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.