Your IP : 216.73.216.104
| Current Path : /home/angker/mail/new/ |
|
|
| Current File: /home/angker/mail/new/1775734629.M816151P1064404.server-619288.prediksijaya.com,S=150687,W=153484 |
Return-Path: <bounces+28456106-0cb8-most=ponjosonek.com@em9314.news.pitchbook.com>
Delivered-To: angker@server-619288.prediksijaya.com
Received: from server-619288.prediksijaya.com
by server-619288.prediksijaya.com with LMTP
id cMV7MGWP12nUPRAAf7/9AQ
(envelope-from <bounces+28456106-0cb8-most=ponjosonek.com@em9314.news.pitchbook.com>)
for <angker@server-619288.prediksijaya.com>; Thu, 09 Apr 2026 18:37:09 +0700
Return-path: <bounces+28456106-0cb8-most=ponjosonek.com@em9314.news.pitchbook.com>
Envelope-to: most@ponjosonek.com
Delivery-date: Thu, 09 Apr 2026 18:37:09 +0700
Received: from o2.ptr812.pitchbook.com ([159.183.175.69]:56052)
by server-619288.prediksijaya.com with esmtps (TLS1.3) tls TLS_AES_128_GCM_SHA256
(Exim 4.99.1)
(envelope-from <bounces+28456106-0cb8-most=ponjosonek.com@em9314.news.pitchbook.com>)
id 1wAnh6-00000004Sr3-19vf
for most@ponjosonek.com;
Thu, 09 Apr 2026 18:37:09 +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=1775734390; bh=7g9kjUIw3b4LuMo90sAGltFtmDocldjjc7QVZGU6jR8=;
b=iisq9Pl1F+MQeKzqmlaZSLRVX8tv4mcRLWL6INQccLRqYT/7Z62C5udPIDVKOeHo5HXI
SwboOIIUzUvFQo+/hWbv0fdB4Bbuad0qFwf91d6rzNr9Tklb26B4R1SaW/nEMSNl9xFW/T
gOkQkPGsTQBNdZ0Yq+UvplNsw3eMDK7Ty5XZo40NXNJzxvm0ONOvFNaP21qmH5MUCaJodV
sSGJH75g8eyPHDH/O9fnVRZj1wuRLzOfavUtMQE+7C0nifOcwm6/pv5MBhKZnHnvgDxnwV
EVRITvsMg81K3UQDEp99NFDdMWz98X7QqqBBwl+gkGzULuETaxEarAMN1+ROpMQQ==
Received: by recvd-75d9db7f9f-rh5b8 with SMTP id recvd-75d9db7f9f-rh5b8-1-69D78E74-F
2026-04-09 11:33:08.047471087 +0000 UTC m=+830195.123237210
Received: from Mjg0NTYxMDY (unknown)
by geopod-ismtpd-19 (SG) with HTTP
id mzOox0onRoCyAjVy_yXCsA
Thu, 09 Apr 2026 11:33:08.034 +0000 (UTC)
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset=utf-8
Date: Thu, 09 Apr 2026 11:33:10 +0000 (UTC)
From: PitchBook News <news-noreply@news.pitchbook.com>
Mime-Version: 1.0
Message-ID: <mzOox0onRoCyAjVy_yXCsA@geopod-ismtpd-19>
Subject: Wartime hedging
List-Unsubscribe:
=?us-ascii?Q?=3Chttps=3A=2F=2Fcontent=2Epitchbook=2Ecom=2Fnewsletter=2Funsubscribe=3Feid=3DABLZ?=
=?us-ascii?Q?54MOPJL5Q&em=3DTPK2HUIWWCWW6MTTUSIG7EYYZN?=
=?us-ascii?Q?B5PPXINB6DV2Q&ent=3DEJKJ2TTFOWZ2C=3E?=
X-SG-EID:
=?us-ascii?Q?u001=2EwjHNPkoEd0tti6dH8mhCZa5d7rLdiAsxLgSYARk73rxHPd3Aqlcm2Tnrv?=
=?us-ascii?Q?pNBcRMFNFcwVOs7OA=2FjzaFr76g=2FikdaSun5sKsa?=
=?us-ascii?Q?GNOOCV2I1ZLE4kgVgkkT0DOzqn7eV8jAhz3u5lk?=
=?us-ascii?Q?sEHyiJK4gJBqSqALZDH1RnsOyronWkm8HjwFe0i?=
=?us-ascii?Q?EdBpEniFqtG42vrYfEFRRfAAnoegbPVbzgL5bmL?=
=?us-ascii?Q?MOE=2F4idMmoXw+93W06i7rw=3D?=
X-SG-ID:
=?us-ascii?Q?u001=2ESdBcvi+Evd=2FbQef8eZF3Br+BiVHMa6y=2FD0OxHyDTyeHBn4HmQMpF4Qb03?=
=?us-ascii?Q?VKy+NsOif6qx82VoLgh59RtJ66WHiqUyA4Xrq5Y?=
=?us-ascii?Q?WXO6JSqtbp12WrdaAkLnh28Jt8Jxmnok1sLKF0u?=
=?us-ascii?Q?zLWj37o7s=2FF7gKGBLDujv4P++JPDzcXO5gzuc2X?=
=?us-ascii?Q?eyHRkV6QJ4fWTfem+GjcOXd=2FdUrjwqntst6kdjP?=
=?us-ascii?Q?AxW1=2FpgBr6tFDi99wENxFAfv=2FlpQGC7QKGQ6HRV?=
=?us-ascii?Q?n3gUuxs32dEmuRc6q7YWmOJYcafPPKVktZue9vt?=
=?us-ascii?Q?Vp7P4v4OskBRjtqzlFnYEHdQU55=2FX=2F5Pb6fBEmG?=
=?us-ascii?Q?3MonUZChoYsxWXuxLib1=2FupSupG8k00NA=3D?=
To: most@ponjosonek.com
X-Entity-ID: u001.YFoIgyol8PWrw0qKNaJxbQ==
X-Spam-Status: No, score=0.5
X-Spam-Score: 5
X-Spam-Bar: /
X-Ham-Report: Spam detection software, running on the system "server-619288.prediksijaya.com",
has NOT identified this incoming email as spam. The original
message has been attached to this so you can view it or label
similar future email. If you have any questions, see
root\@localhost for details.
Content preview: PitchBook Newsletters Fresh fund benchmarks; the incredible
exploding AI budget; how Anthropic's Mythos could impact VC April 9, 2026
| Read online | Manage your subscription The Daily Pitch PE, VC and M&A Your
edge on gl [...]
Content analysis details: (0.5 points, 5.0 required)
pts rule name description
---- ---------------------- --------------------------------------------------
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 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]
-2.5 RCVD_IN_HOSTKARMA_W RBL: Sender listed in HOSTKARMA-WHITE
[159.183.175.69 listed in hostkarma.junkemailfilter.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 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 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_VALID Message has at least one valid DKIM or DK signature
0.1 DKIM_SIGNED Message has a DKIM or DK signature, not necessarily valid
2.5 RCVD_IN_MSPIKE_L3 RBL: Low reputation (-3)
[159.183.175.69 listed in bl.mailspike.net]
0.1 MIME_HTML_ONLY BODY: Message only has text/html MIME parts
0.0 HTML_MESSAGE BODY: HTML included in message
0.5 KAM_REALLYHUGEIMGSRC RAW: Spam with image tags with ridiculously huge
http urls
0.0 RCVD_IN_MSPIKE_BL Mailspike blocklisted
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;"> Fresh =
fund benchmarks; the incredible exploding AI budget; how Anthropic's Mythos=
could impact VC </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 9, 2026 &nb=
sp; | <a href=3D"https://url6380.news.pitchbook.com/l=
s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUDI9vPAKcRi8=
dA-2Fw0JolS4x0SD9DIUYet-2ByWWcYpyF5g-3D-3DPeuZ_I3w5d9c01gkD8gLzFEofZR-2Bh6V=
warHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-=
2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2F=
OPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2=
FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv54Aq14Jdk485T-2FqYkB4c1uu-2=
F7B-2BU6PLeVBtLuLArdLrdb-2BZ7W6DozGkMEcwChR3Jwk9y2xS0cZ1SU-2BVCn0La9fxlkcho=
YQXXz878zV68X-2Fx38HndO0yx1evjbPztfH-2F0fOAy4CH6TCxmhOfA-2BHuysYHATNEIvULUi=
Xv7D-2F-2BEggcBBe7icyR-2ByAdlwH9zs5-2B1qIBP-2Fw4M-2FjwRRytSFl3UbmT20XnU5ewv=
mKn-2BwuZ3W6z7I0As-2Bo3MeY9PxKR-2FAB-2Bmg-3D-3D" target=3D"_blank" style=3D=
"text-decoration: underline; color: #1D5080">Read online</a> |&=
nbsp; <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx1VdE7sYl12opJBSgX8wjgWQkjpY2yE70mtuFt=
Qh5JMynEp-2F-2B0ZsygXiW0dASWMAkXrIC3kg-2BeC0SuDoyGjKHmOSdfo63E0RLyaXhmtZcu9=
qypgyxWwak1NhA0fr1BvoSfYroDWM-2BVTS0oRt95U99Dcs2eVuP4ojBepwdrCI4_I3w5d9c01g=
kD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt=
7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7Bv=
eILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciM=
TEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv2Is86wThP=
JmgsoFE5uytlrAr0U7UBrTdvLnSSlwG7-2FiZjesRAy-2BhrRSGrtTfgyM9s1VT4b7e9HRS4Niz=
iO3R9131SRTwVnPnUDHnVeGKY8T9pF8aJsR1KB2FgEAsGBVeyPzdAXoManFCGVUrBoQt-2BOMkt=
GxOojHVnArPVgMqNm21awz3vjbJzvdJdCL1oSugba8KuaAx-2FeIa8a-2BItuLPdm-2FnjqUytm=
NjQuywP-2FISTqqjbMIaUWQXGCRp7QwS7Siyg-3D-3D" target=3D"_blank" style=3D"tex=
t-decoration: underline; color: #1D5080">Manage your subscription</a></td>
</tr>
</tbody>
</table></td>
</tr> =20
<tr>
<td style=3D"padding-bottom: 14px; text-align: center;"><a hre=
f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzUDI9vPAKcRi8dA-2Fw0JolS4V2OCroMAcNiVwskBdmZAng=
-3D-3Dab-i_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8=
PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02B=
QbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIB=
lNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKG=
nIdjC-2FAIUvxWFd8b-2BXWInM379SQMonTWLHOjZlx2OBEpy3iU3DGSXLyaWnA4yeUdAOaj7Fy=
WA8tqnpFyxGDz7MJq20-2BaSrfKs03op3ojDcNBh41k8eYhAGz9zL3-2Bf-2BIKEHjCBpv7HN-2=
FGlT9APHVnbM22foCYkb7ftv-2Fzoqb8QFGylg6go-2FwcmD7lqewL9ZoZx0Z0N2UJGQKYXS326=
BNqKq-2BSdykfUS66v9uCluswD2Mh7JcfRgeUG37Vy8QuIYY2589M0Og-2BQpg-3D-3D" targe=
t=3D"_blank"> <img width=3D'1' height=3D'1' opacity: 0; style=3D'display:no=
ne !important; mso-hide: all;' src=3D'https://my.pitchbook.com/ms/pixel?use=
rId=3D3DABLZ54MOPJL5Q&eventSource=3D3DZQDXJQ6VUBAECQE7XY5D5PSLQI&emailId=3D=
3DOJG3EIWWRC2WE&emailName=3D3D6H3WX3QH7CXEMMMBQSMFL245ZG625LDUYNYOD6M6QHVPV=
46EGQLU2DKV43QYFSZS&pixelPosition=3D3DUAZEVU3EPI6EYRHRSC2KEHCFHGQ6ZMZBKVWWK=
QA.gif'/><img src=3D"https://url6380.news.pitchbook.com/wf/open?upn=3Du001.=
4Qe7VL981gyAPMxYoCz8CBKmv7adpoGoGfpUfNDzw-2FIUFPDY6owZNjRg8mspgm8j8KbIAhVFd=
SyydbVKkWrD7CANCddpN0RsLiGlp7-2Fu8-2Fywh1B2DgCIB-2Fx3yvSySVhHVd8gNDUorQ5Pb1=
gcUTgaac4VhiyJ8Nm9u25eeDE94iSLzhhgDPN4CIC2Ct1ao0n5tGJLwrxUmTPRUO2zqWwg8ZM-2=
FuvGWT7FXr47H46cIvs3pENj8i9EfofXIuBjHHAiAjwujS6mXLRyFh-2F9ESYUcrG-2FqYTg3g3=
HGAG8GV-2B1E3OyWim9THoMrMeFXxT-2BZaJT-2F3qmR4fFwue9BR6zyhvF7CsHVclyyrbmWjd-=
2F2qRqvFd8I0QLnd-2FNc4A-2BX-2BRfI4jhabXg0JZw80F6325-2B8QAHPs-2BY4Rpv9wWiZS4=
VC-2BxBY3UXca-2BzssCLWCspNJC2q2nkbzp0fSphqU9Cart79jacWFZ-2FVoXMGEAJ9MfDfDLW=
-2FoPw-2Bc0fp0hC1E5gThHaDRpHvrbsQELBpu3ZJwU4huGWYP5tSdfafD5K4zXAP468GV9s-3D=
" alt=3D"" width=3D"1" height=3D"1" border=3D"0" style=3D"height:1px !impor=
tant;width:1px !important;border-width:0 !important;margin-top:0 !important=
;margin-bottom:0 !important;margin-right:0 !important;margin-left:0 !import=
ant;padding-top:0 !important;padding-bottom:0 !important;padding-right:0 !i=
mportant;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-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZaOXKxFtR4Y2jaCEKJIvoYyxhIqA-3D-3DaJ4=
Q_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5Ks=
ArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDV=
RlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00L=
qde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FA=
IUvyNfVm26-2Fo1-2FKzqnqvJAtplzBDgqDFFbRUcRpZnkobgeY8NCJ5xS4j9nDyGNmppaxRwII=
fdQ7aafflu7STYHiuGHqcvWWQo73gqnctqggWx-2F-2FgKaTbEENPUkb9CENCUhFgQxiFLFbcHE=
OWQXj7H2U7FNmrGFrhhk57Cb2RndIutxy9R29NFz-2BxB7ulSa8Q5ruYoue6MDQP2eEdeYqlTlo=
fXlbhsV0lU97awvLiUYeEyfPvK2dw82LA73O-2BfH2wsBWQ-3D-3D"><img width=3D"460" s=
rc=3D"https://img.pitchbook.com/ads/ad4538/SVBAprilHBA2.png" alt=3D"Ads" st=
yle=3D"padding: 0px; margin: 0px; border: 0px; display: block; width: 100%;=
height: auto;"></a></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" 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=
=AA=9F <b>Fresh fund benchmarks just dropped.</b> Our updated data provides=
a snapshot of closed-end fund returns through Q3 2025, with preliminary da=
ta through Q4. <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/clic=
k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZa=
OXKxbacGnK8OwAtK-2FPxlmGG8iA-3D-3DJxlY_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBR=
FCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwW=
ACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxom=
xgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZ=
NGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUvyLgn8aSRQnVI0W7DFynH7FIMwyzglhAt-2F=
0XzyQA-2FpcqYdHjAWIxFtDRhy-2BMJbalNs2hhGqwr0lR8VOLkH-2FfQ85VBFO-2BwpoDjZI6x=
9EDVdcVZi-2BQRJ9x4ZRUE-2FUwd605F4gg4VvhXN0VwLmvI0OnA0wJBKwhnVIU8J-2BiuppUeI=
lWD33a35IFTWAgp8LtFgpMNA89QW7sxmAg4bDjYKQ8qjfc4-2FWvO60f6b-2FSEU6zXJED-2FLE=
jSo2-2Bgcgk0Q9SDNxUgQ-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">Get it now.</a></b><br><br>
Also, keep reading to dive into our latest E=
uropean PE data, sponsored by CIL Strategy Consultants. <b><a href=3D"https=
://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIr=
f6GFa-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZaOXKx-2BLn6imBHsCOoDvgKif9bKQ-3D-3D=
S3OU_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu=
5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHch=
YDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT=
00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-=
2FAIUv-2FxMf1av4HeBRHb11TLcsX1VjgWbEUayCkqyrHqFfzublq6tylyWzttUC-2Bg4pBYO2V=
MrqiOLQBHhRF-2F-2B3EDVTeV2SxUe2JnVH4DF-2FbUwwmcWrgFnHFGkRdb-2F11cliMKAkO4S-=
2BVaec32A8pCWLMCnl5xc5uvTC9Wy-2BpHzOMEJy7D3HFzPueUH9D1flnWfbtK7nhOSuTszLGpH=
fdm0L7cJCm-2FlILZexjq0rXjp-2BRxVzv5EtetoQwUzkvLlA-2BIeGGp6Bg-3D-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">Read the full Q1 2026 Eur=
opean PE Breakdown.</a></b></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_579468" id=3D"n_579468" 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;"> Cautious investors flock to ad=
d-ons and club deals in Europe </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 =
Emily Lai, Private Equity Reporter</i><br><br>
The war in Iran put a halt to European PE's =
dealmaking momentum, pushing investors toward club deals and add-ons to man=
age risk.<br><br>
Overall, an estimated =E2=82=AC140 billion (=
about $163.8 billion) was transacted in Q1 across 2,187 deals. Deal value s=
aw a 22.5% drop from Q4, while deal count declined by 12.4%, according to P=
itchBook's <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?up=
n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZaOXKx=
-2BLn6imBHsCOoDvgKif9bKQ-3D-3DWaC6_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfm=
zy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXX=
O4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqV=
ZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQ=
LNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv0bVu9-2BfQSb2lGMceY8aZdz90Nf3t-2FO4NnPq=
jMtwd9c89CqGWnBE1t-2F9QpPukxLMQb1-2F84DClyMjJfLNkqOXGINsg4ZtnAXTf1EbJl1QEGQ=
5JL-2FCRCHHVP96zU6EEGqCiuiioU-2B6TF-2Bj-2FGHgjaxZxduWFmo5mWxkATZBIUYC-2Bbl5=
nFdA-2B8Rscm-2FYxLTRO3r-2BhjyYPUByoa52SKPVpwySUGvlBi5vqmDd3iYoL3j8BZIanfNLP=
8K0Wr8A4L-2BmZ8hs-2Fw-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">Q1 2026 European PE Breakdown</a></b>. Both deal value and count =
are currently pacing below 2025's run-rate.</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-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZaOXKxMMKcj-2FE=
Urnt7IC57-2Bullxg-3D-3DpADL_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t=
1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKy=
XcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-=
2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0E=
tpJ7-2FLdJWuWyrKGnIdjC-2FAIUv4JbzpR6iijSKBjb7fhpQbRV0yREQY2MZOpYfTfMIddKLsn=
mWGmKb46fCkt0khqZkBxPfeN8nmLuGcOQDWAJn54h-2B89ab0Cr5xyxUWDnCqGQkq3ofikOx99T=
8vWA6RUq6pUDykQ-2FHEBv-2FyWspCBnoKhFBSXQA3Th2kneuqX4eTktX-2BYMrCXxeD20EcGAb=
I-2BmlE7LR1tHu83zz5FA0X6UF9c2cVWrD3NhGq4sC-2BKVe4RU2h-2B073hbNGEph9zWXxVDvA=
-3D-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://i=
mg.pitchbook.com/news/73666.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">The br=
oader contraction in deal value was partly offset by a smaller number of la=
rger transactions. In total, 15 mega-deals, worth at least over =E2=82=AC1 =
billion each, closed in Q1, amounting to =E2=82=AC44.2 billion, the highest=
percentage since Q2 2022.<br><br>
Given the size of the deals, they were almos=
t certainly already in negotiation before the war broke out and hence refle=
ct the strong momentum of H2 2025 rather than the current scene.<br><br>
Instead, add-ons' share of dealmaking might =
be a better indicator of current market conditions. As a percentage of buyo=
ut deal count, add-ons reached a decade-high of 71.4%, up from 67.4% in 202=
5.<br><br>
Rather than committing capital to new platfo=
rm investments, sponsors are managing their risks by adhering to their exis=
ting portfolios. Add-ons are also typically smaller and a lower-risk way to=
deliver growth through targeted M&A within the same vertical.<br><br>
Some of the largest add-on deals in Q1 inclu=
ded the $7 billion buyout of Ireland-based Macquarie Airfinance by Investme=
nt Corporation of Dubai through Dubai Aerospace Enterprise in February.<br>=
<br>
InfraVia Capital Partners also acquired Neto=
mnia, a UK broadband network, through Nexfibre for =C2=A32 billion ($2.7 bi=
llion) in February.<br><br>
Similarly, club deals are also taking a larg=
er share of buyout dealmaking. Their share of total deal value rose by near=
ly 10 percentage points from the 2025 average, to 43.3%.<br><br>
By syndicating across multiple partners, spo=
nsors diversify their risks if market conditions deteriorate or the deal un=
derperforms, making it an effective risk management tool.</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-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZaOXKxMMKcj-2FEUrnt7IC57-2Bullxg-3D=
-3DdfDx_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs=
Flu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbq=
HchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNW=
ZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnId=
jC-2FAIUv4Hrd07-2B1jmYvMCFJgM2SjoWWIz5QVj0y7sAY5F3iAXw1QLpkG-2BJg7-2BKwqoMl=
l8j4nWQz7ZzbtWUqGYr9O4-2B-2F97jdrbefFqnWVnyeTThK42w1qztzWSr1CH-2BMz4Jcrkyhr=
kC1HuMGV8-2FJVW7fWBoZNExXQfA0g-2BKyy3YbxQvpcebqIFFL6WSV31ON8-2FztzFuj6hLpgi=
NrtyYu24Bnb1TvZU6RoU8vJPo2zF-2FOt-2FXsooFzA6Uf79RQEF7EtzBTozyCw-3D-3D" styl=
e=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-decorati=
on: none; color: black; padding-left: 3px" target=3D"_blank" universal=3D"t=
rue">Download the report<img height=3D"24" src=3D"https://fonts.pitchbook.c=
om/newsletter/arrow-right.png" style=3D"vertical-align: middle; margin-left=
: 8px;" width=3D"24"> </a></td>
</tr>
<tr>
<td style=3D"height: 25px; line-height: 25px;=
"> </td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
<tr>
<td colspan=3D"2" style=3D"padding: 0 20px;">
<table class=3D" " lang=3D"x-news-=
group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid=
th: 100%; min-width: 100%; =20
">
<tbody>
<tr>
<td style=3D"padding-bottom: 25px;">
<table class=3D"" cellpadding=3D"0" cellspaci=
ng=3D"0" style=3D"width: 100%; min-width: 100%;
=
border-bottom: 1px=
solid #C3C3C3;
=
">
<tbody>
<tr>
<td style=3D"padding: 1px 0 0 0; line-height:=
0;"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel=
ated read:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/clic=
k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZa=
OXKxTZ7150heNagJGwY7ZErEMg-3D-3DAEc7_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFC=
fmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWAC=
XXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxg=
qVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNG=
JQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv-2FDp1MNglfudXHvcE3Vt0l2xywKM-2FF1oDD=
kQ1aNrzZ89ABbwDlfzE6HUuo6MGZ8V6lec2UhkIwRvzn5Bu0-2FAXMNT5ul2nWMRpcZjrLFUXvm=
sX14Oag08Tm4HpZBYVZgVv-2Bty-2B-2FPfL-2FfCqP-2FTA2toWe7HcMg5y5yLt-2B5SJDsdYE=
B3-2BQnrXhNT-2F4BXrPeLe8e-2BMcxMEagmtIbYtyxGl6SAOW4G3RvA2Eymi8rGyq9n3wtdgaf=
3u7xfJpVmXB9a4W-2FQjQ-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">How the war in Iran is changing the way PE thinks about energy</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_579612" id=3D"n_579612" 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-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZaOXKxuoNiBqM=
j9HqNo-2FbCZbrbOA-3D-3DWtFe_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t=
1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKy=
XcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-=
2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0E=
tpJ7-2FLdJWuWyrKGnIdjC-2FAIUv78kTt2FV2BqTrispQgZ-2BlUM67dAlmUX-2BzlB3GjYcGU=
iax78VSf-2BDZvnzucMDCLPJ2-2Fa6Hv459mi8PooGil2-2Fs-2FOrLbSbTJwSyDhO2GklZC78V=
ci2MBDyRDuO1PbuYApPCV3PNslvxhzGEQO90pRXpBh8bmm3yswQ-2BeVL2HqELn2WDI1ZqiiLHo=
MnS3Znc76nRsLuWa5UZvsFzJuWX1daxEnST38QCudf8VPk9Q5VLWslJbvP6V-2BH9gLGYTIhS9Q=
ng-3D-3D" style=3D"color: #1D5080;" test=3D"">Explore advertising and custo=
m 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>Anthropic's Mythos Preview model</b>, with its abilities to identify=
cybersecurity vulnerabilities, is expected to be a boon for some cybersecu=
rity startups and a competitive threat to others. <a href=3D"https://url638=
0.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba=
qM7ONnvsnswouzXR1EewlQexhjpudxZaOXKxqyMpnPEKEcwfrPSs0FRtjA-3D-3DmdT9_I3w5d9=
c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhw=
Y0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHR=
N7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb=
6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv6F0q4=
VrShloA5FSahuQwykwZViUr2dVQgLiHfogxPH3Uzf7YF7aYiw3cUBSfA9uPaxbhZFIacCZUk5aA=
zDyPkrViq5DHJuD2tHrckqI-2B5ADKvfqfCM7wsJDaeslsV909UXwYg0bCr-2FV9b3nyFjzHklK=
8OCUuKk2frJE1va9zrJP3QohKzVwT7jGUHnfTwkvz2s6DyEIHOGgnVKI0sQJO130zmCv0uZvRPg=
DJ5iJSbo6nfYJXX6EFQzB56UG1dEFbw-3D-3D" style=3D"color: #1D5080;" test=3D"" =
universal=3D"true"><b>Read more</b></a>.<br><br>
=E2=80=A2 <b>Bonds and loans backing fuel-th=
irsty US airlines led a debt rally yesterday</b> after Iran and the US <b><=
a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZaOXKxceG7hmWj-2FcFpt=
3LjFg6RWw-3D-3DGwN4_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW=
eUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd=
6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5x=
SAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FL=
dJWuWyrKGnIdjC-2FAIUv0ll3o7QV1-2B10A9vVb-2B4rDgg5ds8pH9Rqm6sGZ0M7TrN-2FylGe=
-2FN-2FD0JWiPxBIgNMu1wMQPqjyw4vPDSPHFuMxjguDfojKF6XjE1EJdcuRb7BNbrvXa9uzrHy=
BDEH9k4yuPp0S6cgUhP7ckeVIdO986B-2F2pSeco-2FQWSKLk2Z2RLxoHf4HcyGKPrQmt8fvDtq=
La8B0Fj8GdemWVAFp2gEb40H-2B-2Bzd9n94ZU3K8-2Fq3sQkc4tbOR6mgXVDDr-2BAPeB6K8tA=
-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">agreed to a =
two-week ceasefire</a></b>.<br><br>
=E2=80=A2 <b>French PE firm Jeito Capital cl=
osed its second biopharma fund on $1.2 billion</b>, as investors bet that t=
he $180 billion pharma patent cliff will create more attractive opportuniti=
es in the space. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click=
?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZaO=
XKxxmiFReDXezyeOMtUTAGzlw-3D-3D6FC3_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf=
mzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACX=
XO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgq=
VZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJ=
QLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUvw-2BOoo9zgaGCPXTenytWUOfQOGXkY-2Fb6jo8=
0fWM4Hqk1-2BrjomhEmxKkMiWBNrw73mxrpquyaWxeTiYrrl8c-2FpHNnEqf5WFpZ4GTqkREa-2=
BGCh8jgdthvDSMKLkm-2FAw3Icug90rBPC4nxQvqgrsCyVGiMDMRNMntBm-2FWiFrMm4eQcQmom=
QwR-2BPcBh4G8DAYhV3veRYyodeN-2FZKO0YYzkKVcjxRMqiCR7xKUJUm4RiPBk0MhvDHfIrGWN=
lUF5HfaZWg7A-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">=
<b>Read more</b></a>.</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_579469" id=3D"n_579469" style=3D"font-size: 0; text-decoration: non=
e;"></a>=20
<table lang=3D"x-news-group-title" cellpadding=3D=
"0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;=
">
<tbody>
<tr>
<td><span class=3D"outlook-caption-override" s=
tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s=
erif;
font-weight=
: 500; font-size: 20px; line-height: 26px;"> AI bills are soaring=E2=80=94t=
hese startups help follow the money </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 =
Jacob Robbins, Technology Reporter</i><br><br>
LLM observability startups, a new crop of co=
mpanies helping businesses figure out where all their spending on AI is goi=
ng, are gaining prominence. They help enterprises monitor, debug and optimi=
ze their AI deployments.<br><br>
As AI continues to make its way into workflo=
ws and tokens=E2=80=94units of data process by AI models=E2=80=94have becom=
e an expression of work, companies are increasingly scrutinizing how their =
spending on AI bandwidth is connected to their output.<br><br>
"We're going to have to accept that is going=
to be a major item of cost in any organization, and it's to be compared to=
the cost of people, and not to be compared to the cost of TCP/IP packets o=
r compute or anything like that," said Marco Argenti, Goldman Sachs' chief =
information officer, on a recent episode of Bloomberg's Odd Lots podcast.<b=
r><br>
Enterprise AI spending is growing exponentia=
lly, tripling from $11.5 billion in 2024 to $37 billion in 2025, according =
to research from Menlo Ventures.<br><br>
"Most companies have limited visibility into=
where their AI spend is going, which models are delivering value, and wher=
e they=E2=80=99re burning tokens on low-impact tasks," said PitchBook analy=
st Derek Hernandez. "That gap is driving demand for observability tooling, =
and it will accelerate as AI usage continues to scale."</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-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZaOXKxAVBkr8b6T=
Fbkpg95B6BOLQ-3D-3Dm8JC_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb=
cbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNN=
Nukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2Bci=
gX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7=
-2FLdJWuWyrKGnIdjC-2FAIUv0OQ7ZZC3jhs1BraAZm4QWc28-2Fg8PEKedBJFa4UBRduCQNfy0=
OUBrIHD3DJoA3TyTY5MMPcznZsiJCkPBdICAnNJfPPUKM43W2Y6QMoXA7A00Wc3k0YUgEeM4mXU=
NwWPypnuMKCxov6VHhwLqEyrXdC3LFpGdSxviN9SuqaMShWeo96t5txmBIze10J0g05bs8jfsNN=
l5WaGrx46380qaRrcRDgEcGr0K9gRqk6Z-2F8oS5Su-2FgljHwLXmQqHoiXcC6A-3D-3D" univ=
ersal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook=
.com/news/73667.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">Within=
infrastructure SaaS, developer operations startups continue to defy a broa=
der slowdown in VC investing.<br><br>
Since 2023, deal value has risen to $6.2 bil=
lion in capital across 133 pacts, up 55% over 2024's $4 billion in venture =
dollars invested into 157 deals, according to PitchBook data. And AI observ=
ability startups are leading the pack.<br><br>
While token prices have fallen=E2=80=94down =
300x for commodity models and down 12x for frontier models since, according=
to Tokencost=E2=80=94spending on AI has gone up.<br><br>
With cheaper tokens enabling more use cases =
and more complex tasks requiring more tokens, companies' bills have also go=
ne up. OpenAI disclosed in its most recent state of enterprise AI research =
that the average reasoning token consumption per organization increased 320=
x from 2024 to 2025.</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 #40C2C9"><a class=3D"customButtonLink" href=3D"http=
s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
rf6GFa-2BaqM7ONnvsnswouzXR1EewlQexhjpudxZaOXKxAVBkr8b6TFbkpg95B6BOLQ-3D-3Dh=
w7d_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5=
KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchY=
DVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT0=
0Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2=
FAIUv2d4upK-2BrSZvueSvGJNFxU1f8HmKp1-2F2ESIpdgClu3KFRvxqTRaLYeavZyF0vI7pckY=
ymrp7FN5ZwdaK9MjX-2BUm5kAQPg49K098bHir2ZFtLatz8UTwXgOhGMT5v0cvGCP530qyElK7d=
KnyRlfrtzNAbgKyMqnnaFnu4lKCxETVQDVqB7PEh-2F2ASEAmeKxpyl-2BSfuCJL1UvJ4R9vREX=
-2B2xPxQUAjB1raPT-2FTMG9yio15-2FdF3K1a6SnasU1E6lM479A-3D-3D" style=3D"font-=
family: Roboto, Arial, sans-serif; font-size: 18px; text-decoration: none; =
color: black; padding-left: 3px" target=3D"_blank" universal=3D"true">Share=
this article<img height=3D"24" src=3D"https://fonts.pitchbook.com/newslett=
er/arrow-right.png" style=3D"vertical-align: middle; margin-left: 8px;" wid=
th=3D"24"> </a></td>
</tr>
<tr>
<td style=3D"height: 25px; line-height: 25px;=
"> </td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
<tr>
<td colspan=3D"2" style=3D"padding: 0 20px;">
<table class=3D" " lang=3D"x-news-=
group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid=
th: 100%; min-width: 100%; =20
">
<tbody>
<tr>
<td style=3D"padding-bottom: 25px;">
<table class=3D"" cellpadding=3D"0" cellspaci=
ng=3D"0" style=3D"width: 100%; min-width: 100%;
=
border-bottom: 1px=
solid #C3C3C3;
=
">
<tbody>
<tr>
<td style=3D"padding: 1px 0 0 0; line-height:=
0;"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel=
ated research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWVVhv6zXYZtK-2=
Fv-2Fjee7a-2FIQN3uoSdRYhQV9NWWezw0QA-3D-3DbPjH_I3w5d9c01gkD8gLzFEofZR-2Bh6V=
warHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-=
2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2F=
OPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2=
FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv2ptIEeDIh0VttYBEpClpW4WoEHM=
7NmlN9WzqDQc1eDTot6AFQkS-2BQPCPb0oZ9vVwIwJ2cMBi3z-2FZzmlIsF4vbBFkHDvIDNSB1t=
9M3cwsURZ9eF3g7vPrXBbP2kDgdsWfnUIHBZj5lW3FEPPwOQ97FnnYzMrO6D8cjtaAC4SjHyfmJ=
njM7c4T8xxFzJiwXxlIQ6dJ-2B8Tp3iPoWfeYFvCmB22fP9NfRPEPEx6rel6nSvkx157NKfa9Hm=
8VVeNz7PEmg-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Q=
4 2025 Infrastructure SaaS VC Trends</a></b></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>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>A search for the true identity =
of Bitcoin's creator.</b> John Carreyrou dug through thousands of decades-o=
ld posts across the internet in an attempt to unmask the real Satoshi Nakam=
oto. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n=
73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWVVhv6zXYZtK-2Fv-2Fjee7a-2FIEy52PT=
FacgN1TvAziz3Duw-3D-3DsN9s_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1=
yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyX=
cNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2=
BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0Et=
pJ7-2FLdJWuWyrKGnIdjC-2FAIUvxdQvwKp33Aq6JIxVS3n1dkybqho6-2Ffaetb3b4Ew7OaMhi=
x19TleIyYVPeawmye2VjFZLXuhlVZKitezT1N-2BwoJckcmCM1YiF-2FDqtCMFqUVz7ymAvnI23=
6-2BfzmSPi639mhbS9l5EO4LbylGtOXti8L6UwiNb7PuvUfpPLzgBp8pnBJYJSzkV62kUVxrswC=
uWsFvJsjgxDmsOc66NLQ1jGa6HC-2BmVs-2B3uUk2GNcZQ94XNTG1qV-2BOkqxhU6XUZnFocLA-=
3D-3D" style=3D"color: #1D5080;" test=3D"">The New York Times</a>]<br><br>
=E2=80=A2 <b>Comparing PE to a Ponzi scheme.=
</b> A Wall Street investment banker takes a deep dive into how the PE indu=
stry has evolved. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?u=
pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWVVhv6zXYZtK-2Fv-2Fje=
e7a-2FIzuriMfuQePcZL1vyh83CYA-3D-3Dhi_A_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxB=
RFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCw=
WACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxo=
mxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2B=
ZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUvx398ZfpVnPDg2dMmDPyh59PaO9wyoEHbBu=
I1MDnULCZHfxOjrDxd9Azq1WKcORzYQtaCQ-2Bi34iuav9EezOh5NjvowyrHqxDLaHZ2gxbqloy=
od6EBW9MSM2iiJchYMc1c7pXCUht4xlBLmcpM3BAaEa-2BkX2vgQYHENbM8FDuIXiFh9cZX1pOW=
rLQSSb9jucZvnreKPGr9fN-2FnC-2BbAbWVeLVYKSyCRH0EEU3dLJDEfg-2FnnGhyhiY1gCeqIS=
jmxKRq1w-3D-3D" style=3D"color: #1D5080;" test=3D"">Scott Bok</a>]<br><br>
=E2=80=A2 <b>The FDA's removal of safety war=
nings created a $6.3 billion windfall for hormone therapy drug makers.</b> =
Estradiol prescriptions are soaring after cutting strict warning labels fro=
m "life-changing treatments" meant to help perimenopausal women. [<a href=
=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7S=
pSWIrf6GFa-2BaqM7ONnvsnswouzWVVhv6zXYZtK-2Fv-2Fjee7a-2FIlqEtoj46SOeqT6TmS4a=
wQQ-3D-3Dsv5I_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa=
0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw=
02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7=
gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWy=
rKGnIdjC-2FAIUv-2BF-2BcG8AlGg8T-2Be-2BO1dDLV97jB7-2FGjoqyDgDe9o-2FZYaJqc1jM=
5WOKmdmErMunbLzzbFtrKj50B-2FdsP3VJw1wLAP37nCGj2bnl-2BB7tpe02Mf04v6lgO0IAlb9=
wKzvkkOe0d2bsONLI4JTZBqFck6VLXhHhrx-2FddY9C1ftJk2wE8EvH-2BmThfPJ2nr2Cy2zP2z=
EZpaSQEpaDhJw71BMgjT-2B9nLx39b-2FI4a8DAossCO9bgbl9C4X5ofSVBKCZ6jvPVClPw-3D-=
3D" style=3D"color: #1D5080;" test=3D"">Bloomberg</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;">
609
</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;">
1861
</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;">
936
</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;">
32
</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-2BaqM7ONnvsnswouzWVVhv6zXYZtK-2Fv-2Fjee7a-2FI1commysZyBvBI9D-2BrtBFoQ-=
3D-3D8jG3_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8P=
zsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQ=
bqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBl=
NWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGn=
IdjC-2FAIUvzJ7aRRpB5ZgnAt9QQ8hmtTpufjI0rdH-2FkVgsM9sEI977OfcVS09KPuaGFlNRcV=
PxhIxhGl-2FhZJVO7DKSrWRtD70GTiwjYgqZxwhRtdClt56nmxS-2FXKh34iDYm3O9lEtdO7lsI=
9aCVeic-2FKRJZw3OeOF2KJcHgwqNeAEnr6cAZeaYfjJrgMgYGAQnP5W0IV83LiRHaadvv8mJTZ=
-2FD-2B49W8YLdw5V-2F5m-2FcI2DEthgtgLRqJ7UKIbg-2BAbtHUGjsp9Cvw-3D-3D" 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_579609" id=3D"n_579609" 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: 2021 Vint=
age Global Real Assets 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: 76.3076923076923%; min=
-width: 76.3076923076923%; max-width: 76.3076923076923%; background-color: =
#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">12.40%</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">16.25%</td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-cash-multiples" style=3D"min-width: 100%; table-layout=
: fixed;" width=3D"100%">
<tbody>
<tr>
<td align=3D"center" valign=3D"middle">
<div style=3D"font-family: Roboto, Arial, san=
s-serif; font-weight: 700; color: #1D5080; font-size: 18px; line-height: 27=
px; padding-top: 5px; padding-bottom: 5px; float: none;">
0.08x
</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=
swouzWVVhv6zXYZtK-2Fv-2Fjee7a-2FInZnqcpRrjr1dFx6nASvRsw-3D-3DsD_F_I3w5d9c01=
gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0b=
t7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7B=
veILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ci=
MTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv6MqZ33-2=
FZXOTAfDoSiEF87QLmdCAXFXvnYOuAIfFnqpwnAlVvljKNf34arGrmNEjvGf2rQv-2B-2BAkyaR=
pjdQIDSc0PlZ1XnyC1pgZA1nkMQmA1qHCz1mF9J9GOQomAAoyADOme-2ByOZ2uDyv-2BwVQ3k6e=
ErmoEHJumGjUaVPSjyy-2BJQFv7HbtxDDCq8nA0m0uDJyOBp2DinciVzApSNqy-2BLsVPMgeQxT=
sb7z9v1D4FBg80gdCDFSrK1WmoeIbLZZ8b7PwA-3D-3D" style=3D"font-size: 14px; lin=
e-height: 24px; color: #1D5080;" universal=3D"true">The North Sea Opportuni=
ty 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=
swouzWVVhv6zXYZtK-2Fv-2Fjee7a-2FIq3BqjnMPoAPKPONNfOIzHw-3D-3DN94t_I3w5d9c01=
gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0b=
t7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7B=
veILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ci=
MTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv5p90QM12=
-2BDWNrOd0-2BUHUO6lt74OsWWyBQwBpZ29OME3AgRZMSbcFwgMLjyNzSssWmR9aEAQdLnOcWlm=
Jj5t32LAm4ZnVye3ZwChqbplJjRTy-2FXwYeiUnrU8ULAiGKkVpsHqbcf0ZRA8Y-2FlRwbdh00z=
rMjX4AWyavIbWiTWeNpLhh8wp6tDXF947usDvuKIKHzJR5tjp8hD8V-2BYOhoRtsU-2F-2FEmZU=
AeadJ-2FiGkd9-2BfVnYPwQ-2Bp-2BXO-2FEIa4roQ-2F30uMA-3D-3D" style=3D"font-siz=
e: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Tembo Capit=
al Mining Fund III </a></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style=
=3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w=
idth=3D"100%">
<tbody>
<tr>
<td height=3D"22" style=3D"padding: 15px 10px=
0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi=
tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn=
swouzWVVhv6zXYZtK-2Fv-2Fjee7a-2FIaG-2BJS1mwI-2FVl-2BkJqdAHXgQ-3D-3D2kby_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXws=
EhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7f=
hHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-=
2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUvwa=
-2BBT01TmPARXtmLVe-2FgaAKpre-2Fu5rXMVpWSsc70HZkV-2BYNO78VWQr3bzjOL2iKh3wxQF=
TlV5f4lIT5oYdbO7PaTzeT8e-2FqJH7xARYkPO7dgEaifxr-2BASm9LSGSdHX9xvpZesBNRywQD=
7OxL7t9FQwh8LFFjGtNMZflYGBOCWf5TVG4Hm8aB0UVrIRcR7-2FoDBnETJ4533UDJGBwd6fIO6=
j-2FLuhEcAfQv-2BSUJlQdgJVToG5RBMxD8hz8NTCe5WzE9w-3D-3D" style=3D"font-size:=
14px; line-height: 24px; color: #1D5080;" universal=3D"true">Black Bay Ene=
rgy II </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-2BaqM7ONnvsnswouzWVVhv6zXYZtK-2Fv-2Fjee7a-2FI=
pT56se7GMAz3VGc-2BzzwXVg-3D-3DCVJp_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfm=
zy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXX=
O4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqV=
ZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQ=
LNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv2I8gbgk480-2B4AkXon5jFr4oICbbcr-2FPCceF=
IB9qd2a28NOqZAD7vukHUyFEb-2FL4FdVJAAYfM3iNAQoMXfMz6mD6ADQTm-2BZzdbAogRT-2FO=
90xUwFFR5x17Z6wi3Xc4bRLHFCYeT0fIsysac-2Fiaxdym8TSYaAV4Nun-2B6YQX0dFkn1DkWod=
LnhuYnXMUBl4fL12IjW-2Bag7kYvsw8ENJMZDa7vTkqedUAyg92TLnCEvE2tNTx3BpC1jJUOKf4=
eeIIEXm6w-3D-3D" style=3D"font-family: Roboto, Arial, sans-serif; color: #1=
D5080; font-size: 14px; font-weight: 700; line-height: 24px;" universal=3D"=
true">45 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-2BaqM7ONnvsnswouzWVVhv6z=
XYZtK-2Fv-2Fjee7a-2FIGqoyWwXMyxHwm5PqEI0Dww-3D-3D_rk6_I3w5d9c01gkD8gLzFEofZ=
R-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzf=
sjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQb=
KiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI=
8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv4tCPI2YVvJZtIzz7xtHT=
keangsk3tY8S3KBnRq3PkSS2zgZtcNd4w1M8sNNfe9n9Rjeh4EWI27-2FgsmBfWJs2uNe2ktHSq=
6YA-2FK1gpyjsfcbF7m7Ts-2BWEB26y3bJfjDtLJjMhD2BsTqEZ34Vkok5WyntwzYTvt83jtlx4=
K3h43qx9YnViSkVq8SJcHo-2FLKhG9Lsoj-2FFSgk5qBLi7ENSpf-2FuGYUVrZ3S5LXvmcQdTTj=
cD1zsQDCLFhHun04whLeZ9cQ-3D-3D" style=3D"color: #1D5080;" test=3D"" univers=
al=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-2BaqM7ONnvsnswouzV9zVvECEHJ9g7NsAe2VOiBxlMoCeb-2FboUZ8-2F247Y2ETg-3D-3=
DRw-b_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFl=
u5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHc=
hYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZp=
T00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC=
-2FAIUv-2BHA-2Fsf-2BXJj96anWfLix4rd1dU1rE5BrSLDNRP1Xb-2BsKuzmgvhq9VR1qt3avw=
zg6zvmsRSnTBRecQMf9dX33wz1Y7N3dFi39Eq-2FkdwbUWYmiN5krAmdA6B7iVYSmoMrpyDqCAQ=
y6r-2BSRe-2B6P0eZu50pbfPlLLHU0KKLIbLzAXsoN-2BxspL8r-2Ftf0SA2GTUtFOgbLyuBxZG=
ChoOzltIn4jrdCfxXDuv7gLblauPCZvBrg0I2APhjAK1cER6C2R-2By85Tg-3D-3D"><img wid=
th=3D"460" src=3D"https://img.pitchbook.com/ads/ad4530/Churchillmarchhba.pn=
g" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; border: 0px; display: bl=
ock; 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 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;">Cancer-focused biopha=
rma startup <b><a test style=3D"color: #1D5080;" href=3D"https://url6380.ne=
ws.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7O=
NnvsnswouzV9zVvECEHJ9g7NsAe2VOiBgqQxv025crKyF6qeB-2FI2Lg-3D-3DwBYn_I3w5d9c0=
1gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0=
bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7=
BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6c=
iMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUvzdleGv4=
ZUbwSNWntDto0MoHtw1f-2B5saVXlvX-2FeOAfKL4rTJwd5V4O79rWL5U8I6oiFH1FSsn22JjPj=
mTrBfpySY-2FM4J-2Fb-2B54j5yBabqXt7Fdh8VMTkZgzZKIFan49dC-2F8IDbNFGWM0u0WQZoN=
ZyIot1R78s986beHMEnJqswA0WkqBuRxtfRKxxNt9jPmhfWrkURGapit-2FQrb8n3IP4uSQFt6q=
LBMQYMk2xzuyQ3giXvcTz8Nkt4eru9aCfdMfHpg-3D-3D" universal=3D"true">Sidewinde=
r Therapeutics</a></b> raised a $137 million Series B led by <b>Frazier Lif=
e Sciences</b> and <b>Novartis Venture Fund</b>. <br><br>
AI networking infrastructure startup <b><a t=
est style=3D"color: #1D5080;" href=3D"https://url6380.news.pitchbook.com/un=
i/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV9zVvECEH=
J9g7NsAe2VOiBLLiFXl11dOkqRlEpbVYLog-3D-3DaKlF_I3w5d9c01gkD8gLzFEofZR-2Bh6Vw=
arHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2=
FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FO=
PIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2F=
Vcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv5Qk7YcFIaMRFanqq6Xn784wMF0cb=
qEuFLylvkdeWGMstjF5pQgI0SfSmdHIwOFWGBTgN4gttD8P0pvzTLDZJwNdIL9XN7qTQ-2FqhO6=
UHnrCyHqvklcF-2BMiEj6LkbiQcdnpoLzKQ-2BrSr1MVac0ms1qvQS6i-2FsL4uIT3ddhtzWa0D=
Gbjp1wZjIrMDCRQYqnq3P5XDsVUUb9zBlaTbwCdKyHecFCewybyCMWMBWu-2BheIl7nSNEVxG13=
GQHQNT6YEh996w-3D-3D" universal=3D"true">Aria Networks</a></b> secured a $1=
25 million Series A. <br><br><b><a test style=3D"color: #1D5080;" href=3D"h=
ttps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7Sp=
SWIrf6GFa-2BaqM7ONnvsnswouzV9zVvECEHJ9g7NsAe2VOiB6I6OgWoFFsI23AOKsal1YA-3D-=
3DSX1m_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF=
lu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqH=
chYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZ=
pT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdj=
C-2FAIUv9GztrVBtL7D-2BAcIuhNyWWP69NK1KVK2bhc8O9ePRlx7v3os4wSXy5Dpbd8XtFREXg=
4Nl4sIXY4pskYdNJ4vlEy3zLhl69ZG0R6huj2DADGniDLKcg1lgHYFciJl4MB9hFD-2BogtAzDt=
WEpsr8UiUfz1f2ib0MxmF3FDWSjOSpC9XOm395xMKx-2F50LyoT7tp-2BVGcQ4dKvcwhC7HAAMf=
cE3xoMjMFGYOfCFvHmjYgVG5q4L6RM-2FtoBYtUP7bqpo1-2B0xQ-3D-3D" universal=3D"tr=
ue">Polygon Labs</a></b>, which is building a stablecoin-powered payments p=
latform, is in talks to raise between $50 million and $100 million, The Inf=
ormation reported. <br><br>
India-based digital bank <b><a test style=3D=
"color: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?u=
pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV9zVvECEHJ9g7NsAe2VOi=
BjlrLXK4ue9RIls3Eic-2FGEw-3D-3DBfxc_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf=
mzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACX=
XO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgq=
VZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJ=
QLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv3Py9o8xHLQBKWlEXy4VVewtuFDR-2B23UxQERa=
3NIL8DFhiHIMIkINc4KGZ7T-2FAA9gMs-2Ft2EnkD0tP1hUvn4KFK4MDCYz3yMKAoA3U1SoXlTJ=
RxvpDS8GzBO2W5v-2FUvck0CMDyDSo33XKGLBqtsipL2EyQQzV9l8ZLTxcSTiuhGH5brE-2FflX=
8EGP6eVxyvYGKuQr4zU14QwL3eR2EDG2hh6ZhmcDGItnlTnsB581KAQ5PLJ1XEeWp5vmB8twM27=
UCCA-3D-3D" universal=3D"true">Slice</a></b> is in talks to raise between $=
50 million and $100 million in a down round, The Economic Times reported. <=
br><br>
Biotech startup <b><a test style=3D"color: #=
1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001=
.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV9zVvECEHJ9g7NsAe2VOiBNp8mfgGS=
Jhb71eWxt-2FGjpA-3D-3D80DI_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1=
yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyX=
cNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2=
BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0Et=
pJ7-2FLdJWuWyrKGnIdjC-2FAIUv-2FiEqJuild-2B7sxl8s3lhibjqldKACdAbbpeIt-2BuHB6=
rF9oBTJE4nUozo52k0G2h4YHpQTFaSVffEb-2BXdKQ5TbzshFxqsqfMIn4OFY-2BAipnjkFU3MX=
ATg0MITE9WIalgoernjVT0-2B0PY0ODxXzEJZWzeqsiG0dTmnmq7LrDxQ9wSBy7rA5TYE99RDOW=
9A0bafVfSLJvOleXpFvMv-2F9PRUYWykfxqiLUIi-2FQEh-2BrRCAcbRvtLpZYUjhCsGMj4Pzpc=
xHA-3D-3D" universal=3D"true">Life Biosciences</a></b>, which focuses on ag=
ing, raised an $80 million Series D. <br><br><b><a test style=3D"color: #1D=
5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d=
4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV9zVvECEHJ9g7NsAe2VOiBjfTJrRw6IT=
AU6ccTY4vXrA-3D-3D1uQ__I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbc=
bdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNN=
ukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2Bcig=
X5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-=
2FLdJWuWyrKGnIdjC-2FAIUvzsVwO168oq6rbBeJX7lfzMyUMqKQSwmSkDRo8ZYxDlQGh5QEdau=
lQGtHZjWSoIlO7ksmRwkYkLAb8NMKDEerZdpmKWcv3CbiQL3-2BxngUczqtoV78-2Fuc-2Fqaii=
KgiW8MMaPmIKGjiGe94TmYnSNxBMOJCwlOLkRfx-2FfQDbU2WbpFlNOdeuIS6qipycB31be-2Bo=
US7aDUAaOfXb2D2RYjcDaOePiyc3SbxFZVB-2BDFzbVV9sCL2nPQ46AM-2FRM7kHflYJ5A-3D-3=
D" universal=3D"true">Patlytics</a></b>, a startup developing an AI platfor=
m for patent workflows, received a $40 million Series B led by <b>SignalFir=
e</b>. <br><br><b><a test style=3D"color: #1D5080;" href=3D"https://url6380=
.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq=
M7ONnvsnswouzV9zVvECEHJ9g7NsAe2VOiBcMJ-2F3IfQbVGaOajb-2FaQVVA-3D-3DhO3q_I3w=
5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXws=
EhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7f=
hHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-=
2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv-2=
FlDq2TPqoyToyWlw6iOGmvzUzorJsUMK-2FM-2F-2Bp9yeqe1Dzzn9NjFwZfJpv73J12Uq24nID=
KFWB4gZSoGzDVA7r0cnIkmvP405ToA7bocUDtvVhsVKMNffTGPJMI87HmnENRXduK-2BMSG-2FO=
Qx2J8MjVpkLpjBRAuhROuXHpy1QWaqfBn1xV3DvYKO3OQ825KDR3nW940yO3mCLCWY8nXImS7QV=
FKWMd0p5AFh9VNSo-2Bi3q3H6ZzuGXohMgbYpGVkU7YQ-3D-3D" universal=3D"true">ReAl=
ta Life Sciences</a></b>, a biopharma startup focused on inflammatory disea=
se treatments, secured a $40 million round. <br><br><b><a test style=3D"col=
or: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV9zVvECEHJ9g7NsAe2VOiBF=
VbkPAWDqnDiYKe2kPInog-3D-3DRdD5_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-=
2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4a=
lOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPp=
M4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNS=
lM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUvwERidhACiTsCz56jG9H0FWMYcEVwgv6WUIzceE53IB=
Ssb03qYbUSQ-2F3U9eXT0sTWMnkoZ3xfSrjvuREX6dW6hkez4HVpAURU-2F76cqRwygcqs0HB4p=
Ge2gBmBq3b8sjBkol6GbYDsByACnrgIG3FLq-2BqO2wD6II-2F94HZcjf7hYIOQG78qGIDYpa5e=
9o-2BkNFAc6ZUMuYk9GazP02wr8-2FzlyiMFQ7nvTjU-2BGJkbGMT7luSyhvSedcVS0c4TmczXY=
xrTA-3D-3D" universal=3D"true">Narwhal Labs</a></b>, a UK-based developer o=
f autonomous AI communication infrastructure, raised =C2=A320 million from =
investors including <b>Jonathan Swann</b>. <br><br>
London-based agentic AI security startup <b>=
<a test style=3D"color: #1D5080;" href=3D"https://url6380.news.pitchbook.co=
m/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV9zVv=
ECEHJ9g7NsAe2VOiBx8wIroAHGIKVSs8VVAetJA-3D-3D-TCr_I3w5d9c01gkD8gLzFEofZR-2B=
h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYP=
L4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR=
-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2=
W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUvx1V43rcWuN63-2Bk8upEbFzY=
lD9pgCv2woOzCPeey0SEobxxorvzAsihx9CnRTB7ObZvPi7U2s0mTBqkhi11UeqLshmRt5JyjXM=
cznIxDLo5385zBkO01bYH4jCwT2l8sEcQD2aD47iXPW-2Ff2uoQVCTgnkycvqBbSJWvP1yyVGAP=
5z9PQX-2Fe4StRslSKw6tP05-2FvSoF58e9bKHqPSGM5qeZ19W-2FvFROg-2BfxicKpaFFEI6uW=
wGoCoT1k-2BJqezLpnZyvA-3D-3D" universal=3D"true">Trent AI</a></b> raised a =
$13 million seed investment led by <b>LocalGlobe</b> and <b>Cambridge Innov=
ation 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>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>, <b>Global Infrastructure Partners</b> and <b>Brookfield Asset Managem=
ent</b> are among PE firms interested in acquiring a majority stake in UK p=
ort terminal operator <b><a href=3D"https://url6380.news.pitchbook.com/uni/=
ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU8SZxl8FAif=
8ZeOxg4-2BE4kfEDzL2iNs6XC4Fh42SCQGQ-3D-3DpbsC_I3w5d9c01gkD8gLzFEofZR-2Bh6Vw=
arHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2=
FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FO=
PIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2F=
Vcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUvwvXJoSu6P9-2BHepjZWJVFvesW4X=
uxwn2TRdyJnuQGWrfv-2BRamAHRxGcsgeIrDonqZHpwzUQNpKRtvQ-2FTgLi4fyDxP77JN2XHdJ=
Ry7GzLaEgeBsEA7LacT-2BMZYFZ6NihLA-2FAgnmHQ5RClQ-2BzoOpm-2FDlvNsSy1aI-2BvrEl=
ZPyyuPFyrDMzKJ21D6S2CF8uGwjTbYqN8pNDLXbPnT8qOTsHUIGo0UMZMJXyrzWib6w41VwXWAc=
xMLnmyjn4T3Gq-2BnHMvaA-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">Associated British Ports</a></b>, Bloomberg reported.<br><br><b>K=
KR</b>, <b>DigitalBridge Group</b> and <b>Brookfield Asset Management</b> a=
re among firms selected to enter the next round of bidding for France-based=
fiber optic company <b><a href=3D"https://url6380.news.pitchbook.com/uni/l=
s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU8SZxl8FAif8=
ZeOxg4-2BE4kmNfP13jPD8igDPLjhNOFbA-3D-3DXx8x_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwa=
rHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2F=
nIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOP=
IXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FV=
cc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv5bihF7AoBe0CElfhEMW4j4m0hDVZt=
-2FoPOW5m5tNslgLXK9pS7NCjMnsEjDwJ5kWlbbdnEuI6EJMCvoa3HLPHxUpo1DJ2F9CCNEdjbs=
6T4nxd-2FhjOZGLWGGQPmieMqtMEgExqjr5qGRAeMsWnam-2BtObk6WfXNG09YDvI1oqKldtRTB=
EpOUMmRG-2ByaprnTcxs8kAg3VQsxxzF714s0NMg-2BiPQPV8nFMfAxJ2kUWJYg0x-2BX5W7Z0s=
RO2tDE-2F1iNq1r-2Bg-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D=
"true">XpFibre</a></b>, which could be valued at around =E2=82=AC8 billion =
in a deal, Bloomberg reported.<br><br><b>General Atlantic</b> acquired home=
healthcare provider <b><a href=3D"https://url6380.news.pitchbook.com/uni/l=
s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU8SZxl8FAif8=
ZeOxg4-2BE4k9gfNSCA-2ByDUjU5BybGdSKA-3D-3DFVBd_I3w5d9c01gkD8gLzFEofZR-2Bh6V=
warHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-=
2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2F=
OPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2=
FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv4q-2FheETTJ2xnjGlxOyIsRXZux=
-2FURUlbeucV0JxVMNByj0Y3WBrv0vidIcOqQrcdcQN1UVPNcZIn-2F74Rx1xzJs48LkRkOS-2B=
lvXxdjOtvLjsxm350c9svo4fjQD5z8xY7eDoaUEdE1Wfw5ndc15XZW-2Fbw7M1MkK8YIKINB9UX=
hd-2BRoIj1HblIWhrdBdlrDmrNjE-2FXmS6mOeOGNisGE0UGk8wBWxWhXoOD-2FViQrnMQPYBVv=
zRqNKmEmPx7F-2BDu4Twjxw-3D-3D" style=3D"color: #1D5080;" test=3D"" universa=
l=3D"true">Team Services</a></b> in a $3 billion deal, Bloomberg reported.<=
br><br><b>Francisco Partners</b> agreed to acquire Calgary-based connected =
safety company <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/clic=
k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU8SZxl8FAif8ZeOxg4=
-2BE4kT1MnMe0PRyxy-2FmwLVvdbDg-3D-3DRMXX_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkx=
BRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdC=
wWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqx=
omxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2=
BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv9EO-2F7GM-2Bgsox3pg9-2BG5f0zXjs5B=
zkbh2-2Bu7cCod0-2FkctKC265bHLAMJPOTLd8-2Ftn74-2FidGS-2B2X9Q2W05uNDdZ3HOtGlm=
GFq9-2B7szHIb7IqztBl7qw-2B7T5JVjf-2Biq0dY3We0l5JTtq-2FSnwiVAik00UY4eNgmflvr=
2lCegXfYtDC18v0sZ4Hp-2Bt4wpubXcJTpNC5tMlObYmoV6oP7wwq0JF63SysDHZtxh0OktLiCB=
koozDAKck1ICjw44m6QVbsbvA-3D-3D" style=3D"color: #1D5080;" test=3D"" univer=
sal=3D"true">Blackline Safety</a></b> in a take-private deal valuing the co=
mpany up to $850 million.<br><br><b>Agilitas Private Equity</b> agreed to s=
ell <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du00=
1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU8SZxl8FAif8ZeOxg4-2BE4kQmwnz=
t-2FIDfiDs3qtiIMJrA-3D-3DTs78_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F=
3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alO=
KyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4=
z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM=
0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv6WnfJ6ETDUORySBOCCn8GpW3L2egN0VQlTb9TxCVQbuu=
xTnhyKMXuPFEKTFmDPx1NhMTql15ibrSe3h5fLWQoZ4HqRaIGHaUIRSNLeCZk6kGWZ6x1gfPaen=
cjODZIZ9NssCcmf4Zuo1VhU4h5XHznIF4lv0-2FervVKD5J1opC7zYLNW-2BeZDzX-2Fj8d4uj4=
9aOHzX9kcCLTLCN-2FxVYhGRMYwvVQbVMBDNi0nJ-2B1S-2BVt2WAfiGkZDT0NTqKM5vtvqurLQ=
-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Integris Com=
posites</a></b>, a Netherlands-based maker of survivability composite produ=
cts, to <b>Triton Partners</b>.<br><br><b>Frontenac</b> acquired <b><a href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU8SZxl8FAif8ZeOxg4-2BE4kJt4-2FkbLizcZKOH18O=
pOqsg-3D-3DujXy_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF=
Va0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2=
Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZE=
a7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWu=
WyrKGnIdjC-2FAIUv9mXmFOL5lW2Kg1AIr7kgmSY-2BdjFHgRBUUvzcPQhTiAh1dHueCk8zEfqU=
pllES2rClIWYaTCeDvqe4APd3YpkH96Yrt3hPSuyZaqI1hjFRbtEazVWe7KipBHD1EozO44SNw6=
TM9aCaYNdo1kAkQbu1FLWT7-2BfOwX37-2FlAJXJkW9qLB4aRfKlNixVN6nGlH9Iq8guKgtajQg=
kGmngTzAVKOn-2FgcILXQmJnQRXT6CfQX-2BQtjS0V0fn2v2b-2BUx9DRf7oA-3D-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">Honk Technologies</a></b>=
, a roadside assistance company, and combined the business with <b>Curbside=
SOS</b>.</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Exits</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><a =
href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU8SZxl8FAif8ZeOxg4-2BE4klLOhIbvrpF4R2Ic=
TNx8IiQ-3D-3DfCIi_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU=
gFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L=
-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSA=
ZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJ=
WuWyrKGnIdjC-2FAIUv2s1L52aYoII6sV-2FzWx6E-2FcslrDDQLfoIFHoigpBdIBpOlm572eyR=
iwGWSZ1DY912WxWIjYvp27-2FtAurZEdTC5HcWGwf-2BJTf3j6OWg-2F7eOpmXnIflg25x-2FIV=
IO25EVje59sOFzBOHdm4R8nJGmKwCOB-2B-2FFFGcy6ioiuykhrJ8hd-2Bg-2F3Pbi72lDgw2Mk=
sJbaIPT-2BvLD3pi6AP-2Ffl-2Brfx1z5vmejDzFFUDdLO8innPgGUZDbyr7vXcVgzgjuOQ9a4m=
-2Fg-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Arxis</a=
></b>, an <b>Arcline Investment Management</b>-backed aerospace and defense=
parts manufacturer, is seeking to raise about $1.06 billion in its US IPO.=
<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU8SZxl8FAif8ZeOxg4-2BE4=
kpQF8hjwWFzUjShnfM1OxNw-3D-3DyzMg_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz=
y-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO=
4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZ=
PpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQL=
NSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUvzxal0-2FsRnUDI4ZS2-2Fjm2-2BYMoF1WnQC-2BV=
C3UQL1RCZnnTbZkCqRrpqcpLMT8NSjtBwWUBoTJmw7msSH1RZ4uMPAB4jynZPky7M9j69jm7jMN=
l9CKdabUhQ7SO2x2HJbt97NEHBkd8XvHrKFYvmCA88lH1bpGxmG0VSo8ZHmVqHLWoFpETawLPR6=
gvRD4tz3Q-2Byaq2LPxiIutr6LVU2teygYmd4f-2FPZl1U8czmJFdNV-2FrC1JU9CkZ0PoRRPNV=
Hb5gyg-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Svatan=
tra Microfin</a></b>, an India-based microfinance company backed by <b>Adve=
nt International</b>, is planning an IPO that could raise up to $250 millio=
n, Bloomberg reported.<br><br><b>Nordic Capital</b> is considering a sale o=
f <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU8SZxl8FAif8ZeOxg4-2BE4keJneDBh=
dPC3cXOBu6e5CkA-3D-3DBkqW_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXc=
NNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2B=
cigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0Etp=
J7-2FLdJWuWyrKGnIdjC-2FAIUv8ho2gcUgL6M-2FTIXRJwAF5vXIRdO4KA55PqCayP7dFt6XSG=
BJ9SHPnWRsWnNNlJgeAEd2LcaOfmCeswYcPoUYr0UUHD5-2BYtkqG7Bse6grLNonoJ7H0cE2KUM=
2aRaozzUgLim4ejA7uh2yGbTcx9vC6gmSbuZ281wVGfCEU-2BwS2EUBK4wg-2BFpv00zgskLqLF=
JymI8Td06I4xyZN1TWhi2fzN2cvsCjjWx21nSa2SDMcteXaXwmB7eq9-2FJm8GL7qVtug-3D-3D=
" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Ole & Steen</a=
></b>, a Denmark-based bakery chain, Bloomberg reported.<br><br><b>Upfront =
Ventures</b>-backed <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls=
/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU8SZxl8FAif8Z=
eOxg4-2BE4kLLKsK-2Bd2saqhiYhaESGROQ-3D-3D_5JE_I3w5d9c01gkD8gLzFEofZR-2Bh6Vw=
arHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2=
FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FO=
PIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2F=
Vcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv-2FnWUxQXDf3La0xKBeVH5Ywax1e=
PIPb6h9igLtLc968fi0h3GuFxo43GTZt3ak0foMIiXQfKiAMcVkH-2FI8DYRzk4-2FwtRJcyRch=
1wXK-2BC-2FPXZ-2Ft-2FYPuw2n5g-2B5da7cvUCtP4P7nc6Xa5qwz0H4LCmZgPMsm4gDRSYh68=
QhPwxPimqksSZh30iYZLv25KZ0LUBIMrtk2kYyIIvui8mIm6P5qV1eYD9MzrvdTFeYRJEr-2B9x=
NyWaIlVCISaEdI7B56T7Ow-3D-3D" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">Modern Animal</a></b>, a veterinary clinic operator, agreed to be=
acquired by NYSE-listed <b>Chewy</b>.<br><br><b>FFL Partners</b> is consid=
ering a sale of infusion therapy clinic <b><a href=3D"https://url6380.news.=
pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv=
snswouzWSUXOrQaJuZ-2BjcxjjuAyhyp9rWPm0oQotvNAYIhy-2B4vA-3D-3DkS0O_I3w5d9c01=
gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0b=
t7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7B=
veILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ci=
MTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUvzJDqslyx=
AME7p5fzBZeRNZvRMUh01f3Jx1UxaHZ3s-2FNcMfq1zPLselIWV9Hhye9QIVxIHb3uJsrXk8ZLl=
vw2PYmj4H6FwvPYBMnI2fzxlqEDE-2BPWHZgqtUFxLMdQO1FXnBVhFoil71TveVhZmqUzh2ZTLa=
m9-2BX8ib3Y-2BvGy9khGqlKro5uAwE7I1yM12XwX6GIzgFlA8Gg8ITr2wbXFzawboeugn0U3LG=
jJAtKrE6epAL0Cso2AEgtzobULTFljIA-3D-3D" style=3D"color: #1D5080;" test=3D""=
universal=3D"true">Apex Infusion</a></b>, Axios reported.</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Fundraising</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table 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>AMP</b>, a VC firm=
founded by former <b>Andreessen Horowitz</b> partner <b><a test style=3D"c=
olor: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWSUXOrQaJuZ-2BjcxjjuAyh=
yv6k3YBlVPBbQIIcT0u2ZMQ-3D-3DIIOM_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz=
y-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO=
4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZ=
PpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQL=
NSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv-2BUBj3F1yEX7XpIup-2BVyw117TUo5ygKgtUmHy=
1uRjre0v-2BaQmOpLiVLgRToD1wBu-2FZ9g3jE3dVIj2TTEsGZtVn8vUjTrCsnRgQyGbCNXFlXq=
gQeESoC7g3wUzku6d5DjjRXZAehc7LVjLXkZAvKXdZ8TcjNTnt5kTZHssIpsBpUBBqhLuyRN3lD=
YvCEkI02yDWShV6lbs20yf8o-2Fl9YngCt7hQ094INfQUwOK93WA0wphHGw8JX4LI15O6yZS1bV=
eQ-3D-3D" universal=3D"true">Anjney Midha</a></b>, raised $1.3 billion for =
its first fund, The Information reported. <br><br><b><a test style=3D"color=
: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du=
001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWSUXOrQaJuZ-2BjcxjjuAyhy9GK=
QPKsF6NLgRh03fizuDw-3D-3DlcDl_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F=
3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alO=
KyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4=
z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM=
0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUvyTat4X0gjN-2BfU0MD7mx1AoJrvenpzoPyNUhexd5Q3b=
QvPcqFSMDyPesCzIcKwi23N0Hl0YzttH5pH-2FQdGmKHKT1nYnAwX6FvGGNaZyT-2BTgsKXMcOt=
ePj0YcE5EXjV94DfHAG3AeUeq92b3UDxb7f9bRAaHDwn82MJ5duY57DcjD8qmNmF27JzQenjmUX=
Aqf7y-2FewzuQQgsGcyrPFOxvGQ7VDDseCnTQ1ZqOKVmsugUW39ViFWOR8Np96Xp1kN0Rhw-3D-=
3D" universal=3D"true">Mubadala Capital</a></b> raised almost $1 billion fo=
r its third fund targeting investments in Brazil. <br><br><b><a test style=
=3D"color: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/clic=
k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWSUXOrQaJuZ-2Bjcxj=
juAyhybAk0hflRBhBdQnB3mHxs3A-3D-3D8Qoj_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBR=
FCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwW=
ACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxom=
xgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZ=
NGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUvyZPz-2BoDXWxlp2vnE3FfeLCCRbFLHaU4cM=
t1gDZeInPZVcEyPimzeqjavh9QNDrY1m7-2Bfzyu-2BLGQeerepvoYlyc53pfDZ-2Bol4-2B9nL=
AreAoUMalK0RCEG0RZ1cHQcu5QYvyz2shuElI4q-2B64bvPStcInxsQaJPC-2BNeT2OLIJN-2F-=
2Br8dIILYLyrarKncX2-2B4DyWRXm75doWEZtYx2M1t1nd5h8ssnkYnTUTImJ35RE3CVUq5Zzqz=
pihda8ggYzPKR9pxg-3D-3D" universal=3D"true">154 Partners</a></b>, a sports-=
focused PE firm, closed its debut fund on $400 million.</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Chart of the Day</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100=
%;">
<tbody>
<tr>
<td valign=3D"top">
<table align=3D"center" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" lang=3D"x-image">
<tbody>
<tr>
<td align=3D"center">
<table align=3D"center" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" style=3D"float: none;
">
<tbody>
<tr>
<td align=3D"center" style=3D"text-align: cen=
ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWSUXOrQaJuZ-2BjcxjjuAyhy-2BLWbd=
L2AmFngjZAxAG5rOw-3D-3DDt6N_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t=
1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKy=
XcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-=
2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0E=
tpJ7-2FLdJWuWyrKGnIdjC-2FAIUvxD5p8PzacLjWhrIi3Arqtlz3WKX-2BtlH7qE88WBlLf21o=
gyZbx4pV1TvTBZx3G3T9CygaYP2K8M4vImviWJvBCAfoLjboOA6-2BQ8bCfzXYRwv2LxDUenU7H=
mlouGamqGKR6WLstsdQ9ENkmN9QPN1DGl-2F-2Fyhps4gPXepKV4iBjkIGufs8aRhZJN-2Fn0Mq=
8gvXVEOGwNWn0sepLBGwnARMnDiVXRXSbx2EzG4ZvXPWM9tIzWEyOv38tU9EoEbFbhAjS6Q-3D-=
3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://img.p=
itchbook.com/news/73659.png" style=3D"border: none; width: 100%; height: au=
to;"> </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">Startu=
ps with at least one female founder have had their best quarter ever, garne=
ring more than $166 billion in the first three months of 2026. This was pow=
ered by massive rounds for AI companies like OpenAI and Anthropic.<br><br>
Source: <b><a href=3D"https://url6380.news.p=
itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs=
nswouzWSUXOrQaJuZ-2BjcxjjuAyhy-2BLWbdL2AmFngjZAxAG5rOw-3D-3D1CAv_I3w5d9c01g=
kD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt=
7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7Bv=
eILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciM=
TEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv8ABLp97sp=
hhZr8WBOIBTX1xpw-2FVUFktRxrv8kKNFuyxM0M-2BvyZ4Wh2g-2FbUvACgzelxSyOaMaVfZsP0=
QBOqlcKWCbf3kKlu7j0nQiuUHwzV-2FiXqxwwmbDLSYTkon7ZBKiREiwd039SF0dV-2FE9lOjL5=
7Zi6XuAvvtktDY8bAc6pkt69k7ic0mL5uaiCZFf2kfIg3ns4ycVfvTWMikYqBz5QHtPoutg10nw=
KtrikaODOD5yxQm6aOEb8Zpa6-2BgziBtOg-3D-3D" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true">US VC female founders dashboard</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-2BaqM7ONnvsnswouzWSUXOrQaJuZ-2BjcxjjuAyhyAPDO-2Br6=
uR4-2BJAHCgfxN-2BNQ-3D-3DHzGC_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F=
3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alO=
KyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4=
z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM=
0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv6Jx6kWgRb6i7peFBvSb1dKuMbx-2FlRs3PVPP3lphU25=
YclNXV7cgOvUObnBot0LK-2B7r7MSNe0VgwWloLmK-2BFr1cgairR-2F2uduw5LVgNXZhMNCn11=
170SXTZ39e1SiEMvg-2FD9LwoYWnsmDx2Bko3uM1Anz6G1ekHoMXXzMfhUusgKQp2KM97ZAEvtF=
ILUdi0QNrEyItAgDrk8GOhp-2BZ5uV-2BxDwV4CQBZZJeoztnS0G-2BcDs1YpMF5ThtfnQznB4w=
jM4w-3D-3D" target=3D"_blank" style=3D"text-decoration: underline; color: #=
1D5080">About PitchBook</a> | <a href=3D"https://url6380.news.pitchbook.com=
/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWSUXOr=
QaJuZ-2BjcxjjuAyhy5-2BrZ-2FIRo5K6hy4mqe2UD4A-3D-3Dc4qJ_I3w5d9c01gkD8gLzFEof=
ZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwz=
fsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQ=
bKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNz=
I8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv717BzvuuuYvYn2I5Fd1=
e6jpzygzHeRvWPzRlaXJMwF-2BKWXYApO17ARJGrCkl585SXroy2wE-2FJo3-2F9iAgkJq4rYcA=
3ShXRBSEYK5I-2B0zlKR1biGDTWyCADvh-2BxB7ZIbP247hNru-2B5rYoRSVNDB2q3BijnKwXa-=
2BEcc-2BMeHDe6ihL4vA65FusVvqFPlvGyQtwWuF48Rgm4kzQ2GFj76z6u2RpM2l3J5Vp5IlKf3=
rgQGy8mkJ5HGvLfaPANoDpyEPX3OA-3D-3D" target=3D"_blank" style=3D"text-decora=
tion: underline; color: #1D5080" universal=3D"true">Terms of use</a> | <a h=
ref=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuyl=
w7SpSWIrf6GFa-2BaqM7ONnvsnswouzWSUXOrQaJuZ-2BjcxjjuAyhygbO5pJf462VK4S4mQCKq=
fg-3D-3Dib_w_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0=
m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw0=
2BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7g=
IBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyr=
KGnIdjC-2FAIUvzH2l5nbHeHrqiSoXDI2P31eumeTLf8T3Av-2FVqdXajgs0QOCQv5VpAdAuK2q=
IBe8eh40ups5x18Z2J0yrgJLs6Q3bmg7VfN-2F1cq2PJ5dNiRoErumtILexbDHmFt9N5dOXk-2B=
ITZ2RUuvpwIzfI7vy-2Fa7Jt6en6R9HcfToxoI1VoBt55J50rBUrC3nw-2FH9BT2xFaUB4ooJpW=
-2BF7OzlzO1kVpU7Q11Q9HzK89PcCEUkS6WF2nAhvQLw4KJyb90r4syU5g-3D-3D" target=3D=
"_blank" style=3D"text-decoration: underline; color: #1D5080">Advertise wit=
h us</a> | <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWSUXOrQaJuZ-2BjcxjjuAyh=
ykmLzMz32sJZuqUlr9qLpYA-3D-3DEkhA_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz=
y-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO=
4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZ=
PpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQL=
NSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv0n-2FhCLbfQ5Hstoryy7xL6XX746mcuURIM5-2BB=
HOHKF6BWINB-2BrzCnl-2F17zQlGtlfvEfVK5xUCGbEn4Nkoioc2qZHpR-2BX20Y2qi5COR5qwo=
oAaLOvhDjAMzTfH3cKzcbk0q9nGaqExsYFWRYeSJgm3n6t4Wf3o7NEvda7HqdJbqO37p-2BhCZ4=
XpfNShOyz4ZBnC-2Blws19ji0DfEDvmGFg47X6kJRTc6-2F40aN5ggqNJRtrYNnLFmwgfwoKnqU=
JoFdbK4g-3D-3D" target=3D"_blank" style=3D"text-decoration: underline; colo=
r: #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-2BaqM7ONnvsnswouzWSUXOrQaJuZ-2BjcxjjuAyhyOwbvhre-2BJW-2BQxqieHY0-2Bfw-3D-=
3DnNOQ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF=
lu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqH=
chYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZ=
pT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdj=
C-2FAIUv6e48BtWbQZGSKsvKm6LwSHz4P-2FKzZG-2BIEYYZPuQRRVIwhixoGzG705F8MiQz862=
GTfXUbmKpybeive2aZbEZBwFfZC-2BoihGliIo5BgvE2c0bZfIL4sQzBiqNISqd0eRZvtfCy7lh=
Clla3bo-2FpKWaILtLHav-2BTEWcic3gNj2AhYn-2BZsbCdyryB1chC80EXtirjRDo4jSToKFpK=
CjFTGtHCuu0tS42aUIY9MbUlkrVCzh9xgDfwxfzqxYh9fV2Azg9w-3D-3D" target=3D"_blan=
k" style=3D"text-decoration: none"> <img src=3D"https://fonts.pitchbook.com=
/newsletter/linkedin.png" width=3D"25" height=3D"25" alt=3D"in" style=3D"bo=
rder: 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-2BaqM7ONnvsnswouzWxXkNuAqTcf7kyyL8yu5SUqJJlq3dvaF0M37UzMXDpPg-3D-3DV4oL_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArX=
wsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR=
7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde=
8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv=
9H0bJRdnYRRWlMeaJ5MqyKCSPeklq6kAj41gADmKamTGkgUzDQMOc3TVG3DrNFSztf0uT1vIt8a=
DrYnANu659-2By62kbyo6FLjMl6bSDHpmZ8c4xId-2BEGilG139fiCt3bumrOeVNn2EPkvc56u4=
GYXhdLUL4i7DZukXlepv1Sz7LIg8HDVaGjBIhK4bWjHvI6-2Bx-2FfDG3oFX-2Ffx35wxjMJLT3=
n-2FSNmzYZ62e93Netj4E4OIaT2a8d4ytITCfNIn29kA-3D-3D" target=3D"_blank" style=
=3D"text-decoration: none"> <img src=3D"https://fonts.pitchbook.com/newslet=
ter/twitter.png" width=3D"25" height=3D"25" alt=3D"twtr" style=3D"border: n=
one; padding: 0 0 1px; vertical-align: middle;"> </a></td>
<td><a href=3D"https://url6380.news.pitchbook.com/=
ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWxXkNuAqTcf=
7kyyL8yu5SUB8ZfGsnzRN56KtTJjljiNg-3D-3Dk5Ya_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwar=
HkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2Fn=
IdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPI=
XqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVc=
c-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv3R3UuWhtlP9UaKr8W3HsQnnkVUXjKP=
-2FJzatgqr2on0JSLm9LYsLdGNcLA2fDN-2Bwwm8GshAeTKTYrZxkO9qEE29meYM3FRiTkHE-2B=
PTpinCIrp1-2B2oBvti-2FHvxAJi7N-2ByUEEFGWpMcnedVW3JUaJMEcjRRGAFgaPsmyRaFDkfw=
WOa0b5k9WJXcxodNOOnaLpmxMCgvomT7cAKltr3Pu-2Bfz620mnCy6jGuUc1LPslWgF4VHmf9uV=
0uIh4IX11I41H5Kw-3D-3D" target=3D"_blank" style=3D"text-decoration: none"> =
<img src=3D"https://fonts.pitchbook.com/newsletter/facebook.png" width=3D"2=
5" height=3D"25" alt=3D"fb" style=3D"border: none; padding: 0 0 1px; vertic=
al-align: middle;"> </a></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>
<p>This email was sent to <a rel=3D"nofollow" style=3D"te=
xt-decoration: underline; color: #1D5080">most@ponjosonek.com</a> via the P=
itchBook Platform.</p>
<p style=3D"margin-top: 14px">Click <a href=3D"https://ur=
l6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrYCQ-2F7Wx=
1VdE7sYl12opJBSgX8wjgWQkjpY2yE70mtuFtQh5JMynEp-2F-2B0ZsygXiW0dASWMAkXrIC3kg=
-2BeC0SuDoyGjKHmOSdfo63E0RLyaXhmtZcu9qypgyxWwak1NhA0fr1BvoSfYroDWM-2BVTS0oR=
t95U99Dcs2eVuP4ojBepwdLLnB_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1=
yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyX=
cNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2=
BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0Et=
pJ7-2FLdJWuWyrKGnIdjC-2FAIUvxkuwdUKF9AJN2VFbAIomELAPMVb03czusUQkvpkgg4asdbZ=
f3hDsJLg5hSXn89c0OnwirbKRBgX5xbd4Q8dmSz-2Bb9vwRmmjxJTas9CpACD6YpwES49IXBI0y=
C7vrvP73Dvnt0mQUso6P-2FIP4ryjiGOyWGYOhflZ8MgXpk8e0MsvqWndf9oNi4l8dgmEEThE5b=
cQUxTnY36E43G-2Flas-2FuhH-2FzkpSN50JO2DgFa2X6KsVK80PHsAq7ZX280gjlXFCIA-3D-3=
D" target=3D"_blank" style=3D"font-family: Roboto, Arial, sans-serif; font-=
size: 10px; text-decoration: underline; color: #1D5080; -webkit-text-size-a=
djust: none;">here</a> to manage your subscriptions, or if you no longer wi=
sh to receive these emails, you can <a href=3D"https://url6380.news.pitchbo=
ok.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrVRvnzbxJbWwDftsHe-2FnJ3PNCb=
p5fVdgUVvM0uKhBfShb0-2FXm4f84Oam-2FsIf-2BQHY-2F9cBWz93zxOvFSzafZw8LoNeS7HBp=
rvPhxsRX659VZdcmKyMzD4eMk3ZOd-2B-2B-2F0Y7oCpRRexO3AXTn7AxiLzOJmjro7lpmPmFWx=
y1N-2Bk4AWUu-2B3qzbGl9UIHzBCzpONRwUA-3D-3Dc4K6_I3w5d9c01gkD8gLzFEofZR-2Bh6V=
warHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5KsArXwsEhwY0bt7htcbxYXwzfsjYPL4-=
2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDVRlR7fhHRN7BveILgZ-2FtQbKiQR-2F=
OPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00Lqde8-2Fb6ciMTEP1bAnLNzI8kS2W-2=
FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FAIUv-2FTgAv8S7CebJpZYjHKoQoDpJH=
FSkAJsX-2BCqsTzNh7QO8zT3FmOojgdANzVQzwfU8abDwmdgNRTJePvObmSnRRyLfDVy2iM19qq=
HBskO4xafRJQ7H-2Fsiy-2FxS3Z1zUfU0aDwNEXURXnlj4SZx1x-2FiF7MQEQXzNBxTTSOx57-2=
Bd58k8lrIvRNbvGa-2Bmv-2FkJo5PR2-2Fd-2FcJ3oCCamJIcMSDQh7NrD-2FLO6BLXehDe061x=
N-2BGXP-2BNXodKc-2FYKQPBu3-2BNF-2BrGA-3D-3D" target=3D"_blank" style=3D"fon=
t-family: Roboto, Arial, sans-serif; font-size: 10px; text-decoration: unde=
rline; 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=3D3DABLZ54MOPJL5Q&eventSource=3D3DZQDXJQ6VUBAECQE7XY=
5D5PSLQI&emailId=3D3DOJG3EIWWRC2WE&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-2FdXQL6-2Bsw8UD0p0Ux=
i_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFlu5Ks=
ArXwsEhwY0bt7htcbxYXwzfsjYPL4-2FnIdCwWACXXO4alOKyXcNNNukd6L-2Bw02BQbqHchYDV=
RlR7fhHRN7BveILgZ-2FtQbKiQR-2FOPIXqxomxgqVZPpM4z-2BcigX5xSAZEa7gIBlNWZpT00L=
qde8-2Fb6ciMTEP1bAnLNzI8kS2W-2FVcc-2BZNGJQLNSlM0EtpJ7-2FLdJWuWyrKGnIdjC-2FA=
IUv0qXsCAvn5stJtYdFKkVLPy0afdcKfaTVX59yj2Bozbwk2Iy4Q6kexvUxZXHmd2VELA1kVDxi=
rIXdot-2BeegmEqFFGGHIMeg1QJ1dr3swr7wHAKR1ANVC1984QTsvZDogh4zgDKx8KIAvIK3c8G=
3-2BGyje-2FjJAamvo6Z8gHDzkBA-2FOQmbj66BAFDZVfIZxCz3r3UakWOCOQ9ZYPYu0ORm97rT=
UlWVkVBf1qzKdle6qnmd61eO-2FtmYipbfvDEL2D8GjuA-3D-3D" style=3D"display: none=
"></a>=20
</body>
</html>