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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 0.1 DKIM_INVALID DKIM or DK signature exists, but is not valid 0.0 KAM_DMARC_STATUS Test Rule for DKIM or SPF Failure with Strict Alignment 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; } td li { position: relative; margin-bottom: 0.5em; } </style> <table lang=3D"x-main-wrap" width=3D"100%" cellpadding=3D"0" cellspacing= =3D"0" border=3D"0" style=3D"min-width: 100%; background-color: #F0EBDE; fo= nt-family: Roboto, Arial, sans-serif;"> <tbody> <tr> <td align=3D"center"><!--[if (gte mso 9)|(IE)]> <table lang=3D"x-main-container" width=3D620" cellpadding=3D"0"= cellspacing=3D"0" border=3D"0" align=3D"center"> <tr> <td> <![endif]-->=20 <table lang=3D"x-main-container" class=3D"container" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"max-width: 620px;"= > =20 <tbody> <tr> <td class=3D"content" width=3D"100%" style=3D"min-width: 100%; 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;">May 30, 2026 &nbs= p; | <a href=3D"https://url6380.news.pitchbook.com/ls= /click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWBOriMao9vxti= qXBCEY3KI2t-2FnozJsxtek3-2BIqlYe-2B4Q-3D-3DS7R7_I3w5d9c01gkD8gLzFEofZR-2Bh6= VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiuGuY0AS1-2BLxT-2FhODO5D3dzcia6Rko= U6F8A3ZwR-2B-2FAXupGrQumU2Wasd-2FZmf5qGt0amlOES7IwGfNzi-2B7FfS2X4bFV77PJRUg= rVuI8pe8T5wgVIkra-2FFi-2B520Itex7Y7E18YDQ1qQhSLkxGDE9m6ulMP81rR7alEIl0O3wsz= otquZRCrTZgZFm8GiHNubmIAP5XDp1PGLpoACDTl2n2NB5IbtXuL4w6JYWOdvBIQivHflNkIpmJ= fJmITbgqKgINaLO2kuxO-2F06FgIGWVvfTWGLTcSTfr7-2FjtU-2F5WxpDAghF-2BeweJph1RZI= RxZ8K-2BOkS7AXoxMsSMUfJhSM3NeyRZx512oNkWS4q1V7ndth24ihhYpeHHyws3DCbXDQgi3p4= -2Bu1x6gerInfgT5LpRIj9KZYa8dij8To4Zqx98TEHkGD0iGEiDjdmDAT-2FKrstbaRdhiRwFoG= juCm-2BxZhKTzvAv8zac0Z0FFdMMhkxj0U3mOZIFDmedJlw4a6uQaHYZKn3u" target=3D"_bl= ank" style=3D"text-decoration: underline; 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font-family: Roboto Serif, Ge= orgia, serif; font-size: 44px; font-weight: 500"><span>The Research Pitch</= span></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 14px; padding-top: 11px;"><span>Presented by <a href= =3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzXJPUCrG-2B1TaAurUTbgqJWcsCZ-2FLKjU6G7d3qkzZ-2BZ= s-2Fg-3D-3Dofvh_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF= Va0m8PzsFiuGuY0AS1-2BLxT-2FhODO5D3dzcia6RkoU6F8A3ZwR-2B-2FAXupGrQumU2Wasd-2= FZmf5qGt0amlOES7IwGfNzi-2B7FfS2X4bFV77PJRUgrVuI8pe8T5wgVIkra-2FFi-2B520Itex= 7Y7E18YDQ1qQhSLkxGDE9m6ulMP81rR7alEIl0O3wszotquZRCrTZgZFm8GiHNubmIAP5XDp1PG= LpoACDTl2n2NB8ucf0eynoCN5pFs3jQZ7PIRiLb31trKCGDoWsRo7NnJaWo9JFHJE-2FUo51qOc= bAJnL5xXS20MS7dF5XRTMZQ-2Bbm3o9ljvBcOThTBN-2FAxwgE9z8s86elsDjPA-2F5TkgzpZYk= gqHBI8gwPv1X1mUryogvcZtmgKuHF5fDDUOcapyALEK8sRKzqZchUSYvzwV6QyMo0nqQL6N2Lp8= dckV35Q9hs88XRAtEL7mK9611qHVV4NnxXH5W0Y0m8rxD9RNLt66r1NWb3vMeJWgEXPpiDnKKEg= D-2BeJV2yOAIa-2FotAydOOs" target=3D"_blank" style=3D"text-decoration: under= line; color: #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-2B1TaAurUTbgqJWcsCZ-2FLKjU6G7d3qkzZ-2BZs-2Fg-= 3D-3Dapts_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8P= zsFiuGuY0AS1-2BLxT-2FhODO5D3dzcia6RkoU6F8A3ZwR-2B-2FAXupGrQumU2Wasd-2FZmf5q= Gt0amlOES7IwGfNzi-2B7FfS2X4bFV77PJRUgrVuI8pe8T5wgVIkra-2FFi-2B520Itex7Y7E18= YDQ1qQhSLkxGDE9m6ulMP81rR7alEIl0O3wszotquZRCrTZgZFm8GiHNubmIAP5XDp1PGLpoACD= Tl2n2NByOuDZOHEKL9zvsjY1qfCIHMthhhqJ64heMOquA-2FG5R62JjFA3bkvrGm5-2BlZdyNVW= bmJpVTKe0YXAguTd7vGUB8lGInm5BTWtN7Sv0VyzSruubqawt8W4AnKHQdQR0nn0uaIdjwoGydP= 01wrpa3vu5yd2NfhrV7oU8w6q6P1mKAwmEQWOI2A6f-2FjC-2B-2FEKyd6W0L-2BK11aUSuir36= 2BgEdNPoBfjaa2qVytb2uoDeH97-2FlNR7zXS1-2BkVWQbdXiCyqPXVBkXHNnu-2B6Lgm521Hg9= ufrAlunc14brhS-2BUPVQBe3BB"><img width=3D"460" src=3D"https://img.pitchbook= .com/ads/ad4606/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-2B1TaAurUTbgqJWcs52EFYzcS2hPzZ5fV6i1tg-3D-3DjoJs_I3w5d9c01gkD8gLzFEof= ZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiuGuY0AS1-2BLxT-2FhODO5D3dz= cia6RkoU6F8A3ZwR-2B-2FAXupGrQumU2Wasd-2FZmf5qGt0amlOES7IwGfNzi-2B7FfS2X4bFV= 77PJRUgrVuI8pe8T5wgVIkra-2FFi-2B520Itex7Y7E18YDQ1qQhSLkxGDE9m6ulMP81rR7alEI= l0O3wszotquZRCrTZgZFm8GiHNubmIAP5XDp1PGLpoACDTl2n2NB04pgXn6Ev1UYJP19C6sfQPr= OL4Iszm1hpkPyagTzTSoPBNxZlXJnwWtOmPRJSQE4LjO6MNRiO2pHFAZpEncrhujdHoQQDotIuG= lAnIZh3RlootE-2FUXr8zTZvpNGFLikCL16kBtqhAfRAjh1cu1g7DK-2BEsizn9GP7SiE0kHRdI= 3UAmb5xwxCmKXSGRqiASqdkcZmrXGI7ZDHFJVYJ-2FkH4vWSXb6HqX9-2FVL5dvzm24AcDHzJio= -2F8ZSl4QSeER43EoBLXaXbuuUFhfPjAlLIQ-2F9KNMbJ9yrOF1yEIUT-2B-2Bl6Y42" style= =3D"color: #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 No= rth American VC AUM growing to $2 trillion by 2030 at a 5.4% annualized rat= e=E2=80=94representing a significant deceleration from the prior decade and= unprecedented concentration across the venture ecosystem. <b><a href=3D"ht= tps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpS= WIrf6GFa-2BaqM7ONnvsnswouzXJPUCrG-2B1TaAurUTbgqJWc97zYpMPqa5e1AtCsAKfwLw-3D= -3D3Q2H_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs= FiuGuY0AS1-2BLxT-2FhODO5D3dzcia6RkoU6F8A3ZwR-2B-2FAXupGrQumU2Wasd-2FZmf5qGt= 0amlOES7IwGfNzi-2B7FfS2X4bFV77PJRUgrVuI8pe8T5wgVIkra-2FFi-2B520Itex7Y7E18YD= Q1qQhSLkxGDE9m6ulMP81rR7alEIl0O3wszotquZRCrTZgZFm8GiHNubmIAP5XDp1PGLpoACDTl= 2n2NB-2FU0KyHkUvnfRfbpE4z4a14AA8bi4EWfACeRR2eS3S09rykB-2BD1XNYBlt6ID2plIxbZ= Ej5oxDQ5QrNIPh5f2Ie0HihvMCMEZYCE3ZiuNhRM5IpX5Htm3oKt114rcTVKr8wYfrkiXq-2BTw= gmmWBEJSKGm8bKENbNAbqch8EXe25XGVkYnwdyaQR-2FTv5agIXBfnpKZgEuHS32J6EZ1zZbfb1= Q9LpG2BnvkfJ5jZAnycH1gtnfXOfKFnYwuQ-2FExyvAobJFuanc-2FLfJx5nFljLC2vF3xXCzAj= QJ1GnV4HLvZ-2FBw4Q" style=3D"color: #1D5080;" test=3D"" universal=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-2B1TaAurUTbgqJWcsCZ-2FLKjU6G7= d3qkzZ-2BZs-2Fg-3D-3DuP2K_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFiuGuY0AS1-2BLxT-2FhODO5D3dzcia6RkoU6F8A3ZwR-2B-2FAXupGrQ= umU2Wasd-2FZmf5qGt0amlOES7IwGfNzi-2B7FfS2X4bFV77PJRUgrVuI8pe8T5wgVIkra-2FFi= -2B520Itex7Y7E18YDQ1qQhSLkxGDE9m6ulMP81rR7alEIl0O3wszotquZRCrTZgZFm8GiHNubm= IAP5XDp1PGLpoACDTl2n2NB-2F0PxbSMHyxpwfvWD8CmtveHfAUNyhPWcivSk5xPtDWdI8Z0loR= rcSBLooyJELwBL7pwakQJBg6S-2FGjukZ9TXgKDpjFaBzZFRFAt1BMRoz7vCnvvFRLVZPGlXEkR= 4g3y1Y6JCPva6fyXC8-2FticThSRpNXZWKhYQ9cnA6X1cJ-2FreI0Y-2BRLJgQJ8pgzArkJZ0V0= PQfLftlImHfzpC9d8nFqYk18HorAT6W3He09EyKUVBoeHFG19qmiIQwTsHVg9OyMK-2Brel88Mo= UFGljd-2FVPYskekeNM7mI-2Fi-2F2aA12xE0EI7"> <img align=3D"center" alt=3D"" s= rc=3D"https://img.pitchbook.com/news/74464.png" style=3D"border: none; widt= h: 100%; height: auto;"> </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-2B1TaAurUTbgqJWcsCZ-2FLKjU6G7d3qkzZ-2BZs-2Fg-3D-3DaCnL_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiuGuY0AS= 1-2BLxT-2FhODO5D3dzcia6RkoU6F8A3ZwR-2B-2FAXupGrQumU2Wasd-2FZmf5qGt0amlOES7I= wGfNzi-2B7FfS2X4bFV77PJRUgrVuI8pe8T5wgVIkra-2FFi-2B520Itex7Y7E18YDQ1qQhSLkx= GDE9m6ulMP81rR7alEIl0O3wszotquZRCrTZgZFm8GiHNubmIAP5XDp1PGLpoACDTl2n2NB9NPv= 5KMLIvp24ogz4fek-2BzrA0DntMFAqKDEgdzhcl522-2BtQksas1LGrDpUoNsW0oqQkGzQ28kAq= KR3vhuSDaryJxzt6cKP-2BlwkNj7LkFOtQHNbOVqJWqWVsC7VRprHrsF8NdAM-2BUb9ho73Dm14= 9bs-2BPuGaVdmDo49B1TS-2Bc06-2F46CGU-2BKxFXOcb0J9PAAoi4VQeVwJve1JyI3OxU51z4q= e6iFmsjBJXt2kzi1NrcDEd351kKuQxvyB-2Ft9eXoO4s5j6mReqvSn5DwHKtnffcDuuJ10AOtE8= -2F7oTM2ZjyKrJu" style=3D"color: #1D5080;" test=3D"">investment platform bu= ilt by ex-Goldman Sachs bankers</a> who took Goldman's institutional SFR pr= ogram from $0 to $1B in under 12 months. Draper invested twice and called i= t "Carta for stocks 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-2B1= TaAurUTbgqJWcsCZ-2FLKjU6G7d3qkzZ-2BZs-2Fg-3D-3DyJgm_I3w5d9c01gkD8gLzFEofZR-= 2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiuGuY0AS1-2BLxT-2FhODO5D3dzcia= 6RkoU6F8A3ZwR-2B-2FAXupGrQumU2Wasd-2FZmf5qGt0amlOES7IwGfNzi-2B7FfS2X4bFV77P= JRUgrVuI8pe8T5wgVIkra-2FFi-2B520Itex7Y7E18YDQ1qQhSLkxGDE9m6ulMP81rR7alEIl0O= 3wszotquZRCrTZgZFm8GiHNubmIAP5XDp1PGLpoACDTl2n2NByMEMpKLeFbIVal0iVg9cIiYIpT= -2B58IUBIeDEhzESmB7fjpaz6u5dfT-2BoYDdef0tWE2tQmGd2abCerB67n4RhwTNpENgatBhgi= yeElwA-2BT2dF2aFOmIF5n-2F-2FXJ6i4kqBcwKN2z9ownERyZuo-2F3y-2FJv1vyhfNLS5E6c1= dnCYi24ehxgs6HPOwk8SAuJaFfFcEAHuNZGKqTnnVkDIauiXhsHP7ZJgFfqpzIlgU1eLEaDBD3w= 5wfsEjRs79uh5kuU8SzIGP1NoHoq-2FQBgSobROtbvY-2B2riwrHK0V8eZjxCknh5u" 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-2B1TaAurUTbgqJWcsCZ-2FLKjU6G7d3qkzZ-2BZs-2Fg-3D-3D7-Ay_I3w5d= 9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiuGuY0AS1-2B= LxT-2FhODO5D3dzcia6RkoU6F8A3ZwR-2B-2FAXupGrQumU2Wasd-2FZmf5qGt0amlOES7IwGfN= zi-2B7FfS2X4bFV77PJRUgrVuI8pe8T5wgVIkra-2FFi-2B520Itex7Y7E18YDQ1qQhSLkxGDE9= m6ulMP81rR7alEIl0O3wszotquZRCrTZgZFm8GiHNubmIAP5XDp1PGLpoACDTl2n2NBwjNy3tx8= hFPzmplgJKxW29bYUOFuzQU3pHLs22wbsRlUqaLHTkLtHq-2BXYfBLAjDHzIxrlNiR8d-2Fs3v9= 6eNbaUQgWh2RipJu16-2BvoKlaS9AaxF20emI730MZVo0ORPTPs4ywLiu3pAHziwGer5JRWpE2J= 0hA7dGhQWiUc-2Fz6HQFlIlzszzQo88lY9rSJLELafas84XU3FfFA3YiVcGUIsjSXEiqELO-2BA= 1LLepX4Y6wkfGRP1SUpDUNi8ZGRRo6J7B2xgLFhAYJUjRDwaqaBS-2BYkaq96D-2BZ7lH0eqzuy= -2B2fQG" style=3D"color: #1D5080;" test=3D"">Offerings can sell out in hour= s. PitchBook subscribers can get priority access to the portfolio with this= private link.</a><br><br><small><a href=3D"https://url6380.news.pitchbook.= com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXJPUCrG= -2B1TaAurUTbgqJWcgc18WJ6Q3HaByOEU2n1ApA-3D-3DqCGC_I3w5d9c01gkD8gLzFEofZR-2B= h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiuGuY0AS1-2BLxT-2FhODO5D3dzcia6R= koU6F8A3ZwR-2B-2FAXupGrQumU2Wasd-2FZmf5qGt0amlOES7IwGfNzi-2B7FfS2X4bFV77PJR= UgrVuI8pe8T5wgVIkra-2FFi-2B520Itex7Y7E18YDQ1qQhSLkxGDE9m6ulMP81rR7alEIl0O3w= szotquZRCrTZgZFm8GiHNubmIAP5XDp1PGLpoACDTl2n2NBwjNy3tx8hFPzmplgJKxW2-2FsyoE= qO0-2Fe5fmpPEOsCAueHz0viO6nwpsOF70uspeVmAmGtLGQsJnCHqhst5F-2FpPew-2F-2BNOg0= yg2QM-2B2VJ-2BiljxIqQ1WabjuTyap9b4SswgV7cDM6cq1p3vCflpGfwqYuMBi-2BzVIQBz0O6= e584RrkQV7Tn9O7y27eNdEj6eZg-2BYAW0mHEYhpnvcqP5-2FCKqB0-2FFy2tkszVLyphT71-2B= 3i7md2j7PpxZJDrErixBxAy0bGCuEwefNsPLhnYRq8k-2B908V56lDHbWKF9UGl8WyVcKygx" s= tyle=3D"color: #1D5080;" test=3D"">See Important Disclaimers</a></small><br= ><br><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n7= 3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXJPUCrG-2B1TaAurUTbgqJWcZ-2BWhaWkM9= uB3oZr5PedNfA-3D-3DIOAo_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb= cbdWeUgFVa0m8PzsFiuGuY0AS1-2BLxT-2FhODO5D3dzcia6RkoU6F8A3ZwR-2B-2FAXupGrQum= U2Wasd-2FZmf5qGt0amlOES7IwGfNzi-2B7FfS2X4bFV77PJRUgrVuI8pe8T5wgVIkra-2FFi-2= B520Itex7Y7E18YDQ1qQhSLkxGDE9m6ulMP81rR7alEIl0O3wszotquZRCrTZgZFm8GiHNubmIA= P5XDp1PGLpoACDTl2n2NBwjNy3tx8hFPzmplgJKxW28KacZ1l24ywP4x7gIfgERrWsPD6Mp-2FS= Bg2Yh0e6JzCytZq8lV1IldCYDGbUUPzuyjbeT1sZOBmxSef1yX0YX1d6RwIJpttG-2FVwTBYgxZ= lnrS5wzJdPC05hxVovXljBVGZBe57mfVqoI5wL5j-2FOCfi5LrHYFHwlmpDTp-2B0H1XIZkvfOC= GtQ5mz6-2BLV-2BiNKOnessm7WQU7cneUC9UulkQCFC-2FvhaYwq1CaBJpwhm6HE97uT32WIUJr= l0RFHVeOQ4oBdjAhWgFCu1TVygbRDeh54W" style=3D"color: #1D5080;" test=3D""><sm= all>1: "Tim Draper Forbes Profile," Forbes, Last Updated March 10, 2026.</s= mall></a> <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXJPUCrG-2B1TaAurUTbgqJWciuAUkn= MWB8dbzGsLYcaAiw-3D-3DP75L_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1= yZbcbdWeUgFVa0m8PzsFiuGuY0AS1-2BLxT-2FhODO5D3dzcia6RkoU6F8A3ZwR-2B-2FAXupGr= QumU2Wasd-2FZmf5qGt0amlOES7IwGfNzi-2B7FfS2X4bFV77PJRUgrVuI8pe8T5wgVIkra-2FF= i-2B520Itex7Y7E18YDQ1qQhSLkxGDE9m6ulMP81rR7alEIl0O3wszotquZRCrTZgZFm8GiHNub= mIAP5XDp1PGLpoACDTl2n2NBwjNy3tx8hFPzmplgJKxW2-2B23KMtfsJeyHHZCZkrHabFGKLz0J= T19b-2BrfkNfNb5MXij62awAT59tN87xTHTwwGlsKFJSWCmwQfxHmSxeDYgI3BC5knb4dcXGC7N= 1Lw-2BFy9C7DvZ3UTBZk35AIswBpIu-2Fvb3Zo0RFaLidvtTBPiChXrXD8F5HD9ssW6fUhbrSf1= TvptnF04cqWxWr-2FkbzFccP2a9CY2X0Z7XgTMor4LgpYNBa8BW2MzS6sQL6Fn8TjFocAjpPXxi= THjPbRzFaxCbgNhvJ8wujAmLS6LhDsf0C" style=3D"color: #1D5080;" test=3D""><sma= ll>2: "mogul club raises $3.6M toward its effort to make real estate invest= ing more accessible," TechCrunch, Mary Ann Azevedo, November 8, 2023.</smal= l></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-2B1TaAurUTbgqJWcwnk-2BU= QTeT6cA7d7Hvxd02Q-3D-3D4syn_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t= 1yZbcbdWeUgFVa0m8PzsFiuGuY0AS1-2BLxT-2FhODO5D3dzcia6RkoU6F8A3ZwR-2B-2FAXupG= rQumU2Wasd-2FZmf5qGt0amlOES7IwGfNzi-2B7FfS2X4bFV77PJRUgrVuI8pe8T5wgVIkra-2F= Fi-2B520Itex7Y7E18YDQ1qQhSLkxGDE9m6ulMP81rR7alEIl0O3wszotquZRCrTZgZFm8GiHNu= bmIAP5XDp1PGLpoACDTl2n2NBwjNy3tx8hFPzmplgJKxW283i8sq2GRrw7NIbz5irsisErhKfKW= VGQRcO0XuH8vbpayYjOfywP8rU3Y0cmiOsYrThgE-2BjrUa4NkfiJYTvvsqegXCR1PdXnf3CtSR= LQx5jfIaSdOh2dGjdBJxT3ARqplYrk7p6Y12DqxgjcI-2BeQEVddNbeEA181f4Wqtah0058qL7S= p9wFftBJZ7qX1gQqhkmNeL2OHA-2BYXvhSozAzhwET8lLHL5kbSDHh5B9fw8dKBM6CbVWXhaY6i= ijInPQhQxz6eOJLO69L45ac76NT1xp" universal=3D"true"> <img align=3D"center" a= lt=3D"" src=3D"https://img.pitchbook.com/news/74556.jpg" style=3D"border: n= one; 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-2B1TaAurUTbgqJWcozLNdcJzTJMut-2BMis4cnrA-3D-3DYOY3_I3w5d9c01gkD8g= LzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiuGuY0AS1-2BLxT-2FhOD= O5D3dzcia6RkoU6F8A3ZwR-2B-2FAXupGrQumU2Wasd-2FZmf5qGt0amlOES7IwGfNzi-2B7FfS= 2X4bFV77PJRUgrVuI8pe8T5wgVIkra-2FFi-2B520Itex7Y7E18YDQ1qQhSLkxGDE9m6ulMP81r= R7alEIl0O3wszotquZRCrTZgZFm8GiHNubmIAP5XDp1PGLpoACDTl2n2NBwjNy3tx8hFPzmplgJ= KxW29Nr6yKsA-2F5FVzCr6rTfTZSkFHUqjJKj0RrwjE8XY-2FFoDoR8XmBhGBPfqIg8hrq-2Frz= jExhSdWJcK6lLFXT4lW0qIGxPK6kbIhmyz6-2BZ-2FpkmDSQjNcNzq6wcTL0DfEi2JSWelZzTfV= YJypHhizpFWdgl2oVuwAZYH08-2BJIx4qJfl3Nv5Er4ENtmLCrKaklcTfp1u8c4mKh5BfYSBhKe= 9yupgCU6miM-2FKo2LIVUpnKiGbhpMscqGKNoH2jOFHf7r4ljSrQqd9HZMQ-2BzDCYsPi-2FYPB= " 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=94aer= ospace & defense, space tech, robotics, oil & gas, clean energy, co= nstruction, and transportation & logistics=E2=80=94with winners and los= ers, diligence 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-2B1TaAurUTbgqJWc2d-2FZG= qLXiDfvbF4J0arD4w-3D-3DxuK8_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t= 1yZbcbdWeUgFVa0m8PzsFiuGuY0AS1-2BLxT-2FhODO5D3dzcia6RkoU6F8A3ZwR-2B-2FAXupG= rQumU2Wasd-2FZmf5qGt0amlOES7IwGfNzi-2B7FfS2X4bFV77PJRUgrVuI8pe8T5wgVIkra-2F= Fi-2B520Itex7Y7E18YDQ1qQhSLkxGDE9m6ulMP81rR7alEIl0O3wszotquZRCrTZgZFm8GiHNu= bmIAP5XDp1PGLpoACDTl2n2NBwjNy3tx8hFPzmplgJKxW2-2BBuulCRTEz0ObjwFa7bKCWa9Jjg= F4aSsk0skVJrlqvaZA43cy28vOCuWackBLo9CyGyrBqz91RIo4ax71sXV7WGYorInMiJfpnTYki= SK9znWINcF0HiUU-2FZb3-2BpQ-2Bm6yo6oJPDTYangXoHf4BmIk9RlXbCwP3MSz2EsijRSEe5n= oBGyaBJoL1iCHzVcTC33sxsVFgxJ2g5Ef-2FTD0G50zzq9e4NrtnSgyGivUMKnBb-2BsaxB6p3C= 1SpThbw27yqLgJ3F57o1rAhvnPP6fA-2FYdYY-2F" universal=3D"true"> <img align=3D= "center" alt=3D"" src=3D"https://img.pitchbook.com/news/74618.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> <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= ONnvsnswouzWrrz5UQsiyWPChQGPmsdhSJFgcxPnchbHkVDagCnvYuw-3D-3Dx_Zc_I3w5d9c01= gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiuGuY0AS1-2BLxT-= 2FhODO5D3dzcia6RkoU6F8A3ZwR-2B-2FAXupGrQumU2Wasd-2FZmf5qGt0amlOES7IwGfNzi-2= B7FfS2X4bFV77PJRUgrVuI8pe8T5wgVIkra-2FFi-2B520Itex7Y7E18YDQ1qQhSLkxGDE9m6ul= MP81rR7alEIl0O3wszotquZRCrTZgZFm8GiHNubmIAP5XDp1PGLpoACDTl2n2NBwjNy3tx8hFPz= mplgJKxW29-2BJO767XXMaq97VvFv4uYR5-2BGBBLTdCjSUjHFam7jYq7-2B16Sagluq2T2NCOH= YylqsOAHZL-2BlGE-2F983ZZopPkLvYMmPJHtIsRmF2Bs0j7syMlrKY2nzyxKx9-2FH-2Bz63LN= cgllCXsCcyB9NO3dWvO-2BSEFUQyAsPOeAkswqCUOKspgDe1EOEqH88wwW3BDqILJRtuOExEm9B= OS2jhZ5y3xIEzOYSm3AqZnYU47DOg2b6SNbBghipZy2LOHXFEWNFgmvq-2FZOZBttzjrQgfXqpK= -2FrZB1" style=3D"color: #1D5080;" test=3D"" universal=3D"true">our new ana= lyst note</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 b= oth 2024 and 2025. <b>The pullback mirrors broader weakness across China's = venture market,</b> where fundraising, exits, and startup activity have slo= wed amid weaker economic growth and tighter liquidity conditions.<br><br><b= >Yet AI continues to account for a growing share of overall venture investm= ent.</b> More importantly, the capital that remains is becoming increasingl= y concentrated in semiconductors, compute hardware, and enterprise-focused = software rather than consumer-facing AI applications.<br><br><b>The shift r= eflects how China's AI market is evolving under growing technological and g= eopolitical pressure.</b> As restrictions on advanced chip access intensify= and competition with the US deepens, investors are prioritizing the infras= tructure 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-2BaqM7ONnvsnswouzWrrz5UQsiyWPChQGPmsdhSLsWUn9NZ= uzLgffONTyUX7A-3D-3DoQWG_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZ= bcbdWeUgFVa0m8PzsFiuGuY0AS1-2BLxT-2FhODO5D3dzcia6RkoU6F8A3ZwR-2B-2FAXupGrQu= mU2Wasd-2FZmf5qGt0amlOES7IwGfNzi-2B7FfS2X4bFV77PJRUgrVuI8pe8T5wgVIkra-2FFi-= 2B520Itex7Y7E18YDQ1qQhSLkxGDE9m6ulMP81rR7alEIl0O3wszotquZRCrTZgZFm8GiHNubmI= AP5XDp1PGLpoACDTl2n2NBwjNy3tx8hFPzmplgJKxW2-2BlPiwSdpxr2CR3QDgPArWXDLdwD3yg= vWGSqXH7C5Cjg2Z7MCT0h4T2w48GWoU1pWYzVmKN80eJCP4ZAxfwKryJpXhxOdtCdyUjG1OKwq-= 2Bf2B6Xw3HO1rvuPuMNIObkDsN7xxw6Gi85D2jCpk10Kcg0cJa2nxR4RqUin9AknqabE-2Fw8hA= gTA9u1F4nwECDWd-2FmzTFsoDxVcyljO8ktZwsWJTkV1oqqxrU426G2Tg-2FFfHVG8bAGrNMreg= 5kQuayvn30-2BqbCWy8t2pqALsKVSzR-2FH" 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= msdhSLsWUn9NZuzLgffONTyUX7A-3D-3D_RRs_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRF= Cfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiuGuY0AS1-2BLxT-2FhODO5D3dzcia6RkoU6F8A3ZwR-= 2B-2FAXupGrQumU2Wasd-2FZmf5qGt0amlOES7IwGfNzi-2B7FfS2X4bFV77PJRUgrVuI8pe8T5= wgVIkra-2FFi-2B520Itex7Y7E18YDQ1qQhSLkxGDE9m6ulMP81rR7alEIl0O3wszotquZRCrTZ= gZFm8GiHNubmIAP5XDp1PGLpoACDTl2n2NBwjNy3tx8hFPzmplgJKxW28Z68aoEal7vho9IhdCo= j3I9cFhbVOQJlxA51v-2BBENxez-2BPpt0EW-2Fo1lW4OEElwZzJ0RhO4tQoDIwUjcUyZ9hdl7Q= -2FmLf-2BK6RXGuk6ySgh3v5iEwsfe9EZVj7J3l-2B3XKIoL-2BCAALUe-2BTHb3YqhRnIdLvaQ= ImJCl0m9oy-2FX40-2FW-2FGOHcKmLOO-2BfQo4HuceFDiPC9GL23nsfm2KLaIYvB5d9biXRLs0= yp9QNEn-2FJajoQNV966KcNqxtfVeCiRrDJiHlKb3Nv3BKROv3HiwTmoThU3" style=3D"colo= r: #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-2BaqM7ONnvsnswouzWrrz5UQsiyWPChQGPmsdhS2bSbrz50= GMTvO5MuYuwdhw-3D-3DDnhd_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZ= bcbdWeUgFVa0m8PzsFiuGuY0AS1-2BLxT-2FhODO5D3dzcia6RkoU6F8A3ZwR-2B-2FAXupGrQu= mU2Wasd-2FZmf5qGt0amlOES7IwGfNzi-2B7FfS2X4bFV77PJRUgrVuI8pe8T5wgVIkra-2FFi-= 2B520Itex7Y7E18YDQ1qQhSLkxGDE9m6ulMP81rR7alEIl0O3wszotquZRCrTZgZFm8GiHNubmI= AP5XDp1PGLpoACDTl2n2NB5Z-2B-2BAbLsl47Wzyq2XrUYh0qyhzatVi5XtV9YWA8Fwq710y3dw= oZksjKyKaywQliSZYjN0W2e6EEkRGrV6Z8fZ-2Bw8Mz7cL35LIoinLojRdX5wt40rrxniAHi59q= B2sMaJlP96x4zC-2BiNMjJvKmOUhYn4XV3EU1q55afx6hd-2FwLEW9IlRvY96Yk8iPGXX8-2Bzy= HFnajnLZ5yB39CtVvAPwyV8g0C0CkOJkzymvRY1TGfUfJ9SPmZZKGO-2B-2Fkm4oOqowp5XUADi= PjZHOyQP-2BukWQ46AYdKRGGn6kP4QStOSbYYLX" style=3D"color: #1D5080;" test=3D"= " universal=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-2BaqM7ONnvsnswouzWrrz5UQsiyWPChQGPmsdhSfUGY4y-2F= FfGrozsz7b3QcvA-3D-3DQCma_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFiuGuY0AS1-2BLxT-2FhODO5D3dzcia6RkoU6F8A3ZwR-2B-2FAXupGrQ= umU2Wasd-2FZmf5qGt0amlOES7IwGfNzi-2B7FfS2X4bFV77PJRUgrVuI8pe8T5wgVIkra-2FFi= -2B520Itex7Y7E18YDQ1qQhSLkxGDE9m6ulMP81rR7alEIl0O3wszotquZRCrTZgZFm8GiHNubm= IAP5XDp1PGLpoACDTl2n2NB5Z-2B-2BAbLsl47Wzyq2XrUYh3eoEXpb9UXqJynRAusPwnVeDtCP= D1hXWibUHLURfkZ21-2Bhw5oh2z1845HujBta9Z99TCCnLM3eFiO4Z-2BHXBaAlYb78GDGxCWdA= dXxiZZ1-2Fk8WlR9pxeSUlG9kJPN3BRC7JWGTYKKe1GyV01Y41rVb7IhRJ7hfs8xvjS7-2F1COw= lCrNqLtoVKccQlD-2FcwuT7Odqm1tzx1GqRtyOmyW575TDNI3q-2BHh7y7G5NUMz7X0N9wGjXSx= n-2BG6PSt0Wt-2FdsjjM8sZ85wKI6ISEN0MAlWe8SN" universal=3D"true"> <img align= =3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/74534.png" style= =3D"border: none; width: 100%; height: auto;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> 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= WPChQGPmsdhS2bSbrz50GMTvO5MuYuwdhw-3D-3Dgs2X_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwa= rHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiuGuY0AS1-2BLxT-2FhODO5D3dzcia6RkoU6F= 8A3ZwR-2B-2FAXupGrQumU2Wasd-2FZmf5qGt0amlOES7IwGfNzi-2B7FfS2X4bFV77PJRUgrVu= I8pe8T5wgVIkra-2FFi-2B520Itex7Y7E18YDQ1qQhSLkxGDE9m6ulMP81rR7alEIl0O3wszotq= uZRCrTZgZFm8GiHNubmIAP5XDp1PGLpoACDTl2n2NB5Z-2B-2BAbLsl47Wzyq2XrUYh3QldrDzu= m3h-2B-2BU5TmmfkE38I0lurggOcuaNI9Gy188I3vgDhV6UQCYe7OY3ymemfdrTholX7xpjvluR= fTZ8A1U-2Fn57Bd2NZdnbBlnQ5qb6fAjAovFm1DDQQ5WEyRJh3wmIRSEffG6EiAhM873IMz-2F9= TwVY3J0GQjDstFkf7dFKv90CJhr4V6WDHBpd6Oy4DlyZSP3KwuZeZVbDlcA-2Bsq-2BuS-2BIbD= N39BpWf1-2BZrBWKerg-2BsCJwa12oobxxRJImV10dCPoIhwVVCkVirzfHnQ-2Bfd" style=3D= "color: #1D5080;" test=3D"" universal=3D"true"><b>Download the report</b></= a></em></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </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-2BaqM7ONnvsnswouzWrrz5UQsiyWPChQGPmsdhSPte7-2Bo-2BESbIbbyinkji7K= w-3D-3DcwHf_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m= 8PzsFiuGuY0AS1-2BLxT-2FhODO5D3dzcia6RkoU6F8A3ZwR-2B-2FAXupGrQumU2Wasd-2FZmf= 5qGt0amlOES7IwGfNzi-2B7FfS2X4bFV77PJRUgrVuI8pe8T5wgVIkra-2FFi-2B520Itex7Y7E= 18YDQ1qQhSLkxGDE9m6ulMP81rR7alEIl0O3wszotquZRCrTZgZFm8GiHNubmIAP5XDp1PGLpoA= CDTl2n2NB5Z-2B-2BAbLsl47Wzyq2XrUYh3hRqh70GvpPnhQ-2FocyGvit6-2Frs1tKFLZflhkR= 5LOKfxk1L79IaibiZbyKX3Lt0F27vbORWhAoY-2BIhIXNRmoL8b6wjvdQ57gfDolsYJyyi8mXur= jlGa2dvE1xdR62vOeh9nxa-2BKEFmqguMvRbyaZyJGne-2FmFR0-2FKReTNmdZu1X9QCikV3WN-= 2B84uhjsjg6MSpqYwO9nTckB6G6EBVPoAhx-2FpwATEy95IWWtfqg5wSWiYGsyzxr3oQwt4I4W1= vqhXIP5wD-2B1BcZrchsEjhvsV0ZcU">Register here</a></b>. <br><br><b>June 8</b= >: At SuperReturn International in Berlin, Kenny Tang, our senior director = of US Credit Research, will deliver a keynote on trends in private credit m= arkets. <b><a test style=3D"color: #1D5080;" href=3D"https://url6380.news.p= itchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo= uzWrrz5UQsiyWPChQGPmsdhSqHu5Lrac1XEXN1lNRGEE3w-3D-3DSRFb_I3w5d9c01gkD8gLzFE= ofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiuGuY0AS1-2BLxT-2FhODO5D3= dzcia6RkoU6F8A3ZwR-2B-2FAXupGrQumU2Wasd-2FZmf5qGt0amlOES7IwGfNzi-2B7FfS2X4b= FV77PJRUgrVuI8pe8T5wgVIkra-2FFi-2B520Itex7Y7E18YDQ1qQhSLkxGDE9m6ulMP81rR7al= EIl0O3wszotquZRCrTZgZFm8GiHNubmIAP5XDp1PGLpoACDTl2n2NB5Z-2B-2BAbLsl47Wzyq2X= rUYh2QKx49jGMCxB1R9hY4xEJRlOnTg1T1dwNdIvCE1bmpV1yofNrzCk56J8F7-2Fg87FSwe7zO= oNoxisg-2BWGJgrFfQsB70ztYcsCKvsvD3myw8WPGSV6cfnF1kGj0e-2F1ZSJ3krhi3NkaRfrSz= e065Y7VfaFgyhgCUM0uRlr9kaMVCIJsncAjnNlhYj1zBI5X1dayK70Ln5JCSQaAUn6RdJpDwy0K= 4lcEI8LW8iJ4QgoJ7izMq3F4RAtnkfuXoFB8bXb5XYZ9W2tAw7RMD8pgfzbdbdr">Register h= ere</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-2BaqM7ONnvsnswouzWrrz5UQsiyWPChQGPmsdhSMw-2BqHTTK= cOEpTPeEt0lVuA-3D-3DCE9Q_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZ= bcbdWeUgFVa0m8PzsFiuGuY0AS1-2BLxT-2FhODO5D3dzcia6RkoU6F8A3ZwR-2B-2FAXupGrQu= mU2Wasd-2FZmf5qGt0amlOES7IwGfNzi-2B7FfS2X4bFV77PJRUgrVuI8pe8T5wgVIkra-2FFi-= 2B520Itex7Y7E18YDQ1qQhSLkxGDE9m6ulMP81rR7alEIl0O3wszotquZRCrTZgZFm8GiHNubmI= AP5XDp1PGLpoACDTl2n2NB5Z-2B-2BAbLsl47Wzyq2XrUYh0ApepubDMgmCsb7Y3AheHmLfW3Nt= ee1aOKQeL7VQ7edxFUWED446v-2BtWCS-2BpoFaRe2Td5h85VKeRDjEzC-2FpnvYVu8vLbWIE3m= 3WF1XMMrEIeRPMJJhqmmJ5Vi7TPWn2bRR947sMxfp66-2B5-2F3-2Bt9imwPmZArdk0RnhKQm3V= wx3T5zjGU9EFY0VPo1zcLcNDMoRrVVa3RhfhKFF6d-2B0Alge-2FMQl7cdGFXdEF3WfmdXQPj2f= WMR2VAies-2BWcV9YESw-2FNnRIsfO9LBtO5HcozfIgY8" style=3D"color: #1D5080;" te= st=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-2BaqM7ONnvsnswouzWrrz5UQsiyWPChQGPmsdhSUlQBUO= n5Tosv29kzh0v1Bw-3D-3DxTnF_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1= yZbcbdWeUgFVa0m8PzsFiuGuY0AS1-2BLxT-2FhODO5D3dzcia6RkoU6F8A3ZwR-2B-2FAXupGr= QumU2Wasd-2FZmf5qGt0amlOES7IwGfNzi-2B7FfS2X4bFV77PJRUgrVuI8pe8T5wgVIkra-2FF= i-2B520Itex7Y7E18YDQ1qQhSLkxGDE9m6ulMP81rR7alEIl0O3wszotquZRCrTZgZFm8GiHNub= mIAP5XDp1PGLpoACDTl2n2NB5Z-2B-2BAbLsl47Wzyq2XrUYh0g6VN1KjIlJqyRqI5L6DUZ1Wfv= cOhGo9he3sLJx0415y-2BSl6RyjJX48ddWGBKyrn8bxPE3L604HrCsy1xRracnwtF-2FREH0s79= Wry8zJitBARdDpLCpfvYQqX-2B3GY5d1AKvvOV06p5aZEyaxdf7WsC2h-2BRrl3yZyezE8VlZEw= 66swGQn8ozTg24CmR-2BWV8SIEgs7IBrF7oe3Lo6xTW7xFNZEQ9b1Ts1mZCNuaNtxro0-2FCyA6= mNudot-2F8gyfz76IxYODWf08IIHSkWguzx0v0kw3" style=3D"color: #1D5080;" test= =3D"">The 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= UQsiyWPChQGPmsdhS8dSeFB2nQHrh2AVQ0Kcsnw-3D-3Dyzgh_I3w5d9c01gkD8gLzFEofZR-2B= h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiuGuY0AS1-2BLxT-2FhODO5D3dzcia6R= koU6F8A3ZwR-2B-2FAXupGrQumU2Wasd-2FZmf5qGt0amlOES7IwGfNzi-2B7FfS2X4bFV77PJR= UgrVuI8pe8T5wgVIkra-2FFi-2B520Itex7Y7E18YDQ1qQhSLkxGDE9m6ulMP81rR7alEIl0O3w= szotquZRCrTZgZFm8GiHNubmIAP5XDp1PGLpoACDTl2n2NB5Z-2B-2BAbLsl47Wzyq2XrUYh3-2= B7C0ofADCRXKHlHSqqWTfsjPyN-2BH7AIi1XRkwk8otNFzTCUQFwVR5DhoBIu47T5kO7YkRptQ3= 8bbFpAFmpQlaAId4kAFQwuKA6GaP2Qtq3iRzdCIt29e3Gtjv4UuM51ZiNnKFKQMJmWlFvlwpeQl= LV6obUaOqZ2v-2Byvw8E9KbFMgAXYRn6a5mssAl3mytP4haal6BT9YhODheebzlTmtxrOeGbTJ9= TmTCjfT5d-2B-2F0f9Bn1now-2FdtKHxe6193bkEg97O17nAMciNSjb3Jz55x0" style=3D"co= lor: #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-= 2BaqM7ONnvsnswouzWrrz5UQsiyWPChQGPmsdhSovqioKV1-2FHGUFGhAVLX-2BNQ-3D-3D0L2j= _I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiuGuY0= 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AS1-2BLxT-2FhODO5D3dzcia6RkoU6F8A3ZwR-2B-2FAXupGrQumU2Wasd-2FZmf5qGt0amlOES= 7IwGfNzi-2B7FfS2X4bFV77PJRUgrVuI8pe8T5wgVIkra-2FFi-2B520Itex7Y7E18YDQ1qQhSL= kxGDE9m6ulMP81rR7alEIl0O3wszotquZRCrTZgZFm8GiHNubmIAP5XDp1PGLpoACDTl2n2NB5Z= -2B-2BAbLsl47Wzyq2XrUYh0ReZ9eeSVvkL0zKuaoVf8OYVueSkkanfHuiffzXCSsJvMfWEXEBd= cHRhr0c-2BOtf1tY-2Fp8olkhe-2FUGeeg6TGSBHLvq3Ks1YROGpRssQfq6Uk8n2-2FwlqUSyug= Nyl-2FWlK7i8sqp46UJqzFSl5YgDDWWpqBvA1C-2B1sD2QY83ltLAbb8-2FgR56Bf26dDnAuxHc= jgJ1hJ5R6-2BT7PMWZHBRRVUHtfGOje-2FuRNLlUGlKQxyEPELOiBmzVDL0Da1xopdk53QS5Xsg= n5SLOxE5lAUfJHtR6Cn" style=3D"color: #1D5080;" test=3D"" universal=3D"true"= >Global Fund Performance 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-= 2BaqM7ONnvsnswouzWllUe8x2-2BjI4C6tRH5LDJ3h4C9QF7fL0k2ZX-2FTwvuc1w-3D-3DiTH8= _I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiuGuY0= AS1-2BLxT-2FhODO5D3dzcia6RkoU6F8A3ZwR-2B-2FAXupGrQumU2Wasd-2FZmf5qGt0amlOES= 7IwGfNzi-2B7FfS2X4bFV77PJRUgrVuI8pe8T5wgVIkra-2FFi-2B520Itex7Y7E18YDQ1qQhSL= kxGDE9m6ulMP81rR7alEIl0O3wszotquZRCrTZgZFm8GiHNubmIAP5XDp1PGLpoACDTl2n2NB8u= cf0eynoCN5pFs3jQZ7PKoIWAEjBkSgjiOlyq8804TL38Per-2BlQjpWBZlC2mzaKOStzd3ARNWi= MpEdU0As4LwF9m6LI0-2Ba2BGF4Fy9aikWC84IGu9UKitNPdvULhW5aDDeEvfnVYpYBUvq2w0EQ= nwL6YJE6rX8IV61c8-2BtlYcqtd-2BZCKaf4fR4mhGr6cpS4hBI7S5dZ2-2FdSDfFNwH-2FCOhK= dYQU5pnxLVa2yMtb1G9xOX-2B6JCbHxqsQ9jmrZTrlmt2RUUGpgukjPsnUXVb9jNACiWqsD6ibY= 39U609JTehg" 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-= 2BaqM7ONnvsnswouzWllUe8x2-2BjI4C6tRH5LDJ3m9Uv47OHTVVpqpG0uC7qDA-3D-3DeyQS_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiuGuY0AS= 1-2BLxT-2FhODO5D3dzcia6RkoU6F8A3ZwR-2B-2FAXupGrQumU2Wasd-2FZmf5qGt0amlOES7I= wGfNzi-2B7FfS2X4bFV77PJRUgrVuI8pe8T5wgVIkra-2FFi-2B520Itex7Y7E18YDQ1qQhSLkx= GDE9m6ulMP81rR7alEIl0O3wszotquZRCrTZgZFm8GiHNubmIAP5XDp1PGLpoACDTl2n2NB8ucf= 0eynoCN5pFs3jQZ7PI2tZeYm7SaAFtsFA4Lh8J3cyMORtPiocOI7IRz57HlVDb5H6aL2Wditk48= SgL4Q5sfCaZ-2Bo27AP2T0rwxomQ-2BIbZ6-2BCh6Kxrfb02-2BB37LadneNqiLPwN80nAm8cQg= 2dbVl5A-2B15Y-2B3uqAMSMg-2FzBOgqVFIpbOn7OY5-2Fp7iwYcIuu4I05M-2FiAM2QH5HvF7-= 2F4ItDnGpWSkTFxNR6igY0dJ7qCjP0cMNRYIUuh7v11xWQcEJoJ-2F3s-2BrlKJlmAp2c354Xu8= 5BHQdvzVjTeo1Ucf66l" style=3D"color: #1D5080;" test=3D"" universal=3D"true"= >Nasdaq Private Market Sues Hiive Over Venture Secondaries Patent</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-= 2BaqM7ONnvsnswouzWllUe8x2-2BjI4C6tRH5LDJ3-2BXQAB7I9XaV-2Bg37RIyFYjQ-3D-3DHW= p4_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiuGu= Y0AS1-2BLxT-2FhODO5D3dzcia6RkoU6F8A3ZwR-2B-2FAXupGrQumU2Wasd-2FZmf5qGt0amlO= ES7IwGfNzi-2B7FfS2X4bFV77PJRUgrVuI8pe8T5wgVIkra-2FFi-2B520Itex7Y7E18YDQ1qQh= SLkxGDE9m6ulMP81rR7alEIl0O3wszotquZRCrTZgZFm8GiHNubmIAP5XDp1PGLpoACDTl2n2NB= 8ucf0eynoCN5pFs3jQZ7PKb-2BvZmIlYisuXhg4fSQFvNNHz3IhQifwFrJviIdZCxTXgfWO1E3m= ZF9ic6ybi9C8D41gAcw8jdsyeaoL931xv5b-2FaFo-2F9ym9cclf6hFQ0sVIU7uuLrEz8JZQSfI= 3BSOiHhmq7TpjHyCo1Tz98O2N07491Ork4n7WXexK-2FJZn0ybTeLnLtXtXfqehPzwv9a4KsI9n= X-2BsAanhnNSgNC3PDe7-2FkOGVp7-2F63QK9QWB-2FKxggImIjACMzWteJ1EQeyZXlbD-2FhfZ= Hav3Z4oyAbwKigmN6" style=3D"color: #1D5080;" test=3D"" universal=3D"true">S= ystem Reboot: A quantitative perspective on US PE</a></b><br><br><b>Industr= y & 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-= 2BaqM7ONnvsnswouzWllUe8x2-2BjI4C6tRH5LDJ3iBEfGWQLD5vKO1qWeV1RQw-3D-3DX3jw_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiuGuY0AS= 1-2BLxT-2FhODO5D3dzcia6RkoU6F8A3ZwR-2B-2FAXupGrQumU2Wasd-2FZmf5qGt0amlOES7I= wGfNzi-2B7FfS2X4bFV77PJRUgrVuI8pe8T5wgVIkra-2FFi-2B520Itex7Y7E18YDQ1qQhSLkx= GDE9m6ulMP81rR7alEIl0O3wszotquZRCrTZgZFm8GiHNubmIAP5XDp1PGLpoACDTl2n2NB8ucf= 0eynoCN5pFs3jQZ7PKHxqKmxARhNWkexTy0EQSNCj-2FKt43USog2cCn5VKWRePXqSmjBT3gBNB= qr6IVBo-2BJO2jBHvTehDPhA4Zp5aReSX2lri5Juwy3ms9-2Fonmbv7nstDwCFBAgnyniJcBWyg= xsok1zdlRoQjXBudSdcQ-2F3YaqAluH8nHN93t8cMXq7gEh1at9Me2IE1YN4m5VEKSMQ-2FVm3Y= 5hC5yTwQvDG-2FB4b9S4NsXyPu1Lh6-2BxygQgU7-2FIX-2F5O7YW9LnD6AZmxieaZsXyEi51OP= k-2Ba0CX2F2uVs7" 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-= 2BaqM7ONnvsnswouzWllUe8x2-2BjI4C6tRH5LDJ3IeANFVUUZ-2BufxfjadmHalw-3D-3DRDJZ= _I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiuGuY0= AS1-2BLxT-2FhODO5D3dzcia6RkoU6F8A3ZwR-2B-2FAXupGrQumU2Wasd-2FZmf5qGt0amlOES= 7IwGfNzi-2B7FfS2X4bFV77PJRUgrVuI8pe8T5wgVIkra-2FFi-2B520Itex7Y7E18YDQ1qQhSL= kxGDE9m6ulMP81rR7alEIl0O3wszotquZRCrTZgZFm8GiHNubmIAP5XDp1PGLpoACDTl2n2NB8u= cf0eynoCN5pFs3jQZ7PLt4UAzMbzZ6uVrlTHcsV-2BuI-2FIDPaIh441r3SCa8UAUiKLDDi1do9= PzZH9O3PdXaTmqkYQTazPvlAItt2y4Pp7SFGQ2a4SGPc2-2BbmfxgdcGHEpChtsS0-2FbB4P-2F= L5lb2dzkMWFrvzrlipTiXjA-2FI0J8n1ttnZDzvCdf-2FB1pSR3eUh6i4a6uHNEbG-2FpDCKBKI= SeliqWOIkS6uqzwqticFd6wGbAaf9Sg5zo03t-2FxuF-2FabH3r7Kza8R5FFeMvz98uDTY3Ety-= 2FQGzOLpD4uGK6MtOH-2B" style=3D"color: #1D5080;" test=3D"" universal=3D"tru= e">Q1 2026 Logistics Report</a></b><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzWllUe8x2-2BjI4C6tRH5LDJ3P6F-2Fu-2B6ISSNkXBec-2FUvLCw-3D-3D= w8mK_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiu= GuY0AS1-2BLxT-2FhODO5D3dzcia6RkoU6F8A3ZwR-2B-2FAXupGrQumU2Wasd-2FZmf5qGt0am= lOES7IwGfNzi-2B7FfS2X4bFV77PJRUgrVuI8pe8T5wgVIkra-2FFi-2B520Itex7Y7E18YDQ1q= QhSLkxGDE9m6ulMP81rR7alEIl0O3wszotquZRCrTZgZFm8GiHNubmIAP5XDp1PGLpoACDTl2n2= NB8ucf0eynoCN5pFs3jQZ7PJFQ2hOxX9-2F523Z89XWO2I1VSSeQpkES19KxjygvN-2FQaSiAH1= B0autmd2dauvn8xfnO-2F8Xw4RaO-2BDofSjbP8CuwdVxLTcJMsMfQqWjd5OmuPUkRrzHWDsIEU= CRwMAHYUfz2LTFF-2BHVK7CBaze-2Fw26FhUO9QyVBCCzKCmwVRZeesninzqou87yMpRYvVWGjv= mfHfSYEKIFGddhSiOjztxHjwJvmSxMMVV4De44qB2PQHW5FGATk6279xjGjep8qFLv6s46g2cR2= BfuHS0AsYa6W3" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Clima= te 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-= 2BaqM7ONnvsnswouzWllUe8x2-2BjI4C6tRH5LDJ3dqpkTixuW-2FO9B7zawUyfiQ-3D-3DnH3s= _I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiuGuY0= AS1-2BLxT-2FhODO5D3dzcia6RkoU6F8A3ZwR-2B-2FAXupGrQumU2Wasd-2FZmf5qGt0amlOES= 7IwGfNzi-2B7FfS2X4bFV77PJRUgrVuI8pe8T5wgVIkra-2FFi-2B520Itex7Y7E18YDQ1qQhSL= kxGDE9m6ulMP81rR7alEIl0O3wszotquZRCrTZgZFm8GiHNubmIAP5XDp1PGLpoACDTl2n2NB8u= cf0eynoCN5pFs3jQZ7PKq2xdlaz1Gbo4N5ei2EOtrn18veYBGdfOeWCvhbvThudDSFaIkk-2B-2= FAcCizL0dcTRoUZfmCHy-2FKiwpdKbg2L-2Bza-2BT-2B-2Bj7Oh5MvfMlIZ-2FBnTPAQ3bHrjF= Gy51gZTASYib0enlq4Q6X5ySbXHnlzgOwkchlt4bl56UCs1kwUH4ehewb7FUL-2FScw663jQqQQ= 3pPup-2BfuJu4rFBUgg8DJ3SbwfN27hGl64EbbOMomVU7GTgCJ7RG6ZNrXN2Nu5fsKJaRktuS6A= 2QAWDaQgFj6vws0Hf" style=3D"color: #1D5080;" test=3D"" universal=3D"true">U= S Credit Markets Weekly Wrap</a></b><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzWllUe8x2-2BjI4C6tRH5LDJ3PuciiOl2YARLH2XhM5FKhA-3D-3DAnQJ_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiuGuY0AS= 1-2BLxT-2FhODO5D3dzcia6RkoU6F8A3ZwR-2B-2FAXupGrQumU2Wasd-2FZmf5qGt0amlOES7I= wGfNzi-2B7FfS2X4bFV77PJRUgrVuI8pe8T5wgVIkra-2FFi-2B520Itex7Y7E18YDQ1qQhSLkx= GDE9m6ulMP81rR7alEIl0O3wszotquZRCrTZgZFm8GiHNubmIAP5XDp1PGLpoACDTl2n2NB8ucf= 0eynoCN5pFs3jQZ7PKAxv21G-2FbPlFHc0-2FtLw5Yz2NuyO-2F766xIgIrunVa-2F4FhOJa8JH= 4elMCiw2TbFcGIIENKiBPKX5oJ4QLUyyfO-2BIwMWDItls5vBDbebjzS9IN-2BgzsUQxkB1hLYb= jLJeQWAifbRthrSc46FTCRWEfHVEmjgzbV65whGdbsUNjSXAc2HIve04hIDtzghUEKxN06iqE85= WGQJGyc2zs5J9OlVKhWWV1lIU2AMFRrCc8xyZylGeWRCFPJVmwnXyWa-2FlFKUFpGC5VuHTdf9A= OHG4V-2BK-2BD" style=3D"color: #1D5080;" test=3D"" universal=3D"true">US Hi= gh-Yield Bond Weekly Wrap</a></b><br> =E2=80=83=E2=80=A2 <b><a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzWllUe8x2-2BjI4C6tRH5LDJ37X8GfJDrPsIU99xFl168Wg-3D-3DrfR4_I= 3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiuGuY0AS= 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Breakdown</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><br> Thanks for reading! 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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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