Your IP : 216.73.216.104
| Current Path : /home/angker/mail/new/ |
|
|
| Current File: /home/angker/mail/new/1775046914.M531049P2078939.server-619288.prediksijaya.com,S=165969,W=169031 |
Return-Path: <bounces+28456106-0cb8-most=ponjosonek.com@em9314.news.pitchbook.com>
Delivered-To: angker@server-619288.prediksijaya.com
Received: from server-619288.prediksijaya.com
by server-619288.prediksijaya.com with LMTP
id UzZ/HwIRzWnbuB8Af7/9AQ
(envelope-from <bounces+28456106-0cb8-most=ponjosonek.com@em9314.news.pitchbook.com>)
for <angker@server-619288.prediksijaya.com>; Wed, 01 Apr 2026 19:35:14 +0700
Return-path: <bounces+28456106-0cb8-most=ponjosonek.com@em9314.news.pitchbook.com>
Envelope-to: most@ponjosonek.com
Delivery-date: Wed, 01 Apr 2026 19:35:14 +0700
Received: from o2.ptr812.pitchbook.com ([159.183.175.69]:62334)
by server-619288.prediksijaya.com with esmtps (TLS1.3) tls TLS_AES_128_GCM_SHA256
(Exim 4.99.1)
(envelope-from <bounces+28456106-0cb8-most=ponjosonek.com@em9314.news.pitchbook.com>)
id 1w7umv-00000008ime-1krf
for most@ponjosonek.com;
Wed, 01 Apr 2026 19:35:14 +0700
DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=news.pitchbook.com;
h=content-transfer-encoding:content-type:date:from:mime-version:subject:
list-unsubscribe:to:cc:content-type:date:from:subject:to;
s=s1; t=1775046730; bh=Cbnsy2tW563PKQjui5TDc3vR1m9lzGQdYtD0Yu40iP8=;
b=HZ8iR8qJthAsaDJezomX+7MPsmoulX2EnstsJzXyvysR0w6m63tm7SZNQWvWBWmJJ2Cl
8ICemra3due+dbr8V/zC73lpVFAYXcc6PN8ctRfv3tdtuf9ahOrTkTmRjGynAkOLq7hB/b
FAdXYcq8xajLbTN2n4EVJ8I7/oU3gaAOJ4mzNYbhYop1lBrKV7RuZqe8upap10yxEkZ9iu
kr2lNeHnqcKYkKfal/re+TrVT6hfks/ilVqxucvbsHkfIY4Zg81UGsuDxc0iRsavLYhI07
LbYXafSOsacdvFEFkEhUwH6+RTAiYlRQwRHT2mVQCQSzDTBu+BqB4x1Q3T4FtGcg==
Received: by recvd-685f98f566-6czf9 with SMTP id recvd-685f98f566-6czf9-1-69CD1049-D8
2026-04-01 12:32:09.664252481 +0000 UTC m=+142509.982724792
Received: from Mjg0NTYxMDY (unknown)
by geopod-ismtpd-2 (SG) with HTTP
id j2gA86QITca-K4pOEnmxHA
Wed, 01 Apr 2026 12:32:09.614 +0000 (UTC)
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset=utf-8
Date: Wed, 01 Apr 2026 12:32:10 +0000 (UTC)
From: PitchBook News <news-noreply@news.pitchbook.com>
Mime-Version: 1.0
Message-ID: <j2gA86QITca-K4pOEnmxHA@geopod-ismtpd-2>
Subject: Weak science behind AI health hype
List-Unsubscribe:
=?us-ascii?Q?=3Chttps=3A=2F=2Fcontent=2Epitchbook=2Ecom=2Fnewsletter=2Funsubscribe=3Feid=3DABLZ?=
=?us-ascii?Q?54MOPJL5Q&em=3DTPK2HUIWWCWW6MTTUSIG7EYYZN?=
=?us-ascii?Q?B5PPXINB6DV2Q&ent=3DEJKJ2TTFOWZ2C=3E?=
X-SG-EID:
=?us-ascii?Q?u001=2EwjHNPkoEd0tti6dH8mhCZa5d7rLdiAsxLgSYARk73rxHPd3Aqlcm2Tnrv?=
=?us-ascii?Q?pNBcRMFNFcwVOs7OA=2FjzaFr76g=2FirSS22YDkvE9?=
=?us-ascii?Q?JeywdC8iju2ziyAJClzEvKLjxGLWueNYs7FmIsa?=
=?us-ascii?Q?tT8UlatC8sPbB5vhkxwCkLA8bVzX3bQXE3O51hC?=
=?us-ascii?Q?uzCkCix4N4gD0dVK1P1187k0bM0cyx7OmvwA8OZ?=
=?us-ascii?Q?=2F+jpTxK6EI5wnLKI5q9UXs=3D?=
X-SG-ID:
=?us-ascii?Q?u001=2ESdBcvi+Evd=2FbQef8eZF3Br+BiVHMa6y=2FD0OxHyDTyeHBn4HmQMpF4Qb03?=
=?us-ascii?Q?VKy+NsOif6qx82VoLgh59RtJ66WHiqUyA4Xrq5Y?=
=?us-ascii?Q?WXO6JSqtbp12WrdaAkLnh28Jt8Jxmnok1sLKF0u?=
=?us-ascii?Q?zLWj37o7s=2FF7gKGBLDujv4P++JPDzcXO5gzuBXu?=
=?us-ascii?Q?PH=2F6LmfpR2igEUl3sAuH0R8nuvvslmZHVYA4xNO?=
=?us-ascii?Q?nSo3U32OEWBQIf2oHUUKkJXms9SFxnk8oTvyDm9?=
=?us-ascii?Q?=2FLEp2G6UzCC02rh5t82AgOxGrk9jt8RfMXCjfwv?=
=?us-ascii?Q?QF=2FGHJJFIMHxfblUNSMTa6QYK2y0dW0slaEpijW?=
=?us-ascii?Q?ENriLPkvKxiCFiseFa2ovsl7BaO=2FxBP7LMDWwVT?=
=?us-ascii?Q?u54ztwMJcf2f0aK?=
To: most@ponjosonek.com
X-Entity-ID: u001.YFoIgyol8PWrw0qKNaJxbQ==
X-Spam-Status: No, score=0.5
X-Spam-Score: 5
X-Spam-Bar: /
X-Ham-Report: Spam detection software, running on the system "server-619288.prediksijaya.com",
has NOT identified this incoming email as spam. The original
message has been attached to this so you can view it or label
similar future email. If you have any questions, see
root\@localhost for details.
Content preview: PitchBook Newsletters OpenAI opens shares to ETFs in historic
round; McCormick to acquire Unilever's food business; record European VC
goes to AI April 1, 2026 | Read online | Manage your subscription The Daily
Pitch PE, [...]
Content analysis details: (0.5 points, 5.0 required)
pts rule name description
---- ---------------------- --------------------------------------------------
-2.5 RCVD_IN_HOSTKARMA_W RBL: Sender listed in HOSTKARMA-WHITE
[159.183.175.69 listed in hostkarma.junkemailfilter.com]
2.5 RCVD_IN_MSPIKE_L3 RBL: Low reputation (-3)
[159.183.175.69 listed in bl.mailspike.net]
0.0 RCVD_IN_VALIDITY_RPBL_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to
Validity was blocked. See
https://knowledge.validity.com/hc/en-us/articles/20961730681243
for more information.
[159.183.175.69 listed in bl.score.senderscore.com]
0.0 RCVD_IN_VALIDITY_CERTIFIED_BLOCKED RBL: ADMINISTRATOR NOTICE: The
query to Validity was blocked. See
https://knowledge.validity.com/hc/en-us/articles/20961730681243
for more information.
[159.183.175.69 listed in sa-trusted.bondedsender.org]
0.0 RCVD_IN_DNSWL_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to DNSWL
was blocked. See
http://wiki.apache.org/spamassassin/DnsBlocklists#DnsBlocklists-dnsbl-block
for more information.
[159.183.175.69 listed in list.dnswl.org]
0.0 URIBL_BLOCKED ADMINISTRATOR NOTICE: The query to URIBL was blocked.
See
http://wiki.apache.org/spamassassin/DnsBlocklists#dnsbl-block
for more information.
[URI: pitchbook.com]
0.0 RCVD_IN_VALIDITY_SAFE_BLOCKED RBL: ADMINISTRATOR NOTICE: The query to
Validity was blocked. See
https://knowledge.validity.com/hc/en-us/articles/20961730681243
for more information.
[159.183.175.69 listed in sa-accredit.habeas.com]
-0.0 SPF_PASS SPF: sender matches SPF record
-0.1 DKIM_VALID_AU Message has a valid DKIM or DK signature from author's
domain
0.1 DKIM_SIGNED Message has a DKIM or DK signature, not necessarily valid
-0.1 DKIM_VALID Message has at least one valid DKIM or DK signature
0.0 RCVD_IN_MSPIKE_BL Mailspike blocklisted
0.0 HTML_MESSAGE BODY: HTML included in message
0.1 MIME_HTML_ONLY BODY: Message only has text/html MIME parts
0.5 KAM_REALLYHUGEIMGSRC RAW: Spam with image tags with ridiculously huge
http urls
0.0 TVD_PH_BODY_ACCOUNTS_PRE The body matches phrases such as "accounts
suspended", "account credited", "account
verification"
0.0 LOTS_OF_MONEY Huge... sums of money
X-Spam-Flag: NO
<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional //EN" "http://www=
.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
<html xmlns=3D"http://www.w3.org/1999/xhtml" xmlns:v=3D"urn:schemas-microso=
ft-com:vml" xmlns:o=3D"urn:schemas-microsoft-com:office:office">
<head>
<meta http-equiv=3D"Content-Type" content=3D"text/html; charset=3Dutf-8">
<meta http-equiv=3D"X-UA-Compatible" content=3D"IE=3Dedge">
<meta name=3D"viewport" content=3D"width=3Ddevice-width, initial-scale=3D=
1.0">
<meta name=3D"x-apple-disable-message-reformatting"><!--[if gte mso 9]><x=
ml>
<o:OfficeDocumentSettings>
<o:AllowPNG/>
<o:PixelsPerInch>96</o:PixelsPerInch>
</o:OfficeDocumentSettings>
</xml><![endif]-->
<title>PitchBook Newsletters</title><!--[if (gte mso 9)|(IE)]>
<style type=3D"text/css">
table {
border-collapse: collapse;
}
body,table tr,table td, div, a, span {
font-family: Roboto, Arial, sans-serif !important;
}
</style>
<![endif]-->
<style>
/* Windows Phone Viewport Fix */
@-ms-viewport {
width: device-width;
}
.mobile-only {
display: none !important;
mso-hide: all !important;
}
.desktop-only {
display: table !important;
mso-hide: none !important;
}
.newsGroup-border-mobile {
border-bottom: 0 !important;
}
@media only screen and (max-width: 800px) {
.mobile-only {
display: table !important;
mso-hide: none !important;
}
.newsGroup-border-mobile {
border-bottom: 1px solid #C3C3C3 !important;
}
.desktop-only {
display: none !important;
mso-hide: all !important;
}
.container {
width: 100% !important;
min-width: 280px;
}
.content {
padding: 0 5px;
}
.walkthrough-image {
width: 100% !important;
}
.performer-title,
.performer-content{
font-size: 6px !important;
}
.header-msg {
font-size: 9px !important;
}
.pre-header {
padding: 10px 20px !important;
text-align: left !important;
}
.side-bar {
display: none !important;
width: 0 !important;
max-width: 0 !important;
height: 0 !important;
max-height: 0 !important;
opacity: 0 !important;
}
.line-breaker {
display: block !important;
}
.responsive-img {
width: 100% !important;
}
}
</style>
</head>
<body style=3D"margin: 0 !important; padding: 0 !important;">
=20
<table lang=3D"x-pre-header" class=3D"pre-header" cellspacing=3D"0" cellp=
adding=3D"0" border=3D"0" align=3D"center">
<tbody>
<tr>
<td style=3D"text-align: center; font-family: Roboto, Arial, sans-seri=
f; font-size: 14px; color: #78766f; -webkit-text-size-adjust: none;"><span =
style=3D"color: #78766f; font-size: 1px; display: none !important;"> OpenAI=
opens shares to ETFs in historic round; McCormick to acquire Unilever's fo=
od business; record European VC goes to AI </span></td>
</tr>
</tbody>
</table>=20
<style>
@font-face {
font-family: 'Roboto';
font-style: normal;
font-weight: 800;
src: local('Roboto ExtraBold'), url('https://fonts.pitchbook.com/ne=
wsletter/Roboto-ExtraBold.ttf') format('truetype');
}
@font-face {
font-family: 'Roboto';
font-style: normal;
font-weight: 400;
src: local('Roboto Regular'), url('https://fonts.pitchbook.com/news=
letter/Roboto-Regular.ttf') format('truetype');
}
@font-face {
font-family: 'Roboto';
font-style: normal;
font-weight: 300;
src: local('Roboto Light'), url('https://fonts.pitchbook.com/newsle=
tter/Roboto-Light.ttf') format('truetype');
}
@font-face {
font-family: 'Roboto Serif';
font-style: normal;
font-weight: 500;
src: local('Roboto Serif Medium'), url('https://fonts.pitchbook.com=
/newsletter/RobotoSerif-Medium.ttf') format('truetype');
}
td ul {
padding-left: 1.8em;
}
td li {
position: relative;
margin-bottom: 0.5em;
}
</style>
<table lang=3D"x-main-wrap" width=3D"100%" cellpadding=3D"0" cellspacing=
=3D"0" border=3D"0" style=3D"min-width: 100%; background-color: #F0EBDE; fo=
nt-family: Roboto, Arial, sans-serif;">
<tbody>
<tr>
<td align=3D"center"><!--[if (gte mso 9)|(IE)]>
<table lang=3D"x-main-container" width=3D620" cellpadding=3D"0"=
cellspacing=3D"0" border=3D"0" align=3D"center">
<tr>
<td>
<![endif]-->=20
<table lang=3D"x-main-container" class=3D"container" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"max-width: 620px;"=
>
=20
<tbody>
<tr>
<td class=3D"content" width=3D"100%" style=3D"min-width: 100%; pad=
ding-left:5px; padding-right:5px;">
<table lang=3D"x-header" class=3D"container" cellpadding=3D"0" ce=
llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
=20
<tbody>
<tr>
<td>
<table lang=3D"x-header-subscription" style=3D"min-width: 100=
%; text-align: left;" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" =
width=3D"100%">
<tbody>
<tr>
<td class=3D"header-msg" style=3D"padding-top: 20px; paddi=
ng-bottom: 28px;
font-family: Roboto, Arial, sans-serif; fon=
t-size: 11px;
-webkit-text-size-adjust: 70%; text-size-ad=
just:70%; -ms-text-size-adjust: 70%; text-align: center;">April 1, 2026 &nb=
sp; | <a href=3D"https://url6380.news.pitchbook.com/l=
s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXlrOQWbNaGF-=
2B3PmFcA-2FG2O7nAorasCZg8gojuDyN4gKw-3D-3Dt_Fw_I3w5d9c01gkD8gLzFEofZR-2Bh6V=
warHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM=
-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fm=
zb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-=
2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-=
2FoKRt-2F6Xw2vW48ETDFNjGMOAH4kWezr5-2FqoVB20c-2FXIR-2FMruXOpn-2BZ4TZBgeCgHt=
Ui4wL91OOVZvZBFdFY7NJj4JkkT770EcaL89qOpmoX96Baq9M3bWdMJtjsusdQ91NUnH7xGav26=
7KLhP56Bt-2BzQr-2FQpgQFBwDOZhI-2FDV9l0WPBSvnuzFJ9Dp5Qo1T6ywehfr8K-2FWmhwhYx=
mvybLkUue2H8o1IOrXEFaY4NMPPR3Ulc91S7qAycvAJGc1UUzaGBBBRSwF9ua-2FSzFfo-2FdBB=
nrct" target=3D"_blank" style=3D"text-decoration: underline; color: #1D5080=
">Read online</a> | <a href=3D"https://url6380=
.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE7=
sYl12opJBSgX8wjgWQkjpY2yE70mtuFtQh5JMynEp-2F-2B0ZsygXiW0dASWMAkXrIC3kg-2BeC=
0SuDoyGjKHmOSdfo63E0RLyaXhmtZcu9qypgyxWwak1NhA0coLyWLpIGucErQpvbIjaXQ-3DC22=
4_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJya=
a7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLB=
Sk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGDe=
CtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935J=
2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKSis0S6X2CNtovuq6yWkvzyNQTtYpBh7sIlFa4g-2F=
-2FlY73fF99zjloviyrPcbZSELjGeqzdNz-2BsIhj66UqdfavLpXRWp021PHBHCYEAe9-2Bdj-2=
FXGK0oIN-2BBFvkh8bs-2BDGft82zpqtwvCwbmpjFvMXYzT1Yn-2FW1bvoDU2Gb5pfHhXPb-2B1=
MIQyqhZaCzUYROOLnDHKIclpdNAT-2BNkByZ2-2FyEsVF1YAiQbgwjPJTfeg6Kg0-2Bzo63tQdi=
-2Bk3oQylGvM5tRl9CoF1CDGcZoeh8m-2FJPwA8K" target=3D"_blank" style=3D"text-d=
ecoration: underline; color: #1D5080">Manage your subscription</a></td>
</tr>
</tbody>
</table></td>
</tr> =20
<tr>
<td style=3D"padding-bottom: 14px; text-align: center;"><a hre=
f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzXlrOQWbNaGF-2B3PmFcA-2FG2O1AEWIvjuwCnH4yGFV-2B=
9a6g-3D-3DdaZQ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFV=
a0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH=
3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-=
2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVu=
ahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKS9RsN-2BuMU-2Bc2mlcnrs2kGEXI=
05Ju8ww6MgxU2yOYd5XL6B9ze0gEFmUwCC7po-2BuntJCdiN05oYLKNvu537Hzk7M4QcJXhALtp=
XSmJVvH2Ps8ppKQicvLMTSQZ3UnUoWrZpvIR08Eu03lKqufaIwSY5aeEY-2BEjxT-2BJbdyTgLk=
lhd7WtmqCvxnZs4TeMVol-2FAyw82kdqE0FOYcMI2s-2FqukcdjdKNPA-2FvcW3O0uYNz3-2Fpc=
roMwXRoCNHLJHr-2FkVnF1P8QwhoYmXzm4uoN5zEOCenE" target=3D"_blank"> <img widt=
h=3D'1' height=3D'1' opacity: 0; style=3D'display:none !important; mso-hide=
: all;' src=3D'https://my.pitchbook.com/ms/pixel?userId=3D3DABLZ54MOPJL5Q&e=
ventSource=3D3DZQDXJQ6VUBAECQE7XY5D5PSLQI&emailId=3D3DB3KOI2AVXORUC&emailNa=
me=3D3D6H3WX3QH7CXEMMMBQSMFL245ZG625LDUYNYOD6M6QHVPV46EGQLU2DKV43QYFSZS&pix=
elPosition=3D3DUAZEVU3EPI6EYRHRSC2KEHCFHGQ6ZMZBKVWWKQA.gif'/><img src=3D"ht=
tps://url6380.news.pitchbook.com/wf/open?upn=3Du001.4Qe7VL981gyAPMxYoCz8CBK=
mv7adpoGoGfpUfNDzw-2FIUFPDY6owZNjRg8mspgm8jL6ly0E74vBeJlwlfie99MslhD4VDCmqR=
P679PRGNNDmMlkAf8eqCoJx951Bg2EMFyYgHZyGNysPlDy4Z2HavnGLLMd6FtJyfCxdUzvP0qOM=
yk4NPjXTAFSc-2Bwp0HzEA4PmxzxkGX3NIKVGuXsJsXxosQNG47x-2F041iXWnoQxpLWZsSXD-2=
FTNwyMAa3CWd2yjgwa5GP3CwoqUUB7y5RDCNxCw2X4WjFhhrY3WpKvIvhWA0mnKVxygM30IDEWB=
zBUO-2FDIk0VYVPmIamZ46ElYAmBbwb06kul-2Bs-2FO3eg-2BHdMYOJCbVv9YpDuuo9uRvh9el=
xvy4S4I8rHcT0J3y604bFLJzxkrDQfyJ-2FD8GwkkzmdYw3no8VRZO8M0vd2tugZKT0-2Fi3ZP7=
z48zyjxuVykUfUyD7KkU6rim9A8HvQ4Kxjrzpi74Bl9m75bhEPAtDMmze3WbBlhj3M1WYqJ9Cj3=
mwgwKF-2B22LIeWYvyKDK7HmMlFtteftktCtier267QyUrEGr3" alt=3D"" width=3D"1" he=
ight=3D"1" border=3D"0" style=3D"height:1px !important;width:1px !important=
;border-width:0 !important;margin-top:0 !important;margin-bottom:0 !importa=
nt;margin-right:0 !important;margin-left:0 !important;padding-top:0 !import=
ant;padding-bottom:0 !important;padding-right:0 !important;padding-left:0 !=
important;"/><img width=3D"141" height=3D"39" src=3D"https://fonts.pitchboo=
k.com/newsletter/pitchbook_morningstar_logo.png" alt=3D"PitchBook"> </a></t=
d>
</tr>
<tr>
<td style=3D"text-align: center; font-family: Roboto Serif, Ge=
orgia, serif; font-size: 44px; font-weight: 500"><span>The Daily Pitch</spa=
n></td>
</tr>
<tr>
<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>
</tr>
<tr>
<td height=3D"38" style=3D"padding: 0; line-height: 38px;">&nb=
sp;</td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td>
<table lang=3D"x-content" cellpadding=3D"0" cellspacing=3D"0" bor=
der=3D"0" width=3D"100%" style=3D"min-width: 100%!important; width: 100%!im=
portant;">
<tbody>
<tr>
=20
<td class=3D"content" width=3D"460" valign=3D"top" style=3D"ma=
x-width: 460px; padding-left:5px; padding-right:5px;">
<table lang=3D"x-main-content" width=3D"100%" cellpadding=3D"=
0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"=
>
<tbody>
<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-2BaqM7ONnvsnswouzXlrOQWbNaGF-2B3PmFcA-2FG2OyDO0xARWdlkQBuLgMlfvXw-3D-3=
DGHrv_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFB=
JJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaX=
KBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4p=
iGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua=
935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKQxWEQzofq0O645-2FoRdeyigmKf9E0-2Bk5nt=
LXDZnChPIsY5jwD0tMxdVrbhon2Shw-2BlVi-2Bd-2FXEx9DnZpNg7qQTQL4ZbKgZlAWVT8Zvia=
ru-2Fj8HH9B41CNnj11UEeZcY5JkCHiWrTZFqnsyOISi6Q-2FYquBZvmpt2-2BtsiymJGs-2BNQ=
QptazY-2BisiA4606aTcIYGCczjCZwB7t46TV61lIR1rs-2B6Y6oxgVrErr4GuI9hxSXb2dARXL=
SmX-2Flwv-2BuxnzxKp-2FmrFolYecM8vO0-2FjrHYnBCz"><img width=3D"460" src=3D"h=
ttps://img.pitchbook.com/ads/ad4516/SVBraise.jpg" alt=3D"Ads" style=3D"padd=
ing: 0px; margin: 0px; border: 0px; display: block; width: 100%; height: au=
to;"></a></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">=F0=9F=
=8C=B6=EF=B8=8F <b>Mega-deals are getting spicy</b> with McCormick agreeing=
to acquire Unilever's food business for $44.8 billion, adding to a surge i=
n mega-deals=E2=80=94which accounted for 56.6% of global M&A value last=
year. <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3D=
u001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXlrOQWbNaGF-2B3PmFcA-2FG2O=
4SLK9oVkCMoVNkQA7Re8yw-3D-3Dw6b4_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy=
-2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLG=
QT1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgH=
PosN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-=
2B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKTU-2BnlPsj=
FoobGuPfSbZWjPZ9pjN0eaCx9ajHCPezHr3FKgR2QtfRPs3GGQYI-2BRrqnnB-2FSeUe7Zoz1m5=
6k9-2B9XmR1VYOiZHL-2FRzSEEQj4izYdXk3S1yzFpM44DDbFWzBl8eIJsTllRqXY6xOGTBUYao=
vGSxPJvBex5v8MXpmNFG283ZQU27MBeIM8ykVks23nY44v-2FmZcCgSSJTibOUgjwYXU1NAvKNB=
qrXf6hPDlFt6hSJmvVt2I9gP7-2BOErCDjHrfpOIEAtNknh-2BZctoAeNDi" style=3D"color=
: #1D5080;" test=3D"" universal=3D"true">Read our 2025 Global M&A Repor=
t here</a></b>.<br><br>
=E2=80=A2 Was this newsletter forwarded to y=
ou? <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4=
n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXlrOQWbNaGF-2B3PmFcA-2FG2OR1vmyyT=
LTN2uWYkkkR1DpQ-3D-3DxBsc_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC=
3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2B=
WzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0=
Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKSKNK7QoJESm1taOpi=
HNl-2FEGmjg4OSkk8x6GeZ-2FFpS-2BGhTyMKT4SiOU5-2FTosSHwPqSyIyJJ20501oCGcgbar9=
2efNoZdIr27BCubMSh1sVrp9K61O4Y7NLz3XaV9HrEl-2BLjII7sR6Qw1Ah1glFNkbGRaAainQK=
JPoJTlpNR6yIkWswlhTvu7QYZXr6DwVDw6R5TVKV43BMEW55gxAg9u-2FJgkGsene-2BESFaZcR=
pHJHcONcDSWsaGoqZln5HIqOkqr-2FjIuDLbNOxuzkg6wS1SjjwX" style=3D"color: #1D50=
80;" test=3D"">Sign up here</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" 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_579311" id=3D"n_579311" 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 gut health startups are sel=
ling answers that science can't back up </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-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-2BaqM7ONnvsnswouzXlrOQWbNaGF-2B3PmFcA-2FG2Om6CQi=
J7rLDgSCqrJT17PNQ-3D-3DG5_Q_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t=
1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1Rk=
YC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-=
2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Un=
s0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKQfFcg-2Fn9RZ-2F=
o4hUPVanqOyiDZ-2Fz7VZT9Tz2cVITOyYRdGeW-2B5wy9ixU-2B-2BXOP-2F6nuemChn75A8blv=
CNn7sWxTCBHaZDzL0qSh-2B3ziTc1hMTHPLphYtc9K7kRWW5ojblm5nWZneX5uFLzTkqfmGJ0Bj=
EGZ48Nwgq6P1mLlgNRA9ynEvMEeKDgvZrVieAmeqpJu8P-2F-2Ff2WMO-2B3S2LGzijWjWwKlVQ=
Rejbr609-2BRkO7IBOz7iH7dVQZ5q4DIbNm-2BfYxVyWdsByJKsd-2BfNgFXNnO2Ir" univers=
al=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.co=
m/news/73560.png" style=3D"border: none; width: 100%; height: auto;"> </a>=
</td>
</tr>
<tr>
<td align=3D"right" style=3D"padding-bottom: =
8px; font-family: Roboto, Arial, sans-serif; font-size: 10px; line-height: =
27px; color: #78766F; text-align: right; font-weight: 300">(Chloe Ladwig/Pi=
tchBook News)</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"><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>
</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 border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-btn">
<tbody>
<tr>
<td align=3D"center" style=3D"height: 36px; b=
order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http=
s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
rf6GFa-2BaqM7ONnvsnswouzXlrOQWbNaGF-2B3PmFcA-2FG2Om6CQiJ7rLDgSCqrJT17PNQ-3D=
-3DuRHq_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs=
FBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2Bbo=
aXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU=
4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SG=
ua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKRtNzzUCqpKzybn5n-2BeiryAoBLIkwj85gn=
LeNdv77AWDNKHluv4zE-2F9662SlJ0w5PZqzI7YrZbxHoO64JygueDnj9gWBFPRluakMsNL40rI=
Ui-2FeCM1RxPuwTlWpQOZnP-2FQ-2BtYESHgailFMsy2iL8NgYMfgwSuJvvMcStnW3SLdJeUJyk=
QD-2B1SoyR2TzBByQoN5kpOGoY1-2F4LDXysVAng-2BPiiikXvROUquMlwtN9YIlrknbi9RahQR=
tG-2BxM0p-2FPRd1-2FAAjBQLZq9XajIJPBxHRxX" style=3D"font-family: Roboto, Ari=
al, sans-serif; font-size: 18px; text-decoration: none; color: black; paddi=
ng-left: 3px" target=3D"_blank" universal=3D"true">Read the full story<img =
height=3D"24" src=3D"https://fonts.pitchbook.com/newsletter/arrow-right.png=
" style=3D"vertical-align: middle; margin-left: 8px;" width=3D"24"> </a></t=
d>
</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-2BaqM7ONnvsnswouzXlrOQWbNaGF-2=
B3PmFcA-2FG2OoGOwpv6sB4aBJWV-2BrG0vZg-3D-3DHpSl_I3w5d9c01gkD8gLzFEofZR-2Bh6=
VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyo=
M-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2F=
mzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B=
-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz=
-2FoKSsNIAcgEmGslmN8GM6XZHRgSM6kpWC-2F-2BhDHei5EBb03s8qiPIjFQ2BfjIu5Z6XK74D=
NmhP4Gyn1PwEM09eWw8eJW12cMYBzDWYIsIWWTKMow2xd-2BQIdGpJfrWofLCVvL7fJlfsPMvtL=
v7aOWGCOc-2Bg-2B2lFSLYPBIEki22QuH6gZzihf08kHT4-2B2G4tgZivM-2BKGPTjnd711xGf9=
XRAdqQyR83PHDhAtJOeh0P73oQQZ7TYdxKZUoNJJjJ3RQXtU7yIeEe9UPPtM-2FLwTECho2u9A"=
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-2FG2OHsMxEFaNF33=
jdcCqoIfX5Q-3D-3D9v7D_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb=
dWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat=
2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQz=
l10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2m=
MYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKQHcm8i8zMatSLei-2BaTM=
cMijzJ9ZgAfu7wsber5X046Vi25phYSQAS0L1eXxydqRoVfHVhDrX5drq2IkDQIsVwoPQvAPQl9=
E3GbrMIWAFWDnjcIZ47CfnjhV11PahBQP6rRSufPcakl8JcmOshfa9gQgif5qSy1sPnTJb59lz-=
2FPpx1sPf8Dr5I7-2Fntp1IDsmXNuDnk6cPMRz3A3hAbdikeCGeJgF2TWrDfkmckTioQyuIwdxN=
6YR7Z-2BrqHiFi6eTf-2B3WNUe72CoJJuSyNWGM0XY"> <img align=3D"center" alt=3D""=
src=3D"https://img.pitchbook.com/news/73520.png" style=3D"border: none; wi=
dth: 100%; height: 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-2FG2OHsMxEFaNF33jdcCqoIfX5Q-3D-3DcK7a_I3w5d9c01gkD8gLzFEo=
fZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2t=
n3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI=
0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZ=
TV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzA=
MdwvvuAz-2FoKQ5mxTrAxSO8nx4rFXEyRdzkJevtuv7J3gUfaKYR-2Bk4kqFUifJRiJAwooyPP-=
2BzjEHLxw3ivBNUXBp27vD2qXARELHyixm2TuLSGoIuAkUte0o6oQZE7byHGv0Yu5KgptzJxZKv=
-2BUfOqGgv3TWq3ZUH1ZOrp-2Fg3-2FP5-2BRnl1NaDUaEIIsc-2FCIlxIvcxbTSgE6VlbvqpPI=
1zVipqDV4c-2FHLyjW83jSYBNgBPSgZhepaf95u8fJC-2FAmy3J3eJ6G6QnEKco-2B3UbGR6-2B=
Z0u01pOrxp38w" 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-2FG2OSz-2BhXaM-2Bfn2UtDdV3KlCSA-3D-3D-3SC_I3w5d9c01gkD8gLzFEofZR-2Bh=
6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMy=
oM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2=
Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2=
B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuA=
z-2FoKTg4FnxG2x7ek69lcffHNCS5gvY3dDGXdw17FfzV2QuTFHb0CQnWuc4JIJk8fS8BULF-2F=
rUdYKfPDuBipq-2BTmAotDVixexiUlz3ePR6-2FIOwgLh-2BFUmKN1pe3W0ZdDm5jFj8soEW5Dn=
R9n25V5TLBar0D-2FpfaNjBozoW1xc-2BpyPSyhS5ilBwpHFQsr0YKnF3RKCIikT65zBZn5j7rU=
vKNUSx-2FOE1-2B0c-2F6Uuao-2BUMgtIamqCa8-2FKEhCBQatKAq3O7vQCw-2Fue99JqKATZbD=
cBQzRfbx" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Find ou=
t 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=
7rbiDqzou3toKVrjVzXreAgQ-3D-3D9w13_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfm=
zy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2F=
LGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqN=
gHPosN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9N=
X-2B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKTJsSg2V6=
E6hxsSRt0p-2FAl1O7-2F01DcJmA4F7qgJyPZ-2F0eTAKt7BgFzDZRsBJMIDQR7ZkqBLy8CA21b=
se3SRoiZVhI-2FDM9vIh-2BLxwRBeO-2BEz6jXNOIsdqgF16-2F1VjWz4tQNQrr2mVCV7NmLRLg=
8qQd9kjuCKxrx-2FoTqWQX7gzV-2FDXYwtm8gRRlAoDeSRF0jZlg5m7zNVw04OcXOM3fi5T7QvT=
9W4H5pjQfRpmAIGwq2UL53YtUZornZ-2FBparnM1DR-2BXcRPalGm8utLm2GFNE-2Fgc0" styl=
e=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-2BaqM7ONnvsnswouzUdgbWweIvvOe5lCgtDzN7rslAEed0JdevYDJ=
T6I5KF5A-3D-3DjeP-_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWe=
UgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XK=
EmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10=
-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYf=
pSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKRpVZm84vUfIM4g9atsloAUSE=
N0Yvlulqn9SoYrIOhZqL7PUc397tnGcJAWRd5HXrucr-2FOl9K0r7OMSo0a-2FN8KzHpSmG1xOR=
RpMO3eiMsWrSVUYG25iHcxLxvg31ucr7nqtpSAe5ML9m7-2BMdhNz8uPphztLHztkLBlTPivTqR=
6Pjegg0EzTZq3BxikzMVLqFxFUc1MChRKOTOxDVnf3XEBuPWdSE8gcAzbl13DeuUDilmmeFX3i9=
BFJ8sahJrSNMxxiWnIHlp8bi3xGpor6BvYN" style=3D"color: #1D5080;" test=3D"" un=
iversal=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-2BaqM7ONnvsnswouzUdgbWweIvvOe5lCgtDzN7rIZandw43ax3adL3-2FicdpXA-3=
D-3D1hKC_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pz=
sFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2Bb=
oaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5Ktw=
U4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5S=
Gua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKS0dJxz3CoOmqj4c-2F7Hu8NbV5geisY9DX=
-2BfaHT77kK09Y7NaEHTPUmNBxZYjSYrlFbQGCQLK-2BCdb5yokhcR5YpREG8eFf-2BvpDgUKT5=
-2BG9bqAVAT2PKbd3n-2B9RGeF5Phb6bqv1L0VjzS2-2BKRpJkYvFwAdMcuqk6orgp9dmTp2JSy=
MZSjcP3mHJQS5bjNo6fj5rWV9Q7-2BET7PeFymS-2F2YCg0-2BzQmS8f1a9DK4ercMklPs2qZHH=
hlpTaVTIukODMQ0aD186gahpjgZr0ibFVsRLgC0" style=3D"color: #1D5080;" test=3D"=
" universal=3D"true">latest analyst note</a></b>. Just last year, about 800=
new companies were added 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-2BaqM7ONnvsnswouzUdgbWweIvvOe5lCgtDzN7rWbtNVYM4u=
w80ed-2Fbr6oWSQ-3D-3DMQT6_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC=
3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2B=
WzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0=
Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKTG8Uvj38BC9cJMSOM=
QzfYeEmvzYBHcLL-2FJW1-2B2C0RoluJ5d3t8Gy-2Ft6IP430PAen-2Ffk3j-2FlADZrFueu9Mj=
XAQzBKol0iA-2FNcPkrRmVGmCfVDA8I84k3YCvbGckH4y5wUjB3zzgye2ZOyCTMfsxPzm0pGyi-=
2B-2FpUk-2FaWkCda3Brky2c-2BU4nqneJaXB1zICSwcXSAciPctrISspeEAaOmHPIIStGigUT6=
F6NsdStPPzwRxJcxELOMOgsvwou20vknPVL9l6HoXKmpDDT6VUjYKqlr" universal=3D"true=
"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/735=
52.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%;">
<tbody>
<tr>
<td valign=3D"top">
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-btn">
<tbody>
<tr>
<td align=3D"center" style=3D"height: 36px; b=
order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http=
s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
rf6GFa-2BaqM7ONnvsnswouzUdgbWweIvvOe5lCgtDzN7rWbtNVYM4uw80ed-2Fbr6oWSQ-3D-3=
DuYj0_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFB=
JJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaX=
KBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4p=
iGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua=
935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKQNfJoQifaRFMvNFWzCNaYVXi-2BLXliFT75g2=
p-2B03SQK9No3NDJMYwzc2eEjZM9hGoRgaXeBhws926Mx-2BiV-2BAuVPn4NM35x-2FtzZ2J28m=
pDTV5KxKM7-2BbFNy9RWDFWpl9f6WRfAgj5Q1DwNWhWsDuzgpid8tQcZPsvIvwLkeaL8IIV7g4Y=
JV0-2B4eZ5UrosO8EvcQ0apUs1DveJI6-2BUJopGe05ic97A-2F-2B8jnDLQJyCeWfoj2ZLd0-2=
F5jd9T73pOT80ZjDJMncBFPZ18yonerlQKZngz" style=3D"font-family: Roboto, Arial=
, sans-serif; font-size: 18px; text-decoration: none; color: black; padding=
-left: 3px" target=3D"_blank" universal=3D"true">Download the analyst note<=
img height=3D"24" src=3D"https://fonts.pitchbook.com/newsletter/arrow-right=
.png" style=3D"vertical-align: middle; 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 article: </i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUdgbWweIvvOe5l=
CgtDzN7rCoeD9QIkBpEpJqSUXfOHXA-3D-3DDAal_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkx=
BRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27R=
r54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-=
2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3=
mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKQt=
9Eo675A3wwLj3dqyhMSKTZ7ii0Rrd9T4M-2BeMthM5Y4h-2B95fwi-2BISMxqxQGN92KVOzkIQZ=
4v-2BGcI32tbFDWBO74Fu78g-2BBZi6WlMFDH68Z9Wr64064ErtlR-2BDTMDE6PErlCTga8EqSB=
uqNsI-2BF-2FTj-2Fhql2gGSSBAwhY6svNTqE5T5XAfu2hjKcqVAdmaqpozznpxVEQItF-2FPci=
Msmu9mmnCVTxQmFU9VLNAqtJ82AhuIPX3r3nhnRXzfS3zXiHmv-2BobwagjWzmTvPurf1hKgV" =
style=3D"color: #1D5080;" test=3D"" universal=3D"true">The AI race is movin=
g into the physical world, 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=
>
</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>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=
swouzUdgbWweIvvOe5lCgtDzN7rnoCWYRMfswLrLI31ILkBSA-3D-3D6v-k_I3w5d9c01gkD8gL=
zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2=
gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrS=
XGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKS=
SHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9O=
yUzAMdwvvuAz-2FoKQsZElj23m9lJI7WsaN0nqkj7f9eP4fgH9gh8kyvuP-2FAjD5ddGfhpd9KT=
nDlaAuL-2F-2BklvepWfJDiohwfIaFnFSxZWsK8pOMC9SrEU9t15zi-2BrsRIi0bAdcZaZngt0V=
iPnyAzYezqlaQx8WfoSmtjD0Bq6i2KW9byM-2B5Fia99N7FefW3Iy0x1l6zTRtss9-2FGekG8NA=
48s6A-2FjOnSjfEXy67K-2BF-2FYHfktI-2BYUUFpXo7QRCYlOE6-2BqDvi9O6uWsa149W46vqf=
z0XWRz1Noinuxp1dL" style=3D"color: #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=
5lCgtDzN7rIFPDwL5jd6BZAkOapIByjQ-3D-3DXGK1_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarH=
kxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B2=
7Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2=
B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAP=
L3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoK=
TwCoj8yNblJw9LfW171l-2F9cZN-2Bc0FXSRU-2B15iVA5uvyBkgnVwK1-2B9JX5cCixcO-2B1J=
dOgB8ZEac-2B1a1Y7dnDU3Na5d4XB6xHqFxjVK-2B-2FIKeE-2FWViVyhx9uRpxe0P21G-2Bejj=
7ZH-2FrsjvtuD5mX9ZorguY3ZvegDxh-2FZujy4CrQtx9VwIq8xzYCpO2Zr0WO4IhteUmOvDCYt=
ngReS8xy-2FHovCSl65jT0GmBX8mYhPqMdn5UbGPqkF3zsUKCe56KE0A5MxXtjNl6IlpnQ874vs=
-2FAN3" 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-2BaqM7ONnvsnswouzUdgbWweIvvOe5lCgtDzN7rl32pu401qQwbcPMxlF1j3=
A-3D-3DblXH_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m=
8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-=
2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5=
KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahF=
n5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKRXpeW8OA11N5lPl6vKpTH2uashcSDBp=
tLXDHOUDjLlpXuqdCcoF-2FEWScfObo7WAzv25nqLVSi0pZIaejs-2F6j14Sg-2BtZAuWA-2BBi=
zfPSFZVOZ5PrOV50dfSwjd423tlmM7Qh5fOF6IE0CSU8vXo1LtjqJ9yP30OPm7V-2BUNGK0YP5p=
bhl3x5vYrVGZ8Nn3Q1DPo4-2FDvdx7cafhulhhURoZUJZcWhnYtqmXzcgWby1jNYhsbfUCHlKlx=
nFIfycoIR7aT8QB-2FtwXFKyXK4sfryo202m" style=3D"color: #1D5080;" test=3D"">T=
he 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>
</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]>
<v:roundrect xmlns:v=3D"urn=
:schemas-microsoft-com:vml"
xmlns:w=3D"urn=
:schemas-microsoft-com:office:word" href=3D"https://pitchbook.com/free-tria=
l"
style=3D"heigh=
t:43px;v-text-anchor:middle;width:148px;"
arcsize=3D"50%=
"
strokecolor=3D=
"#F79B3E"
fillcolor=3D"#=
F79B3E">
<w:anchorlock/>
<center style=3D"color:=
#000000;
font-fami=
ly:Roboto, Arial, sans-serif;
font-size=
:12px;">
Request a free tria=
l
</center>
</v:roundrect>
<![endif]--> <a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzUdgbWweIvvOe5lCgtDzN7rMatPqKjaOA61vowCMuDWIg-3D-3DCYq=
u_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJya=
a7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLB=
Sk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGDe=
CtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935J=
2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKRDYrCGLyR3NeGjHTl-2BWALKcAif15fsi5ar0vg4O=
5bt92zbGuV3O8q0rKqM-2BVuDe3xf9FgQK4HzyA8npWoeyUaHT0K3-2B0Tosh4rMjcmWD7Ejxcc=
2su7OaZIJjdpieJq6fGmkQh0KF3r3-2BFOCB8ZRa8-2F2Kf6bli90rrHvAD7BDALVv89HHzM8J8=
oNe9yHKHR2VgoWEQAZYne5pGiGFHrPpK2-2BsFoWD7LuQac8S5Ku9wFfFc88OlzOj1z-2F43Ur1=
p5yPELupdyEc1yLk5l89QcVV97" target=3D"_blank" style=3D"display: block;
font-family: Robo=
to, Arial, sans-serif;
font-size: 12px;
color: #000000;
text-decoration: =
none;
line-height: 24px=
;
text-align: cente=
r;
padding: 9.5px 21=
.5px;
border-radius: 99=
9px;
background-color:=
#F79B3E;
width: 150px;
mso-hide: all;"> =
Request a free trial </a> </td>
</tr>
<tr>
<td style=3D"height: 25px; line-height: 25px;"=
></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</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=
swouzUdgbWweIvvOe5lCgtDzN7rymuzUZS0ZglRXNiHe7DjUw-3D-3DIJGf_I3w5d9c01gkD8gL=
zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2=
gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrS=
XGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKS=
SHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9O=
yUzAMdwvvuAz-2FoKSIfwtfZ7hRwe-2B-2BB9YJgYXKamPuC1gzdLc2pqVXN6con8lw5ZMtbh0a=
aqST-2Bd2UPV2Vk-2BOFw1u9ycdFpu0GMR0cMPscl1sXDF77f8fx2WIcqV0Ol6MZNCeNUT5qSnK=
7SCwxBDjrCatkM8wJZFosav1V-2BsFO-2BIRaIxQDksZ5ylXddFDF8UVa-2FyVOSW2FiHspwk7z=
dtP93v0qcpnAEtR1J36rY1LKni698b-2FWrkRAG5uMlUajSEptXB1GHrqiO73lUAr3-2FfTpmB9=
JO2Jxijx4DWeh" style=3D"font-size: 14px; line-height: 24px; color: #1D5080;=
" universal=3D"true">Inter-Atlantic 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=
swouzWaGk9FGWkgRynoHnioBZdoUUOR-2FdXR2YA0OpKkI8yFJg-3D-3DP2VO_I3w5d9c01gkD8=
gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8=
k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrK=
rSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrA=
KSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC=
9OyUzAMdwvvuAz-2FoKSbUGirxwahzEMeXJ6C88Lq6kEJEf1xSZXkyyBok5YtW90a48GLfPCg2b=
O54u3KAcDQEUYppr1PndS-2FDe11xC5ZQdnJ5K2lPvN9W8i4lcnkYX25oYTPJ4idW9K2ytfVps-=
2FxqY5TeKS4FK47pTEloekvF-2FjbuTr5mbvqEyTtfcSna9QUT4g8AoUjvdX62D6BMpPxx8cIgb=
AGQbNOwYZaSQQBJUV8EmasUqB3vpYRZ4mZxdY6JdwellP8WeZo-2F4Xi1lw0v-2FELMaOetcHoW=
9lpRdjJ" style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" univ=
ersal=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=
swouzWaGk9FGWkgRynoHnioBZdobQV7K0-2B9SUtpWqP1727KVg-3D-3DaIR__I3w5d9c01gkD8=
gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8=
k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrK=
rSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrA=
KSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC=
9OyUzAMdwvvuAz-2FoKQs-2FJT4jYMoclyg1pTnAGDIGXcOXCODPBEsji5HVd-2F-2BEIyJfHpk=
A-2BMJxAYxZXb1dd0aWdx-2Bl-2Fa-2Bn6fXZIPZpfgrhGMgKbuTzVw4-2BkBfNYTLRDu6nZoxf=
d0C4B01-2FTPxILE6nGtIxxesmkrEYfeTgGguxvFMDQsEK8Hl-2B9LxhFx6fC94wf-2BYdblVvk=
jE0BqWsxlME5-2FbXT75euBhGYtMCgagljvZZAPI1dSS4HG-2F5-2FqW6WZQ9-2Fktm6YbEftXd=
fOde2tgtt5ozLyCRIPzbLmgYJDr" style=3D"font-size: 14px; line-height: 24px; c=
olor: #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-2BaqM7ONnvsnswouzWaGk9FGWkgRynoHnioBZdoHAUuFk=
-2FBS-2FCRfz1TY8C6tg-3D-3DtjaW_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2=
F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT=
1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPo=
sN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B=
8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKRAjkXfbndR4W=
ueaH18dHqrW7yrHNyKQmG9I-2BAU7q7aREHmkQC1kROl5FwJl711jkjZCJnJBS76oywzgAr7Kag=
0VndrxUeaLheo08yVNUCcBz874IwDUnJh3RLKX1b1d8NOYyB-2BsxG2n6r38H4XEUtXhy85F4ur=
g6J-2FW7LdrQbru8aY8QEYkv1hAoID2ilEJWyo2zfQQ05JmWtZXlfPvch-2Bu7VzqZnz32P-2Bz=
0MtyCNhYmdFWgcy0M62JOUtxHe96sEifF7jsf0EpZtNUYZ5d-2BN3" style=3D"font-family=
: Roboto, Arial, sans-serif; color: #1D5080; font-size: 14px; font-weight: =
700; line-height: 24px;" 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=
WkgRynoHnioBZdoGWYCDfT7M-2B3leDPiqCRxeQ-3D-3DLEYj_I3w5d9c01gkD8gLzFEofZR-2B=
h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZM=
yoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-=
2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-=
2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvu=
Az-2FoKRH-2BnbhQJp4rm75Qo7czBiFkWAbrICjMwOqhCf6x8MzxG9Q3TI4oKFiLub0AuLgxOym=
mAwqQhd0HpkJvqiq4D7vWtXIKT1AbRrJH1KVs14uQ7HxCIcvhko4n3fX6NFRWYqsA3dFVJ7ry-2=
F3qrZ68LlKC1dTUGitQdiLUuDVwn6Y8qg3xgKuoo5kamS72aWZ68Bc-2BcAxEVYIQdnlhV5EGUj=
NklS4jMG6P3pviecvglI3b8JoQVVQ79V2mUhdjGZ-2BP2lZaFGqIJnM1JNMnYPqOxKSg" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">PitchBook Benchmarks</a><=
/b><br>
</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table 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-2BaqM7ONnvsnswouzWaGk9FGWkgRynoHnioBZdoOM13GRFitBczuhTjZK0c-2FQ-3D-3DF=
EUt_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJ=
yaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKB=
LBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piG=
DeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua93=
5J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKTNPuGICOE3xsNJIDPSbCyXLAyl9uP07vVr4ewc7=
0OZqKC-2FpqnCETxSqe2ff-2BmXN1udzt3EXi9XTzTRzruHdm-2BU9i6-2FIbIHNivboE1wE0wf=
u090brUR-2FXKBNLjODLOMGg8IRC1dlP7ig-2BUk0o9n-2FXEksV7547DY0t11VlVMlZjx2nT-2=
Bd27bVSmQdGkJRtfMd2XnnkgD3JKimDeQCngdTo498uHkp3q2wyNecplit-2BsurO-2Bq98Gc4L=
lCGV5uiOBCAYQ6YXQh-2F35aUYrUzhDUvIxz"><img width=3D"460" src=3D"https://img=
.pitchbook.com/ads/ad4530/Churchillmarchhba.png" alt=3D"Ads" style=3D"paddi=
ng: 0px; margin: 0px; border: 0px; display: block; width: 100%; height: aut=
o;"></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=
BZdoTxDtbYtSv4cecM6Fv-2BXjxQ-3D-3DgyEo_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBR=
FCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr5=
4-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F=
1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQ=
QA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKQnaM=
YIzp6MWKesSSVLGS84VpH9iGCGq3VCMlfz5ysZnX2RWOb-2BTYaD-2FsgxJlWZ8-2F8mok2YxtY=
qvg6Vvx73Hy3RjYLazua5tJgrE5iEs9NvPN485Vv9YzghY-2FJ1nINSAmT2tdXIWVgSxr9W7lSx=
PdAkf-2FDl7dUy63Gfza1lFkAxTLRu5iqEH2TcIGlp0EZ8KeGVBJ4ZgNXcfHwSYjov2j11uQFOe=
22mFWVao63dmpX5teuThVk0QyN4Wq5HGv8YuAICPdPE-2FkXwISPJr6Jajq-2Bi" style=3D"c=
olor: #1D5080;" test=3D"" universal=3D"true">Douglas Leone</a></b> as chair=
man.<br><br><b>T Rowe Price</b> hired <b><a href=3D"https://url6380.news.pi=
tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn=
swouzWaGk9FGWkgRynoHnioBZdokMeCsRiLqw2q2gHFWPBIHQ-3D-3DTOSt_I3w5d9c01gkD8gL=
zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2=
gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrS=
XGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKS=
SHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9O=
yUzAMdwvvuAz-2FoKQ1JffPxy1cpRUzYXB4eXPqaQC7d08jbUMwuzIvNen4Wy5c1a5bJ1-2FusA=
oydgKOAT6ZGb86qjO8bTTzq2Laie1KzxVFmeEvpK5DwOkut2CqC0sMQXygsXK5TTCXZuzM80Qx-=
2BknucJiHqqBd-2FB0-2BVhpDkUIqBHyMF1JrzGMQA3fllGNGBIo25hF7cQxV2Wno8MMCx5qjz3=
ImOdkavopTZeJzDHjOXqpHBcgQ7sNccZV-2FGN6A-2BxOXGtox3gIsnNh7kn-2Fi69XGGRleP1d=
NH9ofiyfK" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Bill Cash=
el</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-2BaqM7ONnvsnswouzWaGk9FGWkgRynoHnioBZdoT=
zr0dbG3i5So5aAr-2Bd0MhQ-3D-3DJyRO_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz=
y-2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FL=
GQT1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNg=
HPosN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX=
-2B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKTpIZ7N5Xk=
Q4CW98hKO-2BJfUxXPOlAeyF8pLOXt6Dx6luwVg1uySmPUCEoAVTDzEi9KDf-2BAfuVok8JYCEH=
-2BJvZukHBW-2BV5UgSGyKqGY-2BEOCzKg1WDCtYn-2FvvfHb9IYELg73Wgy-2FUHtgTzYK8qbu=
g65B4g0AIXKDx1Tvc1bLq5e1zVEgOT0SHwLkVb20NmL8OuZASwnM6SPg9eWZ-2BjJ-2FGLu91fD=
Gl3Dioqn8RaiZaaFwONux0Lye1KeBHiB6mtIovehZQtTqe-2F5tfZ70KusG5jCt4" universal=
=3D"true">OpenAI</a></b> raised a $122 billion round led by investors inclu=
ding <b>SoftBank</b>, <b>Andreessen 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.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWaGk9FGWkgRynoHnioBZdoMY5-2BfBVw2B6gT=
X14UEiISg-3D-3DVw2I_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW=
eUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2X=
KEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl1=
0-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMY=
fpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKTXCEdkKvPpaN7G-2F6G83Kf=
sZwHsSgNBhwDTFDW-2BkVV0ItJqzaEjPXu3C02YvsW27qN1tdPMnxPieFw50Szlq7LY-2FIqwH2=
YfCaljFzCe4Rlc1VWrEFEgadOtdKmCwQdmhI47Y2k514HJpFXgYa50z8usKyjdSpmmsj5jlK9Py=
KXPGKKtkdqiTmKudthV1azE7W1i9oB8a4EcA2m-2Bh-2F5eWj4i-2BF-2B-2FnVbbkXVzSh8rZJ=
K2QgHHLgPzlZ0cityOCHGwt1iy8-2Bv9aSFn5y-2FJ1qfdhVby" universal=3D"true">Saro=
nic</a></b>, which develops autonomous ships and other maritime defense tec=
h, secured a $1.75 billion Series D led by <b>Kleiner Perkins</b> at a $9.2=
5 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=
oHnioBZdoynSDHLHzWEO5YoasAkHhNw-3D-3DC8ID_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHk=
xBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27=
Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B=
-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL=
3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKS=
hzjMmY2ZlT9Zg6zl4gtAHjxwtFm352o-2Fnb0cKD-2Bl-2FL1JE4qO1BjbkU8xSD7pWoyU3-2F3=
L6Rz5-2BaSHvdnk1wavKyZ2G60Zs4HqN-2FifGtC3PEOfolbeHTbal8ngoAvD3TPjwFyQZW91I3=
dfrdXV7rDezfDVdGzCVG9xM8J5GoerJ-2FlssaxqrUZvwXzykiMfS-2BauAx6p9sP4kw7NxmtNr=
zp30DtVL3PZxH-2FtARUTaR-2FelvecaomZlorrnbmnz-2FBTVxSRZ5bTFjG8SHdHSsifKRYsr"=
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-2BaqM7ONnvsnswouzXqB883z5USPVvZHUTln3Ejq=
oWGG6QXSyOvmPWj3FDNow-3D-3DBAyZ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-=
2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQ=
T1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHP=
osN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2=
B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKRRs9CVNIZOQ=
e9XdiMS3Ttpa9UGL-2B5AiUo0czwJ-2Fjmj2kj6PKE2n-2FCYK4ep-2BbIlSXcSenkN4z9fNBSz=
AHA4PlvftUtlYDJMLYiodZoGAqC3KkIAuzWPWceK3O2D2njMFtOO2XIFntULdgUQLOJdJoty1J8=
9wLaTX96DBay63vgJbzcEb9altYfrsx1xXRKl3ymrgp0Kmuu2qnkIYSLfNJcP38owC8QeA0q8Eb=
e26ZqGeIehsOepk3vHw1kTr3t8Kiery6vn-2FwZ6Anz-2BXMHve5s9" 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=
UTln3EjKUTS3cpUqtRsf-2BxIPoY9nA-3D-3DrZye_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHk=
xBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27=
Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B=
-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL=
3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKT=
cLWM0-2FhLdW2EYQ9zRVXV0CSNVvaSXDAItew1ggytVM1nUgq3IMxALgfbMlAe4shwj6-2F2nur=
viihhZeQSeopPAfBEcaR1gTC74OlREiCI9B1G6Sr6eQGjrfnljgEdbxag-2FfMYKf1MpXkWAEh7=
GyUGvSuWyWIQVdqs8JzjQrFdiJa-2BjEeDykAZ03ybK-2F9pIN2Hu51Or0QVxuq83GAiAge-2BC=
IHbBhNkcRNcYiryQblRl67Gr3E78ZGnML8wNRIrYz3A5MOCJ136UyfSURAWCV9WE" universal=
=3D"true">Fractile</a></b> is in talks to raise more than $200 million at a=
$1 billion valuation, 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-2BaqM7ONnvsnswouzXqB883z5USPVvZHUTln3EjWGDW7M2UQ=
ywhnQBknSLJMw-3D-3DqN5F_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb=
cbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3L=
at2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWz=
Qzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io=
2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKSGIdwr3guoJl7ukwHej=
5aufRHRqdlHKfc7O5KHCLF-2BLHGgVFr6DgG-2FG4r4snoWuMVOx2M1hq-2BUyheAPsZopYLRUf=
wrZ6Mu0sXOgADgfdEW04G9NR1VVxILBSL2ZfOMx-2BwHEOcFflhfpyHYgV7AlAZNoK5A3k23KBJ=
jOHmK4jKzNIGfhnuzpVITqoH4cXr5Gh7PcRmmfyDA15KlK8UJjkJil7TEnjpTJNNWyIZ4kUn3rB=
EGLdViXz-2BugYylPcMdbDRfWkwJXf3s2E4X-2BARkHzLu" universal=3D"true">Ambrosia=
Biosciences</a></b>, which focuses on metabolic disorders, raised a $100 m=
illion Series B led 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=
qB883z5USPVvZHUTln3EjZz7XP5KvzL9s-2Bpj2dR-2Fr1Q-3D-3DG_b6_I3w5d9c01gkD8gLzF=
EofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs=
2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXG=
mI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSH=
bZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyU=
zAMdwvvuAz-2FoKT6foPGUZJ85-2BwVo-2FixPdKNF6X-2BM-2FlnEyFklSIgTYK0DvebJQ2gl4=
Fzs7gfSM6i5EIj87iDLi5110RpeW-2Bm-2FeAiwv3gVApcpjuSyG8aMBTIrEB1ctGxHoDwjTZiK=
8T3yUtkaXkzytbMZRHZPm6dyYMFfGcLsAK5azeXBD-2FoQf-2F9T376n2RWu-2FStqGPh4FT4VR=
Hxqu6Q70i-2BvuppmpRc4A11fExRSyRB-2B8DSUSeiErKJX2-2BjPq5fAI-2Fyc7-2Bf8AYPBLK=
tXPJO0-2FIyFQsAb5qd-2BPZy" universal=3D"true">OpenFX</a></b> secured a $94 =
million Series A from investors including <b>Accel</b>, <b>Atomico</b> and =
<b>Lightspeed Faction</b>. <br><br><b><a test style=3D"color: #1D5080;" hre=
f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu=
ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXqB883z5USPVvZHUTln3EjRhRdZReC-2FZUCrW9QfD=
1vow-3D-3DHcVW_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFV=
a0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH=
3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-=
2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVu=
ahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKTlIxMFN4kK3TF0XzLMT7alVVA6V7=
wSGcpkIDMR1y-2BxVjGGNBKVWkOMxRy7W2H1uRkFLegBl4HuR66AuDRvLC-2F84icemmnxgxBxf=
pAXCFIUVf1YBwcRcm6jhQwMYWWh4LfnJilDq2oWbMFHNVtt1vh0FAU1YzmmKkk3g-2BC5Ema2s6=
dMtHOaYHgGZQiDQwcbdI3F7j4E0KFg-2FxiOGLWjSg22VZkvJJuKTCx-2BWepZHgI-2Fg6PNyP-=
2FcZtYmOKn-2FFU0EneiR1FPBrHG54GIpSyJYDdYg" universal=3D"true">Depthfirst</a=
></b>, an AI lab developing a threat and vulnerability detection model, rai=
sed an $80 million Series B led by <b>Meritech Capital</b>. <br><br><b><a t=
est style=3D"color: #1D5080;" href=3D"https://url6380.news.pitchbook.com/un=
i/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXqB883z5U=
SPVvZHUTln3EjU-2FW-2BtOVMLwai-2BZomklnz2A-3D-3DJ_dk_I3w5d9c01gkD8gLzFEofZR-=
2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HC=
ZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9=
R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3A=
o-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwv=
vuAz-2FoKQmelqn957OWlO4JUPPw-2BAmTT7OQ7PvopHaunkalEJuPT-2F9NPXMyWqsket1Dc3s=
h8qy42bRUKDCDR3xfKesLvdHIyH3FD86I7IwR8qcv-2FCZdMZkstZHeAn4RiTo-2Fou88J91C1a=
hCpAjchmH9zyMY4qVFUORyEvGsI8zxKBLbuGC-2Botg1QOuMu2gPobjWK0Le-2BPrxvY5z7ih-2=
BqUPS0WcRqln-2Bs6RD3vBmeSAFfMdc88EkDFDNJQLHyer4jhm1fXKQGn2mBygXYbwBH6XDpuf4=
-2BvT" universal=3D"true">Sycamore</a></b>, which offers an autonomous ente=
rprise 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-2BaqM7ONnvsnswouzXqB883z5USPVvZHUTln3EjX=
6ZhUZWITuwRKh2fc1Bd3g-3D-3D9chd_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-=
2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQ=
T1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHP=
osN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2=
B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKRrh0xDueBeI=
dPi0B-2Bzld3uuaWc79o60rCk3P7lv0TJr0fg8pxqxgDCmfDYJR142H824RPo3f6dVFkIvM5xva=
aRwWkZYalIHlo-2F9Lvf7D1jUKGomLFN7ugfh6IgajEH4nbCSxbKfX7b-2BE3h1UrCn-2FvHk5u=
aP-2F3-2FhAx5x53jflJ5uOpUH0XTCZQ6E-2FUmweOlGD5j-2FTlB7uS5HqIHPOsw0dkZw7Cgq-=
2Bd-2Fpf75oumEMb-2BMfkaOSUGDatM-2B0ItkWUL0ZYwI-2BSiUCXG00r9S-2BMCnYW9p" uni=
versal=3D"true">Crosby</a></b> raised a $60 million Series B from investors=
including <b>Lux Capital</b>, <b>Index Ventures</b> and <b>01A</b>. <br><b=
r><b><a test style=3D"color: #1D5080;" href=3D"https://url6380.news.pitchbo=
ok.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouz=
XqB883z5USPVvZHUTln3EjLn6e1rCROfJM4mylcYjzww-3D-3Dh9KC_I3w5d9c01gkD8gLzFEof=
ZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn=
3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0=
FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZT=
V3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAM=
dwvvuAz-2FoKQpmzIaPph-2FZUuJdtiFfZZXoa5xXVqaHVq5T8CFEx9WDDvAcNP4LhLT-2BZZrb=
5jDYpIolrIid0Jh-2B5Kxog32ypnJOC4EMMGlhZ8AUdhi3vbXELbdHloMyPGjsoP1VypDnkyBkq=
rSa4FBPAD5bZMQk2NP3PXMUTaK1muqCXiZ7WME-2BxK-2BEO9uaM-2BvXDgf8vieanFbK5fjDOG=
fKU6xBQof1j2tY-2B7G5YmxzCnF4T8Aab0Ti6GbZrVl8n2Fwag-2BsCVgK4gXWrl6xOXPVmE2Dd=
-2B64aed" universal=3D"true">Standing Ovation</a></b>, a Paris-based precis=
ion fermentation startup, secured a =E2=82=AC25 million Series B led 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-2BaqM7ONnvsnswouzXqB883z5USPVvZHUTln3Ej8xpiDmhddzHdVYNuybFe=
Sw-3D-3D3rlL_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0=
m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K=
-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B=
5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuah=
Fn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKS6I0BdZGvGqGDCtBEvu2LxtJS8Vtz4=
zFkEDxbjM-2Fp6FKiFdG3kthorHoAshIHqV3Ya4QdDBqB1X6pwT-2Fq93yURUX1puBtTkVcfQEV=
noeGnUtc91nzhs-2FA-2B-2FAG07R3Ww9oYaZIMaTdecau8DA1NAsBhyUqxMkBaIZtW5Nv5uJIr=
-2FhWIFlfB6VN0Win4-2BDNd4QMXhLw7LTjjouuuQiO0zrcu0HWlKRNBayYXkEFNUTRQ8JPepHj=
NaiM-2BJFYY4noYQEA5TPIQ7FEA31YiRLWujlLN" style=3D"color: #1D5080;" test=3D"=
" universal=3D"true">MAI 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://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXqB883z5USPVvZHUTln3EjomFyeGI9xKZxw4C7t=
-2B-2F06A-3D-3DA8Sk_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW=
eUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2X=
KEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl1=
0-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMY=
fpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKQaEexGvlBE-2BMrebUCnRls=
5da6hMkrNWT-2BKHJPh9-2Fwd1acthuRvNlD5B5FdA5WLCHLwZYG3TPHF-2FHuqJDs5Jp698rLl=
Gsw9MUSo-2BIu7np7b-2FI4-2FtMYAV7InZ9BCtNtuiIbSIdYgKbzcT-2Fytkg8rOwosStlYOSt=
gQly8-2Fni7dyfDnvRn7laYb22yJbwQrr0Y4ghYFYE6wvYJuPTV4nEw6NrdAAYG4NSj5Th3UdHD=
zciVZHYO-2FGD-2FMVoH04db53b4ETwfmQsWLtqah366F6EmJTYq" style=3D"color: #1D50=
80;" test=3D"" universal=3D"true">AccessPay</a></b> from <b>Maven Capital P=
artners</b>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls=
/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGeGgJNLPt9MQ=
W27UN4tWiXhdlOvfFk-2BqIg0CbSPhJdQ-3D-3Dvej4_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwar=
HkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B=
27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-=
2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BA=
PL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2Fo=
KTswsy7jtRQc0-2Fx9ehx5NbGKJ5ZiGt-2BJEK5XvHu0yzQkzU1HcU1EqvHs-2F2t8nMXF0jx9f=
jd-2Bjvm2cSxkxE8aNfpDIMKvjKQaag-2BSyis8Qb7DvzbryLjYzO3rujWsiI-2F-2FJcTnZaLh=
zVtJie5WIBb5i7wtgOCCNGTrd2rctmuziPl6CrxiSPoxyCJbokWc68gW-2BendBi7uUuaAymWA5=
UNUjb3Pa4CcUkjxvc0SbLUV327lz0PZ3uS6rR3YeM-2BtRsKKxtV3zZCtvEakTQDn79xqffy" s=
tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">IBase-t</a></b>, whic=
h develops manufacturing software for aerospace and defense industries, rec=
eived an investment from <b>TA Associates</b>.<br><br><b>Cordillera Investm=
ent Partners</b> bought a minority stake in UK-based sports law firm <b><a =
href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGeGgJNLPt9MQW27UN4tWiFLq8ev3wfkyKAryl2=
v5kNg-3D-3DqTys_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF=
Va0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmc=
H3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F=
-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSV=
uahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKRLbbQcwFTebKE6uyFRj1efX7OMa=
7J1NE4MkpncaU1EelC2ey8avqF-2FyJyOXO0KVK7wSzUxedIH4Clrav6tFzP4nT4gfl4YK-2BTs=
N8mYNFEaGB7pOCmwjTjhxQN19BvWTodYF1rclrz1VJTCR3Q-2B2pysnkgIxWa6BSRbtPKGNGmxC=
7I3mynNKWNF3ZpOfJdf5M0Ob0ln-2Fwh7TkSoTwtpqv8D5CXMSW2EWZ1aTbNmG3-2BajAJxGR3X=
exK-2FUEd54zCgMAydgoypMQAQmBQ-2BgSsig0nf" style=3D"color: #1D5080;" test=3D=
"" universal=3D"true">Northridge Law</a></b>, the Financial Times reported.=
<br><br><b>26North Partners</b> agreed to acquire <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzWGeGgJNLPt9MQW27UN4tWiubUkUj1CMIZhF4g-2F5mRqyA-3D-3DvHZJ_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H=
1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1=
Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGDeCtj=
Ba-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935J2vd=
1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKRPbGMSRo1IdJV-2Fu0slDB72-2BTmINUZ9UhgFgaUx56=
u1cw5nurMjwLXZqmdMZ32vpTbaREF95BwG-2Fs1ScvgYjaQeDkHoAU-2F6M-2BnxrvW7tvf3lUy=
tHSCFXg3v-2FvLwleW-2FEigPxvIyEyBPfr8zBK8LuMtGjIxt9bxYljDS-2FHEnrC5dcA1G6SpL=
bgR2-2FOOmQFlNIR7v3tlAfjfCswGxulZUycmq8kqhVK8hlhUfNIDeYALmY3jMj611EgJiJ1Z-2=
F36DUN8N7svToEz2RCcK36dw2ps-2FB" style=3D"color: #1D5080;" test=3D"" univer=
sal=3D"true">Intermedia Intelligent Communications</a></b>, which offers an=
AI cloud communications platform, from <b>Madison Dearborn Partners</b>.<b=
r><br><b>Mountaingate Capital</b> acquired <b><a href=3D"https://url6380.ne=
ws.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7O=
NnvsnswouzWGeGgJNLPt9MQW27UN4tWiX40G8T64C395LcBFzpRoqg-3D-3DqUp3_I3w5d9c01g=
kD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQP=
bf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8=
HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196g=
lrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9V=
pwC9OyUzAMdwvvuAz-2FoKSILT-2BUgHIieykR1V9Z8pRgUXIm2W-2FBy5Tf1Hs0wj9K28AXdy3=
tZYuiJY-2BrCF6urGvn9HHPWTnEXEEkWusYZt-2Bb3YlL6LjRKoesl2UOn20WrIj8rU4z7ERkk6=
-2BcHrYcTOXIaH0-2F-2BBLK9Qvj2YHjs40ZekB-2B4YkZOYDfSOgUVL6WB9tHKdeWJKS5Fvp-2=
BunSeWuGPhxxZ-2F25P-2Bs-2B1DpMLHvF-2FgtQYRPNgVpXQJHO7RjezXLqpWAWBdhWhj0xOfO=
jLSftlQlRYPjN7SZlmeGVPx18I" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">UpSwell Marketing</a></b>, a direct-mail and digital marketing sp=
ecialist.<br><br><b>Closed Loop Partners</b> agreed to acquire metals manag=
ement solutions company <b><a href=3D"https://url6380.news.pitchbook.com/un=
i/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGeGgJNLP=
t9MQW27UN4tWihXU1Hscz5Ph0hWeVxe-2B5OQ-3D-3DeUaY_I3w5d9c01gkD8gLzFEofZR-2Bh6=
VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyo=
M-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2F=
mzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B=
-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz=
-2FoKQoCyQs4nT54gIJnJLDBv-2FVwAI3PAGZJyeuPz1UsR38YHHxOL0E-2FDmvbSoxQbbArQPU=
L6elTM5ypbzoiV42P-2BN1vHtrX4DU6BrC-2Bw6JSjSf4wgoJm5HMknSEx7QfoksNnCGlT1fUPw=
F8ticcXKSKeVtT1zux0prrR-2FTcU8leUORovvRHRqrai-2B8iwOBJRhh-2BHoPFqlQwnXRkLa7=
qTtsEr32zEZke8EIEiajeGSvtQ5GzAuYsOSm1uSQb3qRzJMrzz7NzTYC0z7DwsEHOTm5I5K8" s=
tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">Sutter Metals</a></b>=
.<br><br><b>Fortress Investment Group</b> has acquired <b><a href=3D"https:=
//url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzWGeGgJNLPt9MQW27UN4tWi3u-2BcMJuVYlJFfY9RwsEjHA-3D-3DO=
LJj_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJ=
yaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKB=
LBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piG=
DeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua93=
5J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKTijXSnbEIAYieP8aquaC5PJ6ul6oW9Z4edC4EJB=
OSNe4-2FNl8JlPT5NIMvMI1eYenA8yO4-2BjCvpqzhUphVa2bAezHB8tJDIZFHnnQs969lC6x3H=
ohh-2BeFLgoB5GjjLFhxeenVtdy0knppKULCGretGx62-2FUP3aBpakdBYr3Po38-2FuijYHkdw=
4iyb8AHTQfiSVH1xWtzL6BsjXZ0veKnBbWdQx8xoGtMh-2BES-2Bo-2FUmpsT0Dw9uUNPe4UxmA=
Z-2BspQYog-2BcKwoDiK7IvGhccbQ3FKmq" style=3D"color: #1D5080;" test=3D"" uni=
versal=3D"true">Omni Agent Solutions</a></b>, a bankruptcy case-administrat=
ion service provider.<br><br><b>Ambienta</b> purchased a majority stake in =
<b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4=
n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGeGgJNLPt9MQW27UN4tWiQPx0H30tn37=
aHHJLmfLPHw-3D-3DAPho_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb=
dWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat=
2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQz=
l10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2m=
MYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKRupiKnMXrwUAfj4QwVaUS=
V8kGsVb8XZCE5KFD04a3Bm3RNi83SnVcoda30qcLXW4-2FlqixZnnXR7DIAFTvokBqCpaDZa4jW=
aA9PogcLKa8gBAzWXCP7FDsbISbqPuEyBZnM2twsdmzHKy-2FhjHN00AmMFDXEjGOenCWJtPTNe=
q8g4azGUjr6WHsJABoV2wVX3YVbBnCMrV42I2VxGqTU0WZ5cHSe-2BJ-2BM7S6ZStqiB5xH24qZ=
b-2FmgzRF7tEcrwRXh6ZuZH9BPG3ldHQUKyB1cmhfY" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true">The Bridge</a></b>, an Italian producer of plant-b=
ased 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-2BaqM7ONnvsnswouzWGeGgJNLPt9MQW27UN4tWiK=
1Ljfgn7zdxlnt61BGRCXA-3D-3D6qTQ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-=
2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQ=
T1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHP=
osN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2=
B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKSPchmrzt-2F=
64-2FgjIIIfsWpXEilrnLNffG0yXSzz54ngq7s6bAvHU8bODPgqgqg2ZAEIRB-2F3ksuyGyoqYf=
F69LHPypi8aU7QHAIXMnw90nVAT7XJTp5aoK6sB57vkua5qQBJuxcjiMf7Ujbf7i78GmgREdLBD=
3Q-2BU-2FprvS9IuNi7p4ANQpUYiS8a4g-2B9xX73jXhqs-2FijBEBBPxHfDZfEYgMyy5G42HMM=
imEpuxnbXnzyfnWtfAFl-2FzGfAcs6CrBGsZQbeB5gd9ekN4OpwU6K0daj" universal=3D"tr=
ue">TK Elevator</a></b>, a German manufacturer backed by <b>Advent Internat=
ional</b> and <b>Cinven</b>, is considering an IPO, Bloomberg reported. <br=
><br><b>Blackstone</b> is considering an IPO of the Mumbai-based unit of <b=
><a test style=3D"color: #1D5080;" href=3D"https://url6380.news.pitchbook.c=
om/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGeG=
gJNLPt9MQW27UN4tWiW-2BCjsuGgsBNLKyxcpnVzuA-3D-3DI3HE_I3w5d9c01gkD8gLzFEofZR=
-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3H=
CZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI=
9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3=
Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdw=
vvuAz-2FoKSuJfepI5bTE0sAae0Kp8gKGTesupzfQPt1jeMrEyvYuAKdweanSYg4QiMGfWS-2BI=
26a3qNz10l8RGknRzr3U9Smz2h4NkY-2Brs2XtObpSvPNCvLBAWhzowEGu28wDAKxkJfiaK-2Fi=
-2FOHa25-2BWAmXh7JU4IkZ88siMJos-2BJfWgThokdAxoS5mzp8lf4QfcOD2PgW5A2oFkDoSFc=
Ct0M31zmx-2F20DyQJRh40HGvMTQX20X9WnpJq7vFr8ov6Z9rokJWroiDZZOi9KpoCZqA0RzjEm=
KV" universal=3D"true">AGS Health</a></b>, which provides administrative se=
rvices to healthcare organizations and could 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-2BaqM7ONnvsnswouzWGeGgJNLPt9MQW27UN4tWirMaC2ny-2BXvdNVfI=
t8a76Qw-3D-3DtF9H_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU=
gFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKE=
mcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-=
2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfp=
SVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKTtuejBgcHXdcGWLccKgWgMVJp=
cchCDbrnXr44bm-2Fe4KiM8Y40ehx6DZbPZb6KwzrmgeiMY5hTUaEn9jkA-2FPiY4PHfA8MIOnF=
83Aue59hqN0rC4hLrVlm0ouZ0nCqpzvgFSv5YRdl-2F3nSCupTBLB71U8QeM-2FotEehQHXzkv6=
4HBIgmFc38z1fbkXJ88YWQEGooENcOpM7cqTSSfY-2BlAdZmTJU-2Bu8Lk5Bwsd-2B3o7rdwKYX=
ZI1a3x0ODi-2FYRWTSi-2FAn0HEKM8sGgriSvAifIYFCgp" style=3D"color: #1D5080;" t=
est=3D"" universal=3D"true">BC Partners</a></b> raised about =E2=82=AC2.2 b=
illion at the first close of its 12th flagship fund, Bloomberg reported.</t=
d>
</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=
g3-2BQ104jiD8I4SEoT2Ydpg2-2FRT-2Bw69U7aLhvoGCA-3D-3DTSQn_I3w5d9c01gkD8gLzFE=
ofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2=
tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGm=
I0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHb=
ZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUz=
AMdwvvuAz-2FoKQ1ZmuZR25CFJs-2BqJAvfutvzk3p7e01ke4DIKOJe-2BP2EGijsRH0LiQPOEU=
MRNZc6iRxVQz3YwDAynwn5qZGOnl4qyV-2Bl3gW70XuxUtfJRgV-2BWoaTMOLWIb-2F-2FhvV9S=
BP-2ByYvwL0ufIZfLMjFWWaKaCMgWliRIAjkqz4iQ-2B4E2NZrgsxH0SwcPPbAqpjUSUQTK-2FF=
bFNdPJHf-2Fp-2By5IgvrzCV6D-2BD-2FQiXXwvg53bt-2FLgoBZqLI3ZJWrhF9PbVMFZxrJX1H=
b9ao-2FUH4Zy-2B4Ta9GTIcQ" style=3D"color: #1D5080;" test=3D"" universal=3D"=
true">Centessa Pharmaceuticals</a></b>, which develops 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-2BaqM7ONnvsnswouzW1t9g3-2BQ104jiD8I4SEoT2TcXsfWZ7Ht9oDFmJTNjcRQ-3D-=
3DECRT_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF=
BJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2Bboa=
XKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4=
piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGu=
a935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKQX2vR2ugY301DExT2x9uc65LZyPnyIaUsImI=
0n7enXuMzK9Hh1p0PghRCSotYhUpf9uFEilr7Q6wWLyjRgyiATTTQj6A6lclNCl1QkgMccFIr0j=
QdLEGDMXYJcLOhgK7Lnupz3sXaLasn0yTVs1byEvk6wwNmBHpmkzeGV2lfBOMHYIVT3qZmUF6gM=
xwhFXEWT-2Bo-2FC5fvt-2BUSgXOk3RY97yAAI2JNjMX1xuxhrp0D9upAMRbAF5ux7n5Lg0YWR4=
4aDYGf5c7WmnLksvjg-2FLA30" style=3D"color: #1D5080;" test=3D"" universal=3D=
"true">Apellis Pharmaceuticals</a></b> agreed to be acquired by <b>Biogen</=
b> in a $5.6 billion deal.</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-2BaqM7ONnvsnswouzW1t9g3-2BQ104jiD8I4SEoT2fBGKyat=
-2BK5KofS-2FeL8qnJg-3D-3DP71r_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F=
3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1=
RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPos=
N-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8=
Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKTPTWee-2Fyk-2=
BtSdPqFx7p-2FwmB2dz7-2BGNRnMLz878b7BvJwBQ6hHAwG6BFEjF-2B4VJrNecNC-2FlXa54SY=
mpCIPhpr7RBdCWpJMBR-2BXHKN982x2mS80dJX5jigM3yGgGofiC0YrICirz-2Bt2IJWKzLtbUi=
vwe6IUnrUc2QlNNYY5AEEBY5LUH0I-2FyGwZ8uxXUGBn-2BTEZoL-2FvAgr3yLqzHNVXVLAch0m=
b2R0SNMaY0uJdwn3y-2BeVA3YgYvjAm9aUggHB12Ga-2BQMENKlqa6EZgq-2B2JaQs81" unive=
rsal=3D"true"> <img align=3D"center" alt=3D"" src=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=
nswouzW1t9g3-2BQ104jiD8I4SEoT2F82x-2FCW6RJ-2Fu7-2Fec-2B4vXUw-3D-3D8CMD_I3w5=
d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1Sa=
GQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd=
-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-=
2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wI=
PbCb9VpwC9OyUzAMdwvvuAz-2FoKSKOXipgsI5-2FfnMpfNgNUXcbBzpAoc87gdWuOL4n1bNVlE=
YlyoOE2RRfXCNXbvCjIsReNVEw3B2bw9uC2EUuaMWOk5c4AyupdgDIhF-2B1OIakiMJ4VQJKJjC=
ohFAMaOcDnxFoYJutvjxl47EX-2BAxHNY33uTSqAB2Mjz2BIN4-2F1dKmKEPUiBNcqvJAerzLaq=
mRkMNF4QGYQIpd0bcQTW19UMqQz5EZq34loA2ETmnwM-2FRXGyd2OoqrB8rOWQSg14Ipc9xsMsw=
-2Bqgw0LCjnKHxd7CD" style=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=
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-2BaqM7ONnvsnswouzW1t9g3-2BQ104jiD8I4SEoT2y6iIhqQsl=
syMb2MAv-2BpU2A-3D-3DOgpW_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC=
3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2B=
WzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0=
Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKRYvEhNPcl8d0kT15R=
FyROk4KYCSDF4iZrsggeuQzSwAozrhRvBZ-2BQ-2BJDV2fwIhl8bp21NYDB5CrDHB6e3EWy5v2e=
7tWD4VjTBDZVPjhSDIYM14XGy2x5h2kNACbFso1oJ-2Bx-2BizQNyk1gIrqPEm-2FyxHes2aKdc=
jCuYNGxtFoOXecqC7XoUJXPWqmEOV5bOkey0dgIGVkZqySRM8lmzhztpBWkIb2zDeyof4hNH13j=
mI0BnlVQ6VptzFEV-2BINYW7vr8r2ThmduJ0MtiCXsxh8-2B1r" target=3D"_blank" style=
=3D"text-decoration: underline; color: #1D5080">About PitchBook</a> | <a hr=
ef=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4C=
uylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW1t9g3-2BQ104jiD8I4SEoT2TlI6QqDWHitD8A4Bv=
qlvUA-3D-3DLPum_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF=
Va0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmc=
H3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F=
-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSV=
uahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKSb3Ahkx38dW98TqzHHOIOvcQwPH=
Aj178Gyh-2BteI0eVPNkae8h2VbLu0W77cCPtdMWqcYohEzLkCKIWXZk8-2FO6XRoMOmH4XC-2B=
x7Z7zMMMfAwb4no6cK07mgNLh1At2EQqK-2FpeIvzj8FRsv84LEGutBj6QyupEIuWLVMxmLhw5w=
hH3VtoAN-2BKFufbR0h46jQTchXQohL70hFwhU4Z0Egnq4V8mZFfLPjz2QHmnxzS69KcHk1P5ge=
QjCuFWDNEC3aDjvD9712Q2H4HeUPSXwW5wxF" target=3D"_blank" style=3D"text-decor=
ation: underline; color: #1D5080" universal=3D"true">Terms of use</a> | <a =
href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW1t9g3-2BQ104jiD8I4SEoT2-2BE2DQbzj7jgDiaxyc=
Wu2ig-3D-3DcIhv_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF=
Va0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmc=
H3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F=
-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSV=
uahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKTR6-2BQ1ZCZJGVH4oJr0qbY-2FD=
bwpL122RUJm0p112biiEVFQ6BvnQanmBOZR85x9qYuIOlqcQiglh55ZVgMAxqw7ZfBotW02Kk-2=
FkuSHuPfaxD1Sv4CFf6uu9yIgXnzDx-2BQMWCqUUtPpiJvlvVi-2Fo8elw7jtznLkp9KGgaBm0g=
uH1JPuSfEGPJaQUqwfg-2FVjNJHIOiOPDWHvyQv7BlwudR32SlwG2oW-2Fv5vkyQBqit-2F3ept=
pXts9iF1Vjrm-2B9-2FIc1Zc6EYaZ5tB4CmUpo4tb8ZXbe" target=3D"_blank" style=3D"=
text-decoration: underline; color: #1D5080">Advertise with us</a> | <a href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW1t9g3-2BQ104jiD8I4SEoT2zjtLIPqBUB4YMNuqkG5=
tpA-3D-3DwocK_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa=
0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3=
K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2=
B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVua=
hFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKRw7d-2BwQR9JSBR1PBreUiRM3YXMb=
1sujfiGQAEMpCt9ELEuAbbFAs837OFfNwGnURluzsqVbnx43uMFUrrsoTJ5bSWmOMMu9YN-2BHQ=
N-2Bh2QdLjDPWEFc725L5pX4s1oX7kkJv00Ap4nqwV2CN-2BEn4qXy0PRj-2FcfowKKJTpL4gB-=
2BTwVM41Qq8oZVOsJAaO756qaX8ggTBHVjl4-2FbXJdtSnBhiYKmJZO-2BcAq9TF4PX1mNVudcT=
Q4w-2BDgDQ7QMBWxBXLd7FThulwhNv3hNb1MHRzaDA" target=3D"_blank" style=3D"text=
-decoration: underline; color: #1D5080" universal=3D"true">Contact</a>
<table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"=
border=3D"0" align=3D"center">
<tbody>
<tr>
<td style=3D"padding: 15px 0 0;" align=3D"center">
<table cellspacing=3D"0" cellpadding=3D"0" border=3D"=
0">
<tbody>
<tr>
<td style=3D"padding-right: 10px; font-size: 10px;=
">Follow us:</td>
<td style=3D"padding-right: 10px"><a href=3D"https=
://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF=
a-2BaqM7ONnvsnswouzW1t9g3-2BQ104jiD8I4SEoT2eh6f6Y9Y8kHWcwi-2FWq0H7w-3D-3Dz0=
do_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJy=
aa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBL=
BSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGD=
eCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935=
J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKTBaztu7iVzKahP3Fs-2BoA7AGXdJSHVyH7bf1Yrs=
DVd1gzNO5mFNOO-2BIoVE2ClcY5LlueSoRP1o7U2RUbTUIQnq-2BiqUw4vDiNw0tEZ0it7KvPxO=
h9CrHmn6RaKMUkdcE236yP9R9c-2BcJ8WXEKHSD6tMnyjhf38nbKlq6CjZdxO0t8IlS-2FzLt6G=
QyNJkrjpPLjC5AY7xlAYj880T-2FHQ6l8IqKP-2BE6ICoCL-2FGcv5b19HNPfvdf-2FJlVo7fgl=
ZkKbFSv-2F2fTTAhEjs6hcLFHbRql-2FrlR" target=3D"_blank" style=3D"text-decora=
tion: none"> <img src=3D"https://fonts.pitchbook.com/newsletter/linkedin.pn=
g" width=3D"25" height=3D"25" alt=3D"in" style=3D"border: none; padding: 0 =
0 1px; vertical-align: middle;"> </a></td>
<td style=3D"padding-right: 10px"><a href=3D"https=
://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF=
a-2BaqM7ONnvsnswouzW1t9g3-2BQ104jiD8I4SEoT2ECX3Hri9lb3OVOhT802f-2FQ-3D-3DsA=
3o_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJy=
aa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBL=
BSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGD=
eCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935=
J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKT7FXVdtF-2BaFb3IjlOdwylFNj5PqPh-2FFFtyWA=
0uUbRgF2tInNTV0NxR9LuptEMBUQ1RdKk4xaPKC3kgQL-2BO-2Fib8io9BvHD46cnXpj-2BKEd-=
2FeyBu3jp9XNtxCsYZXxqfnf4KoXP8hKRasueBj-2FjZokYeymxrIugjEB9tEmEV2Dlyf8yn1UE=
-2B-2Fkh-2B9ieUVkVdkOaV03i8mixDE8P-2BbPFg3dgboSujvoKzStwgyz4QcGpYCTBoieJb-2=
F4o2dbV3txIIVLWbIS87WbNAdO1-2BGiO0RJrgd" target=3D"_blank" style=3D"text-de=
coration: none"> <img src=3D"https://fonts.pitchbook.com/newsletter/twitter=
.png" width=3D"25" height=3D"25" alt=3D"twtr" style=3D"border: none; paddin=
g: 0 0 1px; vertical-align: middle;"> </a></td>
<td><a href=3D"https://url6380.news.pitchbook.com/=
ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU7uMlbL3f-2=
BAqgPIFbzbc6aewN4HeOA0quDNDfszg2scw-3D-3Dafnl_I3w5d9c01gkD8gLzFEofZR-2Bh6Vw=
arHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-=
2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmz=
b-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2=
BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2=
FoKSuHmcXkzU1GjbNn5Juo8SfUJYqJAdebUxxj-2FOhMrgDspq75Ck6A2XNojYV-2BiyfZbCAH0=
zHPRleN13-2F-2BqVqeN3DirZmxco5auxQk7XK-2FjO-2BoZzITMTYzyrvHW1DRT4VpZ0XPh12t=
b37vlnfXL3ewPKB3QK1klyPD222AkClh1mPG9fHgwtlk51G0xMwwV3-2F8aF1nGzfadoHmsJ9TX=
8iJkklhSNqpnJsqerSazd8By9MX4eFfpTftl7wlh0XK0QvOEosid2r-2BP1N-2BR7spky1HC8c"=
target=3D"_blank" style=3D"text-decoration: none"> <img src=3D"https://fon=
ts.pitchbook.com/newsletter/facebook.png" width=3D"25" height=3D"25" alt=3D=
"fb" style=3D"border: none; padding: 0 0 1px; vertical-align: middle;"> </a=
></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>
<p>This email was sent to <a rel=3D"nofollow" style=3D"te=
xt-decoration: underline; color: #1D5080">most@ponjosonek.com</a> via the P=
itchBook Platform.</p>
<p style=3D"margin-top: 14px">Click <a href=3D"https://ur=
l6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx=
1VdE7sYl12opJBSgX8wjgWQkjpY2yE70mtuFtQh5JMynEp-2F-2B0ZsygXiW0dASWMAkXrIC3kg=
-2BeC0SuDoyGjKHmOSdfo63E0RLyaXhmtZcu9qypgyxWwak1NhA0coLyWLpIGucErQpvbIjaXQ-=
3D3WhG_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF=
BJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2Bboa=
XKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4=
piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGu=
a935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKSjCiQHq0B49n2eMmb-2BFWmR6Ai4TBh1DlZJ=
QunuCrl26QnThi39eOwdaUnagTHdlFrBS5yBBccbqpjBMX3vfU-2B4-2B2j2rUgRqDjLqqqFkWn=
SW2xy2SG2JWfCDbuuGVmOcAOKDeAWPNeMrXqS1-2BIj5hpkd8bQOCsjDLA0-2B7z-2Bk5Hryift=
HAxNdkLjzf9y-2FXoQCt6qUgCCq4VmNjcl22eZGZwrrHL7XSoLu5c-2FiPCcDpcoj7sB9PuXFzK=
G8Z61Wp5LwYeGC7CiXJtPgGeVRFnJs0jO" target=3D"_blank" style=3D"font-family: =
Roboto, Arial, sans-serif; font-size: 10px; text-decoration: underline; col=
or: #1D5080; -webkit-text-size-adjust: none;">here</a> to manage your subsc=
riptions, or if you no longer wish to receive these emails, you can <a href=
=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S=
pSWIrVRvnzbxJbWwDftsHe-2FnJ3PNCbp5fVdgUVvM0uKhBfShb0-2FXm4f84Oam-2FsIf-2BQH=
Y-2F9cBWz93zxOvFSzafZw8LoNeS7HBprvPhxsRX659VZdcmKyMzD4eMk3ZOd-2B-2B-2F0Y7oC=
pRRexO3AXTn7AxiLzOJmi1BNthQ7l1V7xQNEyyozi9hEWO_I3w5d9c01gkD8gLzFEofZR-2Bh6V=
warHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJyaa7H1SaGQThQPbf8k2gs2tn3HCZMyoM=
-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLBSk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fm=
zb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGDeCtjBa-2F196glrAKSSHbZTV3Ao-2B-=
2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935J2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-=
2FoKQlbk1kntLXrFObRzCDb2CIRGm-2FSh40xX5PqdYVtwuaDMtyqWNvtjB7cvq0hDMUtCzIEA7=
fMbhUip0PryMJGxN9-2BwQMKzHiernzRvyx-2FTS9xN1Gi2XlLiN5-2B9SZaJFUkN18zxjTmpX6=
1HDUR7GaMocrWGRRsr26g0wO9CTU7sSc2LG1L8KyCAX5r6fiG6Jsckj42epZxH1p74qgEQnwLE-=
2FdtZi3Gisa-2B6PlInVIsE2KBB5tcnyH4W7NFhI-2FT-2BVcEPGfFZRKP0EK2LY3d9dkX1ng" =
target=3D"_blank" style=3D"font-family: Roboto, Arial, sans-serif; font-siz=
e: 10px; text-decoration: underline; color: #1D5080; -webkit-text-size-adju=
st: none;">unsubscribe.</a></p>
<p style=3D"margin-top: 14px">PitchBook Data Inc., 901 Fi=
fth Avenue, Suite 1200, Seattle WA 98164, United States</p>
<p style=3D"margin-top: 14px">=C2=A9 2026 PitchBook. Win =
what's next. All rights reserved.<img width=3D'1' height=3D'1' opacity: 0; =
style=3D'display:none !important; mso-hide: all;' src=3D'https://my.pitchbo=
ok.com/ms/pixel?userId=3D3DABLZ54MOPJL5Q&eventSource=3D3DZQDXJQ6VUBAECQE7XY=
5D5PSLQI&emailId=3D3DB3KOI2AVXORUC&emailName=3D3D6H3WX3QH7CXEMMMBQSMFL245ZG=
625LDUYNYOD6M6QHVPV46EGQLU2DKV43QYFSZS&pixelPosition=3D3DPED7RLFD4GN3BVMRTF=
QEHYZOOJCKA34MS5JA35Y.gif'/><br></p></td>
</tr>
</tbody>
</table></td>
<td lang=3D"x-sidebar-place" class=3D"side-bar" width=3D"160">=
</td>
</tr>
</tbody>
</table></td>
</tr>=20
</tbody>
</table><!--[if (gte mso 9)|(IE)]>
</td>
</tr>
</table>
<![endif]--></td>
</tr>
</tbody>
</table> <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du00=
1.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12opJBSrnS8sfA-2FdXQL6-2Bsw8UD0pjBH=
v_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFBJJya=
a7H1SaGQThQPbf8k2gs2tn3HCZMyoM-2B27Rr54-2FLGQT1RkYC3Lat2XKEmcH3K-2BboaXKBLB=
Sk1Xtd-2Fbs8HrKrSXGmI0FI9R-2Fmzb-2B-2F1VqNgHPosN-2BWzQzl10-2F-2B5KtwU4piGDe=
CtjBa-2F196glrAKSSHbZTV3Ao-2B-2BAPL3mQQA9NX-2B8Uns0Io2mMYfpSVuahFn5SGua935J=
2vd1wIPbCb9VpwC9OyUzAMdwvvuAz-2FoKRlKMbUtdNr9AjpqG5cGHcbBvDF1tyI3nL6bIId-2B=
vfXG6QMs62UnMUhDcOuDlzlaBllj6nSh07M-2BezfQoXmSThQx7phEKJfzfXMOZ-2B5EzsoKjzT=
vudpN3-2FdFGhZE4lJP1XvHklecr48rdt7NenCR96c6k2wRzIsZca-2BSLXn70Dqe9fcqzRfLKZ=
aKmCAb7Fl6WJFrNjGrEIdBnPHeZPiKuo8laVAUZouwPytTpJreM4LJxU9DDrhHZqDRC1y5H3RKE=
UP31vVglhq6xWwGDOmC4bM" style=3D"display: none"></a>=20
</body>
</html>