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Content preview: PitchBook Newsletters Is biotech back?; BlackRock CEO pushes
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sp;</td>
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=20
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0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">=F0=9F=
=9B=92 <b>The SaaS-pocalypse has created an opportune time</b> for bargain =
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d Economy summit in DC. <a href=3D"https://url6380.news.pitchbook.com/uni/l=
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kPvEGdSTtQXZ95Aob8HKk33EwcPf2MdelyvfrAcmnvXO9iXaEqzkxX0Yf9Mc8DqeLqI0cZ6JHus=
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O3MBqwZP9Zk8MiHr5FkGOcXV3ORc-3D" style=3D"color: #1D5080;" test=3D"" univer=
sal=3D"true"><b>Catch up on his comments</b></a><br><br>
=E2=80=A2 <b><a href=3D"https://url6380.news=
.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns=
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or: #1D5080;" test=3D"">Sign up for Capital Pool</a></b> to get weekly comm=
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<td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_579478" id=3D"n_579478" 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%;=
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<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;"> Wealth management land grab dr=
ives deal boom amid private market upheaval </span></td>
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</tbody>
</table></td>
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<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 =
Alexander Davis, Head of Enterprise Reporting</i><br><br>
Wealth management firms are on the auction b=
lock, and they=E2=80=99re selling faster than ever.<br><br>
Consider the news that The Carlyle Group rec=
ently agreed to become the majority owner of Cleveland-based registered inv=
estment adviser MAI Capital Management at a $2.8 billion valuation. It's on=
e of the year=E2=80=99s largest transactions that illustrates a rush by ass=
et managers and wealth advisers to bulk up on investments powering growth a=
mbitions in a fast-changing marketplace.<br><br>
Wealth management's buying frenzy has been u=
nderway for some time. But that dealmaking has sharply increased in pace an=
d volume in the past two years alone.</td>
</tr>
</tbody>
</table>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: =
100%;">
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ing=3D"0" cellspacing=3D"0" lang=3D"x-image">
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ing=3D"0" cellspacing=3D"0" style=3D"float: none;
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<td align=3D"center" style=3D"text-align: cen=
ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW4V4Wn-2BxbOBNzjcQjE-2BY97rKZGq=
we-2FdsIF0lIlf0lZww-3D-3DZ59S_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR=
4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LO=
NnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHm=
jseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7=
RmMYRI5ulEWYYY8KGp6dclUhhwihCxSstwOhEBX0z4vH0w7ZKQrVebKwzlEPoWru0eDPWF741U-=
2BGkDhXY3t2049sMDQuy4PCpZCIngQoR3kvThQoJ45MuWgWn9NTiK64li-2Fl-2FGNk46KkkSbU=
5KQphFd9DDXK2HOJbRp4Uj9xEZyaFuaixi2PJ57gnqsK92xr-2BwNOi2uKV9rP0IWI3Y6OfWlj-=
2BeVIM1Zjol-2FKen9uw3XtCubTYKFqjjy8Sz4jk9GhX-2FQawyjetBtH3-2FIAF2sVa2V3jKx-=
2FzXeXJivP8rwBFLc-3D" universal=3D"true"> <img align=3D"center" alt=3D"" sr=
c=3D"https://img.pitchbook.com/news/73790.png" style=3D"border: none; width=
: 100%; height: auto;"> </a></td>
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<td style=3D"height: 20px; line-height: 20px"=
> </td>
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</table></td>
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</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">All of=
the deals are based in part on the tailwinds being created by the global b=
oom in investable capital that's in the hands of wealthy individuals whose =
fortunes represent a massive growth opportunity for the broader financial i=
ndustry.<br><br>
Against that backdrop, a furious land grab i=
s underway as wealth advisers, alternatives firms, broker-dealers and finte=
ch firms seek to capitalize on the growth of the ultra-high-net-worth marke=
t.<br><br>
"What's new is you're seeing the definition =
of wealth management change over time," said Barnaby Audsley, managing dire=
ctor of Echelon Partners, a wealth-focused investment bank. "Fast forward t=
o now, and it's really moving to more of a holistic model, where it's not j=
ust financial planning and investment management, but you're expected to of=
fer services that fall outside of that scope."</td>
</tr>
</tbody>
</table>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: =
100%;">
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n-left: 8px;" width=3D"24"> </a></td>
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<table border=3D"0" cellpadding=3D"0" cellspacing=
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<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%">
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0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel=
ated article:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/c=
lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW4V4Wn-2BxbOBNz=
jcQjE-2BY970zHLSGdAYmDJv8Aq1oZ0LA-3D-3D18am_Pr966knuaHmaw6c7pKvB-2BCEiDnj5U=
wlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SM=
b6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImed=
nu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2=
IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dcjz3m7Tsl-2B-2FQowZy2bTx6DXMRfd85CTEpt3MK=
MivXAB9SzC8kNwaNw5ucdNFo9qH-2FZaM6BH8Vc38BN-2Fw8Q0J54okwtt1l-2B-2BDYbYZfHTf=
gzkFiGXqdTPV4K9GMc-2F-2FjT1cOaLHY4YPuY6nrKrR2n-2BvS-2FulYhaBcsm7OH1iXRnfRmw=
1M0Rz8mSTBAqFlcYueJUK7EbWHz8qn5-2B4xSBL3ZUkJQoVjqn2oAzwp-2BHhVP7S6BX4YH-2Ba=
nb9jMV-2BLiGpj36MQNkxf4KiGKPSGs00sSoYSMtE-3D" style=3D"color: #1D5080;" tes=
t=3D"" universal=3D"true">Private capital chases deals in the booming wealt=
h-management sector</a></b></td>
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20px; padding: 0;" colspan=3D"2"> </td>
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lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
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<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 Pillsbury Winthrop Shaw Pittman</span></t=
d>
<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_579393" id=3D"n_579393" 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;"> VC investment in new energy te=
chnologies hit $16B in 2025, with AI and data centers leading the way </spa=
n></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">
<table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" lang=3D"x-image">
<tbody>
<tr>
<td align=3D"right">
<table align=3D"right" border=3D"0" cellpaddi=
ng=3D"0" cellspacing=3D"0" style=3D"float: none;
padding-left: 15px; ">
<tbody>
<tr>
<td align=3D"right" style=3D"text-align: righ=
t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW4V4Wn-2BxbOBNzjcQjE-2BY97CN-2FV19FB7=
sEUHyyagbbvDQ-3D-3Dh146_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRg=
uhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4=
zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI=
5ulEWYYY8KGp6dcvDNq8sL-2Fngwh7-2BX2b6PSdknvWMe8rmu-2BihdcfrLXkMqipovxzaq4Ks=
Uzxhz-2B-2FeUp2lfubx75on-2BxI22FwDgI2oOB5Rg8tEgV24tmJzKoJ22SA1arOegVtyTxP8p=
LDE3ONp1k0TARZYVHdT5pbscvxxyvUf-2Fr5u41c8OSn4-2Fc7-2FBcKy7IUfZxo7GEXqv4Ms5j=
acEkwQDMNAm4kUqxvtHkdRNxGrFghMdM1-2BhMJryvlg-2BgKT4VvbNGl3zulrSIfo-2BNsse0D=
iYWqw6qx47Jh3cpqI-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.pi=
tchbook.com/news/73785.jpg" style=3D"border: none; width: 100%; height: aut=
o;"> </a></td>
</tr>
<tr>
<td style=3D"height: 20px; line-height: 20px"=
> </td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>Global venture activity in energy tec=
h reflects the scope of artificial intelligence's impact. Buoyed by stabili=
zing macroeconomic conditions and a staggering pace of innovation, 2025 inv=
estment in the sector was strong, with AI and data center infrastructure se=
rving as key drivers. 2026 is off to a promising start, amid growing relate=
d interest in technology-enabled solutions to strengthen grid reliability a=
nd diversify the energy mix.<br><br>
For more on these and other recent energy te=
chnology investment trends=E2=80=94and insight into newly emerging opportun=
ities in the space=E2=80=94explore <a href=3D"https://url6380.news.pitchboo=
k.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW4V4W=
n-2BxbOBNzjcQjE-2BY97CN-2FV19FB7sEUHyyagbbvDQ-3D-3DCkes_Pr966knuaHmaw6c7pKv=
B-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHO=
ZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1=
OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr=
6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dcnTskWsgQz3yQFIQtg0u8u1JsD8AU=
nQCE7C-2BgQyLD53N4xg6wX4V7QzFhml14hAlIa86wHd5Zxt9T0VLHED8CZHK7wl7Eaum7Tq7PF=
c42wIsYqo47WMMQ-2BQNFSxFSHP0-2FQg9bnT-2FVWEepktRfE2vHpeTDffzsBbraH2EMCJPOQq=
Jg3e8thSduVUBGrVJvpNn6tahAzTkBKtsfstI3ZremhUJMbkN9CI6NtXXETe72MVChghsBJ8MhI=
XXTW6Lmvd-2FopsbKoPPTB9V8uMyW3M8B8w-3D" style=3D"color: #1D5080;" test=3D""=
>Pillsbury's latest New Energy Technology Report.</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>BlackRock CEO Larry Fink pushed back</b> on the recent doom-and-gloo=
m headlines about private credit during the firm's Q1 earnings call, saying=
, "Institutional demand [for private credit] is accelerating." <a href=3D"h=
ttps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7Sp=
SWIrf6GFa-2BaqM7ONnvsnswouzW4V4Wn-2BxbOBNzjcQjE-2BY97vFq2YPviUAzCveYkNPhCYA=
-3D-3DuD-s_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6=
8NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46F=
qlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxD=
BRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6=
dcg4cDUZGyiFlSyVL8TvwQpf9o6kKmo3NmOA-2BSpkHMG6u7h1y3kO2RXp7XHWXlYpK4mg2in5P=
TJRy3DEffUDdLQ-2Fu7psY60K8J61hNn1HvwfhEzL02ieL6mChBoxK0G3XCDa6aDt2F2tbbvvPF=
H8-2BIKToYfF-2FlNEoORcPRfsWXcSXK35UXipVjg7WRrLYf6eaZ4UqkFXYxhvcX-2Fg-2B4lqL=
m4RVy7iZqubhSyRZOurgv9oKhc5igDC5aiaUjnsEk-2Fo9gGIpR-2BdrsEZ0JeuJ-2BsvAtPo-3=
D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Find out more<=
/b></a><br><br>
=E2=80=A2 <b>Just out: Our Q1 valuations dat=
a for public companies</b> in the fintech sector. <a href=3D"https://url638=
0.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba=
qM7ONnvsnswouzW4V4Wn-2BxbOBNzjcQjE-2BY97Ftx2Z9ng34tyPZcjI-2FWefg-3D-3D3uci_=
Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB=
-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYp=
N0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0=
xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dcm3qWHu81T=
6OGxaLvsPTHwgKwKgIwQkIkrGPAtrKnuL4UeWmCcz-2FfwdOZbRjFz0hl-2F2ZyhXJTShEw6Eu2=
pqBcULp8dyML9276wsiZg6gJS627VJ72zuJxrDEHlXXPnKQV2k2nRJmwF7CFSlel0OlbmFiN8DF=
tqcWi5hz6D-2FVSkSgThlWII7jM-2BT9yxZ4olkSG45mDqInJ8DWqWTx5w0YLZecfGzLfFNSI4Q=
5Ndw4zXDlnbTJaHfmpRiia9Kvzs2z2gzoO-2B-2Fn4nmE8Pj4zfHjZqA-3D" style=3D"color=
: #1D5080;" test=3D"" universal=3D"true"><b>See the data</b></a><br><br>
=E2=80=A2 <b>European VC fundraising was loo=
king stronger in Q1</b>, but a decade-high share of funds are closing below=
their predecessor sizes. <a href=3D"https://url6380.news.pitchbook.com/uni=
/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVvbrFF1zS6=
Id1K1-2B8jtOyjzObDnB9xMJPCtVo2cVcVcQ-3D-3DC6B__Pr966knuaHmaw6c7pKvB-2BCEiDn=
j5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex=
8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWI=
mednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwn=
dB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dcuYi-2Fi-2Fr88CCpxca1C2hfeAm0-2BoHrcWP=
NamcES5EF6DHr0awYG29uDs86DS2fsTADtNmCcMNacsTfIrGgpaZm0esl8XgwxaZTMT5-2F6yFv=
ah8Q-2BalM80Hwf3nuPFBLLxT0KhOCtsj94aU3Bz6npNoCqs-2F-2BKA7WHi7flWdBWKbQFskcy=
fm-2BeLgtBAfwWASxaXLh0NQF7xhP0Ume287ISPKrtD0wh9PLb8tR-2FX9ZUyuMUIHtN-2BoBiN=
U9xyNSoPqqtKtfOVe-2B6xCmoc0ARFLKsh39w4-3D" 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_579479" id=3D"n_579479" 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;"> Biotech IPOs poised for a come=
back=E2=80=94but only for some </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 =
Rosie Bradbury, Senior Venture Capital Reporter</i><br><br>
Biopharma IPOs may be making a tentative rev=
ersal after a long drought.<br><br>
Just this week, GLP-1 developer Kailera Ther=
apeutics and proteomics company Alamar Biosciences launched IPO roadshows s=
eeking valuations of $1.9 billion and $1.1 billion, respectively.<br><br>
The real driver, according to investors, is =
the M&A market.<br><br>
"It's been a torrid pace linked to the paten=
t cliff," said Nimish Shah, partner at Venrock Healthcare Capital Partners.=
<br><br>
Large pharmaceutical companies are anticipat=
ing many of their most profitable drugs will fall off patent in the coming =
years and are taking aggressive acquisitive strategies to backfill their pi=
pelines.</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-2BaqM7ONnvsnswouzVvbrFF1zS6Id1K1-2B8jtOyj5CHbCpZ=
NzUbqmVFecOfFCg-3D-3Dk_IR_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxa=
RguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseY=
b4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMY=
RI5ulEWYYY8KGp6dclWl-2Bm5Q3Qvu34mdmX6tTPLnFCguYkizamOnxlt2xYedJh8xCF5v-2BgH=
qZ0m9v0wzayvOMHMP00jNJA8q8eVHqH74ZQj-2F9PEPy5tYi0tz-2FhYvwVBFSqjwHZ1gTvvpZ4=
5LddoWERkfFvNLmqsKtDChhC770LUANpzv48dYJ4H4cxvo9QBx0b6LGyr9aAbb9NNUcIP71U5bG=
qwKqQoKrQ-2FoswNwwy4XoMmByIbbhSfintHOXmnD1tCArmEdSITU24F5ZBk6nSaws7VYU7zd7d=
Qm35Y-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https:/=
/img.pitchbook.com/news/73789.png" style=3D"border: none; width: 100%; heig=
ht: 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">Later-=
stage biotech companies often explore going public while fielding acquisiti=
on offers, said Jessica Owens, co-founder of Initiate Ventures. So a boom i=
n M&A activity can raise the IPO interest from companies and investors.=
<br><br>
This is especially true for larger pre-IPO c=
ompanies. More biopharma companies have gone public in 2026 at valuations o=
f over $500 million than in all of 2025.<br><br>
Nineteen biopharma M&A deals of $1 billi=
on or more were announced between January 1 and April 7 this year, accordin=
g to a Stifel report, putting the industry on pace to hit its second-highes=
t total in history.<br><br>
Large M&A transactions, like Merck's $6.=
7 billion acquisition of Terns Pharmaceuticals and Eli Lilly's $6.3 billion=
upfront payment for Centessa Pharmaceuticals, both announced last month, h=
ave a capital-recycling effect, as investors can redeploy capital within th=
e ecosystem.<br><br>
The Russell 2000 Biotech index is up 9.7% fr=
om January and outperforming the S&P 500. But success has been uneven.<=
br><br>
Notable names, like Enliven Therapeutics and=
VeraDermics, have had a spectacular run in the past few months. But most o=
f the newly listed biotech companies are underperforming industry benchmark=
s.<br><br>
Moreover, what hasn't changed is that pre-cl=
inical biopharma companies are still nowhere near going public as they did =
during the 2020 and 2021 IPO boom.<br><br>
That heyday feels like a distant world for b=
iotech investors, who are still facing FDA and supply chain uncertainty acr=
oss their portfolios.</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-2BaqM7ONnvsnswouzVvbrFF1zS6Id1K1-2B8jtOyj5CHbCpZNzUbqmVFecOfFCg-3D-3=
D8IeQ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRT=
J5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg=
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Qb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dchp6=
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yinMAEcJKrIXxne7QMCEdEwsIYuAfYPdDE20wpRLyUH5UXEBKmZSYb4pQnp5p3rk55m0RuhkjbZ=
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zZqpqE5yFzTQAB5ipWj4C-2FyoJatghuV-2F6FM2f6-2BecJgXoDMgsQGq5-2FuRvEoq6Q-3D" =
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<td style=3D"height: 25px; line-height: 25px;=
"> </td>
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</table></td>
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</tbody>
</table></td>
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</tbody>
</table></td>
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<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
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<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>
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<td style=3D"padding-bottom: 25px;">
<table class=3D"" cellpadding=3D"0" cellspaci=
ng=3D"0" style=3D"width: 100%; min-width: 100%;
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border-bottom: 1px=
solid #C3C3C3;
=
">
<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-2BaqM7ONnvsnswouzVvbrFF1zS6Id1K=
1-2B8jtOyjFJrQxlXtBFKPIuFwcZ4Jgg-3D-3Ddojw_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw=
lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb=
6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImedn=
u9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2I=
lFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dcvRbZcusprau52pKE5bXfNRDDVB0D0KX1dlBqSzC5n=
m6p24gshap7lwuBs7dVeIdeQHagx5QHSb9kIsE8UafHP8c61-2FCPPoFc1vcKAnTnHMTMFurNKv=
pYgh-2F6nGzLoOayvTld-2By-2BF-2FmHnmQA3AGVbMOoRoGPvKK7KvLBt1koy1N9HF20KOtpbM=
2d-2FJR1qrkrOw2Q4Y0xqcPVFU-2Bz4aeJkbhsSbCOV2MoZOEixg3-2FnFIJTJA9LWsJBC3PT9I=
weV72bpXnYdvSNNH8DCgUb6xUf9I-3D" style=3D"color: #1D5080;" test=3D"" univer=
sal=3D"true">Q4 2025 Biopharma 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>Allbirds, known for its once-po=
pular sneakers, stayed true to its Silicon Valley roots</b> when it announc=
ed yesterday a pivot to AI infrastructure, with its stock price jumping by =
more than 500%. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVvbrFF1zS6Id1K1-2B8jtOy=
jZDn-2BHqArXmnCt4dMUpRQWA-3D-3DDbam_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQ=
P-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaI=
vDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd=
5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-=
2BUgN7RmMYRI5ulEWYYY8KGp6dcoX-2BIbu15sJCJ108w85Pzncj3qX9vhMvHVzvL2-2FSVz1l-=
2F86OUiJHiRnNQbkb9J3clEt-2FFdOSShLydSq-2BHGA-2F-2FwR3fuxwD3Z2MYPu7TJaBZhApg=
VrZwVZ3CM8UAaQ3RX-2B1tqfHu3mAv8TX4KQfAHaECz04fTmavFxZM7cGClQUlN6V3hHfMGyl03=
6ghwIND-2F8flSjy4vZLaVxyI044Cikt98wMxhWS4pP8qJe3UgMU3yTFDH85vDTFo0qRuPyfI26=
1HfGng-2Bh-2Baw0UCDGgirWBQI-3D" style=3D"color: #1D5080;" test=3D"">Bloombe=
rg</a>]<br><br>
=E2=80=A2 <b>A rural Maryland town is pushin=
g for a pause on data center construction,</b> fearing "intolerable levels =
of noise" may not be worth the promise of tens of millions of dollars in fr=
esh tax revenue. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?up=
n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVvbrFF1zS6Id1K1-2B8jtO=
yjrszZpsurJYkGjFFKSX5xew-3D-3Dlwpq_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP=
-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIv=
DI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5=
dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2=
BUgN7RmMYRI5ulEWYYY8KGp6dcl4r2mLSX29-2Byv3FPjiBQZeo43U8wbAF-2BhOSEsWLIkieDf=
7k3LwHqQ6LIWDS3ccqPJPi44LM5MWYfwcbNIoqkaYhNB1pZajbIAP350YU5pVoE1OtT8Q-2F15f=
MRPZ-2F4QW-2BJT2ANWOgo5q5UsQ-2Ff7SF1migepYEkg-2F9j9lB4B-2B-2FBii2VSPiVB3iE6=
rGNoaIbCVrB24Vwhn-2FYaWVXYsYeYhPRfYdRLFtKP3wV0p4ndbshAznBE5YN-2BD-2Bp0oJm5A=
PQPthb5PwmJ-2BUi5TbTgMoEGRxB-2BI-3D" style=3D"color: #1D5080;" test=3D"">Th=
e Washington Post</a>]<br><br>
=E2=80=A2 <b>Physical AI, including robotics=
models</b> that combine visual perception, language understanding and phys=
ical action, is seeing an influx of talent, capital and founder activity. [=
<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4=
Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVvbrFF1zS6Id1K1-2B8jtOyjOdt1sK-2FjbG1Oil=
MF5rXThw-3D-3D3dL7_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbM=
cVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZm=
W5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28R=
MwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEW=
YYY8KGp6dck4GWyhvdW2RX65uRanP-2FI5JY1TUr0upSSUGShy-2FmLr4GZskfvI0iJKFIY8SDp=
YXHc-2F-2FCrq-2FqrVZ1-2B6fKnavzb9fZGXAeEnKGJI-2F1u427fJs3XdGY0S7hiE-2BZAQ3H=
CqZ7BUlM035iBYxqiBcSQyQw8ejlDP57E5KhVqBn6PE1simPnv83LZY4Ry7R5vj60KSE7phuLE6=
edNlgiNUGlDkQeHVX2HuVZCoqewHQGDNwmJjmrLNZltp2NRQ7M-2FfuuitdPhKM8hSDWceSCljD=
K4SFiM-3D" style=3D"color: #1D5080;" test=3D"">Andreessen Horowitz</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;">
845
</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;">
2380
</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;">
1171
</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;">
37
</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>
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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>
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13.3px;"><!--[if mso]>
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</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_579834" id=3D"n_579834" 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: 2016 Vint=
age European Real Estate 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: 39.95077932731748%; mi=
n-width: 39.95077932731748%; max-width: 39.95077932731748%; background-colo=
r: #1D5080;">
<tbody>
<tr>
<td align=3D"right" style=3D"padding: 0 4px 0=
0; height: 20px; width: 100%; font-size: 12px; font-family: Roboto, Arial,=
sans-serif; font-weight: bold; color: #fff;" valign=3D"middle">4.87%</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">12.19%</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;">
0.75x
</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=
swouzVvbrFF1zS6Id1K1-2B8jtOyjY-2FS5ol-2FUY6qvWdw3Z7O06g-3D-3Ds-k2_Pr966knua=
Hmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2=
FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2=
a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rf=
M0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dcuzjP5fYw-2B5S8tqJ1=
SkdITDVJv4RNZItN-2B19KrjOvuiufcMP8xA77hFny4J6uCbtDMKwinM2BcgR5d7rEILkTk6wO-=
2FwGUb4UFtkM1N5yXGwWeExfWBP8uGRtInqP9meoOHF803YKdYRx1MXPnflb2La2SxXkJpgiP2e=
Sn3eWzKap-2FNHSKu5yiiZ126MPKZwyeEkZNJG4D32lJOgBtKFBPW5f2BAqhygZnWymwnCmSHtW=
Pdw9Nap7PTcwSksyaaH37YQXK0OmF-2F8hKGqoWKLFDdg-3D" style=3D"font-size: 14px;=
line-height: 24px; color: #1D5080;" universal=3D"true">Och Ziff Real Estat=
e RE 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=
swouzVvbrFF1zS6Id1K1-2B8jtOyjXenivNn7u5rt6uwgDwACgg-3D-3Djl60_Pr966knuaHmaw=
6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG2=
4YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xH=
S-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RN=
ue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dciW8IJ8-2Buld-2FhGc524t=
XFE57t4qa22bHF9ufpMhbPW69tZE8ocPUGY2q-2FLkJiWsntOfkylIiINoahK2jUfXjcmpxxRt6=
ojaGCH2yPDHKEpbObqHcaHtnCEkCaapFUhxy1lC-2FTUNeVNIDvjzl3qTpOjisbsqIvW1Grtohx=
EWDp6h3qf5MPzMAiWusu2Nsrm5buSwdvN91UbX08Wa14OlXCzCwylqfJW7BXXNQ0r1t9yHHCYyw=
tOtpKp5JAo4euvaB5617NZw360xUt2gpns-2B8D78-3D" style=3D"font-size: 14px; lin=
e-height: 24px; color: #1D5080;" universal=3D"true">Blackstone Edison Manag=
ed Partners </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=
swouzVvbrFF1zS6Id1K1-2B8jtOyjCM2fOP2sBeBKVrr3tnEkDw-3D-3Dp9e-_Pr966knuaHmaw=
6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG2=
4YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xH=
S-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RN=
ue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dcr4PDDxgBeIH0qVMJekS6Wz=
8dqRkRqJiZnBMJrzeGAKrOaOjFAK6gNGSD0NZSvfBnDiHjE3SRcqK7fRM1GYGCYKni2OmqYwXx8=
II0BfuA5yWJJexjgJEafAOhN8523C9zYFhMApzH6afOiX-2Bzti3K-2FlSa-2BXsg1Gvu-2BnNW=
Mb8BM6eMRvNWRCq6XJJ-2BisL-2BNih3yubb3SPBZyjwWBiGw-2FC8fHm6VZ9XAUnHeMk0nskBS=
hDnj0GnPQqNLz6hXColIG6xx5D43gZtgUsO0kbXiBtg0U-3D" style=3D"font-size: 14px;=
line-height: 24px; color: #1D5080;" universal=3D"true">Bensell Host US Fun=
d </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-2BaqM7ONnvsnswouzXdRrOvZOJ32MOEIuLRgdNZHDMpxo=
gXcj38nB7wqwMAIA-3D-3DKY1f_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi=
QVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnx=
aRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjse=
Yb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmM=
YRI5ulEWYYY8KGp6dcue09dE1xCCZFjPbEyf4Bj4DaB4Uy8DZ6tP2hz0XkUX1iOA9EkMK-2F3yX=
kpbt-2BxNpLOv0F6yt8aFzzZjJbZGNnYADDGtOGgTyn7uyFVTqsIYdSHlQk5DI9wuhCow-2BXRS=
NQifkkGiFgAx8-2FRrhtY3wZO34NdrDaZp-2Bigvcsq0B8dAYOT1KL6Kyh1j1dA5fcntKoQ8pVs=
Ii7Vi8lMmqu2nRmQFV5CtjDQy6NjAtdlHJJBntBGx2SsO2lSoPJcmUh-2FagGQb4Ggb05fWA93y=
Ty9BcudA-3D" style=3D"font-family: Roboto, Arial, sans-serif; color: #1D508=
0; font-size: 14px; font-weight: 700; line-height: 24px;" universal=3D"true=
">72 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-2BaqM7ONnvsnswouzXdRrOvZ=
OJ32MOEIuLRgdNZT12ewMJBssrazje6Ccd8AA-3D-3DAdki_Pr966knuaHmaw6c7pKvB-2BCEiD=
nj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4be=
x8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiW=
Imednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCw=
ndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dcqZw4hYyg-2FVwVWStQgq-2BA1876QJBdpCsT=
hLwoJIv6UwIyykUkIYP3Cnkuvdmioc3ZvDuN0kKfAIz7nQh9nLDRi76mWaU3slHDNvSmYg9WwZ2=
BGarm4TiDbfdg-2BdL4wdEJr2EVaBdZ91vnnNrXZHpuEt3P2biuvE6uDRC7C2MTWnGCiqsSKt5i=
sBNqesnKio-2Fhbu3GpSUX32VDeNfQPsjC2JXTikPhwK2tnfNq1iOp1Of9vtXyNAE3rQG-2BptV=
-2B-2FFCmYv8L-2B1qeZPnLnKxXc5ANv0-3D" style=3D"color: #1D5080;" test=3D"" u=
niversal=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-2BaqM7ONnvsnswouzXdRrOvZOJ32MOEIuLRgdNZwBSCr21fpHrFZrpWK3Bi1A-3D-3D93s=
x_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5Zu=
NB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPC=
YpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2G=
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6HmEUNiuwOPYyDuVfov-2Bl6SrsjXRQ6XLkOwOd8KMQh7f5I28Ejq0lFvk7r0jRzh-2FbYIMKPM=
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<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>VC Deals</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
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<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
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<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
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<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">San Fr=
ancisco-based <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click=
?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdRrOvZOJ32MOEIuLRg=
dNZXRoJ9RKII41kfTxD3A-2FOUg-3D-3DOTHF_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0=
YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8pl=
aIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bib=
sd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29=
z-2BUgN7RmMYRI5ulEWYYY8KGp6dcj-2BtckVJ-2B4OK6wqqAtR9jpNYR6Ern2HhD0CJx-2Fas2=
THC6xp4iVALHfpsYAc-2FzbGePQ-2F-2FZsql-2BrcTh-2BNRi-2Bujs-2BhCVpf8DTRYL7R4QB=
YreYTzwhM-2Bv4TgLV7Rbjt2N-2FTYPZ-2BlIXzB1-2BcvQoD-2Bd6H6E64jDblIA2GQgW6h5iK=
J1JbAkTVYsb3SaM7t2GEwSslnzUQNDS4ViFK3MolWI673njEdEwb4bgS6o1Wx5X3MOc-2ByFown=
S-2Fx4vdG2GkCdx8duSa7aAE1A04neqQmT8Cp7e9w-3D" style=3D"color: #1D5080;" tes=
t=3D"" universal=3D"true">Terremoto Biosciences</a></b>, which develops sma=
ll molecule medicines, received a $108 million Series C from <b>RA Capital =
Management, OrbiMed, Third Rock Ventures</b> and others.<br><br>
Texas-based <b><a href=3D"https://url6380.ne=
ws.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7O=
NnvsnswouzXdRrOvZOJ32MOEIuLRgdNZANcDCXnfyOrUZoQh-2BGxyMA-3D-3D1ngB_Pr966knu=
aHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-=
2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww=
2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0r=
fM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dci8knOiQBzv0sNPJZk=
FzWk0v8B-2Fp-2FlEaLc4xbMouUqrl64E4iOhe9urx55bMlUNGszDOtwaksA1B2Vkr8PikVNKkx=
BVQcE3Xn2NWfH-2FuDb0-2BSguXBc2QFPinRnYwClBduuVhYZ4SzsNXOOkxoKidt1xYUCJCpz2r=
HkndrcbKIIIDylvAvkZyhiMJhKEJI4WrXXqwvMcMbIq-2BklLEJG6DJFqHWwXlQkkqLLI1K8g3k=
B54Mjpt9XL-2F2yWlGAt9In9H8bpIMRbAVl3OlWPjCiDXI70-3D" style=3D"color: #1D508=
0;" test=3D"" universal=3D"true">Hertha Metals</a></b>, a startup producing=
low-carbon steel, is raising $100 million in Series A funding, Axios repor=
ted.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?u=
pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdRrOvZOJ32MOEIuLRgdN=
ZdaXpWaggWDjXduINnFa-2B6g-3D-3Dr0gX_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQ=
P-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaI=
vDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd=
5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-=
2BUgN7RmMYRI5ulEWYYY8KGp6dcg1njGs3I-2FavBe48lBQkgSDfPLFb977YRKgigZ5IZW-2Fok=
rWaOciCQs4599eg8NdNHAPNyC8huOFJGKjQs1IP88qr5yocTA1qkHWjidnWtRQExBxPft3bDoei=
-2BQ469Dw9vBsHpTsV9bkduYp87tI-2FYOk6ImVK2mZxfo4YHJ4kYodLz8ocIuAqQaIdQg9-2Fd=
ehA1m2pSOlazqtJPSZjEfdTzafyue9oOxbmZHd1gMK-2BVvF-2Fm9rQ7Ls1HVydsC8SOGg-2Bw0=
4t6ATzCQgORYX2ADPL0c0-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"=
true">Turion Space</a></b>, a California-based space-tech infrastructure co=
mpany, secured a $75 million Series B led by<b> Washington Harbour Partners=
</b>.<br><br>
San Francisco-based <b><a href=3D"https://ur=
l6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa=
-2BaqM7ONnvsnswouzXdRrOvZOJ32MOEIuLRgdNZF9Dr-2FR8iQaftwR77orWyTg-3D-3D3vtf_=
Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB=
-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYp=
N0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0=
xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dckMRDpryWn=
-2Bc-2BNH5SARofE4xGL4KRz0V2Ehs11ClfQno0j0LGA81UE4YdpUcxNvUAXq3J6Z8qiW2nTzv4=
rNeVmCas-2FUCG4bDDuNoyP43M1-2B5rFkCQXPtUSJ3lXB2-2BanSN2wHDigx-2FZf3VZ9SC9Om=
x7qdzravOguvqR5lP8FS-2BUSXLRA71rNJlbZwiwia3kprBkheksQ24nrHJC4XB-2FpDE6hlD3c=
VsyF-2BgymiGh-2BMJxPb79l-2B0cYSaA6IQeqHnnbaAzVAmHumPboDv3ZvqsbSgHQ-3D" styl=
e=3D"color: #1D5080;" test=3D"" universal=3D"true">HockeyStack</a></b>, a s=
tartup developing AI agents for the enterprise, raised $50 million in fundi=
ng from <b>Bessemer Venture Partners</b>, <b>Y Combinator</b> and <b>Uncorr=
elated Ventures.</b><br><br>
French crop protection startup <b><a href=3D=
"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzXdRrOvZOJ32MOEIuLRgdNZpfPDCGw4Ghz0qCl-2FZmAkgw=
-3D-3DSVNV_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6=
8NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46F=
qlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxD=
BRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6=
dcg7ycdrrhTj4ZJncRbaxgmLB7xJwKyoUZWp-2Flu7zdGgEVeMj6KgKQoVb3poz3dPBmX7yMQ87=
p9Jjb-2Bdang7mLNTnWBcwSxNj3WSTJr7K-2BVhT7hk3LcOY-2Flvyf80NkB5TfvlVleiRbIFb1=
XJUXNzHcJ3gwFSN1nVYLUqcWrMIWUcSjC7kkIzVE5EbshQEB0HnYEa2iiFzJAPTjirhmx1svAe8=
unBcfqhXFXR1iG6idTP08EXdcOgjm7sL-2BTVzVRa9fE5Qb3zk4Rn-2FmwL4-2FBqtYvE-3D" s=
tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">Agriodor</a></b> rece=
ived a =E2=82=AC15 million Series A led by <b>Cr=C3=A9dit Mutuel Impact</b>=
's Environmental and Solidarity Revolution Fund.<br><br><b><a href=3D"https=
://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIr=
f6GFa-2BaqM7ONnvsnswouzXdRrOvZOJ32MOEIuLRgdNZi0K4p0NNOnjJOXsuRwPafQ-3D-3D_H=
I__Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5Z=
uNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DP=
CYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2=
GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dcsjhziX=
XXhuLqAKsiu5xhoC-2FZTXLDbLGcJiX0gwcHCIZ9EkBV9Qf-2FNFNhZnu5bsxSSD95wcbCwSnng=
-2FN62vzbHN6rYB36DoVzh0UM-2F-2FmTj4D6t1-2B5dSs-2BzcdW5ibA-2F-2Fiv-2Ba7dN72H=
HU-2B0x5RLoktzg8FX1c7tg0NZZj7eohaN52RMTWWA6FYbJtq10nxy2hm-2BGqbvIdkC4xQHTaW=
S-2B31NJHF02st10mpb3EtMANOSVFMH8U9wFuCajO5J3obN6VqtMeBh-2FjxPzuI3R5kpQbS5XY=
-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Donecle</a></b>=
, a French AI-based aviation inspection specialist, secured =E2=82=AC10 mil=
lion in a round led by <b>IRDI Capital Investissement</b> and <b>SWEN Capit=
al Partners</b>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/un=
i/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXdRrOvZOJ=
32MOEIuLRgdNZr2iyYh4TziDemzuIpbeOAQ-3D-3Dtmka_Pr966knuaHmaw6c7pKvB-2BCEiDnj=
5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8=
SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWIm=
ednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwnd=
B2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dcmPnvWvutjCclLpGf0gEEMekAX-2B8Kfbc0AQfJ=
FLdvcPjYK1slxRquSGbQhm07zTR-2B-2FoPgMVWP8jWXYW-2FtkQycGjYyUO7306jh7TiHmePi1=
uJdnC5PWRBe0I5yhx7sDtl2oEGcFc5eO9mSiUwbOkFgmwST0p-2FTxKrurmSBqRwLlsNXrKryMF=
cAwyT5YXo7YezqvQgc7Dz8DAg6byMJ5iPfEU73XOD2-2FEBv1GUyTtrLAU-2Bdfcpp2BMven2xS=
j1h5wWE569NmAmXkXWfy1J4-2BC2LqY-3D" style=3D"color: #1D5080;" test=3D"" uni=
versal=3D"true">Helical</a></b>, a Luxembourg-based virtual AI lab for phar=
ma research, raised a $10 million seed investment led by <b>Redalpine</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">Saudi =
Arabia's <b>Public Investment Fund</b> is considering cutting its support f=
or golf events organizer <b><a href=3D"https://url6380.news.pitchbook.com/u=
ni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGmI66ta=
2YtZZ-2FM2G1dEZa-2FDeFx6qkFEjw-2FxlvYXfU7w-3D-3DJUth_Pr966knuaHmaw6c7pKvB-2=
BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7=
kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWy=
evHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQ=
OIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dckBP-2B2zgqerDmETjJcmb-2BO6J8J56=
kI1yu9i6L8XUJWEBtHQx2jE7Q12RPtsTbM5qlUB3qAgg98SUAno2YQ6mDYjZaGTjds6aW-2B7kY=
tQ06CiCzISzE-2BFo0hHV6x15XAPZlabeJHAi2IqebZH92eF7d4EVcptTy8gf14uGtQCrgwYWXy=
wQXPuk9BTpNPlFC0fffu7sWcFiGBU9NUbmJ-2Br9oGHEaiimbt9CGdI3ByT0Q21y-2B1DCvVxxw=
mlZT7dqmNul7d9bdZxURBVdee7jgYLTI1g-3D" style=3D"color: #1D5080;" test=3D"" =
universal=3D"true">LIV Golf</a></b> after heavy financial losses, the Finan=
cial Times reported.<br><br><b>Suma Capital</b> invested in <b><a href=3D"h=
ttps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7Sp=
SWIrf6GFa-2BaqM7ONnvsnswouzWGmI66ta2YtZZ-2FM2G1dEZa6iFClDtsalbc8A8WIyIMeQ-3=
D-3DV9tO_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N=
VRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46Fql=
PRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBR=
n3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dc=
odd1vaMLsiO4HPU86kKommPbNWTgzqh3uYs6Q2H4xoc1YUHYxP3n57s-2BnPH97jgNm8m2GwklU=
2tSwZ3suqUNXzbLJoHOzng1FJWywpNM51dcariOhiwHtoFwcYbbr5DnGwsV-2BQznr3C8HaDDki=
HJlpLKBmX3EA92oUimSARiAYROonYbBExKq3Gel7apzWK-2F9rmt-2Fc7wsIHTKhA4s-2FTvwJD=
K4-2FzPb1B0R9EqoNS3NYqe23i1qNS3H9UwJkmDGPT4WdZeGn-2FraT4SRCVnnPNjYg-3D" sty=
le=3D"color: #1D5080;" test=3D"" universal=3D"true">ECOcero</a></b>, a Span=
ish manufacturer of sustainable acoustic panel products.<br><br><b>Kingswoo=
d Capital Management</b> invested in <b><a href=3D"https://url6380.news.pit=
chbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns=
wouzWGmI66ta2YtZZ-2FM2G1dEZarBIV81xr9Q-2BftTbYvySO4g-3D-3DtVuC_Pr966knuaHma=
w6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG=
24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1x=
HS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0R=
Nue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dcg40j3KHpFiKGs3zjTF0bK=
GWKt79CZyfiSKLHnkCPS40mLg29Go7Ub93J5L6H-2B5H5ZYiXwZbxUcW9Vt2a8DUXrjopNEWSVf=
RYy0-2Ff7FlNrbxn24FYJQ6vcQl7fUx1B60bPrgK-2B-2FOX3rOzI7-2FWpf80BuiVCjXSGWv3D=
JVTOILcjmuR0jY82vTX1JccFAlXU3T8Rh4REHpUQ8u8aNjtvQHNMMvccRitB1a6-2FuFytScz1I=
2lCQSrQT119eszHce44Nd7zbyZ1SuwGvRJSgo95TgLm8-3D" style=3D"color: #1D5080;" =
test=3D"" universal=3D"true">Soulshine Farms</a></b>, a Georgia-based poult=
ry processing company.</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-2BaqM7ONnvsnswouzWGmI66ta2YtZZ-2FM2G1dEZaA1UtQV1A7dnAwTI=
hqHkKTQ-3D-3DrXjs_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc=
Vf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW=
5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RM=
wVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWY=
YY8KGp6dcnDNM6Du7m2Po3JrB5i2TGnQk-2BgJtEgBB2PJFFrQx5ue7k5gtdvOj1IDxjnxwQjtt=
e1CVx0CkyG3fQHkLJ9eJ5Z9CUHXgIPuHZB3a6FjLizWsWQgWy7A7FscXL-2F9pSAQ6Qa7y9Ls8l=
G9oeiFXUnFEl8yhgziEQh6VIhWdtkzlb4uTeSKoGQ7NFVLp1Ra5Fhjz4QtxYNFe60JbG5KqLVvA=
JwLSIWnP-2FgkJ6p-2Bp-2FX6SUirOz-2F82ShcOUEmE6mqWQymDPWxErMttrvJ6N43YrSCOaY-=
3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Zengo</a></b>, a=
Tel Aviv-based crypto wallet provider startup backed by <b>Insight Partner=
s</b>, is being purchased for $70 million by fintech trading specialist <b>=
eToro</b>.<br><br>
Luxury women's clothes and accessories retai=
ler <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du00=
1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGmI66ta2YtZZ-2FM2G1dEZajb3Uf=
Rvpn8lWAb3QajePoQ-3D-3DK3VH_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B=
iQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONn=
xaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjs=
eYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7Rm=
MYRI5ulEWYYY8KGp6dcqAsG5Uv-2Bye4-2FJx0qf7NnRxDeOvZmj5R5AeQS-2BJYTOkHq55iHou=
2Re1JpzgL-2B4IMloSbXhALjq5J6Tf9SQvcqPt8q524zkMF4KLS96Um3RNjg2SJ17z2vLcYG3-2=
BSEuzqgps18KWjNllsNhBEdwwmWn2Bajm7CMXcFhbYwFUwljW4G9Z9gqwQf46buaq73f0q11-2B=
MjO5QAeTrUqyrfh6o0CGCEIKF4Lmbx-2Bw4-2BUgz337HTGT0eLt8UrzF-2FtP9nRyrZY8Mze5L=
PZI7jQ-2FVT-2F-2BYA1A-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"=
true">Tory Burch</a></b> will spend $346 million to repurchase <b>General A=
tlantic</b>'s interest in the company, Bloomberg reported.<br><br><b><a hre=
f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu=
ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGmI66ta2YtZZ-2FM2G1dEZazt3NQa-2FqFdFiL619=
fCgmqQ-3D-3DIosI_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcV=
f8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5=
jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMw=
VN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYY=
Y8KGp6dcgK8L8rr9NVr-2Fs81YcXIg4OwmNmd1ke7zMbvRqTaYguCBi3-2BSXFoacuGlzfBEVmz=
IhkCTkymoFvkqi76uzSRh5kqxAS8mungygXwa5N7Q3D17pBiBEsB3P-2BSw3VR2Tk4fqxAhZMdc=
idfUP-2FymmAGelRacbfTsJYJYrjuLIe2Hfj4UZe7AC4ARjHMwERAOwb782aeZsqthMlGoy7XHl=
D17K3FwkX2ZzAL2Yl40xN4Drx-2FQQbm-2BXB1dORDFfuuwaLNfdzrPKdz7HRVVfkGMpeJ7j0-3=
D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Aavrani</a></b>, =
a <b">
Skara Ventures and=20
<b>Gaingels</b>-backed beauty brand, has been=
acquired by=20
<b>Nivora Group</b>.=20
<br>
<br>
London-based payments startup=20
<b><a href=3D"https://url6380.news.pitchbook.=
com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGm=
I66ta2YtZZ-2FM2G1dEZaX-2FPEP8A-2B-2BPPx6BJoo5ZqLA-3D-3Dl618_Pr966knuaHmaw6c=
7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24Y=
uQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-=
2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue=
1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dcgb7yW7Ifhiev9uhzLhhh4awY=
4w21eYxIh5YH9NQv-2BM96qVRrScT-2F1-2FQMjtVsBWeJiO6QPGYdRCKl6lA0mcA2bICfwkGUd=
a7JaVojnFgiKVYWiA2GRo6rjnCqkA-2BlykJ9qE7zeYYIMSxJeFdPnK3-2BERY0siRKMTKe3ZS2=
NnjiogeY6c3b91F77g2bFYWCkyHB6G05npPCmQksgidhQgJrVa4OAx7BbD4FgwmcI2u9hZhwDme=
5PA6X745YO3TA4KAvmiE3-2FQzEJEabcp4GtKq7Ys-3D" style=3D"color: #1D5080;" tes=
t=3D"" universal=3D"true">SumUp</a></b> is lining up banks ahead of a poten=
tial IPO, Bloomberg reported.
</b"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Fundraising</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table 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">Consum=
er-focused PE firm <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWGmI66ta2YtZZ-=
2FM2G1dEZaPb7tLJZTyiaQIwNEwzHlhA-3D-3DUfUk_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw=
lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb=
6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImedn=
u9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2I=
lFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dculIU1sVCptZGbxUg6zPugXKZ34pdKAaMBtnva99Z1=
LwcDZi4h-2BocBqiowT53-2BRdy4tUiHZI3LGkszvutGMHSD1tcMmQ9BsJazJesismzA-2FMOkg=
pZCbw5snf7ONN37q1q63Aj4WMT7EPuG2NV79JGuZ-2BQz3dVPn3S4KMJddZiC202dkIVtEEg60m=
WWHxnFuK-2B-2Fh1YUdjELyxmITzmbVGsjjFZH-2BClNiXHoI23EaqCeN4TbemsdxnQYKDPf3ln=
P-2Bu9CjqUoqVe20NYLHXN9GLth0-3D" style=3D"color: #1D5080;" test=3D"" univer=
sal=3D"true">Topspin Consumer Partners</a></b> has closed its third fund on=
$328 million.<br><br>
Geneva-based <b><a href=3D"https://url6380.n=
ews.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7=
ONnvsnswouzWGmI66ta2YtZZ-2FM2G1dEZaRl5boLF3e-2BtC-2B9mlxEsYhg-3D-3DWle__Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRTJ5ZuNB-2F=
wu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg8DPCYpN0D=
0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3JQb2GG0xu-=
2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dcozDUFf6O0xJB=
Zuu9BoZuh1pU4lCdK3F-2BvNjnAsXnKw-2FM5Zp30t0VTdIzjwIaerqUZEj1QFP-2Bl-2FboObc=
DJXj-2BaaetaILLqgcjg-2FghfFPNszVuj4fgrVtfWjyGLy0vsgaeOH6SMfqlc-2FTvbSeRWacu=
v2HXFZqrp-2BtsbM1G0ILrEXIugews2r-2FLgPhGQSqFsvtw-2BojxUMiAKd-2Fm3p4MMcGrDzl=
rjmci3jmr-2FiujNO4AH4jsxpTm-2Bfi-2FCK1qydr6qku9IOpa-2BKJ7wmjbw8tcBY9te0-3D"=
style=3D"color: #1D5080;" test=3D"" universal=3D"true">Ace & Company</=
a></b> held an $85 million final close for its latest secondary investment =
fund, and a $143 million first close for Ace Independent Sponsors IV, which=
invests in lower-middle-market companies.</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Corporate M&A</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Sta=
ndard Life</b> agreed to buy the UK arm of Dutch insurer <b><a href=3D"http=
s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
rf6GFa-2BaqM7ONnvsnswouzWGmI66ta2YtZZ-2FM2G1dEZatniIvSJ3CYeyUH9MaBuEwQ-3D-3=
DtlIE_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRT=
J5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5jHh46FqlPRg=
8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMwVN8GxDBRn3J=
Qb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYYY8KGp6dcqoF=
bvSKaJAv2vDItoG0C9EVfbMOrXyNdG9D4FR1lj07PiKq5R0Gc12Jg-2FORiTjgfoh1S43jnB7fI=
3at4NNYbYk3XjRsdCOZBx2w63M8X5An39ZzBQy-2FPJT56sjRqevA67ctpWFDQehPQcD0XpLv6b=
agBPIMeiGFO8wwY6zfCaJfqzUxeBHLWPYs457Ilt-2B0Q2wVAjf37MEd3BpNbtRrIj2hKROf5Nb=
2NKmbdsNKEE9AJ7cyVFB7anr8JOcW0SaLze2cGpXKrPJozZQFYBLAiMs-3D" style=3D"color=
: #1D5080;" test=3D"" universal=3D"true">Aegon</a></b> for =C2=A32 billion.=
</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Chart of the Day</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table 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-top" cellpaddin=
g=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100=
%;">
<tbody>
<tr>
<td valign=3D"top">
<table lang=3D"x-image" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" align=3D"center">
<tbody>
<tr>
<td align=3D"center">
<table cellpadding=3D"0" cellspacing=3D"0" bo=
rder=3D"0" align=3D"center" style=3D"float: none;
">
<tbody>
<tr>
<td style=3D"text-align: center" align=3D"cen=
ter"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n7=
3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUVWQYjJxZlNg7UhEcVsQXTvHOGrilWgfxNG=
2f4Uxuhog-3D-3DgMUH_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb=
McVf8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZ=
mW5jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28=
RMwVN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulE=
WYYY8KGp6dcrn4N70wtC99BK-2F-2B2LBialA-2BlpbdNDaJC9xho9pAjwQq8SiBSAJhYNzQOG9=
LXLzimg-2FTq1eHOjmM0h0Mw5eLv4f0RWcFBeLQclGyWVvMTADpcqLGHbryWq2g6MwgA6vxNo-2=
FKenTEt7S5h4TuHu2GaAtGl1ERfa6BZU-2FZztCKi1PClSiexLJ7JyKpbvnYemId-2BT6JQQ5cP=
4y5nj7GGTdoG638qc-2Fj59IetOm6M22zWRSpgZB2-2FRoslyrB2w-2FsVz74BLe3SbRb98jHwV=
Ibq1JvOWI-3D"> <img src=3D"https://img.pitchbook.com/news/73787.png" align=
=3D"center" alt=3D"" style=3D"border: none; width: 100%; height: auto;"> <=
/a></td>
</tr>
<tr>
<td style=3D"height: 20px; line-height: 20px"=
></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>
<table 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;">Energy transition inf=
rastructure funds raised their largest sum of capital ever in 2025, with ge=
neralist funds receiving $124.2 billion in commitments and specialist funds=
garnering $47.3 billion. <br><br>
Source: <b><a test style=3D"color: #1D5080;"=
href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73Br=
X4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUVWQYjJxZlNg7UhEcVsQXT2Tnekfr5JOrNSx1i=
uT6jnA-3D-3D-9GU_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcV=
f8UYA68NVRTJ5ZuNB-2Fwu5D-2FRG24YuQHOZN7kP4bex8SMb6g8plaIvDI3LONnxaRguhFZmW5=
jHh46FqlPRg8DPCYpN0D0C9Ww2a1xHS-2BP1OWyevHiWImednu9Bibsd5dXJHmjseYb4zP28RMw=
VN8GxDBRn3JQb2GG0xu-2FL0rfM0RNue1JKr6HQOIaCwndB2IlFd29z-2BUgN7RmMYRI5ulEWYY=
Y8KGp6dcn3tk2wdUf-2BgGZB3hmYgz4DDMKv2qIjTvvdQbMISY0PDAIr85QZx55CHnrwX-2Fn-2=
Bww2nE52pwok0VC-2BBrWAUWK4cMM6msfOMjQjGc9-2FyLNceLtId9AcNcVxmRul3R2dvBpxb45=
Lav-2FP56Ui8EWiN-2Fy5h5zGtY-2Bx7eyl4mTseY6mtIGPezOlH1LCkdXVgriIOkTKZxL6qVeQ=
tuYdM4pOWc-2Fy73kA5Hj0Yd9EVaCQrXteG0ickRKfvyhG-2BixYiUBVj6X0YmrR-2FG6ZybHa7=
anuMjdyU-3D" universal=3D"true">The State of Sustainable Investing in the P=
rivate Markets</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>
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<td>
<table lang=3D"x-sidebar-block" width=3D"140" cellpadding=
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<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
">
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<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>
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