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The original message has been attached to this so you can view it or label similar future email. If you have any questions, see root\@localhost for details. Content preview: PitchBook Newsletters Also: Drilling down on oil & gas; China's AI funding boom narrows; VC's eggs in one basket... May 30, 2026 | Read online | Manage your subscription The Research Pitch Presented by mogul Software mark [...] Content analysis details: (0.8 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 0.0 T_SPF_HELO_TEMPERROR SPF: test of HELO record failed (temperror) 0.0 T_SPF_TEMPERROR SPF: test of record failed (temperror) 0.1 DKIM_SIGNED Message has a DKIM or DK signature, not necessarily valid 0.0 KAM_DMARC_STATUS Test Rule for DKIM or SPF Failure with Strict Alignment 0.1 DKIM_INVALID DKIM or DK signature exists, but is not valid 0.1 MIME_HTML_ONLY BODY: Message only has text/html MIME parts 0.0 HTML_MESSAGE BODY: HTML included in message 0.5 KAM_REALLYHUGEIMGSRC RAW: Spam with image tags with ridiculously huge http urls 0.0 LOTS_OF_MONEY Huge... sums of money X-Spam-Flag: NO <!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional //EN" "http://www= .w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"> <html xmlns=3D"http://www.w3.org/1999/xhtml" xmlns:v=3D"urn:schemas-microso= ft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office"> <head> <meta http-equiv=3D"Content-Type" content=3D"text/html; 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} .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; width: 0 !important; max-width: 0 !important; height: 0 !important; max-height: 0 !important; opacity: 0 !important; } .line-breaker { display: block !important; } .responsive-img { width: 100% !important; } } </style> </head> <body style=3D"margin: 0 !important; padding: 0 !important;"> =20 <table lang=3D"x-pre-header" class=3D"pre-header" cellspacing=3D"0" cellp= adding=3D"0" border=3D"0" align=3D"center"> <tbody> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, sans-seri= f; font-size: 14px; color: #78766f; -webkit-text-size-adjust: none;"><span = style=3D"color: #78766f; font-size: 1px; display: none !important;"> Also: = Drilling down on oil & gas; China's AI funding boom narrows; VC's eggs = in one basket... </span></td> </tr> </tbody> </table>=20 <style> @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 800; src: local('Roboto ExtraBold'), url('https://fonts.pitchbook.com/ne= wsletter/Roboto-ExtraBold.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 400; src: local('Roboto Regular'), url('https://fonts.pitchbook.com/news= letter/Roboto-Regular.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 300; src: local('Roboto Light'), url('https://fonts.pitchbook.com/newsle= tter/Roboto-Light.ttf') format('truetype'); } @font-face { font-family: 'Roboto Serif'; font-style: normal; font-weight: 500; src: local('Roboto Serif Medium'), url('https://fonts.pitchbook.com= /newsletter/RobotoSerif-Medium.ttf') format('truetype'); } td ul { padding-left: 1.8em; 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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;">May 30, 2026 &nbs= p; | <a href=3D"https://url6380.news.pitchbook.com/ls= /click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWBOriMao9vxti= qXBCEY3KIanYdZjgM9Mm-2FDoXORG3R-2BQ-3D-3DntXX_Pr966knuaHmaw6c7pKvB-2BCEiDnj= 5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpSF-2BglNBxhteQcEo1zTcI51PvOU1imaPYG= XOzi6vRm3eXJhrLPk-2B-2F3P-2FgL2QbZqSzgRjSzr-2FrplfRltOH6d30qycBaVWc4YRGgelB= Lxte4nm2cWKhDBznH1WkOz5vJGxm4sYQYXJQrDo-2BM96SkvLqeZXkEXATf6EA7B3THZ00VfX-2= FQxHq2yh8mU0VBQpGUBb3FVCHdLbUYjbUsrMKV34mW4TSOBoGPjKSnkvkjeu5VoVFabaQD8ZPmA= U-2F-2FBh40QQMIWrZL3GyWTR1GXpAYeup56x-2FgbXL-2B-2BTs-2F-2BTAfBb8fOhrMuLhbIj= 9aBvR9UpYU7s79SrwlRRr1QayMLXv5cZ1wkFgaRpeS-2Bj7JiIA1nV-2BBenYCS7nIF12sLVgLS= pOwkgwc5X4OYKAONsZNoQGYarUOWVYeymaBgMFj1Aoi0Kp3uBgbxmp9nCJ9q8nU21KK3BW96kga= JiRHcgitQoRoOl6RuiY3O1-2BZ9s1yuBrli-2Blg1M7dVs6IrDxPwcETmRMqI4" target=3D"_= blank" 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-2BaqM7ONnvsnswouzXJPUCrG-2B1TaAurUTbgqJWcvmKApPLkk-2FSgkTEMOgxG= vw-3D-3DTl2r_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY= A68NVRpSF-2BglNBxhteQcEo1zTcI51PvOU1imaPYGXOzi6vRm3eXJhrLPk-2B-2F3P-2FgL2Qb= ZqSzgRjSzr-2FrplfRltOH6d30qycBaVWc4YRGgelBLxte4nm2cWKhDBznH1WkOz5vJGxm4sYQY= XJQrDo-2BM96SkvLqeZXkEXATf6EA7B3THZ00VfX-2FQxHq2yh8mU0VBQpGUBb3FVCHdLbUYjbU= srMKV34mW4TSOBoGPjKSnkvkjeu5Vo8XuUF1PKTFiJ6P7oePWORy8V9dp7jtGIpQFPIzMcucXmz= hsZQKZove1f1fn0mUMfDHj-2FTfFzgXaMt5134e-2F8i2xFMUbdDkbWe4wpzk8UhD7GxHZ-2Ftb= dz1p638Fw6PLkU2huCzECT0qpNmH5n5tUGy7KgNK8nXntow14TqmVIEf2rL9yDfHKx2VoJcVsgS= JpHTNkOOVJ4xjxLIM13Zsj5cyMtQZSlz5GhZYnz8-2BX2TLb-2Fj1adcLksnyVGBEWoV5VmXyqt= dO39bkw39XQnKL0Jw" target=3D"_blank"> <img width=3D'1' height=3D'1' opacity= : 0; style=3D'display:none !important; mso-hide: all;' src=3D'https://my.pi= tchbook.com/ms/pixel?userId=3D3DUK23EBU6P5WAW&eventSource=3D3DZQDXJQ6VUBAEC= QE7XY5D5PSLQI&emailId=3D3DK4GZZGMVMDVPA&emailName=3D3D7ETUXSUVU4M3HX3TDHQYK= 4L3UUMVWWC3672JJBI&pixelPosition=3D3DUAZEVU3EPI6EYRHRSC2KEHCFHGQ6ZMZBKVWWKQ= A.gif'/><img src=3D"https://url6380.news.pitchbook.com/wf/open?upn=3Du001.3= gwe9GsF-2BTAFq5zC5EhFQ2a8abB1qTlMwYRLNzMolGjSmCPqRZuyzb5tQBOnSwcKpQD6H-2B4T= i2A0EniBFhwzJrfprt-2B96KFH-2B-2FXG6BZBqIeffSEMMs9tl0b9YmHj0e61pwPDzYYEg-2Fa= NwdGBYxWzZ-2FZ8lQjHURfpYwTbHnKhK0becrJQ5d3zWF5aqLiXHzzmFLajfnDCxGcJINVvqRCO= tP4b7aMYarrVscZ76n-2FWmnKdyM4ew-2BSck5aylUXPSmuOHk0E1T4TM625h3OPcgMEZKz5c5m= DBLY6K0g-2FVZlJHbXUrPvtWHwy-2Fl2MtLDh3zImMtXN5SXc2RGua-2FGO31F95kg975M4Mv8u= PABlMiQk69Pp2U9uU4virmUSf-2FiCrH0S4zNevqo0IgBNsa0irsQ50xi1IuqrTD8kaqoQK8K4W= 03poElu2AAvdu-2FM22-2BhVU78e3L-2FT-2BG1NIHcDx6KJek1cxu0XuyBWJUBLZkmGSpTA84q= jCuKWVRfTREjLaJD7t1yvDF-2FocjAd0U-2FPYueOF6ZakL26eU46-2FCmyqUiMLd5ebXjKFm-2= F2qp1Dk2-2BNY3qZGkR" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style= =3D"height:1px !important;width:1px !important;border-width:0 !important;ma= rgin-top:0 !important;margin-bottom:0 !important;margin-right:0 !important;= margin-left:0 !important;padding-top:0 !important;padding-bottom:0 !importa= nt;padding-right:0 !important;padding-left:0 !important;"/><img width=3D"14= 1" height=3D"39" src=3D"https://fonts.pitchbook.com/newsletter/pitchbook_mo= rningstar_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 Research Pitch</= span></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 14px; padding-top: 11px;"><span>Presented by <a href= =3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzXJPUCrG-2B1TaAurUTbgqJWclKqClwA9aPvB0b2Hj9TZtQ-= 3D-3DmBeW_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68= NVRpSF-2BglNBxhteQcEo1zTcI51PvOU1imaPYGXOzi6vRm3eXJhrLPk-2B-2F3P-2FgL2QbZqS= zgRjSzr-2FrplfRltOH6d30qycBaVWc4YRGgelBLxte4nm2cWKhDBznH1WkOz5vJGxm4sYQYXJQ= rDo-2BM96SkvLqeZXkEXATf6EA7B3THZ00VfX-2FQxHq2yh8mU0VBQpGUBb3FVCHdLbUYjbUsrM= KV34mW4TSOBoGPjKSnkvkjeu5VovzYaKgG82GGnWSDDfKzDsbI3lr2ApMvifNX2b2Y7hKLrWIpF= UBjlSLBoLD-2FDXIw883JpCqac7iXQo3wcakR9XGzwzIBJ0Q4bDJGoDmvWyVpp-2FA1GU0Jp0ZE= 1cHqy3mYOXppX0OO0wenvZGJUEHDUcbUbfd-2FR6kPxHe0oQjbpZ6hSpQVcnv5DqxKSQrIyf5LY= sEr8BUlAYc7P2kIaBY8AZmEvbA9C40NQ-2B0-2FDfvTp9jQAKQyTJK6Ue2av-2F932C0k31yJTh= tXWzHc4j1pgFF0G5" target=3D"_blank" style=3D"text-decoration: underline; co= lor: #1D5080; font-size: 14px; font-family: Roboto, Arial;">mogul</a></span= ></td> </tr> <tr> <td height=3D"38" style=3D"padding: 0; line-height: 38px;">&nb= sp;</td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-content" cellpadding=3D"0" cellspacing=3D"0" bor= der=3D"0" width=3D"100%" style=3D"min-width: 100%!important; width: 100%!im= portant;"> <tbody> <tr> =20 <td class=3D"content" width=3D"460" valign=3D"top" style=3D"ma= x-width: 460px; padding-left:5px; padding-right:5px;"> <table lang=3D"x-main-content" width=3D"100%" cellpadding=3D"= 0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"= > <tbody> <tr> <td style=3D"padding: 0;"> <table class=3D" " cellpadding=3D"0" cells= pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20 "> <tbody> <tr> <td lang=3D"x-advertisement" style=3D"padding-bottom: = 20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzXJPUCrG-2B1TaAurUTbgqJWclKqClwA9aPvB0b2Hj9TZtQ-3D-3D7= FOj_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpSF= -2BglNBxhteQcEo1zTcI51PvOU1imaPYGXOzi6vRm3eXJhrLPk-2B-2F3P-2FgL2QbZqSzgRjSz= r-2FrplfRltOH6d30qycBaVWc4YRGgelBLxte4nm2cWKhDBznH1WkOz5vJGxm4sYQYXJQrDo-2B= M96SkvLqeZXkEXATf6EA7B3THZ00VfX-2FQxHq2yh8mU0VBQpGUBb3FVCHdLbUYjbUsrMKV34mW= 4TSOBoGPjKSnkvkjeu5VqydfrnsX0eGZzdJuNWA9npAuY8urgkzIZ1q3EZ1IL8Ols-2Fb8vZynp= Pxd6qKqnYPRBbdfxm6LQFmcpiis7gBIXdLnJ3Jr6yijVgvWBjywHRm4k0-2FUX3m7N3bma6NYW0= m7Voh7dgWw-2BreRrgkI4LXW40HYu8ubGx2KNm7cxjazO0VHq9IJyWyW9HlkX4oFi1nRQKSYeyT= 9KYu8M-2B23h5dT6f-2F4V7fFYZaycoCqvluuS1-2FRqonCIAD7ODxhqoXRnr9qHCun1oFCP1-2= FHJY7ZkMpBli"><img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad460= 6/Mogulbanner.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"><b>Sof= tware markdowns hit public PE returns</b>: Large public alternatives manage= rs have been quietly writing down or exiting their investments in the softw= are industry and pivoting toward the physical infrastructure that underpins= AI, energy and other sectors. <b><a href=3D"https://url6380.news.pitchbook= .com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXJ= PUCrG-2B1TaAurUTbgqJWcFxyGeRtnNJtdvWzX-2FYMGPA-3D-3DdkN8_Pr966knuaHmaw6c7pK= vB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpSF-2BglNBxhteQcEo1zTcI51= PvOU1imaPYGXOzi6vRm3eXJhrLPk-2B-2F3P-2FgL2QbZqSzgRjSzr-2FrplfRltOH6d30qycBa= VWc4YRGgelBLxte4nm2cWKhDBznH1WkOz5vJGxm4sYQYXJQrDo-2BM96SkvLqeZXkEXATf6EA7B= 3THZ00VfX-2FQxHq2yh8mU0VBQpGUBb3FVCHdLbUYjbUsrMKV34mW4TSOBoGPjKSnkvkjeu5Vq0= lDQ5ESy9SN3DqTRHL6KBjoCu1bJIGrYiYUQ5EljVRcvFiUq9ItkB5s5F7T2nGFff0qCbc-2BWwz= bo-2FsISmnP0vVTSB5F2TtrTad9bVHhYCUYmZqw39yU-2F713wf1mdUk6kNsGQyrNpedP76EMBl= f08wPwqaR4uYch0CLNjyYzIJQoHKAQoSVuZ3sd0IW91LOnIgRsSia8IW-2BDBrVEeliTEL0W4ir= VDlBl5K9u3LQWmr6YrW1a4IvehDfoIHQyhrECaL52G8xcM-2FGrhMu39NQvDz" style=3D"col= or: #1D5080;" test=3D"" universal=3D"true">Download the research</a></b><br= ><br><b>VC's eggs in one basket</b>: Our latest forecast projects North Ame= rican VC AUM growing to $2 trillion by 2030 at a 5.4% annualized rate=E2=80= =94representing a significant deceleration from the prior decade and unprec= edented concentration across the venture ecosystem. <b><a href=3D"https://u= rl6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF= a-2BaqM7ONnvsnswouzXJPUCrG-2B1TaAurUTbgqJWcjmxpvyhbwpAz6d8LJ2if4w-3D-3DdGzi= _Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpSF-2B= glNBxhteQcEo1zTcI51PvOU1imaPYGXOzi6vRm3eXJhrLPk-2B-2F3P-2FgL2QbZqSzgRjSzr-2= FrplfRltOH6d30qycBaVWc4YRGgelBLxte4nm2cWKhDBznH1WkOz5vJGxm4sYQYXJQrDo-2BM96= SkvLqeZXkEXATf6EA7B3THZ00VfX-2FQxHq2yh8mU0VBQpGUBb3FVCHdLbUYjbUsrMKV34mW4TS= OBoGPjKSnkvkjeu5Vry8kRyRvLlyQIjn-2BF7-2Fi4eHbIxg6ThOhbtikOCYmUJ-2F-2BzqdALr= 0VS0oVY4mcH8pn-2FT7KS7W3X5Q-2BAaapegmiuf2V-2B-2Foh7HHyA-2FgR4RLK82h4LAJ4lu3= GeyE-2BpXR93u5fpRfJdJdNT30neRETGvndcv2pRHi0dK-2BsTx-2FpN9napb4A7NQUM-2FW7-2= FPqd780TppdIJaSTvAy0DD66kTzGRhhWBrVFo95cSCyTKkrgMWA4S16W041n5gRNynRj-2FdCYB= zgGsRjNRh3-2FKe-2FTpL73Zumri8" style=3D"color: #1D5080;" test=3D"" universa= l=3D"true">Read more</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 mogul</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_581309" id=3D"n_581309" 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;"> Tim Draper bought 30K BTC at $= 632. Now he=E2=80=99s betting on real estate. </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"right"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" style=3D"float: none; padding-left: 15px; "> <tbody> <tr> <td align=3D"right" style=3D"text-align: righ= t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXJPUCrG-2B1TaAurUTbgqJWclKqClwA9aPvB0= b2Hj9TZtQ-3D-3Dha_S_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb= McVf8UYA68NVRpSF-2BglNBxhteQcEo1zTcI51PvOU1imaPYGXOzi6vRm3eXJhrLPk-2B-2F3P-= 2FgL2QbZqSzgRjSzr-2FrplfRltOH6d30qycBaVWc4YRGgelBLxte4nm2cWKhDBznH1WkOz5vJG= xm4sYQYXJQrDo-2BM96SkvLqeZXkEXATf6EA7B3THZ00VfX-2FQxHq2yh8mU0VBQpGUBb3FVCHd= LbUYjbUsrMKV34mW4TSOBoGPjKSnkvkjeu5Vqhd9orDkQuFBQzHb746hx9qRFaKFpJZM54xrGca= PeKeyT9VlEeu-2BnNUzDucretny6XZrraTiwRHpWLqd8CW5RyB3ukNnBeXxq2O5U3rjI1lZKG6h= 2kt0V4fY9-2FyyZ4zyQB1p0cXyReIRM9DYXnyrHLdFbCFJmbYKXDbBUGQrFuTBF6BxAYaqmckfz= S52UbgMl5hQVBvveJ4TgrkT0G2oDAJOevNApG-2FOwstZhxKrqcD2W6OWru6zDzny8y-2FUULmc= pkQVPrUdrknYZQlxjtyCkW"> <img align=3D"center" alt=3D"" src=3D"https://img.= pitchbook.com/news/74464.png" style=3D"border: none; width: 100%; height: a= uto;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>Tim Draper bought 29,656 BTC at $632 = in 2014.<sup style=3D"font-size:xx-small">1</sup> They trade around 100x to= day. His next bet: mogul, the single-family rental <a href=3D"https://url63= 80.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7= ONnvsnswouzXJPUCrG-2B1TaAurUTbgqJWclKqClwA9aPvB0b2Hj9TZtQ-3D-3Dg-WC_Pr966kn= uaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpSF-2BglNBxhte= QcEo1zTcI51PvOU1imaPYGXOzi6vRm3eXJhrLPk-2B-2F3P-2FgL2QbZqSzgRjSzr-2FrplfRlt= OH6d30qycBaVWc4YRGgelBLxte4nm2cWKhDBznH1WkOz5vJGxm4sYQYXJQrDo-2BM96SkvLqeZX= kEXATf6EA7B3THZ00VfX-2FQxHq2yh8mU0VBQpGUBb3FVCHdLbUYjbUsrMKV34mW4TSOBoGPjKS= nkvkjeu5VpP0tJ7BU3xU7D3rj8MKS3QXaxqVWFQNCNanV90GL6BhhWO3v9XBAZastV5rzxGAoXf= 9brtF-2F1cBrPN-2FFoyI9nY5J-2Fnbjg74lBR3VMa0nf3iSQzy7KG0-2BA02b3mtkXjjNB2Xsp= HUxhUGpJUV2abKiEl4P9Jpsp7ksYdp9rFjiJzOnz7ao2T6Oq9FCwYoE40LtZHbhOpqbDPaKswz-= 2Bd4a0sPpNno-2FiA2pkgQREvhhCn2f8FiIBDdf4y5GiIGITUdWFYYusKXbrrP8195o0Chf-2Bx= d" style=3D"color: #1D5080;" test=3D"">investment platform built by ex-Gold= man Sachs bankers</a> who took Goldman's institutional SFR program from $0 = to $1B in under 12 months. Draper invested twice and called it "Carta for s= tocks is very much like mogul for real estate." <sup style=3D"font-size:xx-= small">2</sup> <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXJPUCrG-2B1TaAurUTbgqJW= clKqClwA9aPvB0b2Hj9TZtQ-3D-3DEV4e_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-= 2BHR4BiQVI43kbMcVf8UYA68NVRpSF-2BglNBxhteQcEo1zTcI51PvOU1imaPYGXOzi6vRm3eXJ= hrLPk-2B-2F3P-2FgL2QbZqSzgRjSzr-2FrplfRltOH6d30qycBaVWc4YRGgelBLxte4nm2cWKh= DBznH1WkOz5vJGxm4sYQYXJQrDo-2BM96SkvLqeZXkEXATf6EA7B3THZ00VfX-2FQxHq2yh8mU0= VBQpGUBb3FVCHdLbUYjbUsrMKV34mW4TSOBoGPjKSnkvkjeu5Vp-2FRpff9VcEOJJqcfbezskGo= sabNrb7d1MsvimsdJXpbyXqgsKUmhs-2FNqugcLexhh-2FPiXgFCr7-2BLoDEV92cKRr46-2BfL= Wbp1M6Zh-2FyO5dZyTm2jeTH5bVXm8xfCM9oKOq90PPjEuf-2F-2BuaAuv5nvrLbmiZgZaJa-2F= 86UrRlYN6oAbXqD3Z1dXZ587w5B7e1qIRbM2HbwyMamipe-2BpunmqS1bx15KkN1KakdgxYyKI-= 2F1-2BeBzVfbbU78-2F5REKGNdcM1ts07vyCFwOwllYG2mH-2F0kHSz6" style=3D"color: #= 1D5080;" test=3D"">Take the same trade.</a><br><br> What you get:<br> =E2=97=8F Personal access to the institution= al SFR trade.<br> =E2=97=8F 18% historical portfolio average. = Roughly 3x higher than competitors.<br> =E2=97=8F K-1 with pro-rata depreciation pas= s-through at the LLC level.<br> =E2=97=8F Per-property LLC outside H.R. 6644= 's pending institutional ownership cap.<br><br><a href=3D"https://url6380.n= ews.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv= snswouzXJPUCrG-2B1TaAurUTbgqJWclKqClwA9aPvB0b2Hj9TZtQ-3D-3DmNiv_Pr966knuaHm= aw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpSF-2BglNBxhteQcEo= 1zTcI51PvOU1imaPYGXOzi6vRm3eXJhrLPk-2B-2F3P-2FgL2QbZqSzgRjSzr-2FrplfRltOH6d= 30qycBaVWc4YRGgelBLxte4nm2cWKhDBznH1WkOz5vJGxm4sYQYXJQrDo-2BM96SkvLqeZXkEXA= Tf6EA7B3THZ00VfX-2FQxHq2yh8mU0VBQpGUBb3FVCHdLbUYjbUsrMKV34mW4TSOBoGPjKSnkvk= jeu5Vo7kYtrCYC2oTA66VSUjolYCJm2AC7vhxzzLfTvcUQXgF-2BI0uylSJk-2Ff9VM0cXfoRQj= rovbjAOKri-2B74UZSPvcPHnnwGpv6y4R6SAoZsXrKE8-2BQAzIZXlg4yo-2BQalL3tz33EElVv= k6QVNeqVXbAK0T5VFaCGVAwWobJ14BpWd-2BGu7-2FDVKraTi5lgU5thDlWpopaMYv07pFi-2Bb= jxowxTAaiVy5LPm-2BzuoBWWKGS5GO3-2FFnT2xX3NYZmaTuYRwEeB8yciRLz1plZW404cxL34Y= 3KV" style=3D"color: #1D5080;" test=3D"">Offerings can sell out in hours. P= itchBook subscribers can get priority access to the portfolio with this pri= vate link.</a><br><br><small><a href=3D"https://url6380.news.pitchbook.com/= ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXJPUCrG-2B1= TaAurUTbgqJWcCs2WRi7KPJsXqgvCRdAwiQ-3D-3D1JG__Pr966knuaHmaw6c7pKvB-2BCEiDnj= 5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpSF-2BglNBxhteQcEo1zTcI51PvOU1imaPYG= XOzi6vRm3eXJhrLPk-2B-2F3P-2FgL2QbZqSzgRjSzr-2FrplfRltOH6d30qycBaVWc4YRGgelB= Lxte4nm2cWKhDBznH1WkOz5vJGxm4sYQYXJQrDo-2BM96SkvLqeZXkEXATf6EA7B3THZ00VfX-2= FQxHq2yh8mU0VBQpGUBb3FVCHdLbUYjbUsrMKV34mW4TSOBoGPjKSnkvkjeu5Vp7XsjzK6Gcw-2= F7kUhPZJy4lED8Ng6rIpE85s9hEeFn0GdNuxJ-2B-2FHSqIDAT2X2fD8gyz1NTyJSTVfrs4pnCW= UweGMrjQCOJY9UXL9D7lBybd0-2FDGmI8XBJUfYwhisO23pQjI3ZYxNueoUWtuWwbv8LPSyEe3z= PfxrJu1-2BJVsbYLh82nuB2z9MwhfpViE7zOZkSM-2FhY3oxOgYpaqsEFKPRFxmpftlZ8GOGOv4= JZh2YC-2FRG19-2FNGkGPW5MFtPS-2F0-2FXL-2FXcn2aZ6VCpfwN3ACoVz8I0" style=3D"co= lor: #1D5080;" test=3D"">See Important Disclaimers</a></small><br><br><a hr= ef=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw= 7SpSWIrf6GFa-2BaqM7ONnvsnswouzXJPUCrG-2B1TaAurUTbgqJWc3Di8Gj-2BECPBLFuc6ZTx= 9PQ-3D-3D1fsC_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8U= YA68NVRpSF-2BglNBxhteQcEo1zTcI51PvOU1imaPYGXOzi6vRm3eXJhrLPk-2B-2F3P-2FgL2Q= bZqSzgRjSzr-2FrplfRltOH6d30qycBaVWc4YRGgelBLxte4nm2cWKhDBznH1WkOz5vJGxm4sYQ= YXJQrDo-2BM96SkvLqeZXkEXATf6EA7B3THZ00VfX-2FQxHq2yh8mU0VBQpGUBb3FVCHdLbUYjb= UsrMKV34mW4TSOBoGPjKSnkvkjeu5VqVTWVqo8s-2F88D5EHbVMAZ3i9fMb53h-2B919TWODTZs= c-2BBlDbN0YPk7YjT1exJtf02STQfQ2RRN0MLG6jIhsDseNfDFwa5iPNZ1IsJf9g8ZosBbwur9L= 66hpjoArqwafgD2D7NL4K-2FMAPouacgi-2Fr7lZ3WBabxsP4EC5nAkOqsxcyzrDbeKfYT95Ltq= CZuea-2FTfThTmmi1tP3zI8uFLRKf77WIgeSBdGRdmVCUm0NO9o-2F6cpGSWygiU6UE5yv14Mn7= TQr0jWo-2FhhvALQpOBBbfPK" style=3D"color: #1D5080;" test=3D""><small>1: "Ti= m Draper Forbes Profile," Forbes, Last Updated March 10, 2026.</small></a> = <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4= Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXJPUCrG-2B1TaAurUTbgqJWcdguB7Je8DknXHT7f= GDXRoA-3D-3DBJnw_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcV= f8UYA68NVRpSF-2BglNBxhteQcEo1zTcI51PvOU1imaPYGXOzi6vRm3eXJhrLPk-2B-2F3P-2Fg= L2QbZqSzgRjSzr-2FrplfRltOH6d30qycBaVWc4YRGgelBLxte4nm2cWKhDBznH1WkOz5vJGxm4= sYQYXJQrDo-2BM96SkvLqeZXkEXATf6EA7B3THZ00VfX-2FQxHq2yh8mU0VBQpGUBb3FVCHdLbU= YjbUsrMKV34mW4TSOBoGPjKSnkvkjeu5Vpka9E5x76ZXAre-2BlCAJMmA0C-2FlTJ4TqP7C7qED= DxZbVi9eMTR2VYSIIhiq1q1DrOdqMiEDVvKnI1R-2FKzpUhNmi-2FEQvWLgP7gqLgaaRSB8dtdv= T-2Bm-2BD6tRfUJ8mk5p4MWVPwkL3zbdu81sA4Z7-2FDph-2F8Nrfc-2ByArQjXrBdaVfr3d3b7= oUorqIF8XjyZoQeFTMQTKddq7Ybz6voqKVWozj3BVyLuFi9MRCfz4AmUKSgxdb6ARhRMGsURkMO= H0KpC6Kqc28XDoMZ0amiKkJYq00sd" style=3D"color: #1D5080;" test=3D""><small>2= : "mogul club raises $3.6M toward its effort to make real estate investing = more accessible," TechCrunch, Mary Ann Azevedo, November 8, 2023.</small></= 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_581311" id=3D"n_581311" 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;"> Cheaper, faster, more: defense= tech's new playbook </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-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-2BaqM7ONnvsnswouzXJPUCrG-2B1TaAurUTbgqJWcrTa5oq7= FRNlIo7lK6Os-2F1w-3D-3DCUkM_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVRpSF-2BglNBxhteQcEo1zTcI51PvOU1imaPYGXOzi6vRm3eXJhrLPk-= 2B-2F3P-2FgL2QbZqSzgRjSzr-2FrplfRltOH6d30qycBaVWc4YRGgelBLxte4nm2cWKhDBznH1= WkOz5vJGxm4sYQYXJQrDo-2BM96SkvLqeZXkEXATf6EA7B3THZ00VfX-2FQxHq2yh8mU0VBQpGU= Bb3FVCHdLbUYjbUsrMKV34mW4TSOBoGPjKSnkvkjeu5VojGo4E-2BZRGsYLbAfrKogNkOgqvHKv= -2FrdRonebUIeMCoik8WvM-2FpqcQJD9Ui9uVNxiQn1FWJPI-2FRgPaeVhFh3bUDCZhz8E-2B-2= FQDKyfYfSQFMhjZdOZBXcpGVR305ol-2B7mi8i61JMkFkMpUHi3e-2FJijfCEet23u3xbVnJJlv= JpZGnL8n-2FuwrPPrwDiAX-2BReTuS2dAv4aXyV7arlxA-2BKh4jn7-2BTnEJ2aQKtnBCg3I0Sw= g25s-2FksEz0dDkBw6-2FSV1-2BWmaPR7nUU9xiG-2FNOzfeaUWvHs" universal=3D"true">= <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/74556= .jpg" style=3D"border: none; width: 100%; height: auto;"> </a></td> </tr> <tr> <td align=3D"right" style=3D"padding-bottom: = 8px; font-family: Roboto, Arial, sans-serif; font-size: 10px; line-height: = 27px; color: #78766F; text-align: right; font-weight: 300">(Courtesy of US = Central Command)</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">The ne= arly six-week US-Israel air campaign against Iran this spring highlighted t= wo expensive gaps that we believe are now helping redirect private capital = in defense tech.<br><br><b>The first gap is the unfavorable economics of co= untering drones.</b> Iranian attack drones priced at roughly $15,000 to $50= ,000 apiece were intercepted with US missiles costing between $1 million an= d $12 million per shot. The Pentagon's fiscal 2027 budget, largely shaped b= efore the conflict, points to more funding for munitions, counter-drone tec= hnologies, and advanced autonomous aviation architectures.<br><br> Anduril, the defense company behind the Army= 's newly awarded contract worth up to $20 billion for Lattice and related c= ommand-and-control systems, remains the category's anchor. Chaos Industries= , last valued at $4.5 billion, and microwave-weapons maker Epirus, $1.35 bi= llion, are emerging as key players.<br><br><b>The second gap is "magazine d= epth," military shorthand for whether the Pentagon has enough munitions for= a prolonged fight.</b> The campaign renewed focus on how quickly precision= -strike inventories can be drawn down relative to industrial replenishment = rates.<br><br> The Pentagon's push for cheap autonomous sys= tems is one response, but the clearer signal came through the Navy's Blackb= eard awards to Castelion: a roughly $50 million contract to mature its low-= cost hypersonic strike missile, followed by a $105 million contract to fiel= d it on F/A-18E/F Super Hornets. In short, the Pentagon and investors are c= onverging around systems that can restore magazine depth through lower unit= costs, faster production, and scalable strike capacity.<br><br> Our <b><a href=3D"https://url6380.news.pitch= book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo= uzXJPUCrG-2B1TaAurUTbgqJWcIUW4l8MSsvh7rOKfZBudtQ-3D-3DEWOK_Pr966knuaHmaw6c7= pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpSF-2BglNBxhteQcEo1zTcI= 51PvOU1imaPYGXOzi6vRm3eXJhrLPk-2B-2F3P-2FgL2QbZqSzgRjSzr-2FrplfRltOH6d30qyc= BaVWc4YRGgelBLxte4nm2cWKhDBznH1WkOz5vJGxm4sYQYXJQrDo-2BM96SkvLqeZXkEXATf6EA= 7B3THZ00VfX-2FQxHq2yh8mU0VBQpGUBb3FVCHdLbUYjbUsrMKV34mW4TSOBoGPjKSnkvkjeu5V= onRWMjJDuC0dMgcYzSpHpY4b77O-2Bj0ZP6mpwEmASIstGaQY-2BNwQavRooeorPfawF7r0zGg9= q96Cf5U6Foth8f0EZn1pd1c9wGsqgp0enkeZl0GyVxPFYULl-2BCrRmpgRhxYG-2Fg2a5F2aSfe= CqtgmGJizV1a2I1IB5rfsxy-2Fz7vd0y2PjstbVaa7xIe-2FIsCmzNk3OwNZEGKa6gEo7OaYpwZ= lc5WblRG908GHG6QeBXZuZQxMMRYqMMm6aREAC9tmXGy-2Bs5NHjmL99NqAX54ZPMK4" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">full analyst note</a></b>= covers the effects of the conflict across seven sectors=E2=80=94aerospace = & defense, space tech, robotics, oil & gas, clean energy, construct= ion, and transportation & logistics=E2=80=94with winners and losers, di= ligence criteria and acquisition targets.</td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"right"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" style=3D"float: none; padding-left: 15px; "> <tbody> <tr> <td align=3D"right" style=3D"text-align: righ= t"><img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/718= 86.jpg" style=3D"border: none; width: 100%; height: auto;"> </td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>Warm regards,<br><br><a href=3D"mailt= o:ali.javaheri@pitchbook.com" style=3D"color: #1D5080;" test=3D"">Ali Javah= eri</a><br> Senior Research Analyst, Emerging Spaces</td= > </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_581114" id=3D"n_581114" 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;"> China's AI funding boom is nar= rowing around chips and compute </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-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-2BaqM7ONnvsnswouzXJPUCrG-2B1TaAurUTbgqJWczFOEFWI= -2F8TbK9lUUQFCIUQ-3D-3DOmDi_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVRpSF-2BglNBxhteQcEo1zTcI51PvOU1imaPYGXOzi6vRm3eXJhrLPk-= 2B-2F3P-2FgL2QbZqSzgRjSzr-2FrplfRltOH6d30qycBaVWc4YRGgelBLxte4nm2cWKhDBznH1= WkOz5vJGxm4sYQYXJQrDo-2BM96SkvLqeZXkEXATf6EA7B3THZ00VfX-2FQxHq2yh8mU0VBQpGU= Bb3FVCHdLbUYjbUsrMKV34mW4TSOBoGPjKSnkvkjeu5VqOH8ri3PA0fy-2Bh4obz5eMABBgwnKM= gvpYWb9AbvHEMmHOHY85-2BYTNTQGG2-2BZ9QoRR38x2t56lmsPnM9F-2Fz1APaDKASvgKajWAu= 3-2BRD0VzDvuSWRoWyG3if8KxnAg5Hqadl-2Bc7q6F2qVXXKutqISg4vdEH9vyNP5cjegvt9Vrg= pG-2FDtnzohh1qnT9Lj39OKC5XYK0FY0l5kjb3aCkEMvNp74BAAJhARhJIJPhrO5xnlXdgBFidA= 5SskgUNlkJOjtRgoJHhUQvhRe6Cpv0elpPvM" universal=3D"true"> <img align=3D"cen= ter" alt=3D"" src=3D"https://img.pitchbook.com/news/74618.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">China'= s artificial intelligence investment boom has cooled dramatically since its= 2021 peak. But investors are still pouring money into one part of the mark= et: the infrastructure powering AI itself.<br><br> According to <b><a href=3D"https://url6380.n= ews.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7= ONnvsnswouzWrrz5UQsiyWPChQGPmsdhSsfk-2FvdYJDGnznvNQDxEx7A-3D-3DfLKg_Pr966kn= uaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpSF-2BglNBxhte= QcEo1zTcI51PvOU1imaPYGXOzi6vRm3eXJhrLPk-2B-2F3P-2FgL2QbZqSzgRjSzr-2FrplfRlt= OH6d30qycBaVWc4YRGgelBLxte4nm2cWKhDBznH1WkOz5vJGxm4sYQYXJQrDo-2BM96SkvLqeZX= kEXATf6EA7B3THZ00VfX-2FQxHq2yh8mU0VBQpGUBb3FVCHdLbUYjbUsrMKV34mW4TSOBoGPjKS= nkvkjeu5VpFCuOQA1pZ-2FYFAvjNqkKvW7rn0WCho2uSvaJStjYXTmJiOouiyS8fEnyLFSCk9E3= eKhF06gAefvIj21QMlD014BL1X-2B0Kwna1jkj0MLYQOITLdFokCcXYzfZpaUTG-2FO5kVx8IKi= JbQQzKBq0yPRTaZygBODGXXMfuaIa-2FcCUittfYYOoVj2nzdgP0mb5-2BKoVjORMfI8j5C9qdE= nMiv5CX-2B45yYxHpyZJIz18a1ikwCJfhyJwrQjpyiunl4aP2xA61V7g3QZAilcFHfcQWs1Y3p"= style=3D"color: #1D5080;" test=3D"" universal=3D"true">our new analyst not= e</a></b>, China's AI venture deal value fell from $23.3 billion in 2021 to= $7.8 billion in 2023 before stabilizing at around $10 billion in both 2024= and 2025. <b>The pullback mirrors broader weakness across China's venture = market,</b> where fundraising, exits, and startup activity have slowed amid= weaker economic growth and tighter liquidity conditions.<br><br><b>Yet AI = continues to account for a growing share of overall venture investment.</b>= More importantly, the capital that remains is becoming increasingly concen= trated in semiconductors, compute hardware, and enterprise-focused software= rather than consumer-facing AI applications.<br><br><b>The shift reflects = how China's AI market is evolving under growing technological and geopoliti= cal pressure.</b> As restrictions on advanced chip access intensify and com= petition with the US deepens, investors are prioritizing the infrastructure= required to build and deploy domestic AI systems.<br><br> Semiconductor-related AI deal value nearly d= oubled in 2025, while hardware investment rebounded sharply after two weake= r years. Companies developing AI chips and compute infrastructure, includin= g Moore Threads, Enflame Technology, and Kunlunxin, have attracted some of = the market's largest financings.<br><br> At the same time, enterprise software has em= erged as the dominant software category for AI investment, driven by demand= for automation and productivity tools rather than consumer-oriented experi= mentation. Segments such as social and platform software, once a meaningful= part of China's AI funding landscape, have largely faded from venture acti= vity.<br><br> The investor base is shifting alongside the = market itself. Venture capital firms are still responsible for the majority= of deals, but corporate investors, corporate venture capital arms, and gov= ernment-linked entities are playing a larger role in strategically importan= t sectors such as semiconductors and hardware.<br><br> Rather than broad expansion across the AI ec= osystem, <b>China's venture market is increasingly concentrating around the= technologies viewed as most critical to long-term competitiveness:</b> com= pute, chips, and enterprise deployment.</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">Warm r= egards,<br><br><a href=3D"mailto:melanie.tng@pitchbook.com" style=3D"color:= #1D5080;" test=3D"">Melanie Tng</a><br> Research Analyst, APAC Private Capital</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/744= 35.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-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</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-2BaqM7ONnvsnswouzWrrz5UQsiyWPChQGPmsdhSGaJqj5HW= U-2FGQ6wSuGbfgSw-3D-3D6Vdn_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi= QVI43kbMcVf8UYA68NVRpSF-2BglNBxhteQcEo1zTcI51PvOU1imaPYGXOzi6vRm3eXJhrLPk-2= B-2F3P-2FgL2QbZqSzgRjSzr-2FrplfRltOH6d30qycBaVWc4YRGgelBLxte4nm2cWKhDBznH1W= kOz5vJGxm4sYQYXJQrDo-2BM96SkvLqeZXkEXATf6EA7B3THZ00VfX-2FQxHq2yh8mU0VBQpGUB= b3FVCHdLbUYjbUsrMKV34mW4TSOBoGPjKSnkvkjeu5VrsGSzYFKQX4i1lbio5GouAgZ55cmOGte= IekSnYmeIZ3Ts1VL7IJP9M-2BZOLzfOoxvD8jD9INECjo4bbRKU-2F9EKq0bTwfREUPHMxLI7Lg= AI57QA7HrbWqUOh-2BibrsGKTqWvin3P9OiaBIDvE-2BOzsYQSO4wDpjHBUdzBNtXohVZRRDi9V= 7qzNC2wHKssTbXDgAXKDGkKDQb4shiJOLaUgh03iNSYWk59sFeUPhjKRpMm-2BBjw5JffEqZdlf= ta4Fb4V-2FLkZ8WGzvHHUIDdkQWmT1RH-2B" style=3D"color: #1D5080;" test=3D"" un= iversal=3D"true">Q1 2026 Oil & Gas Report </a></big></b><br><br> A decade of capital discipline and energy-tr= ansition headwinds have left the global oil & gas sector structurally u= nderinvested, and the consequences are arriving faster than expected, accor= ding to our debut report on the industry.<br><br> Upstream capital expenditure remains roughly= 45% below peak levels, yet the industry must replace more than 7 million b= arrels per day of output annually just to maintain supply. The Iran war has= compressed the timeline further.<br><br> Against that backdrop, PE deal activity fell= 66.9% from its 2014 peak to just 142 transactions in 2025, even as exit va= lue hit a record $108.8 billion=E2=80=94sponsors were harvesting, not redep= loying.<br><br><em><a href=3D"https://url6380.news.pitchbook.com/uni/ls/cli= ck?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWrrz5UQsiyWPChQGP= msdhSGaJqj5HWU-2FGQ6wSuGbfgSw-3D-3DQi1t_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJY= L0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpSF-2BglNBxhteQcEo1zTcI51PvOU1imaPYGXOzi6v= Rm3eXJhrLPk-2B-2F3P-2FgL2QbZqSzgRjSzr-2FrplfRltOH6d30qycBaVWc4YRGgelBLxte4n= m2cWKhDBznH1WkOz5vJGxm4sYQYXJQrDo-2BM96SkvLqeZXkEXATf6EA7B3THZ00VfX-2FQxHq2= yh8mU0VBQpGUBb3FVCHdLbUYjbUsrMKV34mW4TSOBoGPjKSnkvkjeu5VpvEu6SFW-2BtzIMGxP-= 2BB-2F5I52LOnoPkNFlV1w22rB38II-2B-2FXHKC8S-2FlqjkrpaBb2y3YbbybBn4QLk7QVRSKm= J5zSbqRpYw0Z6eCqk-2FUHnA9JoDI4vUnQLAtb8R7QNDZHSS17DkvzfOtjmCMCJgbM8JGx-2Bpv= tp5jjQJO0jjGVr-2FmHB593ocqUZlvynrqhHlZZB7Gse2yMrRF5PoZFK4oASR8PKipAevK-2BnW= BGI-2BON3WX1xSl69bCyF2uF6hUV-2B3ASdMRB66NSSFEQtphi3nloYnd0" style=3D"color:= #1D5080;" test=3D"" universal=3D"true"><b>Read the all-new research</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>Market Updates</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br><b= ><big><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWrrz5UQsiyWPChQGPmsdhSnbRxpasw= diOYCPC2zj3dYA-3D-3DLEl9_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQV= I43kbMcVf8UYA68NVRpSF-2BglNBxhteQcEo1zTcI51PvOU1imaPYGXOzi6vRm3eXJhrLPk-2B-= 2F3P-2FgL2QbZqSzgRjSzr-2FrplfRltOH6d30qycBaVWc4YRGgelBLxte4nm2cWKhDBznH1WkO= z5vJGxm4sYQYXJQrDo-2BM96SkvLqeZXkEXATf6EA7B3THZ00VfX-2FQxHq2yh8mU0VBQpGUBb3= FVCHdLbUYjbUsrMKV34mW4TSOBoGPjKSnkvkjeu5VoUuHiVko6ooeP1jWbk9Vu2wNm-2FrWVrce= -2FBQDuo39GL6dpHwEEYW46z83GeaYYlvKB9Jdby5h15O3NXFWbemZpqVXGDyP74E3H68A3O0lr= uPKFZJV4rloWt9KYQsLXbs2K9-2BDc5hS7O8VeWCUpym0-2FxJQk9m-2BHEaXw89dlZMLpq8gJ8= qcZAPNL7gn6BbJyxvrN8lAzpb06pr3hWF9sDbaaQt3gVtrFWHkDp5Lqi7lQrLsN2aWYI7yARsp5= 4edYMMeXKCl50nWOHo7qowEghE4Bd" style=3D"color: #1D5080;" test=3D"" universa= l=3D"true">Q1 2026 Global Private Market Fundraising Report </a></big></b><= br><br> Private capital fundraising continued its mu= ltiyear lull in Q1.<br><br> The challenges that had been plaguing the pr= ivate capital investment ecosystem=E2=80=94scarce distributions, interest r= ate pressures, and economic uncertainty=E2=80=94were compounded with fresh = geopolitical risks that caused some LPs to step back and consider the new p= laying field.</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-2BaqM7ONnvsnswouzWrrz5UQsiyWPChQGPmsdhS2eNCW3RC3= tgW17i7iEp4Xw-3D-3DgdKo_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVRpSF-2BglNBxhteQcEo1zTcI51PvOU1imaPYGXOzi6vRm3eXJhrLPk-2B-2= F3P-2FgL2QbZqSzgRjSzr-2FrplfRltOH6d30qycBaVWc4YRGgelBLxte4nm2cWKhDBznH1WkOz= 5vJGxm4sYQYXJQrDo-2BM96SkvLqeZXkEXATf6EA7B3THZ00VfX-2FQxHq2yh8mU0VBQpGUBb3F= VCHdLbUYjbUsrMKV34mW4TSOBoGPjKSnkvkjeu5VpAYTXiK6VAzhTr7Wg4e8KQ-2FPw1lpClu6q= UtsIKvGJEdVvclUuCo-2FEgSJWJE76ibVqdc08PpIzVeMeSOkur86gvHaaGEa1D6XUqvcyWBX68= sORxpVLW7qvJVYKqvTJnxU5vFyr3amaNTaGcNevQwl88tXk0-2B4Hnzbj7KiLIBcUnUP9km8FYk= hgp8bNW9DouVK74Z8e7oEOwFzzyD5S782Gm-2BVtEYIDxkkENsdOm7KNk9cwTo8ASbLUWQK5Tgw= KdrDV7c8QvUxD-2FgeAeFHzD6o4X" universal=3D"true"> <img align=3D"center" alt= =3D"" src=3D"https://img.pitchbook.com/news/74534.png" style=3D"border: non= e; 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> Private equity's rolling 12-month fundraisin= g declined for an eighth straight quarter. Combined, real estate and real a= ssets strategies raised a meager $36 billion in Q1.<br><br> VC and secondaries funds were the standouts,= raising $60.8 billion and $34.3 billion, respectively, during the quarter,= though just five US managers were responsible for more than half of the gl= obal VC total.<br><br><em><a href=3D"https://url6380.news.pitchbook.com/uni= /ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWrrz5UQsiy= WPChQGPmsdhSnbRxpaswdiOYCPC2zj3dYA-3D-3DjAHq_Pr966knuaHmaw6c7pKvB-2BCEiDnj5= UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpSF-2BglNBxhteQcEo1zTcI51PvOU1imaPYGX= Ozi6vRm3eXJhrLPk-2B-2F3P-2FgL2QbZqSzgRjSzr-2FrplfRltOH6d30qycBaVWc4YRGgelBL= xte4nm2cWKhDBznH1WkOz5vJGxm4sYQYXJQrDo-2BM96SkvLqeZXkEXATf6EA7B3THZ00VfX-2F= QxHq2yh8mU0VBQpGUBb3FVCHdLbUYjbUsrMKV34mW4TSOBoGPjKSnkvkjeu5VoWGQLYKi54VjAU= mTPNKZNKnHyf0e14zAz1ZI1K1PxUnvUTw3YYGN9pGkkhWIaVNAI12E9AbkT-2FvcRRG3-2B6Gc3= FxFh3NXhXDOquKyv5-2BnS4DGyZDbjOhs7VgEQuMaiS0jqkDtBgm6BGCbKemeSvoxCixjjPk-2F= jCjU3p0xdmCp3x3XVFvW0NLJIH5npAmpR0uTZpqOnFpbm3CgfOIOSIIw-2BaX8JjoJfT3Vz5dgb= k3YTKuMcUxTjMLAQu4rNxeSRz4i7-2FYnJfRhX5En7syku7Eaay" style=3D"color: #1D508= 0;" 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> </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 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;"><b>June 2</b>: This w= ebinar will feature analyst Emily Zheng and a panel of experts discussing t= he rise of venture secondaries and their evolution from a niche workaround = into core market infrastructure. <b><a test style=3D"color: #1D5080;" href= =3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzWrrz5UQsiyWPChQGPmsdhSEdtAn2zCjQCpOcmeWeE1Uw-3D= -3DrLUS_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV= RpSF-2BglNBxhteQcEo1zTcI51PvOU1imaPYGXOzi6vRm3eXJhrLPk-2B-2F3P-2FgL2QbZqSzg= RjSzr-2FrplfRltOH6d30qycBaVWc4YRGgelBLxte4nm2cWKhDBznH1WkOz5vJGxm4sYQYXJQrD= o-2BM96SkvLqeZXkEXATf6EA7B3THZ00VfX-2FQxHq2yh8mU0VBQpGUBb3FVCHdLbUYjbUsrMKV= 34mW4TSOBoGPjKSnkvkjeu5VqhyOj88-2BNluhQMpbhgZPRIyuWp0pDUnc4nx8UOahPb5yZvAiB= 15nnznwN3o339MPyInsSP6L2egLE-2BGM75On-2BQRXXnFDSnD0Bb30j5v0B6dHVVf7-2FgfM4p= E0DzQk6-2BwhhwbBmC86xFtJYMJ9epYJyBzBhmzb7tyLeK8ETKJpssdR3rK2CJ94uxDFYUHLDqW= RZ1mCz90L4nDdTxM8rF52masBVJ1-2BsFyHFhYN4iwMci-2BePYBOrq-2BfQyIr9mEqZhQqtjTS= rtuaXqLl3h1zgL9GOh">Register here</a></b>. <br><br><b>June 8</b>: At SuperR= eturn International in Berlin, Kenny Tang, our senior director of US Credit= Research, will deliver a keynote on trends in private credit markets. <b><= a test style=3D"color: #1D5080;" href=3D"https://url6380.news.pitchbook.com= /ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWrrz5UQsiy= WPChQGPmsdhS-2FLzeSCI7JoCmwnMsa0IcOg-3D-3DtBYn_Pr966knuaHmaw6c7pKvB-2BCEiDn= j5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpSF-2BglNBxhteQcEo1zTcI51PvOU1imaPY= GXOzi6vRm3eXJhrLPk-2B-2F3P-2FgL2QbZqSzgRjSzr-2FrplfRltOH6d30qycBaVWc4YRGgel= BLxte4nm2cWKhDBznH1WkOz5vJGxm4sYQYXJQrDo-2BM96SkvLqeZXkEXATf6EA7B3THZ00VfX-= 2FQxHq2yh8mU0VBQpGUBb3FVCHdLbUYjbUsrMKV34mW4TSOBoGPjKSnkvkjeu5Vor-2FvPTr2f5= Uvb6bdu13TJpfVXkgPR4iN-2BGDGhubsj90dhUaOY0MAek6OBn9iJbfdFPSrcnJuWvRK95yg3qu= BN0QR00GfvVAsOwMaPinyCV9VSATGtjDSfzPCHPVOjJG0xb5q7q91SXdI7MnEVWaxirdzYQY0cF= 3eTknHKLf2wHpNTswNQWiiSwloZV1gL9gVLEhrm50WstAhoD5aFyZQEKyZIy39aabMREWonrr-2= FDg6ASPGxAruSj-2FjxTaoYaZhJ7Sfss-2F4wnkEkDEbnpxgEQ3">Register here</a></b>.= </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>In the News</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> Our insights and data featured in the press:= <br><br> =E2=80=83=E2=80=83=E2=80=A2 AI companies cap= tured over 80% of VC funding in Q1, collecting more than $240 billion in ca= pital. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d= 4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWrrz5UQsiyWPChQGPmsdhS39PeCEADGd= IDBZekYAxnkQ-3D-3Dcngw_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI4= 3kbMcVf8UYA68NVRpSF-2BglNBxhteQcEo1zTcI51PvOU1imaPYGXOzi6vRm3eXJhrLPk-2B-2F= 3P-2FgL2QbZqSzgRjSzr-2FrplfRltOH6d30qycBaVWc4YRGgelBLxte4nm2cWKhDBznH1WkOz5= vJGxm4sYQYXJQrDo-2BM96SkvLqeZXkEXATf6EA7B3THZ00VfX-2FQxHq2yh8mU0VBQpGUBb3FV= CHdLbUYjbUsrMKV34mW4TSOBoGPjKSnkvkjeu5Vq5i7vQy35doOkW-2BSb-2FH3625Y13kZNpKm= S-2FMgyo79ZTPA7-2Bg3tSyn-2BktLnK-2F1ILlvT2vfuuQS-2F6nINpmIY4-2FDI22qhDo3Qv9= r08dfea2-2FDswcYtTi-2FmKcy5ik8JS2PVeiDiOCIiMWXdjHd11DVQ6YtIiQQ-2BLF5JkNdJVh= mYTX3ft8dYaKF92fiBFojAaiQNp24N3C0au7PHIjq0Hx8X-2FJRk-2FBh-2B5JtZ7qVc3Owm6hn= 6Tn-2FTBLlNqvM8IQp4lH5ge00V-2BMxwdODMWA000zmIpd9u" style=3D"color: #1D5080;= " test=3D"">Forbes</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 While most of th= e deals in AI infrastructure come from the VC side, PE drives most of the d= eal value. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du0= 01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWrrz5UQsiyWPChQGPmsdhSibbLbc= vjcOayuGB3UxfhwQ-3D-3D0Sfw_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi= QVI43kbMcVf8UYA68NVRpSF-2BglNBxhteQcEo1zTcI51PvOU1imaPYGXOzi6vRm3eXJhrLPk-2= B-2F3P-2FgL2QbZqSzgRjSzr-2FrplfRltOH6d30qycBaVWc4YRGgelBLxte4nm2cWKhDBznH1W= kOz5vJGxm4sYQYXJQrDo-2BM96SkvLqeZXkEXATf6EA7B3THZ00VfX-2FQxHq2yh8mU0VBQpGUB= b3FVCHdLbUYjbUsrMKV34mW4TSOBoGPjKSnkvkjeu5Vo6oJBkgEMqZ8PtnMH5swxMP3dY4PKhEw= p1Kt-2B843lREwLPFqkvKIgIZrcxgF6RQV-2Blhkv3LJHPcUBlvcr8PsGIDss-2B850e5Rkb3Bt= TuOtHe3vgiZBs56q0A5WZ282Vh7kNUIkhM0ENi-2Bg3CrEf2JTyy1bgiaTIiR3F5Tr3imC0LVGE= 5Nov2TEzFTelb1Z6STcsALZZaL6HWxF-2Fj8m0-2BFUB8WsQHzdHoJYMcC1AvWV7zwD2eU-2BCK= OBZs4Wm7QUEFNicMrcg70NHqR2ez2BKKVRQ" style=3D"color: #1D5080;" test=3D"">Th= e Wall Street Journal</a>]<br><br> =E2=80=83=E2=80=83=E2=80=A2 SpaceX's S-1 isn= 't nearly as granular as you might expect on information around subscriptio= ns, which appear in the business not only in the context of X but also Star= link, said analyst Franco Granda. [<a href=3D"https://url6380.news.pitchboo= k.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWrrz5= UQsiyWPChQGPmsdhSSaV8LPTM5JewPW1GxojKqQ-3D-3Dn0h9_Pr966knuaHmaw6c7pKvB-2BCE= iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpSF-2BglNBxhteQcEo1zTcI51PvOU1im= aPYGXOzi6vRm3eXJhrLPk-2B-2F3P-2FgL2QbZqSzgRjSzr-2FrplfRltOH6d30qycBaVWc4YRG= gelBLxte4nm2cWKhDBznH1WkOz5vJGxm4sYQYXJQrDo-2BM96SkvLqeZXkEXATf6EA7B3THZ00V= fX-2FQxHq2yh8mU0VBQpGUBb3FVCHdLbUYjbUsrMKV34mW4TSOBoGPjKSnkvkjeu5VqKmZMKFGV= dzwVCuMgUSEDwAZ3xHMyH9J0DBSxFM8nuG1HNhC08apCPR0ZyRAkiiREJbrcbu1RGmIarZHxIH4= Yez6En-2FeH6RrZEIYbrCotzcS5PVirksCpEBy-2Fb5TauAJHCjALnqiJwa5uER4-2Fkb7zTYuE= 4sdc2tz9-2B1fXtc39lvavjbouEbxaZt-2FWq8ZcrJtZGCANEfzmAaA6NLD14Nlqxqy6KaOEX-2= F0zpcoSWDjzX85iSOo0DyFcF80efdVZ4DBbyY7qz4-2Ft7GbhCwOm0bfRA" style=3D"color:= #1D5080;" test=3D"">Fortune</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:<br><br><b>Marke= t 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-= 2BaqM7ONnvsnswouzWrrz5UQsiyWPChQGPmsdhSV5kge5OGsAq2kTjUP4KZFA-3D-3DKTWd_Pr9= 66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpSF-2BglNB= 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FrplfRltOH6d30qycBaVWc4YRGgelBLxte4nm2cWKhDBznH1WkOz5vJGxm4sYQYXJQrDo-2BM96= SkvLqeZXkEXATf6EA7B3THZ00VfX-2FQxHq2yh8mU0VBQpGUBb3FVCHdLbUYjbUsrMKV34mW4TS= OBoGPjKSnkvkjeu5VrSvPuWR0k9g2sXAi75MQ9cl9AFvxLqSmYvTyA-2Bcu7IFlxiT2I08mDCiJ= LB9BenPMzJodmPHuTLy-2BqcH9cew2HhZjeIZ0WTNS7T1jSpe9mn05miqoo7ajQpKdnfUT-2B10= eD2QGp26yp6UbYYg6V9xwdegPbs4mlbmXOm7PdvDdhAwsnDxceZFVTQB9j6dbe1X4tcLiPk9KLc= DFe9wIsZIbkHDxk3tGjOwFVuCfZpHMC5BLASKTs0ZhLBwHi07lz5qk4goUfBvhAwgitOpzOw3zn= Y" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Global Fund Perfo= rmance 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-= 2BaqM7ONnvsnswouzWllUe8x2-2BjI4C6tRH5LDJ3XTF0t6mq5UJy23iTItiu2g-3D-3D7MRh_P= r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpSF-2Bgl= NBxhteQcEo1zTcI51PvOU1imaPYGXOzi6vRm3eXJhrLPk-2B-2F3P-2FgL2QbZqSzgRjSzr-2Fr= plfRltOH6d30qycBaVWc4YRGgelBLxte4nm2cWKhDBznH1WkOz5vJGxm4sYQYXJQrDo-2BM96Sk= vLqeZXkEXATf6EA7B3THZ00VfX-2FQxHq2yh8mU0VBQpGUBb3FVCHdLbUYjbUsrMKV34mW4TSOB= oGPjKSnkvkjeu5VrT-2BK5sPClRgqRoQ0bD17xS9ZQwgwxkHzt9vr8ezS9IRes-2Bpp1S40NvW3= XKKXekrTBSdm-2BOVcxDGcrGtVBlApVTquo5sX0QQeiLDnvg87FvNK9eGRNV-2BD3fCqiPpjCl4= V-2F8nQ0ga7nQ6-2FzD1ju-2F9wYAeV9MPTziEgDbZMXUHhi3dMiUfDmh5iTkNychMTvw1-2Bbs= skWddFxRaFjsk3Gr6cDclbq4ae3cU1iPRYujvCMElrce0-2F7HUfZCKLQzgNYDrFyHBOz5cpZKk= NwbsCR9aBBp" style=3D"color: #1D5080;" test=3D"" universal=3D"true">SpaceX = Update: Starlink Prints, AI Burns=E2=80=94A Dissection of Its S-1</a></b><b= r> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzWllUe8x2-2BjI4C6tRH5LDJ30bFJFPFWIPm1g7XZETijlA-3D-3DHAmf_P= r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpSF-2Bgl= NBxhteQcEo1zTcI51PvOU1imaPYGXOzi6vRm3eXJhrLPk-2B-2F3P-2FgL2QbZqSzgRjSzr-2Fr= plfRltOH6d30qycBaVWc4YRGgelBLxte4nm2cWKhDBznH1WkOz5vJGxm4sYQYXJQrDo-2BM96Sk= vLqeZXkEXATf6EA7B3THZ00VfX-2FQxHq2yh8mU0VBQpGUBb3FVCHdLbUYjbUsrMKV34mW4TSOB= oGPjKSnkvkjeu5VrlK5ywcjpEVsmL76FbP8q3dFoDL-2BAqXVUR1Aoo-2Fu-2Fy72uML49Qaxr5= 0dn7qqSKgLeCnxBT4B21SFcKSkOKKoS7BZb2zEccYy5-2BTFjGzQ1yk6M-2FjWZPF678vRXeJvD= yiE2EIBMpKWIU7Bmd490ombxlvjTIsN4atNrUVRfPl3CVdzWJFylr6b1xIcWZEhYpM0vwsTYSsn= qFU3i9-2B2qjJLoV7-2FtsDjBbEx7n0rHb7buQd16PFDmlpg2OVFqklYXGOza2QMUamixadq6Ic= mEpjTm-2B" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Nasdaq Pr= ivate Market Sues Hiive Over Venture Secondaries Patent</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-= 2BaqM7ONnvsnswouzWllUe8x2-2BjI4C6tRH5LDJ3h5ALoX3Z9-2Bc40OqWCPEtJw-3D-3DX6MC= _Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpSF-2B= glNBxhteQcEo1zTcI51PvOU1imaPYGXOzi6vRm3eXJhrLPk-2B-2F3P-2FgL2QbZqSzgRjSzr-2= FrplfRltOH6d30qycBaVWc4YRGgelBLxte4nm2cWKhDBznH1WkOz5vJGxm4sYQYXJQrDo-2BM96= SkvLqeZXkEXATf6EA7B3THZ00VfX-2FQxHq2yh8mU0VBQpGUBb3FVCHdLbUYjbUsrMKV34mW4TS= OBoGPjKSnkvkjeu5VoxgcArBB9iYH9Jev03HFF836TVpl2CYVSFsm3oawo6G7c7yX-2BMYK5Wjq= Pl6E2mrpishxZ1zqQ1w-2Fu4QmtCYn7K76G8eVV1BPlIVSIxR2-2BVt0d6uUbP-2FSMra6Vu-2B= iS7MfZQZf05HvPxjZ4-2FmD2nh-2F2N7jR09teqgom7Uwk-2FOUjFA4CMFO1omsBeeW1IfgJRRZ= na8IutpJ79bnJ6DoNoXCii9T-2BkeruIUPzxKZYbCXYvNbgVyogFZAX8sAnbiDTIADiuTVyHPCD= xnEKBxEwWkqK-2F" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Sys= tem Reboot: A quantitative perspective on US PE</a></b><br><br><b>Industry = & tech 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-= 2BaqM7ONnvsnswouzWllUe8x2-2BjI4C6tRH5LDJ33v8zZEi-2BHaMWVz7Q-2F523uw-3D-3D4O= yD_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpSF-= 2BglNBxhteQcEo1zTcI51PvOU1imaPYGXOzi6vRm3eXJhrLPk-2B-2F3P-2FgL2QbZqSzgRjSzr= -2FrplfRltOH6d30qycBaVWc4YRGgelBLxte4nm2cWKhDBznH1WkOz5vJGxm4sYQYXJQrDo-2BM= 96SkvLqeZXkEXATf6EA7B3THZ00VfX-2FQxHq2yh8mU0VBQpGUBb3FVCHdLbUYjbUsrMKV34mW4= TSOBoGPjKSnkvkjeu5Vqx5-2FmSMbNJInGuhKtvmC3S37O6jRwEHgtd4stYM-2BY-2Fm3JGevD4= 73WuLPeyYxqBQTO9v1-2B7RTeUz7Hlt2FruUgDxA6xkY2o3uHpev-2BXk1F0aBajmQliMwE-2FI= YRC3xPWj88gPgMXs7gFWGk5CKDnk17i6V5PHPuGL7auYl3ZTk5hMtjnqJqxKZx0OlW0vFKMAJai= rjFx-2FgP84jzFgZ3-2FHXa0f7hBaxUbG-2BH5C2Ge1Ya75XcnhrhkUyKWC1772s6dUwwJVy7ss= Xmyyk9Up5KyOy0i" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Ent= erprise SaaS VC Trends</a></b><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzWllUe8x2-2BjI4C6tRH5LDJ3TIeWDbYaRieu-2FNZNPHPIcw-3D-3DcH5n= _Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpSF-2B= glNBxhteQcEo1zTcI51PvOU1imaPYGXOzi6vRm3eXJhrLPk-2B-2F3P-2FgL2QbZqSzgRjSzr-2= 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-2FrplfRltOH6d30qycBaVWc4YRGgelBLxte4nm2cWKhDBznH1WkOz5vJGxm4sYQYXJQrDo-2BM= 96SkvLqeZXkEXATf6EA7B3THZ00VfX-2FQxHq2yh8mU0VBQpGUBb3FVCHdLbUYjbUsrMKV34mW4= TSOBoGPjKSnkvkjeu5VrvN-2BDPCX34Ro1N13uK-2BUY-2BqRv5uavevNltLfTS2Ql52JJDqztz= S2X6NkMbe8BKOYmHcDDMLa1U0fnF-2B-2B0nexF-2FqiLyuXgA5YM4Yc1fFsU7giZZ-2BAYJCbN= bs4Oa-2Be-2FgTEyBwJBXQ4F7-2FCB88nqZjgYMdJ4NjSy7xmmz0HmovneckRa89t8xDWc7oivP= 9AzXbSS4I7K6aWS6HRiQ882ffKMtY6rtEDwUD8Fa9K2urakJk-2FpTjZ1F-2BNxz2Dkoj7uFZw3= WEj0YGGO5rt9JValFgelm" style=3D"color: #1D5080;" test=3D"" universal=3D"tru= e">Climate Tech VC Trends</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-= 2BaqM7ONnvsnswouzWllUe8x2-2BjI4C6tRH5LDJ3O1ZCC7iLfOxoEsgHKvuSKQ-3D-3DZXVa_P= r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRpSF-2Bgl= NBxhteQcEo1zTcI51PvOU1imaPYGXOzi6vRm3eXJhrLPk-2B-2F3P-2FgL2QbZqSzgRjSzr-2Fr= 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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;"> 620 </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;"> 2166 </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;"> 1027 </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;"> 21 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; 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