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Edit File: 1763201758.M47746P2878605.server-619288.prediksijaya.com,S=129330,W=131680

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Date: Sat, 15 Nov 2025 10:10:07 +0000 (UTC)
From: PitchBook Research <news-noreply@news.pitchbook.com>
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Subject: A market with no maestro
To: most@ponjosonek.com

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f; font-size: 14px; color: #78766f; -webkit-text-size-adjust: none;"><span =
style=3D"color: #78766f; font-size: 1px; display: none !important;"> Our la=
test Barometers; Carbon &amp; emissions tech shifts focus; VC's high valuat=
ions and low returns; AI in drug development... </span></td>
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just:70%; -ms-text-size-adjust: 70%; text-align: center;">November 15, 2025=
 &nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;<a href=3D"https://url6380.news.pitchbook.c=
om/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXPRzNmS1=
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1" height=3D"1" border=3D"0" style=3D"height:1px !important;width:1px !impo=
rtant;border-width:0 !important;margin-top:0 !important;margin-bottom:0 !im=
portant;margin-right:0 !important;margin-left:0 !important;padding-top:0 !i=
mportant;padding-bottom:0 !important;padding-right:0 !important;padding-lef=
t:0 !important;"/><img width=3D"141" height=3D"39" src=3D"https://fonts.pit=
chbook.com/newsletter/pitchbook_morningstar_logo.png" alt=3D"PitchBook"> </=
a></td>
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            <tr>
             <td style=3D"text-align: center; font-family: Roboto Serif, Ge=
orgia, serif; font-size: 44px; font-weight: 500"><span>The Research Pitch</=
span></td>
            </tr>
            <tr>
             <td style=3D"text-align: center; font-family: Roboto, Arial, s=
ans-serif; font-size: 24px; font-weight: 300; padding-top: 9px;"><span>PE, =
VC and M&amp;A</span></td>
            </tr>
            <tr>
             <td style=3D"text-align: center; font-family: Roboto, Arial, s=
ans-serif; font-size: 14px; padding-top: 11px; padding-bottom: 38px"><span>=
Presented by <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du=
001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWVGmyr-2Foc1grE3OG-2FfMb-2B=
anGQs9-2BUYn1dv4E8Ad7-2BzsA-3D-3DYff7_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRF=
Cfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFH5NxGA-2BE7YJmJpuA2ig17oAiGYsjw6etlYL7koossp=
Or8pFnwhMCHJvvNl1sz-2FPdZIL-2BQ1LevXB7FlkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9=
a-2FJz8n54IzRHhYAzDcrWMvc8Ny-2FcZV1M-2FrKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iD=
isni9AuaItEjJWBPjCi4i8uEiyQ8tIRmQlkzW22d5wmwnqrKnl-2FfPjO5rgCx1jMb8A5UqUqEM=
xlwqHGrAOqle8D-2BE2LzvgbYmNkYH9OQIPzMrj-2B-2FLpyuMgxBNuQrKv-2BkyJBuNROT64Rk=
prktcFP50CwoxC565sG10-2Bx5emntxDndJLP8-2BPNk-2BCaXQE4LoheyHKoJK30TBM1SdFNh3=
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n1UzctaGQA-3D-3D" target=3D"_blank" style=3D"text-decoration: underline; co=
lor: #1D5080; font-size: 14px; font-family: Roboto, Arial;">Fidelity Privat=
e Shares</a></span></td>
            </tr>
           </tbody>
          </table></td>
        </tr>
        <tr>
         <td>
          <table lang=3D"x-content" cellpadding=3D"0" cellspacing=3D"0" bor=
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portant;">
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             =20
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x-width: 460px; padding-left:5px; padding-right:5px;">
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0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"=
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                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
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 ">
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                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
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                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Bar=
ometers</b>: The return environment across most private market strategies h=
as improved notably since early 2025, according to our latest Barometers re=
port, which provides nearly real-time estimates of performance. <b><a href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWVGmyr-2Foc1grE3OG-2FfMb-2BatohHsoaiDEW6aUd=
iXSZkhg-3D-3DLEDy_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU=
gFVa0m8PzsFH5NxGA-2BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhMCHJvvNl1sz-=
2FPdZIL-2BQ1LevXB7FlkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n54IzRHhYAzDc=
rWMvc8Ny-2FcZV1M-2FrKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9AuaItEjJWBPjCi4=
i8uEiyQ8tIRmQlkzW7yQUmBoh-2BmVzv4q5sZSemMbMxrNx1-2BpyGgdcokvqHTIyqaSRDpBsia=
OkVWRl6zR9sOPzuUlKne5GslHBgI8kuc6ZfM7VaEA248iuUhiMTcSJ8nB5zwNdFOM3uUR7uyocp=
DwEV7AbuYgQJZulH5lua1Ns1IKnlr3cdlLUimeihZGv8aWRnkh3DhM8jpuWYMU1FQCpPKhtt8AW=
wRKWvphKiW-2B6Jy6rkoPRZajFdJ6WRERZiPDZ4PnpG7UxmwnddFprQ-3D-3D" style=3D"col=
or: #1D5080;" test=3D"" universal=3D"true">View it here</a></b>.<br><br><b>=
VC's ups and downs</b>: Valuations and dealmaking have increased, but the l=
iquidity market faces pressure as returns lag. Our new report breaks down t=
he implications of this contrast. <b><a href=3D"https://url6380.news.pitchb=
ook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou=
zWVGmyr-2Foc1grE3OG-2FfMb-2BaMaA8Ya6NX5tDQDkPH3t0jQ-3D-3DXZHT_I3w5d9c01gkD8=
gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFH5NxGA-2BE7YJmJpuA2i=
g17oAiGYsjw6etlYL7koosspOr8pFnwhMCHJvvNl1sz-2FPdZIL-2BQ1LevXB7FlkPJzK3RAGqL=
U7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n54IzRHhYAzDcrWMvc8Ny-2FcZV1M-2FrKv343-2BIxA=
OsqHgP7dzHFaeH-2FkHmJ0iDisni9AuaItEjJWBPjCi4i8uEiyQ8tIRmQlkzWyHGO9POX-2BRV7=
nKWnbw4g63TIzYV5uz6CZ8jU0MFmywHA9-2FKptfJWj6gh-2BW55oMdfiAXdgvbhjtbz-2FneNj=
ndz-2Bp8QJ64bLD5R-2B2IrC-2F0Azyze8vHFk8P8dRIGZMygal1Xu405E5mP1SP6mIi6f1Fnoa=
oUti8Kc6WWfSi75oTQLWNKTUvU4sROv1sV2lQXEOFuLljpFoHacEsBJEfKK6Zt7tNRkbqSJP3OQ=
piq-2FXbVYzNdVyTi92rWtKOu1fAIi6RXQ-3D-3D" style=3D"color: #1D5080;" test=3D=
"" universal=3D"true">Read it here</a></b>.<br><br><b>Comp sheets</b>: Chec=
k out our guides on public company valuations and financials for <b><a href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWVGmyr-2Foc1grE3OG-2FfMb-2BazSysVxo2O4GsWK-=
2FuQRSQDA-3D-3D6w7d_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW=
eUgFVa0m8PzsFH5NxGA-2BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhMCHJvvNl1s=
z-2FPdZIL-2BQ1LevXB7FlkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n54IzRHhYAz=
DcrWMvc8Ny-2FcZV1M-2FrKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9AuaItEjJWBPjC=
i4i8uEiyQ8tIRmQlkzWzRay9gz-2FKcJj3O6No12hdjM2OMW39CE0m6MXKUBax7BW9rMpHbEsT5=
1URIKg3tRHxbVdt2QcsmIqGWU7icfZ0qdMo5ZcCb-2BMrYYOrEzfi3612bf-2FNVPLmZLeEmpwz=
nPzzYFWsNRVqm0lBbQuLtPQfViKuo-2FEXm8JUCU021snZ13jWlk6DwBgDnUWzG-2BEKWcfAbBE=
nufYINuMMJhYxN7vKbo6RfNyz9bstl83AOhJuxUWPNdZxdKjS8-2F8uUX1g931Q-3D-3D" styl=
e=3D"color: #1D5080;" test=3D"" universal=3D"true">healthtech</a></b>, <b><=
a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWVGmyr-2Foc1grE3OG-2FfMb-2Bamq5hFiCVc=
gCHlre3tXhKNw-3D-3DAQle_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb=
cbdWeUgFVa0m8PzsFH5NxGA-2BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhMCHJvv=
Nl1sz-2FPdZIL-2BQ1LevXB7FlkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n54IzRH=
hYAzDcrWMvc8Ny-2FcZV1M-2FrKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9AuaItEjJW=
BPjCi4i8uEiyQ8tIRmQlkzW2xxLkcU-2FHUd5gnl7tUzriY-2Foz8g3EdiX4-2BnY1KvZhrufa7=
lr-2FVr5kOvG3OBsXVf4sZZ0UC4f2KQzM-2Bu-2BDG0uWeM1DhVnNHvDRQX631lfg2F2lnKd5By=
CqG0FcyyswlgnsB1Sg0GTBF8d2IAozEbbz7BSPsZxy6FD6s7lBgVhML7y6vAYIuSizmiRZWo1aY=
oPsCohfpB9CnPAzWnqcu0GBAHWD32OoVwni9zM8lUd9UCSJSeOh723RE97er1iUGcgQ-3D-3D" =
style=3D"color: #1D5080;" test=3D"" universal=3D"true">foodtech</a></b> and=
 <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d=
4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWVGmyr-2Foc1grE3OG-2FfMb-2BakcXn=
ZpJ9hu6dP9z099glvQ-3D-3DUyQ1_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3=
t1yZbcbdWeUgFVa0m8PzsFH5NxGA-2BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhM=
CHJvvNl1sz-2FPdZIL-2BQ1LevXB7FlkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n5=
4IzRHhYAzDcrWMvc8Ny-2FcZV1M-2FrKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9AuaI=
tEjJWBPjCi4i8uEiyQ8tIRmQlkzWwyFRwTrLHcqhAioD-2FBc6Tx3AQWbow7eZeLjJ-2FGOwGq0=
C3806-2B9yTzzbqTbvetnUTrcVyXGoZecyh4ORV9wBa6XpDTVcWD49HiTfuKgZclVHY1ezPHsa0=
-2BvfnpNrG0l3nb8sI-2F83SgCwRA6X6qK38OaCnT1guvtmGwEyr-2FZmeuaox-2Fj-2BkVP2qb=
CZabsePa8ZkBXfN1DVtW9KyCR3Sjjx4xkYVcRREsY3nC-2BklCEyLYkMzNZihfJvhtDG6yT1uv6=
tOQ-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">medtech</=
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 Fidelity Private Shares</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_574478" id=3D"n_574478" 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;"> So someone told you to get a 4=
09a...now what? </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-2BaqM7ONnvsnswouzWVGmyr-2Foc1grE3OG-2FfMb-2BanGQs9-2BU=
Yn1dv4E8Ad7-2BzsA-3D-3D6rTS_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t=
1yZbcbdWeUgFVa0m8PzsFH5NxGA-2BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhMC=
HJvvNl1sz-2FPdZIL-2BQ1LevXB7FlkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n54=
IzRHhYAzDcrWMvc8Ny-2FcZV1M-2FrKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9AuaIt=
EjJWBPjCi4i8uEiyQ8tIRmQlkzWwlJ-2F-2FnMAyXZMe2BMxBGlYDOBa10FQejNvXpme2scLGLD=
93JCuUXelF8GmSzXe1S-2BKGKNq4ty9lufFKXWKr04E1es0V4Gufb83dVL1t9rdQWBmpA2Aa8T5=
9vCJW5HmQO4Rn-2Fzv8zwttWLuuujHx90R7J8Sm73MRzGmFEBPT-2BBevdfCgt2U0VGibiQeOX7=
USnZsuXDGdBsj5VIGLcdkQHPZAKeXeuVJx5wYzsQe-2F8yqCL4GENL4S1NL5yrvadX2qyyw-3D-=
3D"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/7=
0867.png" 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>You probably weren=E2=80=99t planning=
 to get a 409A valuation=E2=80=94someone likely told you to get one. Maybe =
it was your lawyer, investor, or founder friend. This guide breaks down wha=
t a 409A valuation is, why it matters, and how to make sure you=E2=80=99re =
not taking a risky shortcut.=20
                              <ul>
                              <li>Learn why 409A valuations matter and what=
 happens when they go wrong</li>
                              <li>Understand common myths (like 409A valuat=
ion =3D company value)</li>
                              <li>Discover the difference between algorithm=
ic speed vs. audit-ready accuracy</li>
                              <li>Get real insights on what questions to as=
k during the draft process</li>
                              </ul><a href=3D"https://url6380.news.pitchboo=
k.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWVGmy=
r-2Foc1grE3OG-2FfMb-2BanGQs9-2BUYn1dv4E8Ad7-2BzsA-3D-3DwgC6_I3w5d9c01gkD8gL=
zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFH5NxGA-2BE7YJmJpuA2ig1=
7oAiGYsjw6etlYL7koosspOr8pFnwhMCHJvvNl1sz-2FPdZIL-2BQ1LevXB7FlkPJzK3RAGqLU7=
bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n54IzRHhYAzDcrWMvc8Ny-2FcZV1M-2FrKv343-2BIxAOs=
qHgP7dzHFaeH-2FkHmJ0iDisni9AuaItEjJWBPjCi4i8uEiyQ8tIRmQlkzW-2FadIlJxukfJ-2B=
qqIKxlB5nw8sxyfK99A6gADEdHnvFAT-2FRRbVY5qTasy0MCBIJ0uHzCDvjKpWcFyphiH9SGnvt=
eQEwBDdgO8gjNb-2BBaJq6n331jQG75jhn7XdV8JoVQ89E14Gi49WcpTOgGton8fQE-2BxJAO5n=
b6187ZWtHJ7YRvc7E-2FDMmERXe4EluBdfgDEfb-2F8SPdmUWYM-2FylOYAvTMk3qodRqCMGZz7=
rb-2BTnxVIwxNG9fsV9eUT-2Fik5H-2F-2B72Llw-3D-3D" style=3D"color: #1D5080;" t=
est=3D"">Download the guide</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_574653" id=3D"n_574653" 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;"> A market with no maestro </spa=
n></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>
                              Any day now, the metronome of the economy wil=
l restart and the economists, surveyors and statisticians in the federal go=
vernment can resume their work generating the steady beat of economic data =
that is the foundation of financial markets.=20
                              <br>
                              <br>
                               Without that rhythm of new information here =
on the Quantitative Research desk, we've been searching for a throughline a=
mid a clattering of mixed signals. Consumer sentiment is low, but job numbe=
rs are stable=E2=80=94gold prices are screaming, but businesses seem to be =
managing tariff-era inventories with ease.=20
                              <br>
                              <br>
                               This week, we released our latest <b><a href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWVGmyr-2Foc1grE3OG-2FfMb-2BaqTcJ1qyRL5QHAJ1=
kVtLjWQ-3D-3D0Yi1_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU=
gFVa0m8PzsFH5NxGA-2BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhMCHJvvNl1sz-=
2FPdZIL-2BQ1LevXB7FlkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n54IzRHhYAzDc=
rWMvc8Ny-2FcZV1M-2FrKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9AuaItEjJWBPjCi4=
i8uEiyQ8tIRmQlkzW6-2BWrZjnLfZ5-2Frr6si1N0xj32i4ukU0Mc7-2BdqLiNb5rmZ5R3nXOus=
Kl780PWNHqXjXzsxAcH6VUAXeVlwFBCmzeYUaASYqKEyyMQz3hAG3yyW8LoT6vzqrFEgJSdSHCU=
331Md8bXjjKALP6Uj6Em8RIsY8GXJTy23-2BmL-2B106wGYc4BJa9WFSem6FOR-2FZBwV2hxWqp=
7jgp4vc-2F-2BOjc4sTq42lGtZk0-2BmspPO-2Bh6ENEsgYUrE1Ef-2FV799N44tUKh-2Fhvw-3=
D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Quantitative P=
erspectives report</a></b>, a deep dive into the state of US PE. We have ov=
er 40 pages of charts, data and analysis to tell the story of what is happe=
ning in deals, fundraising, distributions and more.=20
                              <br>
                              <br>
                               In this report, I've been focused on the div=
ergence in reported buyout deal metrics and our deal valuation model. The m=
odel is not terribly complex, regressing a handful of macroeconomic variabl=
es against historical deal activity. Since the back half of 2023, there has=
 been a sustained divergence in actual deals and our estimations.
                              </div>
                              <div>
                              &nbsp;
                              </div>
                              <div>
                              <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-2BaqM7ONnvsnswouzWVGmyr-2Foc1grE3OG-2FfMb-2BavdV=
41Oz2Sa6F7H60swXBDA-3D-3DOvHt_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F=
3t1yZbcbdWeUgFVa0m8PzsFH5NxGA-2BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwh=
MCHJvvNl1sz-2FPdZIL-2BQ1LevXB7FlkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n=
54IzRHhYAzDcrWMvc8Ny-2FcZV1M-2FrKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9Aua=
ItEjJWBPjCi4i8uEiyQ8tIRmQlkzWxDpGw7uv-2B6lz8GvA8rybNyV-2BZPGNtVXjRlvm1Yz1uL=
ezDhRonsQwtJjq2PAWemDzW7zwpq02deJ9tWBDSa0n1aPeEfRs-2Bcpf4a2-2BT0PE-2B1shhhe=
PQXSnfMDH6bwqkdsLdEOryGTudbzbYbpFVe-2BVuHMR7c8nOyofKrYKF4kKUv7xWWNEqxcaIKGI=
cghDsiKxFetcznhs-2FtlRTE1HDCJY1G-2BTKX-2BNYv2MwrJFZXvlEyWkL6cg5DW72uw-2FLpb=
iMQPbA-3D-3D" universal=3D"true"><img align=3D"center" alt=3D"" src=3D"http=
s://img.pitchbook.com/news/71348.png" style=3D"border: none; max-width: 420=
px;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"padding-bottom: 8px; font-family=
: Roboto, Arial, sans-serif; font-size: 10px; line-height: 27px; color: rgb=
(120, 118, 111); font-weight: 300; text-align: center;"><strong>Detrended q=
uarterly PE buyout deal value versus macro model-implied deal value (Z-scor=
e)</strong></td>
                              </tr>
                              </tbody>
                              </table>
                              <br>
                               For the last two years, the model has implie=
d a level of deal activity that didn't materialize, and in the most recent =
quarter, the pendulum swung back hard. Intuiting a "why" from this swing pu=
lls at a few different threads. In 2024, the model initially began to rise =
due to moderating inflation. Not lower inflation, per se, but smoothing the=
 swings.=20
                              <br>
                              <br>
                               So, is the model just implying that we're se=
eing the long tail of a successful hiking cycle and that the recent spike i=
n deals is just pent-up demand? Potentially. The deal environment has been =
strong in 2025, finally recovering from inflation-era malaise.=20
                              <br>
                              <br>
                               Moving forward, a step in the capital cycle,=
 one would intuit that an improvement in deal and exit activity would kicks=
tart a new cycle of fundraising. Our distribution-driven fundraising model =
mirrors that assumption. Given the recent level of distributions, we expect=
 to see buyout fundraising increase over the next 12 months as that capital=
 gets recycled.=20
                              <br>
                              <br>
                               Our models present a summary of their inputs=
, and many inputs are averages of something else. The layers of smoothing b=
aked into these indicators fail to describe how institutional investors are=
 scrambling for liquidity, that third quarter buyout numbers are heavily we=
ighted by a handful of blockbuster deals, and that a hot public equity mark=
et is driven by fewer than a dozen names.=20
                              <br>
                              <br>
                               So as the White House is preparing investors=
 to not expect to see a backdated JOLTS report or October CPI print, it mig=
ht be best to scratch a few layers deeper than any top-line number. A good =
place to start is our <b><a href=3D"https://url6380.news.pitchbook.com/uni/=
ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWVGmyr-2Foc=
1grE3OG-2FfMb-2BaqTcJ1qyRL5QHAJ1kVtLjWQ-3D-3D9wJN_I3w5d9c01gkD8gLzFEofZR-2B=
h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFH5NxGA-2BE7YJmJpuA2ig17oAiGYsjw6=
etlYL7koosspOr8pFnwhMCHJvvNl1sz-2FPdZIL-2BQ1LevXB7FlkPJzK3RAGqLU7bQSFeKS-2B=
J0FiQeoSK7W9a-2FJz8n54IzRHhYAzDcrWMvc8Ny-2FcZV1M-2FrKv343-2BIxAOsqHgP7dzHFa=
eH-2FkHmJ0iDisni9AuaItEjJWBPjCi4i8uEiyQ8tIRmQlkzW0aR-2FTrFgubkx3MZRNMZuEplQ=
DNmzFbFIPwelF1V3BI42SGKwu5uHJ1-2BPwtkmz4ckxRHen3kuBcGG0UM429RzrzF3Pbk-2BNiF=
m2s-2Bkkbm-2BWhiBlrhhzfk-2FOhBH0qpfhFLm9TlEGZtqwbHiKTVLxxjE3PqVZM-2BHSFTI51=
ttDkYtbZ9a7OOqUPjh6VyMW-2F-2BZSgLvgcSHEUQ2IS-2BNfTOPjjqfekb9O1kybNNwLT9NQ-2=
B1c9AVWQKY-2FLIbr0BLHGyRGxEKHw-3D-3D" style=3D"color: #1D5080;" test=3D"" u=
niversal=3D"true">Q4 2025 Quantitative Perspectives: Balancing Act</a></b>.
                              </div></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table>
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">
                              <table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" lang=3D"x-image">
                              <tbody>
                              <tr>
                              <td align=3D"right">
                              <table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" style=3D"float: none;
 padding-left: 15px; ">
                              <tbody>
                              <tr>
                              <td align=3D"right" style=3D"text-align: righ=
t"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/697=
45.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>Have a great weekend,<br><br><a href=
=3D"mailto:taylor.criswell@pitchbook.com" style=3D"color: #1D5080;" test=3D=
"">Taylor Criswell, CFA</a><br>
                               Senior Quantitative Research Analyst</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                        <tr>
                         <td colspan=3D"2" style=3D"padding: 0 20px;">
                          <table class=3D"                " lang=3D"x-news-=
group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid=
th: 100%; min-width: 100%;    =20
">
                           <tbody>
                            <tr>
                             <td style=3D"padding-bottom: 25px;">
                              <table class=3D"" cellpadding=3D"0" cellspaci=
ng=3D"0" style=3D"width: 100%; min-width: 100%;
                                                                           =
                                                         border-bottom: 1px=
 solid #C3C3C3;
                                                                           =
                                                 ">
                              <tbody>
                              <tr>
                              <td style=3D"padding: 1px 0 0 0; line-height:=
 0;"></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_574667" id=3D"n_574667" 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;"> Carbon &amp; emissions tech VC=
 deal value rebounds, but deal count hits a low </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 sluggish Q2, VC investment in carbon =
and emissions technologies grew to $3.5 billion in Q3 2025=E2=80=94a 40% in=
crease QoQ. But the rebound masks a longer-term trend in which deal count f=
ell to just 187, the lowest since 2020, signaling a market increasingly dom=
inated by large deals rather than broad VC investments.=20
                              <br>
                              <br>
                               Much of the quarter's $3.5 billion came from=
 10 deals over $100 million, including Fermi=E2=80=99s $350 million Series =
C and Divergent's $290 million Series E. Investors are concentrating capita=
l in fewer, more mature companies, with late-stage deals now representing t=
wo in five transactions.
                              </div>
                              <div>
                              &nbsp;
                              </div>
                              <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-2BaqM7ONnvsnswouzWVGmyr-2Foc1grE3OG-2FfMb-2BaWBo=
biM7svKbmUMy9d2KzGw-3D-3DvbES_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F=
3t1yZbcbdWeUgFVa0m8PzsFH5NxGA-2BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwh=
MCHJvvNl1sz-2FPdZIL-2BQ1LevXB7FlkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n=
54IzRHhYAzDcrWMvc8Ny-2FcZV1M-2FrKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9Aua=
ItEjJWBPjCi4i8uEiyQ8tIRmQlkzW8-2FvsZQIggpUTZUt-2BUe-2BdDTNqAmlMTozKUts1VFGC=
DDwiv-2Biyx8TXC2vChllGz84yexOLAVQh3HigCprOqgtM-2F7C-2FOKTEcJ1vg9UG5r5IqkPrU=
R-2Fgp54dfmnP5sPywHDGIPXCJHz4sPPtq2IhtxNNOOFI6us3kRRGZX9h0rn6DU9Bhs75lZlUzN=
-2BPB3HWij7HGw4Bnmajq-2FFAtpIXb79rU1pB8PPNIoR1G5cB3YZ0W-2FMOnXiZmFT-2FtSdvI=
stlEJ-2Blw-3D-3D" universal=3D"true"><img align=3D"center" alt=3D"" src=3D"=
https://img.pitchbook.com/news/71359.png" style=3D"border: none; max-width:=
 420px;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"padding-bottom: 8px; font-family=
: Roboto, Arial, sans-serif; font-size: 10px; line-height: 27px; color: rgb=
(120, 118, 111); font-weight: 300; text-align: center;"><strong>Carbon &amp=
; emissions tech VC deal activity by quarter</strong></td>
                              </tr>
                              </tbody>
                              </table> Sectoral focus has also shifted. Bui=
lt environment technologies led in deal value at $1.5 billion, while indust=
rial decarbonization topped deal count with 59 transactions. Both segments =
offer cost-saving and resilience benefits in addition to decarbonization=E2=
=80=94appealing amid economic uncertainty. while the carbon tech and land u=
se segments, on the other hand, lagged far behind.<br><br>
                               Regionally, North America strengthened its l=
ead, accounting for 55.9% of YTD deal value, while Asia's share halved to j=
ust 5%. Europe also gained ground, rising to 37.2% of global deal value and=
 narrowing the gap with North America. This concentration of capital in Wes=
tern markets reflects stronger policy support and investor confidence, whil=
e Asia=E2=80=99s sharp decline suggests structural challenges in scaling cl=
imate tech investment.<br><br>
                               AI decarbonization is emerging as a critical=
 theme, with investors backing technologies that either optimize energy use=
 or reduce datacenter emissions=E2=80=94an urgent need as AI adoption accel=
erates. Fermi=E2=80=99s funding round exemplifies this trend, targeting low=
-carbon, water-efficient AI infrastructure. Other notable deals include SiP=
earl=E2=80=99s $151 million raise for energy-efficient processors and CuspA=
I=E2=80=99s $122 million Series A to develop AI-driven materials for carbon=
 capture.<br><br>
                               These moves highlight how climate tech and A=
I are converging, creating new opportunities for investors focused on effic=
iency and scalability. Read more in our <b><a href=3D"https://url6380.news.=
pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv=
snswouzWVGmyr-2Foc1grE3OG-2FfMb-2BaWBobiM7svKbmUMy9d2KzGw-3D-3DXHyg_I3w5d9c=
01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFH5NxGA-2BE7YJm=
JpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhMCHJvvNl1sz-2FPdZIL-2BQ1LevXB7FlkPJzK=
3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n54IzRHhYAzDcrWMvc8Ny-2FcZV1M-2FrKv343=
-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9AuaItEjJWBPjCi4i8uEiyQ8tIRmQlkzWzYKO1dm7=
Po8NrJwWm4xUo23-2F7hA8E5lqy4VfuVH-2FUeFr5RJoRfdKYULMCzp8uzxs3v13-2ByxG2TUTy=
Nkmvn1OaE56PDuZ0263FfFqI7xom5YeCnX8-2F-2FXanMorZerMf-2Fg1LKFu4ItcPgFwXc0gVi=
KJnGpmCJy5ezzsa9sYq3CewIAarzYYfgOG6Dy2UX5-2BIp8mHMdXumCepBbDrA1xMr06hOwKvwz=
QC-2FSiQuYPT-2FdP6InRKVdeoTRJOBFInxISfdn-2FA-3D-3D" style=3D"color: #1D5080=
;" test=3D"" universal=3D"true">Q3 Carbon &amp; Emissions Tech VC Trends re=
port</a></b>.</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/713=
56.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:john.m=
acdonagh@pitchbook.com" style=3D"color: #1D5080;" test=3D"">John MacDonagh<=
/a><br>
                               Sr. Analyst, Emerging Technology</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-2BaqM7ONnvsnswouzWVGmyr-2Foc1grE3OG-2FfMb-2Baw6=
OnnYjO-2Fc-2BC4S4L2PrK2g-3D-3Dk8fb_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfm=
zy-2F3t1yZbcbdWeUgFVa0m8PzsFH5NxGA-2BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8=
pFnwhMCHJvvNl1sz-2FPdZIL-2BQ1LevXB7FlkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2=
FJz8n54IzRHhYAzDcrWMvc8Ny-2FcZV1M-2FrKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisn=
i9AuaItEjJWBPjCi4i8uEiyQ8tIRmQlkzW8Ck-2Bdo-2FIjIeqgoSRu5d9LjsVMtVTsE5f9RaDD=
WA5U3DdvkuSwpS3o5KdC-2FKQMsuiuglBExKSOWGm9ZB-2B5HTOhzbgcjFTflJIBhhAFxLi7hbg=
vAHB4Ojxy5v8IGYLhzu5kS9hcdYTLD1-2BEY9YjD-2B1eBMkBCKBF4be4gy59UyR8025RjlccjD=
6n2YMR1z-2FCNISU-2BY-2By9qVcK5kxrqQXW-2Fgyz5MJWF4AkCr6jkI-2BiXLljsswtuzkDQ6=
gJ3EkRDdy-2FeEQ-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tru=
e">AI in Drug Development </a></big></b><br><br>
                               While AI is reshaping nearly every industry,=
 its influence may prove most transformative in biopharma, where new techno=
logies promise to address the high failure rate, lengthy development timeli=
nes and escalating costs that characterize the industry.<br><br>
                               While these goals remain lofty, significant =
progress has been made in recent years, with frenzied investment in AI and =
a massive computing build-out fueling advancements in research productivity=
, drug discovery, and clinical-trial efficiency.<br><br>
                               VC funding for AI drug development totaled $=
2.7 billion through the first three quarters of 2025. An emerging class of =
AI-native drug developers has attracted the majority of this capital, and t=
hey=E2=80=99ve rapidly become some of the most well-funded startups in biop=
harma. Xaira Therapeutics, Isomorphic Labs and Generate:Biomedicines all ac=
hieved unicorn status within their first two institutional rounds.</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-2BaqM7ONnvsnswouzU1BcfZeIN1-2BZghV0jrAdX3Kxthf3b=
-2FG6tSZb009jQtbg-3D-3D1RwP_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t=
1yZbcbdWeUgFVa0m8PzsFH5NxGA-2BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhMC=
HJvvNl1sz-2FPdZIL-2BQ1LevXB7FlkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n54=
IzRHhYAzDcrWMvc8Ny-2FcZV1M-2FrKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9AuaIt=
EjJWBPjCi4i8uEiyQ8tIRmQlkzW8xTVdCGDjP-2BMHVpy-2BXH50DQo7ArCdKcbjY3xEHgsdv1c=
PDOjiDP47OADrEeEe7e8avRfHzR453dN80ZrPfZ3qIPz8VlxM0z0B6HBQjrckrDG9MbsHD0-2FS=
0Gs6qM1EPM76BOwNQ0k9OZhudyVMR6g47tLTqW1cckmTnYmZrUY6UVP3Yq4g1DadbjBXVtAjD8e=
1JU6xv22MdQ8-2F4wBmLEPXSAoZmmMs9j1-2B05IDYXTg08Mipu0EoUkFn3g5d8YilPeA-3D-3D=
" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://img.pit=
chbook.com/news/71341.png" 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></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>
                               Looking ahead, AI in biopharma is entering a=
 crucial period of validation. With several AI-discovered drugs currently i=
n clinical trials and leading startups likely to enter the clinic within th=
e coming years, the clinical efficacy of AI-discovered assets will become c=
learer.<br><br>
                               While AI tools for experimental design and c=
linical-trial optimization will likely continue to be integrated into drug =
development, the success of AI-discovered assets will be the most significa=
nt benchmark for the technology and will have the greatest impact on the bi=
opharma business model.<br><br><em><b><a href=3D"https://url6380.news.pitch=
book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo=
uzWVGmyr-2Foc1grE3OG-2FfMb-2Baw6OnnYjO-2Fc-2BC4S4L2PrK2g-3D-3DIeSH_I3w5d9c0=
1gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFH5NxGA-2BE7YJmJ=
puA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhMCHJvvNl1sz-2FPdZIL-2BQ1LevXB7FlkPJzK3=
RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n54IzRHhYAzDcrWMvc8Ny-2FcZV1M-2FrKv343-=
2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9AuaItEjJWBPjCi4i8uEiyQ8tIRmQlkzW-2FLLji-2=
FUBFnSCMyuq550nnUmh8V4gilSHjXtQRzp1x4-2FPL6atb9SPJp8kzHnk68eDXUJ8s1A8FfPMUS=
HU2l4zNiRJL8fSDNmHAnK6rzRe5xz-2B28aJqbpLQhL6Srk-2BTIWhwlSnWLZsadO9kaqI349Xt=
xpho9OR0Zr-2FymGGZg390LXHsub2L8qu0VcdEvVU0uHUUVh6JHMenpDxUuzockHlpaV83oEQ32=
WVkQHPqSJ0Yl3djI-2BPJI8qSeQEY7fvL6ETA-3D-3D" style=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>
                       </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>
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                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Nov=
. 19</b>: In our Q4 EU Leveraged Finance Analysis &amp; Outlook webinar, Pi=
tchBook LCD journalists and researchers will talk about where the private c=
redit markets in Europe will take us during the rest of 2025 and beyond. <b=
><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU1BcfZeIN1-2BZghV0jrAdX3eh8ZY44wo6SbLRt=
c0oI2zg-3D-3D4wdM_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU=
gFVa0m8PzsFH5NxGA-2BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhMCHJvvNl1sz-=
2FPdZIL-2BQ1LevXB7FlkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n54IzRHhYAzDc=
rWMvc8Ny-2FcZV1M-2FrKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9AuaItEjJWBPjCi4=
i8uEiyQ8tIRmQlkzW8gg1YBlBaYZ153cLxGkvs-2BUWhHri1ZhDzyVS-2BMXIV8B0mmrqyW4n5v=
hQjTw8Nx82cSax4fMoxPx30-2BYjnShB-2FHKJ4xe2Sb1A0TplLi5Yiy1oNvFdkPJ22z1h9En2G=
kSeF-2FMDlIdT4I7W-2FDdtXjeMgQp5Psll9slXteWnap5OE3lAOyqre2IspIlXOMhC1BnnbxBR=
my-2FQMa-2FY92jOVibMtqBa-2BR6w8-2Fvio59N4oSpcPec6ywd0mudahlerzfL-2BdANQ-3D-=
3D" style=3D"color: #1D5080;" test=3D"">Register here</a></b><br><br><b>Dec=
. 9</b>: Analysts from PitchBook and Morningstar will discuss key considera=
tions for evergreen funds as these vehicles become part of the allocator to=
olkit. <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001=
.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU1BcfZeIN1-2BZghV0jrAdX3zQRCpM=
QTfrq1ePohaY6zVw-3D-3D4JAG_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1=
yZbcbdWeUgFVa0m8PzsFH5NxGA-2BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhMCH=
JvvNl1sz-2FPdZIL-2BQ1LevXB7FlkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n54I=
zRHhYAzDcrWMvc8Ny-2FcZV1M-2FrKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9AuaItE=
jJWBPjCi4i8uEiyQ8tIRmQlkzWzQcEivf60rLDGl3wYzR7MVOBF7ZaPwpMtCvMbL8fs-2BDc4CM=
v8GPVd-2BWCGGUJK-2BYLwieW3JfeiXxLy9Fl-2BP7rOUJQCfme9zutJPe7bexRwAGJRbLYRnlM=
B0RkpiStDx86rmQBbu-2BGfm95uljwwQyDAkmBCuKCaHVA9s6719XzxxnEY1n2QtxbPhrQwH8q6=
JCrWAab2LvzCYcFfnAx8sP6myKeP6tjNs1cTOrPYpP3PyGvZ8gpqMwjQUSAEplsB-2F6-2Bg-3D=
-3D" style=3D"color: #1D5080;" test=3D"">Register for the webinar here</a><=
/b>.<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>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 Twenty-one deals have rai=
sed more than $1 billion in US VC-led rounds this year, matching the pandem=
ic-era peak, raising $108 billion in aggregate through Nov. 4. [<a href=3D"=
https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
rf6GFa-2BaqM7ONnvsnswouzU1BcfZeIN1-2BZghV0jrAdX3s-2BJniG0U-2FsdzYUJjuMeDsQ-=
3D-3DiqcC_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8P=
zsFH5NxGA-2BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhMCHJvvNl1sz-2FPdZIL-=
2BQ1LevXB7FlkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n54IzRHhYAzDcrWMvc8Ny=
-2FcZV1M-2FrKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9AuaItEjJWBPjCi4i8uEiyQ8=
tIRmQlkzW6QcAaYwWSxiz6FZ-2Fp4UoWvT8YLkUVdDqXp-2BLmYqxt5PiHdsj7Y1PCiO2FMbJQX=
UKWSElm9CKCyY5tFs8oZ5L6vJbxuXZM6VN-2BM-2BXIfpHfsDaXUkalm3g5uVmNvrZEbXo-2FNK=
TUOaFKYdijPSdej0QnTIr5QRTr-2FVaWJB0mZV7lu8ILoHNuYhW7Em0WhIN4sPUpiOwnvEllDKw=
x9cd0ASUF2mxCGz-2FNa2KWSObn50TmI8m0bQJOxB7uN2r6BeOB959A-3D-3D" style=3D"col=
or: #1D5080;" test=3D"">Bloomberg</a>]<br><br>
                               =E2=80=83=E2=80=A2 The number of private com=
panies in the US valued at more than $1 billion rose above 1,000 in 2024 fr=
om 20 in 2016. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU1BcfZeIN1-2BZghV0jrAdX=
3FkAlxfdrC5cgK0Bq1pK62w-3D-3DgW9R_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz=
y-2F3t1yZbcbdWeUgFVa0m8PzsFH5NxGA-2BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8p=
FnwhMCHJvvNl1sz-2FPdZIL-2BQ1LevXB7FlkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2F=
Jz8n54IzRHhYAzDcrWMvc8Ny-2FcZV1M-2FrKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni=
9AuaItEjJWBPjCi4i8uEiyQ8tIRmQlkzW-2FyBDJOhHdMuRfD2QgmKHsfhu3AwLUwjckpWOH5fJ=
zmGsVeUaArYjDKzDxfKOaadbXTpLOi7RGr7faNcHAN6XHdlBciG-2Fv-2FIm-2B67PK2HIP6yOs=
owQMgsIXSqj7xE-2F4qY0kU0cf4BXVAM8gvJxnD1MrOHAjrYFVvPgkXgrubxvJYB9m-2BVZkCrA=
s0UN-2BdmEie-2FqpZ1iHTJOh460vC6ZS-2B6HWLLUkGloY0CwYgG-2Bz6sNia5ayep3QGo5LQs=
D3T86m2-2FHw-3D-3D" style=3D"color: #1D5080;" test=3D"">Financial Times</a>=
]<br><br>
                               =E2=80=83=E2=80=A2 AI accounts for nearly tw=
o-thirds of all venture deals in the United States. [<a href=3D"https://url=
6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq=
M7ONnvsnswouzU1BcfZeIN1-2BZghV0jrAdX3tLwu-2BjMuhy3cW3V-2FrzdCQQ-3D-3DUKZ0_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFH5NxGA-2=
BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhMCHJvvNl1sz-2FPdZIL-2BQ1LevXB7F=
lkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n54IzRHhYAzDcrWMvc8Ny-2FcZV1M-2F=
rKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9AuaItEjJWBPjCi4i8uEiyQ8tIRmQlkzWw7=
p-2Bmcekw3frhsSf9IFDZ6J-2Bfd6418r8qeRUODrte1qcSeTzTv4WG55dXJ4cM9HbVSQrOlnyA=
JmilwTwKawV9USP0jcGEU7a8AFPY8lle2Ghii8Ap6dNz-2BNmwypLz46aiQYndLxtQJ-2FJThBv=
FvH-2FwyCeL9XFEAPQUVpUh-2F626z07gLN8k6D0iUE8ZMJ1l-2B9qdcEy5avMt7gH9LU1LtwCo=
hi3cbclHjOvVxstqVRY3SWfjlaBKh6hY2segcW9IOwXA-3D-3D" style=3D"color: #1D5080=
;" test=3D"">New York Times</a>]<br><br>
                               =E2=80=83=E2=80=A2 VC funding for supply cha=
in tech picked up in Q3, and the number of deals dropped. [<a href=3D"https=
://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF=
a-2BaqM7ONnvsnswouzU1BcfZeIN1-2BZghV0jrAdX3kmA5KNs3169Pyzmq9gvesQ-3D-3DCbqA=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFH5NxGA=
-2BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhMCHJvvNl1sz-2FPdZIL-2BQ1LevXB=
7FlkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n54IzRHhYAzDcrWMvc8Ny-2FcZV1M-=
2FrKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9AuaItEjJWBPjCi4i8uEiyQ8tIRmQlkzW=
0xydOaMKISrTtS7KHrYLVWehpe4RP-2FKV4SoAvDhGRvoM7jI7RB2hMPsaPVSAg1ejig-2FasaR=
1ChVw9FilETwtuDjdeN7qyOb2q3HTRmguqtR4n5MqwzBoppPzB9Qf-2BI6SQrPbu8izLPCTNGBK=
T-2But9364M7BFbrlUoxjVVIQaJGogYozntbnAk0S8Oq2WJ7uSHKvsSUDHiYwxuaw7XBrWlySy1=
QHrl02RH1ssnIHs-2B-2F2TDk-2FEMo-2BDqx7yKkKC5ek6Q-3D-3D" style=3D"color: #1D=
5080;" test=3D"">Axios</a>]<br><br>
                               =E2=80=83=E2=80=A2 PitchBook senior analyst =
Eric Bellomo discusses Skims' latest fundraise. [<a href=3D"https://url6380=
.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ON=
nvsnswouzU1BcfZeIN1-2BZghV0jrAdX3DPstEWs-2F8KEjX70Fp1MqMQ-3D-3DQ_qZ_I3w5d9c=
01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFH5NxGA-2BE7YJm=
JpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhMCHJvvNl1sz-2FPdZIL-2BQ1LevXB7FlkPJzK=
3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n54IzRHhYAzDcrWMvc8Ny-2FcZV1M-2FrKv343=
-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9AuaItEjJWBPjCi4i8uEiyQ8tIRmQlkzW3a-2FR8Q=
todrmgsWlAtT5byHCMyhkWB1FdaKH5puIQ7Sw8PqqsfAQTqvODr3Pg8FkJ2RzZqK6SKQ2b7Zl1h=
1j39Gx7ZiMY5exdWEHgz2BKYkCCMJX4vrt6rZ-2FlI4u7krYWHmV8DwzfJPPfbIryjsUEDZAHMm=
UuUSWbfZPCijokxZPHm2UQNdQBQQ6oGjd-2FMKc-2BpaKzcSZCFD15HD2nJXNav6guX7RmHZEMo=
bPpM5K5GlvOF4HckPmAndZ-2FFXrJn9kMQ-3D-3D" style=3D"color: #1D5080;" test=3D=
"">Reuters</a>]<br><br>
                               =E2=80=83=E2=80=A2 Medtech companies have ra=
ised $12 billion from VC funds across 647 deals through September. [<a href=
=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S=
pSWIrf6GFa-2BaqM7ONnvsnswouzU1BcfZeIN1-2BZghV0jrAdX3sRS04b86roTy12QdmBFwxQ-=
3D-3Dk96i_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8P=
zsFH5NxGA-2BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhMCHJvvNl1sz-2FPdZIL-=
2BQ1LevXB7FlkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n54IzRHhYAzDcrWMvc8Ny=
-2FcZV1M-2FrKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9AuaItEjJWBPjCi4i8uEiyQ8=
tIRmQlkzW58JnumKwXuGIX6lX5UzDO0Z6S11aEj9SCzTlF19-2B-2Bxl2qzhfUwkiXQ-2BsW-2F=
1hq9pRxIEUe65DRx7bzGFMEtYMpX4J69ouZZ9AoSYXep-2BcXZaqTHauq5kN3bg2667PpFPaMS-=
2B1m49-2F7u0-2Bhn4pqL1EKQJbBSDs1wyQna6ngnEhtztFFtu-2B-2BKw4jaU8rB-2FPn67IMr=
ZyZfJylpPAYmwAhFDzNZdTD6zCXMw5RGm9QIVwJqoeO3ztSR6T0XtubjWYh6G7g-3D-3D" styl=
e=3D"color: #1D5080;" test=3D"">Medtech Dive</a>]<br><br>
                               =E2=80=83=E2=80=A2 Nearly 1,600 startups acr=
oss the world have a valuation of $1 billion or more. [<a href=3D"https://u=
rl6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B=
aqM7ONnvsnswouzU1BcfZeIN1-2BZghV0jrAdX3gpYbV7tRM-2F-2BKdri-2BbYS2rQ-3D-3DB4=
0j_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFH5Nx=
GA-2BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhMCHJvvNl1sz-2FPdZIL-2BQ1Lev=
XB7FlkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n54IzRHhYAzDcrWMvc8Ny-2FcZV1=
M-2FrKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9AuaItEjJWBPjCi4i8uEiyQ8tIRmQlk=
zW5SuPWshRt3-2B6yVlSRwp5R7VNLWpG5GYNF1ROgfXtDPX60YPPIuI0S0P26b1U9YVDj60J4jV=
HjMnG-2BeRL3E8zZhZzGxiDhzbRpt5eYrNPSD9MJDUaeNr12ux4k7KI4rAJadY4qqeLqXWXFmHy=
brQfxoEUHEkXZz2-2BqmNhJr-2F41uI7nC3Ey0CRYO87VmWUc9UX4231VGTGb9z8PXky0kGTzD4=
XGL1rz2wOYH-2FOdVlgGfojRJyofiQ-2Fgs8N5iBxcFsRg-3D-3D" style=3D"color: #1D50=
80;" test=3D"">Bloomberg</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%">
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0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br>
                               More of our recent research (* - premium):<b=
r><br><b>Market updates</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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7LQCpLwXPC-2BxPtzkHVufZKCmZcF25j-2FnQ17YMQQxKs04S1aYGKacyj1qXsYlzGHdN890MN4=
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><br><b>Thematic research</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzXu-2Bykdi4HII6JBRiSWsXVjUXAG3-2FqpQJN6Z1ykt0zW4Q-3D-3DEqTU=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFH5NxGA=
-2BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhMCHJvvNl1sz-2FPdZIL-2BQ1LevXB=
7FlkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n54IzRHhYAzDcrWMvc8Ny-2FcZV1M-=
2FrKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9AuaItEjJWBPjCi4i8uEiyQ8tIRmQlkzW=
zUTofQiOtOkfCMjHOZsXj7wxPkcEghhIsr0ulFvmWFWNriBHA1Q0BFxuMzpkmBZ23YhZTCkpxD8=
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                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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oqSOBmDM8If-2BhbevWTQ63MYZDQLh6iINTnhvkOxdqGg6b8VAXUnyPDssDiajPUihiRvWJVyu5=
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/a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzXu-2Bykdi4HII6JBRiSWsXVjgbn1swOtGDrVZIph1GjPrA-3D-3DuILD_I=
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BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhMCHJvvNl1sz-2FPdZIL-2BQ1LevXB7F=
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YL9Uy-2BuFkqoL9AzhM2LHqWo-2FTlzOfs561xvLnSuxvlypjS5Ir9Z-2FP2JJfC-2F79P-2FTT=
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/a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzXu-2Bykdi4HII6JBRiSWsXVjaeJ0fEl63kVzqxdOcIu-2Bzg-3D-3DMUvr=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFH5NxGA=
-2BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhMCHJvvNl1sz-2FPdZIL-2BQ1LevXB=
7FlkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n54IzRHhYAzDcrWMvc8Ny-2FcZV1M-=
2FrKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9AuaItEjJWBPjCi4i8uEiyQ8tIRmQlkzW=
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PbgPdG8k5ckuDJpbDD8Q-2FV8-2Bfy7d-2FkC3KFRTNIcqTZ4zxJBsKNPZeHBslt0P5rgRvUiYy=
Qr78d10h0u8WIHPTHwZxX-2BjIbqkuIn3o-2F5OjYd9vU8T6RJqD9-2FOajSUwga8OL6WvSDJUp=
bhQOpeQSHB9rPNPcw-2BJtWVRy-2BduAOCNvTtqhA6OcKkX5PqGvUcbAcw-3D-3D" style=3D"=
color: #1D5080;" test=3D"" universal=3D"true">The Big Theme Rivaling AI at =
Money20/20 USA</a></b><br><br><b>Industry &amp; tech research</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzXu-2Bykdi4HII6JBRiSWsXVjlbzafhlZQo6wtH1PsfVYMw-3D-3D1mPZ_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFH5NxGA-2=
BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhMCHJvvNl1sz-2FPdZIL-2BQ1LevXB7F=
lkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n54IzRHhYAzDcrWMvc8Ny-2FcZV1M-2F=
rKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9AuaItEjJWBPjCi4i8uEiyQ8tIRmQlkzW95=
ZRwYKXjXgkccEZSggebFOFSYtkTfCAieqz0VyhsooM1LgV-2F6HEnEY5iaYuyyz71a5B-2FO9Gy=
4LB5w7TO720UhKBFc0xRoHcrcQek-2BN8iKYqlcWeglJEW6MwKk1T2yKOPsISyHMMi2hpT5-2B8=
6CwGSTxu-2FcxT1SjsUThtznxSyNDJ71mcaMKCLLnG1Mu1NE-2BXiHHrTHK2-2F9H4Yce2aaqVa=
g5PVdeANgdOQThm0VgpzlMm2vhW-2Fvv-2Bcr01SttnjcNdg-3D-3D" style=3D"color: #1D=
5080;" test=3D"" universal=3D"true">Q3 Medtech VC and PE Trends</a></b><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzXu-2Bykdi4HII6JBRiSWsXVjX44PwqKuXLmQKL-2FhNO8omQ-3D-3DVk4z=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFH5NxGA=
-2BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhMCHJvvNl1sz-2FPdZIL-2BQ1LevXB=
7FlkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n54IzRHhYAzDcrWMvc8Ny-2FcZV1M-=
2FrKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9AuaItEjJWBPjCi4i8uEiyQ8tIRmQlkzW=
wQE90OKqUtX4J2ng0pKriXMqzXhrS1UoHWPHu2i26PSVga3iMccqz3urI8k8RunLluSssFAVaR9=
CqwrZig4BdAGCALZVG2CveEQTXn3OoEtaOIdWm2z3AfM2d7cE7j8hgaAvLh6O6nChBaHUh21q5s=
Iooyze9d0rcqHv-2FtWuPPS2fP2-2FFyJts3-2Bf0HwIrbUuT0nU-2BXZVHczWi7y2QVsU6LD9x=
YNwEIbe-2FvXpImi7Fze-2Fic66ZXSNukz3kS4ySKCEg-3D-3D" style=3D"color: #1D5080=
;" test=3D"" universal=3D"true">2025 Biopharma VC Trends</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-=
2BaqM7ONnvsnswouzXu-2Bykdi4HII6JBRiSWsXVjk9FfkylJcaabnmr5-2Bf-2BDVA-3D-3D-T=
sF_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFH5Nx=
GA-2BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhMCHJvvNl1sz-2FPdZIL-2BQ1Lev=
XB7FlkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n54IzRHhYAzDcrWMvc8Ny-2FcZV1=
M-2FrKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9AuaItEjJWBPjCi4i8uEiyQ8tIRmQlk=
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2Buz8RSAYTz7Nlf6Hv6KnEkvh3UNI4aw-2BpAzpu62p9se7TOE45antcptB3fkPiZx9387RRFAR=
PcGUcWYtcuqOdzfOIdVerJn5BZCtGgSo-2B-2FdzBdtJ8c97BywMYki-2B3IJjWQPbtzvJ6yiMU=
5g4ujPWVAH0Tq3SSal1JanyuKKAIutayQXBetnRLbn-2Bg-3D-3D" style=3D"color: #1D50=
80;" test=3D"" universal=3D"true">Q3 Food &amp; Beverage CPG Report</a></b>=
<br><br><b>Credit research</b><br><br>
                               =E2=80=83=E2=80=A2 <b><a href=3D"https://url=
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2BaqM7ONnvsnswouzUb9beoFbhkCzciO-2FKI-2B57tJMERvsTR3BUCKbUAO1phQw-3D-3DxS_L=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFH5NxGA=
-2BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhMCHJvvNl1sz-2FPdZIL-2BQ1LevXB=
7FlkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n54IzRHhYAzDcrWMvc8Ny-2FcZV1M-=
2FrKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9AuaItEjJWBPjCi4i8uEiyQ8tIRmQlkzW=
wWaLoFu8tTlCB1Or3wi7Xs2HaVZRSBIhbUjeiEZDWQ6OFUMDhrOrrNVeRERwVca8w0taOXWVLwy=
EpOavTfrkxMufEU6n-2Fg-2B06uVN0bBUjq3OZRp2aAddMthq1WpKOe64rWWf3gRgSHiBP-2F2l=
auocgU6bEyQJn3EdU2raRp48HQsCRTLMsC1-2BQVSsdOJ9fFZ8q3C2zYrF5h-2BNL02JAuJnKa-=
2B6jZ68XImacMMcEEldfXX3p6lDw3W4W-2Bjyj93ELeodw-3D-3D" style=3D"color: #1D50=
80;" 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-=
2BaqM7ONnvsnswouzUb9beoFbhkCzciO-2FKI-2B57tGJsbKBjr4sCFIy4-2FnUairg-3D-3Dhn=
i3_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFH5Nx=
GA-2BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhMCHJvvNl1sz-2FPdZIL-2BQ1Lev=
XB7FlkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n54IzRHhYAzDcrWMvc8Ny-2FcZV1=
M-2FrKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9AuaItEjJWBPjCi4i8uEiyQ8tIRmQlk=
zW2IZmTSFMmXz5QDELK9UugkBzcO-2Ft1-2BNP92VBpHGPSIWqjId0O9-2Fwg2zg4mgvPg08bHW=
lsQzbmni22tk1YFrbADXrfnUFzVXYkOZc-2F5ykYPkBuGS-2BO-2FLDkhU0Bu9ve5rq4ujB0Ktj=
y-2FgvBtK0aF7CycQsQGew-2FFBB04G69ydFqNYbPbpJARcvaNmnBtRWrZ5836ovtmwgAX-2FJj=
sHQ91cJJOteXBxHpzVRupSLYi9HjwPQTlB5kSF-2BvlTZDT1axNLTw-3D-3D" style=3D"colo=
r: #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-=
2BaqM7ONnvsnswouzUb9beoFbhkCzciO-2FKI-2B57tj-2BUhBeBiz3-2BtA622IIjWjw-3D-3D=
_dgW_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFH5=
NxGA-2BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhMCHJvvNl1sz-2FPdZIL-2BQ1L=
evXB7FlkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n54IzRHhYAzDcrWMvc8Ny-2FcZ=
V1M-2FrKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9AuaItEjJWBPjCi4i8uEiyQ8tIRmQ=
lkzW66mrIJ8VPG3M88Z0qJEe78OPbGIXkyFlHi37YbhuQWGdoLiD6nmXHg469bOxoQNzd7JgbGS=
ACblzHmeZ7-2F-2B4Pu0KjDtPRdYS4HDU1GHBrR1o4H-2BHWIZQbaUXBkkDUL6lLLTDZQgf0dxy=
i83qYzwo2w5bhM0iBKkKkKUWpZZrgyaJbH0L5CESDXl6XbCopoOmkunnugT9u0-2B46HNJJ7p5b=
5jdQf4I2x61Y77FXScVjaTWGqSSjJQAawfkm2oepghsQ-3D-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-=
2BaqM7ONnvsnswouzUb9beoFbhkCzciO-2FKI-2B57tUSxeU82LcErRziEvVjHhrA-3D-3Dw73R=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFH5NxGA=
-2BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhMCHJvvNl1sz-2FPdZIL-2BQ1LevXB=
7FlkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n54IzRHhYAzDcrWMvc8Ny-2FcZV1M-=
2FrKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9AuaItEjJWBPjCi4i8uEiyQ8tIRmQlkzW=
-2F4S4Ksy16Vp8TSzxTQtT6BTPaRQovKXWK-2BdAwNgqqP6X1HBgWEqRM1pmEv-2FAkDfphsIGB=
nn8vP-2FEEMvI9YtgABc3TAz3nAS-2Bcac5kH-2Fjfo4LN3AiQXWc-2FU9-2B8GXDHxqILPyANK=
OXQMIR1CMEixPePd9agP-2F7iC4eS5V015Szq7GfPdImmeqgm-2BvqFACN-2BpETpz94bNSFfAF=
oNZlgRiUFvy9a20wq2shiGwPI0VUB783aIQY0GESYSTC3X3FUf9lEg-3D-3D" style=3D"colo=
r: #1D5080;" test=3D"" universal=3D"true">Global Distressed Credit Weekly W=
rap*</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-=
2BaqM7ONnvsnswouzUb9beoFbhkCzciO-2FKI-2B57tcOpa4gnwd2zUjmZ7i4B75w-3D-3DxcLO=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFH5NxGA=
-2BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhMCHJvvNl1sz-2FPdZIL-2BQ1LevXB=
7FlkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n54IzRHhYAzDcrWMvc8Ny-2FcZV1M-=
2FrKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9AuaItEjJWBPjCi4i8uEiyQ8tIRmQlkzW=
9JwjJD0mQtSyyE-2FMzql7-2Fn5a7Gv5lfbm028R2xic76G4so0Joqesgkw-2F59gFKJWwU03hI=
zFSAzl5JDiEI-2F0WSpfKSpAuJ1QFFijsrOpDKXxZGeyD-2FPJ-2FQNuRxreFelGo18qEzNRvHU=
f3Uo-2FXc3h7eIbY8ySCNmAwHmtcR3wVReg5LU0nmPMz8rrZ-2FTPpkbjHYjrifKVbK-2F2dT7x=
Yq1rISz-2FqHQebW71XUKTLT4ICnKW3HKkXkC6ZPDwgzMyMyenIA-3D-3D" style=3D"color:=
 #1D5080;" test=3D"" universal=3D"true">US Private Credit &amp; Middle Mark=
et Weekly Wrap*</a></b><br><br><b>Coming next week (subject to change)</b><=
br><br>
                               =E2=80=83=E2=80=A2 Q3 US VC Secondary Market=
 Watch<br>
                               =E2=80=83=E2=80=A2 Q3 Enterprise SaaS VC Tre=
nds<br>
                               =E2=80=83=E2=80=A2 Are VCs riding the higher=
, paying the price?<br>
                               =E2=80=83=E2=80=A2 Q3 Agtech VC Trends<br>
                               =E2=80=83=E2=80=A2 Q3 European VC Valuations=
 Report<br>
                               =E2=80=83=E2=80=A2 Q3 Healthcare Services PE=
 Update<br>
                               =E2=80=83=E2=80=A2 Q3 Healthtech VC Trends<b=
r>
                               =E2=80=83=E2=80=A2 Five Takeaways From the S=
uperReturn Secondaries North America Conference<br>
                               =E2=80=83=E2=80=A2 Q3 Construction &amp; Eng=
ineering Report</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>
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                    </tr>
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                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
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                            </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 class=3D"                " cellpadding=3D"0" cells=
pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%;    =20
">
                   <tbody>
                    <tr>
                     <td lang=3D"x-advertisement" style=3D"padding-bottom: =
20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzUOORH9cYBJhAZrpTQxvftsXZe8MdLC-2F5lKW4ZLzlaVQg-3D-3DB=
APo_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFH5N=
xGA-2BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhMCHJvvNl1sz-2FPdZIL-2BQ1Le=
vXB7FlkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n54IzRHhYAzDcrWMvc8Ny-2FcZV=
1M-2FrKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9AuaItEjJWBPjCi4i8uEiyQ8tIRmQl=
kzW7RaHblrie361CnpmBZcBuEXpQIvvVs6HgxyQB-2Fk0y2oPJ3cYpe3u-2FSTEAJbvcgS-2By1=
zBcdLozuvrCOT8beOj6JKZOP5bsD6GSWtsPOEBDlM0n6BrhJZu5YF465iGrCiNq4-2B8nr4Dvsu=
akSzDmpMAmRLM9GkJzErzz7lrhDNpZxM63WxYFeKtMjRj5z75aquNYO14INIQrr1Ugt64H5YIWp=
GbVXe2eFCzQM13DRcVl1tmqU9juk6NTv-2BI5elfg6YnA-3D-3D"><img width=3D"460" src=
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d>
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                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <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;">
                              640
                              </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;">
                              2292
                              </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;">
                              883
                              </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;">
                              30
                              </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-2BaqM7ONnvsnswouzUOORH9cYBJhAZrpTQxvftsF24-2B8ApIB0arowBv-2FrUWSg-3D-3=
DxIyO_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFH=
5NxGA-2BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhMCHJvvNl1sz-2FPdZIL-2BQ1=
LevXB7FlkPJzK3RAGqLU7bQSFeKS-2BJ0FiQeoSK7W9a-2FJz8n54IzRHhYAzDcrWMvc8Ny-2Fc=
ZV1M-2FrKv343-2BIxAOsqHgP7dzHFaeH-2FkHmJ0iDisni9AuaItEjJWBPjCi4i8uEiyQ8tIRm=
QlkzW-2BeEK9S-2FrZm-2FWQj08Pzd-2FOfw6nq3Ky6oMDPPNc-2FUBPS0K7MmAnVC0h56K-2Fd=
CdPDsOqaXvPPTs6Jujq9MV8a8JbgIvgowt-2BuMUWWj6nlWn5LVIYGaTgfKmRDwFI4UzujihN3j=
yp4ozW-2BI4LTbG98eU5rVokSIu-2BwWZjdWyM5WZr8vzMPXJR41gyeJTFBKQ9mAnVQ6rC2ZYVL=
rRyT0ALztS73C9F2X2XmjeaqhwGvSMw2lnLX4aSauVx0yzjYI7kyMHA-3D-3D" target=3D"_b=
lank" style=3D"display: block;
                                                          font-family: Robo=
to, Arial, sans-serif;
                                                          font-size: 12px;
                                                          color: #000000;
                                                          text-decoration: =
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>
                            </tr>
                            <tr>
                             <td style=3D"height: 25px; line-height: 25px;"=
></td>
                            </tr>
                           </tbody>
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                       </tbody>
                      </table></td>
                     <td style=3D"width: 20px; min-width: 20px;"></td>
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                 <td height=3D"20" style=3D"line-height: 20px;">&nbsp;</td>
                </tr>
               </tbody>
              </table></td>=20
             <td class=3D"side-bar" width=3D"140" valign=3D"top" align=3D"r=
ight" style=3D"padding-left: 20px;">
              <table lang=3D"x-sidebar" align=3D"left" cellpadding=3D"0" ce=
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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=
SpSWIrf6GFa-2BaqM7ONnvsnswouzUOORH9cYBJhAZrpTQxvftsXZe8MdLC-2F5lKW4ZLzlaVQg=
-3D-3DVER-_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8=
PzsFH5NxGA-2BE7YJmJpuA2ig17oAiGYsjw6etlYL7koosspOr8pFnwhMCHJvvNl1sz-2FPdZIL=
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8tIRmQlkzW6uiZ2lqzWcFU0dJC31hOLHjHw0f21EObGV5Kx2qUQbIBz76zwBkJhdlNFXNDWg9OR=
E8ndggQUzdeYSDZkSqgLOJ77BFlln0jlrKR4wfF8gIMV5-2BVpPKSF6GrUfjtfB83a7whTqG9Qf=
9bujJDDHqPrRjkq8-2B5F3DHly9Ja579zs1xDAB-2FTZwemTPyK6U8Pd0K1wYuA0vrY6K-2Fte7=
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h=3D"160" src=3D"https://img.pitchbook.com/ads/ad4388/Fidelityvertical.jpg"=
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        </tr> =20
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