZxQG0WC-2BIIVNgj9Mfms2EQ-3D-3DMY=
Tq_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF3q-2=
B6-2FvOKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ8mFGD6RO0icl8-2Bz=
r3yh96hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN7VwkoRK6ZfkrMUCLewtXg1Y=
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tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">The Medtech VC Parado=
x</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-=
2BaqM7ONnvsnswouzU1u-2FEWKaEISQZXuY-2Boz6LK8DUwo7-2BPkEAazIljGwVjCQ-3D-3DzT=
iz_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF3q-2=
B6-2FvOKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ8mFGD6RO0icl8-2Bz=
r3yh96hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN7VwkoRK6ZfkrMUCLewtXg1Y=
F1LAqGm8UjAoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C8FzkLf-2FvUNpIupkeWPo-2B=
xUJkH68ERIjmi-2BMCLlUoRQvrLfC9EIk7snUf2N54-2BNTLZ8BocNjLiUe-2BtjJhT3FK9fWL-=
2BZ7qvf8AxN6GYylkAqYB5CSB38d83k2E4t70jIlQnEyBH8KfD2ODi5osofScmtEN9MQKXfTGGq=
FFqBPvuxfStL-2FXFNvA-2BtMtnoR9bVedk3Wx9o5ztxcV8T4JqluZj6JDXJfw7gM76LSVO9vTL=
vgzB5egwe9AxA2J87YwFcA37pNTJ8NKtGa-2BVV0Y915ppF3Ibpxuo5xQluGNYysJxE-3D" sty=
le=3D"color: #1D5080;" test=3D"" universal=3D"true">Sizing the GP-Led Secon=
daries Market for US VC</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-=
2BaqM7ONnvsnswouzU1u-2FEWKaEISQZXuY-2Boz6LKft7oPhpFQLsoOHjWNZOVtg-3D-3DDn9J=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF3q-2B6=
-2FvOKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ8mFGD6RO0icl8-2Bzr3=
yh96hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN7VwkoRK6ZfkrMUCLewtXg1YF1=
LAqGm8UjAoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C8FzkLf-2FvUNpIupkeWPo-2BxU=
JkH68ERIjmi-2BMCLlUoRSIJT-2BMDL-2BMbs4M0SfEHtbPFE47D9wGV3vr8ZaPDzpGWwl-2F8x=
0ryJdyuDXj5RM0zWLMX406nI8P-2F-2FSgONmWP73kaQQ6oMRj7aTuXRwvvw3JVhCFBefIkWDWx=
stzoBn9RHCTs6YVYu3sUYAdM-2BY-2FsBL2jyaX3-2FEw5pz7oU9QFmz-2Bu-2BClFu8sqMtV6s=
4M1Ytr-2Bd-2BJrDJL12ct-2FMhg8eFN3ngf3MDi7-2BVtyBtRzVwcGLD-2FOAxzD7fK9S7alXP=
EpBrOhRQ-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">AI=E2=
=80=99s Impact on Supply Chains</a></b><br><br><b>Industry &amp; tech resea=
rch</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-=
2BaqM7ONnvsnswouzU1u-2FEWKaEISQZXuY-2Boz6LK-2F1lVvCtUN3RWvm86o6iBtg-3D-3DTY=
f__I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF3q-2=
B6-2FvOKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ8mFGD6RO0icl8-2Bz=
r3yh96hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN7VwkoRK6ZfkrMUCLewtXg1Y=
F1LAqGm8UjAoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C8FzkLf-2FvUNpIupkeWPo-2B=
xUJkH68ERIjmi-2BMCLlUoRR3ZgS29NEyI8VVp-2B487uTU6xqnCWfientzYzQ467fxjo3vtUQv=
6uDFMrYCnebmFwAv4xXzDZgpap1GxUBJSZfjpPRniCuRcjcU913F-2Br2OA5eGMUlWpw-2B-2F5=
AAEGBgpApYG1UVQ3zeZw86fP2KhIukUzJR0Kssrojtc4ZT5IttI2khVGo-2F5O9upnGOcDwfOWl=
6L4lvGIUnOfto4mT0p5jPMBT-2BX-2FwR2ugWMmkG5lgFhZkDDAaGLEhmlKI6qnebXa9E-3D" s=
tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">H1 Healthcare Funds R=
eport</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-=
2BaqM7ONnvsnswouzVeaTdrLWxlXZBDA6o6mZ1WKQRLPuHk13OLOiEXTo3euA-3D-3DLVmC_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF3q-2B6-2Fv=
OKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ8mFGD6RO0icl8-2Bzr3yh96=
hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN7VwkoRK6ZfkrMUCLewtXg1YF1LAqG=
m8UjAoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C8FzkLf-2FvUNpIupkeWPo-2BxUJkH6=
8ERIjmi-2BMCLlUoRTRA0K9-2FF5oyfHxApK7ZO4RlgudsgqGhMT7enOyO9s1xLXXaBPVYbipTt=
f3mRQq5pNpfdWg7SZpgkiC16ybDhh9mIc2rqZX1-2BmoMBpos9PtUFrM-2F0ZuGi2LP0SsXqyJ7=
A-2BpUaU5F5gJ3MigSelqiIKbMgLWMXnJQy9IRR0ZQEPkAeBTIYQfCBGjkB6oVOrcf7sj0rbLJz=
R4VQevOl18-2BYb0sA4Gf5DtE7es-2FzfJq3naEBhKAKs1k64iVk0DM9yLAeY-3D" style=3D"=
color: #1D5080;" test=3D"" universal=3D"true">Q3 2025 Agrifood VC First Loo=
k</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-=
2BaqM7ONnvsnswouzVeaTdrLWxlXZBDA6o6mZ1WnbtdiLJKJVCZDc2b08-2Fr0A-3D-3DxP15_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF3q-2B6-2=
FvOKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ8mFGD6RO0icl8-2Bzr3yh=
96hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN7VwkoRK6ZfkrMUCLewtXg1YF1LA=
qGm8UjAoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C8FzkLf-2FvUNpIupkeWPo-2BxUJk=
H68ERIjmi-2BMCLlUoRRdwKsyKX6IVCm0hAhmLjXSDjH-2FaTPQJojdObkFclbzN4TU1sosf4X9=
NstpU2qKdg-2FMo3JF1JOhzzI-2Fw-2BkwbAZWIjQ-2FbaXth2gsXQxfN2WrCHHP5HACQ7-2B0m=
N9z8jDOBuQ5RWG7CRry1Zp6TEKiEaY-2BZXJbqHwlfrUYB67RzOztEqzuswR6HJApLAl25tAIIX=
T70YAsuwADvX2IebkZF93Wfp5Rsbv4w-2B1z7fqk4d1uf8AYwAJy34gn-2FO4TKli7wCw-3D" s=
tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">Q2 Infrastructure Saa=
S 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-=
2BaqM7ONnvsnswouzVeaTdrLWxlXZBDA6o6mZ1WtleoM2QFrwzp0vfMpzCsOg-3D-3DWypk_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF3q-2B6-2Fv=
OKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ8mFGD6RO0icl8-2Bzr3yh96=
hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN7VwkoRK6ZfkrMUCLewtXg1YF1LAqG=
m8UjAoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C8FzkLf-2FvUNpIupkeWPo-2BxUJkH6=
8ERIjmi-2BMCLlUoRQbx4ANlTpcrrPkfYg5hcZfwo1gq-2BylCZ5-2F7S4W1hMVF-2FLd5n6P5q=
JtaBfz2Zp-2BoETDZ3ukPOtN-2BwHu7R0UI-2BMWTwSp6Vlfs8ihj1OvQiO0HlIzDiIRl-2BCPA=
DtnhaUh6GrWfl7iBgJAIZ7NNPxzvrLp8q3-2FgQVcS8yjUJ6hzFykDZWbiyeQXaZRG4Bmk54kkH=
W7ocJ3o6mRfVaEDkXWdtDSM1ohVcdslIKPxcOm2Vjj1iv-2FfRlJ7-2BK4sEGuuS7D8AU-3D" s=
tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">US Credit Markets Wee=
kly 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-=
2BaqM7ONnvsnswouzVeaTdrLWxlXZBDA6o6mZ1W9NdLuUVNECWJYaFKs3ruRg-3D-3Dlu6Z_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF3q-2B6-2Fv=
OKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ8mFGD6RO0icl8-2Bzr3yh96=
hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN7VwkoRK6ZfkrMUCLewtXg1YF1LAqG=
m8UjAoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C8FzkLf-2FvUNpIupkeWPo-2BxUJkH6=
8ERIjmi-2BMCLlUoRQUXKSmqEOaBew9Uu3TrAIRICzdyx3LRmqg-2BfNh1dUUCoJzqzq2bKCBVD=
BSDcF8kGB8AF62YAViAiSfjAJ8AUDUKiVW3QCGCFNVWOg7gNgfndu0favWKCrMHBRHlaXxShCdM=
oSZuD2NDZMB6H9bebQQ-2FadI-2FvNRTRTjJ8uNdOAOVuhyJu9beAUKCOgVLf9bmcEoNQR4d8yF=
SvTV2gPTlrfVwz23WnpUSS-2FaL2ayAIcR2hyA-2BBYiROPpTjCOUKfVC2k-3D" style=3D"co=
lor: #1D5080;" test=3D"" universal=3D"true">US High-Yield Bond Weekly Wrap*=
</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzVeaTdrLWxlXZBDA6o6mZ1WLrEiLyjYa5-2FR3tLsELykvg-3D-3DT8-Z_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF3q-2B6-2=
FvOKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ8mFGD6RO0icl8-2Bzr3yh=
96hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN7VwkoRK6ZfkrMUCLewtXg1YF1LA=
qGm8UjAoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C8FzkLf-2FvUNpIupkeWPo-2BxUJk=
H68ERIjmi-2BMCLlUoRS-2F-2B859VmPGWE-2BOcMHQOQt87wXBxhNAtz1zEtiKqHWWATWMueyA=
w3ulvY0ItueziVt4Z3Ws3NBxGhwHjsigJjaSM-2B-2Bd6WdAOgLgiyIGiLAvXN3lSidc1Q3ug-2=
BN0ukvlufMbwZTFJlv78VkNEFhTf4xNaSHgczp6YgTGbGsJycyhEdfBkze0u5NAvIrfmICMDulr=
qQCcdmDfeqUPGZcM6bHv9-2FRDPLsVj7yrp5kqWYWwKeWOafTxzJyoC-2FYgik2ASCs-3D" sty=
le=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-=
2BaqM7ONnvsnswouzVeaTdrLWxlXZBDA6o6mZ1W-2BYvANNgM-2B3yA6iZtFFo7WA-3D-3DHCNR=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF3q-2B6=
-2FvOKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ8mFGD6RO0icl8-2Bzr3=
yh96hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN7VwkoRK6ZfkrMUCLewtXg1YF1=
LAqGm8UjAoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C8FzkLf-2FvUNpIupkeWPo-2BxU=
JkH68ERIjmi-2BMCLlUoRTScT9ni0LmQVTEHep10dOjX6k8GSauWJtySXjr7rhlCaos7TXr6VZa=
6xfrjFiyVMJ7BJRI-2FH8MMQRgBOSKAZHAtwFkg3EJKqAEt9lr78tdIBzKgByvVJqjmUaN27Uxr=
rgaDlZgHYmbbccJGH8t5I5v3IxOLlTf0zu9FW1bmeiQXE76d74s4bONuf0LBtnAaqV3Py5JfNLD=
0-2FuIz4VNEwJIL5Gz5F-2BHmQC4XNpJSzSvQwijL-2BtKSM-2FRuCCjB3v90JU-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">Global Distressed Credit =
Weekly Wrap*</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzVeaTdrLWxlXZBDA6o6mZ1W-2BYvANNgM-2B3yA6iZtFFo7WA-3D-3DeWvF=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF3q-2B6=
-2FvOKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ8mFGD6RO0icl8-2Bzr3=
yh96hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN7VwkoRK6ZfkrMUCLewtXg1YF1=
LAqGm8UjAoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C8FzkLf-2FvUNpIupkeWPo-2BxU=
JkH68ERIjmi-2BMCLlUoRSApEtj7tDvxwseAUI0-2Byfy8t0a4kbZctrtuPpoewJt4ZKbqnr-2B=
X5c0mMc7zOMYlQRVNlF4YuQKmtdGYX-2FRpdOt3OzD5MLazxrh-2FMBrSH2cV0Lf1tsju1oRmqV=
prefsJHcHdQNYhq48Qpv-2FlyaZCo6c-2FG-2B0PBBqj-2B5xQ41kdxOFuI-2BVeV1Om4SpBhuy=
i4vgN8OBJ6E3z09MqRw8VJBunnSoBJ0wjiJDOBAf2d7sHpwipI0o0oOh3hUgHtVqyXEXk1Y-3D"=
 style=3D"color: #1D5080;" test=3D"" universal=3D"true">US Private Credit &=
amp; Middle Market Weekly Wrap*</a></b><br><br><b>Coming next week (subject=
 to change)</b><br><br>
                               =E2=80=83=E2=80=A2 AN: Private Market Invest=
ments In Your 401(k) May Not Be What You Think<br>
                               =E2=80=83=E2=80=A2 AN: The Trillion-Dollar C=
apital Frontier: Sovereign AI<br>
                               =E2=80=83=E2=80=A2 Q3 Fintech Comp Sheet<br>
                               =E2=80=83=E2=80=A2 Q3 Enterprise Fintech VC =
Trends<br>
                               =E2=80=83=E2=80=A2 Q3 AI Comp Sheet<br>
                               =E2=80=83=E2=80=A2 AN: Seed Under Pressure<b=
r>
                               =E2=80=83=E2=80=A2 Q3 Global M&amp;A Report<=
br>
                               =E2=80=83=E2=80=A2 Q3 Agtech Comp Sheet<br>
                               =E2=80=83=E2=80=A2 AN: Takeaways From HLTH U=
SA 2025<br>
                               =E2=80=83=E2=80=A2 Q3 Clean Energy VC Trends=
</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: 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>
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0px; font-family: Whitney, Arial;
 color: #000000; font-size: 16px; line-height: 1.5;" valign=3D"top"><br>
                               Thanks for reading! Feel free to <b><a href=
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                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
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                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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                <tr>
                 <td style=3D"padding: 0;">
                  <table class=3D"                " cellpadding=3D"0" cells=
pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%;    =20
">
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20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
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                 <td>
                  <table lang=3D"x-counts" cellpadding=3D"0" cellspacing=3D=
"0" border=3D"0" width=3D"100%" style=3D"background-color: #051C38;  min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"width: 20px; min-width: 20px;"></td>
                     <td style=3D"padding: 10px 0 5px; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-counts-title" cellpadding=3D"0" cell=
spacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td align=3D"center" style=3D"font-family: Roboto,=
 Arial, sans-serif; font-weight: 700;
                                        font-size: 14px; line-height: 27px;=
 color: white; padding: 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;">
                              700
                              </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;">
                              1953
                              </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;">
                              799
                              </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; line-height: 25px;"=
></td>
                            </tr>
                            <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-2BaqM7ONnvsnswouzVFwPHnczH5-2FYyTRuCfViWke-2Bxk0mu-2FbUa7zo-2FeiVQq7w-=
3D-3Di_8y_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8P=
zsF3q-2B6-2FvOKtY9JOwqsfY4yO6Qu8xdPWx0j4qbPS-2Fxt3E4O4zlRfjIhB8hJ8mFGD6RO0i=
cl8-2Bzr3yh96hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN7VwkoRK6ZfkrMUCL=
ewtXg1YF1LAqGm8UjAoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C8FzkLf-2FvUNpIupk=
eWPo-2BxUJkH68ERIjmi-2BMCLlUoRSAoE3mjv-2F5-2FJCZVNnop3VSaRqUfnqL9lSM50CnzPD=
qs6hWXmjHUJZ5-2BXpEU01NAypFyfC1CKDXC-2F58PadhuGcgt24W8hlJlo2Orh-2BZt-2FVi6Z=
U6BZAqrJO6A-2FBqKGr62j6h76glZNp-2BprEoY2ml2Hrt3r4XqIRz-2B0dMPQYx3rRdZcp8YTp=
CXTP8ohe9CcI96n3huYqnHPOBszqgBtgVNmI045jMIgFWPDB0UyBWpDdC6uxlZkuCWMfNJQibX1=
TMDmw-3D" target=3D"_blank" style=3D"display: block;
                                                          font-family: Robo=
to, Arial, sans-serif;
                                                          font-size: 12px;
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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 height=3D"20" style=3D"line-height: 20px;">&nbsp;</td>
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ight" style=3D"padding-left: 20px;">
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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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-3D-3DuWUH_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8=
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icl8-2Bzr3yh96hY7Y6OeRDXkK6ADL6H9abtM-2BlnL55WGiPSYBCFKHWgjN7VwkoRK6ZfkrMUC=
LewtXg1YF1LAqGm8UjAoUoImGOVnwjvIvghRor4PNHfbIb3qt-2BioX106C8FzkLf-2FvUNpIup=
keWPo-2BxUJkH68ERIjmi-2BMCLlUoRQV8BKLtFvYyVtLTIoq1R0jzDMLgvMl4LP7-2B6x838O0=
xLc5QUOxLMQx8sOAL8bLWAA4jhuZ8wHluXMwgpsBA0Mni-2F4e9hAl6XN-2Bd9o6A-2BW1c-2B6=
IjetFXXzYc0kwiAPxL8tucIY-2F6O-2FEsQIi17VdO9x-2Fb-2Faly-2F4G4iZd1KNj2QzheZx0=
5sQw14N1k1FniddaPchFYylbXFUArWTLTXZ4H9Rjj9-2F8dAlhns2vmeHHnkGpR2835ZS-2B3Z2=
jeIp-2B1EKJkME-3D"><img width=3D"160" src=3D"https://img.pitchbook.com/ads/=
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