QUANTA SERVICES, INC.

**Signal Note: Driehaus Capital / Quanta Services (PWR)** This $42.7M initiating position in Quanta Services—an infrastructure/engineering services firm—signals no direct biotech exposure, suggesting Driehaus may be diversifying away from pure drug development into utility-scale capital projects (potentially grid modernization or data center infrastructure). This represents a tactical shift rather than a biotech catalyst and warrants clarification on whether this reflects portfolio rebalancing or a conviction bet on energy infrastructure supporting biotech manufacturing/operations.

**Signal Note: Eventide/PWR Initiation** Eventide's $37.6M entry into Quanta Services (a power infrastructure/renewable energy contractor) appears misaligned with typical biotech thesis—PWR operates in grid modernization and energy transition, not therapeutics. This suggests either a portfolio diversification move into values-aligned infrastructure plays or a data error in the filing; clarification needed on strategic rationale given Eventide's biotech-focused mandate.