Porch Group, Inc.

**Signal Note:** Driehaus Capital's $22.5M entry into Porch Group (PRCH) is notable given the firm's biotech focus, though PRCH is a home services SaaS platform, not a biotech company—suggesting either a portfolio diversification move or potential M&A/restructuring thesis. The position size (~2.5M shares) represents a meaningful conviction bet but lacks immediate biotech catalysts; investors should clarify the investment rationale given the sector mismatch with Driehaus's stated allocation strategy.