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<td style=3D"text-align: center; font-family: Roboto Serif, Ge=
orgia, serif; font-size: 44px; font-weight: 500"><span>The Daily Pitch</spa=
n></td>
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<td style=3D"text-align: center; font-family: Roboto, Arial, s=
ans-serif; font-size: 24px; font-weight: 300; padding-top: 9px;"><span>PE, =
VC and M&A</span></td>
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<tr>
<td style=3D"text-align: center; font-family: Roboto, Arial, s=
ans-serif; font-size: 14px; padding-top: 11px;"><span>Your edge on global p=
rivate capital markets</span></td>
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<td height=3D"38" style=3D"padding: 0; line-height: 38px;">&nb=
sp;</td>
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<td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_575075" id=3D"n_575075" style=3D"font-size: 0; text-decoration: non=
e;"></a>=20
<table lang=3D"x-news-group-title" cellpadding=3D=
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tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s=
erif;
font-weight=
: 500; font-size: 20px; line-height: 26px;"> Inside Sunflower's AI-fueled q=
uest to become the Duolingo of sobriety </span></td>
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<td align=3D"center" style=3D"text-align: cen=
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t; font-size: 10px; line-height: 27px; padding-bottom: 8px; color: #78766F;=
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tchBook News)</td>
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0%">
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<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"><i>By =
Jacob Robbins, Technology Reporter</i><br><br>
Founder Koby Conrad remembers the moment in =
2024 when he had to sell everything to help one of his startup's first cust=
omers.<br><br>
Patty=E2=80=94an alcoholic for more than 30 =
years and one of Sunflower's first 200 users=E2=80=94was relying on the com=
pany's AI sponsor to stay sober. Conrad packed his life into a backpack and=
moved to Buenos Aires, where "the cost of living was like nothing," in hop=
es he could keep the app's key feature online. (Patty's name has been chang=
ed to protect her privacy.)<br><br>
Sunflower, a fast-growing addiction-recovery=
startup built around an AI-powered cartoon bee named Sam, is testing wheth=
er AI can meaningfully support people trying to get sober.<br><br>
One year later, Sunflower has grown from 200=
users to over 100,000 monthly active subscribers. The company has grown it=
s annualised run rate from $0 to $1 million in just 10 months and Conrad sa=
id it recently raised over $6 million at a $60 million valuation from inves=
tors including Y Combinator and Flybridge.<br><br>
Sunflower's AI sponsor provides support to h=
elp people stay sober, with additional tools that let users track their sob=
riety, connect with others and complete CBT-based reading assignments. Conr=
ad, who is himself in recovery, says he initially doubted the concept but n=
ow sees it as "the greatest application of consumer AI."<br><br>
Sunflower's potential market includes an est=
imated 464 million people globally struggling with alcohol and substance-ab=
use disorders. But the field is fraught. Virtual therapy startup Cerebral f=
aced legal action over its drug-prescription practices and user-data handli=
ng. AI platforms, including OpenAI and Character.AI, have been named in law=
suits alleging their chatbots exacerbated mental-health crises.<br><br>
That landscape is not lost on investors. Jes=
se Middleton, a GP at Flybridge who led the firm's investment, said few VCs=
understand the need for something like Sunflower.<br><br>
"If you have not lived the [12] steps or liv=
ed the sobriety journey, it does not make sense," he said.<br><br>
Middleton and Conrad are both in recovery an=
d do not see Sam as a replacement for a human sponsor, but rather as an acc=
essible entry point into a stigmatized market.<br><br>
Sunflower's AI is built on Anthropic's Claud=
e model and is fine-tuned with physician and psychiatrist oversight; chats =
are anonymized and continuously reviewed, according to Conrad. Still, he kn=
ows the risks remain significant.<br><br>
"I know one day, I will be in court defendin=
g my choices."</td>
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<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 KEY Investment Partners</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_574968" id=3D"n_574968" 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;"> How fundamentals are shaping t=
he future of cannabis investing </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-2BaqM7ONnvsnswouzVCEsgz9QHP51ivHD2ZTdUxyVAXqI-2Blk90v4=
QcQshdVcw-3D-3Dcc_F_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW=
eUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZo=
Hvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900M=
rgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU=
4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxXGF2ijBSAHpQCawkto9tk6RSA6Mnk3N-2FSKfuQzBHi=
Tf8r-2F7C0uXePcjmZ-2FTdHBJedVhWOuTRjN3-2BKJw3h1LFLmZQuefrQSTdz8fCx4Fx1ZlHeS=
q9BX-2FMc6azzc9SyHLYc-2BfI9wrs4kzAVZ2hxM7osgZE0l8DmX9F7OaXB40ePHP-2Fpw9N9nU=
6Gr-2B7GNUvszgT7m62P0q68Eon-2BGR6ALTS8m3CT-2FU3RPRPKQ2VRExMOnJNiobiJlVS2rH4=
nrJstNWkM-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.=
com/news/71383.jpg" style=3D"border: none; max-width: 420px;"> </a></td>
</tr>
<tr>
<td style=3D"height: 20px; line-height: 20px"=
> </td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>The U.S. cannabis industry is a study=
in contrasts. Mature Western markets have navigated a classic down-cycle m=
arked by price compression, inventory imbalances, and uneven enforcement, w=
hile newer adult-use states continue to deliver strong first-year ramps and=
rising per-store productivity. This divergence has accelerated a necessary=
reset in operating models. The operators gaining share are tightening pric=
ing, simplifying portfolios, and prioritizing cash conversion and return on=
invested capital over vanity growth metrics. Meanwhile, federal momentum i=
s reshaping the broader THC landscape. The emerging hemp-derived THC ban re=
moves a structurally advantaged competitor and signals that Washington is m=
oving toward a unified, =E2=80=9Cone-plant=E2=80=9D regulatory framework as=
rescheduling advances. KEY=E2=80=99s latest white paper highlights where f=
undamentals, governance, and disciplined capital allocation are creating re=
al value across the next wave of cannabis investing.<br><br><a href=3D"http=
s://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G=
Fa-2BaqM7ONnvsnswouzVCEsgz9QHP51ivHD2ZTdUxyVAXqI-2Blk90v4QcQshdVcw-3D-3DvSE=
5_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLEaAr=
Uys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHaq0E-=
2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZdeAw=
IvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wvrf3j=
tWM6pM0LPvVCxxXwW3cdCyxmthNxR34mXNtv5NWm-2F6KvQ0SZ5NN5B-2BsD5d6aQiEJ6pqCTZT=
8N3LEU0KW32xtO5pgHD39FR1trwPrbXOOSboeqeZTbSGVlfjLT32o98E-2FlggLhp-2FKLYM61d=
kUs4rL8uiBjf7dB7D6zQb4ZsAtZy9UNrYrLROTANYXf0XnxzzwGUvUedK5sUHr9fQfVLHmV-2BC=
QzDkjnOfA6-2FYuE2XEAeq7XhI0tMs1q4QEI-2Fj1rQCYxq1BY3zfSYTqa6c-3D" style=3D"c=
olor: #1D5080;" test=3D"">Click to download today</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>Catch Up Quick</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">=E2=80=
=A2 <b>A wave of AI-centric browsers from companies like OpenAI</b> and Per=
plexity is rewriting the internet economy. <a href=3D"https://url6380.news.=
pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv=
snswouzWaCddtr-2BV1wJ1UyEIEcv2Z2l1IWIoSDstXItOtMzoL6g-3D-3Dm_QL_I3w5d9c01gk=
D8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKDUR=
BRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb=
9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5Gg=
PHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvVCx=
xUQl6xBQQlvtbjgBF0-2FKIvEy4oLKmIioD6w6yXC9tVb2iRCxM5Dshl-2FnzxrMbtdkpGDNw6O=
dqZDcR5HqTjdRjGurcZXN-2FRvt3al45qoZwIxicgiVqq0XcSnQ8yL-2BPEpep8nP9EfyfgPoYW=
NHzORA0Cpv7qCJH4tgR-2BqH5evsWD5znUzxyqXiZIsa7MmFjOMrUk-2F49QdDBcucw3PjdDcr9=
d5QkQKIvZviSRDc3DQdmumGbA500-2BYvXwx2TBZAYXVBWk-3D" style=3D"color: #1D5080=
;" test=3D"" universal=3D"true"><b>Find out more</b></a><br><br>
=E2=80=A2 <b>AI is at the forefront of medte=
ch's next growth wave</b>=E2=80=94from smart implants to surgical navigatio=
n systems. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWaCddtr-2BV1wJ1UyEIEcv2=
ZKiB2GaMlESY6I4cFt4Ob4w-3D-3D_jRb_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz=
y-2F3t1yZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7b=
Z4m3PPySuxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKn=
rgqIdjiiur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7g=
EhGa6JP3xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxX2xlQQ7WwZYMmzfQJ6XA3zgGIPuyj=
KGINHNu3Q5xUkqZmIOJZ-2BHtemTtDWWyz5vw1IH2i997SkXMscKSeQ4omlTpSjMhL7vNbFqYhr=
hcSKBMzJdQyQeC-2FIRy5FD7G67YFw5RE-2FamxSvQzQmwHPY8Z0k4VHxWkv95XlOF9D7dGw-2B=
jlERMlkgAYNbHflZ8bGHRBH3RiyGAECmoLfR-2B70Uoum-2FvT9eWOWsxeJIj3KoSq2GKlV-2BP=
Mlh2aRnYkNIBJVJSI-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true=
"><b>Read the report</b></a><br><br>
=E2=80=A2 <b>The PitchBook-NVCA Venture Moni=
tor</b> now includes league tables for the industry's most active investors=
. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n=
73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVCEsgz9QHP51ivHD2ZTdUx2178xy8yqW6v=
N3F5FgFhXQ-3D-3D7maQ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbd=
WeUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZ=
oHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900=
MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxr=
U4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxXiYbE7w78U-2Bvzn1I3xiJrELpyF-2BKpoo1nzIcjV=
iKiIaFdpT4hvGsTwcrKsv8LJiWa3VlE0FEU9oPMby4uAWK-2FANtNvjPwAaNCw5d7X63CUCXLv6=
HlNYor-2B4DpQ1x2NYe-2FdPXVJDiLqaym1IMhYQmuJxu8ttL9h-2BJQnIMlILsdoIFhMQOQ06X=
OuRan8HyBWnwnHoFqyRVKWI7TNpsiukyrPfY3X48m4qdxGwBWPsJ5nrHB9DybW0H4IfDzJuQ8aM=
RY-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>See the ra=
nkings</b></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_575104" id=3D"n_575104" 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;"> Cleantech remains a European V=
C mainstay=E2=80=94but priorities are changing </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"><i>By =
Leah Hodgson, Senior VC Reporter</i><br><br>
Even as funding pulls back in cleantech inve=
stment, the sector remains the third most active in Europe for VC deal coun=
t this year as the focus shifts from EVs to infrastructure and energy secur=
ity.<br><br>
According to PitchBook data, =E2=82=AC7.6 bi=
llion (about $8.8 billion) has been invested in the continent=E2=80=99s cle=
antech startups, putting it on track to fall more than 25% below last year=
=E2=80=99s annual figure. It has dropped to sixth place for verticals by VC=
deal value, but the vertical has remained steady in its position for deal =
count.<br><br>
Deal count has, so far this year, reached 95=
5, surpassing other verticals including fintech, healthtech and life scienc=
es.</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-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-2BaqM7ONnvsnswouzWaCddtr-2BV1wJ1UyEIEcv2ZAEdvnI1=
iDs1uNlDdQ4nJiA-3D-3DXWJj_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPyS=
uxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjii=
ur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3=
xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxWuHGWHhm3TknFkCTcwBrV3H34prMzqfshf-2B=
rzzwtcqXg3Ir9UNVHOZK63lk56-2BYiICUpYqZFV9TDbvUG6MRhbi4Rxs-2Ba5KtqSUAanZZZiL=
-2Fv-2FLnQwYtowk33abecfKmrZ1Shb-2F3ouHlt-2Bvi1JTSlKXgR3BM9lrweu8vht74tIoFB0=
pfSTMrvcNo2syzA7vQxa7Y4pAfnu-2F-2FyJwfN1mQSSsVQsgi6r6Wk2f-2Bes1AESiCN7xUQXy=
zPzi9UbNu8z-2FBPA-3D" universal=3D"true"> <img align=3D"center" alt=3D"" sr=
c=3D"https://img.pitchbook.com/news/71621.png" style=3D"border: none; max-w=
idth: 420px;"> </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">VC cle=
antech investment was hit hard by the 2022 downturn due to its nature, whic=
h tends to involve long development cycles, high capital requirements, and =
slower paths to commercialization compared to traditional VC sectors, such =
as software.<br><br>
The collapse of Swedish battery maker Northv=
olt last year, along with political shifts toward defense and reduced gover=
nment spending on clean energy projects, has reinforced investor caution an=
d reduced support for startups.<br><br>
Appetite for cleantech has, however, improve=
d slightly; although funding levels remain below historical norms, Q3 exper=
ienced an uptick in both deal value and count compared to the previous quar=
ter.<br><br>
Cleantech investors have shifted their focus=
over the past few years. At the peak of cleantech investment, most capital=
went to batteries and EVs=E2=80=94this has since dropped off.<br><br>
Investors are now prioritizing startups that=
aim to reduce energy bills, a growing need amid a cost-of-living crisis, s=
uch as energy subscription service providers Elvy Energy and Sunsave, which=
raised =E2=82=AC154 million and =E2=82=AC153 million, respectively, this y=
ear.<br><br>
Nuclear fusion is also attracting more inves=
tment due to technological advances. Germany=E2=80=99s Proxima Fusion raise=
d a =E2=82=AC130 million Series A in June, while Munich-based peer Marvel F=
usion secured a =E2=82=AC113 million Series B in April.<br><br>
Cleantech startups are also capitalizing on =
the surge in defense spending by focusing on energy security. Earlier this =
week, Estonia=E2=80=99s PowerUp raised a =E2=82=AC10 million Series A to ex=
pand its hydrogen-powered electric generators for the defense sector.</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%;">
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<tr>
<td valign=3D"top">
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-btn">
<tbody>
<tr>
<td align=3D"center" style=3D"height: 36px; b=
order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http=
s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
rf6GFa-2BaqM7ONnvsnswouzWaCddtr-2BV1wJ1UyEIEcv2ZAEdvnI1iDs1uNlDdQ4nJiA-3D-3=
D1SHg_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFL=
EaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHa=
q0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZ=
deAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wv=
rf3jtWM6pM0LPvVCxxW5w5wySlTn94LeHPw9p-2BXs8QLPSnb7bTlA08RsOHA9KMZhKDDun-2BY=
rzBqIFX7HXJWhqXm8GPDw7X8WgJNEUWImtJ-2BK767JNQzUn16J63QukD73S6BYdhyVGMvh4KUr=
oqd4poH2o9TJVvVuk6-2B4Ht6PgHgBhA0BHUO4w4nUWjlVlh4Xajn976IWEGX71D5pFY24AcBBu=
aEb9aYA15YOK1WbMFOL2o8f4WGb9p-2BgTLFc21-2BEIYbyqK5HRTqGk6MqqJQ-3D" style=3D=
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<td style=3D"height: 25px; line-height: 25px;=
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</table></td>
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</tbody>
</table></td>
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</tbody>
</table></td>
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<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
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<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
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<table class=3D"" cellpadding=3D"0" cellspaci=
ng=3D"0" style=3D"width: 100%; min-width: 100%;
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border-bottom: 1px=
solid #C3C3C3;
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">
<tbody>
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<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: 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"><i>Rel=
ated research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWaCddtr-2BV1wJ=
1UyEIEcv2ZTlqH128eq40MrbRap6LUgQ-3D-3DoFKv_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarH=
kxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJC=
qm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-=
2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89=
m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxVUjMhKNGp23Wf-2F36Px=
-2BvonpTKNwKdbv5ab6ULIZlJctOeHNhxZ8-2FbatXvwd-2BeStsrgL8pIz0F-2B3hvHrbZTUzF=
JFyfTQmoBEhNcwuXfP1IucmC9MObwFOEgMZPcJRnIp-2FzHExksUIx5iNfXMUGXY6vkwFukw2-2=
FRYkbulAvkOlaibyJnuJHk-2Bl7nz4R3MeDZnqcLBlkJW9J5j534BRSIl7Pz36yxDnDP8HQlKAt=
Ro34jRFnJ-2BFHnD2G2aok-2B4nZMVEk-3D" style=3D"color: #1D5080;" test=3D"" un=
iversal=3D"true">Q3 2025 European VC Valuations Report</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>Side Letters</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"><i>Sma=
rt reads that caught our eye.</i><br><br>
=E2=80=A2 <b>Motorola stayed relevant not th=
rough pink flip phones but through public safety.</b> The answer to how the=
brand managed to survive through the pressure of the iPhone lies in police=
officers, emergency responders and defense operations. [<a href=3D"https:/=
/url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzWaCddtr-2BV1wJ1UyEIEcv2ZMEy7PnxQOzD27BZY-2FypJ8g-3D-3DYFCF=
_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLEaArU=
ys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHaq0E-2=
F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZdeAwI=
vX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wvrf3jt=
WM6pM0LPvVCxxWOaCx-2FY48-2BNvm28vqYovorndBOrfaw0mcsuoBVY-2Foh1GY13kau6HPAOj=
BflImzG-2BEAUblqPvg8a4EF3oDybHQu7M33lhbUHHbMK922C7hO3NGxbfbekTWPA-2FrtiFAX1=
H1cb5D3Y6ZT0OIQA-2FobvSUvrommvJ5HthCYPMc-2BfpTwpqnG4JeRrZ3FmnRsyvoNicjc5lKu=
KB-2B6SXFVhBXmWiG5qH-2Fm6HiIAxWp5QAcekdP0crHfVlCu5-2FpCuhSdBm1J-2FM-3D" sty=
le=3D"color: #1D5080;" test=3D"">Bloomberg</a>]<br><br>
=E2=80=A2 <b>People working at the Macy's Th=
anksgiving Day Parade deflated the massive balloons in just 15 minutes.</b>=
How the behind-the-scenes magic makes the floats disappear. [<a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzWaCddtr-2BV1wJ1UyEIEcv2ZWxB7yKQqdMVDn2PajbhMJQ-3D-3DH=
iUw_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLEa=
ArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHaq0=
E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZde=
AwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wvrf=
3jtWM6pM0LPvVCxxUr2F6myDwN3SgzlGsXRAVccuegX1J-2By6hHzB1SOK8PeQ4OFq1XPcCK0PT=
1gvvnrvArHEduari8MVf5KTlFV-2FiRU7NzBmQ5XhKutBqxpPIErSkkDQw6DAmn4zY4YLLGSOwE=
CnQkMgGId31c0lzFnQ4jvHR5LJZzLsDUBgkRaORbtdeczaz-2B54-2BDvZ-2BCv8PU0afsM2hBK=
MEoEnD8zm3qtaAZoICUpSvYt5fCHAocBmgGHQ6dKeVMaunapLWBCti3tRc-3D" style=3D"col=
or: #1D5080;" test=3D"">The Wall Street Journal</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 class=3D" " cellpadding=3D"0" cells=
pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20
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<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=
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-3DPlak_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs=
FLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUney=
Haq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGV=
lZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5=
wvrf3jtWM6pM0LPvVCxxUYyJa5-2F78UeCvJIYkr596Lw9mbkpRnGIFb6H1n-2BKcS4lyPQLZqF=
o3qay-2BaQp7SpaSbFs9Dpq9pgFtVIUsbMOb1mMJJbdstUUioGgD4x2xDHFRUZ42AbJJVzKHv-2=
FrRhyysYGjReb0O8cjn5kXJXodVgfhG9SY9-2FkLWqjrAfIVqpuN0ME7Evx51JEMQ60KJ047XPu=
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<table lang=3D"x-counts" cellpadding=3D"0" cellspacing=3D=
"0" border=3D"0" width=3D"100%" style=3D"background-color: #051C38; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"width: 20px; min-width: 20px;"></td>
<td style=3D"padding: 10px 0 5px; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-counts-title" cellpadding=3D"0" cell=
spacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td align=3D"center" style=3D"font-family: Roboto,=
Arial, sans-serif; font-weight: 700;
font-size: 14px; line-height: 27px;=
color: white; padding: 26px 57.2px 37.3px 57.2px; white-space: nowrap;">Si=
nce yesterday, the PitchBook Platform added:</td>
</tr>
<tr>
<td>
<table lang=3D"x-counts-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%; t=
able-layout: fixed;">
<tbody>
<tr>
<td style=3D"display: inline-block; width: 24%=
; min-width: 24%;
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;">
504
</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:=
24%;
width: 24%; 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;">
1983
</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: 24%=
;
min-width: 24%; 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;">
877
</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: 23%=
;
min-width: 23%; 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;">
22
</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%;">
Funds
</div></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td>
<table lang=3D"x-counts-btn" cellpadding=3D"0" ce=
llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"height: 25px; line-height: 25px;"=
></td>
</tr>
<tr>
<td align=3D"center" style=3D"padding: 0 133px=
13.3px 133px;"><!--[if mso]>
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EaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHa=
q0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZ=
deAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wv=
rf3jtWM6pM0LPvVCxxVh-2Fl3AY98ebm6N65W7pW1f3Mjnz7dsE-2F9K5-2Fp6vDAq81djn3pE3=
zXSuSlpgg5ejCHA2pbWk7wJPBSTB86BkFRG27CGKmLn6bUlXu4esBG8HpTvitghnoicg-2BHvcJ=
qpDsShJOl-2FQzioaFef3BIAUaqAF7TKETxG32FcWlv0cxH0ZmKAJOEEM1UPVaXAk1SoPiV-2F0=
Y3Jx-2Bz2yzQ0FeJjRbS-2BV8fcDLe-2BYa0pzzWKuiRY5p5eWmbX2hv-2Fuj7HZXHpd7E-3D" =
target=3D"_blank" style=3D"display: block;
font-family: Robo=
to, Arial, sans-serif;
font-size: 12px;
color: #000000;
text-decoration: =
none;
line-height: 24px=
;
text-align: cente=
r;
padding: 9.5px 21=
.5px;
border-radius: 99=
9px;
background-color:=
#F79B3E;"> Request a free trial </a> </td>
</tr>
<tr>
<td style=3D"height: 25px; line-height: 25px;"=
></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
<td style=3D"width: 20px; min-width: 20px;"></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td height=3D"20" style=3D"line-height: 20px;"> </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_575087" id=3D"n_575087" 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;"> The Daily Benchmark: 2019 Vint=
age Global Real Assets Funds </span></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table cellpadding=3D"0" cellspacing=3D"0" lang=
=3D"x-benchmark" style=3D"font-size: 16px; color: #78766F; padding-bottom: =
10px; min-width: 100%;" width=3D"100%">
<tbody>
<tr>
<td style=3D"font-size: 16px; font-weight: 700=
; font-family: Roboto, Arial, sans-serif; color: #000000; padding-bottom: 1=
0px;">Median IRR</td>
</tr>
<tr>
<td style=3D"padding: 0 0 20px 0;">
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-irr-chart-line" style=3D"width: 66.18754277891856%; mi=
n-width: 66.18754277891856%; max-width: 66.18754277891856%; background-colo=
r: #1D5080;">
<tbody>
<tr>
<td align=3D"right" style=3D"padding: 0 4px 0=
0; height: 20px; width: 100%; font-size: 12px; font-family: Roboto, Arial,=
sans-serif; font-weight: bold; color: #fff;" valign=3D"middle">9.67%</td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"font-size: 16px; font-weight: 700=
; font-family: Roboto, Arial, sans-serif; color: #000000; padding-bottom: 1=
0px;">Top Quartile IRR</td>
</tr>
<tr>
<td style=3D"padding: 0 0 12px 0;">
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-irr-chart-line" style=3D"width: 100%; min-width: 100%;=
max-width: 100%; background-color: #40C2C9;">
<tbody>
<tr>
<td align=3D"right" style=3D"padding: 0 4px 0=
0; height: 20px; width: 100%; font-size: 12px; font-family: Roboto, Arial,=
sans-serif; font-weight: bold; color: #fff;" valign=3D"middle">14.61%</td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-cash-multiples" style=3D"min-width: 100%; table-layout=
: fixed;" width=3D"100%">
<tbody>
<tr>
<td align=3D"center" valign=3D"middle">
<div style=3D"font-family: Roboto, Arial, san=
s-serif; font-weight: 700; color: #1D5080; font-size: 18px; line-height: 27=
px; padding-top: 5px; padding-bottom: 5px; float: none;">
0.19x
</div>
<div style=3D"font-family: Roboto, Arial, san=
s-serif; color: #000000; font-size: 16px; font-weight: 24px; padding: 0 0 3=
0px 0; float: none;">
Median DPI
</div></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-performers" style=3D"min-width: 100%;" width=3D"100%">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" class=3D"performer-title" lang=3D"x-performer-title" style=3D"co=
lor: #000000; min-width: 100%;" width=3D"100%">
<tbody>
<tr>
<td height=3D"22" style=3D"padding: 0 10px 0 =
5px; line-height: 24px; font-size: 14px; font-weight: 700;
font-family: Roboto, Arial, sans-serif;" width=3D"80%">Select top performe=
rs</td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style=
=3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w=
idth=3D"100%">
<tbody>
<tr>
<td height=3D"22" style=3D"padding: 15px 10px=
0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi=
tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn=
swouzWaCddtr-2BV1wJ1UyEIEcv2ZlYjdQ-2BE8BOa-2Fr9SxuMnJzw-3D-3DVRdz_I3w5d9c01=
gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKD=
URBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7=
Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5=
GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvV=
CxxXikY40OuL88xFEmhScc9MacJcRGIbtkmE5yiTqE9z4KP5ZfzdguYYo7cWKKj5an0gIPuVBM4=
u6NkDRiAXOL41A4CmM-2FZYOem41a7W6Y083EMkzehkdkWoEMkJYrDGqyP3BSngwy-2B99DlyKN=
pKIv9PqdRFP1AahnEt1lNJSQ2QjFlt4RL4NR57Nv0l2wCQXO6zRnCsFV-2BCeoAE9W8YiXiO4Uy=
tmHQOL-2Bt10hjykEI0lvhkG0gEy824n-2BHJ0f6IHKW0-3D" style=3D"font-size: 14px;=
line-height: 24px; color: #1D5080;" universal=3D"true">Five Point Energy F=
und III </a></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style=
=3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w=
idth=3D"100%">
<tbody>
<tr>
<td height=3D"22" style=3D"padding: 15px 10px=
0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi=
tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn=
swouzWaCddtr-2BV1wJ1UyEIEcv2ZDhz2WflUsPfAuoJk0HOoXA-3D-3D2Tnq_I3w5d9c01gkD8=
gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKDURBR=
zC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9N=
yhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPH=
AiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxW=
tEMd8OyTNkkUBYDGkYIO16brF5hF5LmbN47nLS4hBITmoy5N9XEi0Wg6i8WqlPpWlER0j7ucCw-=
2B5bYiOhJI0gcoPic8yow5w-2FPDv-2BFK9hFe06lR6BOnCCvA7UpCWhQ91hF-2FPVckNKSr1Xv=
aLodaBQYc2ZNenebZHGA8gco2fslJd82A64nO-2FdJL0AIexF7A8rlG7KBJAGzJ-2BJ0V-2FWzz=
SE7ZVvPWp-2FxvhcroARLREHbNf8DE74WzOw8xnAAOAZxLI-3D" style=3D"font-size: 14p=
x; line-height: 24px; color: #1D5080;" universal=3D"true">North Hudson SRR =
</a></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style=
=3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w=
idth=3D"100%">
<tbody>
<tr>
<td height=3D"22" style=3D"padding: 15px 10px=
0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi=
tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn=
swouzWtSmMlyKCUX9jHWRD2KTyy0zl0D0NP542tH1p4zVrfWQ-3D-3DEOLj_I3w5d9c01gkD8gL=
zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC=
110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9Nyh=
BxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAi=
qJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxWFA=
lEKRB6tJ2EuWHY-2BtUSUCfc6McllQxzPS1F4iwXb-2F2o5UnRGM9CIMg-2BiTKrbL6Ckuj8X-2=
B55WswcV1Q6qLql2KzaG7K4KkHnN8NZnF7ePAmGuNG7OXxbfBIbFgm5OO-2BVzdRm9dpEsqMoke=
66E-2BNrXjU21-2FNTNwakeXWu2mBjou31aFZws6X3d5CQKkgihD-2FkMR3gtnQhGW8SfAWV6eC=
vmlxnKi3egGarqm-2BA6vKVCuTEudUpuLqUItVQYinKy-2FCM-3D" style=3D"font-size: 1=
4px; line-height: 24px; color: #1D5080;" universal=3D"true">Arroyo Energy I=
nvestors Fund III </a></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"font-size: 14px; color: #78766F; =
padding: 25px 0 5px 5px;
font-family: Roboto, Arial, sans-serif;">*IRR: net of fees</td>
</tr>
<tr>
<td style=3D"color: #1D5080; padding: 25px 0 2=
0px 0;"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0=
01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWtSmMlyKCUX9jHWRD2KTyyRkpn9a=
sZkqVriveEdRQxtw-3D-3DxB4f_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1=
yZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPy=
SuxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdji=
iur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP=
3xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxUljiGpufiMfKi0nHEPI1HGIMjEfgJnWW5wVM=
jneoM3tAlalYEzebv2OIfCQg8s-2BodQi4eCeJaPxEBXyvul8t8NX0fdSU5y55urTHvh7oTd1ic=
I6IuYsV5FpLDEU0O4azi0qS26iBFohOtDY4uG1SqPy0JxF92c-2Fo-2BuhhtRC-2BMbqdIPH366=
KULu-2FbdD329n1Vfp1-2B2uZYX10RGGPk02xFZiL0sRJRWSpHtvtejPth1gfHbVlSUDy8LpgtK=
eTcHgMZU-3D" style=3D"font-family: Roboto, Arial, sans-serif; color: #1D508=
0; font-size: 14px; font-weight: 700; line-height: 24px;" universal=3D"true=
">49 Funds in Benchmark =C2=BB </a></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">Check =
out the latest version of <b><a href=3D"https://url6380.news.pitchbook.com/=
uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWtSmMly=
KCUX9jHWRD2KTyyuW-2FPq80Ivw-2BQqkWtTmk0Kg-3D-3DTOjj_I3w5d9c01gkD8gLzFEofZR-=
2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4=
Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcP=
YIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I=
1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxVDTiTwCRgwi=
0-2FVinzEB2G42u7v6As4JcJ0sdFvoDnFVM-2FqXShk-2Bi8vzpJrzbuHDiosJiA46LDEd8Xeto=
NKeZh63zvFBgIgawEx-2FV1npFM5O2NwfiPvJZ0zxI76XbDe85rH8DeuKlUFYfqR-2FSmra-2By=
UDsxsGlesaUUZVQSxC-2Fl0HVcFtjbkVZETiXIq10t-2BejXMdzocoWFlzK4nnlfFh2uOg0Bn8O=
7GJmIX3eDIdWZCpugan-2FXDIsbxN7AruP5Vln4-3D" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true">PitchBook Benchmarks</a></b><br>
</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>VC Deals</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"><b><a =
href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWtSmMlyKCUX9jHWRD2KTyyufpa6btYVEYmtMB57=
wbGFg-3D-3DJgUs_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF=
Va0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7=
GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900Mrgdc=
rpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6=
QhBXMae5wvrf3jtWM6pM0LPvVCxxUeRBRwXPakF-2FWqaTmUKckV79Pda4VMuuu5UbOk7qbg5eR=
fHKoNWz1lAGhac-2Fxt6kw-2BH9HVE-2BDUkh1we64vyjFHdFvKhN3qZGP-2FGk8Bx-2BsCy-2B=
seHV3dX-2BFVsS0368RIAjD8mYTJFrp7LNFe1SelOcY7YeqkLXlTzvOlpB0Y9UmJBB5GgZDtuXf=
sHJc64X52SbsoCvVCjugSKfqAIo0VOOiMY01HkN1VgkxJ0ZKNdaeyBWfdcQIqy4oUqNtUM9gRN8=
Q-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">BHub</a></b>, =
a S=C3=A3o Paulo-based provider of AI-powered accounting services, raised $=
10 million. The round is an extension of a previous investment led by the <=
a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWtSmMlyKCUX9jHWRD2KTyyLccmFXNEijpDqCG=
512wI-2Fg-3D-3DYQcq_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW=
eUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZo=
Hvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900M=
rgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU=
4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxVUgihMgGqbTNaSFr-2F8t0tZfDJg6EGO81solBLK9sj=
JisZY0x657dwj5DaKFYvv5WapL7NkZsoHkvUZ-2FLplPxWOxgY4t1HbuwFi41WcCDONNWxdZ1k2=
GeVXhv8n-2B6n5SFihusStKU-2BHiXuemfDUBjJ-2B2FkwJwUjLUGPr6Dpqn9SSqrc8lSBfcmTN=
M6ohIuwqUQr9txQ6ttk3v2LqEIDuzM7-2BUqg9vXuhMgI2SSdXqKa3BmCCErZbeLY7IAxjewaJY=
Q-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">IFC</a>, bring=
ing the total raised to over $55 million.<br><br><b><a href=3D"https://url6=
380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2=
BaqM7ONnvsnswouzWtSmMlyKCUX9jHWRD2KTyyTaunGw59iI1vHrv15tC6oA-3D-3DdPgo_I3w5=
d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLEaArUys-2B=
6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHaq0E-2F24Rx=
Y0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZdeAwIvX10M=
s4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wvrf3jtWM6pM=
0LPvVCxxUVG-2FKTZr2xewoOS2p8q6COl1UYY9pY6f2Qynb37qqaRmFNUfVI98ku-2BnLFzC5GK=
kbIdiw7j2l6N58GQ37XpwYnHYReG4SLgKOXYGI36oU1BJ-2FkH9YUjrLGVRmTnDjG-2F0-2F6iT=
AyrVu1oFqZ30ropWKVYaoJ0GJF5-2B2B-2Bzb1Pqyn5-2FUd6sNpf91tLzL-2BHbTOGMpHMcgF7=
lv1O2TM1fFfidOemxoGOi304QGutyD4UGZfEVheMpEyN7SaFLcY5qeSbQI-3D" style=3D"col=
or: #1D5080;" test=3D"" universal=3D"true">Gosta Labs</a></b>, a Helsinki-b=
ased healthtech company offering an AI assistant for oncology professionals=
, raised =E2=82=AC7.5 million in a seed round led by <a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzWtSmMlyKCUX9jHWRD2KTyy2LVuXRMHKfbEky26SuM6lA-3D-3D7X7x_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLEaArUys-2=
B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHaq0E-2F24R=
xY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZdeAwIvX10=
Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wvrf3jtWM6p=
M0LPvVCxxVxO3I0C7efd5Xp0zbGICYSYk6sMXJuzQELbUFUl241hslJZWdiwBgA3sn3YDi7rOQe=
wH2NxjIB4TeItuFbJf-2Bi-2ByuPY5hDMJY0jaJM0BODnIqX8DdBkHMkWrFfMGJqGBIWXnpuNaI=
drI0yMCDmIPDMX0HeLXVFw3T3GZtO6ndKWdlYoCxX-2FgLpWccjs8mHxR-2B6CE8GecDnYHnm0x=
5Cu6pGscYqzMVTSdDvIT11kU6hrQalgXywDaGvoTPJomw4VNc-3D" style=3D"color: #1D50=
80;" test=3D"" universal=3D"true">Voima Ventures</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>PE Deals</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"><a hre=
f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu=
ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWtSmMlyKCUX9jHWRD2KTyyPLijYR8kV9QYhoS-2Bo-=
2BmIOQ-3D-3DRjAL_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUg=
FVa0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn=
7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900Mrgd=
crpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM=
6QhBXMae5wvrf3jtWM6pM0LPvVCxxW5eTxU6SsYWI8YJF2GeJCHndzqW6T-2FLFGpvTJn2rDJtq=
7CIxVAA86vO6LmNW42KYhM3-2FtiR20AjvrK33nlUXel0j-2B8J6x7axqbyIH44OLjnugEp6CeT=
JuZt1QDC-2B9p9KgnKlD1ViWZLhZD4Wdc-2FigJOZHRkyrs6nE3dHAYS-2BL3CAdPhwLFqklQLh=
-2FjuEKGqEahWJcBaPgFYs32zwrGCw-2F9pvDlepF3xJspdbG-2Futl2mxzs-2FsPSsS92xRkaU=
5yMHwM-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Stirling =
Square Capital Partners</a> acquired <b><a href=3D"https://url6380.news.pit=
chbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns=
wouzWtSmMlyKCUX9jHWRD2KTyyn1KnKG26TzFqzauoSvzM0A-3D-3DdE3v_I3w5d9c01gkD8gLz=
FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC1=
10TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhB=
xWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiq=
JGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxUYxs=
yV3K4HK2AhBf2vv6n2iZSNw9dfOUzcBoLKO-2BzSdGd2tAQ5QpNbG2m8OJbDJOF6GgdgQydowqD=
D8VJ5DRQa7Szblmcwel5U7F6XYXkxLk9NtBmDmM9B6ks4RcSCS-2FXyfSlmiS5qDqIESUcOzxRj=
uh2wO5H7wQlPl6EmKBZ0gzAqI2dYovYJ0a7uypQIzFR-2F1OEa8xyocm93Ly4gIYPfoB4Gp-2Fh=
AqpggL1HoimN4ze-2Bn7kANU01IhfelNh-2FMOt0-3D" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true">Iconsulting</a></b>, an Italian data and AI compan=
y.</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>Exits</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"><a hre=
f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu=
ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWtSmMlyKCUX9jHWRD2KTyySgemWez8hY02SkTBsVk2=
GA-3D-3D9eO5_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0=
m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPp=
oUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV=
-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhB=
XMae5wvrf3jtWM6pM0LPvVCxxWkcWfkVChUsDoHk3yw2-2FrK7Ph-2B6aB3TFiGNMFr5Fnu-2B6=
P-2BNEOwgKaaQKvbFnGDUGj9A23zllKH9XQsmqG3EgXQRzaqBgmKpSF9VyuczFJ9SatmIjVvxWX=
q7p0-2BlOQSosvsV0IrB5rLHElewNSV5Y-2BoX7Wii3wAzh2QufvsTbmABV5o-2F6TznlM9joYT=
FFIamPe6hnIMvzpzmxQxF1TLje-2Bfmg9TkPEa0ltGJIJ9I8-2BrCNu5zqR6POrRNIU0QEjxC7w=
-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Partners Group<=
/a> is in talks with rival consortiums led by <a href=3D"https://url6380.ne=
ws.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7O=
NnvsnswouzW9npeau89ABrxY-2Blk5dbzWHL4RdWcpM-2B3QeXDcVg1OHg-3D-3DWh1e_I3w5d9=
c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLEaArUys-2B6K=
mKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHaq0E-2F24RxY0=
SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZdeAwIvX10Ms4=
jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0L=
PvVCxxVWWi4GgyIKbZUhCmZjJpkHJORBFFmvYXQmbH3RzFm34EC1seKtL33RJwnJmCJg5k5V-2B=
Tb4pNrZC7W9AXn6bmT-2BIQlRr-2F-2Bil7jPM3hM5Sx8vZTaNLxV0h5JRYy24epifSpuf8ZhVx=
lifY80o51V-2F-2BGlWmjkuXjD-2BhU06a-2BQopTO3u3pnJkzBjk6TRZ87uLqTQdMutfwx5z4j=
tkbf2PVXN4RrwL7y-2B0-2FEEYhPl0jj1Xy3LEOgi0u7D8q-2FkguAUhTWnE-3D" style=3D"c=
olor: #1D5080;" test=3D"" universal=3D"true">Digital Realty Trust</a> and <=
a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW9npeau89ABrxY-2Blk5dbzWB3py19G-2F-2B=
gw2ih2-2FZcMsJg-3D-3DZGN0_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPyS=
uxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjii=
ur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3=
xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxVI1ZYB4AX2K5KuYiSwc8-2Fi-2F-2FLURT9ob=
WKQtQQwEWhuYm1ts-2F6JRmYx9ApYPXiklVJdeVgS9yrpoLnV-2BohBDDy7qFLDKo0JTbRO0j2X=
BOfXrUwF4IuRkj0GI4l-2F120vXzNpdHfI3IJ6EupnA4JyH5qOjV3lZ3h7m3I8dDimwzay7MOkc=
r6X5lGEDmxOoafR5Jygyy8I3UBROicXPkp18LUuqNKfeosIRhTX4SZ3NEKjoALd28RLcxddD8e-=
2FszxwqZw-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Equini=
x</a>=E2=80=93<a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?up=
n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW9npeau89ABrxY-2Blk5db=
zWpMeksLwCtFB9zw38z-2B6-2BRA-3D-3Dt_dG_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBR=
FCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1m=
XAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-=
2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf=
3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxUihwv22WRqnSjVydrrvJHxSD=
eQsSyhgdL0vHn6ObxYKIsYoludMJ7M5hSHn5Nnog9gE4q0NNg-2FaLb-2BMvRcZOvAOWCIvGHwU=
SseuZU3ZnHNl9pz6bL6YoCUJ66MDusZfvOw96K1c1B49PDEdhG0vTRzT7yolWzaJ4Ywdpv23Q9i=
kRBa2Rzf51psXF5-2BLYLLFjELovLUcvv6hiN9oBZe39-2BKiFssNpRXIvnkhEvuDMC7sTPMmGf=
moCZPD7USdH-2B8gjk-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tru=
e">CPPIB</a> over the sale of Nordic data-center operator <b><a href=3D"htt=
ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW=
Irf6GFa-2BaqM7ONnvsnswouzW9npeau89ABrxY-2Blk5dbzW23tSRQIJYYcK6dnPaN6ijg-3D-=
3DkB6O_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF=
LEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyH=
aq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVl=
ZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5w=
vrf3jtWM6pM0LPvVCxxXlep2K5HCygnMi42JwbiQOUFJShoRFW-2FpiM2GlUgtuaLtF7R3-2FQB=
lF8LeU1lGIU5vRVroNCefga5-2FzLMKkNkbCf1iTTx1-2F5hg2SCSMx4IMxesbz3pOyEh8cUyl-=
2BYpZ8j0BOGY0m974C-2B9l3k3m9oDKfXmA8yUTvARzVIo53FDbddkBEB3DpCG2oSCxS-2B4awR=
Z2kdylZYJx8pmsTmMJCH9-2BVeuydZsT2jjDB7vWhAYie8MgwFLj1-2FVbafIxEGZlRxc-3D" s=
tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">atNorth</a></b>, at a=
valuation of about =E2=82=AC4.5 billion, Bloomberg reported.<br><br><a hre=
f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu=
ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW9npeau89ABrxY-2Blk5dbzWufYiMNZeUATN3b48sT=
rnfw-3D-3DqF89_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFV=
a0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7G=
PpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900Mrgdcr=
pV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6Q=
hBXMae5wvrf3jtWM6pM0LPvVCxxVFT-2Fx3Lp7Xd8T2uxtQhg7W5of1TX-2BlY6mvuDw9IqMRt-=
2FfbijSLf28huSAokJjzmlOXz2k1zwKjqtyExB9HTXqhusv1UtR95uUJujxIFG4bXnIWsIuw-2B=
sYtVFC7-2BP-2Fk2KK6reApbI0TiN4d6vXb6m-2FtlbZp6bw72nzXGeAXnrhHfDTchhF832RExY=
FvgpKkFC8NKl71X7n5kyP36GBp6O0YJ-2FD-2BiYURJ-2FVM6mR42cFoEqObmdCJgBaPg5yl-2F=
URcNYk-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Maven Cap=
ital Partners</a> exited <b><a href=3D"https://url6380.news.pitchbook.com/u=
ni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW9npeau8=
9ABrxY-2Blk5dbzWP0fI2TkWRxVzkssZW4RhBQ-3D-3D4ruo_I3w5d9c01gkD8gLzFEofZR-2Bh=
6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc=
9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIc=
sin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1Tq=
MzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxXLg5I1oUDR76Ku=
2Cc3lx7Flb-2FBrJkzJNWNAlSsSSJ5m2wMdLCANHSGyfhHfo15lm-2FXwslRjrPt3n17-2FMixl=
FGk-2FZcmh-2BiCkHJzOixx-2Fs5mWR0NqSvZsNmUuuzl0s0DJN0Z36gq-2FqKJIBGoxSrcVH1b=
vOgr-2BwCfy4LaoYzy5rdc92TjZmE6Tcfm1-2BXYK9nRgdOFlGDrnuMBFE-2FRWSup6e3dT0aPa=
VMl45GqRQdIyCtbwQ6NPzqZJQW282K5tYehfbM-3D" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true">DPP</a></b>, a UK mechanical and electrical mainte=
nance contractor, at a return between 2.1x and 2.5x cost.</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>Fundraising</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><a test style=3D"c=
olor: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW9npeau89ABrxY-2Blk5dbz=
WbbwojsGNVRNWOt7mYvQBxQ-3D-3DMZfD_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz=
y-2F3t1yZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7b=
Z4m3PPySuxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKn=
rgqIdjiiur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7g=
EhGa6JP3xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxVcMsjwhTXo0Pt3pP7E-2BVADaYKCK=
JvO6TtZNxsJgV-2FluDdecnIJCORjbxIcMybEa-2B2-2BCq-2B56KtBHJupxy4YO3uha1-2FT-2=
FVtI9rss9Vz2Xn9gNkrarkLT-2FUbVxnFEd3xYtTgtCxbLp-2FdFqFzt07TFQAY6qn4hrCWKdUX=
yHxXZ0lo3fyHuW6a29CFXGSEIQtI1tSruTYqL20kuyLJiP7lxricpvToj2VypjHMFgfiWGFJ4nK=
VcPE3rYWEER8bF5Jovf4c-3D" universal=3D"true">AXA IM Alts</a></b>' European =
logistics fund issued a =E2=82=AC500 million green bond. <br><br>
Berlin-based <b><a test style=3D"color: #1D5=
080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4=
n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW9npeau89ABrxY-2Blk5dbzWBTum5rkgR=
NfZKnhIgI9oLQ-3D-3DnjF-_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb=
cbdWeUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySux=
gDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur=
900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xI=
oxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxWfbh27gJLVmoYIeLluNyOrQvXcL901uXSqlNp4A=
E-2FKBPj7UmHJUW7I7jFk2XZUfi6plSqB-2FV5itZdM97wwbbPxg51Tc6gTVULmYhCEUISs1o9J=
siH04CKzucDIMiXXzhEP-2BjDYqDG4a4xr9juL52acCh5io8XFjEnA2uw5Zn6vDqbZM3gf1GpVA=
aq9TYr06qGAQeZtAaGksaLWBv3w7aM-2Fu7w2xZSfEALFIeOVHMKvFBmc1vsN3AlCRdLwhp8LIP=
8-3D" universal=3D"true">Future Energy Ventures</a></b> closed its second f=
lagship fund on =E2=82=AC205 million, alongside a =E2=82=AC30 million Italy=
-focused vehicle.</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>Investors</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">Dubai-=
based <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du=
001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW9npeau89ABrxY-2Blk5dbzWSfA=
nPPhx5rJBOOrHf6qNKA-3D-3DDrtO_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F=
3t1yZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3=
PPySuxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqI=
djiiur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa=
6JP3xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxXmWg0LmT-2Ft1N-2Bb-2BNcirUDTYIElr=
IKVJro6lq9z8tuT8FDisOxu5El-2BbgaNC1kP7DU0qj5YZfb67HSsyy9IlF8GhM4RuXFwihDuVA=
5s0wABE2z-2BgW9xy4nAg3Add7TLQopwADTjPKl6mjF9ZkRZpB5irm731KpnEUTLQ1cuoGxJxgd=
PWVzvkX1x6aUg3gW3lywLhochzdR8s1RKQbx4jGKrGDjygaDGP-2B-2B-2B-2BZQYcwfnjnKmY9=
PHtOsHwnQsibCtLho-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true=
">Aditum Investment Management</a></b> partnered with <b>Wizz Financial</b>=
, a UAE fintech group, to launch a gold-backed private credit strategy.</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>Chart of the Day</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-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-2BaqM7ONnvsnswouzW9npeau89ABrxY-2Blk5dbzWLmxNOO-=
2BTN-2BRC-2BWrgM87T7w-3D-3DarFk_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-=
2F3t1yZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4=
m3PPySuxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrg=
qIdjiiur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEh=
Ga6JP3xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxWOvwsrl4TodxFWR3gVejgqiGUi-2Bq6=
pyZgQpeIH-2F2euQw-2FFmGnVIJ7frjqQtj7byDYFty8FqydChJd7Cw3NuCya-2Bol63u8pXSOc=
nAhmLR6rrk9pXR8c6Rk9mDuBRQxiPvpJRxni-2BW5CIW-2FNFkCRa4wcyNN53kG0MjOBbbF8E2R=
jo7bOE3VOx6VZExS8ZxntzQ9jmoJWPwFFkXoI6sKSHIxtsBe0vn-2BJb1F0-2B1rkR-2Fca9-2B=
6uO4SeMz7ISnvXRTg-2BXD8-3D" universal=3D"true"> <img align=3D"center" alt=
=3D"" src=3D"https://img.pitchbook.com/news/71519.png" style=3D"border: non=
e; max-width: 420px;"> </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>
</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>
</tbody>
</table></td>=20
<td class=3D"side-bar" width=3D"140" valign=3D"top" align=3D"r=
ight" style=3D"padding-left: 20px;">
<table lang=3D"x-sidebar" align=3D"left" cellpadding=3D"0" ce=
llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td>
<table lang=3D"x-sidebar-block" width=3D"140" cellpadding=
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<tbody>
<tr>
<td align=3D"right">
<table class=3D"desktop-only" cellspacing=3D"0" cellp=
adding=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20
">
<tbody>
<tr>
<td style=3D"padding: 0;"><a target=3D"_blank" hre=
f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
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