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Content preview: PitchBook Newsletters SpaceX's mega-moves; survey suggests
pullback in risk appetite; NAV lending's $600B moment; most private credit
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tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s=
erif;
font-weight=
: 500; font-size: 20px; line-height: 26px;"> The FDA's U-turn on peptides c=
ould boost the next telehealth boom </span></td>
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0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>By =
Rosie Bradbury, Senior Venture Capital Reporter</i><br><br>
The FDA is expected to allow compounding pha=
rmacies to produce 14 injectable peptides, in a reversal from its previous =
ban on the substances, The New York Times reported.<br><br>
The agency's about-face on peptides, which a=
re short amino acid chains, could open up a huge untapped market. For teleh=
ealth companies like Ro, Solace and Hims & Hers Health, whose ability t=
o produce compound versions of these weight-loss drugs created new business=
lines, peptides would be an obvious next move.<br><br>
The popularity of unregulated peptides has e=
xploded, as Silicon Valley techies, social media influencers and government=
officials have touted their purported wellness benefits. Imports from Chin=
a of hormone and peptide compounds, including GLPs, melanotan II and others=
, reached $328 million in the first nine months of 2025, about twice the $1=
64 million in the same period of 2024, according to US Customs data reporte=
d by The New York Times.<br><br>
Drugs produced by compounding pharmacies are=
custom-made for companies and don't go through the lengthy process and rig=
orous testing involved in traditional FDA approval.<br><br>
But there are some important differences bet=
ween peptides and the last craze. GLP-1s have been extensively tested in Ph=
ase 3 large-scale human trials and target a well-studied receptor axis for =
insulin, while these 14 banned peptides have not received the same scrutiny=
.<br><br>
The peptides market has taken off in the US,=
buoyed by small studies claiming anti-aging, anti-inflammatory and muscle-=
building properties, making them especially popular among Silicon Valley =
=E2=80=9Cbiohackers=E2=80=9D and influencers like Joe Rogan, Andrew Huberma=
n and Peter Attia.<br><br>
If the FDA goes through with the reversal, c=
onsumers will still need a prescription to access the drugs, but they'll be=
far easier to come by than they are today.<br><br>
"Allowing peptides to be manufactured and so=
ld through regulated channels helps prevent consumers from using the gray m=
arkets that are currently selling them," said PitchBook emerging technology=
analyst Ben Riccio.<br><br>
The move would also create a significant new=
business opportunity for consumer health investors and startup founders in=
the wellness industry.<br><br>
"The word ['peptide'] moved from lab to beau=
ty shelf, to consumer vocabulary without anyone calling a press conference,=
" Brian Sugar, managing partner at consumer VC firm Sugar Capital, wrote in=
a blog post.<br><br>
Still, there's plenty unknown about these pe=
ptides. If they are later found to have significant adverse health effects,=
it could backfire on the brewing cottage industry.</td>
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ight: 6px; padding: 0; " colspan=3D"2"></td>
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<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
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<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 PitchBook</span></td>
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>
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<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
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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%;">
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<td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_579345" id=3D"n_579345" 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;"> Put your brand in front of the=
private market professionals who matter most </span></td>
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<table border=3D"0" cellpadding=3D"0" cellspacing=
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">
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<table border=3D"0" cellpadding=3D"0" cellspa=
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0%">
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0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">PitchB=
ook helps companies reach investors, executives, and dealmakers through hig=
h-impact advertising and bespoke research. Partner with our analysts to cre=
ate data-driven content or connect with our audience through targeted place=
ments across newsletters, reports, and PitchBook.com.<br><br>
Clear insights. Trusted data. Meaningful rea=
ch.<br><br><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du00=
1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5cwg3lUteP3GhVZrg31SDIRlq4fa=
3mZz9bWHUaGGgGQ-3D-3DsvVk_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQME=
Uc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQ=
rnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2B=
zvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8f3vJMkAlP88voz496-2Bh-2BT3I=
G-2BUWHnnMtwqQtMm5DAC0zLR-2Fg99a0CiExiRUWvCCEjPunhUbKE0BdcmiQ0fGRoOVc-2BTec=
1Czlw-2Fi-2BtWBeHfVzaKZ-2FsH8-2FTwe83yOxbXeb83zQsvaBeYyNCOi8NJLML6qAIvjS4Tk=
zNZ-2BkDUWLIMsGdueQGpGkGHuVkGq9jEU3ZRMRlikrOHTbdPux57sKopTvIfphXznGwR7h-2BP=
SgJTlrTHcXelHVXlavaXsz8nXD3NFJZk-2FEV6Adrg-2FkkU7js8" style=3D"color: #1D50=
80;" test=3D"">Explore advertising and custom research opportunities</a></t=
d>
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ight: 6px; padding: 0; " colspan=3D"2"></td>
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20px; padding: 0;" colspan=3D"2"> </td>
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<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%;">
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<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=
>
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<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">=E2=80=
=A2 <b>Only 11% of respondents expect leverage multiples on buyouts</b> to =
increase, while 53% expect them to decrease. That finding, from our latest =
PitchBook LCD US Leveraged Finance Survey, indicates a pullback in risk app=
etite. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du00=
1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5cwg3lUteP3GhVZrg31SDtknCpqH=
m5HuXwgbee7WHew-3D-3Dl2sL_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQME=
Uc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQ=
rnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2B=
zvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8cL-2BWpv6zr3fWkWij0hMdkc7VV=
qtZrOzSD8iIQzuWxkbMSW2W-2BLTyp31Gzx0uRYAMLKEnLYK2rfjvwISU-2BTdjUP-2FiQI4akU=
PeZunmvdgUqAF5MrV8b2Q5rrncUm01vcbuOk4Ssr0-2FJgpklp-2BF8-2BADrwUjSCfzwtxSysb=
UnYkWgCKB2mVi7VI87JoZgqFU2QiRdwErB77Colc0Usj8d1C6Ni5fBHx7vKJO3E1QAVdfnmcmZC=
-2FuLtZgQeJKYpKyLoqPUi01c1sp21YUgqpg9rxk8v" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true"><b>Read more from the survey</b></a><br><br>
=E2=80=A2 <b>More private credit loans are u=
p for sale than ever before</b> on a nascent secondary market, as investor =
redemptions push credit managers to boost liquidity. But so far, the supply=
of loans is outpacing demand. <a href=3D"https://url6380.news.pitchbook.co=
m/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUeFUs=
svqqtRnsFrhQaA-2BScIhHi4Xh7jCfQ-2FI1G0iCCNw-3D-3DOJMs_I3w5d9c01gkD8gLzFEofZ=
R-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZ=
MrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGO=
y9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOl=
kJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI=
8dXPiYYRpxdplDEEyrRo9r76pAP4SYXsK7FQ4M8-2BqKYesoL9kkxzBImUBDTf5laYXK8QQYSv4=
hH5Z3pgezqe8Obk1RqoIFUgPEVL9tyHa90Hmn2Q3PHOX02w0dyO8op2-2Fzg7GKYaV43bC9M5Gz=
LvaeAgX4045vwm55Is1enfFsN7jwAQ6iUdFqMcY-2B25bviwd8HoQWLUS-2FHEGo2vIVquJoioi=
-2FS-2B13aC7DemTpu-2BycPGwvDNCd4o780oBFeuGdm658-2F1dDj0-2FvHp-2BCjW4CC6hN6"=
style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Full story</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_579386" id=3D"n_579386" 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;"> NAV loans and preferred equity=
are cousins, not siblings </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 =
Jessica Hamlin, Senior Funds Columnist</i><br><br>
This week, fund finance provider 17Capital h=
eld a final close on the largest fund dedicated to borrowing against the va=
lue of private equity assets, a strategy known as NAV lending.<br><br>
For 12 years, 17Capital built a reputation a=
s a preferred equity specialist, culminating in the close of its $5.5 billi=
on Strategic Lending Fund VI last year.<br><br>
17Capital has only been raising NAV lending =
funds since 2020, yet Credit Fund 2, its second fund dedicated to the strat=
egy, at $7.5 billion, has already surpassed its sixth preferred equity fund=
in size.<br><br>
The size difference between the vehicles ded=
icated to NAV loans and preferred equity, raised by one of the dominant pla=
yers in the space, tells us something about the different ways these produc=
ts have developed.</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-2BaqM7ONnvsnswouzUeFUssvqqtRnsFrhQaA-2BScEJXnBME=
PQOrM5fN9Z1ilDQ-3D-3DkB5D_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQME=
Uc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQ=
rnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2B=
zvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8f19PqPGUeYqs4kDaemEScMVz7Se=
JrxwS1AY9aUSaXceRahFfWfvilevgo-2FQ7xugDpbs5t2-2FAqWO1V07QkKfFSb7NMgKCGGh88a=
Vf-2FQA1CKmGgaN3PEdwk9AULOTE1e9x1ZgZ1X4gFXFuWLYJKVqmDUDzdUSkioD0ldekB4U3O45=
3s7kRmghcAcA6N7ev0z67PKAZJGs-2F0HShbeSDzwZuF2TpUTNy1RQUVGPCcqjKp7YQFuKfBo5r=
z8NC9cgwuBcTtThMB4BmrrRLT3cbAp2sKg" universal=3D"true"> <img align=3D"cente=
r" alt=3D"" src=3D"https://img.pitchbook.com/news/73573.png" style=3D"borde=
r: none; width: 100%; height: auto;"> </a></td>
</tr>
<tr>
<td style=3D"height: 20px; line-height: 20px"=
> </td>
</tr>
</tbody>
</table></td>
</tr>
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</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">NAV lo=
ans have encountered perfect conditions in recent years, as GPs have strugg=
led to exit businesses, causing the flow of cash back to LPs to tail off.<b=
r><br>
In 2025, the median holding period of an exi=
sting US PE-backed company reached 4.4 years, the longest period in more th=
an a decade, according to PitchBook=E2=80=99s <b><a href=3D"https://url6380=
.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq=
M7ONnvsnswouzUeFUssvqqtRnsFrhQaA-2BSc-2BAW1vnyjBonQZA0OPUdk3Q-3D-3DQDTN_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHq=
Kt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x=
9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxF=
GVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FV=
Rp36UaVRhJXcrhshgI8fYN884JRxASr-2B9lL3zUylzAFhuo2ZzP7qiGoBDWLCy8JeYkBwd-2F0=
00eUK5Hzyh5CTb82u2CORiJsskv63oUndZDbh-2Bmhcf0wLnPnhSeSmKcQF1lPhZ4tmD5oYtNif=
pnNSfYJP6vMstt-2BrUxfCg0ICYFR1YpW-2BRdoBAr8wWI9FbpEBYbdtrFG-2BeYcLbAQUxGFKb=
deb0H4V-2B1T-2FDFBsd6u9UkJfcoDI7NvM7ijpSRGhjMRELSZs7IMjjVb9gXG0mmXuOW-2BwUV=
4hAlGnqJbMVvwf9" style=3D"color: #1D5080;" test=3D"" universal=3D"true">202=
5 Annual US PE Breakdown</a></b>.<br><br>
GPs have increasingly used NAV facilities as=
a liquidity mechanism, borrowing money to supplement fundraising, refinanc=
e existing portfolio company debt or provide distributions to LPs without h=
aving to exit their investments.<br><br>
The NAV loan market is estimated to be $100 =
billion in size and is projected to grow to over $600 billion by 2030, acco=
rding to a report released last year by Swiss alternatives manager Partners=
Group.<br><br>
Preferred equity works differently. Rather t=
han lending against companies in a PE fund for a fixed interest rate, these=
funds buy preferred equity positions in the capital stack.<br><br>
Preferred equity has morphed into a tool use=
d mainly by private equity managers to run their own businesses, according =
to Dane Graham, a partner at 17Capital. They use it to finance their GP com=
mitments, management fees and carried interest payments.<br><br>
A typical GP commitment=E2=80=94the capital =
fund managers themselves are required to invest in their own funds=E2=80=94=
is typically about 2-5% of the total fund=E2=80=99s size. Often the manager=
has not amassed the personal wealth necessary to meet this hurdle.<br><br>
=E2=80=9CWhen you think about the GPs themse=
lves and their exposure to their own funds, it=E2=80=99s a very big market,=
but it=E2=80=99s not nearly as big as the total private equity market,=E2=
=80=9D Graham said. =E2=80=9CCall it a $400 billion market versus a $4 tril=
lion one.=E2=80=9D</td>
</tr>
</tbody>
</table>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: =
100%;">
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cing=3D"0" lang=3D"x-content-btn">
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<td align=3D"center" style=3D"height: 36px; b=
order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http=
s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
rf6GFa-2BaqM7ONnvsnswouzUeFUssvqqtRnsFrhQaA-2BScEJXnBMEPQOrM5fN9Z1ilDQ-3D-3=
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; font-size: 18px; text-decoration: none; color: black; padding-left: 3px" =
target=3D"_blank" universal=3D"true">Read more<img height=3D"24" src=3D"htt=
ps://fonts.pitchbook.com/newsletter/arrow-right.png" style=3D"vertical-alig=
n: middle; margin-left: 8px;" width=3D"24"> </a></td>
</tr>
<tr>
<td style=3D"height: 25px; line-height: 25px;=
"> </td>
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</table></td>
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</tbody>
</table></td>
</tr>
</tbody>
</table></td>
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<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
<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;
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">
<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/c=
lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUeFUssvqqtRnsFr=
hQaA-2BScBurW774W1zGN0ir1L01sAA-3D-3DoF23_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHk=
xBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZ=
T2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8=
pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOT=
sXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8cpQFO7gYaDi=
iIXSAqduJCrU3QmH8ERfQsoviIyebDOov3YJ8Kl1Dlng2Ns61LqALSSRLRZ9EGBYLmgnrBmBrp9=
zkiAYQLqBz6E07HED9vezb513ywbzivJ0UvDAzT46a9cGMtu1-2Be3R7SaOhuo-2Fcgn1EP3fUx=
5LU7n-2BZp0WLvFASFa2dnPsneJ7tzrWj8d-2F1qmq-2FC-2F8ZrsIuGAU93z-2BLW0JwV-2B8t=
hUg88CmBdZuaRpL5zFBBqtoOqeJKe0BfCxwBQrcO-2BCCux7g-2Bvl5trnv4jm" style=3D"co=
lor: #1D5080;" test=3D"" universal=3D"true">17Capital's $7.5B NAV fund show=
s PE's liquidity problem isn't going away</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>Korea's humanoid robots have an=
edge over China's.</b> Though China wins the robotics race in terms of sca=
le and manufacturing capabilities, South Korean robots are excelling in the=
engineering problem of dexterous manipulation. [<a href=3D"https://url6380=
.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ON=
nvsnswouzUeFUssvqqtRnsFrhQaA-2BScx2EJkqJnKZ70tE2EAllUXQ-3D-3Dyw3o_I3w5d9c01=
gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0Y=
GbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKz=
an-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLAD=
Sr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36Ua=
VRhJXcrhshgI8eun8fxr-2F1JdJKm7lXjwJDmvKSXDy87jPqlO9mjGb0bc3D72PrzwucPYNX-2B=
ZiW8Odt1PDtWpMid3DmBIh5SnrPWE9E2jSxuAg927ZPiPsSFfRj13fjfrKD-2Ff6MjDgeEUrAWQ=
PIAfOiL37iJkE3y8noJEyfckfkw3oQvmFIGPlsGY-2FO3u8-2FKly10yN11biyaQ2rO8KBlsjT9=
kndQBoUQekUlnPveyPNaWpryBQaAfrcjrMdppeUES8fuck9h0f279tityzwl7vydhgxKhsT3MQ-=
2Be" style=3D"color: #1D5080;" test=3D"">The Korea Herald</a>]<br><br>
=E2=80=A2 <b>PE's consolidation of firetruck=
s is creating a new fire.</b> PE firms now control 70% to 80% of fire emerg=
ency vehicle production, and with prices on safety equipment outpacing infl=
ation, emergency preparedness concerns are rising. [<a href=3D"https://url6=
380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM=
7ONnvsnswouzUeFUssvqqtRnsFrhQaA-2BScpJbtL6ZEGNSU2VUOpV-2F15A-3D-3DN4vV_I3w5=
d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqK=
t2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9=
a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFG=
VKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVR=
p36UaVRhJXcrhshgI8fb-2Ft6ETMkWgGe-2BLUBKJcSqLu2wSlJk9bbKVxWEZZwEllsgIsDrd-2=
FvXHmy-2By5o9vYFCID6bpmUpfLqyGGXESUcr-2FHBYITw9ls3Tg2hzQpzYvPN5Ud9UkSQ5v9Wj=
VTp680HLVL1ksKjlWmae01z-2BzHgMfsrxP9jZMufjJkcQc6LXMJVEytUl5eGGL84TEvvrvhtRZ=
5qWt2Z7UFj5tPn-2BiLVmb6uDydU1yu1rpnDkEOFHcf6StXTxjeQShAqScYlibQJ4-2FQvgq2oI=
9UZYR-2BT6Df6w" style=3D"color: #1D5080;" test=3D"">Pennsylvania Capital-St=
ar</a>]<br><br>
=E2=80=A2 <b>Data centers are so hot, they'r=
e raising temperatures.</b> Energy required by data centers is creating "he=
at islands" as far as six miles out from the facilities. [<a href=3D"https:=
//url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa=
-2BaqM7ONnvsnswouzUeFUssvqqtRnsFrhQaA-2BSc9d-2BcXjUGQQjLsqv5OelqVA-3D-3D8We=
I_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVP=
rozHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2=
BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir=
7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUe=
V-2FVRp36UaVRhJXcrhshgI8e-2FHpdXK9qHcEQar3qPiirNIXljjnt7hS-2FCDnlkpiWDbAnpz=
cRDjai60HlcHVMpaTC7rcsDPpy59h1r9X4sp7tEUBIDUNB7znzyGcGff8eRE0s00rUgV7Ln9Lw5=
o-2BbVSCPXw22WJEEuUnEOAU0-2FwepPcL8WDIvR78cuMrGZo-2BBi6iKwYUXwpAx1xifn-2FCs=
Iw5xg0z-2BtGdtjzu2iWGCxY5U1XBlNVaBSMGrymUlpMfXPybGUSK0ssyhwF3x2pTwucYG6MDiq=
HQkVLa07-2BWvVZS3C" style=3D"color: #1D5080;" test=3D"">Fortune</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>
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</tr>
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</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
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<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;">
731
</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;">
2806
</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;">
1170
</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;">
98
</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
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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_579338" id=3D"n_579338" 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: 2015 Vint=
age Global Secondaries 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: 61.811175337186896%; m=
in-width: 61.811175337186896%; max-width: 61.811175337186896%; background-c=
olor: #1D5080;">
<tbody>
<tr>
<td align=3D"right" style=3D"padding: 0 4px 0=
0; height: 20px; width: 100%; font-size: 12px; font-family: Roboto, Arial,=
sans-serif; font-weight: bold; color: #fff;" valign=3D"middle">16.04%</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">25.95%</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;">
1.43x
</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=
swouzUeFUssvqqtRnsFrhQaA-2BSc-2FBIe1-2FclI9uVwbMrFkW-2B3A-3D-3Drsw4_I3w5d9c=
01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B=
0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5r=
Kzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKL=
ADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36=
UaVRhJXcrhshgI8fsdocYwjGkmoH-2F0UzzKpBKySDXy6VGrOTWkF3uM5FP85vaUg6MModSeEcq=
y3A28vsokdUxz5GOnzZElRImB3Vt7PkMJeOAlNorOW2oNh9SWLR8tO71z-2FUrJXGvE9xa4p3xi=
90uVvDPSIHHKC1AxQjBwadJFAWHMGu0sir45jMuMpVKmJQf-2B-2BdKa53K571ZSdZp71r7koo0=
fLXVRXokWDYod4UnOSOMrzoxKWem63OZyqa-2FZDHeCl70rJuxQT9eIs1YZqvCG-2FWDQs-2F-2=
Bf3lcEU73" style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" un=
iversal=3D"true">Siguler Guff Secondary Opportunities Fund </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=
swouzUeFUssvqqtRnsFrhQaA-2BScphYihx-2FwIjqk6-2FKfqJeZFw-3D-3DtF4b_I3w5d9c01=
gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0Y=
GbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKz=
an-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLAD=
Sr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36Ua=
VRhJXcrhshgI8eXKKSdk5fzXbChIfpg4MUAIWqMYHiXLxpCYV0iuet-2F4nAVr87RpToqZpMY0-=
2Bex6ZwmdCZUG57ce4yr0itUXeSOVHCJ8HuNKBXM-2BGP9mVyqOFAabAr2v-2BxXRQNW-2FZDJz=
eJde7AV8OOy-2Bfm04TN0oebwDXPilsMdY0DV2uw0SYTNvzfATDEhYhn-2Fc0VPHqazdQAlrSXP=
swlnqxAhif-2FNhaxwJZu3L1rNEH26aMKGV7jutGx1mrwCgAZybBQPo1dFc-2BPPg6lqg8Nj-2B=
JJdKr53xvmy" style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" =
universal=3D"true">SG/NMERB Secondary Fund I </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=
swouzVY4T8IpBoByZ4BCThTyrO27hL4dYrOsYGpwxFyVNrfVA-3D-3DSlV__I3w5d9c01gkD8gL=
zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9q=
bg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FX=
KAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0=
nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXc=
rhshgI8cDXsxl5sk7e0P77U-2FCoGklNcLTUz6vNDLiOYPR-2Bfn-2B5sn8qn3bY4DgtliFpa-2=
Fkb-2ByOyGDgXJuHTGqZ3-2Fugqzx9c9-2FC52BCCWvN4HReQw29-2FanhTpZzXnYn2VuPdPpq9=
DlVUljWYvd2J-2Boj73j-2BJpptCu462hx939dsdTqi6lfcxSI-2BogGqXe6-2FRYHzptvvYinj=
snwyyC69MySWTPq6fT7xe2qtJgahn2N-2FscvvKPnSaJNnxnYGcuodA-2Fvo6hwF-2BbO94Sdmg=
oaO5w3vZVvvKbY-2F" style=3D"font-size: 14px; line-height: 24px; color: #1D5=
080;" universal=3D"true">Ion Pacific Phillion 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-2BaqM7ONnvsnswouzVY4T8IpBoByZ4BCThTyrO2OyjoL9=
i-2BMG9E0Zg-2FqJBDSw-3D-3D2YxO_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2=
F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx=
5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-=
2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKo=
lH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8e52FPMhAOpzEQSEQa5w1Wz=
IkcfEPXvEUwAKwIHGCyxsIxgnZByz8fvUUsP-2BD-2B3NshFo17zNqQjJsDY8CiUVa2VZqQc-2B=
CcuQexni176SdTdgqdAJDIF7laY-2FoT9l309iNt-2F08eBr1ZTfyEBauxPAPQ-2F4SqYeTFTAa=
s1ihh-2FkHwUQORJrM7agdp-2BDskOlMQ-2BfoQwuZ52nTG92EYxrSYwuy-2BhYX9kKzYQHa4iW=
6wdmRTjBcgvMQs1jdfeWdbS-2F4XolZ2FeC-2FdqytTQGQCRto9aWoz" style=3D"font-fami=
ly: Roboto, Arial, sans-serif; color: #1D5080; font-size: 14px; font-weight=
: 700; line-height: 24px;" universal=3D"true">12 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-2BaqM7ONnvsnswouzVY4T8Ip=
BoByZ4BCThTyrO2Tk6Lch35taeehFJulzacBg-3D-3Df3pi_I3w5d9c01gkD8gLzFEofZR-2Bh6=
VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU=
-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2=
Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9D=
vzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8e5aB7=
LDCGVdERDONt8vDpzhIq-2Bz3JarayTqqtmPDF5ZqQvci6geZdUA-2F4CIvR-2FLIbJvtN7Mxuh=
6FWMkJuUmXhWa9tsWbKdMKfiDL47TPCEaQK5bCNDQnbWB4IBTvV5WFz7kJHzJe5KTluB4IWLsAX=
ulvsKPoMQkKqmxm-2BJJWiXKHYtk7qCjStThu4LH4nMvxuBluMnBpzvml-2FBIXbvSrSWrCEQux=
oUB41nV93ifiayaqnRU2IFb5EYzSzWLpfPz9b6lItVHGLjIk63Q-2FgjzCP5" style=3D"colo=
r: #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-2BaqM7ONnvsnswouzVY4T8IpBoByZ4BCThTyrO2tCcmOdaDnYdVjC6v62m8MQ-3D-3Ds3_=
r_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVP=
rozHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2=
BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir=
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</table></td>
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<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=
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<td style=3D"min-width: 20px; width: 20px;"> </td=
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</table></td>
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<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%;
">
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<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-2BaqM7ONnvsnswouzVY4T8IpBoByZ4BCThTyrO2UT6ttlW-2FrOl0EDD=
5TMHaxg-3D-3D2uU1_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU=
gFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f=
7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX0=
4CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHK=
clcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8cmT1KgqQTXr8kaQQK-2BGZXzt9-2FyHS8x4=
6sfZq6oM9QVmCml14YTnsKK9-2B666LGbB2qWqq7yOHomCAAF17KnxEt5fg6LaX83vbmtiPCXqX=
-2B0lEJ1cJ6Bl2djdRWjjDXKrpa14Sb2RjSBhOcPVHjq1EZqPTJZt9Dla-2Ffe586WCjvgGnSYm=
hrDj9q7sPa7gVFakhswpq-2BGm0rITWHWDxegE6u8vo9KTax-2B9ecNCYHe3sNCk9RZ5K-2FUnT=
ihYUh-2BndKwR38xkfrPHKOhirDyd4aGTpDT" style=3D"color: #1D5080;" test=3D"" u=
niversal=3D"true">EnerVenue</a></b>, which develops non-lithium batteries, =
received an additional $300 million as part of its Series B led by <b>Full =
Vision Capital</b>.<br><br>
London-based debt market intelligence compan=
y <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVY4T8IpBoByZ4BCThTyrO23E4I9xLce=
UKaVDHJ44-2B5Uw-3D-3DYIDC_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQME=
Uc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQ=
rnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2B=
zvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8fdRikxMbH-2B6U7kNT2UpjUhgYZ=
jpVluMu7qOf8RZ7op9EwCQLnW1ub3bPvTE0lBbZ1kiFFR6LemZC5-2BbIcl9sP30LRWbACDKmm-=
2Bt8gqXJC64b2cO-2FRVMSGZ9FvtyVunie6CumvDUWM4D6aqSfXZT-2F-2FWjol-2Bsdjxcg6cs=
b39KuxYkaneX9NtXd4vaTuFJdE5JBtbkEUe9pmw3WPdr8OiFozZkCrCloHKgUzhMn9RzfdCmj29=
LC9RhjYn3ON2mvYGDwToyHFXXFtt7-2FUHcLor1-2FVe" style=3D"color: #1D5080;" tes=
t=3D"" universal=3D"true">9fin</a></b> raised a $170 million Series C led b=
y <b>HarbourVest</b> at a $1.3 billion valuation.<br><br><b><a href=3D"http=
s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
rf6GFa-2BaqM7ONnvsnswouzVY4T8IpBoByZ4BCThTyrO2-2FxTat-2B0ypjrEFHQkjpVFBw-3D=
-3DMaEb_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs=
FpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7=
h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2=
Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q=
0UCpUeV-2FVRp36UaVRhJXcrhshgI8cDPrmZC7PzDuPn2Om2fSHiOmCM-2BvKhotn5fgBituvHm=
Yq5i-2BPRohQ7jT4vXo4ht7n1M3iZEzFbtpaNxuxCO0TXhvFjwandQBJxeljP5Zufvo8WMbEuKd=
vhYGsRPn9nxdM-2B4XgkkLfREUqJkLfgUvyruf3ds6gyF0UdWM3UE23eCdiNqVtmT5f9dPPPR4J=
DV461Vbn3kZyV-2BW-2FEsCdEq2pAEyM2NOpOaSV4xgj2MWpdxSQ95hiejhBd1uH8sQYSgbmJcO=
PJFZZkejqFxRpgkKeQ" style=3D"color: #1D5080;" test=3D"" universal=3D"true">=
OpenRouter</a></b>, a startup developing an interface to help developers ac=
cess different AI models, is in talks to raise a $120 million round led by =
a VC arm of <b>Alphabet</b> at a $1.3 billion valuation, The Information re=
ported.<br><br>
Semiconductor design AI startup <b><a href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVY4T8IpBoByZ4BCThTyrO2RSNLgx7SkOQL2x-2FSv2P=
azA-3D-3D-fhP_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa=
0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsD=
xsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZ=
wsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcr=
urSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8eHi1pHeYv-2BoCDmwV-2FqHSkLN9M0iR1QnItu2=
0DB7Ej0KRnQ7P6ZZar2WovMiWwlofU7Sd0HS2xUgEuD1ufZJb-2B6OJY1UVneFxG6VTKrPhkOak=
RhVSaxvmwg31CsfvX-2FriT6VSB2unNXx-2Fu3soIDE-2BenaRApHKJhy3DirrmdnUKDx0kzvyV=
ZzH5CEe7-2BIcZKZW2IMNubeakni8dP5E-2B2d234Jk3Hj8fPliyvK-2Fdva-2BOH-2Bj1KL3nS=
DMq2t4U3vCIX1mOICOVC9UMq6bL5sQshXneN" style=3D"color: #1D5080;" test=3D"" u=
niversal=3D"true">Cognichip</a></b> secured a $60 million round led by <b>S=
eligman Ventures</b>.<br><br>
Brussels-based crypto investment startup <b>=
<a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73=
BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVY4T8IpBoByZ4BCThTyrO2XiOrRQbLLWIJai=
MM6Ap38A-3D-3Dks1e_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWe=
UgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9=
f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX=
04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKH=
KclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8f8BCIpoXFfhdVCSves0AExjkAJ9-2BKgZG=
cLNtQBfTPssXO1PuCVw8eYmynHv1zLO5XdCOsAQQLFYTPN2Dx-2BUqbaz7ET5NRE7xSjW-2FkUU=
RKzgnRPIColx-2FrVEbvIhgBexYtZct4JXuN3uIJepRtmkPelaCrdSgUwsc3PO7XpCMJypIkZUu=
2QU998IL8cHhu7A6GeGkpPInTewbiwCf2m7lRMf30fHWChQmY-2BKaqeafdpb24OmTMykQk8iuy=
JHxOmDGozpKKAGuYFo1WTUj4qTmzs" style=3D"color: #1D5080;" test=3D"" universa=
l=3D"true">Keyrock</a></b> raised a Series C led by <b>SC Ventures</b> at a=
$1.1 billion valuation.<br><br>
Cybersecurity company <b><a href=3D"https://=
url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G=
Fa-2BaqM7ONnvsnswouzVY4T8IpBoByZ4BCThTyrO2tPOxXbKENrWnccJrYuoK2Q-3D-3DVgfY_=
I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVPro=
zHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BR=
m3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7s=
wxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-=
2FVRp36UaVRhJXcrhshgI8c1s5czhoM6ktOYKmeXOj2nESxXkJ8NcilzHekZu9HkSfHUAv-2FLC=
cpMm1tj6HMeheI3EwYhaatwykYC5TD2fKI8s1bY-2F-2F8QngU-2FM1oLrsbq8J5pI94Q0euE6a=
LT6xPwHoDv4PkiBAUtknkFiFPmDvfC87ryrvtCGExgZK9v4lFsQWWsHKdDPk8h34Blw6cJnzNuA=
kNMHkz7MuEob-2BzmvE3BL3tX-2BdbJxFYlMIvud-2Fz8d7jnQNwgivL0o8B59N1ya5o9WIvBo5=
ZNFn0wuBEXE25I" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Linx=
Security</a></b> received a $50 million Series B led by <b>Insight Partner=
s</b>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click=
?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUjLakqgTPOdMSsY5JU0=
Ol7FCTZzVR6osBLieSNPnNJ3g-3D-3DBXvO_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf=
mzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4Ai=
E-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4Hsw=
glM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6=
lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8d7v6jtXuej-2FQ7-2=
F-2F-2F7oHvtmFDqdd4Au-2Flw-2B1dqsOB7IuxkuPX-2FrTxKrneqBtarb82c33Qk2vL27rDET=
e7P-2BRZ16f-2BpM-2B-2BS027hGz58TrmVyyJQLCOfd2EqLLQgFIofMP-2FllZlRI4d5Y9jZcu=
6pTZr-2BmKt6Fd8MeQ-2B-2Buapat5oUFLm7oPo7geCK9DJOnD3Yra9e-2BdQzw3WjGv3Vby1F8=
sVUlRQjwfWAdc0jaf2kEn-2BuTebZvLIwINKbrkdxDb7SXghD9-2F18h5jYxc9lMbJU1SAhT" s=
tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">Via Separations</a></=
b>, the developer of a platform for industrial separations, raised a $36 mi=
llion round led by <b>Climate Investment</b>, <b>Aramco Ventures</b> and <b=
>Marathon Petroleum Corporation</b>.<br><br>
IT operating system developer <b><a href=3D"=
https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7S=
pSWIrf6GFa-2BaqM7ONnvsnswouzUjLakqgTPOdMSsY5JU0Ol7MkYN-2B52CUjzu46xkT54xfA-=
3D-3D-olC_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8P=
zsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2=
N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr=
-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ=
4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8cXnfPmHKU50ZehlTGYlhOnBAqkmeUcg-2FzXjZdhrX4=
RMN-2FAjIXvoVgCN53xWDdYU4hwm6o0kKR8q-2F8C7DDV5sxyxCny-2BEUtvbTpqe8raUa8igGD=
UGlqYt35f2-2FhWC5EtLwOYzgsEQpv48XUH3yUJvLWzja-2FKXLvK1Q4gvckjhz4a-2B18EARdt=
dR4pZeSy6CjoT498Ugep-2Fiw3-2Ffs03n8WLQGIk21kBL-2BO2q84esoUVE3-2F8obTELrDxia=
kC5ZPbvXSLSBSN1l-2FM5lCn4KrEd0Qrnb" style=3D"color: #1D5080;" test=3D"" uni=
versal=3D"true">Treeline</a></b> secured a $25 million Series A led by <b>A=
ndreessen Horowitz</b>.<br><br>
Open-source orchestration platform developer=
<b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d=
4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUjLakqgTPOdMSsY5JU0Ol7dkljJmkpik=
1LdcRNbwYOwQ-3D-3DU8h0_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbc=
bdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6=
jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnW=
CAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2Bzvt=
xfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8cOLqlWFFxq0IDCdS88LGu1r-2BmLUE=
i-2FbutGnlU4m6MZyfJOjNvGHoM53GrU1VsqwX89D-2Fs9bnvlKv2UOdqFdfFiTQ7JuTtKoYuqJ=
Z1LGnbCOnTEdBHAhIprne1tKBpxGjCAbWyAGcwTw3mCeJDNhKyI1Vpkt05qxduRwnKHiCoiQHKU=
QBXzLPHJcUrKP-2BPpNZduYLwaM7-2B8GEIYXHXidJAMJkx7bRokFu-2BOouEFx9JzctLa0-2BP=
Ik8K1RNMk7Na692dXqHyyfJioJyUIKVwj9jnP" style=3D"color: #1D5080;" test=3D"" =
universal=3D"true">Kestra</a></b> raised a $25 million Series A led by <b>R=
TP Global</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_579091" id=3D"n_579091" 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;"> PitchBook webinar: US leverage=
d loans and private credit </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/ls/click?upn=3Du001.d4n7=
3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUjLakqgTPOdMSsY5JU0Ol7Z6-2Fio-2FLjA=
eIIzhHJPBq52g-3D-3DMWRW_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb=
cbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc=
6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrn=
WCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2Bzv=
txfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8cznTpU5bHAz-2FDfCFc7IG4e1Kzva=
XA-2BYO3xl-2ByU2b8yNqavLNh-2BEfZSekimGzIvv-2B2jROwf22rkGNd2CvYmMvE1Ou0ZUhu0=
7Ekc40nKwG-2FAzKxJDmhljPHQ4GJtjy0fiLdHceMd6GDvm7IIW0YlsMMo4jy7wXgJqnCN69HzU=
Lk0j0wlFyAOVRlxQdhOOPck4SiSUdnj-2Bd-2F-2Fx47QfNV7jpCEsJEULotRMJU1ODSawnh0YK=
AQnj39qfLL3FMA-2F3hwyjpPpkoWehO0uF7kMALsjO71"> <img align=3D"center" alt=3D=
"" src=3D"https://img.pitchbook.com/news/73467.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">Get in=
sights about where US leveraged loans and private credit are headed in 2026=
. In this webinar, PitchBook experts translate Q1 data into actionable take=
aways for underwriting, portfolio positioning, and capital allocation.<br><=
br>
Negative returns, sector-specific weakness i=
n technology, and volatile equity markets are already influencing the risk =
backdrop. Join us to learn how these forces are reshaping leveraged finance=
=E2=80=94and what to watch next across loans, private credit, high yield, a=
nd CLOs.<br><br><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUjLakqgTPOdMSsY5JU0Ol7Z=
6-2Fio-2FLjAeIIzhHJPBq52g-3D-3Dk0b2_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf=
mzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4Ai=
E-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4Hsw=
glM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6=
lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8dDiCCoy0WFxYv1bIY=
NiW1ohYFqChlyD4d3sbt3z3-2FexRQam-2BNA2V-2FJRqwgYM2FfTbGisM6cwEAYWZnzxNkNzeZ=
oIUNj8jRRlzmQCQucsmSxjLvIMqFg5VKaerwzFL4szXYyFZVtAdvlt9uzzhN5zOAEh-2FTkOGB5=
2csbnwS-2BIH1sXCxcKjDay9AnhQhgqBTSq-2BxT3lWPp-2BUAKRNcJ-2BNnGqHd-2FKEjbds6R=
drTh1PA7Y6RE-2BQy6-2Bh9kwUeqixjAgrsFUWdeaVeIrA9t-2FNL5uIvJmP" style=3D"colo=
r: #1D5080;" test=3D""><b>Register now to secure your spot.</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-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>KKR=
</b> is planning a 500 billion yen ($3.2 billion) take-private deal for che=
mical manufacturing company <b><a href=3D"https://url6380.news.pitchbook.co=
m/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUjLak=
qgTPOdMSsY5JU0Ol7hKGBndOEctgCOFiY4xr14w-3D-3DYJG0_I3w5d9c01gkD8gLzFEofZR-2B=
h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSE=
aU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm=
-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD=
9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8eya=
-2B9-2FaffWHfIGvu4YD65z-2B0ilO3Nh0M4ZraR2nEg8GP5UFf4d13xyX1QbbuT5is0kKAfssE=
lZKgmGYNWVw3sGslS6AJ4LD9B7-2FByMa6Nyo7-2BXoEqpsRHRcOM54GA1aERVtsWQcpdLdYng3=
3DPpq1FO9PZm17gTEThqE6AClZZrRlY7Hv7TCTQuVM33OnPwYHSbe27niIEIQ3s7SUgnE2QLbac=
gVbjPgU0nJK95qzy3-2BkRKHy10dMu-2BVG6oycs8MbeSXm440MGSZnFc9VHyguc" style=3D"=
color: #1D5080;" test=3D"" universal=3D"true">Taiyo Holdings</a></b>.<br><b=
r><b>Blackstone</b> and <b>Colony Investment Management</b> agreed to acqui=
re <b>Accor</b>'s stake in Luxembourg-based hotel operator <b><a href=3D"ht=
tps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpS=
WIrf6GFa-2BaqM7ONnvsnswouzUjLakqgTPOdMSsY5JU0Ol7-2BrkpMOY5Ses2lcv9mxrypQ-3D=
-3DPrGq_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs=
FpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7=
h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2=
Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q=
0UCpUeV-2FVRp36UaVRhJXcrhshgI8frUZdF36XiNMh-2BAB2maNNaJsKaK0T-2FZxpWrwO8Kvb=
iQeAF75TBzDvgHPP5xt3cTBeIlcyewtXx-2FEGA-2BJaD2RFK7fltcpeUOSNvH-2FSbE3dfvhGu=
OwiP9OmmSbUrrpb9LRVtwzRgfvfumL08o4pNaVF-2BclJU0ykI4d0f2Q9qP3I6R9K3wRVrA3YGd=
JzbYfPEB6AiG4Fl6T-2FxCnb4l-2BUNjU2BF40vc0k6pGn94XOO3u-2F-2B4ZKR6nOkRo-2F3JV=
luNw5q75PNc2RpxR2PWfhT1fBpFkKF" style=3D"color: #1D5080;" test=3D"" univers=
al=3D"true">Essendi</a></b> in a deal valuing the stake around =E2=82=AC975=
million.<br><br><b>Godspeed Capital Management</b> invested in airborne-sy=
stems-focused defense company <b><a href=3D"https://url6380.news.pitchbook.=
com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUjL=
akqgTPOdMSsY5JU0Ol7MwHyzeOldiK16OusWBvrGA-3D-3D9rkD_I3w5d9c01gkD8gLzFEofZR-=
2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMr=
SEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9=
Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJ=
YD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8d=
t-2FFLKMu6gWdfp8SkFA2OoJgLzRccKG-2BdkvHd3JUlnhQ2QfBdfbKoc-2BiCWaq-2BdlaNesc=
7UNwBZqghYSaywc6VLIAa7IYeq6MofKgsGkBbUb7tgIWDX37HdceO28QtQKXvOcL54tDMLoOqTh=
JjYqBG8r26fSyQ7bXAnywJ3kjhjaCUDQ4wyMuAFEfale8Gsm2hm2XWhIBLp6h2sjwOgqVyrcWBU=
lyXqvHGWKF5ZzsLcYT-2FD-2B83Qfy4MUCHqf5wI2If3sX6PDpZWsv3WXAArPSk2" style=3D"=
color: #1D5080;" test=3D"" universal=3D"true">GALT Aerospace</a></b>.<br><b=
r><b>Inflexion</b> agreed to buy Finnish fire protection company <b><a href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUjLakqgTPOdMSsY5JU0Ol7GNvOAnwuCe-2FpxKVEk49=
UHQ-3D-3Dzz15_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa=
0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsD=
xsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZ=
wsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcr=
urSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8cAY1BjkmjLdLTD6cIdG-2BYuFavKeW2eBch56a3=
J0fThmQG-2B72gaUmhB12KZfX4wMFu3D6GvJf8vspj9JyLNpC-2BZyNmy2WRa-2FmxhO-2FzIrB=
aHWoeXmeohZJqmdktowRwHogwImxhKHfsI1lWBGQMLx84YBvgCutq6Sm6ngkvKAo-2B15qiG5bJ=
Zvp3UeS6ykmJ2-2Fa4q-2BVxTTou84M7H857WHkwyXfKo40TwdybX84DPOrCD6GpNqjh6QYlP-2=
BV3jmlrNlIp5AlZOaBWr2-2BfXUuXR2Q09" style=3D"color: #1D5080;" test=3D"" uni=
versal=3D"true">Marioff</a></b> from <b>Sentinel Capital Partners</b>.<br><=
br><b>Synova</b> sold its stake in <b><a href=3D"https://url6380.news.pitch=
book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo=
uzUjLakqgTPOdMSsY5JU0Ol7JzqF1-2FwdvaHNYBhjfRFdMw-3D-3D0yZ1_I3w5d9c01gkD8gLz=
FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qb=
g-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXK=
AbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0n=
XEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcr=
hshgI8dIxTPuVfvujI68-2BWbJBSxVaIkkpeycjRta4lshKWSOjzYTomMf8fTy54fGI4J0YZ-2F=
1pEINg1MLEa5WRXFCwJfhQR1oOyRfGumtqMOaxDX2dfui3UTc5zl5XI24i7xdUuWDsWCgIAZ9fL=
z5070c80pSAi7CHFkXV-2BOCKhMUJrMyUmn9Sfp4aN9J-2Br17xu9Vb9p9XPo06IPSPsdDXRD5H=
uUmRLhykRHH2JCRXooQsD6pzeLAR43DYIeB9S-2FoojSkLw-2Fe9SBCNPivFUobvnKh-2Bez9" =
style=3D"color: #1D5080;" test=3D"" universal=3D"true">Orbis</a></b>, a UK-=
based provider of security infrastructure, to <b>Tiger Infrastructure Partn=
ers</b>.<br><br><b>The Equity Club</b> invested in <b><a href=3D"https://ur=
l6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa=
-2BaqM7ONnvsnswouzUjLakqgTPOdMSsY5JU0Ol7y60MKN7Og8TrfcdldI4ccQ-3D-3DQYc6_I3=
w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzH=
qKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3=
x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swx=
FGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2F=
VRp36UaVRhJXcrhshgI8exxO8DhAOPAi5x6dYFYhGS08WgnWvckEnSAU9xsmh4oyXkVxhzBu5z7=
K6DY3zjhUzzglLRkDTAw7TlZ7BYi1c51NGLL-2Bm3g-2B8CNwToNu1VVOp8JuZKFEv7a41arxK0=
LH9dX8kPpHrrQdP-2BUUp05NUSaJsLwFnLUg0j-2BLyQ3oqZMqg9Y58cyKq9dvxMMamJFNamW-2=
BQ82monp9Z3Xrju3Pd2o1sCK4B0ytgBmYYkIpjJd4mM9RD-2FEkRhlmM9UHS2BADczmk6m35Dmo=
KsvOX6Zs5V" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Lux Ente=
rtainment</a></b>, an Italian producer of large-scale events.</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>Portfolio Companies</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-2BaqM7ONnvsnswouzVZeh5V2FAIB-2FG5msa8cN5skaBN0nU-2BXyY41=
O0WLNsQcQ-3D-3Dwre2_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW=
eUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy=
9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAe=
X04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfK=
HKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8eLq-2BwVOcKooXfWCENORGR0A7eFRuRBf=
7uu5k6vh9AgSt70JRQd-2BQcF0lTx2vqJC9PtS3Hk-2F7ESKiAWGRn9KlgiRk50cie2BE66AI6j=
jBkGe0yOrunIZ-2FyUXMUzsFTxGuQ-2BIP8hgqaVdfcpEcq4JzuB9jmdNb4fNDXWslNTKTTZ9NH=
Br49XrB5a2frhSKwa-2BQes9f-2Bea7lVJRwyZILHn2ZZl0DhEk-2BXyyHbt0nrPN49PV0gb1-2=
FAiSI65g-2FKBzHWji8KaICo6sCteredceb81NP7" style=3D"color: #1D5080;" test=3D=
"" universal=3D"true">Monzo</a></b>, a UK-based digital bank operator backe=
d by investors including <b>Hedosophia</b> and <b>CapitalG</b>, is closing =
its US business.<br><br>
AI model-evaluation startup <b><a href=3D"ht=
tps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpS=
WIrf6GFa-2BaqM7ONnvsnswouzVZeh5V2FAIB-2FG5msa8cN5sEtS0JzsQP3U20mUD4bp2ZA-3D=
-3Dna-X_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs=
FpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7=
h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2=
Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q=
0UCpUeV-2FVRp36UaVRhJXcrhshgI8eRDaEg7uX8d597xLErDW7U1WVkRixBa2sHyexYl0SXpg9=
CV830ibURU0UoXlXtVHQdgr4VDxXvRCRyLWMDfYrZz3eCYh-2FrgJI3nrqIFf7JtfS91Mgbq6hn=
VR2WoGlPHyGe6TVwaHe5PO1osFUzi7mEzMBhiBaRXzd5InID4OXllc80nCXFlxMZ-2FlNtZtSoO=
0IMV21U3Aj5v-2B6KfxJ2O-2FS74OO9E9QaGcD-2F5VOOrccNLEWRaaTUKZf-2FmWVSIAbH3rNm=
z3bOmWZSGWdSktZBwt4e" style=3D"color: #1D5080;" test=3D"" universal=3D"true=
">Yupp</a></b>, which is backed by <b>Andreessen Horowitz</b>, is shutting =
down.</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Exits</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Con=
centric Equity Partners</b>-backed <b><a href=3D"https://url6380.news.pitch=
book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo=
uzVZeh5V2FAIB-2FG5msa8cN5sTGx-2BPhOrmkPB4-2FFtJDXwEA-3D-3DMAQr_I3w5d9c01gkD=
8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbH=
W9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-=
2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9=
dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRh=
JXcrhshgI8dpMIuUDmPNHuGvXjZBa2LzNIlWDOzE6UIlkpBiB3onmtezxi5RaVh-2BLDY-2F3M0=
Ln5jPI79fk-2BXhs-2BStlDyucDy3Us9bHDQEimdcvlzje-2BXyU2pmTLk8LkC9IQAhijTFsRVn=
8ChAwYqQn5FEwEZOLESW-2F6fcXyRgpliPNC4-2BCXkH01-2F1dmBGGzajeijHdZJBzbmacCssw=
70NJy4ClDIlm3-2FpF3rAwaZvaT0WMi9veKHTwZvtcOenT6RS-2F4U0XzfTyFglfeHLlOypXG3e=
yI67xqmM" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Frontier W=
aste Solutions</a></b> is in talks to be acquired by NYSE-listed <b>GFL Env=
ironmental</b> in a deal that could value the company at around $900 millio=
n, Bloomberg reported.<br><br>
South Africa-based fund manager <b>Public In=
vestment Corporation</b> is looking to sell a majority stake in chicken sup=
plier <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du=
001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVZeh5V2FAIB-2FG5msa8cN5scbH=
SJAq88ECU0qtuxw1m3w-3D-3DzfB-_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F=
3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5=
QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2=
FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKol=
H-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8d9bwxfCrl19IRMfxSbBiKgN=
SJs-2FoLmedUp9cChrMeKRmdduLYh6V2TdjsJaG0fmvrffX7kjJAKw40Kgij8q5Kk6bF-2BgXRs=
RwGEd91OGMrWsZgXYn3RzTqMfLa-2BfIJhBmmKF9wAhUaF-2BFvYDlsuXtvGvkZUrYdcSdB-2F4=
bSLzAxI-2FTjJol1NIX8plEm0xkQmM7Su8nHAzBvwk9-2F865ACeGtKL8Pq0yuZj2w169YhAIcT=
dSWHbMDTTSuLAnomr9Msep-2BfYCnrw89wDtkzpj3Jb80g" style=3D"color: #1D5080;" t=
est=3D"" universal=3D"true">Daybreak Foods</a></b>.<br><br><b>Warner Music =
Group</b> agreed to acquire <b><a href=3D"https://url6380.news.pitchbook.co=
m/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVZeh5=
V2FAIB-2FG5msa8cN5sEa0vLG3FW7FzzFmhCA0QJA-3D-3DJMZM_I3w5d9c01gkD8gLzFEofZR-=
2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMr=
SEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9=
Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJ=
YD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8c=
tER7rQlXmh-2FtE2Cr2fz1BdTU2OwEfi0qagSPOdDgE31kMzzZ7X-2BSDGnn1fxlReBwmPm5TQE=
eEuM4vzMjq1YG1TfHDKMB79OfiYhImeRwWOoXp6wxkvcSajEQhU5k6NdVtDL0ddAIqvbWeBy-2B=
UR9CpBhyya3Y84OjKnah92XQF-2BX2CdFCjNzvLAJYubuQADkLncoVD-2BMAwyqMErKc-2BJCcS=
qKvuV2dJftTcAUPhgyaYWpTudIMMhfWg75M-2BlB0BLKYSGpR4lUiiiNlqdKnkYQSr" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">Revelator</a></b>, a musi=
c distribution company backed by <b>Afford Capital</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>Fundraising</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table lang=3D"x-content-area" cellpadding=3D"0" =
cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table lang=3D"x-content-area-main" cellpaddi=
ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td valign=3D"top" align=3D"left" style=3D"pa=
dding-bottom: 20px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;"><b><a test style=3D"c=
olor: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVZeh5V2FAIB-2FG5msa8cN5=
saH8f9lx4JknKesr-2Fa5cBsQ-3D-3DEyD6_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf=
mzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4Ai=
E-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4Hsw=
glM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6=
lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8f-2BN8vmNQhs8BY8P=
Gs06RvShNUGITqUvz0Aa8UPtgEgP0TkRWE8p2RJenbppMLQ-2F-2BVtLMVsfxJpgXaDUj3VitWA=
DpTO6c3jAsFj3c6qlCmFfhme7zUwLH7ilaHvHIyB2qUg9bncD3IV5p6mjpqOdGRc1zOXOD1bKEs=
5PRpamehpFma-2FRkfAUjTTxb3E0GpLSMClABnxnyc7An4B-2FCxkmTl-2BAiYLcb4JaoBBA1Ka=
FD8v0Ugorx7hgUCjxO8xtEUdiXwrx3XQR6Ht-2FIatYxd9zlQs" universal=3D"true">Blue=
Owl Capital</a></b> closed its latest asset-backed fund, Asset Special Opp=
ortunities Fund IX, on $2.9 billion.</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-2BaqM7ONnvsnswouzVZeh5V2FAIB-2FG5msa8cN5shgjzJV4=
mfZrFh5IQqAXsXA-3D-3Dsz08_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQME=
Uc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQ=
rnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2B=
zvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRhJXcrhshgI8cePG6rTL7iE33kYzS-2FZX7envu=
nmjncOYwyTxPz8p3qtEKUFInf9R2goHCkPTLDIz9gdejaHHCdPIgUwBGa2YUt5J8oaU-2F3-2F5=
kbwBeZ2gzlaTJDCCqL5Ua-2F9-2B-2FZyO-2BM2eQLWq0oqd5i1g0CrTx51BaF3oTJ6F9N3xBGK=
NKZdLTReEqISdztJFdZVi9opGdojCPA1YETAnzlrRFprNMRjqS1BaWi1D29kzPUGTrqz5-2F8QY=
9lRyAlsgtj87o-2BB2LYKIiYCP1dHvCXKhBrzkOSLtjL" universal=3D"true"> <img alig=
n=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/73567.png" styl=
e=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">About =
56 deals have closed in the industrials sector in Europe so far this year, =
totaling =E2=82=AC9.1 billion (about $10.5 billion), and the continent has =
several major deals in the pipeline.<br><br>
Source: <b><a href=3D"https://url6380.news.p=
itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs=
nswouzVZeh5V2FAIB-2FG5msa8cN5shgjzJV4mfZrFh5IQqAXsXA-3D-3DwD7x_I3w5d9c01gkD=
8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbH=
W9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQMEUc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-=
2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQrnWCAeX04CsZwsKr-2Bpxeir7swxFGVKLADSr9=
dy0nXEWOlkJYD9DvzuuOTsXNtz6lchKolH-2BzvtxfKHKclcrurSZ4q0UCpUeV-2FVRp36UaVRh=
JXcrhshgI8d1Yy5hLHRP0dLYgUSrjfO-2FbGOKhY-2FKBtSuoDCDW2buQ9GdTIQoAmF5xhdG2Tl=
lX9Tgp4lgddsSRjNojjQVIEWGB-2BEMh3-2BCLpKF9kbiAa7EFQrgYqZJq8eWDwGDxKSlaxCsH2=
QOh-2BX2ofgDBtb86QHD8oyq83C5QTeAUPRL-2BFEKGfbQDK1Vq2kO8VCg5oF3MxvdfgiWo8iXM=
rkeYu1poy7b-2BZoV-2Bvo0TGxmcCAwiA1gYT9j7Qnv20AWkj7k-2BCMy9ee-2F9hXFBxl6XpG-=
2BMJkRh3-2B-2F" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Euro=
pean PE refocuses on tangible assets amid AI uncertainty</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-2BaqM7ONnvsnswouzVZeh5V2FAIB-2FG5msa8cN5scwBnFQm74=
felCzEo7lD-2FqQ-3D-3DERvQ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFpASVProzHqKt2B0YGbHW9qbg-2BZMrSEaU-2BRSZT2E4AiE-2Fx5QQME=
Uc6jCy9f7UsDxsb2N7h0Ym-2BRm3x9a5rKzan-2FXKAbwGOy9Vm-2Ff0mH8pG4HswglM5-2FrIQ=
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