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<table lang=3D"x-news-group-title" cellpadding=3D=
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tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s=
erif;
font-weight=
: 500; font-size: 20px; line-height: 26px;"> AI gut health startups are sel=
ling answers that science can't back up </span></td>
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8px; font-family: Roboto, Arial, sans-serif; font-size: 10px; line-height: =
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0%">
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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>
People's growing interest in their gut healt=
h is colliding with the boom of harnessing AI for health and wellness.<br><=
br>
Last year alone saw $500 million in venture =
capital invested in gut health startups, but there's still a lot the scient=
ific community doesn't know. This leaves founders in a gray zone about how =
to offer answers on this complex system we don't yet fully understand.<br><=
br>
"On TikTok, there's a huge swath of influenc=
ers and everyday people talking about this new supplement they tried," said=
Caroline Lippman, who invests in consumer health startups at Coefficient C=
apital.<br><br>
At the same time, consumers have embraced AI=
to help them better understand their health. Both OpenAI and Anthropic hav=
e unveiled systems in the past three months that offer wellness advice base=
d on individuals' medical histories.<br><br>
Data on every possible health metric has nev=
er been more valuable to everyday consumers, and startups are capitalizing =
by providing new streams of data and personalized health recommendations.<b=
r><br>
"We're actively building that feature right =
now, we call it the gut health coach," said Scott Hickle, the founder of Th=
rone, which sells an attachable device for your toilet that analyses bowel =
and urinary health.<br><br>
But Hickle and others are finding that givin=
g clear-cut answers to gut health questions is not easy since the microbiom=
e is a notoriously complex system that produces often unexplainable outputs=
.<br><br>
"There are companies that will give you tail=
ored data and say, 'You should purchase this probiotic from us,'" said Max =
Brondfield, an assistant professor in the division of gastroenterology at t=
he University of California, San Francisco. "To that, I would preach a lot =
of caution."<br><br>
Khosla Ventures-backed Viome, for example, s=
ays that it can offer more personalized recommendations than a dietician. B=
ut there are still so many interactions in the microbiome that we don't und=
erstand, according to Brondfield. "[Patients will] say, 'I tried the recomm=
ended probiotic, and it didn't do anything,'" he added.<br><br>
Viome has come under scrutiny for marketing =
customized supplements to users after they receive the results of its testi=
ng kit.<br><br>
"As investors, one of the things we think ab=
out is what are the things you can do to build trust among the skeptics," s=
aid Lisa Wu, a partner at Norwest who invested in supplements brand Ritual.=
<br><br>
Still, Wu and others remain enthusiastic abo=
ut the gut wellness craze. "We love fiber," she said. "We think there are n=
ew opportunities to make fiber sexy."</td>
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TV6SLtIibWnlVxCXnaie4-2B4-2FQlhEp1wU1-2Fbo-2F2GWs7IKEo1I9Fwq7A6O0BfYIrUX6AD=
hofpD6s7aHoOJhnzjsogqpo9VdMfs0gNbtpq7kfQNY3v5glWLU-2FOUO" style=3D"color: #=
1D5080;" test=3D"" universal=3D"true">Q4 2025 Healthtech VC Trends</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>A message from AWS Marketplace</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_579257" id=3D"n_579257" 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;"> AI in financial services: trus=
t, risk, and what leaders should do next </span></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">
<table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" lang=3D"x-image">
<tbody>
<tr>
<td align=3D"right">
<table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" style=3D"float: none;
padding-left: 15px; ">
<tbody>
<tr>
<td align=3D"right" style=3D"text-align: righ=
t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXlrOQWbNaGF-2B3PmFcA-2FG2OxPXvW6WnSvq=
GF-2Bh1OUMbhQ-3D-3DQaRO_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0gVQFe4eVwpTffJiy8S8oIHl86=
44-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15dHdYRPJZaby0Ji7kRGc6hWiFts0Q1=
3QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQJQY6qK1h8bNgLk033unPBS8=
dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUOzQ4NVFFucNGu7yex-2BDVvaMXj-2BHJFieo4s3ObMZ=
7KOMYQqv3La-2BNoS1hTTp7M1XAl9bxrqxqOjvk91PhtE2UHu6GuCZX1hyZUET6uvUyTNv0wz47=
jFBGofTjl0oegeAw-2FWCvlnevvB7-2FKyaK6q79muW5Jfj6EMsYdOcdiVGVIVE4oZ6jzQs2WxO=
RtMu5-2FVZTJjHdipEufTK7W0epkmMO-2B6bmLTT4a30HQYAI7H-2Bi7P5W5-2BICIVPFQQ9jr3=
8heLj7KoM2RHFpd5peSFOQqenW74"> <img align=3D"center" alt=3D"" src=3D"https:=
//img.pitchbook.com/news/73520.png" style=3D"border: none; width: 100%; hei=
ght: auto;"> </a></td>
</tr>
<tr>
<td style=3D"height: 20px; line-height: 20px"=
> </td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>Financial services leaders must stren=
gthen security, modernize legacy systems, and improve customer outcomes, ev=
en as volatility persists. An AI-ready strategy starts with trusted data, s=
trong governance, and scalable cloud foundations that enable faster, more t=
ransparent decisions.<br><br>
Join AWS and Moody=E2=80=99s for a discussio=
n on what=E2=80=99s working now, what=E2=80=99s next, and how to scale secu=
re, insight-driven decisions.<br><br><a href=3D"https://url6380.news.pitchb=
ook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXlr=
OQWbNaGF-2B3PmFcA-2FG2OxPXvW6WnSvqGF-2Bh1OUMbhQ-3D-3DDaCc_Pr966knuaHmaw6c7p=
KvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZF=
3XfiHp2C0gVQFe4eVwpTffJiy8S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXI=
cNC15dHdYRPJZaby0Ji7kRGc6hWiFts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2CP=
rtoUTd6w1FQJQY6qK1h8bNgLk033unPBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUNtkyqcpc7=
1Za4r1MIufa-2FmpP8td3KfIzuRPfadwe0WYzbtrzkbIA-2FYPQNDbqqMVG1h28UcYo9M-2FlnI=
RgAEKhHObmt2fFjt-2B4kBeAlgf93LnMMSGrbmQKnkhjIJFPaFRMIN7mSwfYHN094qjU3Ehxa4V=
KfRTFCfOR8VYzCzkfW3xNF4IRfd1P0gr8eEKVQtkVsda4Q7S-2F6bH5bZW6jtfH99aJ7485d5FT=
000Oo0zvlh053YzrB0scbGDzNoz3jyCvENkIuQP8zJuN-2FxpKi6oSTk" style=3D"color: #=
1D5080;" test=3D"">Register now.</a></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Catch Up Quick</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">=E2=80=
=A2 <b>Before its IPO, OpenAI is already selling to the public</b> through =
Cathie Wood-led ETFs. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXlrOQWbNaGF-2B=
3PmFcA-2FG2OlrDfZwsDSplMvKuBhy8f5Q-3D-3D5ORn_Pr966knuaHmaw6c7pKvB-2BCEiDnj5=
UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0gVQF=
e4eVwpTffJiy8S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15dHdYRPJZ=
aby0Ji7kRGc6hWiFts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQJQ=
Y6qK1h8bNgLk033unPBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUMXcRChFDDiVk5Hap0-2FRc=
xNaYoAbtQ6mexo2gwUDHiR-2BlP-2FiM69n3SDZBQX0rcm-2BMB448BX-2FJRAVlxeQ4FeBULM-=
2F8B4Ape9op9vNA-2BxrHb7eHdMmPl8LkMBIb7TraeCBjtcTgvRn8pdn1yVkc4Wwj44ePIPiSqv=
hxtYLzAUu13NyEf7QZ1fxbK5YdRzTOmsHEq-2FLWRt780XVuXg6xuIWEJqgQjhIJY3mxsCWTCZs=
cHEs5XRfQjJUfy329W9-2B9hzd6a8Cymmwl8lfkDs3fqAbjwX" style=3D"color: #1D5080;=
" test=3D"" universal=3D"true"><b>Find out more</b></a><br><br>
=E2=80=A2 <b>The secondary market stands as =
a clear loser</b> in the government's proposed rule to open 401(k)s to alte=
rnative assets. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?=
upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUdgbWweIvvOe5lCgtDzN=
7rWtBdP-2Bdf2z-2FTNOsRosfFUA-3D-3Dk3tb_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL=
0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0gVQFe4eVwp=
TffJiy8S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15dHdYRPJZaby0Ji=
7kRGc6hWiFts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQJQY6qK1h=
8bNgLk033unPBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUNDJ-2FBSWonuIYIQzlePyoMJZZHS=
FlvGn6LpT5IckDQdG5agQgCJGQqRfO1uLbDInCMohPQzmD-2BwVrZBJ7Brch3hPVvf4g9JfaMy-=
2BR6fygMzOPOZzwtjooBnt2bgP5W9m27WCNTYqN8EI1gP3ofeV0n3dL-2FLx9B7cznlec-2Frdk=
BUbmjRK7FBwBs67hfUy5tjI9qwxipl99NpNMkns7EMXBTjHKXWBRsDdNY6gQhIv7s8CWCSg-2BI=
Hd6M8dPsfTkKXbXqz62Iz0Wkq3BpGP9TRmQ40" style=3D"color: #1D5080;" test=3D"" =
universal=3D"true"><b>Go deeper</b></a><br><br>
=E2=80=A2 <b>Evergreen funds may cost more t=
han you think.</b> Prospectuses don't disclose the full extent of performan=
ce fees that LPs are on the hook for, according to a Morningstar analysis. =
<a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73=
BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUdgbWweIvvOe5lCgtDzN7rqp9SKXNqcNa0Wc=
oKFC6YXw-3D-3D0UJ5_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbM=
cVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0gVQFe4eVwpTffJiy8S8oIHl8644-2F=
pnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15dHdYRPJZaby0Ji7kRGc6hWiFts0Q13QQne=
e5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQJQY6qK1h8bNgLk033unPBS8dX92J=
oZvxXDUXneZHrHDFjQXyiTxFCVUM8xDgOKUHz-2FaEECwi1hbWbiIAhgTB4NJgIO0r0F8-2FIbq=
X0jGw2sbkJ2ByxUsxIy0EH2RFemUSlUB8h3-2FjQxP0D-2B45UYo6Li2SK9ff2ppigkJ0pe8dLS=
8-2BJMUWEfIjnNkWVeXtWOcAzXgDgCBxn3TXlADpEneChupKiMaC8owrW5F79qnsY2vLfGIbz3-=
2BRk10kKe62EL2vRnzdT-2BsAPNalg1kqOltBXUnU9F-2FGFBskVz5asKb-2Bi7tLaHLx1kOGBR=
t8kqNxuKtgJzHKUD0B3-2FRWH" style=3D"color: #1D5080;" test=3D"" universal=3D=
"true"><b>Read more</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_579305" id=3D"n_579305" 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;"> Nearly a quarter of Europe's s=
tartups are AI-backed=E2=80=94but the map is patchy </span></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>By =
Leah Hodgson, Deputy Editor, European Private Markets</i><br><br>
Nearly 1 in 4 of Europe's VC-backed startups=
are now AI-related, and the growth rate is only expected to accelerate, wi=
th AI funding making up 62% of all VC deal value so far this year=E2=80=94b=
ut a handful of regions and sectors are doing most of the heavy lifting.<br=
><br>
There are almost 11,000 AI startups in Europ=
e, nearly twice as many as five years ago, according to our <b><a href=3D"h=
ttps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7Sp=
SWIrf6GFa-2BaqM7ONnvsnswouzUdgbWweIvvOe5lCgtDzN7rJYm-2FhtLr-2Fp69mJEO7hrcyQ=
-3D-3D7pmG_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6=
8NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0gVQFe4eVwpTffJiy8S8oIHl8644-2FpnOv2hsW=
iOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15dHdYRPJZaby0Ji7kRGc6hWiFts0Q13QQnee5r6wVw7=
KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQJQY6qK1h8bNgLk033unPBS8dX92JoZvxXDUX=
neZHrHDFjQXyiTxFCVUOAito0-2B7aOmeb8ae-2Btq67dMPz7dxunE4hVwoSUIW2GNGrlWlOFY6=
X37UKRQrE7BQCnQYer2qWPmZpPq6qkxvKoxNvX85ebdpKHWh3oJ59QbJqy1eoEBY6O55F-2Fr9l=
MGdJ-2BUgeWaCt6Ev8PK6s9nFJ2s1Om4hGwzUsezQLz6rUWfb2HWpqCzwd-2BZDm4Y-2FWLzcWh=
kFYJQMIKb9-2FF5tDyCfUyHc0fYvxN4mjADHr9TZpC1mqE-2Bf7apxgNUm-2BW9ll6j61vsB9bq=
F3MomjVwCbQwYlv" style=3D"color: #1D5080;" test=3D"" universal=3D"true">lat=
est analyst note</a></b>. Just last year, about 800 new companies were adde=
d amid an acceleration of funding in the space.</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">
<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-2BaqM7ONnvsnswouzUdgbWweIvvOe5lCgtDzN7rDdKcuY30G=
dXK54Z9-2FsWL1w-3D-3DC1s7_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0gVQFe4eVwpTffJiy8S8oIHl=
8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15dHdYRPJZaby0Ji7kRGc6hWiFts0=
Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQJQY6qK1h8bNgLk033unPB=
S8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUNY1KbRarHKkpuP60xLHaE12UcxBdqRYMt7rv6xKO2=
UZmNeWgYCLiffQ6WMZqMP4zlDXQR1y81NQpVLc0oLHLThDwurKW2uBKMY-2B3FxOzD3Aiiyqlfa=
ntvWdRLmiU9Wwqo6ZUDgWi9X8vVwJPS-2BXlxGKpXoO5p9EH3IXfsUDFrfnsfolFBcYp-2Fefg6=
iFzooc82rylqlTyS2MFvx380ZAd2CrPx2WOC-2F8JMRsvDF9W3KCymNNkIzPEPDzmwQBB8sF3us=
AQ55zGF55aVPI2GxmEEZ" universal=3D"true"> <img align=3D"center" alt=3D"" sr=
c=3D"https://img.pitchbook.com/news/73552.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>
</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">VC inv=
estment in AI has already crossed last year's halfway mark, with around =E2=
=82=AC13 billion (about $15 billion) invested so far in 2026. About 62% of =
this year's deal value has gone to AI startups. In the US, the market is ev=
en more saturated, with almost 90% of total VC investment going to AI, whic=
h could make Europe more attractive for deals.<br><br>
AI also accounts for a record share of Europ=
e's VC-backed companies, which grew to almost 50,000 at the end of last yea=
r. The number of AI startups grew 7.9% from 2024, compared to 1.6% for comp=
anies outside the sector. But the distribution is uneven.<br><br>
The bulk of AI lies in the early stages, wit=
h a higher concentration in pre-seed and seed, where about 30% of European =
startups are AI-related. However, their presence is increasingly felt in la=
ter stages, as startups incorporate AI into their business models in a mark=
et pivoting away from traditional SaaS.<br><br>
AI penetration also varies across markets. A=
lthough Europe's top VC hubs=E2=80=94the UK, France and Germany=E2=80=94dom=
inate in absolute numbers, smaller ecosystems are achieving a disproportion=
ately greater impact.<br><br>
Countries such as Portugal and the Czech Rep=
ublic have a much higher proportion of their startup ecosystems concentrate=
d around AI than bigger markets. Smaller hubs tend to be more specialized i=
n a few strategic sectors, such as AI.<br><br>
The picture across sectors is similarly unev=
en. AI activity remains heavily concentrated in traditional software vertic=
als such as SaaS and big data, with comparatively limited adoption in finte=
ch, cleantech and wellness=E2=80=94sectors where the next wave of growth is=
likely to emerge.</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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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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DNBnI_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRH=
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gX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQJQY6qK1h8bNgLk033unPBS8dX92JoZvxXDUXneZHr=
HDFjQXyiTxFCVUMOqjW2susLuswTBh-2BWvgzcTRVueJ9qPG29TrPh20FhkydU0-2Fa6vPafXUR=
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OW6O8D-2FlbZ0L6ahuTZYl-2B7Bx9O9hECA99rY4174tRSziXILCjbKUj9TizMLl9F6yFBEAUKk=
YQAvp2ZE-2FVZTrgGzZe7Twat9JbPGI85AQ4XBla3lEWprGmQwpc65P0rjlGS1L2xJVE6L1-2FY=
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middle; margin-left: 8px;" width=3D"24"> </a></td>
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<table class=3D"" cellpadding=3D"0" cellspaci=
ng=3D"0" style=3D"width: 100%; min-width: 100%;
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border-bottom: 1px=
solid #C3C3C3;
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">
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0;"></td>
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<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>
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<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>
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<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel=
ated article: </i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUdgbWweIvvOe5l=
CgtDzN7rfsA5Z1jXA8EHsArZ7O1n5Q-3D-3DUusU_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJ=
YL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0gVQFe4eV=
wpTffJiy8S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15dHdYRPJZaby0=
Ji7kRGc6hWiFts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQJQY6qK=
1h8bNgLk033unPBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUMSXZ17I7nv2j-2BnLkEdS2IqI8=
tz-2BLrJ2e-2BT5YocJBb5M7Yy5AarrNxw0kQcKLmvFKq3B7RxdghFhZICyJdCj-2BgfZaFcX6k=
r3-2BcnfYATrfLTzkdD-2B9k2P08Pcnv3VE2kOPRh49fde5-2F7KKRqk90KsKIn8IaQPpiK9bs2=
5-2BLBSD3I7fxn5ZDJzCGjcyU9OdR2fDxvMhfeqbOP-2BBhvWP72ilpVtGE0SnCyaNbaA9F7XNr=
JgT3JT2wJLe-2FRB-2BzCgla3Trg6OKZWhqGZWPIbH-2BNPQIsJ" style=3D"color: #1D508=
0;" test=3D"" universal=3D"true">The AI race is moving into the physical wo=
rld, and Europe has an opening</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=
>
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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%;">
<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>Can data of over 12,000 junior =
professionals tell us what it takes to become a VC partner?</b> See how fac=
tors like race, gender, startup experience and when employees enter the ind=
ustry influence their VC career trajectory. [<a href=3D"https://url6380.new=
s.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn=
swouzUdgbWweIvvOe5lCgtDzN7rAc7dzPOzEDeXfB4AjFMSmQ-3D-3D0lne_Pr966knuaHmaw6c=
7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pk=
ZF3XfiHp2C0gVQFe4eVwpTffJiy8S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1G=
XIcNC15dHdYRPJZaby0Ji7kRGc6hWiFts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2=
CPrtoUTd6w1FQJQY6qK1h8bNgLk033unPBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUNDZEHQP=
rrlsNDETvQE5GweFrrvZgP9QGEpbcBcjCbg3Zhd-2FwA2uH76TkYtm3BtrHj1jZKKCbF4g0haux=
OLMjdCXZfvZLqGKPhXt6VH97-2F5MLimaiD0MS1ri6Da9W69UU150ORxzcx6OLDuK919vsbLFuU=
3D-2BXAvCKtl8rJ3DLsABJ3pO9x5it7FzUEG9BTabl2QGcnsbyTKP8g4idF-2Bmgadhk-2BHtQV=
954dV-2BhgNXoUFNVVn7EM5psLtKTKNC1ltvhI30IuU-2BcUHZk2gUK4YPil" style=3D"colo=
r: #1D5080;" test=3D"">Ilya Strebulaev</a>]<br><br>
=E2=80=A2 <b>Another long-term environmental=
and public health catastrophe.</b> From air pollution and fossil fuel emis=
sions to missile debris and clean water access, the effects of the Iran war=
could linger for decades. [<a href=3D"https://url6380.news.pitchbook.com/l=
s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUdgbWweIvvOe=
5lCgtDzN7reuV-2FbFaqbwud03RpeIsxHg-3D-3DhlAe_Pr966knuaHmaw6c7pKvB-2BCEiDnj5=
UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0gVQF=
e4eVwpTffJiy8S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15dHdYRPJZ=
aby0Ji7kRGc6hWiFts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQJQ=
Y6qK1h8bNgLk033unPBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUNl274bLyRN3ZL-2B5C5WPG=
LGSQJPJ8gMh-2B7jXKAz12GMlSAy-2BofRzvijuq6plYlDigqoFMlmb8wHVRWXZJsDnPRPBixCH=
BPB3aAhBnMvlBuN2qAveHJ5CIGoEEY90WD8NI4PtGHZ3KhV4wmw-2BVLHu3bClUdzVYQzwBiwDx=
wPDDBNFj5bvZS6s-2B9CPrcVqhwFP3E7deWTEQQRh5vZKd-2BJfpw90v9Mi-2FgAJHv6EVx9-2B=
FzFxqUlK79E74u6upmb3e6LC6G85zFu2x2JrvMxax7pthla" style=3D"color: #1D5080;" =
test=3D"">Associated Press</a>]<br><br>
=E2=80=A2 <b>Corporate landlords, which incl=
ude PE firms, have changed what it means to own a single-family home.</b> B=
uild-to-rent properties now account for almost 10% of American single-famil=
y homes, but new legislation is pushing back on corporate involvement. [<a =
href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUdgbWweIvvOe5lCgtDzN7rn9ssR5alyIECh0cl1y-2F=
Xsw-3D-3Db2Dd_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8U=
YA68NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0gVQFe4eVwpTffJiy8S8oIHl8644-2FpnOv2=
hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15dHdYRPJZaby0Ji7kRGc6hWiFts0Q13QQnee5r6w=
Vw7KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQJQY6qK1h8bNgLk033unPBS8dX92JoZvxX=
DUXneZHrHDFjQXyiTxFCVUM7rGBCBEApRxhW3wZxB7Qh7KVbUeXENNBm2qVdQ3fZ3Zs2SpsEeWf=
IAY7FvxSFWHkk3BnHJoo6odT-2B7E7Y0We5BGWdJ25kHWKGYmNHAHYPfL-2FDkP8vdX7uxni90r=
yRYdXQfmYoZjPukN3Il2izCH4dXPAOU3Rwp4nJdrlS-2BzlQ0TbUmNjtmM-2BgaiwkTq9lsWsBF=
Q5Aa-2FNqrKVY-2B9kz-2BW43imATcHy6uU3vkdF8I5F-2FuIRuqHV4GSrY1lDmEyXkjFECTLs5=
95fGVNXqHuTXx7zO" style=3D"color: #1D5080;" test=3D"">The Atlantic</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>
<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;">
881
</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;">
2641
</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;">
1172
</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;">
69
</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>
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llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
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></td>
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<tr>
<td align=3D"center" style=3D"padding-bottom: =
13.3px;"><!--[if mso]>
<v:roundrect xmlns:v=3D"urn=
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Request a free trial </a> </td>
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</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_579315" id=3D"n_579315" 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: 2018 Vint=
age Global VC 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: 61.61806208842897%; mi=
n-width: 61.61806208842897%; max-width: 61.61806208842897%; background-colo=
r: #1D5080;">
<tbody>
<tr>
<td align=3D"right" style=3D"padding: 0 4px 0=
0; height: 20px; width: 100%; font-size: 12px; font-family: Roboto, Arial,=
sans-serif; font-weight: bold; color: #fff;" valign=3D"middle">13.10%</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">21.26%</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;">
0.16x
</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=
swouzUdgbWweIvvOe5lCgtDzN7rXxpgCcPSsrhAJ14T5PNqkg-3D-3D5Srd_Pr966knuaHmaw6c=
7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pk=
ZF3XfiHp2C0gVQFe4eVwpTffJiy8S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1G=
XIcNC15dHdYRPJZaby0Ji7kRGc6hWiFts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2=
CPrtoUTd6w1FQJQY6qK1h8bNgLk033unPBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUMoh6Tlj=
GlZUs0WKJ93-2FOygsH8-2FCaFklO0TOCrghm0zzV9eOhw9mXXygCGvxdMlt-2FKGlOWUr0hK20=
-2Bef1PSlfa8KcsGR4NJVC0n1SNTIfUxxjA2OQFYpg7jmDeXaD8R1gqXENLXGOsfMXQbQr-2Ftb=
DbcsWsbWmnWZV2YTmGbx46erNfJlnLdTUpqU-2F5sUiQJxa7C3H5lnwgQaOWTMbLOuOJVRzdWd9=
wHCP4mirZn61gUW59oIn81d08TqJvvqey16-2FYXtWdEVVIxTQ452h5LgP7b" style=3D"font=
-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Inter-A=
tlantic Ivy </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=
swouzWaGk9FGWkgRynoHnioBZdoGGxxDf3qC-2F6IFMZX7rB-2Fgw-3D-3D_LDq_Pr966knuaHm=
aw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2F=
h9pkZF3XfiHp2C0gVQFe4eVwpTffJiy8S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2=
Bc1GXIcNC15dHdYRPJZaby0Ji7kRGc6hWiFts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5=
KWj2CPrtoUTd6w1FQJQY6qK1h8bNgLk033unPBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUPCz=
Bb7JYBzBqyoCNXS0ROZQh8aPgrxN0oiunze6sSElh9z7AIZ3Ts-2BnoHXra5p1dF6UVFRT71Mrn=
XAG3IvmsB8s9xaYCn1MbcJSNUB0h-2BRAJTgvhqxG8MviSoD2UzvTDNivi6X7FDb2RsRYvAN3cB=
TDmZRbl693eduY6qrlDWCAb064GmTeSmwwfN3WPN9BIX6-2FyvqtwhHYvsnbltzkHMAaTb6FfMc=
bjTYu2HiOprIiVa35cSi1-2FWlBv4nLO-2FvQVYgQ-2F1RrwFk-2Fa6-2FhQ9KIuY1" style=
=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"true"=
>Tera Ventures Fund II </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=
swouzWaGk9FGWkgRynoHnioBZdol7t9OD756QL-2B73GdAmLoKA-3D-3DqJNh_Pr966knuaHmaw=
6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9=
pkZF3XfiHp2C0gVQFe4eVwpTffJiy8S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc=
1GXIcNC15dHdYRPJZaby0Ji7kRGc6hWiFts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KW=
j2CPrtoUTd6w1FQJQY6qK1h8bNgLk033unPBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUPAGFE=
xuGqA4AUhXlP2c3GekLaXkuqLpDiHWwHvhAYCcGHvK1fRVMOC0OspE6obFlDfsxmp-2B4tq0eK8=
OipU8eHTzo-2BYCB8LLXEPW572kFNkwSV4gql7iYes2KntFCMx5J0OsCvvgq0N49QenLMDDITdp=
QZ8O0g-2FPCa2nQvsF2aHDIFq7tbhfK1oOr5DkBnvraruN6YQ-2FNvvZvv9ooagK11FSGQuwe3T=
2BQnjlzVAe3T5p5kLvdWnIsoT2w1N31PfMhBaP-2BbiQN-2FLnxRYryMEEzl" style=3D"font=
-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Forward=
One Fund I </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-2BaqM7ONnvsnswouzWaGk9FGWkgRynoHnioBZdoy1I-2B=
xMo3lXUjLuDfVWloAA-3D-3DMGMD_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4=
BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0gVQFe4eVwpTffJiy8S8o=
IHl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15dHdYRPJZaby0Ji7kRGc6hWiF=
ts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQJQY6qK1h8bNgLk033u=
nPBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUMDV-2F3AB-2B6M72U4vjDXvvBPfpxMPYSWdYVU=
gFOMkK5hYIwKh7G57ZukUdj5jfpKeYTrXPpGRpFvlelmVYEFyQd24KqCvabA17WWpEdbkWeX2Ce=
7KGWLd5tc0zkgwhBRmGRGFVPPZuMI-2FUsJpS5aDU03iwAUjB2dVjDOlqEE6JW9j8XfrytE3dJ5=
fH8S7Q5jpvUZdFaVqbOcRSNaZPGwmQNx0BRPXeY-2Bq6-2FLI6ESuPcuiw0snKsP4-2BVyN093y=
2i3joFDifS5UP44cH9-2BA0w-2FE-2FHK" style=3D"font-family: Roboto, Arial, san=
s-serif; color: #1D5080; font-size: 14px; font-weight: 700; line-height: 24=
px;" universal=3D"true">78 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-2BaqM7ONnvsnswouzWaGk9FG=
WkgRynoHnioBZdobgakxr4m-2FB-2F678fp7f9T3g-3D-3DUkV0_Pr966knuaHmaw6c7pKvB-2B=
CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp=
2C0gVQFe4eVwpTffJiy8S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15d=
HdYRPJZaby0Ji7kRGc6hWiFts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd=
6w1FQJQY6qK1h8bNgLk033unPBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUNnO4Xup8jpqdwp3=
IPJ3qf6AKn9D18B9uEjYL4ZtNMCK7PxUob07I5FYPvmMcuvHTMg0F48Y4oUGRfkVSzCwiAPxX9S=
CVhnujmGH0Nq-2FMCUwlwEApbIbIiQ7qirBw4eSTPzFjJhs5gcWdqT9wZMJSddaF-2FSV-2FeZL=
MokSPBJZCOpUS8XxW7hK-2BZ6DLt8nUZlYcoNZDWet3V1CQfS0xXClA-2FXy4Zm613sQGvuVsIh=
m7RGuXtCOli-2FEWB-2BricS9i0Yt3QxcSly-2FSj2B2xH7AU5PbyO" style=3D"color: #1D=
5080;" test=3D"" universal=3D"true">PitchBook Benchmarks</a></b><br>
</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table 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-2BaqM7ONnvsnswouzWaGk9FGWkgRynoHnioBZdoL2wsy35-2FWHE2mfg077zwww-3D-3DL=
P4W_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRH20=
enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0gVQFe4eVwpTffJiy8S8oIHl8644-2FpnOv2hsWiOfzQGh=
4qSUR2JTWVxlK-2Bc1GXIcNC15dHdYRPJZaby0Ji7kRGc6hWiFts0Q13QQnee5r6wVw7KtfswgX=
8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQJQY6qK1h8bNgLk033unPBS8dX92JoZvxXDUXneZHrHD=
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FzVFluao8ogF4sN2OiVARaA4eHdwAALU-2FXEPn-2BNQ3OdfYiJd4pP8UQaDeJi31j6NMN8GFCk=
NqKMZ-2B-2BziJQghoiDNcKj91L5waySeTb9ajIB7gNsI-2BlWrtHm4Kaq86F2w-2F5WsI4AjQ0=
-2BhpDGlAjDR"><img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad453=
0/Churchillmarchhba.png" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; bo=
rder: 0px; display: block; width: 100%; height: auto;"></a></td>
</tr>
</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>People</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>Seq=
uoia</b> named <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/clic=
k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWaGk9FGWkgRynoHnio=
BZdo0jLSPE28-2FX4ulOdcpZAjzQ-3D-3DBVJq_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL=
0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0gVQFe4eVwp=
TffJiy8S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15dHdYRPJZaby0Ji=
7kRGc6hWiFts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQJQY6qK1h=
8bNgLk033unPBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUNoveCUtrwkuafU-2BB35lNf0GBXj=
fFn-2B8SFgTA1LKC6Iz-2FaDMt2GajAIAIFrYrKQMsIOwz-2B4ZgJGkMKKcHBEMjOge5LLBlZxT=
GuKSpSgl4wmdSRj6YNTuq-2BkkK-2F7YeKNbS4dcw6gTVMTLMGbL4BTKQnuc2uX4bY-2FiESzkm=
H2d5xlB-2F0QjhA0-2BDghI4zYLdGPmH1HBcyppTPWKspZL1m8IN7r5r6vBZ0wpUAOJc3D4xNV4=
aqXQ-2BhcYJwGb0g15TzuQTIMQfeZKz3Zx8y9H3voIH3i" style=3D"color: #1D5080;" te=
st=3D"" universal=3D"true">Douglas Leone</a></b> as chairman.<br><br><b>T R=
owe Price</b> hired <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls=
/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWaGk9FGWkgRyn=
oHnioBZdo0myoujfbbk6gZkw2DmDIEA-3D-3DLPe8_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uwl=
JYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0gVQFe4e=
VwpTffJiy8S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15dHdYRPJZaby=
0Ji7kRGc6hWiFts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQJQY6q=
K1h8bNgLk033unPBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUO8lWejSiyqucleS4rV2ZXfP0H=
XP9J3X9bTjthpCZc72dHSnjyj2mHwYmTH-2BRIoGbzvD79MttH-2FMdxfpewScYUufaT05pJ-2B=
ISU0Ng8pxLPklPcdLK5vyZ-2FENdGfV18Giwtxs9U8vt38itdVopQ42k8OIpHmU2QMiHUs-2BU-=
2FeFZZG0tfip06l1aWHBAh2Rat0D2xkAJYg9JGsOgu6eRnuOmJHN6udKNcv-2F-2FmzPv-2BMx-=
2BZWQBc3m3-2Bul87ttQz3F3s1x0zVPxPYfdzGjnswytb73xcI" style=3D"color: #1D5080=
;" test=3D"" universal=3D"true">Bill Cashel</a></b> as head of alternatives=
for US wealth.</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>VC Deals</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table lang=3D"x-content-area" cellpadding=3D"0" =
cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table lang=3D"x-content-area-main" cellpaddi=
ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td valign=3D"top" align=3D"left" style=3D"pa=
dding-bottom: 20px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;"><b><a test style=3D"c=
olor: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWaGk9FGWkgRynoHnioBZdoV=
FFmwSghTjY7F4aqyr1mUg-3D-3D2Isr_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2B=
HR4BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0gVQFe4eVwpTffJiy8=
S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15dHdYRPJZaby0Ji7kRGc6h=
WiFts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQJQY6qK1h8bNgLk0=
33unPBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUPuL4dQi3HSKyMEmSTPvoAUhiOuUsTisYVoc=
as8wzGAKrmFk6bqpK5c4ZCH61ZoEOT-2FwTLYQW71KUBQyjvXd060NpxSK5NIP-2BfPbpu8QxtT=
vpF352tYEXvsnz4JLa1Ta1Kfm5xxtW-2B6RA-2B2q4ga8JqgSPf5oIFORgqrDZc2p7gtBSiL87g=
iQPtRCOCZ1ko5IaHJXoz9ALOt7oYEhf38qgLbBXoaa4lZvcqKXMAyHbs-2FTKlFnA6MAdZQHgae=
U-2BhiMN4WhTyB6mvzvac-2BegLBq7ee" universal=3D"true">OpenAI</a></b> raised =
a $122 billion round led by investors including <b>SoftBank</b>, <b>Andrees=
sen Horowitz</b> and <b>DE Shaw Ventures</b> at an $852 billion valuation. =
<br><br><b><a test style=3D"color: #1D5080;" href=3D"https://url6380.news.p=
itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs=
nswouzWaGk9FGWkgRynoHnioBZdobgkLvURhNW5148oGk2nTCg-3D-3D5ior_Pr966knuaHmaw6=
c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9p=
kZF3XfiHp2C0gVQFe4eVwpTffJiy8S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1=
GXIcNC15dHdYRPJZaby0Ji7kRGc6hWiFts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj=
2CPrtoUTd6w1FQJQY6qK1h8bNgLk033unPBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUMSy4r4=
bxLK69Ex5qtFvXcmaqps1SwPFYVF6oZCf7jdnVXaepGG-2FGwuVAT966ZnUgrXolJVJz-2BV82r=
1h3ffLhhjQiEXIfPC8IENGFTwyTNem2v9LGzUtg9hQazSo1Xn3q5x-2FlqcpAmJX3O-2FM8Zr2Z=
Y0T54z75ny9WY8y0-2BCvCVAizFlo9COxHQS8Af-2B7f-2BwbCEcT0pC5mYEUcG2jReJ2x-2B0c=
urRZK-2BYz1bpIzUVaUllVuy3MzXhJoLOyynMH4HCGmi-2Fu6SXfvIOL-2FifpZl6sPxd" univ=
ersal=3D"true">Saronic</a></b>, which develops autonomous ships and other m=
aritime defense tech, secured a $1.75 billion Series D led by <b>Kleiner Pe=
rkins</b> at a $9.25 billion valuation. <br><br>
Wearable fitness band specialist <b><a test =
style=3D"color: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls=
/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWaGk9FGWkgRyn=
oHnioBZdolWmvdjDmt9hb-2Bn0K1qzaew-3D-3DwO5y_Pr966knuaHmaw6c7pKvB-2BCEiDnj5U=
wlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0gVQFe=
4eVwpTffJiy8S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15dHdYRPJZa=
by0Ji7kRGc6hWiFts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQJQY=
6qK1h8bNgLk033unPBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUNTbIFjvfElztAH3JmhwjEgI=
9Y2zR3Fjq9-2B1ENixbc-2BanC3dVXN2sbx2enNJx8ouMwnIIFkK5JBlw8jg-2FWMo1uOw8xPPO=
UmDpFOWFfUmU-2F5WNICI16h4S0-2FRpVuPiEQXck87JGNtLusQaP2HNWS3HmeJddt0stUwPRqe=
FmJewbEd4NB56juMI5l2cpqY2TPqqlwaq8AaTZ7QMlkdHKftyiJ3-2FR3VmQTSslnxzjH8L7tB1=
CG2kTGe8KJ7-2FxexEf5nlacTkmbJPicad3N-2F6o-2FtnyB" universal=3D"true">Whoop<=
/a></b> raised a $575 million Series G led by <b>Collaborative Fund</b> at =
a $10.1 billion valuation. <br><br>
Cybersecurity startup <b><a test style=3D"co=
lor: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXqB883z5USPVvZHUTln3Eje=
Go46NqJ5L8V1sjemMRgng-3D-3DsfXR_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2B=
HR4BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0gVQFe4eVwpTffJiy8=
S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15dHdYRPJZaby0Ji7kRGc6h=
WiFts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQJQY6qK1h8bNgLk0=
33unPBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUNv-2BKwUbNTfKK7KHm-2F1W7kqZetqn6vYO=
fy6CU4Ls5FYApFz0G4btuP5LgA1ihk7YULfxWKE0BCOxxCHsk36CRCYyIf7Oc4kA45t-2B2spP7=
C3oysna7TQeDL0HrwFJkv2Hn7yI7OhljgOuBdahsDw5j496oPcaGXKZz-2Ff1faIQwcIaqPMlHc=
ZVBa1dzwquS5EG33U33C9TyiTfcSOXAXvwxIGt6UBRhcj7JQOXSG5fVBXENlbywRIzd31lEBsVT=
YPBb3OHhtjIJleYuzE7UjTorHb" universal=3D"true">Tenex</a></b> received $250 =
million in a round led by <b>Crosspoint Capital</b> at a valuation of over =
$1 billion. <br><br>
London-based AI chip developer <b><a test st=
yle=3D"color: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/c=
lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXqB883z5USPVvZH=
UTln3EjMRGGXYZX-2FORFVlaOp2MTLA-3D-3D_3ss_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uwl=
JYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0gVQFe4e=
VwpTffJiy8S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15dHdYRPJZaby=
0Ji7kRGc6hWiFts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQJQY6q=
K1h8bNgLk033unPBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUPXOcbn-2Bupy-2FVjKbES0qxK=
MplviP4n8jKQh1qcy1wQ4LxUp1f-2FW3qgMTaGktPrYj6Aq5bU4tsRDQV-2BAkDzrp4aVoEXsgv=
oT04hxiyKglJoxEFSWLiCXFnwMARjcldKTZPTIQ0uZBVBVRMtyQoeQDjpCrxxnQqonbN6ZOwM-2=
F9k1gq346fFmhdkmCdq78y8FAjr2YIzVblSTVsyCQ11OnLMidDyIMbpuf11nwQjCZI-2Bm-2ByG=
ZJN1KjOsnIMslG7oKhyfwYPJv-2FtOc6MWSbjtIveU5o" universal=3D"true">Fractile</=
a></b> is in talks to raise more than $200 million at a $1 billion valuatio=
n, the Financial Times reported. <br><br>
Colorado-based <b><a test style=3D"color: #1=
D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXqB883z5USPVvZHUTln3Ej9QCjEWJxk=
ej9x9PuIlnfcA-3D-3DXBum_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0gVQFe4eVwpTffJiy8S8oIHl86=
44-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15dHdYRPJZaby0Ji7kRGc6hWiFts0Q1=
3QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQJQY6qK1h8bNgLk033unPBS8=
dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUNhTOFeewZS82AEcSlnwnkm8gpOxQ7gBdYnPPeAILV1L=
zX66N-2FoJDdHkp2gOj4jqiaHJ4JeYv2BqtqRql4w7CJQzIR4GaVLxPVXW4wemnNg8eaIxWIPNM=
0zUsTRUKxr6cwVworQbH3ZiL2YB2yErF4uA-2BkGHvvTS0c8qGh1oiFSDL-2BKMXY1-2FcQGTVb=
6mp-2FRR6eSq82WtGVcSDitd8qN1TDGi93EEOYGt-2FBXEzZhV6CXsgtHNq-2Bkx3JVmVi-2B1j=
Z84j5w6qUfiSItP-2B7Azuk7VHcO" universal=3D"true">Ambrosia Biosciences</a></=
b>, which focuses on metabolic disorders, raised a $100 million Series B le=
d by <b>Blue Owl Healthcare Opportunities</b>. <br><br>
Cross-border payments infrastructure startup=
<b><a test style=3D"color: #1D5080;" href=3D"https://url6380.news.pitchboo=
k.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX=
qB883z5USPVvZHUTln3EjYZ2Keei-2B8xAdb6e9BO2okw-3D-3DgEdG_Pr966knuaHmaw6c7pKv=
B-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZF3X=
fiHp2C0gVQFe4eVwpTffJiy8S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcN=
C15dHdYRPJZaby0Ji7kRGc6hWiFts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2CPrt=
oUTd6w1FQJQY6qK1h8bNgLk033unPBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUOBESis-2FjT=
0sn9DBIggEAw1S635UnpvewTb4H4TySith8qEHMSKiwUB7eGWd6o0QqH2UXEEHQRrsDhXtWjA-2=
FKZydRGwwB7StDwiEvSjafZY0azW-2BUg8hXy9-2FnERFZFSctUVr-2Fx99cm-2FyuwcdEOMQYn=
H9g8MehkeBUPoeY-2BELejPFAsq9KA9V4AaB44TH3r-2Fgs9KN0XCcbrEaF07NAM3O2wSVI7R0R=
z3zkB20CYjJxJ-2BUuSSKZXSXgkl-2BBNFI3vvRG-2FaRx-2Bf6XMrLpaVCzFZ2MQh" univers=
al=3D"true">OpenFX</a></b> secured a $94 million Series A from investors in=
cluding <b>Accel</b>, <b>Atomico</b> and <b>Lightspeed Faction</b>. <br><br=
><b><a test style=3D"color: #1D5080;" href=3D"https://url6380.news.pitchboo=
k.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX=
qB883z5USPVvZHUTln3EjQH-2FCDiFN7zg39lUN3-2BcRJg-3D-3DKDM2_Pr966knuaHmaw6c7p=
KvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZF=
3XfiHp2C0gVQFe4eVwpTffJiy8S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXI=
cNC15dHdYRPJZaby0Ji7kRGc6hWiFts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2CP=
rtoUTd6w1FQJQY6qK1h8bNgLk033unPBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUMMKKJI1-2=
FhbsfBHfSEhbLz8kFsqI2pGeLxLKaOvrcXpwpUQEwg8dsKWYhHmB5QefYQXPSCr8uGiAYOgzJw7=
CerlcLh0fF-2BvK1od-2BJvryQ6yKy-2FMXUy-2Fo43mzn7bOwoHyQ4cvCcEf3ykCcPgGrTS-2B=
KeXxgzeiaxfNfMtkUKdF2-2B8ZYiRLBPoxU433CL1RjxaeDySOnW8EHhFYkT-2BrODgv-2BIMpu=
Vt2l4tzk-2BvsvoAiJRWTa-2B4cwXNcW9XTRjel-2B44cGUpo7qZI79dieMvl47A56B0" unive=
rsal=3D"true">Depthfirst</a></b>, an AI lab developing a threat and vulnera=
bility detection model, raised an $80 million Series B led by <b>Meritech C=
apital</b>. <br><br><b><a test style=3D"color: #1D5080;" href=3D"https://ur=
l6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa=
-2BaqM7ONnvsnswouzXqB883z5USPVvZHUTln3Ej12Hq9gdUUgQxyOEvIyhjAA-3D-3DF2Nv_Pr=
966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRH20enKBN5=
Ne3jEj-2Fh9pkZF3XfiHp2C0gVQFe4eVwpTffJiy8S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2=
JTWVxlK-2Bc1GXIcNC15dHdYRPJZaby0Ji7kRGc6hWiFts0Q13QQnee5r6wVw7KtfswgX8aQzAV=
pz3xXrnW5KWj2CPrtoUTd6w1FQJQY6qK1h8bNgLk033unPBS8dX92JoZvxXDUXneZHrHDFjQXyi=
TxFCVUOlI10Idb-2BH-2BGowc0sOokw7u9FCvln7wLpwPDVpIVqRNpDwoGFKQOeVYOM6lA6QzmC=
9x9L91kzEDh1Z1rnA4D8jIcfXkcvkHlGTKx6DJxtUuYqEhz2YgzV-2BN0Novl8GNG5Ck9I-2FWR=
B4K1ZDHK2NUAnVluB1gNi-2BT1nCAXl5jYWvro5LMVyqdW3cW6B-2B542fIYHX0G20xXDH2QlkK=
Bv5Q9B-2Fh9QPegzwhIALpWOPXxCE1vNoeholvajw5BJBSwNMjCxO4L1T9EnSArQ4MaKnlXcE" =
universal=3D"true">Sycamore</a></b>, which offers an autonomous enterprise =
AI platform, received a $65 million seed round led by <b>Coatue</b> and <b>=
Lightspeed</b>. <br><br>
Legal-tech specialist <b><a test style=3D"co=
lor: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXqB883z5USPVvZHUTln3EjP=
QPCx0Ryz6AUnSLGIdchZQ-3D-3DKvLW_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2B=
HR4BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0gVQFe4eVwpTffJiy8=
S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15dHdYRPJZaby0Ji7kRGc6h=
WiFts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQJQY6qK1h8bNgLk0=
33unPBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUOylEGmMlO2rt9r3FpRXaey1PKHQ8fzMA2H4=
pG4tum5dkHl4UqAX1hwx8OM7E9UFVlwbWVrbjDOvscJLMw-2FlpjF2WXxbmYuJNvHjFHSFSv3iK=
60fE7miCeKolPt-2BCqIJoVX5V6-2Fzq78ZNeiR2qIwugHUOZAZoNp0KKUdouRKJA4jksQky9F1=
ItCXLbzvhInSz8NAR8vtIMy4RBUGtQAX2h4nmWkWBJvOL4JMx3DDaFYFKHBrFeNng3HByQcudky=
IXQALTt41Xs-2BfdPIIEGyT3bd" universal=3D"true">Crosby</a></b> raised a $60 =
million Series B from investors including <b>Lux Capital</b>, <b>Index Vent=
ures</b> and <b>01A</b>. <br><br><b><a test style=3D"color: #1D5080;" href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXqB883z5USPVvZHUTln3EjbNj38q-2BeE4spz9dLB4K=
ybA-3D-3DacVs_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8U=
YA68NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0gVQFe4eVwpTffJiy8S8oIHl8644-2FpnOv2=
hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15dHdYRPJZaby0Ji7kRGc6hWiFts0Q13QQnee5r6w=
Vw7KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQJQY6qK1h8bNgLk033unPBS8dX92JoZvxX=
DUXneZHrHDFjQXyiTxFCVUMCpNE2YVxPpyPqShlwcPnoh0UYblHIJx23-2FufSQCYyD9s5AJfYG=
ePNKiSOO8oFXhUXvaBZ3y-2F890as4bAQfMtZUUOCyLIU8G7ph42Uv5Y6-2BdW89wnDxjWVDEPI=
CKNroy6FddzpZw1JIHvAt6w08fzWyY18L8rCeRGb1-2B8BtZ-2F-2FLlEoMqdf4pdpBoZAHxPN4=
LVWEqwiJQ-2FoXH7QU2G1KgvQvNbgB9ZBtVtb4pH0VCeRJWPVjWsNQliuefEW0mWbFiG6t664AR=
SzMQINv-2Bmxd0jh" universal=3D"true">Standing Ovation</a></b>, a Paris-base=
d precision fermentation startup, secured a =E2=82=AC25 million Series B le=
d by <b>Bpifrance</b> and <b>Credit Mutuel Innovation</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>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"><b>The=
Carlyle Group</b> agreed to acquire wealth management specialist <b><a hre=
f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu=
ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXqB883z5USPVvZHUTln3Ej7IOVgSLaJy9fI55kDE3k=
BA-3D-3DHqwq_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY=
A68NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0gVQFe4eVwpTffJiy8S8oIHl8644-2FpnOv2h=
sWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15dHdYRPJZaby0Ji7kRGc6hWiFts0Q13QQnee5r6wV=
w7KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQJQY6qK1h8bNgLk033unPBS8dX92JoZvxXD=
UXneZHrHDFjQXyiTxFCVUNZMlXmKIWkJ6-2Fx-2BwiUpRWTIrqpAueufizqtKdTOdm8DEoj5p3S=
3LWM-2BgfhuttMQt8LosXY5mXjGX-2FpqvQkCE-2F7l2Ks8QaA7JlqcGvmWyVRC7K4uatQI94ns=
PTjj-2FH3xe8BfCUpxZ6rYhjSowcpDQVTMMmQk5XjzQGR-2BO91cMaGMdkdv1IAOPg9ArsUctAP=
TFfx2p4r9trFvJy-2BzLzZBT859g0svCnmb9AosNHFL7aOqmf2zO6AZzh9KrRC8vP6BboUkP-2B=
XKS5G2igTUA2xSVeu" style=3D"color: #1D5080;" test=3D"" universal=3D"true">M=
AI Capital Management</a></b> in a $2.8 billion deal.<br><br><b>Accel-KKR</=
b> acquired UK-based payments software company <b><a href=3D"https://url638=
0.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba=
qM7ONnvsnswouzXqB883z5USPVvZHUTln3EjNPr1ss2qpz6e8pMZxs3I0g-3D-3DnUkQ_Pr966k=
nuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne3j=
Ej-2Fh9pkZF3XfiHp2C0gVQFe4eVwpTffJiy8S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWV=
xlK-2Bc1GXIcNC15dHdYRPJZaby0Ji7kRGc6hWiFts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3x=
XrnW5KWj2CPrtoUTd6w1FQJQY6qK1h8bNgLk033unPBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFC=
VUNcq0LedYtUv-2FZBPv0xCSLoei9cM-2F1q4-2B9jPWixNirRP-2FUKDwjPSFz8V9rZa80NbCY=
vaikkf0XnDD1iLBgziiwZjYp-2FThhn-2BGh7fSUrVOyUa-2F-2FxzEGW0iiovYEmwVQKRoxzy8=
JCSITbJdSQJ2qc7xUWtrIvK2VkTXORkLypQGBepJJLOp8V3UOfprZVAPJEoamQB6jLcLLeHJy3d=
Slk0-2BVBQdcsGoE0IgkMA0ZQHH13xV7uBLSU6EjG-2F3wUjgySk-2BmtLzHJV7Yl-2FxDK3H1M=
8zBy" style=3D"color: #1D5080;" test=3D"" universal=3D"true">AccessPay</a><=
/b> from <b>Maven Capital Partners</b>.<br><br><b><a href=3D"https://url638=
0.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba=
qM7ONnvsnswouzWGeGgJNLPt9MQW27UN4tWi7rlJzMpF-2B3GyCWzzeDRSHQ-3D-3DAa95_Pr96=
6knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne=
3jEj-2Fh9pkZF3XfiHp2C0gVQFe4eVwpTffJiy8S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2JT=
WVxlK-2Bc1GXIcNC15dHdYRPJZaby0Ji7kRGc6hWiFts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz=
3xXrnW5KWj2CPrtoUTd6w1FQJQY6qK1h8bNgLk033unPBS8dX92JoZvxXDUXneZHrHDFjQXyiTx=
FCVUOw8A-2Bu89fEpwEFRnE7Uj7lnSLU6-2FqbeF0LS8kGFhCinvFHtlJM9OREzk5KC99HPG5Ln=
RYyvXhrb4m9HwtCOqjqNuy5iY3zk6xKAk4kPs7ZkLGXcWvSzfK-2B8fiEyl-2FuaKTjejDj4d1y=
VEA5pVe7vajwxCKDevdrU4NBbwKIotU5v0WxWRj8U-2FDqYJjNJDx8yd0akBKmdgIrmucf1LOXG=
fC-2BGztmI9xqWuk6eqHF2XlZA2LIuyTm8EVikrgTgk9UgjyneIdEBDveYxJDuaoup00V" styl=
e=3D"color: #1D5080;" test=3D"" universal=3D"true">IBase-t</a></b>, which d=
evelops manufacturing software for aerospace and defense industries, receiv=
ed an investment from <b>TA Associates</b>.<br><br><b>Cordillera Investment=
Partners</b> bought a minority stake in UK-based sports law firm <b><a hre=
f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu=
ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGeGgJNLPt9MQW27UN4tWisVRnIVyAsVRLz-2BUJXs=
Uf9Q-3D-3DHXwk_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8=
UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0gVQFe4eVwpTffJiy8S8oIHl8644-2FpnOv=
2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15dHdYRPJZaby0Ji7kRGc6hWiFts0Q13QQnee5r6=
wVw7KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQJQY6qK1h8bNgLk033unPBS8dX92JoZvx=
XDUXneZHrHDFjQXyiTxFCVUPF5XYpxalmGzVuk-2BKSdQrTr7YZ-2FkQYR3-2Bp2CZCPoWABbiZ=
NzriYqPxQPhFqAjXAD9l38nHigWXqJkFq6gzCfc78ayGTO-2BZeJj5Bkp-2FbRNqm-2BF3WVuGL=
6rRoKjxfM9k7nwcEQTIBpUuv6-2Bmy-2ByrmR1WUpFieqlay3sCCnbkMeJJJgRO0CmQsCQrkgv3=
Tzsx4Fdds13CP8F3Akg-2BO4KBqvzdoIoFS51HlvfvMybnWoPEv1KZeU45FzDPIFPll9lT9hVzf=
ZJzt7z-2F-2Fr-2BVe6RW9ZUe" style=3D"color: #1D5080;" test=3D"" universal=3D=
"true">Northridge Law</a></b>, the Financial Times reported.<br><br><b>26No=
rth Partners</b> agreed to acquire <b><a href=3D"https://url6380.news.pitch=
book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo=
uzWGeGgJNLPt9MQW27UN4tWibpZr1WsrmiZhg66jG-2FLZUg-3D-3DRdri_Pr966knuaHmaw6c7=
pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZ=
F3XfiHp2C0gVQFe4eVwpTffJiy8S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GX=
IcNC15dHdYRPJZaby0Ji7kRGc6hWiFts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2C=
PrtoUTd6w1FQJQY6qK1h8bNgLk033unPBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUPF1nEq5P=
-2FRbIJtBGqYaafoFCHKCDTzdhULb-2B28phZZO7JzSgf8rQse3l5ZKBv5JPDeamoohyKg4eBKR=
np9a-2BDM-2FLUB9QZuZUc-2Fdi3d-2FCqsCfyqThpkUgqZlBx9dW2B7R2QR5eDRawnoAWbcIbN=
hycth-2BXsGBNHmlxbQukW-2FOsp5PkNFhB-2FhmsxrecuEdmNdyt-2FwrV0hkPrP-2BW4JdkRQ=
2do-2Bf9GhUqqWXO0P4bIWp2CIRvwRHbiauHBRZc0jslAaVYcFxZPTOb14wcty7Fg6aKo" styl=
e=3D"color: #1D5080;" test=3D"" universal=3D"true">Intermedia Intelligent C=
ommunications</a></b>, which offers an AI cloud communications platform, fr=
om <b>Madison Dearborn Partners</b>.<br><br><b>Mountaingate Capital</b> acq=
uired <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du=
001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGeGgJNLPt9MQW27UN4tWiEXOs3=
jcsS50A6B6ZlXK8TA-3D-3DSLtu_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B=
iQVI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0gVQFe4eVwpTffJiy8S8oI=
Hl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15dHdYRPJZaby0Ji7kRGc6hWiFt=
s0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQJQY6qK1h8bNgLk033un=
PBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUOlcBrODZjdigH45elujdAzjyMlsIJiuDnbIPwLu=
A1kvYuXvfhgTO9p1DY9kDU-2Fuhgi0d-2BSlPmeO9ecDDRg4oBfgEAj4SqlcgmOO6WKnN0xTo90=
LVxA9YBbs02ue4G0W-2Brlsm5CfXQ1C1FPFG8Wg2Ojd7HS8TsaloMO1gwBJV8PHtYSSKbfQ7PWZ=
gaF6RbU4DAByZoS24guNpEVGOOcFX0Ny0KFAImsb2DdYnjyQEdoMHXcVseA9FZ0dmV01d0K7ZlI=
NecVEyz0ed300exflxOF" style=3D"color: #1D5080;" test=3D"" universal=3D"true=
">UpSwell Marketing</a></b>, a direct-mail and digital marketing specialist=
.<br><br><b>Closed Loop Partners</b> agreed to acquire metals management so=
lutions company <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/cli=
ck?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGeGgJNLPt9MQW27U=
N4tWilcMmkVPeCuMqUlSRyZvAww-3D-3DwtIi_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0=
YQP-2BHR4BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0gVQFe4eVwpT=
ffJiy8S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15dHdYRPJZaby0Ji7=
kRGc6hWiFts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQJQY6qK1h8=
bNgLk033unPBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUM615k5F2TIkdxQU13C-2Bl19x-2Bp=
BES-2BhWQoOUDlU-2BCiMfqy-2Fv-2Fzd9rk9IdtVLzFKvTRgnZMIuGlSP6Tw5SKFkGwmdf6tNl=
YDcESAnAhlIbvXqfYhTLIUzAq4dI1r1a-2Fbjt6QO9wyySjFCovm5K6IffS5q66XkRdG54DRa35=
cOVjtOSKQpu8Qr3GoTzp6oxNybJKDuqdWly7k0Joa5SM3uP8miuGI4Gp8KI1i-2FIefhse-2B5x=
2WJOalc8HxM3Wqp3jroPJH-2BKhc5qQlcYEGWuMuXGE1" style=3D"color: #1D5080;" tes=
t=3D"" universal=3D"true">Sutter Metals</a></b>.<br><br><b>Fortress Investm=
ent Group</b> has acquired <b><a href=3D"https://url6380.news.pitchbook.com=
/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGeGgJ=
NLPt9MQW27UN4tWi21RW0w35UxqMiCP1Gv4eTw-3D-3D6lDF_Pr966knuaHmaw6c7pKvB-2BCEi=
Dnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0=
gVQFe4eVwpTffJiy8S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15dHdY=
RPJZaby0Ji7kRGc6hWiFts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1=
FQJQY6qK1h8bNgLk033unPBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUMwMfA9-2FakvmL4h-2=
BdIkpke-2FljfnPgcoZGAVU-2FfcFIaBfI2352Gur3D1wV4e1k49eNcnDs-2FehWuDtU3TjkQ7E=
rob3Zjdyrev-2BZWg4Zilim28thJGHZRnigYK-2B5TX3T-2BgXlVCyU5GQr-2BiPIB-2B5jOYKn=
p7FPBkJzcihPJTjBL8mS7P2z-2FTJJ0v97t7aDNDAgN4qvKwaaLfSeoMD977SRY5T7zD5CETBcK=
oPJKekLeuk0ZeDThvGC4esPapxJfAjARvPLyjpOtsKPSHEjw-2FrB3jUnDC" style=3D"color=
: #1D5080;" test=3D"" universal=3D"true">Omni Agent Solutions</a></b>, a ba=
nkruptcy case-administration service provider.<br><br><b>Ambienta</b> purch=
ased a majority stake in <b><a href=3D"https://url6380.news.pitchbook.com/u=
ni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGeGgJNL=
Pt9MQW27UN4tWiH1h5wg7uRSjky0AjaTckzg-3D-3DOhRV_Pr966knuaHmaw6c7pKvB-2BCEiDn=
j5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0gV=
QFe4eVwpTffJiy8S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15dHdYRP=
JZaby0Ji7kRGc6hWiFts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQ=
JQY6qK1h8bNgLk033unPBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUOsGsLTetptFuv3g-2Buo=
D8pqNO8rGOWWVJEj-2Bdn30c1-2BvZ04C48U0Z-2FUmMfGT9-2FVgEO9HJDfb9SYLKR3MzbzFHq=
zdERmln4FY-2Ba12YtLgJzHMWr26OGqAmk5QWQy6GThGYw2eZkYsVw7mhi-2FR4FP2a10vk8HY3=
k4lhs2W6ZwSozVIj7nAUadEs-2FRD0hLTB1PyJtSyopkBqHlFyzOud-2Fxxh9a0SkoXn0lxHwBh=
Q3sd-2B4Tb-2BVaf-2F9UFwg4pbVdBrdQGbdiiNMCRjnS25lX6uvyC5-2B2" style=3D"color=
: #1D5080;" test=3D"" universal=3D"true">The Bridge</a></b>, an Italian pro=
ducer of plant-based dairy alternatives.</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 lang=3D"x-content-area" cellpadding=3D"0" =
cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table lang=3D"x-content-area-main" cellpaddi=
ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td valign=3D"top" align=3D"left" style=3D"pa=
dding-bottom: 20px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;"><b><a test style=3D"c=
olor: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGeGgJNLPt9MQW27UN4tWi1=
DQ5wkoGABjd0WzfvF-2FoaA-3D-3DFhiV_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-=
2BHR4BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0gVQFe4eVwpTffJi=
y8S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15dHdYRPJZaby0Ji7kRGc=
6hWiFts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQJQY6qK1h8bNgL=
k033unPBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUNOVsMNJaSCCFY-2BBgAzq1e3UeYctOEha=
s500tHcWc3R319EQF6pMZAfvCKsYR-2F-2BRUT0I3pZxs-2BMwo0Fu98zyB4-2F5m4BSIz3cHBu=
5PZKHWEXNQLMCPaRC8UajPLbeJEoFHiMMmetHvaFhHc4L5kmddLY9p1hqmD0PwwKPVm9Q5-2Fj5=
ioVhZLbguqlSbOm-2BG-2F-2B0XsctHV1bPkNauvI5DL-2BAz-2B0p54pfcQu-2FMYXa-2Fv6k1=
5xy8oXnF6IUM5CLy9lW01lXDt-2FBB0XslbVHVl3vjFvXZZm" universal=3D"true">TK Ele=
vator</a></b>, a German manufacturer backed by <b>Advent International</b> =
and <b>Cinven</b>, is considering an IPO, Bloomberg reported. <br><br><b>Bl=
ackstone</b> is considering an IPO of the Mumbai-based unit of <b><a test s=
tyle=3D"color: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGeGgJNLPt9MQW=
27UN4tWiuAw1o88F0G6Dv6o4vJDSlg-3D-3DOUbD_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJ=
YL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0gVQFe4eV=
wpTffJiy8S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15dHdYRPJZaby0=
Ji7kRGc6hWiFts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQJQY6qK=
1h8bNgLk033unPBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUOoi0yZrviWeJw9G9siFfX2pbCc=
RwjT3t2pv1CvcByb4M3CdWs9ZkXgQ1MEmMa6sF2gMIyWw4IPKYXQo8HUcFqvW9g1jCVthV5hufZ=
naNuinN2JGzoOdWDoy4b4Tb4aNEgh9C7L8qmjsyS-2B6VmVBoChmYi2On0HfUKa6Kz8HoOwhrIl=
5dCehnlLsyJuGUI8GPAw6NvKLTCLknAm7e1-2B6ZYV1ChqocQ2sEM-2BG-2FVDEfdbJR6HErtFL=
7-2Bu6WjPjCGkgIk5WRqOiqvf5TpTYOC2uK5F" universal=3D"true">AGS Health</a></b=
>, which provides administrative services to healthcare organizations and c=
ould raise up to $500 million in an offering, Bloomberg reported.</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"><b><a =
href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGeGgJNLPt9MQW27UN4tWidewk3BMcTqCpVE80i=
vcOAA-3D-3DhTp8_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf=
8UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0gVQFe4eVwpTffJiy8S8oIHl8644-2FpnO=
v2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15dHdYRPJZaby0Ji7kRGc6hWiFts0Q13QQnee5r=
6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQJQY6qK1h8bNgLk033unPBS8dX92JoZv=
xXDUXneZHrHDFjQXyiTxFCVUPvQl-2BKBGMjSBxlazL3L3xODLfPhOrkDsUt-2F8tTSeWJqaikt=
Z0l1icn506QQEVnyHFfQDnxN7IQICyXUQ4KpdXt7hc6pJXFElXw8tdw5F9OrkR9JxNPJL3m-2B9=
2wBb6L3-2BaIo1JUgAar9ib5BRzs2QVVjeGfHSDWdTjQySKSidaFzGhVBfC8dnlR3UN-2F4b3YI=
cu5BfihCojvzmshs0TTjljgPMN25R-2Fg8qJw-2Fg7cD5GSP8FrI6OIJJ2aacgqdEyZNJLC6Sv7=
6Ug6PVf3p0F5gDAs" style=3D"color: #1D5080;" test=3D"" universal=3D"true">BC=
Partners</a></b> raised about =E2=82=AC2.2 billion at the first close of i=
ts 12th flagship fund, Bloomberg reported.</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>Corporate M&A</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>Eli=
Lilly</b> agreed to acquire <b><a href=3D"https://url6380.news.pitchbook.c=
om/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW1t9=
g3-2BQ104jiD8I4SEoT2gvgLUlUgHVdb1E7OR8H3hg-3D-3D1d_B_Pr966knuaHmaw6c7pKvB-2=
BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiH=
p2C0gVQFe4eVwpTffJiy8S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15=
dHdYRPJZaby0Ji7kRGc6hWiFts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUT=
d6w1FQJQY6qK1h8bNgLk033unPBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUPUgdbPxZzEXqfj=
lco6SQFx1TrfutGXU9QrpBaceK-2BFCerHwHvr2QnWmIbpTG046RPON-2B0I6xBMRXale-2FhzR=
MwZ2jNx1FIpo6oGCq4d-2BqOSmYNicJ2zryHl-2BiuQCwYQQmLPg8Yat26jOPmSUgPoTM1oJtBx=
y3diLejQxcxISFUCsguTE7Kx2pkstf7LWvukKPVUvdH9g9OP1PNt5Y-2FpfPDH9tj6EYFyvR623=
bJ5KKnQ60FYp3BeDqTChGVTJvhYqButZ93lXeitWKtHXVEVXLGu" style=3D"color: #1D508=
0;" test=3D"" universal=3D"true">Centessa Pharmaceuticals</a></b>, which de=
velops treatments for sleep disorders, in a $7.8 billion deal.<br><br>
Immunology-focused biotech <b><a href=3D"htt=
ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW=
Irf6GFa-2BaqM7ONnvsnswouzW1t9g3-2BQ104jiD8I4SEoT20taknXTihD7Q3Agw2iO-2B0A-3=
D-3DgDdS_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N=
VRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0gVQFe4eVwpTffJiy8S8oIHl8644-2FpnOv2hsWiO=
fzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15dHdYRPJZaby0Ji7kRGc6hWiFts0Q13QQnee5r6wVw7Kt=
fswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQJQY6qK1h8bNgLk033unPBS8dX92JoZvxXDUXne=
ZHrHDFjQXyiTxFCVUMBMhhgliCge11SIghKGgg5rkwuOgvKVMDyA9ORQ6Y8MXeUSujeC-2Bmmrj=
pkeNN91GMpfxY4AWkdhfenATE2ScYMawCsgUgYi3KqwJSVKstDF7vs8XQimhOM-2Fbr0ati5QrX=
A1EqepIXTgVc-2FzScoKDBTW1jNk0COY3S9UAf0WQe6CXnobcGBUzfS5ymt3de3ckcumkzmTdfq=
nwevrdmQK6mA4K6sStBqPoIipxy9zEfWrWCGDTupndrO5qODDsQs-2FFCoZbXM9NngUVi5btg1C=
9vY" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Apellis Pharmac=
euticals</a></b> agreed to be acquired by <b>Biogen</b> in a $5.6 billion d=
eal.</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-2BaqM7ONnvsnswouzW1t9g3-2BQ104jiD8I4SEoT2eJ2Gp6x=
wUNrR8SrV0Za5xQ-3D-3DwAoQ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh9pkZF3XfiHp2C0gVQFe4eVwpTffJiy8S8oIHl=
8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2Bc1GXIcNC15dHdYRPJZaby0Ji7kRGc6hWiFts0=
Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5KWj2CPrtoUTd6w1FQJQY6qK1h8bNgLk033unPB=
S8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUPyUL-2BnZLSJk3QK6ttilZIM7pAtOxIZ2mAb18b9G=
zev1TNk5veGnSngpAyi9xFBGxXrJ9ZljKLZ8oxOsjpQViC-2FCTrbEtwJ5wUXliz0n2mfPbKKEr=
ZdXRcS1tZVonXui0DnXzMWeDfBS1z9pp8LJmUVPKBrEW1r-2FzijyLcRhYXqWmNtcvrrtxfws5m=
qC4WefpVBA4ROYFOLQhrlNdEHI3BZi9YeyYn9qSzC7SSQSEBDgJQ9cqn050bMam41bGkCWBD9Xo=
W-2FB1sFQ6A2QdW2ArbU" universal=3D"true"> <img align=3D"center" alt=3D"" sr=
c=3D"https://img.pitchbook.com/news/73557.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>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Second=
aries are increasingly gaining traction, and as a result, direct secondary =
market value has nearly doubled from 2024 to 2025.<br><br>
Source: <b><a href=3D"https://url6380.news.p=
itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs=
nswouzW1t9g3-2BQ104jiD8I4SEoT2GPGqET8eDSzFosoSZf0nIw-3D-3Depky_Pr966knuaHma=
w6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRH20enKBN5Ne3jEj-2Fh=
9pkZF3XfiHp2C0gVQFe4eVwpTffJiy8S8oIHl8644-2FpnOv2hsWiOfzQGh4qSUR2JTWVxlK-2B=
c1GXIcNC15dHdYRPJZaby0Ji7kRGc6hWiFts0Q13QQnee5r6wVw7KtfswgX8aQzAVpz3xXrnW5K=
Wj2CPrtoUTd6w1FQJQY6qK1h8bNgLk033unPBS8dX92JoZvxXDUXneZHrHDFjQXyiTxFCVUOL2I=
szVbTGuSskxp838GVfnGRzyVgYApbrtjoFGv65A6EKPrrACI9U-2FcfQwK-2FfFTilURk63l9LF=
E9oHN7He92QV6eW3qz0JH-2B1-2F-2BXQESUwwYlvVSqoPEcSmgwdmCHNwZco7t-2Fg-2FMBgpP=
QMP97pIDObyWu7bWL7BrVaRbmupsgV7c4BTaHdEBqTieAUNIPnJvdlR18Z84Svzv4ZC-2F-2Flc=
ARN7x8Wvszn-2FNevWRF46NAkwLQRVQIxJoeLoeZbLNTE67BQLX7-2BJNR6XuhUXhwsxCuN" st=
yle=3D"color: #1D5080;" test=3D"" universal=3D"true">PitchBook Analyst Note=
: When Access to VC Becomes a Liability</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>
</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=
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<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=
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