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} body,table tr,table td, div, a, span { font-family: Roboto, Arial, sans-serif !important; } </style> <![endif]--> <style> /* Windows Phone Viewport Fix */ @-ms-viewport { width: device-width; } .mobile-only { display: none !important; mso-hide: all !important; } .desktop-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 0 !important; } @media only screen and (max-width: 800px) { .mobile-only { display: table !important; mso-hide: none !important; } .newsGroup-border-mobile { border-bottom: 1px solid #C3C3C3 !important; } .desktop-only { display: none !important; mso-hide: all !important; } .container { width: 100% !important; min-width: 280px; } .content { padding: 0 5px; } .walkthrough-image { width: 100% !important; } .performer-title, .performer-content{ font-size: 6px !important; } .header-msg { font-size: 9px !important; } .pre-header { padding: 10px 20px !important; text-align: left !important; } .side-bar { display: none !important; 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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;">April 6, 2026 &nb= sp; | <a href=3D"https://url6380.news.pitchbook.com/l= s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWSGETS6y455L= V1CJCYPsFojcMgU6rtkVC1rK0HuobzSw-3D-3DhmED_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarH= kxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF1BxXs7HhxJfH6ZU2zDj-2BHfi59ke8FXvJ2-2B-= 2FQp7416RQX10PWtYxy7W5jpZBiutFLRuTQLQB20Prb5H08-2F5gBGhNCnJ5eB-2FbdKtRuE2hz= yyhE-2B5TChxDQMLCBZUNWdjvFX6bKtRae0-2FKY4geWv4yXK6hZsYJooeEjIKLVMB9xpSrVjU6= 9OmkpXpGX2HI6jPt-2BCHITyYKVcwKc2gRGELyDcGZSnngt3K-2B9OV8TvScW7wi8VoJ8nzNpye= 6-2FcgRg1NaOH3SABNH4FhPO1goJgPmoJ2O8Lw08Kv99WNqUvybBKUOYKvuGgsGB74pSmVdJPtl= wVaWHq09hZxxxT2V5lVtbNR9b1OeBtJa7ZZSwvu2fpX8ea3nPcT4zUFC7-2B7AE9upKPuhESAh4= Ok807-2BMrXdz6B98TtkTy4ZAIYJVpV-2By4-2Bdh9ZYT-2BG3oejpDlylfEXY3JYqs-2BXUl7X= obiZbVOrQ4aM5XiL4dXhkP9iwOH-2FLwQySiNY1Lbv52OE-2Fg8EWa-2B2DNx" target=3D"_b= lank" style=3D"text-decoration: underline; 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text-align: center;"><a hre= f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7= SpSWIrf6GFa-2BaqM7ONnvsnswouzWSGETS6y455LV1CJCYPsFo2hd9pkeMhar27k3kQC00Iw-3= D-3D7Pnu_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pz= sF1BxXs7HhxJfH6ZU2zDj-2BHfi59ke8FXvJ2-2B-2FQp7416RQX10PWtYxy7W5jpZBiutFLRuT= QLQB20Prb5H08-2F5gBGhNCnJ5eB-2FbdKtRuE2hzyyhE-2B5TChxDQMLCBZUNWdjvFX6bKtRae= 0-2FKY4geWv4yXK6hZsYJooeEjIKLVMB9xpSrVjU69OmkpXpGX2HI6jPt-2BCHITyYKVcwKc2gR= GELyDcGZSnngt3K-2B9OV8TvScW7wgbaJsnznIVgkSCTYcRQG56-2Fcz1FObnLOH5byQzCqUryo= D6EuwV5-2FNg-2BVecBF-2Fssx9XsLHCH00YtHQubsE8diSFQcz1EZkhhOlIBEluFiHM757XHP-= 2Fam6FjaWh08nq7tb-2FZDGsE2u1Rnyn3hCAt20EBWPdYhq3HfWWkTt1g8lUNhqgfj02G5pROiU= TKXBRDJ7qb9OVicaSRP8El1E7dStkRc92KFOqY-2Bvnu4eT7jxs5d11JM6lJ-2BjxvSFcqvfPRP= aUv-2BmkvC3lpKcV20jrg-2F20p" target=3D"_blank"> <img width=3D'1' height=3D'= 1' opacity: 0; style=3D'display:none !important; mso-hide: all;' src=3D'htt= ps://my.pitchbook.com/ms/pixel?userId=3D3DABLZ54MOPJL5Q&eventSource=3D3DZQD= XJQ6VUBAECQE7XY5D5PSLQI&emailId=3D3DWQJHOZ2X6J4D2&emailName=3D3D6H3WX3QH7CX= EMMMBQSMFL245ZG625LDUYNYOD6M6QHVPV46EGQLU2DKV43QYFSZS&pixelPosition=3D3DUAZ= EVU3EPI6EYRHRSC2KEHCFHGQ6ZMZBKVWWKQA.gif'/><img src=3D"https://url6380.news= .pitchbook.com/wf/open?upn=3Du001.4Qe7VL981gyAPMxYoCz8CBKmv7adpoGoGfpUfNDzw= -2FIUFPDY6owZNjRg8mspgm8jOQUIRvOzkGg2wslWZqXshnCAOaWJBYGxqWGJI4T1Fd91MisY0f= yBWJJXLpHcgK8xu-2FytHo5EPat7CKbmcN7QdWF3fe-2BcaDabCMYyIoEI7LfdNfsjezQBItJYt= qY14rInOcEFGVwMUYsx9KxdDUuOVb-2FTEmB0EkZuMUvhfBoHZyNBorN1zWRUnMgsnj8aeWr8qg= iEf00Y5Ipf7u-2BcbjhnTyMLtcntfSjUZFNFtT0neNEWWs7M7BKlpKXM3DkJ6Cw4BUWZ0oCL3eY= nM24Gr3lgaOe9HcgNiVZjT4DX4trqOvZzOrKX3Ub1FvWQAnaveVkisHlOwgsfN0CYPcQDLBKg2h= A9Fayim7hm0Nlp4Ho3deGDt-2BxfYQAg-2F-2FKsmWXjbyMEIO038nDK1xD5uWfrZNVq5Mp999r= vJ2ppsgM5qkRBknwSfuO8uYc3f3CKduzFLy0Lsp-2BrhkUqMP0D1ZYsxJiz6wtYbg84oMUfvtKU= nPTfoobTPiuR9RSYQ30O6sv0ZjIi" alt=3D"" width=3D"1" height=3D"1" border=3D"0= " style=3D"height:1px !important;width:1px !important;border-width:0 !impor= tant;margin-top:0 !important;margin-bottom:0 !important;margin-right:0 !imp= ortant;margin-left:0 !important;padding-top:0 !important;padding-bottom:0 != important;padding-right:0 !important;padding-left:0 !important;"/><img widt= h=3D"141" height=3D"39" src=3D"https://fonts.pitchbook.com/newsletter/pitch= book_morningstar_logo.png" alt=3D"PitchBook"> </a></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto Serif, Ge= orgia, serif; font-size: 44px; font-weight: 500"><span>The Daily Pitch</spa= n></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 24px; font-weight: 300; padding-top: 9px;"><span>PE, = VC and M&A</span></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 14px; padding-top: 11px;"><span>Your edge on global p= rivate capital markets</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-2BaqM7ONnvsnswouzWSGETS6y455LV1CJCYPsFowsU-2F8apmRA-2BrX6aXQjbWSQ-3D-3= D0SNE_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF1= BxXs7HhxJfH6ZU2zDj-2BHfi59ke8FXvJ2-2B-2FQp7416RQX10PWtYxy7W5jpZBiutFLRuTQLQ= B20Prb5H08-2F5gBGhNCnJ5eB-2FbdKtRuE2hzyyhE-2B5TChxDQMLCBZUNWdjvFX6bKtRae0-2= FKY4geWv4yXK6hZsYJooeEjIKLVMB9xpSrVjU69OmkpXpGX2HI6jPt-2BCHITyYKVcwKc2gRGEL= yDcGZSnngt3K-2B9OV8TvScW7wjjuvbbea26O-2BLlXiRAMlJMkVTdTnUcqsz07aJc7BYV1k0rz= iN1XBqPVGinhhMP-2B-2FuIMWp4F8JssQeH0fDKKYQVW2vIgTmtkrP8-2FKtXQkSIxLjus7JCAr= PTXxwxfpVai8ROR0-2BqTGEKKDUpnwSewZhqiRhbzzC1PDPhIpmdHaoS5zTdQe5FDd2k1yfPozg= 6klSS1x3AyCUGmFFKNlykAlHKzFWGIvlcL4tvBNjbFODZVGAzR-2FQ2EOO-2F9wJlZPLtFpiSBN= E-2B0K7jp1CDKcMU2aqy"><img width=3D"460" src=3D"https://img.pitchbook.com/a= ds/ad4538/SVBAprilHBA2.png" alt=3D"Ads" style=3D"padding: 0px; margin: 0px;= border: 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">=F0=9F= =92=A1 <b>Take an early glance at fresh 2026 PE activity.</b> Q1 was marked= by steady deal activity but lagging fundraising=E2=80=94leaving the indust= ry at a crossroads. While awaiting the full report, <b><a href=3D"https://u= rl6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF= a-2BaqM7ONnvsnswouzWSGETS6y455LV1CJCYPsFok9RrIMWfGPKg5ur-2BBGS6gA-3D-3DBJsn= _I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF1BxXs7= HhxJfH6ZU2zDj-2BHfi59ke8FXvJ2-2B-2FQp7416RQX10PWtYxy7W5jpZBiutFLRuTQLQB20Pr= b5H08-2F5gBGhNCnJ5eB-2FbdKtRuE2hzyyhE-2B5TChxDQMLCBZUNWdjvFX6bKtRae0-2FKY4g= eWv4yXK6hZsYJooeEjIKLVMB9xpSrVjU69OmkpXpGX2HI6jPt-2BCHITyYKVcwKc2gRGELyDcGZ= Snngt3K-2B9OV8TvScW7wjQ7bEFrsw-2Fds-2BOqJMuvr4T2xxKZSQwNOT9z40zKsP9-2BdGJch= S-2BnMKKnmW-2BeieimreELLp0bUkkvzih1nUA-2FsSMpSfKd2LJoRJdB8VCZpRYVeA7HhvpJx9= qO-2F9sDnnCtG5wLzCxLazZu4BPagKD-2FdWGcpZkjViHb3xbjXCjYcUHS9R1ngmr2z46OzQeBs= rbi6yKRykADAvt0-2F9dSK0XL7XGGjAI53eXEgOYuM5bnXdT4mtIYwNz3CgvSBZPtHNOxQDSxck= 0OMvvHYx7WYzViyWF" style=3D"color: #1D5080;" test=3D"" universal=3D"true">g= et a first look at the data here</a></b>.<br><br> =E2=80=A2 Was this newsletter forwarded to y= ou? <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4= n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWSGETS6y455LV1CJCYPsFotJCq6JBOndT= HEU-2F4-2Fz23-2Fw-3D-3D6s66_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t= 1yZbcbdWeUgFVa0m8PzsF1BxXs7HhxJfH6ZU2zDj-2BHfi59ke8FXvJ2-2B-2FQp7416RQX10PW= tYxy7W5jpZBiutFLRuTQLQB20Prb5H08-2F5gBGhNCnJ5eB-2FbdKtRuE2hzyyhE-2B5TChxDQM= LCBZUNWdjvFX6bKtRae0-2FKY4geWv4yXK6hZsYJooeEjIKLVMB9xpSrVjU69OmkpXpGX2HI6jP= t-2BCHITyYKVcwKc2gRGELyDcGZSnngt3K-2B9OV8TvScW7whp06BU3xaEJqPd8Q8lL1xyTUgjv= dKbWp4YAKCjchRerVkyMtxCDsyFREb-2FW-2FDwX9SJRJH7RoZYiwRCy2CoOvPzOZHW6FSFvIBd= g8Apyqffol9giKaEGK-2FCYigVk1UyNGL39AuIr0NHRyXl00QtCIDhj-2BZVT58-2BOvy-2Fq79= buKR5kiAHOatvP-2B1LF8MNbavA9rLenQUuAA9kuSjf8Zw9M95M0fS0AE-2FTYJx7rM9b-2BYcZ= ASbdQs3VKmXC1TENqDJbKCpYP6z4QKMlYCwzY7UWaej1" style=3D"color: #1D5080;" tes= t=3D"">Sign up 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_579438" id=3D"n_579438" 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;"> Can't go on forever: Evergreen= funds and the redemption reality check </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"><i>By = Juan Mier, Lead Analyst, Fund Strategies</i><br><br> Stein's law says, "If something cannot go on= forever, it will stop."<br><br> As we think of evergreen funds today, this i= s particularly applicable, as inflows, asset growth and performance had bee= n moving in one direction until a few months ago.<br><br> So, is it surprising that an episode of outf= lows is causing this corner of financial markets to take a break? Concerns = around portfolio quality leading to redemptions are absolutely valid, and i= t would be careless to dismiss them. However, in our opinion, some details = regarding the mechanics of redemptions are not adequately explained.<br><br= > For example, redemptions limited to a certai= n percentage of an evergreen fund's net assets are by design. If a fund off= ers to redeem 5% at a quarterly cadence, and investor redemption requests e= xceed this limit but the fund still meets the 5% target, then things are fu= nctioning as designed.<br><br> Also, the oft-cited "5% quarterly" is not a = hard-and-fast rule. It is determined by the fund, so it could well be space= d out in semiannual windows.<br><br> These terms should be well understood by inv= estors and advisers considering investing in these funds. And taking a clue= from the world of public open-ended funds, research from our Morningstar c= olleagues indicates that outflows are inevitable: Nearly 80% of funds with = a five-year history have experienced over 20% outflows in a given 12-month = period.</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-2BaqM7ONnvsnswouzWSGETS6y455LV1CJCYPsFoKOkmLXfHq= lUutdH1T7Rv7A-3D-3DASux_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb= cbdWeUgFVa0m8PzsF1BxXs7HhxJfH6ZU2zDj-2BHfi59ke8FXvJ2-2B-2FQp7416RQX10PWtYxy= 7W5jpZBiutFLRuTQLQB20Prb5H08-2F5gBGhNCnJ5eB-2FbdKtRuE2hzyyhE-2B5TChxDQMLCBZ= UNWdjvFX6bKtRae0-2FKY4geWv4yXK6hZsYJooeEjIKLVMB9xpSrVjU69OmkpXpGX2HI6jPt-2B= CHITyYKVcwKc2gRGELyDcGZSnngt3K-2B9OV8TvScW7whAZ-2By5aX451l-2BDtM8cc2C5IG0jQ= CzQ0yGfNYxggR2oQORM6Hbs2OXyoXdTV0zjz6-2BMdFr8wtqM-2Byn4rcsTLwREUGFCW2CKHijF= teOHylqpR3kl0yK6uSpb6KC74ga00LsTBLzEyyu6LGGZnRb-2FuSuM2FF2BJKstQbMMM7N9Jck6= qX14frptAL9yWDgBceKj9YM3TW-2FdMoZ-2BcuaJoktUUeuKINwbnddyuAW0RzxadOpCHrE-2Bg= INok3KygtIpQeUho7xrAGCmhYcTfzYslH-2B3aeN" universal=3D"true"> <img align=3D= "center" alt=3D"" src=3D"https://img.pitchbook.com/news/73615.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">This i= s a good moment to revisit our January analyst note <b><a href=3D"https://u= rl6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF= a-2BaqM7ONnvsnswouzWSGETS6y455LV1CJCYPsFo5HMNiQH2v-2Bfb-2BuYZe5VUvQ-3D-3DlZ= 55_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF1BxX= s7HhxJfH6ZU2zDj-2BHfi59ke8FXvJ2-2B-2FQp7416RQX10PWtYxy7W5jpZBiutFLRuTQLQB20= Prb5H08-2F5gBGhNCnJ5eB-2FbdKtRuE2hzyyhE-2B5TChxDQMLCBZUNWdjvFX6bKtRae0-2FKY= 4geWv4yXK6hZsYJooeEjIKLVMB9xpSrVjU69OmkpXpGX2HI6jPt-2BCHITyYKVcwKc2gRGELyDc= GZSnngt3K-2B9OV8TvScW7wg6DkoU5NlAJa1ne99m2IR-2B6As0b-2BY4BWHmVh6qYFOSS5MANx= -2F1r-2BEXpUXd1dbpMk3AJIEcnEycE-2FrQa9K-2Fgw7PKlMNwvGahSrKDacYTaUe4V3Kkd3WM= tF8F3m1NmzuedKFKFgnv9RPxwBewPB-2BkOkaUoXJIIZuUi4ceQUebwfDEV0OF5cNbsMVmikg20= yhq4o3RpGq07iu6m0cQn0ZpX2FH5UONqU-2FCmssnrNoakqlB-2FDWw13GOOKCqtBzTu2eqkcz8= iUle2bqYToaOMgvBJX3" style=3D"color: #1D5080;" test=3D"" universal=3D"true"= >Sink or Swim: Interval Funds Liquidity</a></b>. We focused on interval fun= ds because their liquidity terms are codified as "fundamental policy"=E2=80= =94more binding than the board discretion governing BDCs and other evergree= n structures. But the liquidity levers we outline apply across structures: = cash, publicly traded assets, credit lines and portfolio income.<br><br> We closed the note with a call for better di= sclosure. Funds already file repurchase data, it just lives across regulato= ry filings most investors will never open. Performance is front and center = on every fact sheet. Redemption results should be too.</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 border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-btn"> <tbody> <tr> <td align=3D"center" style=3D"height: 36px; b= order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzWSGETS6y455LV1CJCYPsFoKOkmLXfHqlUutdH1T7Rv7A-3D-3Db= lwR_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF1Bx= Xs7HhxJfH6ZU2zDj-2BHfi59ke8FXvJ2-2B-2FQp7416RQX10PWtYxy7W5jpZBiutFLRuTQLQB2= 0Prb5H08-2F5gBGhNCnJ5eB-2FbdKtRuE2hzyyhE-2B5TChxDQMLCBZUNWdjvFX6bKtRae0-2FK= Y4geWv4yXK6hZsYJooeEjIKLVMB9xpSrVjU69OmkpXpGX2HI6jPt-2BCHITyYKVcwKc2gRGELyD= cGZSnngt3K-2B9OV8TvScW7wjE82sXsHppGmYgbzQadnvMx3i-2BZ1RloBXb6erXb1h8gfigAST= ATgSV7UOkKLEbKp3mw2CznkmE99gvAkYzFRzB72o2huSFMUywcAGWb5dJR8xvwz-2FeLryDgn9G= Htk9Il-2FZpZEzcm9eDEvsxUgrsJ90nNIQGJ0QBDKW0wVyXw8JjNemCcVnIc89dUyyb7SyfgVt0= JtLXDd4chJ-2FjZRNpZ7dtUtLezljznUrQhYh54y9GeKzzxKyg22tbKD8KPGn-2Fpe-2FYshCKo= -2BIvOaSjRFGXWyQ" style=3D"font-family: Roboto, Arial, sans-serif; font-siz= e: 18px; text-decoration: none; color: black; padding-left: 3px" target=3D"= _blank" universal=3D"true">Read the full note<img height=3D"24" src=3D"http= s://fonts.pitchbook.com/newsletter/arrow-right.png" style=3D"vertical-align= : middle; margin-left: 8px;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </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> <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"><i>Rel= ated research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWSGETS6y455LV1= CJCYPsFooIw7p5nQF0yuTwk5FtQGdA-3D-3D4c1w_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkx= BRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF1BxXs7HhxJfH6ZU2zDj-2BHfi59ke8FXvJ2-2B-2F= Qp7416RQX10PWtYxy7W5jpZBiutFLRuTQLQB20Prb5H08-2F5gBGhNCnJ5eB-2FbdKtRuE2hzyy= hE-2B5TChxDQMLCBZUNWdjvFX6bKtRae0-2FKY4geWv4yXK6hZsYJooeEjIKLVMB9xpSrVjU69O= mkpXpGX2HI6jPt-2BCHITyYKVcwKc2gRGELyDcGZSnngt3K-2B9OV8TvScW7wibcoweZBKMxb1X= 2mPUviZwfsld5HbtMDLKTZoAFXmUohbfxIVKzFQAyfxL1DBlQ9PdDpZhNYPUZtvIQMzrkMa3gvS= hsEu-2Bc0PsfCmsIOOcU8-2FrJOhEFZU6tfxLejleFTgl1SzyO8KWOdJrbJHTNFFW1csRr3Gzd6= E9ju0AGiEd-2FudtX4KhfrJDNZswZytDnUTb9OBkxR6nH91pJ0MBYxH-2FriTFTLvlysmj3bhfd= bT2-2BumPucZ7hUWHmS5xmclNJ7ASWcbCeVf-2Bp5rzGyN2j1nT" style=3D"color: #1D508= 0;" test=3D"" universal=3D"true">Q1 2026 US Evergreen Fund Landscape Report= </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>A message from PitchBook</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_579445" id=3D"n_579445" 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;"> Put your brand in front of the= private market professionals who matter most </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">PitchB= ook helps companies reach investors, executives, and dealmakers through hig= h-impact advertising and bespoke research. Partner with our analysts to cre= ate data-driven content or connect with our audience through targeted place= ments across newsletters, reports, and PitchBook.com.<br><br> Clear insights. Trusted data. Meaningful rea= ch.<br><br><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du00= 1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWSGETS6y455LV1CJCYPsFo0Cnxvoq= ie0IndaTwBTDUHQ-3D-3DeU_O_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsF1BxXs7HhxJfH6ZU2zDj-2BHfi59ke8FXvJ2-2B-2FQp7416RQX10PWtY= xy7W5jpZBiutFLRuTQLQB20Prb5H08-2F5gBGhNCnJ5eB-2FbdKtRuE2hzyyhE-2B5TChxDQMLC= BZUNWdjvFX6bKtRae0-2FKY4geWv4yXK6hZsYJooeEjIKLVMB9xpSrVjU69OmkpXpGX2HI6jPt-= 2BCHITyYKVcwKc2gRGELyDcGZSnngt3K-2B9OV8TvScW7wiLFiMb-2FtQTaqRAbNnD1cdGfrPmz= LPsahVK2UzdmdCBFv47yStTlKwSwn3lToACAPHNjN5A8uz9r4AKrIXhW-2BK-2FdVTm6UBElBrF= XMKyK0gd-2FH7HGWQJZUAAq4JarrSNb0RLS5DKQw6APX5fXPy8EaMnEMGyRL5plUSWMMGjbX5pN= TnJ1C8z6LDBwaqu6AsE-2BJMBwpZ6PhzmRZC1FqryLslz5MIoihGNNCeM1JKXNHaBwxctYfiXyr= qxB2XLVgOBGRFjaeG8U1fvy9IfQsus3mOT" style=3D"color: #1D5080;" test=3D"">Exp= lore advertising and custom research opportunities</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>Catch Up Quick</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">=E2=80= =A2 <b>VC funding for the agtech market is seeing a mild comeback</b>, driv= en by renewed appetite for dual-use tech and advances in robotics=E2=80=94w= ith overall deal value reaching $1.5 billion in Q1. <a href=3D"https://url6= 380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2= BaqM7ONnvsnswouzWSGETS6y455LV1CJCYPsFo3SC5M57MDTBr7r8EaoBeNA-3D-3DIy7S_I3w5= d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF1BxXs7HhxJf= H6ZU2zDj-2BHfi59ke8FXvJ2-2B-2FQp7416RQX10PWtYxy7W5jpZBiutFLRuTQLQB20Prb5H08= -2F5gBGhNCnJ5eB-2FbdKtRuE2hzyyhE-2B5TChxDQMLCBZUNWdjvFX6bKtRae0-2FKY4geWv4y= XK6hZsYJooeEjIKLVMB9xpSrVjU69OmkpXpGX2HI6jPt-2BCHITyYKVcwKc2gRGELyDcGZSnngt= 3K-2B9OV8TvScW7whSu8o3lE0As9t83TdpNjunhmqpxpYH1d1lyJw-2B-2FBFI2DkK7bovH8rJd= elyZ-2Fy0eWRc6LKxqHDhx705mjTVbJw8rhNmC4UyNnoKQ5cVjpqiZ9lob6BHU2HBSrHsEGInsr= 6-2Bc8ubQ8oQX4dmuQIYd78JAD5S7pd-2FQY2rwBDoOsNfpSy4Gm6N5ZW0WW9mOB75cib-2BiS-= 2FJS7KquYHE2FuL6MHHKjsKbXQqpq-2Fhhx69U-2BDchKjEpAivp22Cr0usJJx-2FGvXblE9Rtv= lyT-2BocIyVhnfoJ" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b= >Read more</b></a><br><br> =E2=80=A2 <b>The 2026 IPO market was suppose= d to be tech's comeback story.</b> Instead, three companies might swallow t= he entire pie, according to our recent <a href=3D"https://url6380.news.pitc= hbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnsw= ouzXMNICKyxVUA17hQzGmTeunmVcKVqk4Ca8nf8ggrkHLSA-3D-3DLZHN_I3w5d9c01gkD8gLzF= EofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF1BxXs7HhxJfH6ZU2zDj-2BHf= i59ke8FXvJ2-2B-2FQp7416RQX10PWtYxy7W5jpZBiutFLRuTQLQB20Prb5H08-2F5gBGhNCnJ5= eB-2FbdKtRuE2hzyyhE-2B5TChxDQMLCBZUNWdjvFX6bKtRae0-2FKY4geWv4yXK6hZsYJooeEj= IKLVMB9xpSrVjU69OmkpXpGX2HI6jPt-2BCHITyYKVcwKc2gRGELyDcGZSnngt3K-2B9OV8TvSc= W7wiGKAoiaTAQzNiIRrTeAS8jV9F-2FgU5q7nri4-2Fhx5-2BKRC4pg3DKVGExGB4UZfn-2FQwV= p5rrc4bGrEwiPjY9nsJ7A5W72N9pg5RXySPxUSm6mMPYPRYSnZU-2Be6eWcd-2BBpMOvLgq2YV1= fsZnttXAMIMOAe9IyKpRsQe40MXFyo0rMjUCUKnuw8pB-2BQx2S1axsds4ka2kTznvjEyXvtY1r= 7nB-2BbDfoCBZfAcegsV-2FZVEjtGjB1Wr2gr3aRJLUMxc8WNw3AFDPoPAgw9HyYOpwB-2FZphW= H" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>analyst note</= b></a>.<br><br> =E2=80=A2 <b>The 12 most active lenders comp= leted at least 200 deals each</b> for US PE-backed companies in 2025. See w= hich firms led the way in our annual <a href=3D"https://url6380.news.pitchb= ook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou= zXMNICKyxVUA17hQzGmTeun-2BorI-2FfkxY-2B-2FgJE-2BXx9RLbw-3D-3DzvYO_I3w5d9c01= gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF1BxXs7HhxJfH6ZU2= zDj-2BHfi59ke8FXvJ2-2B-2FQp7416RQX10PWtYxy7W5jpZBiutFLRuTQLQB20Prb5H08-2F5g= BGhNCnJ5eB-2FbdKtRuE2hzyyhE-2B5TChxDQMLCBZUNWdjvFX6bKtRae0-2FKY4geWv4yXK6hZ= sYJooeEjIKLVMB9xpSrVjU69OmkpXpGX2HI6jPt-2BCHITyYKVcwKc2gRGELyDcGZSnngt3K-2B= 9OV8TvScW7wiTkweP4JIXLOAIyBILuABfrAzMJmod7CQPsT6TvxBSjhdrrxnP-2BPloaseXAdIG= X1KGi7GX0pX8FzNtGCdIQAcxnpgOh2nGkzj99Y2Qx09KVRzroXDVjElka-2B11zk1WTyc-2BKVz= Gtr8jbKm8BwXh-2BFywdpkBQTci62Fq1XucJ6iPZq7Urwof4ZfLCxHIq0IIG1X7hyJ7VWHxGeLq= bJXTJkr-2F1JiYKoZRRry6KGyaTBEg1YFD7Q-2Frdm790lCdkFR6DPfS2S3BrNPU-2BY51S0DfU= meW" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>PE Lending L= eague Tables</b></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" 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_579444" id=3D"n_579444" 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;"> Proven healthcare managers win= the fundraising squeeze </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table lang=3D"x-content-area" cellpadding=3D"0" = cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table lang=3D"x-content-area-main" cellpaddi= ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td valign=3D"top" align=3D"left" style=3D"pa= dding-bottom: 20px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;"><i>By Ben Riccio, Ana= lyst, Industry & Technology Research</i> <br><br> In 2025, fundraising activity for healthcare= specialist managers matched the broader private markets: a slowdown in vol= ume, with capital concentrating into fewer, larger vehicles. Capital flowed= to established managers at the expense of emerging and smaller funds. <br>= <br> According to our latest <a test style=3D"col= or: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXMNICKyxVUA17hQzGmTeunB= YODSGT3xbwiKl3ZzAomAQ-3D-3DkZxN_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-= 2F3t1yZbcbdWeUgFVa0m8PzsF1BxXs7HhxJfH6ZU2zDj-2BHfi59ke8FXvJ2-2B-2FQp7416RQX= 10PWtYxy7W5jpZBiutFLRuTQLQB20Prb5H08-2F5gBGhNCnJ5eB-2FbdKtRuE2hzyyhE-2B5TCh= xDQMLCBZUNWdjvFX6bKtRae0-2FKY4geWv4yXK6hZsYJooeEjIKLVMB9xpSrVjU69OmkpXpGX2H= I6jPt-2BCHITyYKVcwKc2gRGELyDcGZSnngt3K-2B9OV8TvScW7wh1fSOleDqHFk9gGR-2BllPZ= cSWT-2Bt-2BJszvaUYrKNVBqTB8vbETAwFdUqxC-2B1Rc8exQDABusWANNaeQBx-2FOcn-2F9mj= loRORTRFVekEgLt-2Bs6rXwVMjcg5n3J7RTawoUcMbWjcv4my-2BAR4pC5LMg0IZ8YWke8fR-2F= VeOOiWgWnjMqXnVFhjRo1LkcziMA3rIyNCJ2OCnA0LlNr96gy-2BtTl-2FkzrxaITuDpK7EoKF0= LOHer-2FvJN-2FkcM4fFRbZee-2B9KcaR0BVpZii4RS5hHTdE4FDFPBSvi" universal=3D"tr= ue"><b>H2 2025 Healthcare Funds Report</b></a>, which covers 472 specialist= managers across PE and VC, top managers in healthcare PE have steadily inc= reased fund sizes as the strategy matures, with the largest funds now enter= ing upper middle-market and mega-fund categories. <br><br> These large raises brought total commitments= to $18.3 billion, in line with the elevated figures of the past three year= s, even as fund count fell 47.6% year-over-year.</td> </tr> </tbody> </table> <table lang=3D"x-content-area-bottom" cellpad= ding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table lang=3D"x-image" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" align=3D"center"> <tbody> <tr> <td align=3D"center"> <table cellpadding=3D"0" cellspacing=3D"0" bo= rder=3D"0" align=3D"center" style=3D"float: none; "> <tbody> <tr> <td style=3D"text-align: center" align=3D"cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXMNICKyxVUA17hQzGmTeunLgl01JFol= T-2FG25O6sPs9Bg-3D-3DS2br_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsF1BxXs7HhxJfH6ZU2zDj-2BHfi59ke8FXvJ2-2B-2FQp7416RQX10PWtY= xy7W5jpZBiutFLRuTQLQB20Prb5H08-2F5gBGhNCnJ5eB-2FbdKtRuE2hzyyhE-2B5TChxDQMLC= BZUNWdjvFX6bKtRae0-2FKY4geWv4yXK6hZsYJooeEjIKLVMB9xpSrVjU69OmkpXpGX2HI6jPt-= 2BCHITyYKVcwKc2gRGELyDcGZSnngt3K-2B9OV8TvScW7wg214CbUApIYU-2BYptnfnWmUX3Szm= DxMIqwFHUbdbKdTr5UnoQh803PxniJSHTkBoQV2ucM5Cf5zC6BbWtIjiHXB-2BfDUsAI97x9eYP= PI5dfTAN-2BiWzvem-2Bq-2FdLTBDJkH4WfvgbDiYg-2B5OyO-2Bo-2B-2FEnU-2BLeeuHXs7HI= wihQEKOS6vsDl0WRF4c6kod44IYd705VsEA-2FyT9FpTzsveEHzeizaNYBu3I9XSYsVrrLHym6q= BRrDu1uiZ-2FKCeHyUOy83LZgXsUufUNuQ4vjSWc3RX4z1zl" universal=3D"true"> <img= src=3D"https://img.pitchbook.com/news/73618.png" align=3D"center" alt=3D""= 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 lang=3D"x-content-area" cellpadding=3D"0" = cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table lang=3D"x-content-area-main" cellpaddi= ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td valign=3D"top" align=3D"left" style=3D"pa= dding-bottom: 20px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;">Despite the slowdown,= healthcare continues to capture a growing share of total PE commitments=E2= =80=94and over the past two years, healthcare funds have exceeded their tar= get sizes more frequently than other middle-market funds. <br><br> For life sciences VC, 2025 was one of the we= akest years on record, as a largely shut IPO window and limited distributio= ns left LPs with little incentive to re-up. Just 33 funds closed, a third o= f the prior five-year average. <br><br> Still, life science specialists' share of to= tal venture dollars held steady in 2025, suggesting the pullback is market-= wide rather than strategy-specific. As in PE, LPs favored managers with pro= ven ability to navigate biotech's cycle, with four funds accounting for two= -thirds of the $10.6 billion committed. <br><br> Healthtech VC remains a relatively minor par= t of the healthcare fundraising ecosystem. Despite significant attention ar= ound AI in healthcare, the strategy raised just $2 billion across 19 funds = in 2025. Pandemic-era digital health startups have struggled to exit, limit= ing distributions and dampening LP appetite for new commitments.</td> </tr> </tbody> </table> <table lang=3D"x-content-area-bottom" cellpad= ding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table lang=3D"x-content-btn" cellpadding=3D"= 0" cellspacing=3D"0" border=3D"0"> <tbody> <tr> <td align=3D"center" style=3D"height: 36px; b= order-bottom: 2px solid #40C2C9"><a class=3D"customButtonLink" href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzXMNICKyxVUA17hQzGmTeunLgl01JFolT-2FG25O6sPs9Bg-3D-3= DjU6n_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF1= BxXs7HhxJfH6ZU2zDj-2BHfi59ke8FXvJ2-2B-2FQp7416RQX10PWtYxy7W5jpZBiutFLRuTQLQ= B20Prb5H08-2F5gBGhNCnJ5eB-2FbdKtRuE2hzyyhE-2B5TChxDQMLCBZUNWdjvFX6bKtRae0-2= FKY4geWv4yXK6hZsYJooeEjIKLVMB9xpSrVjU69OmkpXpGX2HI6jPt-2BCHITyYKVcwKc2gRGEL= yDcGZSnngt3K-2B9OV8TvScW7wiar15gjE9GvMYzlenwHd7rfNkm4Cz9ZkzAgpPO7EQZ7XSwEem= Sw8TkY2ljt6FsolVnTlSUy9-2F4KwJ7eae7WWP6vQ23zKqw-2B-2FeEsi9a9w90NutnPzbnGrjW= oc4sbmIZc5yktRCt-2Fy-2Fv3yiJvV2R7frcw0ol-2FV5ix-2BGBiFX258l34aJZ23kpcu0ozOJ= fcP8G7bP6ewTB-2BEi1PlugEptMrriDfwtPPXUtHPm521enr90LfKc43hKSU3jcmRm7vmP6zHZr= rQJkKt0sYzRGxLy7s8bC" style=3D"font-family: Roboto, Arial, sans-serif; font= -size: 18px; text-decoration: none; color: black; padding-left: 3px" target= =3D"_blank" universal=3D"true"> Read the report<img src=3D"https://fonts.pi= tchbook.com/newsletter/arrow-right.png" width=3D"24" height=3D"24" style=3D= "vertical-align: middle; margin-left: 8px;"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "></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> <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"><i>Rel= ated research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXMNICKyxVUA17h= QzGmTeunlIMpnsZorrzVap6l4XVhFg-3D-3DPAhO_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkx= BRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF1BxXs7HhxJfH6ZU2zDj-2BHfi59ke8FXvJ2-2B-2F= Qp7416RQX10PWtYxy7W5jpZBiutFLRuTQLQB20Prb5H08-2F5gBGhNCnJ5eB-2FbdKtRuE2hzyy= hE-2B5TChxDQMLCBZUNWdjvFX6bKtRae0-2FKY4geWv4yXK6hZsYJooeEjIKLVMB9xpSrVjU69O= mkpXpGX2HI6jPt-2BCHITyYKVcwKc2gRGELyDcGZSnngt3K-2B9OV8TvScW7wi8OQJBONw2Hu1H= XPwC1Im35dtoX1kcIq9KlhZNxxTx9bLn6Isgz-2FTN4zlxfdU9NDqoaUCWc7fRRw93jmE3RGtlP= AYYMMsiLsxneyUic7qoWEq5dfn7gjjmZq5HDaxTgbmrcaFk2aMiufpRah2-2Box-2BR121pTiOD= 47cg6aeVNvQ5kpZyuAvoRBroaqHWAwnGOhFM1i0qouSwABi1x0yDEG3PFaujMJ3FiLLABq85EpB= rb68ne3d9fCPyeks4mm0rgYjXjw3s6ehOSxsqHD1HaIL1" style=3D"color: #1D5080;" te= st=3D"" universal=3D"true">Q4 2025 Healthcare Services Report</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>Side Letters</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"><i>Sma= rt reads that caught our eye.</i><br><br> =E2=80=A2 <b>How a 194-year-old tortoise bec= ame the face of a crypto scam.</b> Jonathan the giant tortoise's falsely re= ported death came with a call for crypto donations, which The Guardian iden= tified as a scam. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?u= pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXMNICKyxVUA17hQzGmTeu= nINAQ6K9Ob8g8EigXmeqTgQ-3D-3DqSfN_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz= y-2F3t1yZbcbdWeUgFVa0m8PzsF1BxXs7HhxJfH6ZU2zDj-2BHfi59ke8FXvJ2-2B-2FQp7416R= QX10PWtYxy7W5jpZBiutFLRuTQLQB20Prb5H08-2F5gBGhNCnJ5eB-2FbdKtRuE2hzyyhE-2B5T= ChxDQMLCBZUNWdjvFX6bKtRae0-2FKY4geWv4yXK6hZsYJooeEjIKLVMB9xpSrVjU69OmkpXpGX= 2HI6jPt-2BCHITyYKVcwKc2gRGELyDcGZSnngt3K-2B9OV8TvScW7wgZJKicmKNv-2B068izMwz= kI-2F8JQbmglzjKeomC-2BBUoYkTzEWHr4noqQvpLS-2BrTMuc7fA69Cuf1Wr-2Bzg0eXWkl2ua= SZn1P4dlfFFNrVEvpL-2FJKCWOF5lveqxX9sFbrQlr4nw6DP7JwPXxBrZrNjvxt-2F-2FWIZ9sW= iUtFsdG6WYBNdfI4JYexYx6Bxejra0ETt1IvrMa-2Ffmmt2UAS6Vibuo60SP3T3-2BOWrdwrDco= wB9uX-2BA-2FfyFH9Q9y9fcRrUZQqknG3E9MIEolLzNhcW5Ey3Q1ZhUl" style=3D"color: #= 1D5080;" test=3D"">The Guardian</a>]<br><br> =E2=80=A2 <b>NHS workers don't want to use P= alantir's data platform.</b> A =C2=A3330 million contract means the NHS use= s the company's system, but workers have ethical concerns and are refusing = to use the software. [<a href=3D"https://url6380.news.pitchbook.com/ls/clic= k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXMNICKyxVUA17hQzGm= TeunJOlgrRq3HJT-2F4jSJ82vcFw-3D-3DBo0m_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBR= FCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF1BxXs7HhxJfH6ZU2zDj-2BHfi59ke8FXvJ2-2B-2FQp= 7416RQX10PWtYxy7W5jpZBiutFLRuTQLQB20Prb5H08-2F5gBGhNCnJ5eB-2FbdKtRuE2hzyyhE= -2B5TChxDQMLCBZUNWdjvFX6bKtRae0-2FKY4geWv4yXK6hZsYJooeEjIKLVMB9xpSrVjU69Omk= pXpGX2HI6jPt-2BCHITyYKVcwKc2gRGELyDcGZSnngt3K-2B9OV8TvScW7wjbJTBddiV6SRD5Y5= -2FA-2BgdsXLRwV1wJzPFG3nVXMmKUJLjJjyYhTzsoeMag3nWv2z04-2BLCtf8OouPX83VaID0P= ReJvwGEFsSSEhoG4pfU6N-2BGBz-2F66rAVeoTPS04grIuEqCSyfSYXftgdFbsaO843Cp9nVU8b= ymd12LyFo6-2BvrmIQfDBLeiB19ykuSvnhvDjmZL-2BSEhPwN-2BsD5KD6cSkEi-2BJFNiLqPXH= S5bh-2BoarhgDgk1Y1DemnrqdhkN3br90WKLr0kQ28koFlX7OQg78nabQ" style=3D"color: = #1D5080;" test=3D"">Financial Times</a>]</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td> <table lang=3D"x-counts" cellpadding=3D"0" cellspacing=3D= "0" border=3D"0" width=3D"100%" style=3D"background-color: #051C38; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 5px; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-counts-title" cellpadding=3D"0" cell= spacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td align=3D"center" style=3D"font-family: Roboto,= Arial, sans-serif; font-weight: 700; font-size: 14px; line-height: 27px;= color: white; padding-top: 26px; padding-bottom: 37.3px; white-space: nowr= ap;">Since yesterday, the PitchBook Platform added:</td> </tr> <tr> <td> <table lang=3D"x-counts-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%; t= able-layout: fixed;"> <tbody> <tr> <td style=3D"display: inline-block; width: 33.= 3%; min-width: 33.3%; 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;"> 1 </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:= 33.3%; width: 33.3%; text-alig= n: 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;"> 53 </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: 33.= 3%; min-width: 33.3%; 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;"> 40 </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> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-counts-btn" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"height: 25px; line-height: 25px;"= ></td> </tr> <tr> <td align=3D"center" style=3D"padding-bottom: = 13.3px;"><!--[if mso]> <v:roundrect xmlns:v=3D"urn= :schemas-microsoft-com:vml" xmlns:w=3D"urn= :schemas-microsoft-com:office:word" href=3D"https://pitchbook.com/free-tria= l" style=3D"heigh= t:43px;v-text-anchor:middle;width:148px;" arcsize=3D"50%= " strokecolor=3D= "#F79B3E" fillcolor=3D"#= F79B3E"> <w:anchorlock/> <center style=3D"color:= #000000; font-fami= ly:Roboto, Arial, sans-serif; font-size= :12px;"> Request a free tria= l </center> </v:roundrect> <![endif]--> <a href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzXMNICKyxVUA17hQzGmTeunuNBJv0BrlmtyZdHKdbhdEA-3D-3Dqo2= 8_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF1BxXs= 7HhxJfH6ZU2zDj-2BHfi59ke8FXvJ2-2B-2FQp7416RQX10PWtYxy7W5jpZBiutFLRuTQLQB20P= rb5H08-2F5gBGhNCnJ5eB-2FbdKtRuE2hzyyhE-2B5TChxDQMLCBZUNWdjvFX6bKtRae0-2FKY4= geWv4yXK6hZsYJooeEjIKLVMB9xpSrVjU69OmkpXpGX2HI6jPt-2BCHITyYKVcwKc2gRGELyDcG= ZSnngt3K-2B9OV8TvScW7wjKtGYoyWYXDL-2Fd3IkzH30LQGjQBFPjgWqSwYAQc1ByLzfZKYNN0= f5Fc-2FdXqNyNUoiCvJoAqHU5f7XFoj2UTZ3vueKKuHGD773fD2dXXan16hE3ACn-2F8tvDHXIk= YJB4cLsiUxpwtmvdkUTvQAyhQyyXXowHqg2BybuWWIHOaj10XN-2F2tvjkAVYryc28jv9szKh-2= BIVF5Wyf-2BXqOSyX2RSONMXrcm6qrTfmuafD4kY9kNVbgRLgSnJS96fVT0IWooOXFOVlqeQlO-= 2B8E60MFubp-2FwP" target=3D"_blank" style=3D"display: block; font-family: Robo= to, Arial, sans-serif; font-size: 12px; color: #000000; text-decoration: = none; line-height: 24px= ; text-align: cente= r; padding: 9.5px 21= .5px; border-radius: 99= 9px; background-color:= #F79B3E; width: 150px; mso-hide: all;"> = Request a free trial </a> </td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;"= ></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td height=3D"20" style=3D"line-height: 20px;"> </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_579407" id=3D"n_579407" style=3D"font-size: 0; text-decoration: non= e;"></a>=20 <table lang=3D"x-news-group-title" cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;= "> <tbody> <tr> <td><span class=3D"outlook-caption-override" s= tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> The Daily Benchmark: 2016 Vint= age Global Real Estate Funds </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table cellpadding=3D"0" cellspacing=3D"0" lang= =3D"x-benchmark" style=3D"font-size: 16px; color: #78766F; padding-bottom: = 10px; min-width: 100%;" width=3D"100%"> <tbody> <tr> <td style=3D"font-size: 16px; font-weight: 700= ; font-family: Roboto, Arial, sans-serif; color: #000000; padding-bottom: 1= 0px;">Median IRR</td> </tr> <tr> <td style=3D"padding: 0 0 20px 0;"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-irr-chart-line" style=3D"width: 65.99250936329588%; mi= n-width: 65.99250936329588%; max-width: 65.99250936329588%; background-colo= r: #1D5080;"> <tbody> <tr> <td align=3D"right" style=3D"padding: 0 4px 0= 0; height: 20px; width: 100%; font-size: 12px; font-family: Roboto, Arial,= sans-serif; font-weight: bold; color: #fff;" valign=3D"middle">8.81%</td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"font-size: 16px; font-weight: 700= ; font-family: Roboto, Arial, sans-serif; color: #000000; padding-bottom: 1= 0px;">Top Quartile IRR</td> </tr> <tr> <td style=3D"padding: 0 0 12px 0;"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-irr-chart-line" style=3D"width: 100%; min-width: 100%;= max-width: 100%; background-color: #40C2C9;"> <tbody> <tr> <td align=3D"right" style=3D"padding: 0 4px 0= 0; height: 20px; width: 100%; font-size: 12px; font-family: Roboto, Arial,= sans-serif; font-weight: bold; color: #fff;" valign=3D"middle">13.35%</td> </tr> </tbody> </table></td> </tr> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-cash-multiples" style=3D"min-width: 100%; table-layout= : fixed;" width=3D"100%"> <tbody> <tr> <td align=3D"center" valign=3D"middle"> <div style=3D"font-family: Roboto, Arial, san= s-serif; font-weight: 700; color: #1D5080; font-size: 18px; line-height: 27= px; padding-top: 5px; padding-bottom: 5px; float: none;"> 0.89x </div> <div style=3D"font-family: Roboto, Arial, san= s-serif; color: #000000; font-size: 16px; padding: 0 0 30px 0; float: none;= "> Median DPI </div></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-performers" style=3D"min-width: 100%;" width=3D"100%"> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" class=3D"performer-title" lang=3D"x-performer-title" style=3D"co= lor: #000000; min-width: 100%;" width=3D"100%"> <tbody> <tr> <td height=3D"22" style=3D"padding: 0 10px 0 = 5px; line-height: 24px; font-size: 14px; font-weight: 700; font-family: Roboto, Arial, sans-serif;" width=3D"80%">Select top performe= rs</td> </tr> </tbody> </table></td> </tr> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style= =3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w= idth=3D"100%"> <tbody> <tr> <td height=3D"22" style=3D"padding: 15px 10px= 0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi= tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzXMNICKyxVUA17hQzGmTeunEKY7wfnej0jKvlHJcx04sw-3D-3DeOuU_I3w5d9c01gkD8gL= zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF1BxXs7HhxJfH6ZU2zDj-2B= Hfi59ke8FXvJ2-2B-2FQp7416RQX10PWtYxy7W5jpZBiutFLRuTQLQB20Prb5H08-2F5gBGhNCn= J5eB-2FbdKtRuE2hzyyhE-2B5TChxDQMLCBZUNWdjvFX6bKtRae0-2FKY4geWv4yXK6hZsYJooe= EjIKLVMB9xpSrVjU69OmkpXpGX2HI6jPt-2BCHITyYKVcwKc2gRGELyDcGZSnngt3K-2B9OV8Tv= ScW7wjpg7Py6GbxCG4KP8Y8Fi2YPu3WS0Nz7SHf63QXBVIadrw8bvydtQk4c55EjzG730YdPp0I= MxfvuwCHCQeMmGXY8mPv0jiP47EefRwXpAtlOaKJ5gk2sYrUtIWKzLluBWLdx6ChUbmQQVD9lru= 2dByXIaj3MU35djb5yDatWwkNsQsV98D3hGel0EPendoo-2FiN6Of3hyOwKTQr0ODu2WBMpB0Wu= TERN4Sgr5GFjut-2FlH0-2Fpb9Os9sjG8LqSAGKmo6dfmmgVYfi-2Bb9u40sNB6EZG" style= =3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"true"= >Och Ziff Real Estate RE Fund </a></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style= =3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w= idth=3D"100%"> <tbody> <tr> <td height=3D"22" style=3D"padding: 15px 10px= 0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi= tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzXMNICKyxVUA17hQzGmTeunC0QA3vXg3hf1FpUH-2BwiDUQ-3D-3Dm9YP_I3w5d9c01gkD8= gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF1BxXs7HhxJfH6ZU2zDj-= 2BHfi59ke8FXvJ2-2B-2FQp7416RQX10PWtYxy7W5jpZBiutFLRuTQLQB20Prb5H08-2F5gBGhN= CnJ5eB-2FbdKtRuE2hzyyhE-2B5TChxDQMLCBZUNWdjvFX6bKtRae0-2FKY4geWv4yXK6hZsYJo= oeEjIKLVMB9xpSrVjU69OmkpXpGX2HI6jPt-2BCHITyYKVcwKc2gRGELyDcGZSnngt3K-2B9OV8= TvScW7wik6I11hBaAAJINEurr-2FLsHPNAyukzWh5qnZ1o3Rdl3yDu19xbPYMwjA7fh8Ewu0C-2= BM5vZOjrd0R6qUij-2FCtMXFVs7tq5FouucaK4awI682wtb0kY5fmsx6CsL48O5KR-2BFHVXSdo= dWiAHJc29ZZCMWiFp-2FzjGuf2OF9dajcEUUqoM2VnAJnirYd2rzQqRruih-2FiPyqUTm7SitvX= P0nbKlHR1zRCteX6UJuqd4dSDG-2BTzh9XypqJ7rXa5pPfVf-2BBPT0scde5M0xaEefzKXLZDmA= h" style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal= =3D"true">Blackstone Edison Managed Partners </a></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style= =3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w= idth=3D"100%"> <tbody> <tr> <td height=3D"22" style=3D"padding: 15px 10px= 0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi= tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzUIxwOY5W6Ipd0YYChhxgnT-2BnoNIWh3SpJJ7i9Dm4e1qQ-3D-3DV4Wh_I3w5d9c01gkD8= gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF1BxXs7HhxJfH6ZU2zDj-= 2BHfi59ke8FXvJ2-2B-2FQp7416RQX10PWtYxy7W5jpZBiutFLRuTQLQB20Prb5H08-2F5gBGhN= CnJ5eB-2FbdKtRuE2hzyyhE-2B5TChxDQMLCBZUNWdjvFX6bKtRae0-2FKY4geWv4yXK6hZsYJo= oeEjIKLVMB9xpSrVjU69OmkpXpGX2HI6jPt-2BCHITyYKVcwKc2gRGELyDcGZSnngt3K-2B9OV8= TvScW7wgqUX64buNDw80eYB8Kmh-2BjL36aqeFJ9xKM4T8JNw5wSKE6d-2BY4mDuDYq221-2FEp= -2BbSbXTvPjzVnk8lNwtTRLUYSMHbYllJeYxg-2BV8YqVkXd6gnFBzdOAUkh4GzKXgCLKVp5eWi= 5eK7K4yrhHBLBexRjTnWqt8rfPlcd6MPIDqL43d-2FQ29uA-2FbHmN9CbMHSpsiLM-2Bv6hecLw= 01-2BypgjK2IUhPRsdYCsjpRkSJHbeAM1NECa-2FOeXprhN2ITY5-2FhVE8VOpW-2Br2raqpWnM= D21QR-2B-2BeP" style=3D"font-size: 14px; line-height: 24px; color: #1D5080;= " universal=3D"true">Bensell Host US Fund </a></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"font-size: 14px; color: #78766F; = padding: 25px 0 5px 5px; font-family: Roboto, Arial, sans-serif;">*IRR: net of fees</td> </tr> <tr> <td style=3D"color: #1D5080; padding: 25px 0 2= 0px 0;"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0= 01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUIxwOY5W6Ipd0YYChhxgnTAutzlJ= gb-2FXkHumTStCpSfw-3D-3D9E9O_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3= t1yZbcbdWeUgFVa0m8PzsF1BxXs7HhxJfH6ZU2zDj-2BHfi59ke8FXvJ2-2B-2FQp7416RQX10P= WtYxy7W5jpZBiutFLRuTQLQB20Prb5H08-2F5gBGhNCnJ5eB-2FbdKtRuE2hzyyhE-2B5TChxDQ= MLCBZUNWdjvFX6bKtRae0-2FKY4geWv4yXK6hZsYJooeEjIKLVMB9xpSrVjU69OmkpXpGX2HI6j= Pt-2BCHITyYKVcwKc2gRGELyDcGZSnngt3K-2B9OV8TvScW7wiVzsa7EpbS5k17srrlYdII977D= gFR16EjXSc0JqYXVaaef7ORUS3LUiipojljbPqjERtHcul57i4Rq-2Fw2Xvz2pIh9Qx0uWHAI1D= KWjD3JS-2BSuKrOFHkypy8aUoDSP0N0JCQiQMfnzheJc7e6OZIfx6tnWOjAYXqULaIQZpDc66RF= RorL0yylcTrds-2BecDWNmodzLRIPmSgHXEBVUH-2Fh0ewEo-2BUFDQCMqLsaXIyxTYqlOj2wp0= nXUIbVjeQaLuWNcF6xPecECHohgFxFr57tarM" style=3D"font-family: Roboto, Arial,= sans-serif; color: #1D5080; font-size: 14px; font-weight: 700; line-height= : 24px;" universal=3D"true">72 Funds in Benchmark =C2=BB </a></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">Check = out the latest version of <b><a href=3D"https://url6380.news.pitchbook.com/= uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUIxwOY5= W6Ipd0YYChhxgnTUyI9LrOzVrY96zbNdH-2FLdg-3D-3Dn6_Z_I3w5d9c01gkD8gLzFEofZR-2B= h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF1BxXs7HhxJfH6ZU2zDj-2BHfi59ke8FX= vJ2-2B-2FQp7416RQX10PWtYxy7W5jpZBiutFLRuTQLQB20Prb5H08-2F5gBGhNCnJ5eB-2FbdK= tRuE2hzyyhE-2B5TChxDQMLCBZUNWdjvFX6bKtRae0-2FKY4geWv4yXK6hZsYJooeEjIKLVMB9x= pSrVjU69OmkpXpGX2HI6jPt-2BCHITyYKVcwKc2gRGELyDcGZSnngt3K-2B9OV8TvScW7wjwl7g= 5s0ykdpAlZFf2rbkuBIlK-2BBzA-2BhCsms7DKPSfKdMtmMnrMVuZdRGSes3QivWFPHnaUSpbAt= y4tH8Q63PiRtcCf0WHQmpel3UO9OAlAzd11UTxCT48-2FjeCT6ffwh1c6feNRi48gRz-2FYF-2F= gOrmdQFZk-2FHcAaNAkw8XhLv3Ijuft35ynIGbJ2fgLlMqdQ005ZgTBtabcoqCDikOvC38z6x9C= TqJr67tSCawdxb6etJ7-2FCWnSollfpTDXyayvpXjbSi9oCSq2M3Y-2FzcAkYZBS" style=3D"= color: #1D5080;" test=3D"" universal=3D"true">PitchBook Benchmarks</a></b><= br> </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 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-2BaqM7ONnvsnswouzUIxwOY5W6Ipd0YYChhxgnTgNnuNWcL5l3jHh95UMri9g-3D-3DwwH= x_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF1BxXs= 7HhxJfH6ZU2zDj-2BHfi59ke8FXvJ2-2B-2FQp7416RQX10PWtYxy7W5jpZBiutFLRuTQLQB20P= rb5H08-2F5gBGhNCnJ5eB-2FbdKtRuE2hzyyhE-2B5TChxDQMLCBZUNWdjvFX6bKtRae0-2FKY4= geWv4yXK6hZsYJooeEjIKLVMB9xpSrVjU69OmkpXpGX2HI6jPt-2BCHITyYKVcwKc2gRGELyDcG= ZSnngt3K-2B9OV8TvScW7wh4kpwTtvb7gSRu63QviMc-2BRL5X-2FeyprsyZ9CYlLti94KBjbOb= yaITdXYP3AGcIiEcMN56-2FKIJRl3EC1XqbFQxaeKsi0XGxcEvW7KgsnbXcS1qou1Z5VhQCjNIy= nj9RBTSvbyTJk8pwjd6pCEw-2F-2FFqkeHvQZuHQyDClIAMzCza100JjQdtVVqpdZ-2F56AApIE= P8W9ufSNQvFFvCt96e-2BxLBfPX0GI6b2ZdoT-2BQOGjK6PF0AzeBewLNFmztzFb08lfoOLXNuy= t0XkZx-2BtQOqiHBRS"><img width=3D"460" src=3D"https://img.pitchbook.com/ads= /ad4530/Churchillmarchhba.png" alt=3D"Ads" style=3D"padding: 0px; margin: 0= px; border: 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-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>Chart of the Day</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-top" 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-2BaqM7ONnvsnswouzUIxwOY5W6Ipd0YYChhxgnTBALk7O9D7= Jy43cKaERf5dQ-3D-3DzQ_A_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb= cbdWeUgFVa0m8PzsF1BxXs7HhxJfH6ZU2zDj-2BHfi59ke8FXvJ2-2B-2FQp7416RQX10PWtYxy= 7W5jpZBiutFLRuTQLQB20Prb5H08-2F5gBGhNCnJ5eB-2FbdKtRuE2hzyyhE-2B5TChxDQMLCBZ= UNWdjvFX6bKtRae0-2FKY4geWv4yXK6hZsYJooeEjIKLVMB9xpSrVjU69OmkpXpGX2HI6jPt-2B= CHITyYKVcwKc2gRGELyDcGZSnngt3K-2B9OV8TvScW7wjH2ISxZPslpRq5cJu9tiDC5csChUV0b= kNmrnzLnF9CW1MxNdu-2B00meIakUNlmIt0jBWJVuwn5cO34uxNivStQknlG865s5jXWVfH3fre= RWiUjX9-2BqV8N9Ik6RfvzBn9-2FbU7DSziRnhrT7xBZvJIXUur9B8Yh4xdLUZpJZrqthT3NAOf= IeqBm0vW-2BF0RhmoMovfkaL8oZnUYf-2B9ZdtNNcQNQqz-2FISj0wIZJ70FNbVgaxoMkFbTDAU= cQkvMmW2CQE6Xc-2BIPla74wQLYi6sxWNefR" universal=3D"true"> <img align=3D"cen= ter" alt=3D"" src=3D"https://img.pitchbook.com/news/73590.png" style=3D"bor= der: 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> <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">There = are almost 11,000 AI startups in Europe, nearly twice as many as five years= ago.<br><br> Source: <b><a href=3D"https://url6380.news.p= itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs= nswouzUIxwOY5W6Ipd0YYChhxgnTGJVNVBZAmq-2BnEL0M71g8mw-3D-3D80Ri_I3w5d9c01gkD= 8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF1BxXs7HhxJfH6ZU2zDj= -2BHfi59ke8FXvJ2-2B-2FQp7416RQX10PWtYxy7W5jpZBiutFLRuTQLQB20Prb5H08-2F5gBGh= NCnJ5eB-2FbdKtRuE2hzyyhE-2B5TChxDQMLCBZUNWdjvFX6bKtRae0-2FKY4geWv4yXK6hZsYJ= ooeEjIKLVMB9xpSrVjU69OmkpXpGX2HI6jPt-2BCHITyYKVcwKc2gRGELyDcGZSnngt3K-2B9OV= 8TvScW7whvGPAk24HqkQGwittcEqQU-2FVmHFoyCFia0-2FRUbooaYPtTfDsmi23O1x3-2BP7KB= Zr49ymw-2B3y2iGEcI9HZeDWLHlxkqyYgMqns6zPBt-2BZQy7EsH7RiGFwizdmAPczJXCefUb70= A8MvrY0fPpNZjTtju4i7jMTv85mxw24ow4rW-2BgBmKj8haH-2FfHHxsb5ueMrpu56RXz8Z6w42= 5j-2FxSRnl36ZrHL02MH0WD2Ms3ax4FQicDj-2FLrpfPr4f4zPSGhRSw-2F3bf5WhFkOjCPBDtS= wFM-2B1L" style=3D"color: #1D5080;" test=3D"" universal=3D"true">PitchBook = Analyst Note: The State of European AI</a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; 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