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Content preview: PitchBook Newsletters Early-stage fund math keeps getting
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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>
</tr>
<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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portant;">
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<table class=3D" " cellpadding=3D"0" cells=
pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20
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0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">=F0=9F=
=9A=A8 OpenAI is raising a new $100 billion round, with much of it coming f=
rom Amazon, Nvidia, SoftBank and Microsoft, Bloomberg reported. Check out <=
b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n=
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nteractive visual</a></b> of the fundraising race, when just last week Anth=
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20px; padding: 0;" colspan=3D"2"> </td>
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<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%;">
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<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>
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<td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_577792" id=3D"n_577792" 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%;=
">
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<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;"> Blue Owl through the looking g=
lass </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 =
Rod James, Senior Private Equity Editor</i><br><br>
Contemplating Blue Owl Capital over the past=
48 hours has been like peering through the looking glass.<br><br>
Two narratives have emerged to explain Wedne=
sday's events, with potentially significant implications for business devel=
opment companies and evergreen private funds in general.<br><br>
Blue Owl's heavy exposure to technology and =
its deep involvement in funding the AI rollout, which is showing signs of o=
verheating, make the firm's BDCs more vulnerable than most to tremors in th=
e software market. Blue Owl's actions may have stemmed the bleeding, or the=
firm's troubles may prove idiosyncratic.</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 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-2BaqM7ONnvsnswouzUQw1mBFSYjwv9jfOJ-2FEnVu2djzHaW=
6tR5HR9U6c0DQtA-3D-3DXE_c_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFk=
ZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGU=
beC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2=
BlttvJMeqRQ5aqZODxEci-2BVZ4V4lOonaspMT77vjk4W3ac-2B-2BktZ8PXasPNO0Ydg4-2Fa5=
SwTi9zPyMzHL3WSeQ1sxdWFzqXVhr2J-2Fcm5vUsSBPosRPJ6Piel1x-2B66GgN5jtEdh6jLNiW=
6o1B3mfT3860BPAjnj2A6mm-2Fbc1-2F6apA5xJZtoV0-2FaLlGfi1ReSLLel8Fx3VrMR8kXFeW=
Gng1CvX4fVOKJdJ8ycIpjGxO8UH5XCh5XqqyzZDnsARvtx9dlMMk9sgQctEu33nSuDtZNaS1gWf=
XciuZFiY1sLVEZU-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=
=3D"https://img.pitchbook.com/news/72853.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>
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</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">Critic=
s say the $307 billion credit manager sold $1.4 billion in outstanding loan=
s from three BDCs under its management, then halted quarterly tender offers=
to stop investors in one of its funds, Blue Owl Capital Corporation II, or=
OBDC II, from requesting their money back.<br><br>
Blue Owl's co-president Craig Packer, on a c=
all yesterday with investors, called this a "complete mischaracterization."=
Rather than halting redemptions, he said, Blue Owl is changing the way the=
y are paid.The firm reiterated this in a statement late yesterday.<br><br>
=E2=80=9CThis asset sale will return 30% of =
OBDC II investors=E2=80=99 capital at book value to shareholders equally on=
a pro rata basis. Instead of resuming a 5% quarterly tender=E2=80=94under =
which only tendering investors would receive a partial return of capital=E2=
=80=94we are distributing an amount six times greater and returning capital=
to all shareholders within the next 45 days,=E2=80=9D the firm said.<br><b=
r>
At the same time, these events provide anoth=
er reminder, following the massive 2022 sell-down in Blackstone's retail re=
al-estate and private credit funds, that liquidity in semi-liquid funds is =
not readily available when everyone seeks it at once.<br><br>
Despite the attempts to calm fears, investor=
jitters led to Blue Owl closing 5.9% lower yesterday, dragging down Ares, =
Apollo, Blackstone, KKR and TPG with it.<br><br>
Our colleagues Zack Miller and Sami Vukelj a=
t PitchBook LCD did a thorough rundown of the trials Blue Owl has faced thi=
s week. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0=
01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUQw1mBFSYjwv9jfOJ-2FEnVu2djz=
HaW6tR5HR9U6c0DQtA-3D-3DPqxR_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3=
t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8=
vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFO=
TGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A=
2-2BlttvJMeqRQ5aqZODxEUdb56bKMbxvFZG247qzFdy65M95sb4qoGLFvB2ahXewGphcS9VLGi=
0CHuIYRGr-2Ft1nmihxjIZJcvGfkmZYiry455ySFBXfnB7QKzAZcpxD6KrtdESn-2BFF7j3X2Up=
RsfLf9Y44AGsqVMQX7GqxLeNWvBnANeHfphe3jvyMzZgODLh-2FO3gRGqGLT3ET0TMPRpVhxKfU=
tKHbk4jqBf3cM4MtaIbkE-2BsIgTSXRwQY1KRcrDXH99D41waGrKSTVC8sqY3wi-2BnOlCCGu1M=
8p76y38DR8-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Re=
ad it here</b></a></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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order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http=
s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
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oRsN6zf0Xoo9nHd4vS3kEpZwIcnXMporywA5r-2F-2F2gGx00o8R7kY85APnQDVGC3oHyw9XFE-=
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0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel=
ated article:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/c=
lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUQw1mBFSYjwv9jf=
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ight: 6px; padding: 0; " colspan=3D"2"></td>
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<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
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nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
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>
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<td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_577584" id=3D"n_577584" 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%;=
">
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<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;"> Put your brand in front of the=
private market professionals who matter most </span></td>
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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">PitchB=
ook helps companies reach investors, executives, and dealmakers through hig=
h-impact advertising and bespoke research. Partner with our analysts to cre=
ate data-driven content or connect with our audience through targeted place=
ments across newsletters, reports, and PitchBook.com.<br><br>
Clear insights. Trusted data. Meaningful rea=
ch.<br><br><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du00=
1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU1Xe9UYiySZLTGkkvUuaTeDgtNkLV=
9cMI0fVHxdru4Hg-3D-3DMhVa_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFk=
ZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGU=
beC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2=
BlttvJMeqRQ5aqZODxEcYH-2BuQzwHh6HI1TiFyR1L9WXL-2FRTAeOxlBmwtCRqyisEFml-2BVx=
RkQOvDC9IipQSpWy-2FHmkkvLgdyzpcamY8ykkK-2BTOYZR2no3KsPfNzgt5K4dqA3CjXVZy3XO=
IaXwgAL4C348rErOEIFgkZ3Ks20Tq1Zmydfn3iEetUkvIkAwUhJ1UV9BTXd5-2BrxEO0GX3E81T=
6X0HLrd-2B-2F9eieX-2BWWicN4Fe7jVjVyYDhGUTMZsN-2BgQV5rIlxqfBBTcgtVVMmmYMDPK3=
GoZ4pOXH-2FVLkfL42Q-3D" style=3D"color: #1D5080;" test=3D"">Explore adverti=
sing and custom research opportunities</a></td>
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<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
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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>
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>
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dth: 100%;">
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<table border=3D"0" cellpadding=3D"0" cellspacing=
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<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>VCs are pushing back</b> against California's new startup diversity =
reporting rules, saying they could lead to skewed public data. <a href=3D"h=
ttps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7Sp=
SWIrf6GFa-2BaqM7ONnvsnswouzU1Xe9UYiySZLTGkkvUuaTeaJpeVS0nv19kGQ5xuiJ1Pg-3D-=
3DPDBD_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF=
jfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgm=
G5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj=
-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxE=
TXdmXqWDP-2FgX3maAkuolYM2RNIFKlADPFak5hWaReYkMjhIQ-2BdZPOf3hZQqGB2lkg-2B-2B=
Xd9gQcjUIYlj6CRoD0DABm0YUNiSt45vOfbTEY4lo-2FyxrOhEtK9yxwb-2B7gOLi6iTQTcOE1h=
FpvPEpTX4XjsFE-2FyXg2HXDLbwq0V4KkVnkc7VceE4bcscuRRg6fWdZr-2FP94bLLR9-2Busi2=
fgIUyud1GLkhrjbOONeU3NLJ6mpj96vQiGmQQbODL87umQAUzXQHqrbV2zGpRXvD-2FrhAcSI-3=
D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Find out more<=
/b></a><br><br>
=E2=80=A2 <b>PE dealmaking in the consumer r=
etail market</b> continued to slide in Q4 amid tariff uncertainty and uneve=
n consumer demand, according to our latest <a href=3D"https://url6380.news.=
pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv=
snswouzU1Xe9UYiySZLTGkkvUuaTew94gSdaviRL8Zy8kMJM5OA-3D-3DfHE9_I3w5d9c01gkD8=
gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnX=
Jxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Ch=
r3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6n=
Jn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxEXYVvTPHim3l4Ch9sBkwp=
8EpSkNe53Twlc2VPc9ueaKsLHK-2FbQlp-2FPjkZHykIyVPkZ5FMKDk5MEjsUl9LWAYrsDyesAP=
T-2FQVX1V2L9a9bz-2FqWSZW5eVP3O6hNAIYIrJwdVpCHxoVGOCbEg4NeaDPP4lPxQi48pGvu3d=
uDWcnk-2Fqya9h-2F8QI1l8I1VFuhJ2POuAoZusYH-2FwKAlfA-2FSrbq6boJymCsWkl4C8k0x-=
2BxF8IXsJ2gC2j6cs1l6ARejqBGl8q7VuAwV2uCtjtLdieaBieU-3D" style=3D"color: #1D=
5080;" test=3D"" universal=3D"true"><b>report on the industry</b></a><br><b=
r>
=E2=80=A2 <b>When service providers invest w=
ith the firms and companies</b> they offer advice for, conflicts of interes=
t can arise. But none have attracted the same legal and regulatory fire as =
McKinsey & Co.'s MIO Partners. <a href=3D"https://url6380.news.pitchboo=
k.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU=
1Xe9UYiySZLTGkkvUuaTeBYdMJQvbfWPgmJe03gL1kw-3D-3DjLh__I3w5d9c01gkD8gLzFEofZ=
R-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o=
7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug=
7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F=
0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxEZpLqKV8ThvkRb-2F8Ll4AuXzkld-=
2FqKj4Wfmb-2F2wQwYOeVUMwxCll8GlPMS74CK5vIjd6ERd5v-2F9SEDp-2F6A-2FDJ12AtR-2F=
u8P2WkljEjbm7fqc4evxIaE-2Bhncd69TyIxdbXdir1ZYrqqsWNHr-2FGMXAptZNfwduybMcSh1=
scceqdvmeTZb46UOznDNe17LyPrO5gRnIW1SQeApOp8EULyiY-2B-2BdfIhe-2FhxeNhLYSwMbL=
QfteeFYYKSBXVE0BEXahQ2QAqBA2SdeC8PSo6zRMwKbFfZ4Z8-3D" style=3D"color: #1D50=
80;" test=3D"" universal=3D"true"><b>Go deeper</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_577802" id=3D"n_577802" 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;"> Why the fund math for Series A=
venture firms keeps getting trickier </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 =
Rosie Bradbury, Senior Venture Capital Reporter</i><br><br>
Benchmark made a rare addition to its highly=
successful partnership this week: investor and entrepreneur=E2=80=94and br=
other of OpenAI CEO Sam Altman=E2=80=94Jack Altman.<br><br>
As such, Altman's job will now be all about =
leading Series A financings into startups=E2=80=94a stage he said he loves,=
"when there's enough going on that an investor can be useful but not so mu=
ch that you can't have an impact." But the Series A math for a boutique fir=
m like Benchmark has become trickier over the years.<br><br>
"In a market where everything is getting big=
ger and more expensive, keeping fund sizes the same and staying with the sa=
me strategy is difficult," said Kyle Stanford, PitchBook's director of VC r=
esearch.<br><br>
Benchmark's flagship funds have remained rem=
arkably consistent in size even as many firms' funds have ballooned. Its 20=
13 vintage fund closed on $425 million. Eleven years later, it raised the s=
ame amount for its 2024 vintage. Over that same period, the median pre-mone=
y valuation for an early-stage deal has nearly quadrupled, from $10.4 milli=
on to $40 million, per PitchBook data.</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">
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<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-2BaqM7ONnvsnswouzU1Xe9UYiySZLTGkkvUuaTeoiOMtJr3g=
m9vBptF7-2FCouw-3D-3Depip_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFk=
ZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGU=
beC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2=
BlttvJMeqRQ5aqZODxEQ69O13q72VEdxndd8hpf7RmGliOO-2BIibphz77VTrMucZTvn7UpxbQp=
WpqrajtctkHwjurgr9x9kzAedM3LX0QvWIZsIw5zQCh5eesQvFGuCkww7dNZG6Fnh3qi9bttZ7L=
ufxA6h0JAMzOxA9nqi8UUHACG37lmCKzXLoSxDn5lu3MeUgjOU2oS-2FcgmH0x3LjjoottIQvkH=
t6hFhP299aRSIvzJG9sQ-2FhlrFBKd-2FM2TT7fMMYu177KpnLn-2FjAbH7N7U96IJ5am9udCIF=
HsNhJtY-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https=
://img.pitchbook.com/news/72851.png" style=3D"border: none; width: 100%; he=
ight: 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">Still,=
Benchmark's approach so far has proven highly successful. Its Fund X, rais=
ed in 2020, is marked up 10x its original value, and its 2024 vintage fund =
is marked up 3x, according to a Bloomberg report.<br><br>
In competitive categories like AI, valuation=
growth has been even more extreme. For Series A rounds in 2025, the median=
pre-money valuation for AI companies was $54.9 million, compared to $40.2 =
million for non-AI startups. At the later stages, that disparity increases,=
meaning that firms either face a pricey follow-on round or dilution.<br><b=
r>
If a firm doesn't want to raise a large fund=
, it has a few options: invest earlier in the startup lifecycle, take a sma=
ller stake and reduce potential upside, or concentrate bets into a smaller =
pool of companies.<br><br>
Benchmark is not the only firm in choosing t=
his approach, although it is one of the most prominent. Union Square Ventur=
es is another, with managing partner Fred Wilson saying long ago that the f=
irm will never raise a large fund.</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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cing=3D"0" lang=3D"x-content-btn">
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<td align=3D"center" style=3D"height: 36px; b=
order-bottom: 2px solid #40C2C9"><a class=3D"customButtonLink" href=3D"http=
s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
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5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-=
2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxEW=
wRs3EU-2FJpVIkLrHVZ2e-2ByfNVqvVX3LHdi-2BqXetNEaKa-2BM-2B7OKle8QK9-2F-2FSneY=
bcJVNl97hIfjOiLmFVk1jhVCL6B6koFww-2F7KubnP3AIMY6YjUxjrs-2F-2B-2Byy2-2FLgxBY=
zOLLLZxWPBdMIGqPoBaTAhRn8d5X6eUnlCO8K7Rccb5WAyol7Dt-2FQsbudbiN6fBOOjBAmlpmj=
OAzvWkyK-2BnYqmLclXk8ZvFSRIJPQu3SL8GiF-2FI3bhuOZX3HMe6P4BnlfvhZF4r31yOXW3Ih=
ES609Sk-3D" style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18p=
x; text-decoration: none; color: black; padding-left: 3px" target=3D"_blank=
" universal=3D"true">Explore more charts<img height=3D"24" src=3D"https://f=
onts.pitchbook.com/newsletter/arrow-right.png" style=3D"vertical-align: mid=
dle; margin-left: 8px;" width=3D"24"> </a></td>
</tr>
<tr>
<td style=3D"height: 25px; line-height: 25px;=
"> </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>
<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: 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-2BaqM7ONnvsnswouzU1Xe9UYiySZLTG=
kkvUuaTeannFaaxrd785Iv0YH4TN-2FA-3D-3DusOC_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarH=
kxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4up=
Bqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL=
-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8=
qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxEbljWcJrqKcsleDQ5FnMIFwmQh3fjGg-2FA2CbNH=
PwEYNkqvF0gxCDEe4b3f8EJaVGaJeM-2BJS9E9KwJgyYPhFpfiThrBcNcrYMeByB7l8FxexgP2e=
wH-2FfleE1Ft9x59mJBOJGrqvV08mpRylNlJVS69Azqfy-2BPisIxZx-2B2bgY7I5j030N9qwn8=
moTLzZntJNpBaX0xStBrTU2ilDbPJOxh6mGjpeZU-2Bic8to6P-2F1p8cgM93aFig2QkN6Z79i9=
FE-2B-2Brjhs-2F-2B4ZQq9jc0-2FZH4iIIFLg-3D" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true">2025 Annual US VC Valuations and Returns 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>Clean energy is in again.</b> A=
fter a sharp dip in clean-energy dealmaking across America in 2025, PE firm=
s are slowly coming back to the sector. [<a href=3D"https://url6380.news.pi=
tchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou=
zU1Xe9UYiySZLTGkkvUuaTeJvirWheWJF68DTQ9px-2Bfig-3D-3DgiKb_I3w5d9c01gkD8gLzF=
EofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4=
Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4=
e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97=
W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxEU7s3JNHE30ukyk9FiHOyE97c=
suP2K-2BGWpve40nA72tUku7sZe9foqu7SEOdttVgeu84MwSqu0WNMvSKabsVJv4PGNkfKlxh6E=
RSLAGcK8YQ8j2uDZUvQnLhcHYmvbHe5s5j-2BSgpfj1336mlpcFAwHkDUCBl0FUS3qzGgtTZFz-=
2FJw4SXNFVD-2Fpmed7dMP-2BkZ-2BeTZlonpVlLvBZ-2BwIQfYkad4eMG4RjbNQPfPv0JVFP-2=
FUOXCi7uwEqpIhqjNdXEoBVyD2SJelqCilfCSR0knVc5g-3D" style=3D"color: #1D5080;"=
test=3D"">Bloomberg</a>]<br><br>
=E2=80=A2 <b>How Jordan Cowan changed figure=
skating videography.</b> With intricate self-designed equipment and a knac=
k for anticipating skaters' twists and turns, Cowan gives viewers a new ang=
le of the sport. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?up=
n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU1Xe9UYiySZLTGkkvUuaTe=
Mj00CDkhHtTQWAURKs-2Bp9w-3D-3DDd0m_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfm=
zy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FY=
OhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rO=
pKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFA=
DXwq3A2-2BlttvJMeqRQ5aqZODxETOUCtL-2FTRpR03HaC02b-2BDcnIOk-2Bkm1ynE2yuF0h-2=
FtO1IluZOVlDzSUlfNrnh-2B2frv7-2FK6G8u7RKF1e-2BZR2rGLiZERvHqxjGB9K64VhmhcZrx=
LHLoS2YXM-2BcH8fotBQNxvpCzfN0sq-2BG-2FYKT-2B1DCTmG0WFw-2FQoqRsCVwpobdFVW-2F=
ltqZp9iqMzub4QpRxEk4N8kVbZV-2FhAEruOiP2WGSUuMEUufqwodil3WGWuNc3vrVTy85Ym4z-=
2BeOYp-2BJPkaHn0k-2FQTZLryGb4qMdA79-2Fz5gM-3D" style=3D"color: #1D5080;" te=
st=3D"">Reuters</a>]<br><br>
=E2=80=A2 <b>China dominates the world of hu=
manoid robots</b>, but without real demand beyond state-funded showcases, t=
he boom may be a bubble. [<a href=3D"https://url6380.news.pitchbook.com/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU1Xe9UYiySZLTG=
kkvUuaTe5kSjqhdbpJg26PLy4bel1Q-3D-3D0Lro_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkx=
BRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBq=
wq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2=
BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qr=
k2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxETNzWrjRcKNEQ7QAQN-2FCS4ykIWdw4I3C4-2BOpAb=
nBIegQns-2BZ-2Fxl4asrfq71cZYcDd6OMpggQCBSDkWtez75xy4GX96EetEzl2XWJVnhiB86ph=
ptVE4CRShN4QHN0qCPB0pfrbm8xwrRJlfPZtnb1yfHRnipdbC-2B6QK79HXwubhfgCHI2SieXws=
yPFfq6gYuDHxJUCp0tMD3V5KgKeC7VOcm3NhU5lD3wWkf7USxXtKczBiGaYeGL7HmV-2F4F62eN=
ZHBoy9xaoJmaqxzyZxoNk-2FwQ-3D" style=3D"color: #1D5080;" test=3D"">The Econ=
omist</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
">
<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-2BaqM7ONnvsnswouzU1Xe9UYiySZLTGkkvUuaTetB1bAPeYoBjCwvhO2P-2FVkQ-3D-3Da=
AEj_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfu=
dqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5H=
omqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2F=
kUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxEcb-=
2BWqsuBqLVU33SwPWeUo1x3ClMJdVXxmMDQJfrV-2B4k4cLUpOLs2uRgrQgV5WTTYBKA6MmKY5i=
7srI7W9koGR0cy7bg1OqXf3lWl8Ubf-2FVstfsjXK1u9PcL-2FlLtpUDF-2FZRbDd8gVDt4DUvw=
Vn-2Bt-2FMWka1CwoqJp-2FxZhHvddqRlix50UjYpynvS-2FuRWCqzm1mXhuZPnKzckbOgXgPCd=
amhfMpXEWyB877Kl2qqbgz28-2B2D3wZ50HFKfjJphQYzjxP0DylKpiShVlxC3k4jn3a-2Bo-3D=
"><img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4466/rsmfebh2.j=
pg" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; border: 0px; display: b=
lock; width: 100%; height: auto;"></a></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td>
<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"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-top: 26px; padding-bottom: 37.3px; white-space: nowr=
ap;">Since 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: 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;">
700
</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;">
2715
</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;">
1086
</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;">
30
</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-bottom: =
13.3px;"><!--[if mso]>
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EouSfYj7pXMeqEVUkWuAVxMPiZ4gvo-2FSUz1N-2BnEY2LIEBytpMyYg-2FKSRpdNH7CJ-2BJEb=
pwpV1BS4dbKEPwkrEjLizSUd9uQ9-2B7LZawx6iVFZ0Jfzzgw-2FzspcbK7-2B1NC7C5Z6km0ig=
ihBxdayOHuANwzYv7BbVD6b62vu2ti3w2SuVMQWR7drCSETvFqu-2FoEOeL5zc94rzJw-3D" ta=
rget=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;
width: 150px;"> R=
equest a free trial </a> </td>
</tr>
<tr>
<td style=3D"height: 25px; line-height: 25px;"=
></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></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_577801" id=3D"n_577801" 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: 2020 Vint=
age Global Real Estate 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: 52.534113060428844%; m=
in-width: 52.534113060428844%; max-width: 52.534113060428844%; background-c=
olor: #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">5.39%</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">10.26%</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;">
0.13x
</div>
<div style=3D"font-family: Roboto, Arial, san=
s-serif; color: #000000; font-size: 16px; padding: 0 0 30px 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=
swouzUMb6TNfm43azmE45Ai92JgGmGA8s2rzAWyQl-2FkqZOlJQ-3D-3DAVZl_I3w5d9c01gkD8=
gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnX=
Jxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Ch=
r3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6n=
Jn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxETpn2mP9wXE2CeP37eKB-=
2FzuRebVcPvtI65ohahDl-2F3ScdZ6LNd-2Bt-2FY50LlKyDmGBVlTpqUqBFm6wmwaDDpkm5jjA=
ctt-2Fr5bwRyETnGxdVrVPNOH8f4tQfyixHLHUUq1UFwHlTIvAawl8g4C6xn-2B-2B8i4EPRXfA=
D-2FTGHDtnCixz5oLFB90hEjAN2qTvvNaeR8S1wKpxPcPi9Ccn3pwffIyWPy7pvQmgJ8NT-2BHJ=
GiPvQQyBxrEx8hdiabnudzMBfqQnMHqmG7u8ktbZf0XsW5F2R5c-3D" style=3D"font-size:=
14px; line-height: 24px; color: #1D5080;" universal=3D"true">Star Asia Urb=
an Residential </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=
swouzUMb6TNfm43azmE45Ai92JgpAi4IXtdYcCOgVRBXyDgJg-3D-3DL77D_I3w5d9c01gkD8gL=
zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJx=
v4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3=
a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn=
97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxEWEcH1m7-2BNfNUx02PkCTQ=
UZABt-2BjkRJ1jRp9ET-2FKj2SIrrPr95Oaze1NsXefkF5rowoE-2BNMk-2BKxHmMg-2F7FFSgl=
W5VTZ9Rqdad0R9MyRomIBrr52YSM1nnsvTjeFNEprYSNpDrfUsCvUjs44VSLutRcI1q2vnu5dg0=
GYyrd6U7d4KMYGta7m9ADgSOyaFlh6pgSigA-2FZr-2BEgz6yX9o3rV7R-2BxRMJ93Z0hE-2F-2=
FB5IoFIV9aRgH5Xvy4AAROtPGZdIYrtBZ207QCPjEsgjaE43LshvY-3D" style=3D"font-siz=
e: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Goldenrod C=
apital Partners 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=
swouzUMb6TNfm43azmE45Ai92Jg3Dtwq7Ox2ixQQBF7uRVndQ-3D-3DcGAk_I3w5d9c01gkD8gL=
zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJx=
v4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3=
a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn=
97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxEZA57FFLSxvmxXpqQkjDiud=
5zJK6CV3squfZbj67Nxk3eNZEZFrdx5lzCMQdlMB4kgGQ65chzo4-2FCsLPhU2U0XR-2F3msq8d=
155t6TUhFa9CpOEBWzN5VKA0-2FosBcD-2FwPXQNbto2fJ5bVw9PaSwodgXj2vVghwF4WS-2BXV=
3cLX6aQh-2Fljzk3Ru03uRYBswPEoGEa3xsRWtxajT0fZi1DSSneCMnuE7VnTHF0ZrEs-2BcKqZ=
cfD8ve-2FTSUJ2MsIeTA3InPqQ6-2FHy9xHD93dB4kiPq2aHc-3D" style=3D"font-size: 1=
4px; line-height: 24px; color: #1D5080;" universal=3D"true">Affiliated Hous=
ing Impact Fund </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-2BaqM7ONnvsnswouzUMb6TNfm43azmE45Ai92JgwTsOGA=
TbvmM6GfXUDB9qcQ-3D-3DADOA_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1=
yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vF=
kZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTG=
UbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-=
2BlttvJMeqRQ5aqZODxESZUVdlM-2BY1qApJDDfT0bwsHL-2BJbFlDYzKxdJVTDMVU1QSetBpCg=
YHbrCsE-2BKN5cFaGHOntZt3tJJ6R4g-2BjmmY7v9N718t8USg0hodX8X2j6PfYR2weqmbn6BBd=
JAKqEqTy-2FSAIdn5gvvFLVdqBerOIRfRPdhLo0-2BOFifyoteHnik4kvOIcHSIW3-2FcScEWlS=
c9rTvIdOSptu9NIqfYadT-2FBcNlj4PCmLtB-2By-2BmnfELw8rIjDxz0-2Bsz0rlEYUXKNvfos=
UMJZf9fcGAtRKVQJ2d1E-3D" style=3D"font-family: Roboto, Arial, sans-serif; c=
olor: #1D5080; font-size: 14px; font-weight: 700; line-height: 24px;" unive=
rsal=3D"true">68 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-2BaqM7ONnvsnswouzUMb6TNf=
m43azmE45Ai92Jg62ODIHd2HJAkv5a16XKGNQ-3D-3Dysxe_I3w5d9c01gkD8gLzFEofZR-2Bh6=
VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saP=
ps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1K=
zkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn=
4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxEQIJdob4fkLvJ5FeVg9XmrsaPiNaw4-2FpF=
7GUSO0vTGAfzzxEzAgK5xzbHjYwd6DLz1EZTtBMsePzY2BDAE6IweBmzhCZX6Guz2GZoIOsYcgp=
CAwD8bRRIWQvmpq709KcxzTMLPC6RhjueDobRvznQCBzG7Puh2etMHHcexDAR-2Fb11Sj9tXR36=
zLsKCtoXoS-2BVvkra7C4-2FLmOXL48gzPvRqHowb73094IpCiNBoI0jO6Ke9P1C9mhp-2FSTyd=
r9feeeTAjwPYbdPCT0STgditAdTHA-3D" style=3D"color: #1D5080;" test=3D"" unive=
rsal=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 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-2BaqM7ONnvsnswouzUMb6TNfm43azmE45Ai92Jgj3AHQxdksjUxJy-2B-2B-2FfK5Lw-3D=
-3DczL7_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs=
Fjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxg=
mG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouer=
j-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODx=
EX3JAadP-2Bo0upXDmrjAILwRFI4hPyrhQf3FSuDBHMyuK5qshSmeLfrRIcXouoF-2FJk-2BOKC=
H9-2FMpq18DDGM7ORWOj-2BzxV6tZetBt4vjyUHRRicUVWnCDRKB6yFBBVBtEE8iFlfejMN2F8H=
Z89Zf8Qs3q7RAaqw7CLZ-2FduOB9aO1UthaO-2Bzywjlse-2F5OgShcNMpaINq9-2FcOdM-2Fni=
4VUznBW4qYfhorPt3PcHd2GaMXoGO0vGuMRxzicNLHLPPNmvBupFQPbKBF2opIYi0T6JH6OWhs-=
3D"><img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4468/Churchil=
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; display: block; width: 100%; height: auto;"></a></td>
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</tbody>
</table></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-2BaqM7ONnvsnswouzUMb6TNfm43azmE45Ai92Jg1eGjbLIh6ytzXc1zN=
jhJ7g-3D-3D_ebD_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF=
Va0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pf=
twZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6=
jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqR=
Q5aqZODxER3JLOck4RTtcUiE7TZ5HVMs3h5y59OOeBsNUgap9I-2FV0OoxbEivvip8nbY7Udj3S=
lhKjGOW-2BzaRzHNjQCRV9-2FYy3bSUxtXQeEwdqfT306VHBiKpq0iPymx-2Be83cfiXqZsZG5M=
LvAruzmvr-2FSWQ-2FMgNrqnRD6d3vqqq4PjL2yLrFEIBDdm0pUnnvdsXhD96-2BF-2Fb8JajFW=
d2aVbs5Q9TjAqEZKGYi25vBj1zfufEQJcYAEd5XOnrzWB0DJ57lYbaArIMr4ZJ6jDU5D0jylMMN=
98M-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Jump</a></b>=
, which develops AI software for the financial services industry, raised an=
$80 million Series B led by <a href=3D"https://url6380.news.pitchbook.com/=
uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUMb6TNf=
m43azmE45Ai92JgElRf1ojWMLW8RfhqDrrlaQ-3D-3DWe5D_I3w5d9c01gkD8gLzFEofZR-2Bh6=
VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saP=
ps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1K=
zkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn=
4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxEdtvZYnIQWxduhFN9e6nn5X7h0AYvLSik3j=
LT8KHN7Z94einxiHrZq4X1LFgi8aI-2FbSMI32xlwQCZqGf0UX3XL5LAgeTmBwHcAE-2FEnGkL2=
TH-2F8feMabrJqQqOGwaTIsjlyw3EBPlWG3lrJoYBz-2BTeXrdepbco-2FVRgi4v4htBHtX0drY=
jDwFHrCHj9ghMSQ9VLrVyYL7Pbq1yygfH4LJFG9v7EjgEdwcjG3rUA20UBVc2lNnNNS-2FPyk6L=
itclmn-2FaevkxGTZW1PaD5BIp-2BfumgKk-3D" style=3D"color: #1D5080;" test=3D""=
universal=3D"true">Insight Partners</a>.<br><br><b><a href=3D"https://url6=
380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2=
BaqM7ONnvsnswouzUMb6TNfm43azmE45Ai92JgCOiu2I06exloA-2BpPHDcd9A-3D-3DYfCv_I3=
w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1Mn=
Ckf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5Homqxea=
QlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEm=
bb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxEV5cJJE-2B=
B5fj4GcPAlcnbR5p-2Bl2OS-2FaaSW7jlslxKwwJDQa-2FBGwMx4WqCr0sEZilJ26sv2PpScXu8=
hPVgkegaXNrGTNDaQZxXpxaT2RGGgimIF5lfyK-2BTyfxFhkxEnHyborbsCH173O8-2Boe8Vg9h=
kGjGTA3QeqqHuqeYBzEjnLdt-2BIljvt6fkFe0hbmfLeITqTJKl228MtVJ8-2FqB24kpny8hFLH=
ljAuf73pn0KPJSRhAc5glF5Q9ai-2BNWD2s2Idhpu98K1vnrJcBTzYhmYii9YQ-3D" style=3D=
"color: #1D5080;" test=3D"" universal=3D"true">Altesa Biosciences</a></b>, =
a pharmaceutical company specializing in treatments for lung diseases, secu=
red a $75 million Series B led by <a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUP=
dRIwVncWASp5bGGUlbYZJUnsnTKpr5EpoRpfmtzxRA-3D-3D0tj1_I3w5d9c01gkD8gLzFEofZR=
-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7=
B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7=
eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0=
t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxERVne4MFtDddHETmagyWDKmk4S2ykb=
G1m1X1pFRgs8L1P2DGkN4y33pp9EvVkH1tvaExs9naIzRgv1nzff-2B10LEHccl8SaOAkfdyFs7=
mWDBfxJ8ZL6M0eMVxPdeIU0XbvuR8H6R8-2BTlEnG8Hf8DPAP5zU7Nq6uJN9mGfCJVynN27Up-2=
FquIdxrYttgd3K0nd7F-2FrZqcKGyZd5qur1U-2FThE7aZsE1WPXbqZm6G-2B1w9XvdBsMeDgqD=
JXREI5uTY0TYqyCy1SmQkJ-2BXZ9dXndIcvNPg-3D" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true">Forbion</a>.<br><br><b><a href=3D"https://url6380.=
news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM=
7ONnvsnswouzUPdRIwVncWASp5bGGUlbYZ-2B-2F-2F3SZOIcHR0erbyI7fBrw-3D-3DZlcs_I3=
w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1Mn=
Ckf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5Homqxea=
QlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEm=
bb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxETmGL3p9C1=
swzAP-2FtqNmGDgNNmPRpEjkcghFR2posr2266eSF3yrKFBj-2BGSeLwqLXjC-2FT9aAWVAoSop=
ZcotJ3drhDHJnAQHlL8lqWM-2FeN7-2BklOe2wfKdkNzGVpQDfVHKiIj-2FLBGGsQs9AEPavabB=
lVPY2TqWgXXkSdFIikgwRcC94g-2BipeUUowYlyNl-2FShzHXboPCzdKt7VYCHVs0jlj60Njoy1=
2yJ35Rlw3GbvzhF2SixzdPsZhtm4mc5CIf4bZgQ2bQwOXr-2BwAG6049ptwnGc-3D" style=3D=
"color: #1D5080;" test=3D"" universal=3D"true">Freeform</a></b>, the develo=
per of a 3D printing system for metal, received $67 million in a Series B f=
rom investors including <a href=3D"https://url6380.news.pitchbook.com/uni/l=
s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUPdRIwVncWAS=
p5bGGUlbYZwbS1E0ithUaR7-2BQcZ1Ohew-3D-3DsuQV_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwa=
rHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4=
upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1Kzka=
YL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2=
F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxEbXEnPke2Q2qQvxdPPMJaXEDbIw1a6pcQWvWyP=
V4uGi-2FIlvy4n6h4oeKPHbqd91n3LHUmBuEQ5gdWyLADPK8CS07gNWrfj2SX3VTi4kxSCTE1Ry=
QkzVG-2BArSaWBQjNzMkT6hoAZAlESpTwXsWEiD-2Fhfc0kRUf3-2FWxKJqp3zjgAP4srlLUItS=
QjDzMKu8CWFx1zKIZRVcSZ6jFWrLuOh-2B3FkxhAJEnq9qk3bxWR7TWtr676Mqghm3cffx1VQbM=
OpORVbKOMrY6stlwfwr8CmQoZU-3D" style=3D"color: #1D5080;" test=3D"" universa=
l=3D"true">Apandion</a>, <a href=3D"https://url6380.news.pitchbook.com/uni/=
ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUPdRIwVncWA=
Sp5bGGUlbYZKPPbQrnfw15065j0ZHhREw-3D-3DO_d-_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwar=
HkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4u=
pBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaY=
L-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F=
8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxEWcaBy4-2BYoZk8tyTaNnMjLnE0wRBcmYVvUIRv=
zxcTA-2B7d-2BCo9hEHZYao3OTvt8K2NmzF2R-2FcGewnvqCVJeoaxGHuhOwwEXzVwJ9KTpbQ4-=
2F29mRMfusl-2B20cbLtHIcan-2FU9Jv0lEgm6R-2FeG-2FO9iYw1ertVWjZZcMLORZfKSi4FpJ=
48EfqFcvnwdO8GIzgd0KrEqh1-2B-2FYQq7cLpPzT2skwbNXvZUv1tNPGM-2FgqSqjPBO-2FcXw=
YikaNQwrXoSuiMballj8fM9Gwx2DUSZAvCJxGFnr8-3D" style=3D"color: #1D5080;" tes=
t=3D"" universal=3D"true">AE Ventures</a> and <a href=3D"https://url6380.ne=
ws.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7O=
NnvsnswouzUPdRIwVncWASp5bGGUlbYZuW4R-2BP1oNi4eMIvq6w15nw-3D-3D3HGh_I3w5d9c0=
1gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1=
uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbA=
LG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8=
NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxEfjeBVtBCtikSOSo=
8n-2BVfAEDR-2FvNudf-2FhBoq2CkR2102QPjdyKfwRHWH5r-2BDrIlKYjbaJuUot4xXOfU8Uv7=
wqt7BFEjqznTcBR5zuvJ4i9DX-2Bhr77gLuF7ITzT9oUuMBeVx86qkxBBYDhhXoeIYv36ffhjDE=
mSM1LcvvDDoFkZXQbMSVvHKhJcQHzfpzyyAzt-2FJAKYH-2FC1D2axy5Qxt4hp3afXL8Tw7dWhY=
GtM4W7kcn4x-2FSFd4m4OgbE-2BaQnr6MU9OP2kwIfGHPcP-2ByfJRHZ9Y-3D" style=3D"col=
or: #1D5080;" test=3D"" universal=3D"true">Founders Fund</a>.<br><br>
Pittsburgh-based <b><a href=3D"https://url63=
80.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B=
aqM7ONnvsnswouzUPdRIwVncWASp5bGGUlbYZxGE2yhOnb-2BE0tW6znI3hOw-3D-3DIYtj_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnC=
kf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQ=
lxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmb=
b19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxEQAWlHZdZ32=
CpJDegvoBpd90o-2FL7EzUf4xiOevcy2I0lg91VbP7V0gU9hV9-2Fe8fxhmEwpnbz17XfHdBKJn=
ac-2Fj0nogydu-2FxqCudoUkrrJDk276N2c6JUELacVtHog-2B99VZashQvVyWtjah6W9DeGXsK=
6osrW2elhw6AhZI3iNIDCjXhvpWyW64erTr8olj2-2BoWuDYESUfrY-2FVfdTuduG2XBWMEZ25y=
NfdrZIvS7UPM6-2FpZbxHY-2BJXALJdHq-2BgmJPLf-2BV-2BAhB3f1pHYxGC82VvCQ-3D" sty=
le=3D"color: #1D5080;" test=3D"" universal=3D"true">Efficient Computer</a><=
/b>, which specializes in energy-efficient processors, secured a $60 millio=
n Series A led by <a href=3D"https://url6380.news.pitchbook.com/uni/ls/clic=
k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUPdRIwVncWASp5bGGU=
lbYZL1bpAUGkVORxoKLgh85QcA-3D-3Dg_B6_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFC=
fmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2=
FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2=
rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xH=
FADXwq3A2-2BlttvJMeqRQ5aqZODxETQGoAGKLQPt4eh-2BoUlTo4zMwWLu4pHZTtjawLBI-2BI=
vp0k1SS0Ry3Pd4T5-2B48DqX0FqSsXi64-2BlD2IBlKYc-2BkewY9bQwhEcjOlf-2Fh0ot3kr9x=
lzPbRiB06m-2B0MNfDgZ-2BH8wz1q1d00qVx20g-2BpCWCqywt-2Bi623aGGksSAbB0-2BSISLg=
D2ovU3kOOQoGlBScIQmdWYDMKzaz9wRI-2FKsl8zrmmP8-2BU41nTT2tZDkg706vWQPcJgYF7bI=
pTBdVK4-2F2dCJwlny0LHYMlw0ABtujni6SA-3D" style=3D"color: #1D5080;" test=3D"=
" universal=3D"true">Triatomic Capital</a>.<br><br><b><a href=3D"https://ur=
l6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa=
-2BaqM7ONnvsnswouzUPdRIwVncWASp5bGGUlbYZIMVFAm-2B0RNUwUvHFGHsJNw-3D-3DFD9N_=
I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1=
MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5Homqx=
eaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQ=
Embb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxEbtcU3Yg=
CTjpJhwmi1GO-2BOMxa-2FMDSkGgXLK9VMAidBJEc7XHzClG8IpI5o5Ysq9AQttcEsiZkWX9H24=
OAiLKMr-2B6Yx4f28uvijxl5maMTDtW1EgfIolBMf-2FP73Q09blesG-2BC7MLxuRMFolzLC2K7=
oG8IROoq77ECyBBD07iQs212Ue4TyGQCxAH56zBcnyUQ8rhm9GxjsaZLPTX5CVu6cAOwZagC7PV=
Kcom-2BHp5AGCUv8Pbs3P2nhVVyRgHd3E6f-2Fc3KNUsfCHSWVvLPjr7qUtc-3D" style=3D"c=
olor: #1D5080;" test=3D"" universal=3D"true">Ascent</a></b>, which provides=
financial services for graduate students, raised a $45 million Series C fr=
om undisclosed investors.<br><br><b><a href=3D"https://url6380.news.pitchbo=
ok.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouz=
UPdRIwVncWASp5bGGUlbYZHGOjBJMausW7WxGSZ9i0AA-3D-3Di4tC_I3w5d9c01gkD8gLzFEof=
ZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9=
o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9U=
g7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2=
F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxEQCnTay0Ay8cTKVTzJmqg2MCsU2B=
hjjGhi-2B1u3auCtOLhwI9LB6hMOlf9kWVNfwmtlCTbC2FR-2Fc21IeDsxBK2DmlylD6-2BnBAi=
VPf6OQWXAZtizXm9Dy1vzIQ2m830aZzv1rEe-2BkAsDH3jAdxDiAelCfRpgnNDGBtcE8Nj6703e=
-2Bas0X2s7RyYlJlwNzo1Bc50isW6llA4lVvsTHCiFqYkgkhLr-2B-2FW7xSZMkgHVI0gdDIdCQ=
GkF4BAZlD4uDt0FqZO6-2Bz95KLFJ7aDLHcyl3VPdY-3D" style=3D"color: #1D5080;" te=
st=3D"" universal=3D"true">Vizzia</a></b>, a French provider of video surve=
illance for local authorities, raised a =E2=82=AC30 million Series B led by=
<a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n7=
3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUPdRIwVncWASp5bGGUlbYZ-2BYw-2BWajyZ=
v-2Fe6AzFPjcaDw-3D-3Di1y1_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFk=
ZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGU=
beC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2=
BlttvJMeqRQ5aqZODxEedxISi-2BV-2FnxkpcyAGuKYTN2DIW8emga8Dqhf6-2FDwsig8LdqHE-=
2FG9BrPDQvVQnez7CDdpJa27uFxBr95zGwZIAJae2nehYd3hjZjjQVGAVhfjgpPn-2FqW3KG6tI=
3MZY9oE9r4l8oi-2BSHxaQ0ttn1hj5FWCeMmGMrF4WKsvCTAjMDhC1y71Ib-2Fz6RhFJSNvWXgO=
1S1IWFiSDNUVGEn4LUo5RK3WIseZnzAv7zsOobbCit5eEsT694AqBxoZf0nbOtRmAG9d2IADedL=
bD4XTc4CTLU-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Base=
10 Partners</a>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/un=
i/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUtYclKVoI=
MCl4H2fq8eE5DlOcHG236YsESwgpTFBGvKQ-3D-3Dwkck_I3w5d9c01gkD8gLzFEofZR-2Bh6Vw=
arHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps=
4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1Kzk=
aYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-=
2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxEXML0LGN61LgIbDDl7oPVZMcTX9DkdZGpdXho=
KX-2FeqdpyMXm4vj14FsOfp56HW3BH0ZN0hcgM4-2FO9uMqNSeyfKqcV4AQMADAY5SAu3iCVLL1=
SD6NX-2FuHfl6pM48lyqUBCkMIOEE8-2BBEPyE9b5-2BbGnwa5E6ddQt45B19sqbtMs0QMk1-2F=
4c0Kb8I8QoZ72dxAUl9LU0SB8Xnx4XxM80MOdLyk6IjtqC6ljKG0vZdcPDZ6Lo4BAFwS6-2FHAK=
divCFy8yiOfTaPurfNe6CbzjQCgWtag-3D" style=3D"color: #1D5080;" test=3D"" uni=
versal=3D"true">Stacks</a></b>, a London-based enterprise finance platform =
developer, raised a $23 million Series A led by <a href=3D"https://url6380.=
news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM=
7ONnvsnswouzUtYclKVoIMCl4H2fq8eE5D6SWQvNtsFANsDLjmkzVfuA-3D-3DwbwE_I3w5d9c0=
1gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1=
uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbA=
LG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8=
NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxEecmLNGYyoStBjKw=
qXInEDJJ9Gwd5PzW8VaZ0IXgrU3jhLR91Z23TGqgtqNaJJIsjRQwdzIuKYHb9pAIpHTTvlJXNri=
kJCni5hZ8-2FQG-2B2oWVWEYcXHbJFQpvPGF5687htzHxj3BWg-2B3Dkzx0YcPbxFGDjBL4-2BR=
BeVmC-2FKExR6PVnfO7mUIB55q3u2mze5T6OqKDz-2B2tlN-2FOHXQAtl28bqvwIWaU1ce-2F2x=
9VGKVbTXVUXdIT4TomAEnJNYm17h7OgK7EtGXGG2bQ1yV5L0IXgMAM-3D" style=3D"color: =
#1D5080;" test=3D"" universal=3D"true">Lightspeed</a>.<br><br>
Vienna-based medtech compliance startup <b><=
a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUtYclKVoIMCl4H2fq8eE5DTA-2Bl20V1HSLlU=
wL634LI-2Bw-3D-3DWF8x_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb=
dWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymv=
uwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6=
alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2Bltt=
vJMeqRQ5aqZODxEWzBalzS-2BzriZY5TtLsAmjxzbgABQo1PpvFg8NWqWR0O0dsTovrAJ5rML7e=
9krStxBioee7evcj9qF8FywPYdI6gGrdqmatfSjfqA-2Fu6H-2FHSccZs3tCLou-2F6EvqISu62=
ILxOvuVSwJb-2BBz4TKwv-2FIWKF4xVyB-2FmOLN8XHRmRuf2ZFL9KmCp2hNCM6-2Ba75FgTxGW=
qLe8ijBl78KBtny04MFeSDeZt7OTOd95SL68BFAQjoCPoK0bumoT4OiaUm9lKufqbg3kp9ouC0N=
W81jih4CY-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Flinn.=
ai</a></b> secured $20 million in a round led by <a href=3D"https://url6380=
.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq=
M7ONnvsnswouzUtYclKVoIMCl4H2fq8eE5DCiL88C8-2BQKUW7J9zsEhTKw-3D-3DEAtW_I3w5d=
9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf=
1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlx=
TbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb1=
9B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxEUoHD48S1zE83=
fVMPdGwdfEcJHHRcBEfOkOV3OwwryGGWIvxHQJNOITtVKxkqJRBQV-2FHFORv4cJc-2Fszcvg-2=
BDvK3y1Ntzq0LXJndkRjP7JZQ8EkNibxvVUWmJb4dTHAoDJwpa46zeK0d-2Blm5mQDSDd8NXzrj=
ZCuloTj0gOvWgi8JVsP6QAutWkiHPC1xzsTy8yJiW3dUIXAbkrEulMRCe5WHQSid0uGxP3ndlRy=
nGmHn7MJan6gthEpo5KHTV-2Fr-2Bt5XfAX4G-2FqZTAgxJ-2FE9KaBDg-3D" style=3D"colo=
r: #1D5080;" test=3D"" universal=3D"true">HV Capital</a>.<br><br>
Digital wallet infrastructure startup <b><a =
href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUtYclKVoIMCl4H2fq8eE5DClOx-2BwtoyFcKmfx=
3-2BC3Fkw-3D-3DJu62_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW=
eUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuw=
B2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6al=
kji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJ=
MeqRQ5aqZODxEXqaEIN0bCE2exdMWNjEKLepsUdRGjMpzNEFq2NrDxeqv2ZbJfjZkjPn4GGUJ7e=
GxcLW9hSxPQAxPMuJsWzMtKr81N3bzeI7GeqRARqdA-2FJTjl-2FBNnr4HJD9MTm0Jyhw4R5frE=
a7977JaJ57zks4JfDr0B4kmlsQbXLuu88fktxmI8hUfaNlvObRWBRM1W7bbNKeAMTK6ip9XYzMx=
GZ85KuwwRao2yzQzwP-2Fcz3EZQzYMFybxklTwADCXQVh2IOWvHY5ZWCG8Z0p8GXnTnZAB-2FA-=
3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Badge</a></b> ra=
ised a $13.8 million Series A led by <a href=3D"https://url6380.news.pitchb=
ook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswou=
zUtYclKVoIMCl4H2fq8eE5DIWZ0CJgl3WtL3xu5Aa-2BqaQ-3D-3DJ-OK_I3w5d9c01gkD8gLzF=
EofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4=
Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4=
e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97=
W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxES71cxHyf2DPNYJVTcyp76PHp=
YJRiTwxr3vZn0-2FWa6HkymwsC6VViyfUiXB-2Bc3-2FafXPX-2BbTTTFnQwd769ZChB2XMcRnj=
-2FdqUKlSx0sWt3qUk1Zwh5hcl5YUu-2BwE1wLLFFS7MtE94RerdUxFd2HMfmk9ddTDm65w4-2F=
-2B9QO4Zb3-2Fzii3tjP9qzN9I9qyj-2FFieod-2BjmYfLKFBDjPv3OpRLbdSSUbcEynEyicukC=
8iAVxdmMcS4WsjKkHWRNfbD7K-2B6OEeCk-2B1KCeDBXBwVDjRTmAz8-3D" style=3D"color:=
#1D5080;" test=3D"" universal=3D"true">TTV Capital</a>.<br><br><b><a href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUtYclKVoIMCl4H2fq8eE5DJZKAlvB8OswtD-2FrovkI=
veQ-3D-3DKW3o_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa=
0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftw=
ZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jg=
ZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5=
aqZODxEec1vdtyZcpsW-2FC3TNGjZej86EPkVK0QLcx3jD8jTeun6UwANlkovZI5gSE5Dcu9LnT=
ymgKgyDwK17owAO40QuelZPEqd9mjEGUorELJal1oWnc40DSLZsxf8lPkv3ZJsaQHDD-2B2YGYo=
MRGCs4pdjmTN-2BaCNHKVBlVSMfRbAoUdifJFlxGkRl6apZlgoj-2Fuv1H2qqEDLL7v9Z-2FK9k=
11xSdgY-2BOPiBy9fKOuNr-2B3iaP94XunOFfAHRj64RfqpBsrt1AKbCC0u7C-2BP3GmRv6D3mZ=
w-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Plato</a></b>,=
a Berlin-based AI operating system for wholesale distributors, closed a $1=
4.5 million seed investment led by <a href=3D"https://url6380.news.pitchboo=
k.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU=
tYclKVoIMCl4H2fq8eE5DwkELd1mGXcM-2FyTdgBxNE0A-3D-3DrWJe_I3w5d9c01gkD8gLzFEo=
fZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us=
9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9=
Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-=
2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxEQmAaFbz9YHGSN3TfI2pkF05DIf=
erTONghqDL1-2BRefGhRIgKBsFetWQD5Cl4kjpPeyANNT2vYc6Y2wrhPnGOwF36I75kLpcAsXWI=
vKQrJYzhYUuXzYkRqsjYHAO22zycmDS-2BFZDMNt4LPejfcbxM7bkSqMkpJ29aq855uScylVA0L=
uSb27qAfBlaZtO5nRAoZrAPJ4bWeSFlxTH-2FZvNuKTKBXFrPrBNHy4kJiyPrZLGiMU0LHHjj2x=
KsSieNxvxGLGG9rPsJFBqNrUdZmx6onAE-3D" style=3D"color: #1D5080;" test=3D"" u=
niversal=3D"true">Atomico</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-2BaqM7ONnvsnswouzUtYclKVoIMCl4H2fq8eE5DukMHVeiZtREsx4amxOsr=
BQ-3D-3DpX4Y_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0=
m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZ=
rzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZ=
Oouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5a=
qZODxEYrUgcqhdvjfFZs5tI4AXzLFYKzMudU0OY-2FWdpG0Gwvaifzjv137kSnfB97miwZrcfHN=
BsnNcHdJnK-2BbotOPbPJbVo3xHzbIPinPmjBgFFXFks7T5WPQOntNzuage6VzAVpKz5-2FReBY=
SxdOjtru3c8srrcAHmon8bNMfPxDW0keaE9PxG9KTEjICDi8qbJLqbZbUTtf7r8P7SAc8HNxPvo=
5EmfB4XjiPvHs-2BVGio4XkcLHpSnZcAduNAeln9rNxjva6LUonrLe0vnaRpTT8g7vA-3D" sty=
le=3D"color: #1D5080;" test=3D"" universal=3D"true">Johnson & Johnson</=
a> is considering a sale of its orthopedics unit, <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzUtYclKVoIMCl4H2fq8eE5DisLl-2BsfA1KsnnJngRKoqJg-3D-3D4QxU_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1M=
nCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5Homqxe=
aQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQE=
mbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxETGtohH5R=
RGUt84AG-2FVAAoGYRRCLFLMIEShz2iFi83KtVHMYnEfbw6HNlcDwxRMkTTYJuzijX7B4qBsJsH=
zSpkpxumisvxtGjanr12DJoQ-2B28vD59YJbOKa1HS5cWtQPTTp3P3gpjVjMjP5Tmgxv432ILu3=
qcz6JUs1qxxL7KHAwK7YUcJWr3KLyhXqwCPh9o3-2FiXkgRR7qZ-2F5EupGxRzZ1Uej3fNiExUa=
Clg-2BV-2BgzpVOJs9m5okbHfznhynZl61IxCtwkyYWjRjNobr1Xhq-2B4k-3D" style=3D"co=
lor: #1D5080;" test=3D"" universal=3D"true">DePuy Synthes</a></b>, which co=
uld be valued over $20 billion in a deal and is attracting interest from PE=
firms, Bloomberg reported.<br><br><a href=3D"https://url6380.news.pitchboo=
k.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU=
qx1hGbMtm0uH6PhkU3lN-2F7RPJai7RqZYUnZ-2BJLAFN3A-3D-3DVgDi_I3w5d9c01gkD8gLzF=
EofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4=
Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4=
e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97=
W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxEZFaRFIaPqA8G8xrHGnc8h0MU=
9zw6Nd1HzQVK1-2Fl-2BrbgQU265dPWbNgTYNuUxp5gdi0MzfAO2VUPzdWFZQIN15v-2FOT8d1U=
z7-2FW8XVuols3jD0JWn-2B7ziEYa8yGiSICjjoosLJWwRg8-2Fw9VCU8qOW1gA4ektaa8bYDkz=
A7uneyfbd0vC3ZRI-2FU5S-2BK9vudzixC7KkAyrlsr9w0zFMpCgvY1BvtFjNJ66KGBhvgC8kqe=
CDYXTJPI1rlteBp-2BbdFMag1CcaEc9Fs9LZxXwbF2nb-2FR4-3D" style=3D"color: #1D50=
80;" test=3D"" universal=3D"true">Scopely</a>, a game publishing studio bac=
ked by <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du00=
1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUqx1hGbMtm0uH6PhkU3lN-2FW81wb=
Bs5jWYnqWBQ9kkXpg-3D-3Dc-zp_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t=
1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8v=
FkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOT=
GUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2=
-2BlttvJMeqRQ5aqZODxEVdHp1b90kCTwxOTxnhIvpFuvAY0OaIYriXN4TYWYK8kuT0Q9qIp1zJ=
t3Q0Pp9sTWgVJOMizcXiJDCYZuBLif2Dbpfzt80-2BwXeMU1l7f-2F5PdNpCdTF5ym955CTVrB4=
TyDlq09ibqitq06B4NOk8DAiC6bsiApHtYe0vMS8cOjFzR5sntUupazTOqbi0RnwCRzx0jhDYqQ=
xuOcVWQO06ta2m8h9ArNk-2Bryo0BWznJaWUekurJ7Bqm3f-2Fbq85XbuJGwHjo29XQ5yJTP2-2=
BsoOVlvFI-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Saudi =
Arabia's Public Investment Fund</a>, agreed to acquire <b><a href=3D"https:=
//url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzUqx1hGbMtm0uH6PhkU3lN-2FzZo-2FEWxrQI9SUs015I6kYA-3D-3=
Dfp8Y_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFj=
fudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG=
5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-=
2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxER=
4SA5b2CrOyEjGlV9EiGV9KkeMK-2BTP2m73r1CXsQqhb2niOLwhentgTC6PhjvAcU2KewoYtm9m=
OTYfVg5g-2FaS5i-2FsGbs39Y5elQkQdkO5BO2Z1GroPiAi8UrD9Ew0vOOUMSQm-2FiTD-2Fkma=
fMzjb8uiJXb5b77szx3wg-2BZ0SM539jOAbeYFgpz-2FfAO8ceUxP-2FS7Ttm8WVbJDdj-2FDuK=
J-2FCL5mZvIY3fw-2Fj7d2UFTTXC4PtOTRP-2FvD83KAl6Bzh0Qh-2Bj2BQxVvV2C0HNfCOChvN=
L1I-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Loom Games</=
a></b>, a Turkey-based studio, in a deal valuing the company around $1 bill=
ion.<br><br>
PE-backed <a href=3D"https://url6380.news.pi=
tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn=
swouzUqx1hGbMtm0uH6PhkU3lN-2FJvNr7jw50O5niwFZhkSeCw-3D-3Df4xS_I3w5d9c01gkD8=
gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnX=
Jxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Ch=
r3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6n=
Jn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxEeaxxe3fdeNdDH5UGP073=
1pedv0qXWkgu-2FwiGL2X-2F4rO2xhQVHf5cynGfg69nuPiI3ptS-2BEifzaDaTAGhDL7FlNZrl=
OWjwOiJcVzI-2BzKZj5U6TdUtO3-2BVNsifVyAY00KWzu-2FYZqiwJWPtvbAQV9czIKcnlgKSEv=
QJRv4-2BNiby3z-2FtGE75DAVB8vfR720LZ2TYovBvNulFVm74qFdxJzQfzF9OlZQJFYY0OUhri=
8LqzLDI-2BhSkPOUiIFp58hQGhtNgAxBQDeDWiPX1zJzsG89jB0-3D" style=3D"color: #1D=
5080;" test=3D"" universal=3D"true">Froneri</a> is in talks with <a href=3D=
"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzUqx1hGbMtm0uH6PhkU3lN-2FfEOCQGhiADl74On30uZqLw=
-3D-3DyPcs_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8=
PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrz=
IxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOo=
uerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZ=
ODxEZNJmJBtIMjC8BiX4sB54Q64lhIZpL4Mgg3NeTqT57TOJE9XyFZLExn7JZK1z-2BaeMiHjDl=
OetfFIRmmmxUc7JPym7Fd5EFfRN1ZQxbBO-2Flvy7wSuQTeEFxWGB5qtpckDm8J1TaJQ5B5Ydm0=
5mbECayCbGZ5PffFTkBsA-2FZ4jdjFnPpmR-2BvPUWntj1HfPEO0MkVa7zExm7jRau4AUjta4Vy=
ubeo1zHqAyd9HZ3uDIG2mI5-2FFaLqC349SjS0FCPDGpjkekUDh1nYP-2F8y2TOke6dw0-3D" s=
tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">Nestl=C3=A9</a> to bu=
y the Swiss multinational's remaining <b>ice cream businesses</b> in Asia, =
Canada and parts of Latin America.<br><br><a href=3D"https://url6380.news.p=
itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs=
nswouzUqx1hGbMtm0uH6PhkU3lN-2FDb1IePyI9Bp0Kxf0Gzl4JQ-3D-3Dinet_I3w5d9c01gkD=
8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsn=
XJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2C=
hr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6=
nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxES-2B9xMCVm6wJkNMjFP=
TjR1OUuYx5RQtj8n-2Bm2kKtdq6RlLtDcLtP4jUrZrLq0odbycTAsfXSu-2FZcuZFEL3wvVHGR2=
DpwRSzwvNt6I3Q11WaRuzH2QkvNzIvejnhdY12JuclP1lw3hwNmGG9N0qWBiRIFFOz-2Bb7av-2=
BGa-2BES4e0ZvbMqcltW3eq6EJ-2FaVzXogjU8v54AhPWEd50lh7AeXPzOBxlIYrEHhPGpuLb1C=
v3-2B77ZhjTEF830wwbq8E8bmZQhuw88i1CNLMLYktpDnw1rj0-3D" style=3D"color: #1D5=
080;" test=3D"" universal=3D"true">Bridgepoint Group</a> and <a href=3D"htt=
ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW=
Irf6GFa-2BaqM7ONnvsnswouzUqx1hGbMtm0uH6PhkU3lN-2Fhvi3EuewS8lIXfSVuXxwrA-3D-=
3DQbDb_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF=
jfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgm=
G5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj=
-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxE=
R7ho6oXhT5RT4ODlZv3uqvwC7D7JsTaZAQez4mz6nB8vss6ZTUX2F7SvSWcvrI0OL9ow3orlS7x=
WDI-2BeN45aDcNAqfeVtRhwCOkXTb3Phos20lJAqTctcBV3GP9kLvv-2FUnhIOAx3LONzi-2FDn=
AsZsgh8YvjU5QroAng-2BDBtlhPj8ISfgZ0msTZ2weoYSoPAtA9ojDO1H0vre-2FboCInNCgB1a=
kjZV3w5vhbA1wHXb6S0EiG350mNYTKTOaSfI6yLHTm8RSaTI4X8yT0MNirm-2F-2FPc-3D" sty=
le=3D"color: #1D5080;" test=3D"" universal=3D"true">Ardian</a>-backed <a hr=
ef=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4C=
uylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUqx1hGbMtm0uH6PhkU3lN-2FBvDcY2BhvWvlxq9cF=
buBYA-3D-3DoXKr_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF=
Va0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pf=
twZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6=
jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqR=
Q5aqZODxEb3UrcVAzoEXUx-2BZSEr3lXsKbW5vEylUodm-2Fazb0yUG903IJveBW0dQTTH2xFUu=
s9z-2B9vSHao56o38Erok8M8KvcSA5BzV1ZuyejcmOPtlHzF2DzwQ-2FSzBBclxrvE7P8aw1BT5=
2Bb8ZgRhf7eP9ZTEFh-2BCtdShtKK-2BNkSRXGiUq17RmDjeICMzj3-2FBIsJ0Mk-2B4gr3287d=
E5FmiCXdo73UJNnwBxMMEVQ-2BBnIoz-2Bq3pNdp0LQpl7-2B0wjfqigtAQWNpkipc3gFsP9Eyl=
LPF95Fn1c-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Argon =
& Co</a> acquired Cologne-based <b><a href=3D"https://url6380.news.pitc=
hbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnsw=
ouzUqx1hGbMtm0uH6PhkU3lN-2FU2IK6goE5URmpQIxwWufKA-3D-3DVboX_I3w5d9c01gkD8gL=
zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJx=
v4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3=
a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn=
97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxEWHpj-2Bi3gf6kjpdU5myHy=
D9P7b-2FDXJcluafqxtI80g9KlTFwbunExtcauZ8fNWLp-2FmPTmBOSo6MkYZsqcvPtfWvOnkHq=
D2o21-2BRQlA8P0oAbJD1Pdl-2By2UGmJlNEpQ-2FNDpiiT8sD7YrJOas344Vv7cLkX87ftvE7f=
wnzNzOSaIjDhRJCTW-2BdUXPlbTfnkO9DemQQOFpdAbmGbV9mGGa7e1Sms79ghyVahlFy-2FhO3=
rI2qfoLcp2uW-2FSa9xTLw-2F5o07bdMc34uJmAbrsEXej2Rvw8-3D" style=3D"color: #1D=
5080;" test=3D"" universal=3D"true">Algol Consulting</a></b>, a digital tra=
nsformation specialist.<br><br><a href=3D"https://url6380.news.pitchbook.co=
m/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUqx1h=
GbMtm0uH6PhkU3lN-2F9F3mhR4IfxPZ8W0hFdyl8w-3D-3D1hwH_I3w5d9c01gkD8gLzFEofZR-=
2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B=
0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7e=
KZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t=
7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxEa3nSTrBrJgwCgN8uCDJ4AX3f4gWPwf=
CzgMF4sFpQqf8TKeeOfc5HdKRijQ1PeHrV0iw9M-2BMVW86XzdXFNO2SP9hzPqtVlRQee3Pkjp7=
czJHniIWuOK-2B85aYO4Pz60l4bQvKkZ6tZ6bz9twfqcATpTGy7VOpJa9lSk-2FQUpms3eVfz3J=
QemHxRkEQ-2FO8lpdbEnr4lCfQGKSquWUj6-2FDDZhlwDs4IX-2Fw24UJXXOBFbzYAVHcUa2hoD=
rxrA9ki-2BbBdLHB5tunudgl8k0ibs6k6Mays-3D" style=3D"color: #1D5080;" test=3D=
"" universal=3D"true">OceanSound Partners</a> acquired loan servicing tech =
company <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVIMuJ6eUAG1fE-2BmtACnYW=
95jC9FXNOhEFbG9oz506-2BLw-3D-3DCv2G_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf=
mzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2F=
YOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2r=
OpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHF=
ADXwq3A2-2BlttvJMeqRQ5aqZODxEbKCpV3lJTpjyde4UFH9JAGGKfNPZgw9dDmjNzqPT3Vr1pz=
Xhdrk3ohtk95CSa9kJ5udhaDFpU52z0h5FQUfR8slpP-2F43d-2FxaiYAoAKyJZH1s36UowKHcZ=
bON5TnHRHIcDQLziEd6GBM9x4YISnMCIJauljvmwd3qnOIrZhpU0kJC0Qa60nPKgijxi3cD2n7j=
3LhfvYSmEw7ftTgHf2S0IZOart4McDd1Nn4XMNJyz5a1wJXXnceXj6EDtHt9s10bGe03QFRpDNQ=
wZ2xlFsRsA0-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Auto=
mated Financial Systems</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>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 cons=
ortium of <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3D=
u001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVIMuJ6eUAG1fE-2BmtACnYW91J=
eEOWj15jPHHA-2Bv98o0-2Fw-3D-3DJUgv_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfm=
zy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FY=
OhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rO=
pKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFA=
DXwq3A2-2BlttvJMeqRQ5aqZODxEUD8ilM5K0sWslov5n4iZWyoPLK532M3RDbvjeZAUzFkGLWR=
6gnVo-2BMBcYsMP0fAbCQGxf6-2FA58IDSe63xDvdwndRfBUnKSa9J2wYFKnfpuQsT1VyNumvPD=
SPI05sMGPVWZRHFXOk3roEBdt0fezfxJ1UPB4F1Dh5wo3j2HE3E8UAoOI-2FHic-2Fcc4rPkjtv=
NIZLy6dGCJhp4hl5gGSbXv-2B7Lcyec4mh5hsaeLPDDSA3zn7urCCFedaoV4aNCPn6IK8JfJGBJ=
1IEuoG99jyKXtAhg-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"=
>Liberty Global</a>, <a href=3D"https://url6380.news.pitchbook.com/uni/ls/c=
lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVIMuJ6eUAG1fE-2=
BmtACnYW9v9oDNBKqPHgbwAR92S9zyQ-3D-3DJl6C_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHk=
xBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upB=
qwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-=
2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8q=
rk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxESRxSrrblkkD3g-2BFkq-2FBYpvtM0CBFow7yFzjr=
HSbuM0pg7wxtx4F01Cg3-2Fya9tq5Ed79D-2FoJEMfEjxbZRjNrh4Qbz3kEy6bfg-2FRq3Fs3u7=
fO0GhaZF7fJZe-2F2FfrWaOXkm2qf9ajtyh0ttp9uvAwAu1ZYuHDAiLIVQprDOnjUMLTSp615So=
GUERzfLJoc2XScIuImsOYdEhaPZPErKdFYGa2hm5ltYAcHBa0IzC61eCawVaNRPGakgat-2F5gF=
dlcAgmZTgjjeKzAerVrXqgcSO4M-3D" style=3D"color: #1D5080;" test=3D"" univers=
al=3D"true">Telef=C3=B3nica</a> and <a href=3D"https://url6380.news.pitchbo=
ok.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouz=
VIMuJ6eUAG1fE-2BmtACnYW9tTMdP7j-2FgvgrApgca49cpw-3D-3Dqdy-_I3w5d9c01gkD8gLz=
FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv=
4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a=
4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn9=
7W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxETCO-2BYPLfW4PpItvzB7eC7=
95Nmw0Nx8CIn2oOfnb24p0mG-2BgMWPyoEnOtEZCyVBEqhrChN-2FRMLeBK6KZF-2Ff-2FQUiZq=
JmT9Fx0c1AqQAMbP84IkM2mEy6lURmKH0Hmow-2BrZ510wo-2F-2FfyoL8jom5Ks1tSBtFawb8A=
g3wgfPcFSAcTr7ZPaeZJBlKUSo68gbq-2BCrx0DthuAgGJA1WFDRdmTN7Jv-2By98zd7ky6lSU0=
alcxoCpWZoKzV-2BBKlQwWjJkuy49q5He3KHmGBXiIZ-2BOQ62RzUY-3D" style=3D"color: =
#1D5080;" test=3D"" universal=3D"true">InfraVia</a> agreed to acquire UK fi=
beroptic broadband provider <b><a href=3D"https://url6380.news.pitchbook.co=
m/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVIMuJ=
6eUAG1fE-2BmtACnYW99pUhUAZCg-2FO2fjOjf-2BgAqw-3D-3DbIGK_I3w5d9c01gkD8gLzFEo=
fZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us=
9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9=
Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-=
2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxETd2s5BJWczM15P5gMfVKbDrn-2=
Fb5HP1akjnvrf-2Fa8HjQ0JwtuQPIJ8OWcrZQ6g7Fq8BPILQ40boey-2FWEQi9X7DEqCg-2BowH=
sNp56R-2BDPzz6h-2BmAdtKqHHMgvCCeeAMDtI23ECAgk49EVsYBsx1-2FEFCLmhy03QhHWWnWJ=
mxSxNR6kqr-2BiZdfbqRKSH-2BR5qPU5tLhq-2Fo2kOIaeYs9FTif-2FtgmiRY85jr12N4p-2BE=
KuHZUCj9ofL8WEb9mXyyjLzbwNXFS3bXM539vOJRc3SGXJQfSRE-3D" style=3D"color: #1D=
5080;" test=3D"" universal=3D"true">Substantial Group</a></b> for =C2=A32 b=
illion.<br><br><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?u=
pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVIMuJ6eUAG1fE-2BmtACn=
YW9eLk-2FCvXpB7Pmg7o1VuqoLA-3D-3DXz-g_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRF=
Cfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-=
2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK=
2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2x=
HFADXwq3A2-2BlttvJMeqRQ5aqZODxEaUHYPDeD8gReo3pZ2-2B7B0D6YM1gmyJD-2FFCwHg-2B=
53Emrv4N1BfEEJQH6VoRCeM7tsrxrH7zGVuQ5mGvkU-2FnavV2X-2FbQGqy519S6aG03gsZYuVQ=
vC4H2DrLaeXDCH2Z3Cd3663i4uxzIO2XzPmMDN6dSb-2BkFP2bsL1la5tXH-2B9aglnaQCqeqgq=
GCq-2BS3vceSRRZDzbj1JPnKpkqbb8EXSmVvY8DnvTf-2FKaKEANKnRUUM7S3QXLeXJQIdNDiI6=
YQvdpUrg7L58o9ZpRcSZa9OzCLs-3D" style=3D"color: #1D5080;" test=3D"" univers=
al=3D"true">CVC Capital Partners</a> is looking at selling Mediterranean ma=
rina operator <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click=
?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVIMuJ6eUAG1fE-2BmtA=
CnYW9QwlQbh2C7Yj2Ku0TVNGzYQ-3D-3DOF5q_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRF=
Cfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-=
2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK=
2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2x=
HFADXwq3A2-2BlttvJMeqRQ5aqZODxEVI-2FJFtoQCMXt3z-2BfVGqS5H1zTh1x-2BjiQbpXVzm=
MOFrH4dLNAyM702LdnSwkq-2FzKkAZSmN-2FZrlgrtAW23Q27NU0J6pWUa2lbrkoKN4oMlRQyg0=
AJkMl-2FOufocB4NNkL8HPuuzPe-2BVuF5docPQyDCj-2Bne-2FlyuC2FrbAeDlYugPpc-2BYdW=
p2wNgIPU4PeVxpV9Ucs2pYzwVRyiBxDU4uxuRtjuX3B8lC9F5DqUE332wAyzeiESFbVJYrWITNb=
-2FYi4h32dCYZvqiTLzKuzd2AcCBVlQ-3D" style=3D"color: #1D5080;" test=3D"" uni=
versal=3D"true">D-Marin</a></b> at a valuation of around =E2=82=AC1 billion=
, Bloomberg reported.<br><br>
Crypto distribution company <b><a href=3D"ht=
tps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpS=
WIrf6GFa-2BaqM7ONnvsnswouzVIMuJ6eUAG1fE-2BmtACnYW9T8kDTVC-2BWyX5HcWGXRbpSQ-=
3D-3DhqX7_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8P=
zsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzI=
xgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOou=
erj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZO=
DxEZIXZkcBnsu6ynz4TBL0brfx8hdwMm8lOjcNVBoZIt6k56vDk08CRRIv0KYTgouuCdWjNUhO5=
xw2amCikwS41UUlIyjildbBX1ixqc9yWi1u7AoP6nbi5lGuMZrJdqj8m4J9WuEDcWLSDs2Evvr9=
BNYDol09zKYQrtvUl2BYYUZafzwYyBxTqjhpdOP23SYG3dJ3NyvlXso31jD7NGx-2BoXeoGRnFq=
Sbuvpm4P7YmxraLFtRVWNyX7UgWIYIGxNrJZMy6Emr64Hp9EebzKWavpGs-3D" style=3D"col=
or: #1D5080;" test=3D"" universal=3D"true">Magna</a></b>, which is backed b=
y investors including <a href=3D"https://url6380.news.pitchbook.com/uni/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVIMuJ6eUAG1fE-=
2BmtACnYW9rQOlbrqbBv6vrGYeFNCR4w-3D-3DBnE__I3w5d9c01gkD8gLzFEofZR-2Bh6VwarH=
kxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4up=
Bqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL=
-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8=
qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxEWasnrxV1zAAfwYL4ur9DZEn224HFD9lYn4Az0y3=
60jqMJiE7glHsYDXKQMZ-2FM3JlUIqMWoSIZJWqwa65HN09OkOE4KTJ-2B7m4Kdvdz0PcDT3sDS=
VnF0pGqMNi7YUTcikbnnaOFC3oZcH5IJ1r17CjuSaTT70eX3c0VHlUiBSN631A5qQfDREVZ0JzM=
Zh6iNX5snIc1cT3OWFkn9vo3aupPGKgy-2F5lfFSnwpL2ymsmOVAL2G64KQo8N6k2gJ1w0Eh9P1=
U0eIaJA6hxn4rSbF8LaQ-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"t=
rue">Tiger Global Management</a>, has been acquired by <a href=3D"https://u=
rl6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF=
a-2BaqM7ONnvsnswouzVIMuJ6eUAG1fE-2BmtACnYW9vdlwIKrU4j7IC83aBT7-2Fjg-3D-3DEh=
17_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfud=
qm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5Ho=
mqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2Fk=
UsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxEZ6jT=
BJfnA1zx2OBp2K267pwkGTbDupJx9-2B8HCPZkGovJiRe-2BlobFJm-2BW8M8r7FUGMtKS6WUBc=
c8Y-2F0kP9PeA6U1E5URTtp83LEqwYR97OF9AXb5j7IWDE8oHsAlCZZbdCJ1QyB1aS2WUgaujMM=
gD-2BmCh2FcuJJZRWhrrweKAAzODzA6Bd94QpuTKWUWLy3ZDGfSODx4yTJxIxYND4JoNWZsVuq9=
xY13HCya43jUXdnOkDycGsyLi30XAsFHla7lmb-2Fb1LOeQgCW0MSh-2F3cwC8A-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">Kraken</a>.<br><br><b><a =
href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXTFEBz3SvVTySRKIRcBKy1jiy0vb2z-2B7kat-2=
FNWpx4TUw-3D-3DLTUR_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW=
eUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuw=
B2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6al=
kji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJ=
MeqRQ5aqZODxERVCV-2BYiGBRGDAB16w0WnfKP1lnQ80z6y8h-2B-2BnGaYIcdqE6qnbikyFmsf=
W3P-2BU4rwvo7vaqmkm5bTYql-2BGgtAK5BsPCqb-2BjbvWTzSKWLU7qxMbmljBeQDJ8Xa3JG-2=
FcQp29M-2FXJ4-2BmKdan5MPTLEFmUDF5tpJfJkID4-2BVWUuMXe4uK3pRohbe5o4lVxeES8jUv=
kqlUjMl6mOkl2s7Z8zTOyKVOUo7j4yJdvCOyccAvUxoMELqx3-2FvZhbtyUV19f0elV2AbS96dL=
nMmb-2BxUA6WRfo-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">=
Alloy Enterprises</a></b>, a thermal management platform developer backed b=
y <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n=
73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXTFEBz3SvVTySRKIRcBKy1sVntYFG5TdGF=
G1vL3ispog-3D-3DHR6e_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbd=
WeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvu=
wB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6a=
lkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2Blttv=
JMeqRQ5aqZODxEenK2vVb2TybAS0X0AwnDDyIyn-2Fq6hE0RgLtIjX3VFv14edkgfvKYJKC6ol6=
8KuTxrmkpkAhLY9wwxGWbgI-2FC9NLV42uUnaOhVAjYTgpsVhoVeWbW8oNB3JW9S4KXXoB-2BIi=
F7C2szPln2hvaUQcrrWNMposc2Tkbmu0B8pbFE6HuYEDXGdpJpm0Jfpu8qniaQSA0ZwNmng7mnE=
U0Wj-2B2sYtCVa-2BJEV8Y1V2xWFGeXA3PD1VztcEFcGJF9ggkbQH6GbaDV5mxZ0RJjot1Qkbtl=
v8-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Piva Capital<=
/a>, agreed to be acquired by NYSE-listed <a href=3D"https://url6380.news.p=
itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs=
nswouzXTFEBz3SvVTySRKIRcBKy1wM6-2B8ZYU63LE0Fyxr-2Bwcmw-3D-3D7UuN_I3w5d9c01g=
kD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uL=
snXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG=
2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8NE=
T6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxEVVyOpoHg3OD63L23S=
RVzNK9DweAIlihuiVthiC7c9-2FJJuSgQi60eO6EYLDR746IjmS2Hu4-2Bs0yHxusbQanp8vS70=
6hM4zS9QqnZHqT1wn3T-2BMVmk0v0IywHz1xsTGZvHNN6WbHpiNNPdyGuCEleSPlwkUkp8S6lCo=
irREyb7crV2EcXCbeUsIMXt2NRapXRiwlX6Wn6rgA18xsOEWM-2FFCEDZ-2F6tO-2BxxRLgOMa-=
2FNXx70WhKFEs4oZFfvEfj2WbYbSAZj0MgtJ4JL8S80sifBEkQ-3D" style=3D"color: #1D5=
080;" test=3D"" universal=3D"true">Johnson Controls</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>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 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">PE fir=
m <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXTFEBz3SvVTySRKIRcBKy1CBnfKEQU-=
2Fhm3KKZmU6l6fA-3D-3DQjVz_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFk=
ZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGU=
beC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2=
BlttvJMeqRQ5aqZODxEftnRl5lhiVtaYz-2FfsAp-2FFRgo1z6zRobo6qpm7Ys5iByEJEn78jWr=
8hVxBPuzBZV29qqHq6I2Ee0iUlhLtc8r6krBZ6Pyw3YcOUDhGGBBugdnv66ZmfUtAWJu-2FaV5r=
JPxNI-2BIksM6WFZ8dfJe-2BPPpRpjCfi-2B8W-2BJGHj364lsZ0w1RqXrZHEdOXkNPAulJpACc=
VRpfWuJ5LVMW1udio40sqsOXlQwIWy3J51oFX5tgiK8lAaODW2NrqmPNK-2BWKjoGmGICd0lbJa=
Z4a-2BlWmsm-2BWy4-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true=
">HGGC</a></b>, founded by NFL Hall of Famer <a href=3D"https://url6380.new=
s.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ON=
nvsnswouzXTFEBz3SvVTySRKIRcBKy1LZw5-2FqopTMkZYwDV7jrDDA-3D-3Dffda_I3w5d9c01=
gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1u=
LsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbAL=
G2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb19B8N=
ET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxEfJtTqiDZyvd7Frrx=
DDS6j7c4D5zuidRg7tX7hVb8NdBEKFr-2BPAkmDVY8aNrhKRAryg9qjG6PX5ZqzTLMAUnVsEXs1=
kzQqWC0plIItk7NJGtCUS7h-2FHKrFcM2RRd4Ckm9bgYHcutHltGbLd4aTvHNZ-2BCYCXQvoBMN=
esBwPHYinDoRaIWo2SUXuyqJsGbHhLKB772KBZW4lfjViNV4DTp3ZpTHWv6XjS-2Fu91z1fmTcr=
6-2Bi423YHj6Ez26uKPG5prxfO7f0AJB34m5ShwaFs6Pvd0-3D" style=3D"color: #1D5080=
;" test=3D"" universal=3D"true">Steve Young</a>, raised $3.2 billion for it=
s fifth fund.<br><br>
New York-based <b><a href=3D"https://url6380=
.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq=
M7ONnvsnswouzXTFEBz3SvVTySRKIRcBKy1GGpyOnK5NPpfuMf-2B4BCWeA-3D-3DYENw_I3w5d=
9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf=
1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlx=
TbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2FkUsQEmbb1=
9B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2BlttvJMeqRQ5aqZODxEeruHWf0H12o-=
2BNHf2J8LD4GO83F5j2gNLXjMqgOqG1IL5R8rcFBF7HhfpfkpID0eujUOnJyoTE8Dw3x-2F1M6s=
vsq73u975GKvxOfC08tjW7mxQv9p628cB6J-2FaYWx0NpymhnbOf3Vq2QJn1CEiZIFO2JKOsx2R=
ruzEs3UXk7FXf4CJHV70YZwETgBvtaZdi-2BP5j5v3VA4v8dYaAMOJ8Mt9ic3-2B1ShVxMw2dpS=
RQjGhzTxG2bcdhRu5SLKvbtH4a-2FwshmTxbkkEIl3iQYL-2B5sXhSQ-3D" style=3D"color:=
#1D5080;" test=3D"" universal=3D"true">Soundcore Capital Partners</a></b> =
closed its latest fund on $450 million.</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-2BaqM7ONnvsnswouzXTFEBz3SvVTySRKIRcBKy1J7jDQtKn-=
2BsjQlE8lCbG2QQ-3D-3Dg6aM_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFk=
ZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGU=
beC6alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2=
BlttvJMeqRQ5aqZODxEcV1NYmybTRa6M5L2Oq-2BCd6sHz-2FHwnPn16OQIN-2Fxv7c0hpyag1g=
q-2FAq0dmIV0s1xGrFmXhFYRbuAAUErIH3h2lBPTq8-2BY-2BoKaopT9oFxoB8AgIRW9npNXDgT=
tIqikBRAuCj7dHcylpWm7dGjL7cVc40d3vNfbM-2Bgdu-2FwRLjzOQQrzx7XEovrgL-2BrmFosx=
5gg2d1InuZpfBYPWSB4C0G-2BUSgh4paukwTP9cIwdBGV8WzCeSd4wcQaWZmcfsT-2Br-2Br1oT=
vBYdF5rw9myqVkHeHqTNg-3D" universal=3D"true"> <img align=3D"center" alt=3D"=
" src=3D"https://img.pitchbook.com/news/72749.png" style=3D"border: none; w=
idth: 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>
</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=
=3D"0" cellspacing=3D"0" border=3D"0">
<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;"></td>
</tr>
<tr>
<td style=3D"padding: 0; height: 20px; line-height=
: 20px;"> </td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr> =20
<tr>
<td>
<table lang=3D"x-footer" width=3D"100%" cellspacing=3D"0" cellpad=
ding=3D"0" border=3D"0" style=3D"min-width: 100%;">
<tbody>
<tr>
<td width=3D"460" class=3D"container">
<table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0" bor=
der=3D"0" style=3D"min-width: 100%; padding: 0px 10px 20px 10px;">
<tbody>
<tr>
<td style=3D"font-family: Roboto, Arial, sans-serif; font-=
size: 10px; -webkit-text-size-adjust: none; text-align: center;" align=3D"c=
enter"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4=
n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXTFEBz3SvVTySRKIRcBKy1Pbqli5PdhGb=
4iXr3QFDS8A-3D-3DV2e-_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb=
dWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymv=
uwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6=
alkji6jgZOouerj-2FkUsQEmbb19B8NET6nJn97W-2F0t7QWn4-2F8qrk2xHFADXwq3A2-2Bltt=
vJMeqRQ5aqZODxEUgQnE7ShhPx9Q-2Beik7xHnsex58Ul8-2FmfPHAa8XoTYhNn0Ax3J7oKkM9-=
2Bp7L-2FPwC-2FM-2F5DWjA3xMUFWKBisWcmi7EOP2PqZFKZwJbF5qGMLF9bSXXBxH3rY-2FSZZ=
JjaOSwgpLZWpUoYMMBmaAa8BXD0yN5L3Z36CzbVu8ViAoJYAZw5H-2FzDms4h1mv487l4YpFeA1=
Pz-2Bv3skXeCOWycva1pQdH1fs2rmfaNskQviqIa3fPGHNdIvN9Up3Te-2BhIkjrcH0HYn1W6uT=
KTBRt5B-2BUJlQU-3D" target=3D"_blank" style=3D"text-decoration: underline; =
color: #1D5080">About PitchBook</a> | <a href=3D"https://url6380.news.pitch=
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uzXTFEBz3SvVTySRKIRcBKy1R0g6NDtZqGhn9ljyRng84w-3D-3DagFP_I3w5d9c01gkD8gLzFE=
ofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4U=
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Oe3CY6M2fL3p9SxsGocDQAcGAW701uFSgXuQtok-2FjXMG0-2B5KDJQ-2FglVk72XWN5j4YFw8d=
BxfbaKa-2BXpaWS1opWGNKx76T8n6JzgUXbWVwIqRwjxBwYbQWtoeegLdChc6JZ0gyCBSVQbbTE=
ad9KwR3MUI-2FNFJhYCVgWYR9urbZYFc-2FEugZhi-2FzmZoqRtTKmDnyEhPltnEw6QbCF8vtAx=
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RcBKy1lZAm-2BUbhOl18S7k4nkrz0Q-3D-3Df7Xu_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkx=
BRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFjfudqm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBq=
wq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5HomqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2=
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iZn7Z2g65nXQyvxBWM7uGh1gHsU3vdIytxcpJPeN4W2oDPpHlL70lkZpQCOMGsm-2Bgh91HEoy1=
bit4hokOrR18QvVecw6olLj6PttRmdj0Gu6-2Fb4FQ4OFCOXPX3RYBJQ6zeOBJ5-2FVsFSs2I-2=
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on: underline; color: #1D5080">Advertise with us</a> | <a href=3D"https://u=
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qm1MnCkf1G1uLsnXJxv4Us9o7B0saPps4upBqwq-2FYOhdRE8vFkZymvuwB2pftwZrzIxgmG5Ho=
mqxeaQlxTbALG2Chr3a4e9Ug7eKZ1KzkaYL-2BpK2rOpKAMFOTGUbeC6alkji6jgZOouerj-2Fk=
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versal=3D"true">Contact</a>
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<table cellspacing=3D"0" cellpadding=3D"0" border=3D"=
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<td style=3D"padding-right: 10px; font-size: 10px;=
">Follow us:</td>
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