Your IP : 216.73.216.104
| Current Path : /home/angker/mail/new/ |
|
|
| Current File: /home/angker/mail/new/1775129302.M110689P2693764.server-619288.prediksijaya.com,S=160158,W=163145 |
Return-Path: <bounces+28456106-7880-vetyl=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 1HhuBtZSzmmEGikAf7/9AQ
(envelope-from <bounces+28456106-7880-vetyl=ponjosonek.com@em9314.news.pitchbook.com>)
for <angker@server-619288.prediksijaya.com>; Thu, 02 Apr 2026 18:28:22 +0700
Return-path: <bounces+28456106-7880-vetyl=ponjosonek.com@em9314.news.pitchbook.com>
Envelope-to: vetyl@ponjosonek.com
Delivery-date: Thu, 02 Apr 2026 18:28:22 +0700
Received: from o2.ptr812.pitchbook.com ([159.183.175.69]:60452)
by server-619288.prediksijaya.com with esmtps (TLS1.3) tls TLS_AES_128_GCM_SHA256
(Exim 4.99.1)
(envelope-from <bounces+28456106-7880-vetyl=ponjosonek.com@em9314.news.pitchbook.com>)
id 1w8GDh-0000000BIgw-1zYo
for vetyl@ponjosonek.com;
Thu, 02 Apr 2026 18:28:21 +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=1775129168; bh=SLcwBRKcNKz7qYvntnZW/tC40gcbHeo9Iy9Lp19/uOg=;
b=Nl34kRbnxK2FRqQfFyBTwd/an87wfYwKaKwTtBzr14KOg+WI5Q+LARDQV3geu/YT8GN+
gzkrF39Fq6nrvAQUQn466SHUpoHSY1gbpnmelXEsfkrLMrSSbhEH44bj8+NVmqhKtWu5Tg
OCqcbs+elsRS0D406pkPrv2+0VHFubiMjxXjNpTRcFeJiSqlRn6wjr+c/abRB9qPDITuEm
kxrVrOS02E445scwQuw2ez2g78sL76/Di6F+uV15E2xQquQrb6smbxA/Oc3XFwhEqjeJIQ
tr9RD1kh8AJO1Rset6B3m9CT+CFVpVqbF2KEqO8O7sBNisxI4rNRfVbpBNmteXwQ==
Received: by recvd-6d44dbbb9b-7xqz7 with SMTP id recvd-6d44dbbb9b-7xqz7-1-69CE5250-16
2026-04-02 11:26:07.964944102 +0000 UTC m=+224950.430002436
Received: from Mjg0NTYxMDY (unknown)
by geopod-ismtpd-14 (SG) with HTTP
id 0pZe_VzhRWSmCVkCEDmmMA
Thu, 02 Apr 2026 11:26:07.926 +0000 (UTC)
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset=utf-8
Date: Thu, 02 Apr 2026 11:26:08 +0000 (UTC)
From: PitchBook News <news-noreply@news.pitchbook.com>
Mime-Version: 1.0
Message-ID: <0pZe_VzhRWSmCVkCEDmmMA@geopod-ismtpd-14>
Subject: Silicon Valley craze nears FDA nod
List-Unsubscribe:
=?us-ascii?Q?=3Chttps=3A=2F=2Fcontent=2Epitchbook=2Ecom=2Fnewsletter=2Funsubscribe=3Feid=3DUK23?=
=?us-ascii?Q?EBU6P5WAW&em=3DX65PN7GSJDIPRVZXJSN5XGVXL3?=
=?us-ascii?Q?AFLT7KSBPM3DI&ent=3DEJKJ2TTFOWZ2C=3E?=
X-SG-EID:
=?us-ascii?Q?u001=2EwjHNPkoEd0tti6dH8mhCZa5d7rLdiAsxLgSYARk73rxHPd3Aqlcm2Tnrv?=
=?us-ascii?Q?pNBcRMFNFcwVOs7OA=2FjzaFr76g=2FipsV2rDMLVN5?=
=?us-ascii?Q?7eks+y=2FBV8ruRJ144u7gQhn+fUU6PLvRZtY43Me?=
=?us-ascii?Q?RYIS+e268161Tr1vtoIXEtNFIwXXHyLhQ6RMMEZ?=
=?us-ascii?Q?r7THNfb5lY4Jut6WzGhJL7rHDRz6rujq4ECRqQB?=
=?us-ascii?Q?GwIBYhvermaVr3MU8+o4pm=2FWhcgRqtsSYoytC+g?= =?us-ascii?Q?lsJs?=
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++JPDzcXO5gzt7jv?=
=?us-ascii?Q?H1vbfCiVNosQc3s3oB2SQWuXhNqroz9rhkoVn02?=
=?us-ascii?Q?6AqmtEiJJxm5Spmmk+OZWxU4X48McYbAA2J4jA7?=
=?us-ascii?Q?bY1EfM6ka9aLwKS8AkLo6SxrQlvk3oejzrMWPDY?=
=?us-ascii?Q?vwTFE0TLvydLwnzInZQVSTmWBofDFBLxrM765g4?=
=?us-ascii?Q?I6=2FpHEZEvlP9DdEuO+shcUNF=2F6scA2kMDPSjLOy?=
=?us-ascii?Q?seN+cnmR0E5OYVS?=
To: vetyl@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 SpaceX's mega-moves; survey suggests
pullback in risk appetite; NAV lending's $600B moment; most private credit
loans ever are up for sale April 2, 2026 | Read online | Manage your subscription
The D [...]
Content analysis details: (0.5 points, 5.0 required)
pts rule name description
---- ---------------------- --------------------------------------------------
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]
-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_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 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 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 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;"> SpaceX=
's mega-moves; survey suggests pullback in risk appetite; NAV lending's $60=
0B moment; most private credit loans ever are up for sale </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 2, 2026 &nb=
sp; | <a href=3D"https://url6380.news.pitchbook.com/l=
s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5cwg3lUteP3=
GhVZrg31SDhjepGE7fdqK2gVYwKeGN1Q-3D-3D3umi_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw=
lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPM=
klYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nI=
iiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk=
9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLASCHV0fJhYU-2FOG1nU=
QQptYiesccjZBUiLrnw-2F06tDHLvjV4WmX-2BiDNG3rK7Y0eXDGGTTNO7l4aYtiQPif0mJlbqN=
ZHSJvELZepRAKGbrpvFZ5EOuzChQ16BJSwPUUHq2bgd6YwLM-2FrAw77fV4clzyvqanBId4ruoM=
Oht4V0lOjKThrizqnDrkqz6zwljPc8pDloIvExuu52Pn5suCi-2Fbs97YmDisy-2BU8wk-2BNp0=
zP3EICaY3UGR9bmk-2BmpHsY24Ga0YRuT-2B7N82LqzVW0vXlOo2S" target=3D"_blank" st=
yle=3D"text-decoration: underline; color: #1D5080">Read online</a> &n=
bsp;| <a href=3D"https://url6380.news.pitchbook.com/ls/cli=
ck?upn=3Du001.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12opJBSgX8wjgWQkjpY2yE7=
0mtuFtQh5JMynEp-2F-2B0ZsygXiW0c8xb0JNNkFtjTfdSBLrG5odLYHQXzZYap3xyjo613CQL5=
EKIRNY6DZpApxW-2FtnBQ7rUuqNohbArjpNQasEdfyU-3D5HuF_Pr966knuaHmaw6c7pKvB-2BC=
EiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N=
-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7=
-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQkVri=
0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLARlnMd9cqaI=
pbdsny9LvEv0xsdflClkzCGyu8aWBZurGLL02im-2B9ks5sNN7X-2BUX1O1dPZCl5EWhWBApAoC=
MvkPlrSKP9BtrUFIUCsqU4KT2ncCp1SuSkprJLcwclxhLwerTV-2Bm1bCnRNd1D-2BUdUzx5er-=
2BaeXX-2BSLSYij-2FZqOmV7DQU9-2BiK2m10sRVGvVdP5psMLLIH3KIFSYTVndsq-2BVedYjU6=
vmEBruDelXPbKJD86C7HzCck9C84w5-2FRIMHo49Ar3JjOiWMxcB0H7wTFeCXaD" target=3D"=
_blank" style=3D"text-decoration: underline; color: #1D5080">Manage your su=
bscription</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-2BaqM7ONnvsnswouzX5cwg3lUteP3GhVZrg31SDK4HOyTXgTb3yVQgP6lR0JA-3=
D-3DW9LG_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N=
VRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4c=
z8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZ=
C6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQu=
vCWZ19gH9mKc9XmvXi-2BLARqkNM3q1f-2BYgHgpO-2Bt3zacTyz-2BCcj3ZnJwpNoG7lJFtjEn=
0ELElrl6K8hH9FcZvtPnWfiVANUYaTbcg-2B-2BHTQMncM-2FnE8EuqLJ8OmEm3GkXnGjQvJD6b=
0c09tm-2Fsh9LmJroXZvJe6e4kWNc7-2BrKw66M6oQ6j0s-2FoSops-2ByLIKQd2sdxny6T-2Fz=
tQTVLtObdCVtbUWu-2FX-2FRAiRaYIayh9OnQDJz66WWvWE7x3XFNOZbYKGYabCSqk16ju2qbiq=
Q73nviuEi9u0CkQY0s-2FYpi0okP-2B" target=3D"_blank"> <img width=3D'1' height=
=3D'1' opacity: 0; style=3D'display:none !important; mso-hide: all;' src=3D=
'https://my.pitchbook.com/ms/pixel?userId=3D3DUK23EBU6P5WAW&eventSource=3D3=
DZQDXJQ6VUBAECQE7XY5D5PSLQI&emailId=3D3DXQKYWGV6Z467W&emailName=3D3D6H3WX3Q=
H7CXEMMMBQSMFL245ZG625LDUYNYOD6M6QHVPV46EGQLU2DKV43QYFSZS&pixelPosition=3D3=
DUAZEVU3EPI6EYRHRSC2KEHCFHGQ6ZMZBKVWWKQA.gif'/><img src=3D"https://url6380.=
news.pitchbook.com/wf/open?upn=3Du001.3gwe9GsF-2BTAFq5zC5EhFQ2a8abB1qTlMwYR=
LNzMolGjSmCPqRZuyzb5tQBOnSwcKLmnagP-2Fvp9zghLh7k4CVcNtGjgOvPTrVYonhPlc-2BSY=
gTORMJacN0Qzg54qa3fmSPSJ3PBW1-2Bl6qgET8tdIO-2FUlvKX9uGpaSTEgxtNoJqHQbGVuM3n=
H0jqQGEP6S9lzMf8Bxg-2F5rtqEH7uZO13jxaiLPD79ysKGAX1PF6VFPoQAyzKi-2BBoJ-2Bx6O=
JGF652zHULg8syEecp19NvqpnN-2FxxMPNq3MHHoGZ-2BTM1dO9n4a5gPGDIBgAOUFejJ-2F9SU=
ZOwpsOO4d8Fxknelx-2FQUwlZI6kqyDrdQk7zbQqbyIX-2BLCxWrhcBZq8s5nsuchSDpmuQyqEz=
WSFK9mrOl-2BvYILYglS-2Bcjaf8fsn5xze75yRM38iT7UJlJPmQWOXhjBv2vITD06PiXTtigOE=
Zl3A-2B7pgK9v2-2FRqDVvi3CyAFe-2BGa-2FxtuQOLGTjsCvkoTvzAEWXhxRTD3KeKpw933a3r=
0AOACISb-2F5pb15iO-2BwEMh-2FXqndGpF5D52NXGWvVmOwMFhXTERgEy" alt=3D"" width=
=3D"1" height=3D"1" border=3D"0" style=3D"height:1px !important;width:1px !=
important;border-width:0 !important;margin-top:0 !important;margin-bottom:0=
!important;margin-right:0 !important;margin-left:0 !important;padding-top:=
0 !important;padding-bottom:0 !important;padding-right:0 !important;padding=
-left:0 !important;"/><img width=3D"141" height=3D"39" src=3D"https://fonts=
.pitchbook.com/newsletter/pitchbook_morningstar_logo.png" alt=3D"PitchBook"=
> </a></td>
</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-2BaqM7ONnvsnswouzX5cwg3lUteP3GhVZrg31SDSIdcRJadraGryMFt3j5qtg-3D-3DhTU=
Y_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5d=
VidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcE=
Xlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR=
8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19g=
H9mKc9XmvXi-2BLATCn4JEctPEACDbfcDiXEcmRzYCGG6zyw3MgIqzVBowxlFEHhymex-2FW0FJ=
0MtfukCDNtRP-2FxqMTSUpjQGTclineNokXncv0H2Gd1pXTuNRyZq2YXRltPLxBkg5OULy7TER0=
jGzE1Irv-2F2nhMOceyNulo57vRlVqmt0kTHIT6fSIPoYtH4SwDCzNlSSiA8mZgtxORKtfOW9ZM=
w2SlNfjPd-2Bs0qsHEYGkFJfswPboMPF-2Bjok9XZLSiT3uwYDnP3s3Amc2Zn7dX5EkaMhZcjHX=
FjNt"><img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4516/SVBrai=
se.jpg" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; border: 0px; displa=
y: block; width: 100%; height: auto;"></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=92 <b>NASA launches toward the moon, and SpaceX confidentially files fo=
r its IPO.</b> The space-tech giant's offering could absorb a disproportion=
ate amount of capital this year. <b><a href=3D"https://url6380.news.pitchbo=
ok.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouz=
X5cwg3lUteP3GhVZrg31SD2RucYNtNCKA3EXfQ520zCg-3D-3DhQ8Z_Pr966knuaHmaw6c7pKvB=
-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2F=
dY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0Ab=
cCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQ=
kVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLAQ73VDh=
l4JiTEOXNN7FIWr9iylJhMg68JWscJ-2Flya05qUyDpXyaYa1flgw-2FSW0OVFRVuah9BIPow2L=
OEQ8CyJupP8JjuL35-2FRO7CfcrcvrKQzIwR2nCB4BpRt5VDanv-2Fmh4NpaLvc8aIb7ouGp5Xj=
sx9ASZw50gY6Aaf6Lmb1xOuXoMe5nPdhJrGhX9eaow8tTkh3n3Ogj3aVD46HMD9IvSI-2Btip18=
TVvOjQD60hCyHCvku-2FpKDus-2BGAg2EyMprhp-2FcntMeo0I6dLbSbtsMK200" style=3D"c=
olor: #1D5080;" test=3D"" universal=3D"true">Read our analyst note on 2026'=
s mega IPOs </a></b><br><br>
=E2=80=A2 <b><a href=3D"https://url6380.news=
.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns=
wouzX5cwg3lUteP3GhVZrg31SD3mTujO8MwGnl-2ByWcqkoi7A-3D-3D7vB8_Pr966knuaHmaw6=
c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BKl=
iZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14=
y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrtI=
gGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLA=
R84AaMa14mKSC5JBv-2B-2Bfg8RWZXK1uPJ87q7T4jMfPDXuRbWjLwdsNaj3GcUsBGXM1Ad5Vzn=
NIB7r4-2FRwaT7dkYGBLD0twI-2Fs1N6lrtxMZSt5KsH-2Fn-2Fyb-2BLrTD-2BF4ZIxwv5rjoB=
Ex-2BrnFyICKLl-2BCdU1J7m2htrUyWQeCnUAgny1bPv2DkPvKeKomDwQaGRfYjKToLE9WcDL8p=
vhsg3qeJedzgCOjT8IHjmsR21nPtFwBAeAmwiFPRygvJdku2vzCOW2y2BERJH-2FseyM-2Byt0Q=
Qa" style=3D"color: #1D5080;" test=3D"">Sign up for Capital Pool</a></b> to=
get weekly commentary on what's driving LP decision-making.</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_579348" id=3D"n_579348" 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 FDA's U-turn on peptides c=
ould boost the next telehealth boom </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-2BaqM7ONnvsnswouzX5cwg3lUteP3GhVZrg31SDh746vr0Gw=
ANhb-2BCeFJWKug-3D-3DjKoa_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05=
c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPts=
bsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfw=
Go4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLARvcUXQxSpgp5MKtbMK8eOUT3RizgpI4Zb9E=
DI68fDht2iFIZWwlblSibE0cMKpCVHE6KnyPeuvwWOF2vRy4DvtuirlXHrZ4ljtTOIYSHwTCvT6=
tZQhFb3gtmAOUL4wYL-2BC-2FaSMxMPvj478llQskrEyE6iKXXR2JBNqcty9T6ZmL0P-2BSg1V-=
2Bs2FIQUWtezn22Yw4m3cRCuCOU366cOcYLdHu-2FNKXvorqH-2BVtTxWeIvfSmnL0wuBZLYEJd=
bmcgDeEjhWeD0KHv24xqrnq-2BOz3rby" universal=3D"true"> <img align=3D"center"=
alt=3D"" src=3D"https://img.pitchbook.com/news/73574.jpg" 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">(Huang Zhigan/Ge=
tty Images)</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>
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>
</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-2BaqM7ONnvsnswouzX5cwg3lUteP3GhVZrg31SDh746vr0GwANhb-2BCeFJWKug-3D-3=
DG_vu_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRq=
aW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8H=
vPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6h=
ILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCW=
Z19gH9mKc9XmvXi-2BLASAcrfP2hCdJuW9Knx2yxk8xG5F6Q0eSloTzgijgWJN1nXK9UYTxNxAj=
iyt6Ytv8e-2F0LUrePPDvJkjB8Z0rk5Q9hkDFumriVZfsxQtzh2KaVaZhFBLr4OyJ9DyP2cQKqP=
G40CVypMvlAPurR6T3h9opL8fA2ZcT8PkFVz8629o6l2ieDkdq0cVh5wo4bwZGKU8aj9pI0Y2RF=
WqiTC4JsTpsxS1FQTUy4MIMWQN85qsCuFsAzlvJwrYv2eG8KbkpFTkvTahP20eo9eJic9xLEN9O=
" style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-de=
coration: none; color: black; padding-left: 3px" target=3D"_blank" universa=
l=3D"true">Share this story<img height=3D"24" src=3D"https://fonts.pitchboo=
k.com/newsletter/arrow-right.png" style=3D"vertical-align: middle; margin-l=
eft: 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 webinar:</i> <b><a href=3D"https://url6380.news.pitchbook.com/ls/click=
?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5cwg3lUteP3GhVZrg3=
1SDrfK08RC3gBu1LzA8BwECFg-3D-3DHKQo_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQ=
P-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZj=
kg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDH=
Mbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWi=
L-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLASSdovd-2BJk4m1jU6EvoGWOiw=
sBHCcJkblApHNC65jkgaZnPM08rW1CpHSw98bi0-2BkN-2FzF3Hkn45wnnTJwzbHX0GsTWjjYOa=
JrhaWU2tq8hQogwC7rnXLk-2BbMysxs-2FE2njU3zpzq2q1PFkf28FbXQ9wpUS7pJ1p6v7PXejK=
KY868go1ANz3rlEAnSE4FJvMNpnS8DdF0PNLgHQ0Il6radudUQz7QCX-2BUAQ6S4dZ7-2Fb5uQE=
5F1-2FvWXRZP5vAHfHk-2BE1Yf4hDIf8-2FOwrBCddApTEQd" style=3D"color: #1D5080;"=
test=3D"">The next wave of consumer health innovation: AI, wearables, and =
the GLP-1 revolution</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 PitchBook</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_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>
</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">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-2BaqM7ONnvsnswouzX5cwg3lUteP3GhVZrg31SDisHBQuu=
nFpaveorqCNBEJw-3D-3D8Q_7_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05=
c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPts=
bsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfw=
Go4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLATQRA9BimaczsA9LjxwVF8rAETODrCsRMLtw=
WqkmWq4AFZphyx5VzqwB-2F8EGDQb8pc49VG6Rnr4oEH5YMm46sMJBjTAX6oiWMNMaYtpWhSpUj=
7H-2FZrKNBlj7dtI2PZn3DFpCaDOmPhFkCAcluek6oiG4Hnz4fINwFlEaCrxUz1dLRCWQvR5TjG=
IC8yG8R1Xx5OvJpmzccb-2BtmK4P2QJ0dAr5S-2F57po4fy-2FZMXjeITp4gEo-2FvCIGp3IRu5=
OpFMSy5AssB7feuytRCbIM-2FdzeIbjV" style=3D"color: #1D5080;" test=3D"">Explo=
re advertising and custom research opportunities</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>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-2BaqM7ONnvsnswouzX5cwg3lUteP3GhVZrg31SDTMHI-2F=
7JWqhn80I1ZlWQYfw-3D-3D1SdY_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B=
iQVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC=
05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfP=
tsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJn=
fwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLAQwZeb8pg87n9Fsv3-2BNQVxzfzJjVotTo=
tlp6ZrjGaaNEPUhRU51UvL8RkebZ34FFcTNJ7l0Wfz7Efw-2FZWrlqX6CTbem85gg0yJx1WZy9z=
UsZZvu2NiBEDGTpznDxqlMqwfY-2FoMsF77WvHfO41qQq3AJtpnPtg4rSrZsHWkAa5h6tsE1bl0=
WNhGchBs89nyaLPZEoRpXnkcPVKNeiRTzXeXZaZ4gRwvZL0YqcKHHvGWPPlcABW6LDbi0xxBjTw=
LPOzpMcruRQYllpS1-2Bq-2BWiBgGE" style=3D"color: #1D5080;" test=3D"" univers=
al=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-2BScWM48ce5w7fGfi9XGLTCbJA-3D-3DidH2_Pr966knuaHmaw6c7pKvB-2B=
CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4=
N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA=
7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQkVr=
i0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLAT3tOosqtk=
IvTU7wBvQNM3DEUaunQRUXz-2BqaiOcD4v9PLSWaeavK1tptXBcgjp44ldYBQ0RWxosmdd2ObXk=
S-2FI8n9tTMjT3e7xKodkNSri7iHk1xLNDFXkxUZ8nmsNkzFQN7-2BuUZrpJs0eqfcssQN0WFMQ=
HbjWRTW5HCssAEKQKC-2FFWpM-2FhO54YJGa2IeWERiMvMj-2FAJ6A0ZtKizGiSNbyfxjDsE5aS=
iOaDMKCl8CnXPUN7lafSdves6eiwU7vBok9PUdN7L-2BAl7HKh52yIJvdK" 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-2BScGEzj9hW=
5E3snrnR7X542Gw-3D-3D9Jw__Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05=
c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPts=
bsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfw=
Go4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLAQH4pdX1YHRIAmHh9EH6Jf7lzGA7duwcPOQJ=
DyqVsFQfp89bY7H1UacCqvcDWenLgWWyxuBQ3oCD9LljLADI9sdsHp-2Fsb9dFFbMlfZCTcYaP9=
JCgzp4cffXqjjIEgJxQ2vh7N5lV9kVy9sdQn1ZQbQ8K-2FDZmTEY4g8Gu9JiaeznU-2BNRQP-2F=
uz-2FsaT8TdQqJXFu6Mi-2FwEhTPb-2BqNx7AQYJv72Pn3MMXqeO9VoG8OMvCfgHkFHZkPdXz1o=
2Hfp4rS2jsEzEul7I3RJZHN5S6ooBfwE" universal=3D"true"> <img align=3D"center"=
alt=3D"" src=3D"https://img.pitchbook.com/news/73573.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">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-2BSczVybDHrP-2BGuRtcvT-2F1aRDQ-3D-3DFiYE_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5dVid=
LZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp=
3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8fM=
aB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19gH9m=
Kc9XmvXi-2BLAStRxwsAXCcsxeaFDRSV1fGsws-2F7e50z-2FfAHF5ox-2FEVHL3bhIUG4jCHWu=
LIZ4O8it7PUCI49eeVDeSRHDVdGaCoFv9HzSiqTelSkQY8BYD-2Bkdv36qN3BcyiD4cqF7JNyhx=
a8nsy5p3pCLUrc0CliRU-2B6fdU24V5yajniBWg69wT64QY3Mjs5fmgoRmd6SprBgFm7kOAtZye=
ayQTUnP17JghJoCnIcxkIG0fIJNzsTmMp5n3sSoe2M3Pmh0-2FfS2KizEax-2FBVkLbileceG1-=
2FFgoJf" style=3D"color: #1D5080;" test=3D"" universal=3D"true">2025 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%;">
<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-2BaqM7ONnvsnswouzUeFUssvqqtRnsFrhQaA-2BScGEzj9hW5E3snrnR7X542Gw-3D-3=
Dxyqu_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRq=
aW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8H=
vPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6h=
ILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCW=
Z19gH9mKc9XmvXi-2BLAQkOtkY4WOpOWWNZonCcui6Ct-2BzpthCVJNu64J7Zjyh5h6aKOzfd4p=
cR5VbslIgFCe3-2B-2FkV6dlXJdj6Ec2RKgzcBrFOTdunLfjCYnelexZ-2BLWgkdLaMDMryG54a=
dex4eXe5Ww9LQJvGKKM7qyvjLI89-2BmPi0rq5QX-2BpBkVVsOWj7pUc-2FR7woS3jSGwvKpO68=
I8Fh5Qo6kMOCs-2FiWIi0u-2B-2BWP9st8KmzkpnDwuYuuALbr41x6T9GYaZ1Wdf66fPLKHPf0T=
sPs-2Bh3-2Foby1gswVBU3" style=3D"font-family: Roboto, Arial, sans-serif; fo=
nt-size: 18px; text-decoration: none; color: black; padding-left: 3px" targ=
et=3D"_blank" universal=3D"true">Read more<img height=3D"24" src=3D"https:/=
/fonts.pitchbook.com/newsletter/arrow-right.png" style=3D"vertical-align: m=
iddle; 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/c=
lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUeFUssvqqtRnsFr=
hQaA-2BScKs2M-2Bw1U7zyDlkXdTS-2FYEA-3D-3Dua5l_Pr966knuaHmaw6c7pKvB-2BCEiDnj=
5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2Fsg=
FPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP=
9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoO=
ARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLAQxGz2-2FRUPzYg5=
bv19YWm2pUYCMFkE9YlNAbZl7mj-2B8begA0Q-2FFgkqle2KesrsuNTBCxcovGkN2WJbHfXTPo8=
ogiJ8qCC5EbK79EL1jwspM1fgTsAZfpg9XsYVT42jG8GxoHpIlJv7yUo7PYa5vnuGj1tGOn4ZIt=
cGRRKvaaD-2BNlR3jCXMyvYVEImiqsMWuPeHvPB8aGMrKUT08-2Fj0WGmFFyxzyKXdB43DDz5bf=
HgbN74TUzKepZKPF8sJ7hKkzMYIKcWGzqRt1LE-2FnIxIznoDw" style=3D"color: #1D5080=
;" test=3D"" universal=3D"true">17Capital's $7.5B NAV fund shows PE's liqui=
dity 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-2BScI-2FbtMSYXR8U6xQBH3UW8bg-3D-3DPWaW_Pr966kn=
uaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8=
pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JL=
tg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6ass=
zVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9Xmv=
Xi-2BLAR3ThhzJmc5qe2rhWeJ-2F4sKICl-2FjQw88bK2-2BYiClTE1dQS7s4nw212BPj1oOd3-=
2FFGz80LWfwpQ5OEOn-2BJiEDws-2FQlSBwKnCljMF2Du4qmOi18lE-2Fnb8SoB0AsJKDS9CJ8-=
2FUXm5Kn69L4gF-2FuxxZaxBMhmhG0wivJv6jBuzrD52KM91n1n-2FRrCIPMuwZbjkP7-2Ft9no=
s324fNIgwIPBJoKxdTDbrcCrRwXVE-2FMw6wlf28z-2F-2B7jHlhX7GHBLZJoN4nZZ4iDsFf-2B=
tfp-2BtVP2ItMrHcW" 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-2BScJQMT2BD4CgTAbGQE3LqTfQ-3D-3D9jHM_Pr966k=
nuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5dVidLZMxy=
8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5J=
Ltg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6as=
szVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9Xm=
vXi-2BLAT-2F8X050Rg3A6FYaF2luu6FfBrp5jjm648oqkG0XHgt-2FCaX7jSvjeQ-2BzmEtygM=
1wN4fozAkuw-2BUuEGYVc-2BQqnZK5w7QEUTiOGq-2BRXh6mHv6kCKztUCgexLKnWPRAUOmQ4lB=
YP7CG9RiGOztzRNW01m2oxGX-2Bixuvlvqz8-2FRGpH8tnsNq5GFzFA-2B-2Bxq4EgZ14CSzaYQ=
7r-2BvY9-2FcTbMieQcrVeKQrUmS8tO63STpS1Sbv1uc9YtkvVJgMIXl5-2F2n7LcO49j7mZNDI=
OUlszvd9-2BJpo" 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-2BScupq0QXYIPI-2BWj3cftFjBKA-3D-3D6Vo=
p_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5d=
VidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcE=
Xlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR=
8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19g=
H9mKc9XmvXi-2BLAR0UV2IfvCX-2FnHg55Yv0SfnCqltGEpkWfJ0tEMK0-2F-2BsikPuKXIssuE=
uf2BcVbYl3-2BddpRGKHmVY-2B2bTjNGov6NxjmNBcDHT91YszlOJcw54SUWG5x8XP29-2BLET0=
pBxE3DuJN6uB4B1YKhsbHHxt3PhQQq-2BOphMnVnDBznQHOu5siPnVCjidzshIfh-2FEMq-2BCD=
MrADUPlk-2BotGas2C04KgNCK9XY2AZiDnrdHWtLfwizCBckW7PiBqvx8CrkrU7juQdAUP4BXNW=
fs-2FAydFEzlz-2FQ5" 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>
</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;">
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
</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-2BaqM7ONnvsnswouzUeFUssvqqtRnsFrhQaA-2BScK-2FEXVvue-2B8TZdIk-2Fzm0krQ-=
3D-3D-ibp_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68=
NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4=
cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPn=
ZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQ=
uvCWZ19gH9mKc9XmvXi-2BLAQ-2FnnlCLh5Vlg8I1fraWyGDKtj2v4WXj8nuubMvcn8bhckQu0E=
nbnEW73m-2FJZcycHQN9xmlpvD7qLRe5GJ-2B9zeflEpEdUe4VAF2INQdeN0ZiOyl6HqKVxjvgA=
M3UhRB33upU4Zp5ggsGwoL4hoaXzdVHSnonww1-2F7Qpz2HNG47oKIa58VOUcRz3hwGyLDqBCuc=
lv35zTICuV24zj-2Bb1XoUgxulpyGqFYm-2FT8-2FzqNB9pqToqJ6UqEuTruDlA-2F9zJqe4Xvs=
nUIGguiLjleFEv2OB1" 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_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-2BSco9Dk6s1WYBEii-2ByoUWjhCQ-3D-3DlNY1_Pr966knuaHm=
aw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2=
BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0V=
V14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVyc=
rtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2=
BLARNwHlnGkLPoXKqSwMGfAalaxDMpxeIxBkS4QyjDqfYowuP0qD0tjI-2F6CSMqQmEUQMf1vJT=
OrFLbLqPb-2BHYVjd16o-2BFaNzyVjBkPWjV8b6xu2hhVzj-2BcsPQ-2Ffe3RpuSpWfob0-2Bny=
U9IadoiUsOy3R3EZo8rMRRbtfM-2FzMXEDjjyx3jMwketU-2FFACvn62-2BYz9yQCcYM4jYjbse=
5HLb8OCo96so1JIRHNoEcm3XhtzsYM0RGxn0YIcEKd8ywwMOkjpw73CIpyrNfJHITZe9va1WaT"=
style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=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-2BScd6JJCuM0HiZtaG9doLebPw-3D-3DRQ0Y_Pr966knuaHmaw=
6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BK=
liZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV1=
4y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrt=
IgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BL=
ARmzDQ2GVrI3S7m-2FwK0FWa5J1zi9wVavYrd69Cfj80UCfhkdIGL9vnXWzmzz-2FVB9gDWYpee=
0C8grifwZ9S-2FrxpNL5HcGo6bdynQsT-2BnsHFY1L74zI9ez1ClhqORad5HVOjZF9GOQJunpSe=
SFH8fobb4HdOZJuMazFBdDB4JfG6TcL9nzCEVdgEsVe9Gn1YWZOah9XnauZsddB0M-2B36bh2Ks=
TvvtVuJiPDkciAIInu78FRD2oUoYbM2lj0TUzg-2F9uk4v8cXCKw-2Bz7pDkvx-2BI-2FpU3" s=
tyle=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"t=
rue">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=
swouzVY4T8IpBoByZ4BCThTyrO24dFZcMP-2FvlBcs69F9S2AnQ-3D-3Dk7vE_Pr966knuaHmaw=
6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BK=
liZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV1=
4y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrt=
IgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BL=
ARY4Qa90SfjlY-2BmVi06MpDLSTVBFpMOXVTBWy-2BZqi2rl2-2BxccYgfz8oTf1xFfDNsvTlv-=
2B4m-2BqpeowcGUdKjsnKjUNffZylT0nZAxwapDKgqO9glAaUgGLvTkFWH-2Bz-2FsDLuKWUJDc=
mJ-2Fg3KqF-2FMkuP2od6z-2FqEIntp9pj9A6T4tXbyIj1MU7D9XD6rAb0CcWkR7-2BBh9g-2Fv=
-2BRqvEZOrIRcT14yN5bBu-2FVjcS6KeyO-2Fj0EPhY0mRPIZ5s97lRarW-2Fgcm07GmZjki0rt=
g0WTe6W7HiJ" style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" =
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-2BaqM7ONnvsnswouzVY4T8IpBoByZ4BCThTyrO2nxt9z9=
y5giNNfolYCVZLjg-3D-3DqhqH_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi=
QVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC0=
5c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPt=
sbsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnf=
wGo4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLAS-2F-2FnVzmHuQ3ct-2BL7RDZjyBR5ci7w=
uqFjuqydnnDfJD98XNH8i-2FB5DtAgCUO8KtUus3C8SAWfiHQLIVbtIymKBi-2BwH8-2Fw60VLn=
-2FsxxtjnOtkZ4aEJ4O-2BO1zB94vshGffBodjlKNVSU3gIAYPAIf-2Fvf1m2fAnaiulBVMJCdg=
QEBbWdQKBKvjq9FLiE2h3n1Tj-2FlyK9zPyeZ1VM2YpJpjZj1Oy5MubD44VwXJxDIFlnRvGW1-2=
FKq8B1XP-2FjWx4yc-2BX5Mk4sH5qiYzSoJ3G0TjxzYvR" style=3D"font-family: Roboto=
, Arial, sans-serif; color: #1D5080; font-size: 14px; font-weight: 700; lin=
e-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=
BoByZ4BCThTyrO28bEHfzr2TJNQkT30XoIvbA-3D-3DGBUn_Pr966knuaHmaw6c7pKvB-2BCEiD=
nj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2F=
sgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2F=
tP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQ=
oOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLAQBgwQ0yMbxSc6=
T8xbiAPZ1m-2FtVtHMUczqSA-2F9OiCvoSu7aBJmCluUPeuCsqB0qIsQ8iwOsCwa3qIEEltCG4b=
II6Yay9nj-2BOViwSwxvOFgPPfo9-2FbXsaVBSt3Yfy5ObNfOSa6mBXSMYwx1ncfrITkt1yz-2B=
kihfnRWPbIveXZYBIJJbsI3VaWMJNyPmSpAfJE7gjtIO4zUzn0KnT46hM3ITui9LnApefl1Nbir=
pGkIgTJ9NxWFL1xl4G57TdBo-2FQ-2FDaYCGYSPvZNgqvaI9I1x51N" style=3D"color: #1D=
5080;" test=3D"" universal=3D"true">PitchBook Benchmarks</a></b><br>
</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table class=3D" " cellpadding=3D"0" cells=
pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20
">
<tbody>
<tr>
<td lang=3D"x-advertisement" style=3D"padding-bottom: =
20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzVY4T8IpBoByZ4BCThTyrO23NxqloY2BLfRT3HVwHDELw-3D-3D5BC=
o_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5d=
VidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcE=
Xlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR=
8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19g=
H9mKc9XmvXi-2BLAREmpdmxQ7ihu-2FGW0px7bkhuqLtpavtHO5RfFIpiPZ5itQ6hWF8Fz3M3l0=
S25lMB5j36eVJbtyu6EIwJFU9aFObXoA1xaKdeemNO7mXmjfkM23Qk-2FeSXRaATwIndnHX8wB4=
44mlcnBHWjMhNeZLNIdKKH1m4Cg5AmXIf8EwoBDArDtZJLT7QfDCz4AARmHOMT8nqibYwZleT5t=
nSf9ZSk9x1Rx5YTiCIy5KviO1QNeA4Qb9NHcnKQKDv6HjkB4zdxsTdqbukaksiRCxDumGczp9">=
<img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4530/Churchillmar=
chhba.png" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; border: 0px; dis=
play: block; width: 100%; height: auto;"></a></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>VC Deals</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><a =
href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVY4T8IpBoByZ4BCThTyrO2lYdkd9YYt9m2f5hz-=
2Bxd1Hw-3D-3Dtn6D_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc=
Vf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9=
m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJs=
rm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsl=
eAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLAQTbAqyHrItPiFuv8pxjhhTncxOHWEtv9Sb3uDT5uvcl=
GcxWWf7-2Fjf0TV5biI6-2FvNJdpkhfp4-2BG2XpRIsxv-2FoGpQ1eMOHzbut7I9vXWjMYAl15C=
cijavNLPcTz5Li2ZZA6p9saqOEfPNelFzhwmhOQVpSVlDhHV0Q3GsBCca6lg8jJ9h57mTfxtcSH=
a18IS5me3xNICgTNdhgQoxn4T01A0gnJtTCDBQtUYU0AhxOz4kJ-2FEsatiFnm1pQHazz5XwACr=
YYAK8h6gqi3PXzA9-2FVAs" style=3D"color: #1D5080;" test=3D"" universal=3D"tr=
ue">EnerVenue</a></b>, which develops non-lithium batteries, received an ad=
ditional $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-2BaqM7ONnvsnswouzVY4T8IpBoByZ4BCThTyrO2FB94UiMHs=
BY5rOfOG-2F26qw-3D-3DWCym_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05=
c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPts=
bsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfw=
Go4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLAQc2l7CG2JDQXhjxqoaT6HIHoevz5c1aB7EC=
D3IgYFz3z8Nt9AriUlcVI2-2FK2rH1HYelJLXkEKh97IS0XxNckGhoW8372NcsCKJZtrX9vjY91=
Jrx8j56QP9MjV7dw3R9TjjL9CUNf22ZppXROIh3l9ELszhGCyq5AGkeQqbBrkW1oBsxTi3-2Fx8=
UrQk109EHDDb18xIXC1rA2AwPuHKvjaUy01pKbCURjy9ybEICyba3-2FvpkUPtAJsJUC-2BBSRe=
OJLxe0aJaOy-2FExuJvKBhyA0-2F7Y" style=3D"color: #1D5080;" test=3D"" univers=
al=3D"true">9fin</a></b> raised a $170 million Series C led by <b>HarbourVe=
st</b> at a $1.3 billion valuation.<br><br><b><a href=3D"https://url6380.ne=
ws.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7O=
NnvsnswouzVY4T8IpBoByZ4BCThTyrO2VcrbXZ24Yr0R9BjI4Sq2CQ-3D-3DD2LX_Pr966knuaH=
maw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-=
2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0=
VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVy=
crtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-=
2BLAQGC6Yit7RWr1hyYM4MQMeG8buil1rhSdAbaleDAcdWj5yfnS8N0ogZecP6j3rvgkfaulyo1=
0lIOIY-2BWdYOLpyIWLqmoRfFg-2FG0oRJ4-2BRKg4B1v2N4-2B7i-2FsaPS17p1Bl30Xg-2BQa=
uVtRREhHlhD917SNRdMD-2B5-2BwanVVsHCH3MHR3Bm2BjmVIMJyGsdYumT7hOhbJQxkPzx59jm=
hOMYTUXT01-2BPY3YJEhsjrA4bsUt6eW8QodpHTjSU-2B9shbUsmj4dORCCpO9KnOYdTt8Vtz8N=
rQ" style=3D"color: #1D5080;" test=3D"" universal=3D"true">OpenRouter</a></=
b>, a startup developing an interface to help developers access different A=
I models, is in talks to raise a $120 million round led by a VC arm of <b>A=
lphabet</b> at a $1.3 billion valuation, The Information reported.<br><br>
Semiconductor design AI startup <b><a href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVY4T8IpBoByZ4BCThTyrO2QaPvfm2it0thWB0u5j0RF=
g-3D-3Deopr_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA=
68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hb=
i4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCg=
PnZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0u=
UQuvCWZ19gH9mKc9XmvXi-2BLASkPQ2t-2FlwFBpdY1CZ3SqAMrLzIQ-2BGw-2ButEeoJJHZvt-=
2B2yPAAA7erMnNi0lzo2KxHEvjfjITv7tO0ygzwcGC-2FFF3xjjukd35t-2Bk0rDzYiehzMCpr5=
rZRk9J-2BALY9mmDOfW0KuG5DSoJ07tcrweu3fTYxloEVERNWYxg7aIzEueLl0oB9CkruiIKZIC=
CBk3Puc45LWlJeN145razeqWGEkIAeu0KWmoWeUbIb3PY886r7J-2FSTLQmcSwKzY-2BKVHDZfB=
8gfYbMVAgl0JJtaZK5Z7DI" style=3D"color: #1D5080;" test=3D"" universal=3D"tr=
ue">Cognichip</a></b> secured a $60 million round led by <b>Seligman Ventur=
es</b>.<br><br>
Brussels-based crypto investment startup <b>=
<a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73=
BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVY4T8IpBoByZ4BCThTyrO2qe1cp8-2FWYuAu=
-2Bvrv5Uz3Ew-3D-3DMvOP_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI4=
3kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C=
4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsW=
fYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4=
M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLAT3j0aPG1qPYx28kINO5HT4UKgEMvDuHZoGJjPU=
y3u7EV33pZLQtj40XlYYhC0oAD6Kd-2FSJOKx3Qa6UTGzwt20UjeLapYJO-2Bi-2F6W1WpKnok4=
ycg3jghfg-2FzSxiTowHyE9IKbLSytqpTwrC-2FI6KAW6S1AmP0l113cT10uHWobGdshS5zybK1=
NONtzNYm93RMnfmUhFybs5i6L0-2B7slKDQfeXcd-2BZWRnvsJqfOj6-2FBCN8G1b4kvT7ikiHo=
MQvBuPgkiGNYzFplbR2VwsOSK2iKjUH" style=3D"color: #1D5080;" test=3D"" univer=
sal=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-2BaqM7ONnvsnswouzVY4T8IpBoByZ4BCThTyrO2wWCrmVc1MX-2FznTRJ-2FTigIg-3D-3De=
UVz_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW=
5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvP=
cEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hIL=
NR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ1=
9gH9mKc9XmvXi-2BLAQTAv71CqL0flb4Hj7fqRnjz6T6sj6ptGF6ihVXG7WGS6Lc3gaSj9GI-2F=
NbPG1h4MSZ-2B4xQVrRt-2BZFmdcM92-2BZHIw0Pn0rjXtLwG4Nj16CBXkMEb5K-2FyZ-2FjZe3=
MV3Qziu73ea5vqmYiB2sZy5NbUoPnRVipm48e9jVSbNOx3FELi6dzRFsAsOFQGxQq1qf3MgjdiL=
PUp-2BmtNeHwpmxRt0XDsWqAqMZwSDYHgHLYgxEdB5NsiuSFDIXHbmYntAn2wvwA29jxHeQYELc=
1donWjHJRS" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Linx Sec=
urity</a></b> received a $50 million Series B led by <b>Insight Partners</b=
>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUjLakqgTPOdMSsY5JU0Ol7C=
GGaFX5FHzIRHDZRBy7ulA-3D-3DEhg__Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2B=
HR4BiQVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9K=
vdZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7=
CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2B=
DsJnfwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLAQfAf4H0T0jfGLq7EBMpa5EA6v85ht=
QYhyhHOWyx7AtNT7usm9YQnoREJ721-2F-2BjmzOQQukgBPwBv31dXl2CFk5x1z6WZTEV-2BaJd=
H5jMed2Yffm8WGv52vfW990P1IIunFuytPuATlZDh9iUvMA2ixVMNjNgRGyjSCxxT0Hm88Im5Dv=
wkd31UHNLY71SbxGL5OYtUplIWPHO1WdKTqAqWmuqPVd2tvYmx4P2-2FCbapTz9dP13vkGD4Y2F=
onveFczYAXNqfsBd0q6VKOgUeBo9BWGG" style=3D"color: #1D5080;" test=3D"" unive=
rsal=3D"true">Via Separations</a></b>, the developer of a platform for indu=
strial separations, raised a $36 million 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-2BaqM7ONnvsnswouzUjLakqgTPOdMSsY5JU0Ol7NT0L8-2BYR2vrDYGA2d9GTNA-=
3D-3D52QC_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68=
NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4=
cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPn=
ZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQ=
uvCWZ19gH9mKc9XmvXi-2BLAQsZPhV-2BaQW8G-2BjgLhl6BXSLvIiNETEmKl-2FTlFHAt7-2Fw=
oVkMuLhHHP77vIS7D-2FsvLQM-2B2KRlZ2XT7DrNOUwVLoD5wxlBYbatIEcJmOvRZqP04DIW1mV=
vxVL3h9DyT2auJSSQc7ckTyyNmv45y0ELajD64QESsM4dy4lDstF7NU5oyZ9c7Z5vAXkwBZBQh-=
2FdI3g1wx0Qy7Ft-2BkwdLA3JIGmoOL9VWfsHs4y0Gwm5fWVC4ii1BM-2FA28uj4-2FzKGOT0jm=
L-2Fv-2Fjt73fXXHerfZcE6r1E" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">Treeline</a></b> secured a $25 million Series A led by <b>Andrees=
sen 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-2BaqM7ONnvsnswouzUjLakqgTPOdMSsY5JU0Ol78e-2FLoVuG=
DwtR-2BUDUNRv9Og-3D-3D79sz_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi=
QVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC0=
5c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPt=
sbsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnf=
wGo4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLAQlyzSdnaapNMBryIQfYfYVWuRep7-2FDzw=
lguRvq4dS-2FELlUlRNK2NqpRn9XG4gxFJYsfdSIRpfjVCrSimcll9CDLvRYNRZyMZ6RMYt3nwa=
QFn4Y4N-2BnwhVuv5NRo3WqeJb26sNvaum2N9hexOpIQmRuTqBMfZVDmA5T-2FZ-2Bb5HvlU1h2=
GwjLR3ep-2Bo-2BwKcZ-2Bvp-2BYmff1LCU3ZvMP8MnKLAIc4YQH85-2B-2F198wCMYJtnatG6S=
OsOQMZJdCZHry5svElgnZybbbrcjVmMVHhK-2FJwf9t" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true">Kestra</a></b> raised a $25 million Series A led b=
y <b>RTP 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-2BaqM7ONnvsnswouzUjLakqgTPOdMSsY5JU0Ol7w41XW4tiPE8Uy=
rnuGPPwLg-3D-3Dof3A_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb=
McVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7=
K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYO=
Jsrm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5f=
sleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLATsEC79XMa-2FEXxioE9g0csbqsN5s8GGQgLjDKd4i=
JtZqYua-2FSWXZ6P-2BY61HHhbcfIC6nqSRvazSaJCgtu8phnYskB5Cu9kwqKusPG1J9-2Fe5MS=
AsgMhOgMVoYSaqT5hCY2GAlGh0MKXw67p80RqQYn-2FZ6gtk3wlj0SzuZl1mJC1pkQmQrA6fxr0=
TYJCfZROogFW6n-2Blxs8RhCPE9OylADtO73-2F6JystYDEEg4-2BNxtz3Hr-2FKs9SYxCV4s7p=
g-2B8EwsTdAhZJFS7oxZpr8M-2F2EOyf1-2F"> <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-2BaqM7ONnvsnswouzUjLakqgTPOdMSsY5JU0Ol7w=
41XW4tiPE8UyrnuGPPwLg-3D-3DG5jI_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2B=
HR4BiQVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9K=
vdZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7=
CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2B=
DsJnfwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLAT7fC06meobsApJ1EdUUOfxlJCuEO-=
2BdMKl709iG4V9fBU4QbK7d5qzYIHy4kqoanPgh-2FzxD-2FcHlQFAMAAh-2FesMHEnj46neWCU=
MHUF31sABo-2BU358rb0GvAlJf5N8opth7C80WZLxOzzQ73jMW5xIy30TewX3g1f0NFZuBrd-2B=
t25SuWEVdOtvKj0pYusuIqWrCRxMZwk-2FGyLdAB-2FMQeLLiNJX35hnmOwBrH1c9mYiqVkOqBy=
sO-2F91anDTZCGudUd0htKYMzosTsFT5H0Q3yCCJeW" style=3D"color: #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=
qgTPOdMSsY5JU0Ol7ypucorIpAsQatqrxtLol1Q-3D-3Dc-Pc_Pr966knuaHmaw6c7pKvB-2BCE=
iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-=
2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-=
2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0=
rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLASYpJ-2BfSms=
uU4LsogwY2rOj9nMLNaRGC4qTGFjcRrDbizdQsocM4kBo8InMLQDDbRgyFdbcwUtJLj1epgi-2F=
U8dqZEfOP-2FSUP4II5VdWo4bSV3u3Tzi7R-2FF9t83gQclkKYDqW7VEQ8RTe3AXtBNjtx-2BOq=
0r3UbMo9EvrPSMSAb6zlhtYZ0xVyyRAjbPF7Xu5hAEkPQbUodNbfc89ZLt8VxYthCs9x4eFJo84=
1mZ2ZpDN0aXzWQNlePLq3J-2B3Q3br1uSKwK097XEVTdolI459Xfej" style=3D"color: #1D=
5080;" test=3D"" universal=3D"true">Taiyo Holdings</a></b>.<br><br><b>Black=
stone</b> and <b>Colony Investment Management</b> agreed to acquire <b>Acco=
r</b>'s stake in Luxembourg-based hotel operator <b><a href=3D"https://url6=
380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2=
BaqM7ONnvsnswouzUjLakqgTPOdMSsY5JU0Ol75hm51NEbtnitC4v8dG5J-2Bw-3D-3Dcl-m_Pr=
966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5dVidL=
ZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3=
rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8fMa=
B6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19gH9mK=
c9XmvXi-2BLASU1S6eMgH4-2F4VMfOmhPHoBdQVoBkQwIxHfXhu1MKq0UBmf3sSed6mDagYLR4y=
Xl6m6yEpk-2ByS-2FBZrLi5FMZ54vzZ62dH3NeOUMhOzkQYEKvEpqXtNYcQTVL1igL-2BCF679y=
Xp7enjl9AVzJwH15Mo9zH4lTXxSCMN-2FfnCpOuOvv8Q6AjIvo02nBD6qOHIAf4Mzkarf9sTrfz=
NLtKuhOX575OCKTl11UE-2BrxG0VESFe1-2BOxq8XDXEWmC3FVzVa6s3nyypQVLDgK6xQwhXDkh=
Oam-2F" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Essendi</a><=
/b> in a deal valuing the stake around =E2=82=AC975 million.<br><br><b>Gods=
peed Capital Management</b> invested in airborne-systems-focused defense co=
mpany <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du=
001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUjLakqgTPOdMSsY5JU0Ol7-2BKh=
yhmZmuDaMFDV7U7L3gA-3D-3DZ3iI_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR=
4BiQVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9Kvd=
ZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CC=
fPtsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDs=
JnfwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLATPLkAdPDF9vxzH848lbBAl-2FSy2k77=
mplgq-2FDf2HFxDlDY6V3EY1fwdyC6QrbAIYduHMDt-2F7mVkjXJ7lOxBg67UbqbJdYt2hpItLR=
tw6cpbBY3omZp0DAPu-2BUziviQ4kw3GytIuXjtAeKesMwD1IRTA-2B0hVSIfoKzH0U94kxxra9=
3XfuW1GxsmwUjDwHx3tlRl60Udnf7iGM-2FC2ZyXy6xchIsk-2Fo5Uiyx4Si0dD-2F05mv9FqST=
IQZsoGJYcsTz9b-2BDQWsvbVdz6oBW4yhIo8bcvE" style=3D"color: #1D5080;" test=3D=
"" universal=3D"true">GALT Aerospace</a></b>.<br><br><b>Inflexion</b> agree=
d to buy Finnish fire protection company <b><a href=3D"https://url6380.news=
.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn=
vsnswouzUjLakqgTPOdMSsY5JU0Ol7iXRq0f2o3FT78BhNZ51OBA-3D-3DSb8g_Pr966knuaHma=
w6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2B=
KliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV=
14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycr=
tIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2B=
LASeqIf90-2B9TMuF6K00k95kIqbJpTAFIrPEPy9HQ1iRkUpfJhCXRLliRBsVOFQJ651Umtmax0=
xWhwGwsanO2-2FL8zGijBw2xM81GIyMI8qLntDNTkmRh2KEFB4ZY3NKEo7iM3iwBx7i91ruIZ2C=
CuKDyswxkVypvLjlgst8q2rTQ4QFAvYF43XRcJ5ZTqdzp4ItC7DOsFR8GRsg3HVSDi6FwXprOWd=
K6g2WXOCjYhQfzSNhHks7En2IuG7vrR6HRwH08bznIY99AXuHKlJHU-2FEuXU" style=3D"col=
or: #1D5080;" test=3D"" universal=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.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzUjLakqgTPOdMSsY5JU0Ol7PIPiziZPf-2FTyRBEBKsFj1A=
-3D-3DJ0VY_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6=
8NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi=
4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgP=
nZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uU=
QuvCWZ19gH9mKc9XmvXi-2BLARknmI4CAuc9-2FU4wdRI4wE4b8pf4PA2yE74qZycqfKKUKCq-2=
FxfPMJqBiyL7AennR5PUBMtUZxH1iFc-2FGENe3gO9XeOYWp3rmZPR0J3okrkEWD14fJi0m1C-2=
Fr4MvFZ93npHcuZ6jO99FGmNVi4gWh6kRWDlV3XCqnpnnVshCRbSUOC27M8VhQb-2FoaUPXcSiX=
WMi2-2B2CCebvGrJJElQ5NvC8BlJVZEarztlv2oZWoLZwp-2Bf7ydmbZur9cD8BNe2kWb7pGhjh=
Lw8-2Bpx4IaaeSlpCZe" style=3D"color: #1D5080;" test=3D"" universal=3D"true"=
>Orbis</a></b>, a UK-based provider of security infrastructure, to <b>Tiger=
Infrastructure Partners</b>.<br><br><b>The Equity Club</b> invested in <b>=
<a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73=
BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUjLakqgTPOdMSsY5JU0Ol7h8kHLOaoaGgdWA=
MGAHc0CA-3D-3D7wjl_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbM=
cVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K=
9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJ=
srm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fs=
leAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLAR1AMcA8jvcenUpGF3pUmwuNa-2BzgyTaTzljY9qqDq=
de9DrTLiSf2By6ZJE4GJi-2F9iEZexSRdXOFOXzb1iR6cboMms08EjdiSn1wst-2BmlJx6XlDhs=
fG9vMJH-2BeiuFMdy4k7aAWfL-2FfY-2FLkfnPQYS-2FrgoxjBkbuD2Ppp3KjR4HLBNxTRy7mxv=
DPbbMag1GvX9nHmpSkSCM-2FMqNx44T5b2ZK2SC7amFOAgtJm7pn-2F7wVyoTVRS7CzAT22PMLe=
vc8J-2FDQT8jBbPAsR5TpNkAX-2FeKlGD" style=3D"color: #1D5080;" test=3D"" univ=
ersal=3D"true">Lux Entertainment</a></b>, an Italian producer of large-scal=
e 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-2FG5msa8cN5sz3s8ANrwxuhi1NU=
MFpY-2BWQ-3D-3DLvNb_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb=
McVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7=
K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYO=
Jsrm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5f=
sleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLAStAkH-2FyO-2Bq7C1Ip2NyzPRVsCfCvdfiLD3DHb9=
l0RVSWhsJjVhj8Os5v6mL1IvNZAiF6Boq7dOSstWTouADWANbDnIccUDCBpX8teYrgApI-2FaDM=
RWdVGEocmPoTYCRPr2MEWjpZuGiMXY5WR8zn-2Be0Rvp8upjRuHNb27pGyTp4DLZ7CKQHsJ13kA=
-2F7xkGnIGodggLpc-2BF5Uvd67L5H8c9TjPpwHG-2BgIqCsEgf-2BrylyFFjsge7Jz-2BIM4Gz=
IzPKSK0jS-2FfEzIPuzSRl6WTKm-2BDpQc" style=3D"color: #1D5080;" test=3D"" uni=
versal=3D"true">Monzo</a></b>, a UK-based digital bank operator backed by i=
nvestors 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-2FG5msa8cN5sZ6o4OW8X6FsaBNDiECTLHw-3D=
-3DPlwB_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV=
RqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz=
8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC=
6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuv=
CWZ19gH9mKc9XmvXi-2BLAThmtVxg7VT899ZqwDPnAr1gab4EEplOgV347uu2o6vEyhU431O8k7=
nHMoCafiUQkSOHtXFGfnROBxVo9GeUwrHVxHtzOHSgKUfzh5B2xEA3xCvph854wJXFdaVCsRyU5=
vGu6U787hsxmp3xT3mr2FReTOiAR4YyGauGuBMlo-2FO1oFpgZvlvzkNkPOzSJeZqvdr8LdIAR8=
-2Bmg8-2BuWkuSIRUbsQR97en4NIs-2FzP0RCYO5epgIrSvCuPunKvOObpI1WrWaYsn5VJLCnMw=
Uo-2B44ypJ" 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-2FG5msa8cN5sKH2MQ6-2B0HMnYFsQqe9TX8w-3D-3DCL1p_Pr966knuaHmaw6=
c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BKl=
iZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14=
y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrtI=
gGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLA=
RjdLr0DWTWdGTQgAaHsa-2FjUeFhim1WLMn4ANnYBanMY5HJf-2FBMFW-2FRalNJEPoEKnZuzVc=
O4NagTiLQav2Y-2BkS2MSkyCEuK10I1VpfkmLEuCW7wD6R1RjDO2gcQQBpR2n0jhy9CpELWwdo-=
2Bhbv9q7kZo0TF0xLcSwZjG2ASyewlxwvhgLqNYyObA4Ddnkmh6wCQ73SYCjJijrigUyyEP4piT=
ZBTN5rrJIx93MGv97IjkbdizlBogARSxuaGZ3yiwQVkBGTuJ0JsXLmTlnAhWttf" style=3D"c=
olor: #1D5080;" test=3D"" universal=3D"true">Frontier Waste Solutions</a></=
b> is in talks to be acquired by NYSE-listed <b>GFL Environmental</b> in a =
deal that could value the company at around $900 million, Bloomberg reporte=
d.<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-2FG5msa8cN5sV-2=
BQ29-2BY7JiQqMCiGofjdMg-3D-3DYW3H_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-=
2BHR4BiQVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg=
9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMb=
r7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-=
2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLARKX9q4K2Ueu8Whw8eVUvBRhDS3R=
-2B-2Bs6bjPGS-2FEBmRJ2bsz5ja3IvtvdecKiKKrtlDaYyMGbaApqlT6Lj64lsvuXGBif-2F1l=
eoW9-2BXJBJHhHU2okuDV23K0PCsGe-2FmCIPoNwsd2oC177xomRjnnfgTdLNho1OdcOWM16imG=
2JRPmGARiehyPwtSWuP9rqfZ3M6twwEAyY-2BUELVS25sDAF8hX9A9w3yLsrj-2B-2FX2arrzv6=
7dchbB3wnjJMSMnd5zOKWcKmFrll4A5SwSUxj44GUsw1" style=3D"color: #1D5080;" tes=
t=3D"" universal=3D"true">Daybreak Foods</a></b>.<br><br><b>Warner Music Gr=
oup</b> agreed to acquire <b><a href=3D"https://url6380.news.pitchbook.com/=
uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVZeh5V2=
FAIB-2FG5msa8cN5sRhXsXkzpOoyCx9cZnmcqcg-3D-3DDfhl_Pr966knuaHmaw6c7pKvB-2BCE=
iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-=
2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-=
2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0=
rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLAQ61v31PTu5k=
eHflRwEbab6Co7gw7VoVMMGVI8HffQZ7G3S6Qpsqe6UoiP7RZ-2B0KFWOudT0b7P4uc-2FoW-2F=
9ht5eYHlkDQJAT1nx6-2FeaWTsX-2B7-2BL2Oc4mLdMIqod2orYSN9RvT1NWr-2FbPnOJIXVweM=
xhXpVqHgzM9XMtaslAcWnT00Y5gfQWq5sGiyErI16NgKQzQR5OgQmqLSkDSLnXtaO4Kn8tB4W5P=
Hj2IFBKdcWcGlpFQOqvJce8N-2F91J3RbjcUucbzvc5XQUXEn5tYMyKzZM" style=3D"color:=
#1D5080;" test=3D"" universal=3D"true">Revelator</a></b>, a music distribu=
tion 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=
sUZVOb-2FQWVVshN7pNWmZu8A-3D-3DWyeV_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQ=
P-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZj=
kg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDH=
Mbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWi=
L-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLAR8xDgEkH7nIJVm9iejXiwZIC-=
2BFaL-2B-2FUpBkh2uGKNBHVCjn8zythtcAsDheIu88Pbl9anGMBuxgZdnV8VJCBVMX6lZR8WSr=
l9FCCOxj3rmzeQd18tk2cmwB8onynpx-2FX0QmluJ1Ns6yfpmyLApSMXml-2BKyA-2Bky4U6oNq=
TNdxWf9o6yJlvuaPRKmX9xFzzy9-2BrD8e8VJEPmFMw6NUL2wua5ZszWkCUpH7F7kY6nuidRjjh=
VVl5BD7EGt1QgBhN2VlBFlzsdK5aiYywRPhDJM6peL" universal=3D"true">Blue Owl Cap=
ital</a></b> closed its latest asset-backed fund, Asset Special Opportuniti=
es 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-2FG5msa8cN5sWgHmHE6=
OmAr9rm5YBQIX-2Bg-3D-3DbMVk_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B=
iQVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC=
05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfP=
tsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJn=
fwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLARCIgcg-2FaDR3h59jtdLoUl5oQ5btnxAu=
roXmfhL1xOjLZ1uWt6qDBOHg4HVDjZHoP8UHzSocc-2F9GfI9s8QyV-2FmVZJ-2FQ2nZLfMZAYt=
f6RkMpipWFcaNcOmPRk4PZZ88gG37OrsjiR4pwr-2F25ZVkTeNQmIFjiJIe-2Bb-2B6H7cGf1uV=
-2F6I2SM84g198BFuWbEl4a0qpUGYtjG25NE-2FJxSKPLllDmAC8sYnp3jBifdAWNcQAA-2FQHr=
IU4KMSmcP8bMnkx8XtAc4fJ1atbEtbNEVRfZPNiC" universal=3D"true"> <img align=3D=
"center" alt=3D"" src=3D"https://img.pitchbook.com/news/73567.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">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-2FG5msa8cN5sWgHmHE6OmAr9rm5YBQIX-2Bg-3D-3Dl4g0_Pr966knuaH=
maw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-=
2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0=
VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVy=
crtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-=
2BLARqizk-2FMo7f9CvJinLPdEKTaUxYH3DyaDDuowioM4F8wJuzYfxc2jJUiMI-2B0mSMID6xn=
4-2BX1TBr-2FiQtOGn-2FfgPYXWgxGaUUzB1To0H3tlumP-2F8IptQ4sHJ-2BBxmxCJk38Y-2BS=
I5yU7EczKEivQtrusLiPEosgrWAnEgPwPrXe7yol-2BepvdhJE5sNtWMJmcojQRn8tBJwYjkKDf=
2-2BEcedCvh8XoaHORXJDag-2FNy8K8fCth5mgQQ1NnFyC2-2FNrRRLX0f-2ByLAchv-2BYwHqc=
EPkZdILmTk" style=3D"color: #1D5080;" test=3D"" universal=3D"true">European=
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-2FG5msa8cN5srZknlRnNx=
DarvqRRu0NGSg-3D-3DOUpF_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8=
C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbs=
WfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo=
4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLAR7o72xZMpIJVSsfJ7cfagXizB-2BnNsRkoki1=
-2BxAIw5RJrBysYMTEa2jBmhC80DFkw3Km3l824ktz6-2BAhGptb07v0LVHOP9pVXnSYYps1u0r=
INdZED7TPvZZIE8VS-2FUpkZZVNKL0tTDXaoUFo7x7mNAP5A-2BzgW7RrkbkETKCVeAyoKDmk1i=
gteXnYYP158WXgPIfLm2QGxjdLmJ-2BIIGRz7SOdK9pEcS19IgfB0HtrrfL9rarFZf3TRwAMmq1=
BrrGge4Hhd13iX19f0OYqHBCxhHk" target=3D"_blank" style=3D"text-decoration: u=
nderline; color: #1D5080">About PitchBook</a> | <a href=3D"https://url6380.=
news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM=
7ONnvsnswouzVZeh5V2FAIB-2FG5msa8cN5sX5XFQvy7fR-2FYhUjK5EhHhw-3D-3D8n3O_Pr96=
6knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5dVidLZM=
xy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR=
5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6=
asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9=
XmvXi-2BLAT5kfcYqQdtKWKX0zavhQNTjlITCTkCts7HVnmCzH2-2FJizpUjgrL8HKPzixq16SL=
rLt5DPBAvJkPI8nitU08ZqfkGDzO8y-2Bu95mhfFmxqWo-2Fxwa7SEXvuUmAC42Rv4g7tWhR0R6=
doyWMvBF523Pqq4elUn02uZDCCskUgpWxp-2FLlsfU8YA0J6Zf8gvflZo2bE973U688pM2n0jzX=
OkAJWvp-2FGSMWoEsvTBuF65oC9EJ86atIIFu2M-2BitsG2TmHureoLVZyBU72Z57N3My3KIQ-2=
Bf" target=3D"_blank" style=3D"text-decoration: underline; color: #1D5080" =
universal=3D"true">Terms of use</a> | <a href=3D"https://url6380.news.pitch=
book.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVZ=
eh5V2FAIB-2FG5msa8cN5smBeNQxHUv7Rb8zYD7mTlpQ-3D-3DbfR-_Pr966knuaHmaw6c7pKvB=
-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2F=
dY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0Ab=
cCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQ=
kVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLATT5dSY=
-2Bv8oE1Kyx3eRIkECZJh6ykd5-2ByetnjStd4kyEuGe-2BD9m2W3tZ0YLb3ieXjrTeo2rXqQ5-=
2FGmS-2BarEhhveDHm4H5rJSdoDGS6Ptwi781ezwawDuTi2qmPR3bSHpIME-2FO0-2B0wQXec4f=
L5V9uPTAgD3x7qD6uyouSnaIe2PoaJ-2FO-2BbBTTuUJKqYktE1qLsKtgxed0KN5WcEd-2FplWn=
2yOiKpaXP0VkzFht1RsX2E2v9-2Bo2RD-2Bbfxe2BWXe-2FA-2Bbxyhx5Lz8dK1Duyz6xiQHOqA=
" target=3D"_blank" style=3D"text-decoration: underline; color: #1D5080">Ad=
vertise with us</a> | <a href=3D"https://url6380.news.pitchbook.com/uni/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWNtDrRHDAi8tMl=
jQ-2F22HNwpZJVdhb1FysmhZU55K7LRQ-3D-3DA-Kq_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw=
lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPM=
klYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nI=
iiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk=
9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLATUCvUVF90IjFctWX5N=
jF-2BUqiLc4zSQnxib-2BwTf6rpt0Op1jiZBJR2hbBnJTDtbCNiNPGG4SQ2dfzc04nK-2FaBnbG=
sp7h1YxVrCJVc2tVnRlx8UewE8N5lX5s9PszAAG8EWs4nY5AXltlWDNV6IIUHwm6vqQgqmqScFd=
ZpylhOYrFUKJlJfg7NtMKZXB2a28CTaYGDfigCHhWnumUiFOn72EUA1N9qbGYJUYtTOTanlsHxP=
l8ZwiiN4VE8EDmRRg02zhckD5bAXEhrRY40SHJHE4" 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-2BaqM7ONnvsnswouzWNtDrRHDAi8tMljQ-2F22HNwgJj8aYkWJhRHa-2FPdsSACsw-3D-3D-7=
85_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5=
dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPc=
EXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILN=
R8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19=
gH9mKc9XmvXi-2BLAR3haQVNFTNuiNUeqPN23h8Bxb15N2yNfTbX5B8TCw5Qpg91JZIqmMgBsaQ=
fyxrkzbGkg831P7Efa2PcHlfmNfSwlR2syEgQDGtiPR2DHeEUtRDPXjmRWuHK6wFh6ASbKy3z-2=
Bps0ODzRoZTEiuYtW4xVTKzaWZIy7kEacwQcqoiLUjV9yzoWThaRnxHXOvZZ9DT3GULebQLDFdY=
Y2YoJZz96cskJpUYzBbWcJ8UziRZicmv-2FEK1XSaeFvESU7tEsrJuMDqRrPSkyaJfY2z-2FvcH=
m" target=3D"_blank" style=3D"text-decoration: none"> <img src=3D"https://f=
onts.pitchbook.com/newsletter/linkedin.png" 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-2BaqM7ONnvsnswouzWNtDrRHDAi8tMljQ-2F22HNwL1vUn775DwU6RBsLIer8Eg-3D-3D9aqQ=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5dV=
idLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcEX=
lp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8=
fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19gH=
9mKc9XmvXi-2BLAQsHayyRT6vjW8IQZ7m0vhBuIpMj-2F-2FKcnSrZSNzQcxtprTyeZ9oPC6dfp=
yrPCOKjizrMo7YvWET4pW9-2B2WJITsDwd93vA9uaIep66CM9bVVeXhKxArCQiqC9zHJ3JK3Cju=
TaPecm6F9qepFEvW3XCfvBClofLoHTKNm0hlD2SlJxyzbzk3J83yJ68BHBwjLNv10BTHhVl9jWc=
XfMR7pzzYZaOvnqUyKeWfXfPOkglwSgm3CYPlUx2rzPrcdUAdQU2KW2ync8PjvtWgthlvnbGao"=
target=3D"_blank" style=3D"text-decoration: none"> <img src=3D"https://fon=
ts.pitchbook.com/newsletter/twitter.png" width=3D"25" height=3D"25" alt=3D"=
twtr" style=3D"border: none; padding: 0 0 1px; vertical-align: middle;"> </=
a></td>
<td><a href=3D"https://url6380.news.pitchbook.com/=
ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWNtDrRHDAi8=
tMljQ-2F22HNwzoBtiqa2H2DB6mmTXXCy7A-3D-3Dbf_z_Pr966knuaHmaw6c7pKvB-2BCEiDnj=
5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2Fsg=
FPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP=
9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoO=
ARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLAQC1NBMs5a-2BIej=
UhKgGfSKNOhogkfKR59OE6SX-2FzIXXb1tlLQGv8lmFhPCOO9081Z4DIqArDISl-2FA7q8jJ9J2=
du7RnsGGq3-2FOTKjw9qQybOMvWvAbTP2vZHTb8gf2uEiAnJiaoc7H6stOlB8uh0UOas1loWfdS=
BBQdMaJ9U53KbipBYkm2kz-2BdpF1ZQw-2BLRNRUV6YrA04uAH25Yrdc3MaU9WFDJSMFp9Rbt7k=
7zPwpxgam3kZIfBIzfPNd3MS3K4oO-2BkU4RtTltlJys-2B7wyP1eb" target=3D"_blank" s=
tyle=3D"text-decoration: none"> <img src=3D"https://fonts.pitchbook.com/new=
sletter/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">vetyl@ponjosonek.com</a> via the =
PitchBook 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-2B0ZsygXiW0c8xb0JNNkFtjTf=
dSBLrG5odLYHQXzZYap3xyjo613CQL5EKIRNY6DZpApxW-2FtnBQ7rUuqNohbArjpNQasEdfyU-=
3DHp6i_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR=
qaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8=
HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6=
hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvC=
WZ19gH9mKc9XmvXi-2BLAThIK6zIlZ8yrBAv-2F7k-2FdEy7OdgIT585v4DRV1D-2FZ9J7GqSbf=
5N-2Bag3O3Ue-2Fj8rXCciQM2pWo9mBBoBjyWjS3q2aaCtyq7f3sEAV7XKv-2Bksa-2FCIBYodF=
FaQaciX7YxyX8-2FVVhWIyjpnHmuQXXJrfwbv8RsbuJ2Mu1zOu0zCm0Mqa08c2DW5Fgvk5ulJek=
LT1qn5fB70wGRUBHcK9b-2FqTb8Dlqxx4HGhLjvsnSyHP8O-2BoEGyhJDW-2BAQJQmeHo-2Bh-2=
BZXwkNyidVDAvbVLVMwC8zRTS" target=3D"_blank" style=3D"font-family: Roboto, =
Arial, sans-serif; font-size: 10px; text-decoration: underline; color: #1D5=
080; -webkit-text-size-adjust: none;">here</a> to manage your subscriptions=
, or if you no longer wish to receive these emails, you can <a href=3D"http=
s://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrVRv=
nzbxJbWwDftsHe-2FnJ3PNCbp5fVdgUVvM0uKhBfShb0-2FXm4f84Oam-2FsIf-2BQHY-2F6l9V=
c44O6YYP5nyZstiuA0hPHiOTJvTphTwYVVcDj-2FgzVFL55dZKzjozFN3yY7gCEJIYIrzSMor6W=
WroWX0bXV0YUZSSv0rx-2BGIUB1ul-2F6MkgMz_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL=
0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5dVidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYo=
xZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcEXlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQa=
BDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMe=
YWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19gH9mKc9XmvXi-2BLASd3Ib2ZN1ztb-2BaDvQbPr=
-2B7H5JWp-2FXGpPmn1fmAbRGOtlkc3NGPEZUahZPuR-2FAEVy5mEhvRnvxs27wDajKuvNYjkhf=
U4f5IUrkvPeKoVqJSbAZ-2Fo7Xw6pDcPTgLge7M4afWiiAkFh-2FGhjD-2BzalQuVNFroaKW1ll=
t38-2Bb0EhHivpGiisZk1P0SMmUjAGVSwCQtVPSmYP3mteK2wR3aw6yOcKMt5ykJ14FKH-2FoFr=
L8LuPF27kROp-2FbotmOv37r0tG4v5GZA7ZvUAJGcMIpHFqSKlN" target=3D"_blank" styl=
e=3D"font-family: Roboto, Arial, sans-serif; font-size: 10px; text-decorati=
on: underline; color: #1D5080; -webkit-text-size-adjust: 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=3D3DUK23EBU6P5WAW&eventSource=3D3DZQDXJQ6VUBAECQE7XY=
5D5PSLQI&emailId=3D3DXQKYWGV6Z467W&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-2FdXQL6-2Bsw8UD0pKhf=
E_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqaW5d=
VidLZMxy8pE-2BKliZs-2FdY4N-2FsgFPMklYoxZjkg9KvdZC05c8C4g7K9m5m7Hbi4cz8HvPcE=
Xlp3rR5JLtg0VV14y5U0AbcCA7-2FtP9nIiiQaBDHMbr7CCfPtsbsWfYOJsrm5eCgPnZC6hILNR=
8fMaB6asszVycrtIgGfSVQkVri0rQoOARk9NMeYWiL-2BDsJnfwGo4M5fsleAeV0uUQuvCWZ19g=
H9mKc9XmvXi-2BLAQUL0q7LN3Ufa1cXSYqXtO-2BEEgyAYjCDLukWLkkHMecuIANzeleKxndmXa=
Q7zcb3CdLlgl-2B2ywkcybde99RoZ3jwNJ34cVLemeorQMraT6Kbz8O8vVdoLcJZPKEZZkF5aou=
zcr433qiXy25eo6k89UW4Hd43Qet0iitU9gD1kV-2Fa1MIbTnIzr3DPyF491rRd2mQuUR-2BQ04=
ZzGTG-2FJaSOAElbSWpn6y6C9wt-2B6OvkiEvIA400t7SSCgR5UFb2ADcJqYvDV2ihmC0N3vDQu=
iK4AUj" style=3D"display: none"></a>=20
</body>
</html>