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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 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 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>VC = First Looks</b>: Q1 data is here! Access the key top-line metrics that will= shape our upcoming reports. <a href=3D"https://url6380.news.pitchbook.com/= uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWM3qejS= zDxx26rIdiEaU9CvxqbmrW-2Fq2ezomCrHYcY6g-3D-3DDG2j_I3w5d9c01gkD8gLzFEofZR-2B= h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFkpsPRplZYg-2BM5QpIiz8Ht196PmhNfl= kTtcXf9KUhOX72bxvp3cbbKOdzu-2FeS2Q-2BIy3OeyUXO4ci10Q8CDljfE3Fli-2B5K91Ynrx3= 1A1t-2FNWqB0ohB0XuopisplxJ-2FWew8qwspF9dx2q8F-2FNmKHgI-2BDN202sTR3oC2-2FtsQ= fxCevo1T9XyNs9Oe0w6KVKmgBPeeu5pHAwWjJ-2BMnuLM6Gv6iS-2B5Kw7uePwaad-2FyUEYLmd= pnL-2BHxXlzjmr6cpIwxvo5IcR-2BzMwsYvgfTJjqtLuXg46sdc6zwXdP3YZ7oAwsTrm-2FQgJc= ombIJdlAivk3zwg-2B0MbH0bo6LXoBkhvwM3QKflNNoH-2BxcMbwbkBDTityWuQEyt-2BbKPqXs= lHqkFadhMDwh9UQk9d-2BMbLq5XHt5ppvS2-2FqH0Y7rqtRP-2BAbLSOSxnDvMilWJ-2FjlApLd= jp4RYrnOhQDYVoCSslaCu7NwFHWdByXxDaLW4zQPbbKWKPZ-2Fm8H94n-2FG-2FJ97Ww9V7BYpB= 4XlFsDpqwizzaXQzj-2FRMhwG0owg-3D-3D" style=3D"color: #1D5080;" test=3D"" un= iversal=3D"true"><b>Get the data</b></a>.<br><br><b>PE Lending League Table= s</b>: Our annual rankings of the most active PE firms are now available. <= b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n= 73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWM3qejSzDxx26rIdiEaU9CPiDk9bBdaEfx= pkQ-2BDY-2FR-2Bg-3D-3DicVl_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1= yZbcbdWeUgFVa0m8PzsFkpsPRplZYg-2BM5QpIiz8Ht196PmhNflkTtcXf9KUhOX72bxvp3cbbK= Odzu-2FeS2Q-2BIy3OeyUXO4ci10Q8CDljfE3Fli-2B5K91Ynrx31A1t-2FNWqB0ohB0Xuopisp= lxJ-2FWew8qwspF9dx2q8F-2FNmKHgI-2BDN202sTR3oC2-2FtsQfxCevo1T9XyNs9Oe0w6KVKm= gBPeeu5pHAwWjJ-2BMnuLM6Gv6iS-2B5Kw7uePwaad-2FyUEYLmdpnL-2BHxXlzjmr6cpIwxvo5= Ic4WjFrb2zR-2FaVPo3QdGVwPNbHdF-2FIycfMY-2F5xQoE7IQiSIXdvhWzo9U050AHoOIv9rK2= z9qpbZT0HSvYnLStXxLi0nf96hAEPDcvNk4-2BUNuV130gf3v23zzCpVP5MCH-2BTIEgtEFh8tR= alKAmQ6NS7UFuXdbQICTKKkbBQlHQLVdt5Dii8bg9pVB6wRwvzcZeHEdAe7dYVs6wUPDWgd9YHb= IsJgEL-2Fwi5Un0dkJ5J-2FQCOmXeYC5991se0JJgW30ahjL4A0uxsATYCjdOMGItCGig-3D-3D= " style=3D"color: #1D5080;" test=3D"" universal=3D"true">Get them here</a><= /b>.<br><br><b>March performance</b>: Our Global Markets Snapshot breaks do= wn a month of returns across dozens of indexes and sectors. <b><a href=3D"h= ttps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7Sp= SWIrf6GFa-2BaqM7ONnvsnswouzWM3qejSzDxx26rIdiEaU9CjbB0TuDkdNXONMmwMeohxA-3D-= 3DstFg_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF= kpsPRplZYg-2BM5QpIiz8Ht196PmhNflkTtcXf9KUhOX72bxvp3cbbKOdzu-2FeS2Q-2BIy3Oey= UXO4ci10Q8CDljfE3Fli-2B5K91Ynrx31A1t-2FNWqB0ohB0XuopisplxJ-2FWew8qwspF9dx2q= 8F-2FNmKHgI-2BDN202sTR3oC2-2FtsQfxCevo1T9XyNs9Oe0w6KVKmgBPeeu5pHAwWjJ-2BMnu= LM6Gv6iS-2B5Kw7uePwaad-2FyUEYLmdpnL-2BHxXlzjmr6cpIwxvo5IcnyDnf50nYb-2B0jB6g= WKxwx7gLo3HEwL3lObvEtMAvriLuTkcLtN75OkCmSQz8BRhjB3zJsA67kBNUFupy7jbNZWeEdQ1= XDxMLJcdEladfYluXhdTgdtOqAwIz4Gr89O6W3ikz-2BDOuPkWFLGOJ5RgospQaZysaYWypuPtX= VjnyN3FyhmwludrjRVAj4f2cAi-2BekM6KbK9gdvyKA9zJZSZDNdIUGe1MmcymenDF4xoT3dXjR= Zr23OXwxvZ72IP00VaHZsvAvRzyPwXgqO233wHulw-3D-3D" style=3D"color: #1D5080;" = test=3D"" universal=3D"true">Read it here</a></b>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" 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_579399" id=3D"n_579399" 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;"> Crude awakening: What the oil = shock means for private market portfolios </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> For private market investors, the conflict in= Iran isn't just a geopolitical headline=E2=80=94it's a portfolio-level eve= nt that deserves full attention. This week, we published <b><a href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzWM3qejSzDxx26rIdiEaU9CyjesIpZ1ccobtt6kEN4CQA-3D-3DP= 4Bl_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFkps= PRplZYg-2BM5QpIiz8Ht196PmhNflkTtcXf9KUhOX72bxvp3cbbKOdzu-2FeS2Q-2BIy3OeyUXO= 4ci10Q8CDljfE3Fli-2B5K91Ynrx31A1t-2FNWqB0ohB0XuopisplxJ-2FWew8qwspF9dx2q8F-= 2FNmKHgI-2BDN202sTR3oC2-2FtsQfxCevo1T9XyNs9Oe0w6KVKmgBPeeu5pHAwWjJ-2BMnuLM6= Gv6iS-2B5Kw7uePwaad-2FyUEYLmdpnL-2BHxXlzjmr6cpIwxvo5IcV8-2FsrteoUlnYIpb6-2F= OiXc27Sa2ICgmThcbUDdH9STuJlijN-2BIGNZTY0LYhFEUjP-2BlOTxq3TxvcmIux2eVSWRaMe1= THSZu4WAJu2ATnc5Wr6hE6-2BWnNRR-2ByV9LQVLOdXdufMoZCXl9fZTqBN8lBLOlr6ix0qF1jf= cHVXUGwIb-2FoQ-2BuES0L562JXjYYkqsGO1M5zweC2KUc0OAqxj9e1A9YQ5HXtezPqqTIjxVlg= bKNaUaDcIQjtP2xSzH2O8WBXJjIqiXvmr66gYVe0E-2B6V8b2w-3D-3D" style=3D"color: #= 1D5080;" test=3D"" universal=3D"true">an analysis</a></b> mapping exactly h= ow sustained high oil prices are transmitted through private equity, ventur= e capital and private credit. The picture is nuanced, and the implications = vary significantly depending on where your exposure sits.=20 <br> <br> The central insight is that this shock is as= ymmetric. Unlike a rate cycle, which reprices everything in one direction, = elevated oil creates distinct winners and losers within the same portfolio.= =20 <br> <br> Energy producers, midstream operators, renew= ables infrastructure, and defense suppliers stand to benefit. On the other = side, leveraged non-energy businesses=E2=80=94think airlines, chemicals, he= avy industry, and growth stories with tight margins=E2=80=94face compoundin= g pressure from both rising input costs and tighter financing conditions. G= Ps managing diversified books will need to triage, not manage uniformly.=20 <br> <br> For venture capital, the environment is more= broadly challenging. Higher discount rates are compressing late-stage valu= ations quickly, AI deal appetite could soften if energy costs stay elevated= , and a crowded startup landscape now faces steeper survival hurdles. Capit= al is consolidating with established managers and megafunds, leaving emergi= ng managers in a difficult spot. Secondary market activity is one of the fe= w genuine bright spots.=20 <br> <br> In credit, direct lending is the most expose= d segment. High leverage, limited transparency around defaults, and rising = BDC redemption pressure are combining in ways that are harder to track in r= eal time than in public markets. Broadly syndicated loans have some structu= ral resilience through CLO capital flows, though a downgrade wave is antici= pated by midyear, given that 52% of the market is currently rated B- or low= er. High-yield issuers are moving quickly to lock in rates before spreads w= iden further. </div> <div> <br><a href=3D"https://url6380.news.pitchbook= .com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWM= 3qejSzDxx26rIdiEaU9C6npc-2BLELEN-2Bh6zbPQnHCOA-3D-3DCPfL_I3w5d9c01gkD8gLzFE= ofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFkpsPRplZYg-2BM5QpIiz8Ht19= 6PmhNflkTtcXf9KUhOX72bxvp3cbbKOdzu-2FeS2Q-2BIy3OeyUXO4ci10Q8CDljfE3Fli-2B5K= 91Ynrx31A1t-2FNWqB0ohB0XuopisplxJ-2FWew8qwspF9dx2q8F-2FNmKHgI-2BDN202sTR3oC= 2-2FtsQfxCevo1T9XyNs9Oe0w6KVKmgBPeeu5pHAwWjJ-2BMnuLM6Gv6iS-2B5Kw7uePwaad-2F= yUEYLmdpnL-2BHxXlzjmr6cpIwxvo5IcAZlrWBRMNQULxaQ3dzgTTtTgMlO88BOR9aP71SdW58V= QVGPpQQPimuqvqJu78pzEa0X5xIj34wx6cbzrW7newxf6wWzBnKzSyRmH7qPl7HVIpsKXz2aaw5= OEfbiyuoYZ894Cvtlk645LyjFQGY2j-2Fhih6z6fCxJl-2B3my3Z0bBbB-2B6goAIHP-2BbW2od= eMxWS4gQGtXp1G-2FglkWp1ALOda6gvjMlQBH3U0DXPiAb93qznzncf-2B7h-2ByNlQFDQQXC05= gBZYQ7AeJfcPPtAM6O7uuNZg-3D-3D" universal=3D"true"><img align=3D"center" al= t=3D"" src=3D"https://img.pitchbook.com/news/73571.png" style=3D"border: no= ne; width: 100%; height: auto;"></a> </div> <div> </div> <div> The real risk isn't the oil price itself=E2= =80=94it's that sustained energy costs re-anchor inflation expectations, ke= eping rates higher for longer and extending pressure across private markets= well beyond the conflict's duration. The IEA now forecasts oil prices thro= ugh 2027 running 20% to 25% above pre-conflict levels. A short-lived spike = is manageable; a structural inflation reset is more complicated. </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">Best,<= br><br><a href=3D"mailto:paul.condra@pitchbook.com" style=3D"color: #1D5080= ;" test=3D"">Paul Condra</a><br> Global Head of Private Markets Research</td> <td 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/735= 63.png" 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></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 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-2BaqM7ONnvsnswouzWM3qejSzDxx26rIdiEaU9CnYVEZr-2= BIXcWF2WucR25RWw-3D-3Du44P_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1= yZbcbdWeUgFVa0m8PzsFkpsPRplZYg-2BM5QpIiz8Ht196PmhNflkTtcXf9KUhOX72bxvp3cbbK= Odzu-2FeS2Q-2BIy3OeyUXO4ci10Q8CDljfE3Fli-2B5K91Ynrx31A1t-2FNWqB0ohB0Xuopisp= lxJ-2FWew8qwspF9dx2q8F-2FNmKHgI-2BDN202sTR3oC2-2FtsQfxCevo1T9XyNs9Oe0w6KVKm= gBPeeu5pHAwWjJ-2BMnuLM6Gv6iS-2B5Kw7uePwaad-2FyUEYLmdpnL-2BHxXlzjmr6cpIwxvo5= IcJAd4RIJjrexDCA6icyzF4ytxDurE-2BDb1ukgjpghI5RWhWnaBwlk5lqQCI2aCTLkY8NN-2FX= mQj3ekdvzArfnsZtw4thhoaMW84gc92zB82dm-2BhLkt5aZhJRJjbxP-2BFFbBm81bNjASHlIRT= ZdoUJgk8r8TgD6lsytCGD5mjMuUI5CyOASyB2d1welq0wsS26EBQ3Sa5L-2FvpQL48y65dk1Mnp= GODwFRY8581DP5yDmZmgte-2FIE87u1-2BdyLUAWGUQGJN2aDOIqOT2I3iPzfbx4tB5og-3D-3D= " style=3D"color: #1D5080;" test=3D"" universal=3D"true">The State of Europ= ean AI </a></big></b><br><br> AI has firmly established itself as a struct= ural force within European venture, now accounting for a significant share = of both startup formation and capital deployment.<br><br> While growth remains strong, the ecosystem i= s becoming increasingly uneven=E2=80=94concentrated in core markets and tra= ditional software verticals, with meaningful headroom for expansion across = underpenetrated sectors and regions.<br><br> As the market evolves, the key question is n= ot whether AI will continue to grow, but where the underpenetrated areas ar= e, which could present meaningful opportunities in an increasingly saturate= d market.<br><br><em><a href=3D"https://url6380.news.pitchbook.com/uni/ls/c= lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWM3qejSzDxx26rI= diEaU9CnYVEZr-2BIXcWF2WucR25RWw-3D-3DWZym_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHk= xBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFkpsPRplZYg-2BM5QpIiz8Ht196PmhNflkTtcXf9K= UhOX72bxvp3cbbKOdzu-2FeS2Q-2BIy3OeyUXO4ci10Q8CDljfE3Fli-2B5K91Ynrx31A1t-2FN= WqB0ohB0XuopisplxJ-2FWew8qwspF9dx2q8F-2FNmKHgI-2BDN202sTR3oC2-2FtsQfxCevo1T= 9XyNs9Oe0w6KVKmgBPeeu5pHAwWjJ-2BMnuLM6Gv6iS-2B5Kw7uePwaad-2FyUEYLmdpnL-2BHx= Xlzjmr6cpIwxvo5IccNcmTNFaSYiWfxTuLixEGN9UNB-2BHH7Xyc8Ea-2FIEOxMp7zDOAISPMHA= eVnJyJ-2B0JMVWLDSaX7MsuNq-2BU0lJkXpuQkuE4M6ZMOdrUwgPxBZkLM4gvmDTaF-2Bq3kfNB= KKR-2FHoFWC-2BLTRAMDf9wM3yxV6gVM-2BNufUJkMfpI4kpqW6YoiXm4XV5SjhIyHcE0vLE5J5= gbTi5QICyGGz5u3Cw8BuKRquTpNdF3gr8izJXDcNKz8dU2gNkD7up8FqFT7q95FMBZGVWry5hsy= pZzCaLCNmew-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><= b>Download the report</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> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br><b= ><big><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWM3qejSzDxx26rIdiEaU9CFhnWhwsv= MCleUI3W1cWrQw-3D-3DVKcL_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZ= bcbdWeUgFVa0m8PzsFkpsPRplZYg-2BM5QpIiz8Ht196PmhNflkTtcXf9KUhOX72bxvp3cbbKOd= zu-2FeS2Q-2BIy3OeyUXO4ci10Q8CDljfE3Fli-2B5K91Ynrx31A1t-2FNWqB0ohB0Xuopisplx= J-2FWew8qwspF9dx2q8F-2FNmKHgI-2BDN202sTR3oC2-2FtsQfxCevo1T9XyNs9Oe0w6KVKmgB= Peeu5pHAwWjJ-2BMnuLM6Gv6iS-2B5Kw7uePwaad-2FyUEYLmdpnL-2BHxXlzjmr6cpIwxvo5Ic= xrgN4wuNjwSWEWrzv9ID2wf-2BIvviYigacvOTTAfPJ5azkyblh1HzTKgS2M2NlGkm3Ecxt3o5l= -2BhXULoLInPU4xSVF9x4VeiKZgqRKgh3P-2BIxZBHkHQDmJWggndDmNjOZMXHE5Tcs6nYDc5VK= zfo-2Fjq2CpesMsS5aSkIO47jtReFnFZTRrO6xeuJmNgF72NryvfzHRDF-2FZdQdEXC5qhPYbUE= VjEwfYjlRbdhau4Gu9RCQ012WpeyM04bL97EzLmq1OBaqenp3fP7C958J31qaiA-3D-3D" styl= e=3D"color: #1D5080;" test=3D"" universal=3D"true">South Korea Private Capi= tal Breakdown </a></big></b><br><br> South Korea's private capital market entered= a transitional phase in 2025, diverging sharply from the country's surging= public equity markets.<br><br> While the KOSPI recorded its strongest annua= l performance in more than two decades, total private capital deal value fe= ll to $16 billion from $24 billion the previous year.</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-2BaqM7ONnvsnswouzWM3qejSzDxx26rIdiEaU9CYDICyY4TE= KPm-2FX9GF9u7wA-3D-3DbrNH_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFkpsPRplZYg-2BM5QpIiz8Ht196PmhNflkTtcXf9KUhOX72bxvp3cbbKO= dzu-2FeS2Q-2BIy3OeyUXO4ci10Q8CDljfE3Fli-2B5K91Ynrx31A1t-2FNWqB0ohB0Xuopispl= xJ-2FWew8qwspF9dx2q8F-2FNmKHgI-2BDN202sTR3oC2-2FtsQfxCevo1T9XyNs9Oe0w6KVKmg= BPeeu5pHAwWjJ-2BMnuLM6Gv6iS-2B5Kw7uePwaad-2FyUEYLmdpnL-2BHxXlzjmr6cpIwxvo5I= cdbTzpiW6B6MnNqWBa874h78J7WCzM3cEGfVeCcsFoVebXm1M5Yn05P08wY3cEv-2BYoxKivVvF= IEjAA173TEGUCLRa7-2FdfabhdGr9B1aKm9haCzKQdgBVnauCIaMs1b5iMnrzdC0Op7QaSEnunS= tJ2EfwpLVZdAA-2FpXE7Nbc-2BAaoykkpFTAcTSdy08PvS0U3KlncYrfGJWpoXEoUVjd6KHWu0F= SHlsTpy4eS2PyjgQp-2BVgGhf8ocnc95nEnxIhAZK9rvGjoiFmsuZETK9IMXxcYQ-3D-3D" uni= versal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchboo= k.com/news/73543.png" style=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> Corporate carveouts driven by chaebol restru= cturing have become a notable source of private equity deal flow, while cor= porate venture capital accounted for more than one-third of venture transac= tions and over 60% of total deal value in 2025.<br><br> Fundraising trends also highlight a widening= divide between asset classes: Private equity raised $8.4 billion across ju= st four funds in 2025=E2=80=94nearly 8x the capital raised by venture vehic= les=E2=80=94illustrating the increasing institutionalization of South Korea= 's buyout market even as the venture ecosystem undergoes a cyclical reset.<= br><br><em><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWM3qejSzDxx26rIdiEaU9CF= hnWhwsvMCleUI3W1cWrQw-3D-3DtDxk_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-= 2F3t1yZbcbdWeUgFVa0m8PzsFkpsPRplZYg-2BM5QpIiz8Ht196PmhNflkTtcXf9KUhOX72bxvp= 3cbbKOdzu-2FeS2Q-2BIy3OeyUXO4ci10Q8CDljfE3Fli-2B5K91Ynrx31A1t-2FNWqB0ohB0Xu= opisplxJ-2FWew8qwspF9dx2q8F-2FNmKHgI-2BDN202sTR3oC2-2FtsQfxCevo1T9XyNs9Oe0w= 6KVKmgBPeeu5pHAwWjJ-2BMnuLM6Gv6iS-2B5Kw7uePwaad-2FyUEYLmdpnL-2BHxXlzjmr6cpI= wxvo5Icp1zJQqiBjYgX42tNAYbc5BFcNoBQbXixeKhlKV38LYOqCFcLwdQ8ymbq0GulyMZOd3AI= EbbHpHpQVZD6-2FQyB3T7nodp72BQNkNef6a6CP0eT7wJhD-2FI7gvDwb1VRcrm8oeFIxww-2FP= AAEd93zIHUqVageF-2BZ8jfJnOHz4KgYs-2Bu4s1GMzIbwl2Dm832XfHnkJBviQOInT4aHOnRGo= sLrugqaKRZCfTitkizWA8HCcMTCBsfrxQnFpOXLiu0hfd4oov7D2hXDCrHR5lXKc4bmZxw-3D-3= D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Download the r= eport</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>Industry & Tech Research</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-2BaqM7ONnvsnswouzWM3qejSzDxx26rIdiEaU9CwqeBu2iU= 3g5hlW47R4j2LA-3D-3Dt85v_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZ= bcbdWeUgFVa0m8PzsFkpsPRplZYg-2BM5QpIiz8Ht196PmhNflkTtcXf9KUhOX72bxvp3cbbKOd= zu-2FeS2Q-2BIy3OeyUXO4ci10Q8CDljfE3Fli-2B5K91Ynrx31A1t-2FNWqB0ohB0Xuopisplx= J-2FWew8qwspF9dx2q8F-2FNmKHgI-2BDN202sTR3oC2-2FtsQfxCevo1T9XyNs9Oe0w6KVKmgB= Peeu5pHAwWjJ-2BMnuLM6Gv6iS-2B5Kw7uePwaad-2FyUEYLmdpnL-2BHxXlzjmr6cpIwxvo5Ic= nkxbj1P5otMkhiaIhwYVpbyxvPLWdQI26jKuK6rof-2BgD2-2BUpRKq6AhtENsCfA7phiBQlG-2= BO8fIVX3uOLV-2BOYFLLLMdd1AsA6QsOca2by0rj-2BECLJenDCvV3pRk12bul8nEdEMQCyxFR3= KNdYKJO-2FJQEBVH97hkz-2Bt0rJEREwzOLbuSmN-2FlvIOj-2BwROy-2BgreLT3eJdHBnxvclo= yGmSe3CLivqy1ZYV2cYDOGBWoIdx2uEToYfSig1vl3-2BbHjh-2BieiSTu8o2iQIrbg6a6-2BZ9= KCYw-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Physical= AI in Automotive Manufacturing </a></big></b><br><br> Physical AI is rapidly emerging as a strateg= ic imperative for the global automotive industry=E2=80=94and the investment= dollars are following fast.<br><br> Vision-language-action models, humanoid robo= tics and world model architectures are converging on the factory floor, wit= h the potential to fundamentally reshape the competitive dynamics of a $3 t= rillion to $4 trillion industry under siege from China's cost advantages, r= elentless pace of new model development and surging EV exports.</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-2BaqM7ONnvsnswouzWM3qejSzDxx26rIdiEaU9CBlztXKLbr= Leuf-2FzTbMFpCA-3D-3DyxZX_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFkpsPRplZYg-2BM5QpIiz8Ht196PmhNflkTtcXf9KUhOX72bxvp3cbbKO= dzu-2FeS2Q-2BIy3OeyUXO4ci10Q8CDljfE3Fli-2B5K91Ynrx31A1t-2FNWqB0ohB0Xuopispl= xJ-2FWew8qwspF9dx2q8F-2FNmKHgI-2BDN202sTR3oC2-2FtsQfxCevo1T9XyNs9Oe0w6KVKmg= BPeeu5pHAwWjJ-2BMnuLM6Gv6iS-2B5Kw7uePwaad-2FyUEYLmdpnL-2BHxXlzjmr6cpIwxvo5I= cvRWGau-2F3-2BrdPmEqi-2Fefc0f9YcNZqoi4zd5mHJ6SL2BS6ifaSa3-2B3IexWEVLj-2BE4w= e4hY-2BRppxVdmqBw-2FTBW516i-2FOhQxVOYQaT1mPIqrGlp8hkrmlclYuI24eEYGegZ-2FyZw= xmQBwxo-2BCeiDxDpR-2BUO-2BpXiVM53q-2FReHR9Cdf-2Flj7Lw0h6GApuB2KmcNJhRpP0Pwv= 5kR8-2BKxBkm4jiV1-2BFEwaqsqveG4aFkh2uQuclnf5H4ol1cISIMfmVjSOo-2F75DSzAAHPbv= x6O9aFm9xRAZQ-3D-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src= =3D"https://img.pitchbook.com/news/73546.png" style=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> Against a backdrop of $70 billion in EV-rela= ted write-downs across legacy OEMs, a global automotive workforce of 50 mil= lion people facing an uncertain transition, and Chinese automakers cutting = vehicle development cycles to 18 to 24 months, that physical AI may be less= a strategic option for Western and Japanese manufacturers than a survival = imperative.<br><br><em><a href=3D"https://url6380.news.pitchbook.com/uni/ls= /click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWM3qejSzDxx26= rIdiEaU9CwqeBu2iU3g5hlW47R4j2LA-3D-3DaQ3s_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHk= xBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFkpsPRplZYg-2BM5QpIiz8Ht196PmhNflkTtcXf9K= UhOX72bxvp3cbbKOdzu-2FeS2Q-2BIy3OeyUXO4ci10Q8CDljfE3Fli-2B5K91Ynrx31A1t-2FN= WqB0ohB0XuopisplxJ-2FWew8qwspF9dx2q8F-2FNmKHgI-2BDN202sTR3oC2-2FtsQfxCevo1T= 9XyNs9Oe0w6KVKmgBPeeu5pHAwWjJ-2BMnuLM6Gv6iS-2B5Kw7uePwaad-2FyUEYLmdpnL-2BHx= Xlzjmr6cpIwxvo5IcazybEL3WyNsm421IOCnVHjEWJEe65AZzps8IvFk3mud-2BVRUOPBO-2BGv= 2iI-2Fd0pkGZxenkQJsGfXYvFrLJUF50RTl43spwAelTgzLQEh5lJvnxnEbpuO6amdobYtitrYg= lOXMMgrlhOcOnkB1ujt64-2B8XYzL0oEPKbaArGtmtYsfle-2BiZ3lwtA9iQn40GH7vPp0Ko1Qt= 08wBUztGrdEN3iWciERggEdYqY4gxwRUhfeUEo9I28IDtCiNh1wpFFP3dJYWzUjXi0Ven53Slwk= u5YeA-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Down= load the report</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>Apr= il 8</b>: Join PitchBook analysts for a webinar on US leveraged loans and p= rivate credit. We'll connect the data on Q1 performance and translate it in= to practical implications for underwriting, portfolio positioning, and capi= tal allocation. <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?u= pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWmr9Nov58XW3cqUtsVHVn= Qbh2nZIF7nyngiz-2FhZIA2tw-3D-3DHjUx_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf= mzy-2F3t1yZbcbdWeUgFVa0m8PzsFkpsPRplZYg-2BM5QpIiz8Ht196PmhNflkTtcXf9KUhOX72= bxvp3cbbKOdzu-2FeS2Q-2BIy3OeyUXO4ci10Q8CDljfE3Fli-2B5K91Ynrx31A1t-2FNWqB0oh= B0XuopisplxJ-2FWew8qwspF9dx2q8F-2FNmKHgI-2BDN202sTR3oC2-2FtsQfxCevo1T9XyNs9= Oe0w6KVKmgBPeeu5pHAwWjJ-2BMnuLM6Gv6iS-2B5Kw7uePwaad-2FyUEYLmdpnL-2BHxXlzjmr= 6cpIwxvo5IcPspU411mIY9EUcESIVLbfXiODgeSNWJS2C7BtylUjXxaQO7jbIXVmDgyixZKHUyi= z9k-2FN8qRqoSrYUA-2B2FDqwCaPEsPkF8JbTRjZGH28-2BSuh-2FkiRctwMMo4vWWDNwcNdu7K= LkhWn0LfwIOwoFDY5IAW-2B3JDDy-2BWRpBnF3KSyDnvYlprPgl0gNarIl4vE95vvtOiQG2UKlQ= pV3U2Urzwdif289vL9iSD-2BKTY22VpqbdMP1L-2F-2Fh6ftmMyUyqyRhkNuawPfLaSFfgMqHHc= MtyT2MA-3D-3D" style=3D"color: #1D5080;" test=3D"">Register here</a></b>.<b= r><br><b>April 16-17</b>: We'll be in Nashville for the US Private Credit I= ndustry Conference on Direct Lending. Nizar Tarhuni, our executive vice pre= sident for research & market intelligence, will discuss how private cre= dit is increasingly financing tech and energy infrastructure, and PitchBook= subsidiary Lumonic will provide a live demo. <b><a href=3D"https://url6380= .news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ON= nvsnswouzWmr9Nov58XW3cqUtsVHVnQn2ymo7jP0KbrF0VnlH8tIw-3D-3DLSDc_I3w5d9c01gk= D8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFkpsPRplZYg-2BM5QpI= iz8Ht196PmhNflkTtcXf9KUhOX72bxvp3cbbKOdzu-2FeS2Q-2BIy3OeyUXO4ci10Q8CDljfE3F= li-2B5K91Ynrx31A1t-2FNWqB0ohB0XuopisplxJ-2FWew8qwspF9dx2q8F-2FNmKHgI-2BDN20= 2sTR3oC2-2FtsQfxCevo1T9XyNs9Oe0w6KVKmgBPeeu5pHAwWjJ-2BMnuLM6Gv6iS-2B5Kw7ueP= waad-2FyUEYLmdpnL-2BHxXlzjmr6cpIwxvo5Ic14DBPSCIuCp21t3So0saxfR8a0pCYUqCt9d-= 2Fd6qGt3F7hRZddq97aYLtywzaQ0ikTa-2BWaLRougONjxDDva95InqHEwqeogJrr3p-2Fj-2Fr= u3quXbRhKH6THeTBF9p4c1tYPl5aCujrQ6AJiNruGQ0MpxyndIlsMKjvnsNwKdirS4nC8rMbjfk= OAMH1B4H3jGZruugTj160UOt-2BtMWb5s6WfUPF5h7fQw75dcU-2FSDj9mH-2F6sfNpAasVuHG1= K4IXCoUOfEgL6IOf7wMfMDiHa4HJfEQ-3D-3D" style=3D"color: #1D5080;" test=3D"">= Register here</a></b>.<br><br><b>April 28</b>: At DealMax 2026 in Las Vegas= , Hilary Wiek, our principal analyst for fund strategies, will give a talk = on the rise of evergreen funds. <b><a href=3D"https://url6380.news.pitchboo= k.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWmr9N= ov58XW3cqUtsVHVnQLvkD8feEkNBFl34gdErrfw-3D-3Df5DQ_I3w5d9c01gkD8gLzFEofZR-2B= h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFkpsPRplZYg-2BM5QpIiz8Ht196PmhNfl= kTtcXf9KUhOX72bxvp3cbbKOdzu-2FeS2Q-2BIy3OeyUXO4ci10Q8CDljfE3Fli-2B5K91Ynrx3= 1A1t-2FNWqB0ohB0XuopisplxJ-2FWew8qwspF9dx2q8F-2FNmKHgI-2BDN202sTR3oC2-2FtsQ= fxCevo1T9XyNs9Oe0w6KVKmgBPeeu5pHAwWjJ-2BMnuLM6Gv6iS-2B5Kw7uePwaad-2FyUEYLmd= pnL-2BHxXlzjmr6cpIwxvo5Ic8l9XreKJL88T29FnIwPhIa5qJ0t-2B6b4muKoJLZDUicDCnAD9= x-2FM9IVqm4BMzMQb1W-2BADRUN0F-2B1g0LNXnK2wgSHeCJTQ0muyiXy567e0SnJvosbSX-2F-= 2FI79xQ63-2BrRTnkPESPl0sZCol1lGqwp-2B8GAPoUn3BgYsPksLfWvhXvqqju-2FBxTcUdP-2= Fdrj4omV9HGDzezjAUt2tlSkKFDyLyROBfsrSUiUnbi64wZyN9lwr-2F0dnC-2BO66tS2zKxu9h= LHww3866GPOWbpTc1B33XV-2Bh7sw-3D-3D" style=3D"color: #1D5080;" test=3D"">Re= gister 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 VC funding for F= rench start-ups grew 450% between 2015 and 2025. [<a href=3D"https://url638= 0.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7O= NnvsnswouzWmr9Nov58XW3cqUtsVHVnQGM3lT3KLNT6JL7P-2BBf2bDA-3D-3DxbQd_I3w5d9c0= 1gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFkpsPRplZYg-2BM5= QpIiz8Ht196PmhNflkTtcXf9KUhOX72bxvp3cbbKOdzu-2FeS2Q-2BIy3OeyUXO4ci10Q8CDljf= E3Fli-2B5K91Ynrx31A1t-2FNWqB0ohB0XuopisplxJ-2FWew8qwspF9dx2q8F-2FNmKHgI-2BD= N202sTR3oC2-2FtsQfxCevo1T9XyNs9Oe0w6KVKmgBPeeu5pHAwWjJ-2BMnuLM6Gv6iS-2B5Kw7= uePwaad-2FyUEYLmdpnL-2BHxXlzjmr6cpIwxvo5Ic1-2FANmNCyBBNYgwyvEovTSA2-2BkomAO= 08pAo56bdPvOsJBWEAhm33QYewxpHjtjSd1RVUREg8z9jMqnxcVWO-2BMncHgl-2FcYa6XS2cXM= O-2BmSJiYn1PjfnM1zUsw4czuM9PCaIslS2M-2FNYWqeI-2FjtVGSHxCRiKhagUZ6nnxc3RbAYr= qrcMG-2BrQTCAvA-2FfqQxs97mj9Vq3Pt6JFOCCCj2wtn3vaHfexnR43X2FiO4mX4MLGvcNBl2-= 2F3grTR6GIfLu-2BUyvk3e6-2BhXF10fzDc-2B4vRw2xAQ-3D-3D" style=3D"color: #1D50= 80;" test=3D"">Financial Times</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 "The volume of c= apital targeting [Asia] in 2026 is higher than a year ago, though it is con= centrated at the top end of the market," said analysts Ansel Tan and Melani= e Tng. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d= 4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWmr9Nov58XW3cqUtsVHVnQG3eQYUKYjW= Cz9tc4EJ-2BMCA-3D-3DGP-Y_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZ= bcbdWeUgFVa0m8PzsFkpsPRplZYg-2BM5QpIiz8Ht196PmhNflkTtcXf9KUhOX72bxvp3cbbKOd= zu-2FeS2Q-2BIy3OeyUXO4ci10Q8CDljfE3Fli-2B5K91Ynrx31A1t-2FNWqB0ohB0Xuopisplx= J-2FWew8qwspF9dx2q8F-2FNmKHgI-2BDN202sTR3oC2-2FtsQfxCevo1T9XyNs9Oe0w6KVKmgB= Peeu5pHAwWjJ-2BMnuLM6Gv6iS-2B5Kw7uePwaad-2FyUEYLmdpnL-2BHxXlzjmr6cpIwxvo5Ic= cmOX6NrJNPWermui0Pj2xEcTN00jnHTjGXkxt322YDWIVBajh1q4YE8KtL3NqCixAmyv7EHjWXk= qIjBkFT2OFwUcR87f-2BsmRSRxC3QuuzRazcPbmVgiturEoz9HvvrLFRsYaDKxlf9Xv7-2FC8i-= 2FF5gbQuVhCgdEMSgkeeZ6DAGeDk-2FHLCwcJPb9InjlwGUi5hMzpBWz9R2EFLmzfKl1nlRxSeU= DvHk5ecJMzw8NhKhe-2B76-2BIEwcdt5s3PeNDJ9X24cMcfG-2BMJyms-2F2GUGhmNckA-3D-3D= " style=3D"color: #1D5080;" test=3D"">CNBC</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 Private US compa= nies raised more than $200 billion in the first two months of the year, acc= ording to PitchBook, but over half went to OpenAI. [<a href=3D"https://url6= 380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM= 7ONnvsnswouzWmr9Nov58XW3cqUtsVHVnQZSabVGj7yS1-2BI3ZxflRMHg-3D-3D0h-o_I3w5d9= c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFkpsPRplZYg-2B= M5QpIiz8Ht196PmhNflkTtcXf9KUhOX72bxvp3cbbKOdzu-2FeS2Q-2BIy3OeyUXO4ci10Q8CDl= jfE3Fli-2B5K91Ynrx31A1t-2FNWqB0ohB0XuopisplxJ-2FWew8qwspF9dx2q8F-2FNmKHgI-2= BDN202sTR3oC2-2FtsQfxCevo1T9XyNs9Oe0w6KVKmgBPeeu5pHAwWjJ-2BMnuLM6Gv6iS-2B5K= w7uePwaad-2FyUEYLmdpnL-2BHxXlzjmr6cpIwxvo5IcyWtLGe7HKI8ZCI6vak1SLn0TPHqz6vt= UDNGSchRj9EWbfssgyvoDPJEtS4INUD23nOU0my0qNom5oBL6uzBYynhwujqmEBRY4UAwjhQpXj= BEGQIKM3wzrOlkvfXqH-2Fcmj4EJazt4Qtqo6DFfe3mXoq0gl8qmgmZAbtmZ1VVADvBvCpQmoxs= dmp7wb0zCKm6DJ4mTzMvzHRc7LB5jpMakG2IoH-2FJuMs4hIj4M9ySvz3vL-2FPA6QrwhDhuL0S= 5roMY5kg7u6-2FpRU-2FsHEEkRXc4FnQ-3D-3D" style=3D"color: #1D5080;" test=3D""= >Financial Times</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 Banks=E2=80=99 s= hare of buyout financings above $1 billion fell to just 39% in 2023, down f= rom about 80% in the five years prior. [<a href=3D"https://url6380.news.pit= chbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouz= Wmr9Nov58XW3cqUtsVHVnQ9SEYlbseu2lvwM1a4n8I0g-3D-3DfpV9_I3w5d9c01gkD8gLzFEof= ZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFkpsPRplZYg-2BM5QpIiz8Ht196P= mhNflkTtcXf9KUhOX72bxvp3cbbKOdzu-2FeS2Q-2BIy3OeyUXO4ci10Q8CDljfE3Fli-2B5K91= Ynrx31A1t-2FNWqB0ohB0XuopisplxJ-2FWew8qwspF9dx2q8F-2FNmKHgI-2BDN202sTR3oC2-= 2FtsQfxCevo1T9XyNs9Oe0w6KVKmgBPeeu5pHAwWjJ-2BMnuLM6Gv6iS-2B5Kw7uePwaad-2FyU= EYLmdpnL-2BHxXlzjmr6cpIwxvo5IcM3WeGCyMbyiGMpNp39FG6XKI5iKC44udF8KEqylXs271V= Xj2czEh1p-2F6n4QhBE88vFNDKB5BJV31ahdk9M2ZV1w-2Bg312mINMRrRLmB5oyaTi5O-2BkTG= t04rj-2FZ9zThtQMAstXozOzjllS6ryEfM6-2Buis9wGVEc0MALrgkqfoUxaBuNKjycVKCCopqe= YbBaQpAWCCt0K0D3xFQ8orABoajnj6OaxiYW4DGLJeBzUxFvuTfjoAkgX-2FFqFlxkb9eel6V0I= vCKLZJD4sAzzH-2BlC7Lqg-3D-3D" style=3D"color: #1D5080;" test=3D"">CNBC</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-= 2BaqM7ONnvsnswouzWmr9Nov58XW3cqUtsVHVnQK5n2JafmhAOXNMOjxXk2MQ-3D-3DglLy_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFkpsPRplZYg= -2BM5QpIiz8Ht196PmhNflkTtcXf9KUhOX72bxvp3cbbKOdzu-2FeS2Q-2BIy3OeyUXO4ci10Q8= CDljfE3Fli-2B5K91Ynrx31A1t-2FNWqB0ohB0XuopisplxJ-2FWew8qwspF9dx2q8F-2FNmKHg= I-2BDN202sTR3oC2-2FtsQfxCevo1T9XyNs9Oe0w6KVKmgBPeeu5pHAwWjJ-2BMnuLM6Gv6iS-2= B5Kw7uePwaad-2FyUEYLmdpnL-2BHxXlzjmr6cpIwxvo5IcH6H0f2BTyoTkXI-2FN7gU4lQifKJ= nwvIo3RRbObnzjxIp9S5AWA5DtsoeW2wV45JjmrDA9yu9TeNFEdsYqWUjf0qlGJxnqB5MOj-2Bk= -2Fq-2B9YWJNZwf8UW-2BE-2F7S0MrEF7W-2BvlwasqszR1dOcBfG-2Fup7GgtV5XJyLVJSICtz= e6UKfgFVanFKES6-2FwN4EnKLO1iE0qULcNWlwwVWfgzqXHyvqu8YgO0SjabEzMsWrliW0sL0yb= X7Vdm3u2-2FPYDbZ-2BHeyQsqNtD9t9BnZQ-2FHAWC3m1YqbA-3D-3D" style=3D"color: #1= D5080;" test=3D"" universal=3D"true">2025 Annual Global Private Debt Report= </a></b><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzWmr9Nov58XW3cqUtsVHVnQ8M441-2BSM60YDk0iE3qbGbg-3D-3Dd-_R_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFkpsPRplZ= Yg-2BM5QpIiz8Ht196PmhNflkTtcXf9KUhOX72bxvp3cbbKOdzu-2FeS2Q-2BIy3OeyUXO4ci10= Q8CDljfE3Fli-2B5K91Ynrx31A1t-2FNWqB0ohB0XuopisplxJ-2FWew8qwspF9dx2q8F-2FNmK= HgI-2BDN202sTR3oC2-2FtsQfxCevo1T9XyNs9Oe0w6KVKmgBPeeu5pHAwWjJ-2BMnuLM6Gv6iS= -2B5Kw7uePwaad-2FyUEYLmdpnL-2BHxXlzjmr6cpIwxvo5IcAMy3zSs-2FSmiTNQm0V-2Ba3hO= 0J4-2BlmZ-2FMImI4l0af-2FxsvK6TJ77rcdghs0ZE0djvtLHS5jQk85p5JcnghEbVphbFvjQvi= aLodkoP57VtWDoIk-2FvdEJgd5ka1WavcHPysf0Z9h8HeonEz6seLVTRy3UUbSrYfeugiuXxiSC= hzJ9X5OzKeCcBis8m6FEwNBdyi-2Fpn9568BGA4Unwn6v7obDv6hBSelGL4WGi-2FKHNNT44wV3= frGOfGQHI8B-2BUBwOlTcxtU8ljccZSM2JbWLtULG4ICA-3D-3D" style=3D"color: #1D508= 0;" test=3D"" universal=3D"true">US PE Middle Market Report </a></b><br><br= ><b>Thematic research</b><br><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzWmr9Nov58XW3cqUtsVHVnQrVgZBCbHV0rhcWPN1o0qRg-3D-3DcaOj_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFkpsPRplZYg= -2BM5QpIiz8Ht196PmhNflkTtcXf9KUhOX72bxvp3cbbKOdzu-2FeS2Q-2BIy3OeyUXO4ci10Q8= CDljfE3Fli-2B5K91Ynrx31A1t-2FNWqB0ohB0XuopisplxJ-2FWew8qwspF9dx2q8F-2FNmKHg= I-2BDN202sTR3oC2-2FtsQfxCevo1T9XyNs9Oe0w6KVKmgBPeeu5pHAwWjJ-2BMnuLM6Gv6iS-2= B5Kw7uePwaad-2FyUEYLmdpnL-2BHxXlzjmr6cpIwxvo5IcttRl9eHZVLcsU-2B2ZAXt-2FNvmq= ByVqoYBPS8eBUk7z5xNLt5WtXsmLNviDGnI96Pq-2B6E2KaDLHXwJETY-2F-2FO96Ap1ALJy843= tAcK1lfIR4VNHLntC8Mc7kavljtk5ulgUm7iUzQcjLPUsoPlLsivdJcToCIu-2FZCY4EcLhUagS= OGoSuE74-2FWTHnQJxLsH2nLBvAp6blqUP3LzfWw9i0fzvJim1uwXMFey7HmNTSwEE00Ljdwq2e= LejSezizCrD-2BFObhpsVALnLsw9VC2M9KLc-2BACCA-3D-3D" style=3D"color: #1D5080;= " test=3D"" universal=3D"true">When Access to VC Becomes a Liability </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-= 2BaqM7ONnvsnswouzX3895DTencxpafouUgXQefEaO9MW04G2aHiwGsStVeoQ-3D-3DJF7I_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFkpsPRplZYg= -2BM5QpIiz8Ht196PmhNflkTtcXf9KUhOX72bxvp3cbbKOdzu-2FeS2Q-2BIy3OeyUXO4ci10Q8= CDljfE3Fli-2B5K91Ynrx31A1t-2FNWqB0ohB0XuopisplxJ-2FWew8qwspF9dx2q8F-2FNmKHg= I-2BDN202sTR3oC2-2FtsQfxCevo1T9XyNs9Oe0w6KVKmgBPeeu5pHAwWjJ-2BMnuLM6Gv6iS-2= B5Kw7uePwaad-2FyUEYLmdpnL-2BHxXlzjmr6cpIwxvo5Ic-2Fj2OsTr3Itp5nceXRk3YIQs-2F= AumabdNQJ0f8kon-2BOj15nV7KzD9JbmbZ8DG5ZBvHQRzwgmU3YhGnrGDzvw2h4N5I2Vt4ZBTxo= VbS1-2FDZy-2FYUGT7A8a9RTmRKtmfP2J9jQQ7HTl4-2FIAopUx-2FHhaoQ6hLpN914r8GLz9Dh= JLW-2FK13PGOiXcb9Ip-2F1BBlCdlLTMenK32WmjoreFWqg2yq-2B6qPPUYMNVaoymYfpeV8I03= zD1gPNg97RkJMv0vvaY9bpZT-2FE-2Fonqs7mELhjtc2oar5g-3D-3D" style=3D"color: #1= D5080;" test=3D"" universal=3D"true">Mega IPOs Could Threaten 2026 IPO Clas= s</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-= 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6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzX3895DTencxpafouUgXQefgcHIcRJhYTWfvGXyZUjcDw-3D-3D_t3S_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFkpsPRplZYg= -2BM5QpIiz8Ht196PmhNflkTtcXf9KUhOX72bxvp3cbbKOdzu-2FeS2Q-2BIy3OeyUXO4ci10Q8= CDljfE3Fli-2B5K91Ynrx31A1t-2FNWqB0ohB0XuopisplxJ-2FWew8qwspF9dx2q8F-2FNmKHg= I-2BDN202sTR3oC2-2FtsQfxCevo1T9XyNs9Oe0w6KVKmgBPeeu5pHAwWjJ-2BMnuLM6Gv6iS-2= B5Kw7uePwaad-2FyUEYLmdpnL-2BHxXlzjmr6cpIwxvo5Icxbt-2FCk4Ink9lXp6xqaGiIjWHln= YhQ1ZgiC1IkwspcRcH-2FSGWkIsGuy5b7A8ffJTOTxs9JLMxxNcTseB9VsAVa-2B45s4NHZed7o= OJFiGp64hoME2rHZk9-2Fia0Ktu1eSuW9-2FLQGGF6y0qTB9gSqsEC4TkWb39vBWThUFWKItQIo= jDBhrsQ5p37CiieMt-2FqGq90GllTVyKTKdsmZTHHpzgG1Lp71WxvG-2BeivnapVt-2Bb8bThJd= -2B8MBK8-2FAtXCWrAPVDM3Q8-2FVY7dYD7xIYS9GfzF1Aw-3D-3D" style=3D"color: #1D5= 080;" test=3D"" universal=3D"true">Q4 2025 Enterprise SaaS M&A Review <= /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-= 2BaqM7ONnvsnswouzX3895DTencxpafouUgXQeftVNrZan66-2F1WeJhLnVn-2Bjw-3D-3DtJeL= _I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFkpsPRp= lZYg-2BM5QpIiz8Ht196PmhNflkTtcXf9KUhOX72bxvp3cbbKOdzu-2FeS2Q-2BIy3OeyUXO4ci= 10Q8CDljfE3Fli-2B5K91Ynrx31A1t-2FNWqB0ohB0XuopisplxJ-2FWew8qwspF9dx2q8F-2FN= mKHgI-2BDN202sTR3oC2-2FtsQfxCevo1T9XyNs9Oe0w6KVKmgBPeeu5pHAwWjJ-2BMnuLM6Gv6= iS-2B5Kw7uePwaad-2FyUEYLmdpnL-2BHxXlzjmr6cpIwxvo5IcJwDHKBK2TcgCu6Vb4vAJ2KDN= up8myIbrC2Dq9qDjWOZq2wiRK-2FJfBrNSKPasBjYHPGlgnvMZKJW9w6lHINySPdNZHGV-2Fmsv= VXjJ6-2FGop9dvj7f2LQKGVqg0XzJXiMhSeUCelvHtBD-2B-2F4noloB93H9-2BEMee-2Fs1mV9= m24ItD7oHSpBNHB1Tq-2BOJLR8jlp66rb7KKkTXyjuS-2BbdmOsxulocff3XiPdVLMMuCsHv4HL= LSAn7rcfG2TQApThXC5NSyzIGqhjrsl-2FalFqG7uQpVcpZ5A-3D-3D" style=3D"color: #1= D5080;" test=3D"" universal=3D"true"> The Most Investable Corner of Defense= ? Electronics</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-= 2BaqM7ONnvsnswouzX3895DTencxpafouUgXQefHu6uXSQhFlFVusLlMjgVBA-3D-3DowuA_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFkpsPRplZYg= -2BM5QpIiz8Ht196PmhNflkTtcXf9KUhOX72bxvp3cbbKOdzu-2FeS2Q-2BIy3OeyUXO4ci10Q8= CDljfE3Fli-2B5K91Ynrx31A1t-2FNWqB0ohB0XuopisplxJ-2FWew8qwspF9dx2q8F-2FNmKHg= I-2BDN202sTR3oC2-2FtsQfxCevo1T9XyNs9Oe0w6KVKmgBPeeu5pHAwWjJ-2BMnuLM6Gv6iS-2= B5Kw7uePwaad-2FyUEYLmdpnL-2BHxXlzjmr6cpIwxvo5Ic0ErVIobt8idJDaredkrtnMC9t3Yj= Sa0fUI3LwStERTDNluM5RVC-2BBpAWT9FtmxCOfWuVO3ls-2BX3Hh91cVOrkTcVJoWRSZ7wJ75r= 3x3RzTDWdeN0fY9X5KdjUaNLkBO07WvtrbFtU5v-2FuShGaT5kGE-2FpMTk334-2ByTPrY6H-2F= azybjYCSnUTos7vuZIGfW-2FCh-2F-2F1kd8YU2Zo2Y8psbTdwpnE2PrXvqGWgCZ4TzKLVazmYX= mo88LnP5cFrPRHvar-2FguzGoh52WN5G8EmJJs4kEoIsQ-3D-3D" style=3D"color: #1D508= 0;" test=3D"" universal=3D"true"> Q4 2025 Construction & Engineering Re= port</a></b><br><br><b>Credit research</b><br><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzX3895DTencxpafouUgXQefSE1VzmIs0g5qPrOldLWcIQ-3D-3DGVGr_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFkpsPRplZYg= -2BM5QpIiz8Ht196PmhNflkTtcXf9KUhOX72bxvp3cbbKOdzu-2FeS2Q-2BIy3OeyUXO4ci10Q8= CDljfE3Fli-2B5K91Ynrx31A1t-2FNWqB0ohB0XuopisplxJ-2FWew8qwspF9dx2q8F-2FNmKHg= I-2BDN202sTR3oC2-2FtsQfxCevo1T9XyNs9Oe0w6KVKmgBPeeu5pHAwWjJ-2BMnuLM6Gv6iS-2= B5Kw7uePwaad-2FyUEYLmdpnL-2BHxXlzjmr6cpIwxvo5IcjCwlLnwvRHUTs8FBng81a-2F22ZJ= VDm-2B-2FZhxQPTQcrLn-2B43r10gZ5l-2FjRmu7As-2BMgPPpfjSiwuEKhp8yVYbgDZAQfzIov= eAD9enfkGQF9HnDxdqYCbeSESvfSrQ1C7mP2-2BWS63Zl9ikl-2Fu0xZ1UM-2FKDKz-2BCFbLzz= A-2F-2BTiB6cXbp3mJahmjq5-2F4NgKzInxxUrsc-2F4SL137ZTLCjNfaoYDh8Ff2cz2Lr0jcD8= -2BRKHkjaLBJyzpxy1D3QAebqIGTVjJCc7iFQpI96r12Ltr4OhS0uPw-3D-3D" style=3D"col= or: #1D5080;" test=3D"" universal=3D"true">US Credit Markets Weekly Wrap</a= ></b><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzX3895DTencxpafouUgXQefWyXxbiRvpt1eLCtWpHafAw-3D-3Ds6Tf_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFkpsPRplZYg= -2BM5QpIiz8Ht196PmhNflkTtcXf9KUhOX72bxvp3cbbKOdzu-2FeS2Q-2BIy3OeyUXO4ci10Q8= CDljfE3Fli-2B5K91Ynrx31A1t-2FNWqB0ohB0XuopisplxJ-2FWew8qwspF9dx2q8F-2FNmKHg= I-2BDN202sTR3oC2-2FtsQfxCevo1T9XyNs9Oe0w6KVKmgBPeeu5pHAwWjJ-2BMnuLM6Gv6iS-2= B5Kw7uePwaad-2FyUEYLmdpnL-2BHxXlzjmr6cpIwxvo5Icb9uKSMU086Mt16lEhtl6mta3lkMv= TABKBhiUWHn829aNRo27WT-2FocxzGohkGa-2BZcqGGyLbPxKbYUkqeRFJMfdDfwiTWWHofpaOn= EBiSM8X4HdRLvd59i59DSlb-2BkxG9Tq-2BF9laV1V5MArUcv526pQA0H9IIUyBBo1VBxFtEgTF= Sfa9sUUuYFhBla17ThKYZf0MC-2BFmSMdGq3nrwL20NiqCtZaiO9JjbKFsd0cuo-2B-2F54YfUA= NIHfvk9HE48BEni-2BUvgswQjaJ6g8aEDmWYNldfQ-3D-3D" style=3D"color: #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-= 2BaqM7ONnvsnswouzX3895DTencxpafouUgXQefAJdfrdjNkSoUhh9i29Scpw-3D-3DwMtg_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFkpsPRplZYg= -2BM5QpIiz8Ht196PmhNflkTtcXf9KUhOX72bxvp3cbbKOdzu-2FeS2Q-2BIy3OeyUXO4ci10Q8= CDljfE3Fli-2B5K91Ynrx31A1t-2FNWqB0ohB0XuopisplxJ-2FWew8qwspF9dx2q8F-2FNmKHg= I-2BDN202sTR3oC2-2FtsQfxCevo1T9XyNs9Oe0w6KVKmgBPeeu5pHAwWjJ-2BMnuLM6Gv6iS-2= B5Kw7uePwaad-2FyUEYLmdpnL-2BHxXlzjmr6cpIwxvo5Ic1gYwi9MjBbcPMHEQNc-2BZ1YuJQm= rYVxq0CO7jXIHyvv3XxZgkTpsEVxPD59N8Ff4NoWRHtJgdyRiuIWeZeyRPYWlxqdRRrynSZ8gNJ= A6HYA8HV-2FXCUVv-2FyIQcL-2F1PYCjxs4lvDhYwMZsuOlFzz-2FAqhgiSrjGjP9qgTE0SiCJW= 0D21vd4Ir-2BbSlxhxzagfpcozAvUujmww8XzZDeqKK1-2FVdDtuhhkXsDIrl-2BvDsQc6s7lsv= Y8PP0Yf3sDh-2B6oxwul-2F9c9E65WDhigv26GXnm8HZA-3D-3D" style=3D"color: #1D508= 0;" 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-= 2BaqM7ONnvsnswouzX3895DTencxpafouUgXQefUd7gkV9thyGVufWE4vf15Q-3D-3DHeoz_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFkpsPRplZYg= -2BM5QpIiz8Ht196PmhNflkTtcXf9KUhOX72bxvp3cbbKOdzu-2FeS2Q-2BIy3OeyUXO4ci10Q8= CDljfE3Fli-2B5K91Ynrx31A1t-2FNWqB0ohB0XuopisplxJ-2FWew8qwspF9dx2q8F-2FNmKHg= I-2BDN202sTR3oC2-2FtsQfxCevo1T9XyNs9Oe0w6KVKmgBPeeu5pHAwWjJ-2BMnuLM6Gv6iS-2= B5Kw7uePwaad-2FyUEYLmdpnL-2BHxXlzjmr6cpIwxvo5Ic16mTgxjPJ1eNXjsIzBPWy3KNdsYg= nPTe-2BQUhNptQQhqrRfgWuSUbufuCkvygFtH2slixV7jeMxe0tlUAqAOBITa96nMl8C4dL4biA= IGOqspBlmcRHHrFpasMZVRLsQITKeslO7DQpj6n9x7t-2FIkGOVXUZ4AKwhWXWHh1dgUmLPgRPu= P3xC3xV9i0gBUVWNYg9hL3ngLH2C5xroLjXePQZXaqpx4VWDoUh1tp-2FX2kXte5RZftExOtiFQ= Wl8hZniSn2yPptAYHP9iofw1Si3Nvhg-3D-3D" style=3D"color: #1D5080;" test=3D"" = universal=3D"true">Global Distressed Credit Weekly Wrap</a></b><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzX3895DTencxpafouUgXQefgcJdYleIz1j7hOoXxZ5RJw-3D-3DDRUC_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFkpsPRplZYg= -2BM5QpIiz8Ht196PmhNflkTtcXf9KUhOX72bxvp3cbbKOdzu-2FeS2Q-2BIy3OeyUXO4ci10Q8= CDljfE3Fli-2B5K91Ynrx31A1t-2FNWqB0ohB0XuopisplxJ-2FWew8qwspF9dx2q8F-2FNmKHg= I-2BDN202sTR3oC2-2FtsQfxCevo1T9XyNs9Oe0w6KVKmgBPeeu5pHAwWjJ-2BMnuLM6Gv6iS-2= B5Kw7uePwaad-2FyUEYLmdpnL-2BHxXlzjmr6cpIwxvo5Ic4niWbAnL9M-2BhGag2KUTCL7ayTj= Mce4zo5pEnc3pGRX2d3M1MBxoFgEfmJGSAMNDkuezJxqX1d44HSJ0zMxmHvAKDAC6WzATUYSSIO= oXehYtD6df0wMw7jNZKeIkni-2BBz8rfvraB2qHUiK1OUkJ7yqINx5F-2FrDmwJ3NB2rL-2FRkm= kS0rS1Xa1-2BIQQc9BAaujn9-2BJinWOBfXPsg2Kg-2BGLKMy0h4mJ3wmbHYGuCo2YVKdU6iD-2= FnHK-2BpfSx43481eHu-2BBSOR4tQ1wbSy8fBd89DT2lQ-3D-3D" style=3D"color: #1D508= 0;" test=3D"" universal=3D"true">US Private Credit & Middle Market Week= ly Wrap</a></b><br><br><b>Coming next week (subject to change)</b><br><br> =E2=80=83=E2=80=A2 Q1 2026 Global PE First L= ook<br> =E2=80=83=E2=80=A2 H2 2025 Healthcare Funds = Report<br> =E2=80=83=E2=80=A2 VC First Looks for defens= e tech, mobility tech and more<br> =E2=80=83=E2=80=A2 Q1 2026 European PE Break= down<br> =E2=80=83=E2=80=A2 Q3 2025 PitchBook Benchma= rks<br> =E2=80=83=E2=80=A2 Agentic AI: Champions Acr= oss Sectors Part 1</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;"> 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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;"> 683 </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;"> 1875 </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;"> 1069 </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;"> 34 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; 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