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The original message has been attached to this so you can view it or label similar future email. If you have any questions, see root\@localhost for details. Content preview: PitchBook Newsletters Also: How private markets are faring with tariff change-ups; Secondaries near mainstream status; tech VC trends... February 28, 2026 | Read online | Manage your subscription The Research Pitch Presen [...] Content analysis details: (2.6 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 1.1 RCVD_IN_VALIDITY_CERTIFIED_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to Validity was blocked. See https://knowledge.validity.com/hc/en-us/articles/20961730681243 for more information. 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pad= ding-left:5px; padding-right:5px;"> <table lang=3D"x-header" class=3D"container" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> =20 <tbody> <tr> <td> <table lang=3D"x-header-subscription" style=3D"min-width: 100= %; text-align: left;" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" = width=3D"100%"> <tbody> <tr> <td class=3D"header-msg" style=3D"padding-top: 20px; paddi= ng-bottom: 28px; font-family: Roboto, Arial, sans-serif; fon= t-size: 11px; -webkit-text-size-adjust: 70%; text-size-ad= just:70%; -ms-text-size-adjust: 70%; text-align: center;">February 28, 2026= | <a href=3D"https://url6380.news.pitchbook.c= om/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5R6XfEZ= T7VktWK6M-2BXW3fGZ-2FJbkhEF3qxjHoJu4O2dw-3D-3D9RsQ_I3w5d9c01gkD8gLzFEofZR-2= Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDalwnn7AR85GEHct7CEp5w7ee0CybeR= 5QRgQxVpHOvYLEyO6sOytAlR605gTuksF3UsWg07jsjbpAW3bP5gFaPa8P-2FoFamtliVLnWbyy= 5eL3nPlyrgDBo2WFGZNTE-2Bdxz4FzUCDYIqolpBmP91LJiuDxpNKw4Gf0FshcaCND0QMk-2FdR= jbEFlaJIMIJKiWAgtUxUupLzdJN-2FJ-2BD7vaoy8Pe8mL0iF9GC89L1-2FT8ivKneGcEAt4ofT= kOzhQ97ogFMGUsnqJavn6isEBwlEg1MI1Ua82sO-2FZzj1UcxYjnwAuoCkFCfM-2BG7waMlyVIU= V-2BUn0AV3SNLVkjoqdv-2BHQlF68BagRlJJ-2FD2TNZj3AiPn8P9MjxYYy-2F5gbaKlUzR9CGI= fh5qBuSa0PTglgQSnxO1SYOtLzYV2qxUaw-2B5DW2BzaFLOkJt-2BEukQCRmEUD560Z4WYYSMYj= hEJU15S3e6NtGKxNVsrfXQ5zKu9KOTmJGplUZgWzO5Ffv0DA8Y6Qgq3Ndb0" target=3D"_bla= nk" style=3D"text-decoration: underline; 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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: 14px; padding-top: 11px;"><span>Presented by <a href= =3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzX5R6XfEZT7VktWK6M-2BXW3f92FMoyQQkg8kpPhJWqzUuQ-= 3D-3DnS8u_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8P= zsFDalwnn7AR85GEHct7CEp5w7ee0CybeR5QRgQxVpHOvYLEyO6sOytAlR605gTuksF3UsWg07j= sjbpAW3bP5gFaPa8P-2FoFamtliVLnWbyy5eL3nPlyrgDBo2WFGZNTE-2Bdxz4FzUCDYIqolpBm= P91LJiuDxpNKw4Gf0FshcaCND0QMk-2FdRjbEFlaJIMIJKiWAgtUxUupLzdJN-2FJ-2BD7vaoy8= PbWqyGgjIGLABlAwJJVyQW49-2F6Y0Ii6bG-2FBIjAszVclRH18lRKFTN6XHKVPRxCZgJJx-2Bi= RRTTOcHeiemXe2tHMhWkXegw8AwiWjokk9bC7qMn5hIVc7DYviYGfe2EkcD2COpl4WfyrdWnJbg= oNrWhKGas3oeLmgrTJAVBjp8ey4kQe1LbWAGDkkqPgyLKnHVxcZgy9cQGuJQMG9qm8VO0OkZOti= utX68dptWHUE8PvuI50SHDO16fDrhH93fvQuebDtDWq4llucQ5hlq2YTk0agoLckmyNDE80BsJC= 45iVpD" target=3D"_blank" style=3D"text-decoration: underline; color: #1D50= 80; font-size: 14px; font-family: Roboto, Arial;">Fidelity Private Shares</= a></span></td> </tr> <tr> <td height=3D"38" style=3D"padding: 0; line-height: 38px;">&nb= sp;</td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-content" cellpadding=3D"0" cellspacing=3D"0" bor= der=3D"0" width=3D"100%" style=3D"min-width: 100%!important; width: 100%!im= portant;"> <tbody> <tr> =20 <td class=3D"content" width=3D"460" valign=3D"top" style=3D"ma= x-width: 460px; padding-left:5px; padding-right:5px;"> <table lang=3D"x-main-content" width=3D"100%" cellpadding=3D"= 0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"= > <tbody> <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-2BaqM7ONnvsnswouzX5R6XfEZT7VktWK6M-2BXW3f-2BhYsrwJEHvZgPirMKY52KQ-3D-3= Djnzc_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFD= alwnn7AR85GEHct7CEp5w7ee0CybeR5QRgQxVpHOvYLEyO6sOytAlR605gTuksF3UsWg07jsjbp= AW3bP5gFaPa8P-2FoFamtliVLnWbyy5eL3nPlyrgDBo2WFGZNTE-2Bdxz4FzUCDYIqolpBmP91L= JiuDxpNKw4Gf0FshcaCND0QMk-2FdRjbEFlaJIMIJKiWAgtUxUupLzdJN-2FJ-2BD7vaoy8PYjF= p5W-2FAJeq6zaS0Moj3dwrjWtHO23C9VZHS53kTvy-2B1CCFdHFnyEP1wCvGAd5tPDh64V0mw36= 7YAUJ0I8s-2FYbfsZfCv6JsPkn74bTaa1ot-2Bc7jqeSlAw19SSnVeBkjcT0h9HDGvTKVB17G78= RJq-2B7sF8MWDUX4JEEcPFTiKgjBvvzDOVoZGn9JQmwoyShYkkOOfwv0-2BZvnof6j7TI3iRcAk= MUm-2BiDrfDdeF2eC2tARcUkfdljV0HHuBIjrMHiM1uhAlbRkN4wQobhh0PqdTtoBdDhW6M74yG= UJuB9Y3Ysc"><img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4492/= fidelityhorizontal.jpg" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; bor= der: 0px; display: block; width: 100%; height: auto;"></a></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>Tar= iff whiplash</b>: The US Supreme Court's ruling against President Trump's t= ariff regime reinjected fresh uncertainty into private markets. Our <b><a h= ref=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4= Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5R6XfEZT7VktWK6M-2BXW3f30Ad66ZTCz3Vt4t6= -2FBBrqQ-3D-3Dewzt_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWe= UgFVa0m8PzsFDalwnn7AR85GEHct7CEp5w7ee0CybeR5QRgQxVpHOvYLEyO6sOytAlR605gTuks= F3UsWg07jsjbpAW3bP5gFaPa8P-2FoFamtliVLnWbyy5eL3nPlyrgDBo2WFGZNTE-2Bdxz4FzUC= DYIqolpBmP91LJiuDxpNKw4Gf0FshcaCND0QMk-2FdRjbEFlaJIMIJKiWAgtUxUupLzdJN-2FJ-= 2BD7vaoy8PYGTgEEal6iRFsWxwHWqk5VAYvfGeZBK65Ggh1ZYV8K2gwNwNSfekZfAaUf6PhTzhG= RgGH-2BHqcunKP12VrVSE-2BUBjSQkID-2FY5RrAJxfuYCuiDx2rX1lEYxUW4t-2BN9pXTnMSS-= 2FpnVvrYqP3swU0B3vIGmzOIBcx2BD9kob5jaqW-2Fi11ibsq6sYtjV7LTvfF60UpYaGj6WsTmX= HZssIprmBkuQ0taUtnDB7GlzLnSGhKbJV-2BL4K9lbNNLRb6ODHhC-2BSmmrcn8pTwIrPTEXV-2= BALNmZgn8KkKirD4WCvwb-2FuDq1i" style=3D"color: #1D5080;" test=3D"" universa= l=3D"true">analyst note</a></b> examines the implications, alongside a sepa= rate <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0= 01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5R6XfEZT7VktWK6M-2BXW3fXh-2= FFWJ640eRUggZilnr7jw-3D-3DTEM5_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2= F3t1yZbcbdWeUgFVa0m8PzsFDalwnn7AR85GEHct7CEp5w7ee0CybeR5QRgQxVpHOvYLEyO6sOy= tAlR605gTuksF3UsWg07jsjbpAW3bP5gFaPa8P-2FoFamtliVLnWbyy5eL3nPlyrgDBo2WFGZNT= E-2Bdxz4FzUCDYIqolpBmP91LJiuDxpNKw4Gf0FshcaCND0QMk-2FdRjbEFlaJIMIJKiWAgtUxU= upLzdJN-2FJ-2BD7vaoy8Pa-2FdlavZttplTOk52ON3lPnXFtxrTWrlwSzPybO-2BlkFEJJFYzt= OqseoAFq-2Fvsq-2FSdiHADCIwt800aVPTnHIpHyAmQ-2B9WIW-2BdtMJ11f-2FmK6r0jC9nGQE= cgbOUrTuyXoywlyME8iTsxhNxSv6OTyYmpDmOQh36wr4OM3akJS9UHZUpb2mvUYnIkNa5csv2D9= pKnM-2B3nG-2ByIx3farExSH-2BbMnHFCOAiOVKMc3sRr1izvfXlYc-2BCIvY0xE51TaXvn7MaZ= 5TrKmHN7kCnknyy2H3AYz2CpCYxfjMYpNLiLrBZ1gT4" style=3D"color: #1D5080;" test= =3D"" universal=3D"true">APAC deep dive</a></b>.<br><br><b>Secondaries stat= us</b>: VC secondary value nearly doubled from 2024 to 2025, positioning 20= 26 as a pivotal year for the market. Still, its road to becoming core infra= structure won't be smooth. <b><a href=3D"https://url6380.news.pitchbook.com= /uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW4CCJl= -2FQ-2BauN63kg-2FrFFOkdjDctXgbrthitkQdwZCZPg-3D-3Dx0F5_I3w5d9c01gkD8gLzFEof= ZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDalwnn7AR85GEHct7CEp5w7ee0C= ybeR5QRgQxVpHOvYLEyO6sOytAlR605gTuksF3UsWg07jsjbpAW3bP5gFaPa8P-2FoFamtliVLn= Wbyy5eL3nPlyrgDBo2WFGZNTE-2Bdxz4FzUCDYIqolpBmP91LJiuDxpNKw4Gf0FshcaCND0QMk-= 2FdRjbEFlaJIMIJKiWAgtUxUupLzdJN-2FJ-2BD7vaoy8PYP-2BYEGhqZEfiFwJBjmm84Id9jpg= 8UnvNgGv3XcL3tiZs0Wow3tczgmNTG81-2FXokoF21kzDAMYoFxFKq7wAxVxHnsm6SUp0LEurPS= oW138F2-2FyA9kr-2FIej1NmMG4syg9AmaHhZAfj6Ugy2Ox40XFUVHtol02fDU71NnEQ80-2B-2= BuiDWFg4vRAfESDnu5Z2jUrZLwG9erU85RZyJrzUMWQSuVo5U61kBATe-2FUJX520NV6rTXSTf4= nQpH1eslZ4oaES3ysFpJVokv0JjKeK3IEmp5I0XjzFWBGjIBOMhkZgkZpLn" style=3D"color= : #1D5080;" test=3D"" universal=3D"true">Read more</a></b>.<br><br><b>Tech = VC trends</b>: Reports for <b><a href=3D"https://url6380.news.pitchbook.com= /uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW4CCJl= -2FQ-2BauN63kg-2FrFFOkVDRAxKIToJTSHCnH3Oi7FQ-3D-3DTInB_I3w5d9c01gkD8gLzFEof= ZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDalwnn7AR85GEHct7CEp5w7ee0C= ybeR5QRgQxVpHOvYLEyO6sOytAlR605gTuksF3UsWg07jsjbpAW3bP5gFaPa8P-2FoFamtliVLn= Wbyy5eL3nPlyrgDBo2WFGZNTE-2Bdxz4FzUCDYIqolpBmP91LJiuDxpNKw4Gf0FshcaCND0QMk-= 2FdRjbEFlaJIMIJKiWAgtUxUupLzdJN-2FJ-2BD7vaoy8PRPGVRVQpaSxiacngmPCwzez8G1UgE= HeLpP6orGieVOXPCuDHx-2BrFORvGpYylp5DVeIYPreRlwFvjWwoqshn0yeKdWkMqAPmusTx0-2= FHhfPzBlEnQhi7O26lwTNPmAPlwD4W2ylziXy3DDxOimdZuDryVfnwqiTIkHkWBkhEttSgxFnvn= 7kb5uubc-2BQaH5b-2Fga93o11ZWhDRPvJhGM4fpb-2F9cnCcr8QQOt8sDcpANlsh7CCWfJQai2= NcO-2F0lRnePK1d9fgYK7fTzVu1js64e0w7engucsjUfRUjZ-2Bd9dBtNon" style=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.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzW4CCJl-2FQ-2BauN63kg-2FrFFOkR5iPVWQ64F6YxUkdYZ6= ASA-3D-3DWzax_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa= 0m8PzsFDalwnn7AR85GEHct7CEp5w7ee0CybeR5QRgQxVpHOvYLEyO6sOytAlR605gTuksF3UsW= g07jsjbpAW3bP5gFaPa8P-2FoFamtliVLnWbyy5eL3nPlyrgDBo2WFGZNTE-2Bdxz4FzUCDYIqo= lpBmP91LJiuDxpNKw4Gf0FshcaCND0QMk-2FdRjbEFlaJIMIJKiWAgtUxUupLzdJN-2FJ-2BD7v= aoy8PeaOdPkUQw-2B0SvrgMF42tDycPzbLBBYOTGnAioYaQbpkGIh920LiSRQ29vbaso108khjr= SOP2AJS9rMMMJ-2B8ObjMfgjaz2HNXKd-2FbAt6dJueL0H0VHMWomUj6eIfVY5uYoW0tizQ254X= GGjQDSsf1ck42HoGDA6f499wlYsMhRS5UhYbO0okX2SlELldGV-2BDIr0rJl3uX9lpIL-2Fc16R= MmUJFTEujFp5Q2IT8Yb1f1oiaEtSI0L72gGooxWKPNwR-2BWGF3QRFiCLUuId5ZZevSqIGwOLsJ= 54QN3LGYYp045kDC" style=3D"color: #1D5080;" test=3D"" universal=3D"true">ag= tech</a></b> and <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/cl= ick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW4CCJl-2FQ-2BauN= 63kg-2FrFFOk8Dlk4UhWVlKuCZDc4PDnug-3D-3Dvk2Q_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwa= rHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDalwnn7AR85GEHct7CEp5w7ee0CybeR5QRgQx= VpHOvYLEyO6sOytAlR605gTuksF3UsWg07jsjbpAW3bP5gFaPa8P-2FoFamtliVLnWbyy5eL3nP= lyrgDBo2WFGZNTE-2Bdxz4FzUCDYIqolpBmP91LJiuDxpNKw4Gf0FshcaCND0QMk-2FdRjbEFla= JIMIJKiWAgtUxUupLzdJN-2FJ-2BD7vaoy8PSVNJAgoUom4SrRrEVgJZDHByk1FexywqREMOSdo= 3y6sG4-2FBLbpfgAeae6WqupMxNowczTwAp-2F3KX1wdCinXGLRVailJ8wv54nyQM7OyJrFACXp= sH1-2FxijDdi39BI4gI-2FpwSwL84CZsEOJ85ZSD5BnOropa3rV6to1MuctoVHqbYhaeLBRoEWI= 1CWJVPjWxeHJTOj0g9zo68Mn81pq9TG2jDYW9c1wi2MLmLqr4sxCEJ6mWMDZsB95zcmXbPM9UkA= mZpQu-2FQ3-2BXkG54YmsXo7AZhKhc5f6gHLuuZCBP-2FbFKO" style=3D"color: #1D5080;= " test=3D"" universal=3D"true">pharma biotools</a></b> are now available.</= td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>A message from Fidelity Private Shares</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_577746" id=3D"n_577746" 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;"> Top Venture Capital Trends Sta= rtups Should Watch in 2026 </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-2BaqM7ONnvsnswouzX5R6XfEZT7VktWK6M-2BXW3f92FMoyQQkg8kp= PhJWqzUuQ-3D-3Dy0od_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW= eUgFVa0m8PzsFDalwnn7AR85GEHct7CEp5w7ee0CybeR5QRgQxVpHOvYLEyO6sOytAlR605gTuk= sF3UsWg07jsjbpAW3bP5gFaPa8P-2FoFamtliVLnWbyy5eL3nPlyrgDBo2WFGZNTE-2Bdxz4FzU= CDYIqolpBmP91LJiuDxpNKw4Gf0FshcaCND0QMk-2FdRjbEFlaJIMIJKiWAgtUxUupLzdJN-2FJ= -2BD7vaoy8PXWEE-2FG9-2Fhee3MlC1STkOd7t34Vrp3xTqslK1I3GxO4OAzxb91Epkdt5Yya7w= Q1Tc0d6eEt3YIQbeQgzqtFeXaBt2Q1tCNhr3iXLPFnDHw6LhnjbXF0H4WvRtfxL-2BA2s6NGf9X= 7lmN2k3SvcrZEpeNJmktBJRIQ4pyjqNAHHzUNYwnuHAnQnGdtphcPw4SS0HB497DD-2B-2FQO1u= jvYvKcqjl-2B3YtihxZ6xwUIcWBCaO2vNLqxu9bTonKN6Q2CGefxw58oLk8NRBvu5Hc3BYFmsxm= ajOh2bkdwczYSKnV3cOIrS"> <img align=3D"center" alt=3D"" src=3D"https://img.= pitchbook.com/news/72727.jpg" style=3D"border: none; width: 100%; height: a= uto;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>Startup executives, venture capital i= s always changing=E2=80=94staying current is critical.<br><br> Fidelity=E2=80=99s guide, "Top Venture Capit= al Trends Startups Should Watch in 2026," delivers the latest insights on:=20 <ul> <li>AI-Driven Growth: How companies like Open= AI and Waymo are securing major funding.</li> <li>Regional Insights: Key strengths of top v= enture hubs.</li> <li>Sustainable Growth: Why smart management = and sound models drive better exits.</li> <li>Market Recovery: Rebound in venture deals= and extended fundraising timelines.</li> <li>Exit Strategies: M&A trends and their= strategic advantages.</li> </ul><a href=3D"https://url6380.news.pitchboo= k.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5R6X= fEZT7VktWK6M-2BXW3f92FMoyQQkg8kpPhJWqzUuQ-3D-3Dnu5Y_I3w5d9c01gkD8gLzFEofZR-= 2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDalwnn7AR85GEHct7CEp5w7ee0Cybe= R5QRgQxVpHOvYLEyO6sOytAlR605gTuksF3UsWg07jsjbpAW3bP5gFaPa8P-2FoFamtliVLnWby= y5eL3nPlyrgDBo2WFGZNTE-2Bdxz4FzUCDYIqolpBmP91LJiuDxpNKw4Gf0FshcaCND0QMk-2Fd= RjbEFlaJIMIJKiWAgtUxUupLzdJN-2FJ-2BD7vaoy8PfYWNs8wQpOBpS3uWDjc5-2FRaJWKGHsA= 1AkBggBDVHhQ1zMMWuaAxIp-2BE3gU0is8WY9NrBrw3XS-2BPwUOmISM5f2FOLUoR0HHK7Ferhq= 6guBSS9kO4OQcSkDOlRUtISsqxAcIk7U-2BX0lLtVp3vAVKquemB696BEhxY-2FJtUEZQhU1cIV= LxgSsLRAQFmtWFyKTe37ON6LtQSx7eh2mU6j6WfLZDiqhLorcttWdIM3VicKYQOHUUr7KaeGOAv= LCASHrhOz7w7VzkzXn3f-2BcK0BRoXIR5vbXRULVjnF4tKxbxkRwun" style=3D"color: #1D= 5080;" test=3D"">Download the guide</a> to navigate midstage VC with confid= ence and position your company for long-term success.<br><br> Fidelity Private Shares LLC offers cap table= management and other administrative services to private companies and thei= r equity plans.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_578094" id=3D"n_578094" 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;"> Dislocations create opportunit= y. </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> We are in one now.=20 <br> <br> As investors debate whether AI will commodit= ize software, risk appetite has pulled back. Lending standards are tighteni= ng. Public software multiples have compressed. Many of the largest alternat= ive asset managers are down more than 20% year to date. In moments like thi= s, markets often price in a harsher future than fundamentals justify.=20 <br> <br> Today's pressure is concentrated, largely ar= ound software exposure within credit portfolios and equity holdings. Yet be= neath the volatility, the operating data tell a more balanced story. Our <b= ><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n7= 3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW4CCJl-2FQ-2BauN63kg-2FrFFOkhEIqklW= BWFWqPMs6klYY-2BQ-3D-3DBlN7_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t= 1yZbcbdWeUgFVa0m8PzsFDalwnn7AR85GEHct7CEp5w7ee0CybeR5QRgQxVpHOvYLEyO6sOytAl= R605gTuksF3UsWg07jsjbpAW3bP5gFaPa8P-2FoFamtliVLnWbyy5eL3nPlyrgDBo2WFGZNTE-2= Bdxz4FzUCDYIqolpBmP91LJiuDxpNKw4Gf0FshcaCND0QMk-2FdRjbEFlaJIMIJKiWAgtUxUupL= zdJN-2FJ-2BD7vaoy8PTRai9SbJbpzJ4OYTdtf-2FvRLMLjbP7mst5iIDZN3TrLl-2FV2DCmYm0= DA9rW51oAN21oWIUMICeO9sea5HzP-2FvujADBZ7gHqJZJM3777UdsPT-2FkS8dSncepAF6GV9Y= mIjGIYKQ8tSZirM9CTYv-2BBAABwBLUU7iCXyarpDW5n1ZmIWb8mXqSwpQn9sJBLIfEExisn0BR= nCRXbBHgbiJ1UtwWGowsgy3dRhnRG7GJBpqyZTK-2FqPhqBcBy-2BCcWkXJHJ-2BjXWwNcqgWq7= A6o3hSGL3R6b-2FJ2GuH55CZctmVBvkzR0-2FD" style=3D"color: #1D5080;" test=3D""= universal=3D"true">Q4 2025 US Public PE and GP Deal Roundup</a></b> examin= es results from Blackstone, KKR, Apollo, Ares, Blue Owl, Carlyle and TPG to= separate the bearish narrative from what the fundamentals actually show.=20 <br> <br> In 2025, private credit strategies across th= e Big Seven delivered a median 11.2% return, reinforcing their role as a co= re financing channel. Deployment accelerated sharply in Q4 as financing con= ditions improved. Realizations climbed nearly 15% year-over-year as IPO pip= elines rebuilt and M&A sentiment firmed. Credit fundraising remained do= minant, accounting for more than half of total inflows. </div> <div> <br><a href=3D"https://url6380.news.pitchbook= .com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW4= CCJl-2FQ-2BauN63kg-2FrFFOkF-2FVtnNY0-2Flipp4KRhU172A-3D-3Dy_yA_I3w5d9c01gkD= 8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDalwnn7AR85GEHct7CE= p5w7ee0CybeR5QRgQxVpHOvYLEyO6sOytAlR605gTuksF3UsWg07jsjbpAW3bP5gFaPa8P-2FoF= amtliVLnWbyy5eL3nPlyrgDBo2WFGZNTE-2Bdxz4FzUCDYIqolpBmP91LJiuDxpNKw4Gf0Fshca= CND0QMk-2FdRjbEFlaJIMIJKiWAgtUxUupLzdJN-2FJ-2BD7vaoy8PUuIhlf91FSSgMG-2BTOFc= V6BYLt6gE8aZvISGTaXmKfuzxi-2FsbxXS6F4S8Cdv-2FU1Fig9mQQjj-2BrvLpcorSRjlGYuFq= 6g5XH3Lbz-2FmR-2BqmvcKhsWwYtVSmFllGsWPQBSzumH1FWoD5VRy-2FZ6-2Fmx3KX8JeVBSGI= ItlBGSvaffmT03-2BMG9kLnYP3ArcQ1gVuUzAL1GSZ6Ou5CZim023quQaQkvXn5BsvtROsW-2Bg= AxH2ZkpWIAeWgIjvoSNLM91f-2BLrHgPO5CNGGgimBa534vmaGNHarM-2BB5yZ4ntAHB22TBhbI= GD" universal=3D"true"><img align=3D"center" alt=3D"" src=3D"https://img.pi= tchbook.com/news/73012.png" style=3D"border: none; width: 100%; height: aut= o;"></a> </div> <div> </div> <div> Firms are also widening their playbooks. Digi= tal infrastructure tied to AI demand is scaling. Wealth and insurance chann= els are compounding into durable capital bases. Sports investing is expandi= ng the opportunity set. Capital is not retreating. It is repositioning.=20 <br> <br> In a familiar cycle, investors sell first an= d reassess risk after. The real question is where this dislocation is creat= ing mispricing, how underwriting standards are shifting, and which strategi= es may benefit as conditions stabilize.=20 <br> <br> Our report breaks down deployment, exits, fu= ndraising, operating results and strategy shifts across the Big Seven, with= data through Q4 2025. If you are looking for signals in the noise, <b><a h= ref=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4= Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW4CCJl-2FQ-2BauN63kg-2FrFFOkhEIqklWBWFWq= PMs6klYY-2BQ-3D-3DY4pj_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbc= bdWeUgFVa0m8PzsFDalwnn7AR85GEHct7CEp5w7ee0CybeR5QRgQxVpHOvYLEyO6sOytAlR605g= TuksF3UsWg07jsjbpAW3bP5gFaPa8P-2FoFamtliVLnWbyy5eL3nPlyrgDBo2WFGZNTE-2Bdxz4= FzUCDYIqolpBmP91LJiuDxpNKw4Gf0FshcaCND0QMk-2FdRjbEFlaJIMIJKiWAgtUxUupLzdJN-= 2FJ-2BD7vaoy8PSYDWZ3R-2Fgc01sUNv5M0F0WPMZYwp80ek1oIUlkuB-2FiK160AfzuZxR2kqg= 4pjOP5HUfYf7l8n-2FwlZGweA-2Bduv2CYdlYGPxM1gSuiSWcxwHu0z4S0qESUc7qKjkTPsJV5a= 3P0C-2FHVZzD7-2BVkU3-2BF2hH7NiFKvaSPwrz0vrKhueGwFndRBLOu-2FH8FmpP9EemrZ6Yt4= KVntojKdy08r-2BVxEsXBaUhbr-2BlJKCTAFmvnIoq7uR7WzaqBiyyCEM8yDQs-2FNmH7h01DSe= h9kj-2BMpQNgmBpTMFoduYFfkruvbmZ4XJwou" style=3D"color: #1D5080;" test=3D"" = universal=3D"true">download it here</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/645= 76.jpg" style=3D"border: none; width: 100%; height: auto;"> </td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>Best regards,<br><br><a href=3D"mailt= o:garrett.hinds@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Garrett = Hinds</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"> </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>Market Updates</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br><b= ><big><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW4CCJl-2FQ-2BauN63kg-2FrFFOkle= HgJeV6GfzWuPJP1eCs-2FQ-3D-3DjUnG_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy= -2F3t1yZbcbdWeUgFVa0m8PzsFDalwnn7AR85GEHct7CEp5w7ee0CybeR5QRgQxVpHOvYLEyO6s= OytAlR605gTuksF3UsWg07jsjbpAW3bP5gFaPa8P-2FoFamtliVLnWbyy5eL3nPlyrgDBo2WFGZ= NTE-2Bdxz4FzUCDYIqolpBmP91LJiuDxpNKw4Gf0FshcaCND0QMk-2FdRjbEFlaJIMIJKiWAgtU= xUupLzdJN-2FJ-2BD7vaoy8PRKecO6XcmvclWyDYs-2FfazE-2Fan6uKmm-2B2eACa6rtxLqFwv= mjmHjhk4QUVemPTnypQlmRPcqeB4-2Fo1u9RsP5tK4K39ihsY9p2GwrDSQ0kc77n-2FJcfzd5G8= bC4jlIJ-2F31d4vfSV65e3PYj41AiiQmOhUD2J-2BC2rLUrZzbxmybBg-2BACm57jmJtU87a78T= 1OFSxtcZZjmvrpsGVPM8NsES3pRh9fr26L3unyAcWZtg2Ya2E8zc4DENQHHYe6kvSdwevSl-2BA= Ns6wMmO0vSxftkxtjJjJG0SWvleGHaBl9hrWat3pc" style=3D"color: #1D5080;" test= =3D"" universal=3D"true">2025 VC Emerging Opportunities </a></big></b><br><= br> Our annual VC Emerging Opportunities report = provides quantitative data for investors to stay on top of quickly shifting= VC trends. The report includes both bottom-up and top-down analyses of 11 = select analyst-covered verticals.</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-2BaqM7ONnvsnswouzW4CCJl-2FQ-2BauN63kg-2FrFFOk-2F= 9ZCe-2FB7w59onTLF24kMlA-3D-3D-ylc_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz= y-2F3t1yZbcbdWeUgFVa0m8PzsFDalwnn7AR85GEHct7CEp5w7ee0CybeR5QRgQxVpHOvYLEyO6= sOytAlR605gTuksF3UsWg07jsjbpAW3bP5gFaPa8P-2FoFamtliVLnWbyy5eL3nPlyrgDBo2WFG= ZNTE-2Bdxz4FzUCDYIqolpBmP91LJiuDxpNKw4Gf0FshcaCND0QMk-2FdRjbEFlaJIMIJKiWAgt= UxUupLzdJN-2FJ-2BD7vaoy8PaYXgIusk3A2MHBLLmYdmxLatbcvuzDkW1Ij-2FIKw8yhFd-2F-= 2B0MZoZRRQr8O5hOf27avvYg-2FB9HvXxjH1m1p-2FrCFwpRiW3Yu0mjQ4gUntTo4CDpbbN4106= PhLhot-2BF3o8eU-2FUzkChum93Jvwgg9joNcskJszIZqzrifN8QTE-2BfcoEuvchsRJxtwrKtP= EsoPWMBZ-2FOYvlKnz3LR-2BAOFI4zeilkYgh9CSFdkEWXZoB2il5h67DTQPay93Pg9B55pboGD= fUJv0pS0rcPY2MM2insLs-2FTX9iXurNAGeMoOZROz57cu" universal=3D"true"> <img al= ign=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/72968.png" st= yle=3D"border: none; width: 100%; height: auto;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> SaaS companies continue to be a positive sta= ndout, with very high exit probabilities calculated by our VC Exit Predicto= r and several early-stage investment opportunities. The report predicts und= erperformance from agtech, gaming and healthtech, with individual analyses = included for all 11 verticals in the report.<br><br><em><a href=3D"https://= url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G= Fa-2BaqM7ONnvsnswouzW4CCJl-2FQ-2BauN63kg-2FrFFOkleHgJeV6GfzWuPJP1eCs-2FQ-3D= -3DRqMh_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs= FDalwnn7AR85GEHct7CEp5w7ee0CybeR5QRgQxVpHOvYLEyO6sOytAlR605gTuksF3UsWg07jsj= bpAW3bP5gFaPa8P-2FoFamtliVLnWbyy5eL3nPlyrgDBo2WFGZNTE-2Bdxz4FzUCDYIqolpBmP9= 1LJiuDxpNKw4Gf0FshcaCND0QMk-2FdRjbEFlaJIMIJKiWAgtUxUupLzdJN-2FJ-2BD7vaoy8PT= 6O1HlD8Onlr8t86Rc0jDpOExxzstL3lxC9pSwAMA38Qucs7FAMthRiYw2Vxv-2BZG4WVizqZmfi= lOkt6HDu8O5-2BvufFbPyUItMmehRlMKUuQREs9SqHIZFEnJwRIwHCsgYnqILtDla94qSbB10-2= FZFJ7JbZgCuoJfmTQFXC2R3lcs-2BaPXh2ygyjkQQOAHvgkYqBFQFAJKiYzdcp2552-2FqApc-2= BSWV-2FIIyK5VTEQLtSSKX7fjlm7zDdzXekZkjnXYoRBsp7nCo7hKn9mS09qfLlIUCtZ9x0YNwr= xNzPVfl6wiqg" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Rea= d it here</b></a></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"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Webinars & Events</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Mar= ch 11</b>: In an upcoming webinar, J. Thelander Consulting and PitchBook wi= ll explore how compensation at investment firms has evolved and where it=E2= =80=99s headed. We will share the latest market data on base salaries, bonu= ses, carried interest and key insights across investment firm roles and bac= k-office positions. <b><a href=3D"https://url6380.news.pitchbook.com/ls/cli= ck?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW4CCJl-2FQ-2BauN6= 3kg-2FrFFOkA7Uro1Fwl9nXOxKQzo4OEw-3D-3DbQYe_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwar= HkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDalwnn7AR85GEHct7CEp5w7ee0CybeR5QRgQxV= pHOvYLEyO6sOytAlR605gTuksF3UsWg07jsjbpAW3bP5gFaPa8P-2FoFamtliVLnWbyy5eL3nPl= yrgDBo2WFGZNTE-2Bdxz4FzUCDYIqolpBmP91LJiuDxpNKw4Gf0FshcaCND0QMk-2FdRjbEFlaJ= IMIJKiWAgtUxUupLzdJN-2FJ-2BD7vaoy8Pf4xGoFHGRy0XKDfPx2Lcg8XmVN2cqgGa6upG7ZN0= Spjlk4yTI3sb3achScViuwTzAK6mXPwhX4e375-2BAZp-2FZg06iFweNf2NQs8NtzMxO91q-2FM= SKLbtDOVouF7I6TrqeI3W-2Fl1M9-2BaGt4JWW0vqM9-2FjDMXSjB8MdK75-2B8tkFd0hhRLEyN= 25JAbuokUC-2BJpzRN34auN3enciEdzgT6bA1xAwXcBdPCM9VdLaAaK10Afj7sMvUdhPDgUmTLe= mBolWKvLR4mJ6ImNNPmf8mBV-2F3n3g3dHk4TILH07I-2FTIn05Ztj" style=3D"color: #1D= 5080;" test=3D"">Register here</a></b><br><br><b>March 18</b>: Join PitchBo= ok LCD's credit experts for a discussion on the European leveraged finance = market. Topics will include the impact of the AI-related market sell-off, t= he outlook for M&A and other financing activity in 2026 and whether the= CLO market is heading toward another record year. <b><a href=3D"https://ur= l6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba= qM7ONnvsnswouzW4CCJl-2FQ-2BauN63kg-2FrFFOkOq4N-2B9Czlvijwvz9eVslFQ-3D-3DoW8= l_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDalwn= n7AR85GEHct7CEp5w7ee0CybeR5QRgQxVpHOvYLEyO6sOytAlR605gTuksF3UsWg07jsjbpAW3b= P5gFaPa8P-2FoFamtliVLnWbyy5eL3nPlyrgDBo2WFGZNTE-2Bdxz4FzUCDYIqolpBmP91LJiuD= xpNKw4Gf0FshcaCND0QMk-2FdRjbEFlaJIMIJKiWAgtUxUupLzdJN-2FJ-2BD7vaoy8PZ2Ni9-2= FPUSDI5fIO3hEIodv4yXho1Z11hA5pZjFnP70pH5709pPo7WEk-2Bc1fQ33oLVhNLn0sm-2BCNV= 5e4iFhmLwijFTINdge-2Bc1xBtY3QEHIbpmsQVduQADi4AjIL9q4AYgvGcH46kQyyJ7VsFmeCyH= UCEvFm5-2BYb2s6YcdRCK7HAPpxAzQdKHXyZRBr6UNK5CjNqYhBuEbuopToztXcq48c5K95uPdK= 9X4HdF8GGS4GCndgfYSHrmwQTTBqRdN6DSvqY3qLc5AAW8e2zIctGNIJTb9MlhXLihIF6ja5lrj= bg" style=3D"color: #1D5080;" test=3D"">Register here</a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>In the News</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> Our insights and data featured in the press:= <br><br> =E2=80=83=E2=80=83=E2=80=A2 Five of the larg= est credit secondary funds ever raised closed within the past year. [<a hre= f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzVWMqVnAuzfHpEOCAo5xuHPdmZL-2BitsNMgOuP8sPxwndQ= -3D-3DMS1D_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8= PzsFDalwnn7AR85GEHct7CEp5w7ee0CybeR5QRgQxVpHOvYLEyO6sOytAlR605gTuksF3UsWg07= jsjbpAW3bP5gFaPa8P-2FoFamtliVLnWbyy5eL3nPlyrgDBo2WFGZNTE-2Bdxz4FzUCDYIqolpB= mP91LJiuDxpNKw4Gf0FshcaCND0QMk-2FdRjbEFlaJIMIJKiWAgtUxUupLzdJN-2FJ-2BD7vaoy= 8PRdeKg9RlW1cHhh4k3-2BMvgAJeoHUPfSKWBSPqp7dfCA1B963Dw0DISgP-2FJ0FardKZcvQ0m= OKTH7ONHVs4Fm8TIBs59GvAgzSvXcnDcF2mGUwNPBhuSRosm1TgV-2FzatbVkGNwT0qieXvdsYD= fwWd6m4W5R-2BtOnhgN863MWXhm2vsHMj0pEXzm1emCzpRKwWwkQel78vZZwkmZqRYAutpe1p24= lFeNvfFpbFL32Y-2F4pc-2BKAkMdH2XlmNC1JM6o8AMQuVUa4C-2FVWybPV-2BMWt3uCYKuQQd6= gDh-2FVTfq0np-2F-2B3I9d" style=3D"color: #1D5080;" test=3D"">Axios</a>]<br>= <br> =E2=80=83=E2=80=83=E2=80=A2 Sports deals inv= olving private equity firms have risen 60% between 2020 and 2025. [<a href= =3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzVWMqVnAuzfHpEOCAo5xuHP825Y0b7JlfzuoCcvd402wg-3D= -3DWRBx_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs= FDalwnn7AR85GEHct7CEp5w7ee0CybeR5QRgQxVpHOvYLEyO6sOytAlR605gTuksF3UsWg07jsj= bpAW3bP5gFaPa8P-2FoFamtliVLnWbyy5eL3nPlyrgDBo2WFGZNTE-2Bdxz4FzUCDYIqolpBmP9= 1LJiuDxpNKw4Gf0FshcaCND0QMk-2FdRjbEFlaJIMIJKiWAgtUxUupLzdJN-2FJ-2BD7vaoy8Pb= IyVP4JEmLRMEglCN-2FbboEZYLmFy411zc6gAHqQ9wVYNM5c-2BndytsgQnVnZ2sdlZNQyzVOSX= CUoXIzYdG3xLOk0Su4jPNDcA-2Ff0FhG1aCxShKGQZIAcqZjMhXPxcqmHKcqeG6obgsqIJAKSn6= 99705N1Tovppp7p-2BTUCO8Iw0E569k3T-2BV3JrNKe3-2BF2MnoijBWxJOeeFYtzkda9QCc7p-= 2B2CsaXim2bdqbPLkzuzzcp8oLdBnj6wcshDgJcnGOrZahEqeWTNNWoUKbBSdj2uIxXVtshN2Nf= tfMBMgIkwRCn" style=3D"color: #1D5080;" test=3D"">Reuters</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 "High concentrat= ion is a high-risk strategy best suited for large, well-capitalized growth = investors like Thrive Capital," said senior analyst Emily Zheng. [<a href= =3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzVWMqVnAuzfHpEOCAo5xuHP-2Bg4PysJjlBay1fYU-2Bl-2F= jnw-3D-3Ddh2D_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa= 0m8PzsFDalwnn7AR85GEHct7CEp5w7ee0CybeR5QRgQxVpHOvYLEyO6sOytAlR605gTuksF3UsW= g07jsjbpAW3bP5gFaPa8P-2FoFamtliVLnWbyy5eL3nPlyrgDBo2WFGZNTE-2Bdxz4FzUCDYIqo= lpBmP91LJiuDxpNKw4Gf0FshcaCND0QMk-2FdRjbEFlaJIMIJKiWAgtUxUupLzdJN-2FJ-2BD7v= aoy8PQMaAZHFrL2O3D2q5BkCIaXmjsMutMzLlzDyCUpHW-2BAvK-2F-2BMrovxIgqqW5dRX7oeL= qjAAoo9D8ZLbbagS4Y6g0ORz8n7qY0DGvkjRhnq7OEhNld-2FcC8xyDSn42Kec07bJjbbU8i-2B= GPbKdMd64vx8ZtZIGfKmDsZ9DEbbleh2XuYqhvpVnbGIHZEPhxl0Zw5u4mFe6AqhDkPdUUiPFmc= Sro5MlwetyAU8othGVuUMGf8AhF2dnVKK7qKylIqBIIK5OqqB5dimRwXDcL-2FYDsCq3ThCoY4D= iYVX0ARaTJvWAMts" style=3D"color: #1D5080;" test=3D"">Bloomberg</a>]<br><br= > =E2=80=83=E2=80=83=E2=80=A2 "High concentrat= ion is a high-risk strategy best suited for large, well-capitalized growth = investors like Thrive Capital," said senior analyst Emily Zheng. [<a href= =3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzVWMqVnAuzfHpEOCAo5xuHPvbi7MtoBdy-2BOZmI2Sj31mQ-= 3D-3Dkxh8_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8P= zsFDalwnn7AR85GEHct7CEp5w7ee0CybeR5QRgQxVpHOvYLEyO6sOytAlR605gTuksF3UsWg07j= sjbpAW3bP5gFaPa8P-2FoFamtliVLnWbyy5eL3nPlyrgDBo2WFGZNTE-2Bdxz4FzUCDYIqolpBm= P91LJiuDxpNKw4Gf0FshcaCND0QMk-2FdRjbEFlaJIMIJKiWAgtUxUupLzdJN-2FJ-2BD7vaoy8= PVYjKZRbHFbacSkywDpFcZQZ-2BTiINOc8TVcMBtlkJBOdBQcJpTkTR896Wl9UbGUvGBAgVUxr5= rJKaydZDm2goTv07iidIolzO9W61vr1OlwiWDYZQaJSBRZFrRjWuaXKo45KwTqxgY9pPWUeggnN= GHvxmuTFQTSd6mQNWmtWHYk1fBmAm6IGJHN0LdBAsYc2goFLqBISvtCV-2B1XKydJXQiHpesD72= lGULbnb-2BiTh1ioiEwD3j6aCBTj-2FPzdBrnZD6zrJeCBHzg5wguP-2BzIasTvru6zojss5DA5= -2FtURJD4pjv" style=3D"color: #1D5080;" test=3D"">Bloomberg</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 Leadership depar= tures at xAI increase risk at "a sensitive stage" ahead of the company's IP= O, said senior analyst Dimitri Zabelin. [<a href=3D"https://url6380.news.pi= tchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou= zVWMqVnAuzfHpEOCAo5xuHPgh3z1IkWV0EmaeMtjE7F7w-3D-3DIXMN_I3w5d9c01gkD8gLzFEo= fZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDalwnn7AR85GEHct7CEp5w7ee0= CybeR5QRgQxVpHOvYLEyO6sOytAlR605gTuksF3UsWg07jsjbpAW3bP5gFaPa8P-2FoFamtliVL= nWbyy5eL3nPlyrgDBo2WFGZNTE-2Bdxz4FzUCDYIqolpBmP91LJiuDxpNKw4Gf0FshcaCND0QMk= -2FdRjbEFlaJIMIJKiWAgtUxUupLzdJN-2FJ-2BD7vaoy8PVs-2B7cvOEReUhsN8wRu68hSMOK-= 2FZxRX8XEMG7DxUChauhBF8y1PSlpCpzWFVljkubZSkgCR-2B0GDceaqgcKXmjEoGmThXnkk-2F= j30MQqOsjdOuNg3fnUuR80746NhcMKKQLVROxXxXTnqGoKsC3-2F7lcTRlnn3GJKylwVwaidzBH= 1nwcOu9YpPLNvu6JEKIlIDD-2BEn9pqhisWUejsTlP-2BEjmBYl449w8WgKpuArTDsbd6MiVh-2= Br9bG8xGpqaT7HGCQOxSzaUxz-2FAw-2Bapluc-2Fy29JJnqn4GfBo1Z-2BDnINDlg3X5F" sty= le=3D"color: #1D5080;" test=3D"">Bloomberg</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 The number of cy= bersecurity deals from 2020 to 2025 was nearly triple that of the previous = six-year period. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?up= n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVWMqVnAuzfHpEOCAo5xuHP= m-2Bgg-2F6n-2FLRQmioDlR0IEhw-3D-3DHAbY_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBR= FCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFDalwnn7AR85GEHct7CEp5w7ee0CybeR5QRgQxVpHOvY= LEyO6sOytAlR605gTuksF3UsWg07jsjbpAW3bP5gFaPa8P-2FoFamtliVLnWbyy5eL3nPlyrgDB= o2WFGZNTE-2Bdxz4FzUCDYIqolpBmP91LJiuDxpNKw4Gf0FshcaCND0QMk-2FdRjbEFlaJIMIJK= iWAgtUxUupLzdJN-2FJ-2BD7vaoy8Pfk9hyuob28-2B9Au8XblUREN2TbJDxwi1px8eFBIXJttr= ieCfonRVGWSwfl7PCeObeuB99M7rqsM0tN0-2FwQnek12qK5RV8-2FWdeIymSGGh0ROzEtBytfa= Fi8qO2wI4YjNCTArFFRcvIPGKwwFwNcNG9CAgKFU2cmydAlRUosAR7FKFIlYPhJSDy7oNcqGgVm= 3sBPhFRaLOxBG-2BW75WGCddmQSR0xJ1-2BrJIJnU7sHbAGJB7S3k2YhkzWasjwDeGarE9XrzE-= 2FH-2FO8RKUKdlFTrZNlUaytzqz1s8ScczC21BDjsmo" style=3D"color: #1D5080;" test= =3D"">Bloomberg</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 Defense tech dea= ls in 2025 reached a record $49.9 billion, almost double the 2024 total. [<= a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4C= uylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVWMqVnAuzfHpEOCAo5xuHPULakEo38cbnZHWND9ij= lfw-3D-3DIMqv_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa= 0m8PzsFDalwnn7AR85GEHct7CEp5w7ee0CybeR5QRgQxVpHOvYLEyO6sOytAlR605gTuksF3UsW= g07jsjbpAW3bP5gFaPa8P-2FoFamtliVLnWbyy5eL3nPlyrgDBo2WFGZNTE-2Bdxz4FzUCDYIqo= lpBmP91LJiuDxpNKw4Gf0FshcaCND0QMk-2FdRjbEFlaJIMIJKiWAgtUxUupLzdJN-2FJ-2BD7v= aoy8PUhBWt1FOmO1vj3u1K8uUCbVgJ1R8dBqfLtZispS-2B-2BaLk1m4w-2FpQcCJ9iAUIQWx5R= r-2B1hvcPJjR4jt2BwDIlc9ppl86day43qPiJFpaDDBQHC8IW-2BVO-2BKKZ6etiflnmMRcdVOg= 750vbB1iec9ZQRMnLSuYDk-2F-2B8aXeelIgYL7ikUsxvbhJZ3Wo12CX4v4KP5ip5fA-2BxlTmb= bEmFBv-2BaACksEVaJ2Az8JExxoy9wRn0Sv9rsp0GpP1KrVYNsMNNeJTGpHb5fu4w5zIr3EFubP= ni2uXrNixDd80LDRJ71578Qk" style=3D"color: #1D5080;" test=3D"">Institutional= Investor</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 Anthropic's Clau= de features for financial services tasks could put jobs in that field at ri= sk, including "seats at investment banks, seats in equity research, white c= ollar jobs =E2=80=8Aparticularly on the lowest levels," said analyst Derek = Hernandez. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du0= 01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVWMqVnAuzfHpEOCAo5xuHPun-2F7= 9Cr-2FQSvnaEHXKRxFGw-3D-3DGe5i_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2= F3t1yZbcbdWeUgFVa0m8PzsFDalwnn7AR85GEHct7CEp5w7ee0CybeR5QRgQxVpHOvYLEyO6sOy= tAlR605gTuksF3UsWg07jsjbpAW3bP5gFaPa8P-2FoFamtliVLnWbyy5eL3nPlyrgDBo2WFGZNT= E-2Bdxz4FzUCDYIqolpBmP91LJiuDxpNKw4Gf0FshcaCND0QMk-2FdRjbEFlaJIMIJKiWAgtUxU= upLzdJN-2FJ-2BD7vaoy8Pe-2BEZHK-2Fu7v-2F5BQ9JwBkf6GJsJdaHQGww7WYqh2HDCrtn-2F= jTXj-2BvrGWZQ-2Bl-2FD8XOGma3ftar54TofCq45DDXDkwm22Aj1FERWZvt4rJWD5Ltpr2Zc-2= BEzwNjXFa2G8ugpYwsQqpXqNxgM9WLgUKQMN9OpcYA4Qc2cQSyQYWGPneelWIEamhzdUEGNoL9K= MDQtSK3sL33CbzDoDwJwm-2FxXna31UhbWOfaASVZfRxTRJMsjbhG4vAdJYu0orMbh1CfW0G1Od= MRSdVt-2BBRjAcLfCQqBmDxM1AyZSyABZqal0Lpbz" style=3D"color: #1D5080;" test= =3D"">The Information</a>]</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>ICYMI</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> More of our recent research (* - premium):<b= r><br><b>Market updates</b><br><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzVWMqVnAuzfHpEOCAo5xuHPTOj1nkRLaF8Khn2p5IeJFg-3D-3DWD1I_I3w= 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=E2=80=83=E2=80=A2 2025 EU All In Report<br> =E2=80=83=E2=80=A2 Q4 2025 Emerging Tech Ind= icator<br> =E2=80=83=E2=80=A2 Q4 2025 Cybersecurity VC = Trends<br> =E2=80=83=E2=80=A2 The Race to Build Enterpr= ise AI</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td 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t= able-layout: fixed;"> <tbody> <tr> <td style=3D"display: inline-block; width: 25%= ; min-width: 25%; text-align: center; flo= at: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 597 </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:= 25%; width: 25%; text-align:= center; float: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 2355 </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: 25%= ; min-width: 25%; 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;"> 964 </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: 25%= ; min-width: 25%; 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;"> 19 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; 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