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Content preview: PitchBook Newsletters Private capital fuels record MLB sale;
frontier labs come for biology; themes across agentic AI; UK AI fund 'a drop
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<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
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Arial, sans-serif; color: #78766F;">
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" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
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<td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_579482" id=3D"n_579482" 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;"> PE hopes garage door roll-ups =
will be the new HVAC </span></td>
</tr>
</tbody>
</table></td>
</tr>
<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%">
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dding-bottom: 20px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;"><i>By Rod James, Seni=
or Private Equity Editor</i> <br><br>
At the start of April, Oak Hill Capital boug=
ht Guild Garage Group in a deal that got tongues wagging in certain corners=
of the private equity market. <br><br>
The transaction valued the Orlando business =
at $800 million, making it the largest PE-backed acquisition yet of a US ga=
rage door supplier. And at a 16x EBITDA multiple, according to PitchBook da=
ta, pricing was more in line with an IT or data services business than a ty=
pical residential services company. <br><br>
Acquisitions of garage door installation and=
repair businesses have turned from a trickle to a relative flood in recent=
years. There were 26 PE-backed deals in the sector during 2025, including =
add-ons, according to PitchBook. This was a touch behind the record year of=
2024, when there were 29, but both years dwarfed what came before.</td>
</tr>
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</table>
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ding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: =
100%;">
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lspacing=3D"0" border=3D"0" align=3D"center">
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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/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW11fwzucf6mmscY5TPnuALiUWO94Kv9=
nbyj3uH1zzPnA-3D-3Dl_s5_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRxNfJSxAgHV6dSjjMBCPSipAMnwfGcQjicJRzs7334n8p7z3nM8w2NKZPD6=
1UD98C2zYG8bPG-2FpEZLpK3EMUwAOam-2FQHUPiwOkmwkZ-2BAk1zUrGWNgE1770H0F7hYZJ45=
KuXx-2BkFwY5vMFayCm91h5bPFSAd2LvHeOdpfqBA2-2FJJj4ljPkwki6fDp93lFMFgsa46yK22=
iArcalP1HRiCiONtr0IaEdIP5ysvb-2B9tejfHfOKT-2BK-2BV8lCWdCBKvNIoR2y2VjM8ocfu9=
DAH4DJSyoqvtD8-2FmFlV6OtPD4F1H6dsxsQWZXglxTDSNmNxFFRKgf0z1jj0-2BQTetBavN9aK=
rYBYMdL7uF9qtFGhkbjuFQ83DpbP1A1KeA38vqf5fsIyC-2BpSJeg4DWv5GbLet33AQymXIVvb9=
SaHRv3nTdHCd5oWUNrv5lMkO-2Fj36RSKJV1m7je2HHTj-2FYZKcT7Z8hhRsj0cXm0R4fnBJ6Y9=
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</table></td>
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</tbody>
</table>
<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;">A lot of the exciteme=
nt around garage doors stems from the market dynamics they share with heati=
ng, ventilation and air conditioning businesses, which proved to be an imme=
nsely successful rollup play. <br><br>
Businesses in the two sectors tend to be cas=
hflow-generative, offer services deemed critical to people's homes and busi=
nesses, and there are lots of them, making the market ripe for consolidatio=
n. <br><br>
Garage door investments are no gimme. One of=
the things that makes the sector attractive=E2=80=94fragmentation=E2=80=94=
also makes it difficult to find good targets, at least of the size and soph=
istication that PE firms typically seek in a platform company. <br><br>
The market has experienced a surge in compet=
ition, participants say, as PE firms that typically focused on other segmen=
ts look to the trades for protection against the disruptive threat of AI. <=
br><br>
"I think some of the historical perspective =
on blue collar services and just construction, as being kind of a dirty wor=
d in private equity, that=E2=80=99s gone," said Paul Giovannoni, a partner =
at investment bank and consultancy IFM.</td>
</tr>
</tbody>
</table>
<table lang=3D"x-content-area-bottom" cellpad=
ding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: =
100%;">
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0" cellspacing=3D"0" border=3D"0">
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<table class=3D" " lang=3D"x-news-=
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th: 100%; min-width: 100%; =20
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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;
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0;"></td>
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<table border=3D"0" cellpadding=3D"0" cellspacing=
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">
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<table border=3D"0" cellpadding=3D"0" cellspa=
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0%">
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0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel=
ated research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW11fwzucf6mmsc=
Y5TPnuALvmmdVZceBZqvRIIt3-2FFzag-3D-3Du8C2_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw=
lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxNfJSxAgHV6dSjjMBCPSipAMnwfGcQjicJRzs73=
34n8p7z3nM8w2NKZPD61UD98C2zYG8bPG-2FpEZLpK3EMUwAOam-2FQHUPiwOkmwkZ-2BAk1zUr=
GWNgE1770H0F7hYZJ45KuXx-2BkFwY5vMFayCm91h5bPFSAd2LvHeOdpfqBA2-2FJJj4ljPkwki=
6fDp93lFMFgsa46yK22iArcalP1HRiCiONmiWzqo3G24k5sx9W8Lb09AbclEexf5qESdCySB8MD=
e9BBidkheCueSTIuUwehqX7zhxoVCJVlvuqEdm78HR585nuZczuBXB5vOVT5Gy5PTLZQujk1BWg=
JNRKyUkcyWjtDF527sr-2B8Qfk8eACtU37oSGdvqb7hihlzY8QsRROYOSy7zr2Mb8pLGTHdIoAw=
bjZAeV1uVfyAzPGfjBq6E7qHlb7jFchYjwAotK6S9g0rb3NybXGDfV01caBJMruciUZIx-2By1P=
LBoAm939SPYN9yz4-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"=
>Q1 2026 US 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>
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20px; padding: 0;" colspan=3D"2"> </td>
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<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<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=
>
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<table border=3D"0" cellpadding=3D"0" cellspacing=
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0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">=E2=80=
=A2 <b>The San Diego Padres are in talks</b> to sell to PE billionaire Jose=
E. Feliciano and his wife, Kwanza Jones, for around $3.9 billion, The Wall=
Street Journal reported. See our data on <a href=3D"https://url6380.news.p=
itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs=
nswouzW11fwzucf6mmscY5TPnuALXLH7VubMLP79JzxIgsAYTQ-3D-3Dvcq3_Pr966knuaHmaw6=
c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxNfJSxAgHV6dSjjMBCPSi=
pAMnwfGcQjicJRzs7334n8p7z3nM8w2NKZPD61UD98C2zYG8bPG-2FpEZLpK3EMUwAOam-2FQHU=
PiwOkmwkZ-2BAk1zUrGWNgE1770H0F7hYZJ45KuXx-2BkFwY5vMFayCm91h5bPFSAd2LvHeOdpf=
qBA2-2FJJj4ljPkwki6fDp93lFMFgsa46yK22iArcalP1HRiCiONnKjAguAuhk4xnmfH7AeJsVJ=
QhDqw3tXWxGqnHbEAwa3cFF7wyK5XF0Y2QeXSUrvoqb6zjkSY-2BjbLMZV1-2BiTC8Z24-2B-2F=
sS7s2TCWUCQc1ou5qikOaspZzHDnjJjuuk-2B2nZ26oi-2BX2MpeEBjW93VoRhWPZ4VUNU8LRb2=
RFdpMWZcJQGeH28Q6TMBhofvjqErVD5ZBhrvg-2FLz3QrcvabzlvzW4DNrNpUjXn4XqnIMownui=
EZX6l5gLxIaWh2Lj-2FFT8ZoMWzeo9kTkgS0QccwPMxgYY-3D" style=3D"color: #1D5080;=
" test=3D"" universal=3D"true"><b> PE-owned pro sports teams</b></a>.<br><b=
r>
=E2=80=A2 <b>Agentic AI adoption is making s=
trides</b> in IT, customer support and go-to-market functions, but remains =
more limited in areas requiring high-stakes judgment. <a href=3D"https://ur=
l6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa=
-2BaqM7ONnvsnswouzW11fwzucf6mmscY5TPnuALQsnyihs98Qi7r2MlROsrdg-3D-3DgoDz_Pr=
966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxNfJSxAgH=
V6dSjjMBCPSipAMnwfGcQjicJRzs7334n8p7z3nM8w2NKZPD61UD98C2zYG8bPG-2FpEZLpK3EM=
UwAOam-2FQHUPiwOkmwkZ-2BAk1zUrGWNgE1770H0F7hYZJ45KuXx-2BkFwY5vMFayCm91h5bPF=
SAd2LvHeOdpfqBA2-2FJJj4ljPkwki6fDp93lFMFgsa46yK22iArcalP1HRiCiONozj5XHpofqa=
i7e6sMuVOhNgFR-2BbLECvyrOVyII4HmvDdh-2FBTi80rPmgquK-2BjUirkCbhgNTCWxCC-2F0Y=
Po1SL2Hira2SwrORTbK0BGyg4CdpxNkR-2F4vVbkNFuY3V4LeBssrlWbCDrVgoIh5CWbJVj9GSf=
tk12CtjIYy65ULB9ofiEfBykrG-2FU35kc8LH2z1rG173jH02XidbnKZzd4qmy45rISQ4aBD53T=
HnnHxS-2FZ8-2BsoxUsAABnb6TRIX8hAs1XmC-2FDeGYD52BorGPrUMIC6CU-3D" style=3D"c=
olor: #1D5080;" test=3D"" universal=3D"true"><b>Read the expert analysis</b=
></a><br><br>
=E2=80=A2 <b>A new UK sovereign AI fund offe=
rs startups a boost</b>, but funding constraints, high electricity prices a=
nd talent shortages limit British ambitions, Leah Hodgson writes. <a href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW11fwzucf6mmscY5TPnuALKPNaemwloUPKDWSOYB-2B=
Rkg-3D-3DAWAV_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8U=
YA68NVRxNfJSxAgHV6dSjjMBCPSipAMnwfGcQjicJRzs7334n8p7z3nM8w2NKZPD61UD98C2zYG=
8bPG-2FpEZLpK3EMUwAOam-2FQHUPiwOkmwkZ-2BAk1zUrGWNgE1770H0F7hYZJ45KuXx-2BkFw=
Y5vMFayCm91h5bPFSAd2LvHeOdpfqBA2-2FJJj4ljPkwki6fDp93lFMFgsa46yK22iArcalP1HR=
iCiONoOx-2BjQH2tEOxjJG8V6Q-2BiOG0rMhqL-2BY4uQ4Y9xuUqiC8xd8B0km0dnBPibE8FIon=
4o-2FMdsh8smTQVFmC3xa-2BcHexgYxDy9jt-2FJaXchvTcz1-2FSWu4VRuIUcjWtt0hBQUihkg=
rzSHsfMgzNlgaszPMeSFJ6jMLbviLkbjTsuahm7oqHUQCucDhSCUEg-2BJhqh6ooPQvQyf3WM9M=
HRE9effNSWprC0RqHWY6nm7evNYlWwLZ960YtSMX-2BY5fAFXvMfQ4c90MdjvkXstU5QjrKLWxP=
k-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Find out mo=
re</b></a><br><br>
=E2=80=A2 <b>AI chipmaker Cerebras</b>, a ri=
val to Nvidia, has filed to go public. <a href=3D"https://url6380.news.pitc=
hbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnsw=
ouzUkZzBoC0HPCPY8RnPn5iS0E20ROpuI2WqQKz1jo91TIQ-3D-3Detvo_Pr966knuaHmaw6c7p=
KvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxNfJSxAgHV6dSjjMBCPSipAM=
nwfGcQjicJRzs7334n8p7z3nM8w2NKZPD61UD98C2zYG8bPG-2FpEZLpK3EMUwAOam-2FQHUPiw=
OkmwkZ-2BAk1zUrGWNgE1770H0F7hYZJ45KuXx-2BkFwY5vMFayCm91h5bPFSAd2LvHeOdpfqBA=
2-2FJJj4ljPkwki6fDp93lFMFgsa46yK22iArcalP1HRiCiONlybcAMyWZvWLXDN24lrl8pOzGv=
P1rgFlIB1sZxUm2Hybwkc5FjCu2ScK7RfpoxQ8U-2BAfDDyLVnnjyGxhOcSDobxNKZj8RI-2FM6=
D-2BnoqowZ39PQEIBTSUEzXH8Wm9fiWEa0LNZ3-2Bftmb5VAAFfnDvteovzDdjqL-2BgtBl-2Fl=
7DgIsCyP47SAB1iks7oyY4MwQq-2FjkV4jwsxkSsq1nf3KwAT5lRANwz-2BdSQhUJWbQioSq4C2=
Gs23tgwubpDwLMQEnFdXzhk4wrdmDl61sjqntaXcbb4-3D" style=3D"color: #1D5080;" t=
est=3D"" universal=3D"true"><b>Read more</b></a></td>
</tr>
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</table></td>
</tr>
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<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
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</table></td>
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<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </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%;">
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Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
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<td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_579910" id=3D"n_579910" 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;"> OpenAI=E2=80=99s life sciences=
push energizes VCs </span></td>
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<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
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cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100=
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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-2BaqM7ONnvsnswouzUkZzBoC0HPCPY8RnPn5iS0fZktyQGQp=
0MzJhxlFgDObw-3D-3DAOV7_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRxNfJSxAgHV6dSjjMBCPSipAMnwfGcQjicJRzs7334n8p7z3nM8w2NKZPD6=
1UD98C2zYG8bPG-2FpEZLpK3EMUwAOam-2FQHUPiwOkmwkZ-2BAk1zUrGWNgE1770H0F7hYZJ45=
KuXx-2BkFwY5vMFayCm91h5bPFSAd2LvHeOdpfqBA2-2FJJj4ljPkwki6fDp93lFMFgsa46yK22=
iArcalP1HRiCiONi7oWcs3caOC2GsauRnpL0KGcVn71Xs-2BlhSbE9TLAEi9-2FcBk6MX6bImps=
FsCqisKn6xGjZ9fx-2FtgY6VldRHhQ8tJ6PLPY-2F3nbnil0tmg6DRzzOrhSpcn9iKG8RZTTGSB=
KD-2Bu2j70WulxAj0pzRMoZfEdiNdjnVQeQ4fikfiAa9F2G-2Fy8qX5jiuYalEP7QX6sv0SfYnh=
BztibDpR2ep05ZIPU30Up62mWCKYE8T-2FCGEEVOKIL7-2BcPLHizPL43IAdMHlqDstbzCuk71g=
EnEGT2dsg-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"htt=
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height: auto;"> </a></td>
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8px; font-family: Roboto, Arial, sans-serif; font-size: 10px; line-height: =
27px; color: #78766F; text-align: right; font-weight: 300">(Josie Doan/Pitc=
hBook News)</td>
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cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
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<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 and Jacob Robbins, PitchBook News</i><br><br>
With its newly unveiled GPT-Rosalind model, =
OpenAI is moving into a corner of AI that VCs long bet the frontier labs wo=
uld leave alone: life sciences.<br><br>
VCs have poured millions of dollars into AI =
life sciences startups under the assumption that their applications=E2=80=
=94like drug discovery=E2=80=94require proprietary data and specialized mod=
el architectures that frontier labs wouldn't bother to build. Although inve=
stors agree that this assumption is now out the window, they see the news a=
s a positive.<br><br>
"Life sciences have moved from being a side =
interest to a top priority for leading AI labs," said Simon Turner, a partn=
er at Sofinnova Partners.<br><br>
Most of the large foundational model provide=
rs have, up until recently, opted to focus on ubiquitous models, with a few=
notable exceptions.<br><br>
"DeepMind remains the competitor worth watch=
ing most closely, with a multi-year head start on domain-specific biologica=
l reasoning," according to Dimitri Zabelin, PitchBook's senior AI analyst. =
"Rosalind is OpenAI entering a race Google is already running."<br><br>
GPT-Rosalind is likely to light more fire un=
der the competition. A number of AI startups and pharmaceutical companies a=
re building biology-native models to solve complex scientific tasks, such a=
s Periodic Labs, which raised $300 million.<br><br>
Currently, GPT-Rosalind's capabilities are m=
uted. The model can help scientists synthesize reasoning, come up with expe=
rimentation plans and compile research, OpenAI said on Thursday. Autonomous=
scientific progress is still several technical milestones away.<br><br>
"If the drug does not exist yet, Chat-GPT ca=
nnot invent," said Duxin Sun, associate dean of research at the University =
of Michigan's College of Pharmacy.<br><br>
Indeed, investors expect that no generalist =
model will single-handedly solve biology on its own. One reason is that muc=
h of the crucial experimental data in the pharmaceutical sciences is propri=
etary and owned by large pharmaceutical laboratories. Even once a drug cand=
idate is identified, there's a lengthy and often unsuccessful path to clini=
cal approval.<br><br>
"We are still always going to have gaps in w=
hat we need in the world, to actually test, develop and do more clinical re=
search," said Alex Morgan, a partner at Khosla Ventures.</td>
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ng=3D"0" style=3D"width: 100%; min-width: 100%;
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0;"></td>
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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-2BaqM7ONnvsnswouzUkZzBoC0HPCPY8=
RnPn5iS0C1XcM5vckVTFkW6eGLF4HQ-3D-3DqIHg_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJ=
YL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxNfJSxAgHV6dSjjMBCPSipAMnwfGcQjicJRzs7334=
n8p7z3nM8w2NKZPD61UD98C2zYG8bPG-2FpEZLpK3EMUwAOam-2FQHUPiwOkmwkZ-2BAk1zUrGW=
NgE1770H0F7hYZJ45KuXx-2BkFwY5vMFayCm91h5bPFSAd2LvHeOdpfqBA2-2FJJj4ljPkwki6f=
Dp93lFMFgsa46yK22iArcalP1HRiCiONspUZC0Z9Z7BPa6wiCzcoS-2F3ThhZcmsrtKJlvngusY=
cH54SH0-2F0BAvRAwwptdq29W7qiiZAD8qMD7SUb7h6gsH49cvVOFIJ0rUHwAi72mJnYY2h8Rzd=
HjIcKnWvo3uG58lRCZf7VjuTtRTvHYgADc78pR5uGwJd1zyLnFPy5ZvjaSJCIFRGC8D3uIiARVb=
coMVj6Egb-2FwrYoq8Zvdz4Tel7HYqXasSTZnE-2FcUtiOCOperXvyLyb396x1tha8ZYqs1qpES=
mFPJqywseY4oiIYWtg-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tru=
e">Q4 2025 Biopharma VC Trends</a></b></td>
</tr>
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</table></td>
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</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
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</tr>
</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>The line between investing and =
gambling is getting blurrier.</b> Markets are going crazy, and there's more=
overlap between exchange-traded funds and prediction markets than ever. [<=
a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4C=
uylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUkZzBoC0HPCPY8RnPn5iS0930WxsETGbYsIO9zPFl=
g0w-3D-3DK83G_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8U=
YA68NVRxNfJSxAgHV6dSjjMBCPSipAMnwfGcQjicJRzs7334n8p7z3nM8w2NKZPD61UD98C2zYG=
8bPG-2FpEZLpK3EMUwAOam-2FQHUPiwOkmwkZ-2BAk1zUrGWNgE1770H0F7hYZJ45KuXx-2BkFw=
Y5vMFayCm91h5bPFSAd2LvHeOdpfqBA2-2FJJj4ljPkwki6fDp93lFMFgsa46yK22iArcalP1HR=
iCiONme3rmZIbBvh-2BUS822Q0GcfyAMmPLI0WyVvH4SaQ1ZZ9yrIfzORAjZxw0QL0cz25sbmL9=
C4EdA5mRI2NP-2B-2BIMTByMstTv8cHNh4U1h09OzdfXk1TpS6zhZ1TmJKV5C3bVj6IKL-2FfTH=
gCehlAf-2BELC-2B2Uk8YAd6oLPV3OdORBNjoobfDp6AxhtEKEKy-2FxvWjru9gmoJUCRKTsze2=
cgjHT8j9teEhaGr1vcFw1g51FY6lSGtBDeZCK-2BdzXN7xoTGUVke6jRGKbgDTfoOV40oCUc64-=
3D" style=3D"color: #1D5080;" test=3D"">The Wall Street Journal</a>]<br><br=
>
=E2=80=A2 <b>See the breakdown of America's =
sentiments toward AI.</b> The general public has a growing resentment and f=
ear of AI, driven by employment and regulation concerns. [<a href=3D"https:=
//url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa=
-2BaqM7ONnvsnswouzUkZzBoC0HPCPY8RnPn5iS0fa7o742kzYVDPUhbJ-2Fc0Sg-3D-3DcFG2_=
Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxNfJSxA=
gHV6dSjjMBCPSipAMnwfGcQjicJRzs7334n8p7z3nM8w2NKZPD61UD98C2zYG8bPG-2FpEZLpK3=
EMUwAOam-2FQHUPiwOkmwkZ-2BAk1zUrGWNgE1770H0F7hYZJ45KuXx-2BkFwY5vMFayCm91h5b=
PFSAd2LvHeOdpfqBA2-2FJJj4ljPkwki6fDp93lFMFgsa46yK22iArcalP1HRiCiONrZmw0ZCPZ=
J2UX1xyTIvAPAuMBJSrhBurrso4Yn-2BY2xmIRFC3pzYXq-2FvTZ-2Bgi7ZOw9MaQmc1sDhFMl4=
QwDdwD-2FlSqaSjWyaeucDH1HVM-2BV5UAb0RMX2Bfw44PXlkM3wxnu-2F73Mz03isgX9XUOYPw=
o8Ia-2BgN8YGUKEE48jflUKf3I9XC6KR9HGa-2FPonrm2iPj7vptmGr7wEDprkbILUvUsW6XvIY=
G7QjA7LS2iaz-2BSKlT2v-2BTF1fPUASxXnd-2F-2F2KQx0Tgm9XbX6AvbMptBL8mBQ0-3D" st=
yle=3D"color: #1D5080;" test=3D"">Newcomer</a>]<br><br>
=E2=80=A2 <b>With $100 billion in assets und=
er management,</b> Iconiq Capital, a multi-family office whose clientele ha=
s grown beyond Silicon Valley execs to include royals and celebrities, is d=
oubling down on backing AI startups. [<a href=3D"https://url6380.news.pitch=
book.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUk=
ZzBoC0HPCPY8RnPn5iS0A3DwtFElddMh-2BN1WF9otfg-3D-3DRh8I_Pr966knuaHmaw6c7pKvB=
-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxNfJSxAgHV6dSjjMBCPSipAMnwf=
GcQjicJRzs7334n8p7z3nM8w2NKZPD61UD98C2zYG8bPG-2FpEZLpK3EMUwAOam-2FQHUPiwOkm=
wkZ-2BAk1zUrGWNgE1770H0F7hYZJ45KuXx-2BkFwY5vMFayCm91h5bPFSAd2LvHeOdpfqBA2-2=
FJJj4ljPkwki6fDp93lFMFgsa46yK22iArcalP1HRiCiONl8-2FT9GRWPPggdnreOBz67r-2Fp3=
ibDMg21lBIx89ZcIU6jcJ0gnmT6sY4gGf63yiW-2B-2BwSOcr-2BiuZrRy53hWaFIU5lbwjzNfj=
3HapRU21M01oArWZSQ-2FTfs-2BQYZUqDeZqrHwCOkxt-2B-2FAj4-2BsNMFhl-2BNA3vmHs18X=
QLCOAGc0eyCITWhrMngwkcpHP4c6p8okY4hAT10PSY5d-2FXEX9Jmmla9a39zXDJInORCKexWek=
tVTPzkkJKych9bMtT-2FQy-2BaX9Dbcrh3CzT6rRxP8GGpRFyVrs-3D" style=3D"color: #1=
D5080;" 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;">
65
</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;">
225
</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;">
209
</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;">
4
</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"
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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-2BaqM7ONnvsnswouzUkZzBoC0HPCPY8RnPn5iS0T6S7-2BJVkL3WTmJwa1EUmUQ-3D-3D5=
eyC_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxNf=
JSxAgHV6dSjjMBCPSipAMnwfGcQjicJRzs7334n8p7z3nM8w2NKZPD61UD98C2zYG8bPG-2FpEZ=
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to, Arial, sans-serif;
font-size: 12px;
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none;
line-height: 24px=
;
text-align: cente=
r;
padding: 9.5px 21=
.5px;
border-radius: 99=
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background-color:=
#F79B3E;
width: 150px;
mso-hide: all;"> =
Request a free trial </a> </td>
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></td>
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</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_579921" id=3D"n_579921" style=3D"font-size: 0; text-decoration: non=
e;"></a>=20
<table lang=3D"x-news-group-title" cellpadding=3D=
"0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;=
">
<tbody>
<tr>
<td><span class=3D"outlook-caption-override" s=
tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s=
erif;
font-weight=
: 500; font-size: 20px; line-height: 26px;"> The Daily Benchmark: 2018 Vint=
age North American VC Funds </span></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table cellpadding=3D"0" cellspacing=3D"0" lang=
=3D"x-benchmark" style=3D"font-size: 16px; color: #78766F; padding-bottom: =
10px; min-width: 100%;" width=3D"100%">
<tbody>
<tr>
<td style=3D"font-size: 16px; font-weight: 700=
; font-family: Roboto, Arial, sans-serif; color: #000000; padding-bottom: 1=
0px;">Median IRR</td>
</tr>
<tr>
<td style=3D"padding: 0 0 20px 0;">
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-irr-chart-line" style=3D"width: 68.23394495412843%; mi=
n-width: 68.23394495412843%; max-width: 68.23394495412843%; 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">11.90%</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">17.44%</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;">
0.15x
</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=
swouzUkZzBoC0HPCPY8RnPn5iS0op1GfD8Suylk6O92FHRI-2Fw-3D-3Dm4pD_Pr966knuaHmaw=
6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxNfJSxAgHV6dSjjMBCPS=
ipAMnwfGcQjicJRzs7334n8p7z3nM8w2NKZPD61UD98C2zYG8bPG-2FpEZLpK3EMUwAOam-2FQH=
UPiwOkmwkZ-2BAk1zUrGWNgE1770H0F7hYZJ45KuXx-2BkFwY5vMFayCm91h5bPFSAd2LvHeOdp=
fqBA2-2FJJj4ljPkwki6fDp93lFMFgsa46yK22iArcalP1HRiCiONuJIZm-2BekPy88Kk0U-2Fu=
-2BN1OpDNg30RRRcmu1MZ8REOiN7ibB0OEmW94ZpUJDZ1nOWjer-2B8A36Xsn-2FqVIOc9-2F1V=
Myo7CXpP73BxViXLhJ7aWF1TWSAqntnBH2MytcUGCmEIUvV1VgfZiVX-2BjDon6bBR2fbU7s5vq=
Rq-2FbGGGlbaS5OfvzlZYOgxDxB-2BxLOsKr5SlTNyFXfr9cgceNe7o0ru64ZBf5fW-2FMXX-2F=
2ma8fAq4M8ongQlc0bMmiS2zyc2WupxIBMc2ZhGkOXW8lqpo6GMDA-3D" style=3D"font-siz=
e: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Inter-Atlan=
tic Ivy </a></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style=
=3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w=
idth=3D"100%">
<tbody>
<tr>
<td height=3D"22" style=3D"padding: 15px 10px=
0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi=
tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn=
swouzUkZzBoC0HPCPY8RnPn5iS0NVOuLbW4n445-2FKp7LHx5CQ-3D-3DJZt5_Pr966knuaHmaw=
6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxNfJSxAgHV6dSjjMBCPS=
ipAMnwfGcQjicJRzs7334n8p7z3nM8w2NKZPD61UD98C2zYG8bPG-2FpEZLpK3EMUwAOam-2FQH=
UPiwOkmwkZ-2BAk1zUrGWNgE1770H0F7hYZJ45KuXx-2BkFwY5vMFayCm91h5bPFSAd2LvHeOdp=
fqBA2-2FJJj4ljPkwki6fDp93lFMFgsa46yK22iArcalP1HRiCiONntscs-2FLzEM8uOthOCY3X=
Pv8ofAmxaffki-2BtDkJnWJJW2egL-2Ba9BL-2Fo5Pzu0FiixlQPCPgt-2Fr0sEFKp0LZ8xxMlE=
oDxryxV1g4eJHSV-2BzMvGTDRQVkIQQAVjebCMyAyl2ADnO9CLVRqhGizagyN7K6kSv76UK7AJc=
1L0ld6kOn6SBxxKTZZbXSzAus0-2BPdOlm7F8jLDiCQE-2Bx34nnSN5ooWnPKIBapsgqHSZXv0-=
2FZgiQX1KUhbIeRjuO6rCWEppzbDGeLW2cogjx50ln98Eu96g-3D" style=3D"font-size: 1=
4px; line-height: 24px; color: #1D5080;" universal=3D"true">Sequoia Capital=
U.S. Venture Fund XVI </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=
swouzUkZzBoC0HPCPY8RnPn5iS0GiYfaDqen3CT5k0S9IIuxA-3D-3Duj15_Pr966knuaHmaw6c=
7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxNfJSxAgHV6dSjjMBCPSip=
AMnwfGcQjicJRzs7334n8p7z3nM8w2NKZPD61UD98C2zYG8bPG-2FpEZLpK3EMUwAOam-2FQHUP=
iwOkmwkZ-2BAk1zUrGWNgE1770H0F7hYZJ45KuXx-2BkFwY5vMFayCm91h5bPFSAd2LvHeOdpfq=
BA2-2FJJj4ljPkwki6fDp93lFMFgsa46yK22iArcalP1HRiCiONgYTqD7vFSDUYa9K5gJ5rpCuI=
3NBZ3ZCB7hxBhSzgxNh1xuEK3q-2BRbNeSGGk47v4RCdncc2XW578Zb5YOzAdS-2BnlN6Q0iw0Q=
Lj5p5OGQ4aebTJKKokeq-2FSjS23dCsL2s9ZeGw-2FxJGDpC1bfVmcZhr-2Fa-2FWYU23-2BBE9=
Gat-2BPJnVU8ycP6z7c-2B0ygrU964LF0tRyYBylD1FYJU8YVW9IhB9xdVFQI27VoA4NxFRLs0W=
bQEKHbvjY2i2g1pqE5NZ8d3LpiON8e7EfqQrrOr0c6vBrik-3D" style=3D"font-size: 14p=
x; line-height: 24px; color: #1D5080;" universal=3D"true">Communitas Capita=
l Partners Fund I </a></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"font-size: 14px; color: #78766F; =
padding: 25px 0 5px 5px;
font-family: Roboto, Arial, sans-serif;">*IRR: net of fees</td>
</tr>
<tr>
<td style=3D"color: #1D5080; padding: 25px 0 2=
0px 0;"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0=
01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW6zr0IwZJjJRZ38cef9v67KrqcC-=
2BULDDLyjeaXlx8K-2Fw-3D-3DaO9U_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BH=
R4BiQVI43kbMcVf8UYA68NVRxNfJSxAgHV6dSjjMBCPSipAMnwfGcQjicJRzs7334n8p7z3nM8w=
2NKZPD61UD98C2zYG8bPG-2FpEZLpK3EMUwAOam-2FQHUPiwOkmwkZ-2BAk1zUrGWNgE1770H0F=
7hYZJ45KuXx-2BkFwY5vMFayCm91h5bPFSAd2LvHeOdpfqBA2-2FJJj4ljPkwki6fDp93lFMFgs=
a46yK22iArcalP1HRiCiONmGJgiJWsuox0RZV0Rj6xqW63oQKRR273CFs8-2BrwYxzd3Bqv1ERt=
EwjI7XZUakx6PPQS2JmGIVUPeqfK5y0DQCUXRSOHVLE0W4wjvSp-2BNYdOx6rvWbDEOE8SxoNqf=
L-2BoFibee-2Bu8UoCeRAtBWWVHf3uHZ9Q9adQtZHr8qiuMjB3Qk61Sv30klLVNxyeqzl9FHL-2=
FQNBWv6kdVevqSJMvd9WKsjfM-2BJW19DxwZeUMZj8lKitLLXpzupFgBMOuozb5OIOI-2FCUQtI=
kh3wMkLAjjIziQ-3D" style=3D"font-family: Roboto, Arial, sans-serif; color: =
#1D5080; font-size: 14px; font-weight: 700; line-height: 24px;" universal=
=3D"true">57 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-2BaqM7ONnvsnswouzW6zr0Iw=
ZJjJRZ38cef9v67QxoMmr1ODOeuhPrDwlRqgg-3D-3D0JXJ_Pr966knuaHmaw6c7pKvB-2BCEiD=
nj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxNfJSxAgHV6dSjjMBCPSipAMnwfGcQjicJ=
Rzs7334n8p7z3nM8w2NKZPD61UD98C2zYG8bPG-2FpEZLpK3EMUwAOam-2FQHUPiwOkmwkZ-2BA=
k1zUrGWNgE1770H0F7hYZJ45KuXx-2BkFwY5vMFayCm91h5bPFSAd2LvHeOdpfqBA2-2FJJj4lj=
Pkwki6fDp93lFMFgsa46yK22iArcalP1HRiCiONhIPGJGj3dDxPS2F8z07oH94Xb1pIDK2a-2BR=
gtWruQj16reUPn0ubgDnYHAnkqweUzMfGrw68z6lzbpUoGKPIp4FIwo2SBezqeeVNZIBciAGEzz=
cETZcf-2B-2Fc0NE-2BIhXq55Dq5hcGVCCgxJAzzf3RXZEBpSK0-2BcNcfY87mqAcQHepgtIst1=
1QI2FQk1nwXhfji5yudNsrytSSJSvzIFjPG1imnug6709M2kCt9DRIxg-2FQZLmP4LGaQ2g8Qkg=
INf-2BZU0iv7xuSp6swKl98zlk4DIRI-3D" style=3D"color: #1D5080;" test=3D"" uni=
versal=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-2BaqM7ONnvsnswouzW6zr0IwZJjJRZ38cef9v67CD-2B9Cw2i5UliF0f-2BJY1F6g-3D-3=
DapMz_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRx=
NfJSxAgHV6dSjjMBCPSipAMnwfGcQjicJRzs7334n8p7z3nM8w2NKZPD61UD98C2zYG8bPG-2Fp=
EZLpK3EMUwAOam-2FQHUPiwOkmwkZ-2BAk1zUrGWNgE1770H0F7hYZJ45KuXx-2BkFwY5vMFayC=
m91h5bPFSAd2LvHeOdpfqBA2-2FJJj4ljPkwki6fDp93lFMFgsa46yK22iArcalP1HRiCiONhgn=
0B3dT1DTzZrh-2BXz4H2IVgnzdoR-2FEH80T4ueyTyRQXqMkMTg4oa6js5s4UkNNaHTtUNRrRfR=
J7mVTqtSt2H2H14cwmTcXfKK50K8Z0l-2F11H3tI2RAv4m4fbTnfTzV6MeprrYceckNE8xsNP-2=
BmpxQMPwolD2T07qXugyE9Jf3aTJbYMrzQcjSLjFSDiVItT4XKS7vMf7EDQavk2e-2FvNsy-2Fe=
KYjDm2eIEso9RxON2lM7CkhyEoHPbcZ0ltSxldl1hP94OgLMmKYmGSoxXDQyyc-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 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">Califo=
rnia-based <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?up=
n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW6zr0IwZJjJRZ38cef9v67=
xRgrTa1YBBPA5mDWnq4rbA-3D-3DRcc__Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2=
BHR4BiQVI43kbMcVf8UYA68NVRxNfJSxAgHV6dSjjMBCPSipAMnwfGcQjicJRzs7334n8p7z3nM=
8w2NKZPD61UD98C2zYG8bPG-2FpEZLpK3EMUwAOam-2FQHUPiwOkmwkZ-2BAk1zUrGWNgE1770H=
0F7hYZJ45KuXx-2BkFwY5vMFayCm91h5bPFSAd2LvHeOdpfqBA2-2FJJj4ljPkwki6fDp93lFMF=
gsa46yK22iArcalP1HRiCiONhAUXgoBYjtWwxkqMFszd3dZgeaXbGTUH807No9uYa5qDC9KqAsP=
3IMEK6XM0Vse3SaKQF-2BhnljZ5uj2xtWrVu1YqB8d9W8BsmlsjjxsWX0XQ7GXQiYFEyEFdMZcX=
ONsEFAQXcII6RaW6HiXHAWwQumB-2BiTyERaNrFVuRQ08-2BmDojFFQyzbzBTPvLdHWQkTVdbPC=
Bv-2FR3GGs6maUGOnmPPUE5UYfWmwFaa7ElqYVq5UorrOzhmmgMhHqM8lr5qq-2BpynKpZJ2Dwr=
qptXtssnnTXU-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Ups=
cale AI</a></b> is in talks to raise a new funding round that would value t=
he startup at about $2 billion, Bloomberg reported.<br><br><b><a href=3D"ht=
tps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpS=
WIrf6GFa-2BaqM7ONnvsnswouzW6zr0IwZJjJRZ38cef9v6786cdYq81AiT8-2Fg-2B4j3fw7A-=
3D-3DggA9_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68=
NVRxNfJSxAgHV6dSjjMBCPSipAMnwfGcQjicJRzs7334n8p7z3nM8w2NKZPD61UD98C2zYG8bPG=
-2FpEZLpK3EMUwAOam-2FQHUPiwOkmwkZ-2BAk1zUrGWNgE1770H0F7hYZJ45KuXx-2BkFwY5vM=
FayCm91h5bPFSAd2LvHeOdpfqBA2-2FJJj4ljPkwki6fDp93lFMFgsa46yK22iArcalP1HRiCiO=
Ni6ll9QEJBNmAFvveK6Rlo4x-2B7dAOWD6updK8hiQlTWPB0ggoXbIpbqUpugBdYlfmSGHY99tj=
ArtxEA57pIw861gU5LkSK1R8WSJvYUhj5-2Fd1G32L8sLdr7gIkvNdcw2kTaTKmvTWJyd2SJ3Vq=
zGOszB24pEIYcF50O5ADnYCBRcJuu9ofIztsKTMgrkPywIWsZKbopCHeH71I39dAmuqgsowBDK5=
-2F7IwTuBXbG8xkaO-2FevpvbZ7-2BKI1zxLYlpa-2FJpVwCuK3ArToKE1ku9tCWa8-3D" styl=
e=3D"color: #1D5080;" test=3D"" universal=3D"true">Factory</a></b>, a start=
up developing AI agents for software engineering, secured a $150 million Se=
ries C led by <b>Khosla Ventures</b> at a $1.5 billion valuation.<br><br>
Logistics platform developer <b><a href=3D"h=
ttps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7Sp=
SWIrf6GFa-2BaqM7ONnvsnswouzW6zr0IwZJjJRZ38cef9v67wHNJZsOMqvJHyWZ-2F5uL8iw-3=
D-3D0lun_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N=
VRxNfJSxAgHV6dSjjMBCPSipAMnwfGcQjicJRzs7334n8p7z3nM8w2NKZPD61UD98C2zYG8bPG-=
2FpEZLpK3EMUwAOam-2FQHUPiwOkmwkZ-2BAk1zUrGWNgE1770H0F7hYZJ45KuXx-2BkFwY5vMF=
ayCm91h5bPFSAd2LvHeOdpfqBA2-2FJJj4ljPkwki6fDp93lFMFgsa46yK22iArcalP1HRiCiON=
sHggHZvBy756gzcwobjAOlbNFoWud5qqKRNjaUtwVs8DprnMsp98zpBmUyg1wPFSqZBHnFtb9VL=
dyo6RnpyGFxXBNAqezFSBdbA7UEPvmgD1gkQtO9GimhEiAkc6-2B-2FIyotgWj7u-2BeDUjyOE3=
2iJh3FTTxxrJNbapWKH9WmbYu7ok17iwEUn3khQ8SzKZAHmPWRg41MxHcwGUfzQZCDdxTIyk-2F=
iLoqWPHEKinEHfdRAzU9sS-2BTYLmwHouBIsIOEc4Cgl0P5JL4tI76b-2BvhMEQ1Q-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">Loop</a></b> received a $=
95 million Series C led by <b>Valor Equity Partners</b> and the <b>Valor At=
reides AI Fund</b>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com=
/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW6zr0I=
wZJjJRZ38cef9v67Y-2B6HNKrPwFJ-2BzsxZesZCkg-3D-3DocfL_Pr966knuaHmaw6c7pKvB-2=
BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxNfJSxAgHV6dSjjMBCPSipAMnwfGc=
QjicJRzs7334n8p7z3nM8w2NKZPD61UD98C2zYG8bPG-2FpEZLpK3EMUwAOam-2FQHUPiwOkmwk=
Z-2BAk1zUrGWNgE1770H0F7hYZJ45KuXx-2BkFwY5vMFayCm91h5bPFSAd2LvHeOdpfqBA2-2FJ=
Jj4ljPkwki6fDp93lFMFgsa46yK22iArcalP1HRiCiONvTwfu-2F6ZVTPW30LR0Zi331LJNS-2B=
0E6Kvlbh72XcdftsvoGQ3NM4zkS93VXuTcay5XEq3t1PZovxZytNvGbfYbSztAQ1u3yS7DkxqRk=
xJ0qx8-2F446KoKlBkUz-2FLSgxls-2Bq6p-2F75hTlIkXMsTyQ7Epv83SYkWNJEYJxMPv2zXI8=
LdHyROnHo14XHbS6YweFbM4Sl8QN6I9Yy1Wc9J4bx-2BcYen2i053x7OhkKKD6KgfnNJNuk7PL4=
pfW8uVFEA-2Bkr2pFOksRwXF3bvnDtVCnM8yAQ-3D" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true">Ulysses</a></b>, a startup developing autonomous u=
nderwater robots to help restore marine habitats, raised a $38 million Seri=
es A led by <b>Andreessen Horowitz</b>.<br><br>
Digital business management platform develop=
er <b>Nas.com</b> secured a $27 million Series A led by <b>Khosla Ventures<=
/b>.<br><br>
AI analytics startup <b><a href=3D"https://u=
rl6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF=
a-2BaqM7ONnvsnswouzW6zr0IwZJjJRZ38cef9v67UT3d8cWHqps2TdoVnx86oQ-3D-3DKLN-_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxNfJSxAg=
HV6dSjjMBCPSipAMnwfGcQjicJRzs7334n8p7z3nM8w2NKZPD61UD98C2zYG8bPG-2FpEZLpK3E=
MUwAOam-2FQHUPiwOkmwkZ-2BAk1zUrGWNgE1770H0F7hYZJ45KuXx-2BkFwY5vMFayCm91h5bP=
FSAd2LvHeOdpfqBA2-2FJJj4ljPkwki6fDp93lFMFgsa46yK22iArcalP1HRiCiONhrICV7GHeT=
3Vrt7hZ-2FvgZZbN-2Fkq9Pc3UWtGn7-2BclHfYBZS1cVkG-2BP9hu-2F57BfHJoAGk6-2FwEWs=
ipl8er-2BifYOm-2FAJZfR3pVZEb1f79PBrS2xYgGnfNbIk4c-2BpmubwkyFxjFI53NgSPNwWEq=
1UnNHTuuKzToxClp-2B1L1r3Icjg-2BPXHQH-2BJQwlXypVxcqgMAb7g8JrJ-2BWsoDMOHyzkfi=
bZDwe-2F-2BtXS3l-2BrI-2FIx-2FfYlV6isZzQcuzx1dPdP8if2-2BsMnedNHNXRAOuj8HArTl=
oS9L-2BI-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">TextQL<=
/a></b> raised a $17 million round led by <b>Blackstone Innovations Investm=
ents</b>, Fortune reported.<br><br>
Swedish semiconductor startup <b><a href=3D"=
https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7S=
pSWIrf6GFa-2BaqM7ONnvsnswouzW6zr0IwZJjJRZ38cef9v675MZJn4-2BDgYRospHiQTZAhg-=
3D-3DHfbL_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68=
NVRxNfJSxAgHV6dSjjMBCPSipAMnwfGcQjicJRzs7334n8p7z3nM8w2NKZPD61UD98C2zYG8bPG=
-2FpEZLpK3EMUwAOam-2FQHUPiwOkmwkZ-2BAk1zUrGWNgE1770H0F7hYZJ45KuXx-2BkFwY5vM=
FayCm91h5bPFSAd2LvHeOdpfqBA2-2FJJj4ljPkwki6fDp93lFMFgsa46yK22iArcalP1HRiCiO=
NrIcArYYjl-2FthVWcQBIJiq8IviKptgceo3tLYSjmlFOlFvih2Z13Z9-2BANsQptXC7tX7-2Fj=
MjrRz6B0kf7gWFTC2Q0Xa-2BLy-2BikprTTY-2FvDli-2BZFvaeMBaLBsipcSDCO8R9xqfUJFz-=
2BRHLzLRunxwz6eZGgOe5BcxhxCWJgMZUgc7-2FsQoKZ7QL0XuufhfQ9LqWHnKwDATaL3CqIOto=
a3OgX6sYuL6R1qw-2FTqNsPJMo1fRca7wHPlUAtOzL-2By64wKm0YJoWP4YzBwvPYZ2LyIRcWKF=
k-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">AlixLabs</a></=
b> raised a =E2=82=AC15 million Series A from investors including <b>Stephe=
n Industries</b>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/u=
ni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW6zr0IwZ=
JjJRZ38cef9v67yqlH5yGmDKLNG4mzJdl9HA-3D-3Dnmr6_Pr966knuaHmaw6c7pKvB-2BCEiDn=
j5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxNfJSxAgHV6dSjjMBCPSipAMnwfGcQjicJR=
zs7334n8p7z3nM8w2NKZPD61UD98C2zYG8bPG-2FpEZLpK3EMUwAOam-2FQHUPiwOkmwkZ-2BAk=
1zUrGWNgE1770H0F7hYZJ45KuXx-2BkFwY5vMFayCm91h5bPFSAd2LvHeOdpfqBA2-2FJJj4ljP=
kwki6fDp93lFMFgsa46yK22iArcalP1HRiCiONvM7KRKDJbds-2Bi-2F3cW6fp9pS4Voa-2F4Gu=
gsvJN-2BogIEOe-2FX-2Fvxse4lPDm-2FjBHirmGiIVCroIIFU76TuC8j8WZ6v-2BYq6wuAkvLy=
nLtnpuHEq5iFcHtJ8H999FzT9jCEDSUbOQHRl2hAKjtP-2FJuTj6ICHe-2Fhc7FGoR-2FXs7khT=
LH3CyoFZT5s-2FwddMmheTRsC-2B7P-2Fvf7YIey3oSpIw-2FWMy9uTNUwOoEUBqv0BbiqHfjSS=
6hq5z0NTwApk5txe-2FCGeWeYf6gR1TEThXbh4H-2BeW7ndZ8g-3D" style=3D"color: #1D5=
080;" test=3D"" universal=3D"true">Zenskar</a></b>, the developer of a bill=
ing and revenue automation platform, raised a $15 million Series A led by i=
nvestors including <b>Susquehanna Venture Capital</b>, <b>Bessemer Venture =
Partners</b> and <b>Shine Capital</b>.<br><br><b><a href=3D"https://url6380=
.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq=
M7ONnvsnswouzUcM43Hbxc-2FvXpocBtfRxKqrWmIBcywRVBdYQOr43JcRA-3D-3DvoqG_Pr966=
knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxNfJSxAgHV6d=
SjjMBCPSipAMnwfGcQjicJRzs7334n8p7z3nM8w2NKZPD61UD98C2zYG8bPG-2FpEZLpK3EMUwA=
Oam-2FQHUPiwOkmwkZ-2BAk1zUrGWNgE1770H0F7hYZJ45KuXx-2BkFwY5vMFayCm91h5bPFSAd=
2LvHeOdpfqBA2-2FJJj4ljPkwki6fDp93lFMFgsa46yK22iArcalP1HRiCiONsxGIkPDc3pez5G=
rHg-2FDaJ12hhgUXEeMVVMULK6WUdC7ChTcfwrWWkCWLe2kWuTfaCbpLp8eeK1VmEGERlug76NU=
RKRHxXfuXDhbKBKUXNORPOE7UdZuLFC2Mk468lSbZJ9iUP5JRc5KCLk1xHbQPzDm4Vv7CLWW9bH=
rielaLmhdxI9RiK3AYAuQnMWESMvVUCC6EpnZPfdI-2BKg2xtYw-2FHuftkrYiQfkeO5yAkJJwj=
Z3PambpuR4nms1Mww1EtHvXDKeWtm6hFyxJSfbuWJXanY-3D" style=3D"color: #1D5080;"=
test=3D"" universal=3D"true">Eigen</a></b>, the developer of an AI compani=
on platform, secured a $15 million seed round from <b>Benchmark</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>Arc=
hitect Capital</b> is in talks to acquire a minority stake in <b><a href=3D=
"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzUcM43Hbxc-2FvXpocBtfRxKqdd0C3SYOqJax9tVZ5AhOZA=
-3D-3D73Lu_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6=
8NVRxNfJSxAgHV6dSjjMBCPSipAMnwfGcQjicJRzs7334n8p7z3nM8w2NKZPD61UD98C2zYG8bP=
G-2FpEZLpK3EMUwAOam-2FQHUPiwOkmwkZ-2BAk1zUrGWNgE1770H0F7hYZJ45KuXx-2BkFwY5v=
MFayCm91h5bPFSAd2LvHeOdpfqBA2-2FJJj4ljPkwki6fDp93lFMFgsa46yK22iArcalP1HRiCi=
ONlr-2BL7EYKKDc8oDEn1MyU7a10HeMF381x8j3uikTAeWb1Kcgr6InLitl0acUCRd-2BF-2FMP=
6Bj9RapCAnAJ41XBrvxvznzr5N-2FJ5qmX3CcaTrzxz21mKzA6AL1lmtpOfnpLz4H7wadBHUa-2=
FiTF9AnNCikdnr-2BS53Wa-2FW8mX7LKo8xd1yApapqALCPrmb-2Bd6Hp-2Bf9kQ9M2-2FxsLOe=
a4L3-2B0sXvrL3syx68qLHQ3IrFj6aPlEk3LEqLl3yMXp-2BoP8FHQW5phfKZHDh5wOt-2F4bHa=
o6Td3A-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">OnlyFans<=
/a></b> in a deal that would value the adult content platform operator at o=
ver $3 billion, Bloomberg reported.<br><br><b>TPG</b> invested $100 million=
in <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du00=
1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcM43Hbxc-2FvXpocBtfRxKq8Kahw=
ZpOf5pPrBGGCh0Qog-3D-3DGyYc_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B=
iQVI43kbMcVf8UYA68NVRxNfJSxAgHV6dSjjMBCPSipAMnwfGcQjicJRzs7334n8p7z3nM8w2NK=
ZPD61UD98C2zYG8bPG-2FpEZLpK3EMUwAOam-2FQHUPiwOkmwkZ-2BAk1zUrGWNgE1770H0F7hY=
ZJ45KuXx-2BkFwY5vMFayCm91h5bPFSAd2LvHeOdpfqBA2-2FJJj4ljPkwki6fDp93lFMFgsa46=
yK22iArcalP1HRiCiONgWkOapcSS7xNQmQiGHwChwWW-2B8ignF7VxitRJCtxRWdW5c4d-2F8VG=
6YuGZauftnCihYw0yF57CI15GNM7Z1-2BMyYxNuzddY-2B-2Brk5opgW6hadt0CeW2gtvZhOztq=
4lP3RJBBQuR3QoIg-2Bs-2FCB4zzgu0PsY5nbANt0mGErkkyTOM6-2BUkIsnqq6Cjpgawi2yUXU=
kp9RIiJB3hk5S2euJhyrMqrCx1uLCJj-2BFj69uCqhf-2BfdbEjOQOGWujCm-2FO-2F-2BESecJ=
hZYhGfM3YtwVTO97HF3NLVw-3D" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">Zum</a></b>, the developer of a student transportation platform, =
which is valued at around $1.7 billion.<br><br>
Abu Dhabi-based <b>Axight Capital</b> bought=
a minority stake in <b><a href=3D"https://url6380.news.pitchbook.com/uni/l=
s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcM43Hbxc-2F=
vXpocBtfRxKqIeIkeiVFU7dpaD5HxCfIvQ-3D-3DMMh7_Pr966knuaHmaw6c7pKvB-2BCEiDnj5=
UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxNfJSxAgHV6dSjjMBCPSipAMnwfGcQjicJRzs=
7334n8p7z3nM8w2NKZPD61UD98C2zYG8bPG-2FpEZLpK3EMUwAOam-2FQHUPiwOkmwkZ-2BAk1z=
UrGWNgE1770H0F7hYZJ45KuXx-2BkFwY5vMFayCm91h5bPFSAd2LvHeOdpfqBA2-2FJJj4ljPkw=
ki6fDp93lFMFgsa46yK22iArcalP1HRiCiONuBEAOK5DqAV-2Fd8DHcgLra-2FOV2gvMHZ1UgJN=
cuYKD8G5Qhsb8eHjbO-2FgiOr2TDmsN-2Fv-2BmTcbsnTOHqGhU-2BrJ82nZcC6PPRWQtX-2BB2=
6xwGLbHZlgkmD-2B3NFdNrtVaffaBh8lTTSPj4-2B4wlO-2FuR4xUjaYMF8UsCnqXUzqGnk4ajq=
1-2Be9-2B6iPRWa2m3LJ5TM7e-2BdUbnmdlr6hpTnz-2FDu90q32pR1RxFfqiQ0MQS6ZNv0-2Bw=
rRIMLvQmN7hUFxu0KWueo3wsXFSeHL6eLFKoHo0UQD48-3D" style=3D"color: #1D5080;" =
test=3D"" universal=3D"true">La Trobe Financial</a></b>, a Melbourne-based =
alternative asset manager, from <b>Brookfield</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>CD&=
amp;R</b>-backed <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/cl=
ick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcM43Hbxc-2FvXpo=
cBtfRxKqI6wAFoKNI-2FsA5bWVUI-2BP1w-3D-3DR0we_Pr966knuaHmaw6c7pKvB-2BCEiDnj5=
UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxNfJSxAgHV6dSjjMBCPSipAMnwfGcQjicJRzs=
7334n8p7z3nM8w2NKZPD61UD98C2zYG8bPG-2FpEZLpK3EMUwAOam-2FQHUPiwOkmwkZ-2BAk1z=
UrGWNgE1770H0F7hYZJ45KuXx-2BkFwY5vMFayCm91h5bPFSAd2LvHeOdpfqBA2-2FJJj4ljPkw=
ki6fDp93lFMFgsa46yK22iArcalP1HRiCiONryqDzSW5J0uFzAbV5smqaFyZ8hmWyU8amHA7Y3g=
cc9rO1kO36Xwsv3PodapLCK3X4KG9ojZibr6i95zhB2q-2F5FF0l05x6YkeZ9-2BOKXr-2FYwTZ=
YY58K9OhxxZ9TbpRy-2FVhRlLS78LO-2FYnrzP1ry-2FKcd8Lj4-2Bn0vtV8JK2cFemy9CGaazE=
iG1rhe-2FZrL-2BWz9eymGe3vawMNIxCNSyvxMI27dK7zmR0rQYvS4gSrIMPS-2BqA4Ss3fm3Yw=
i8kd5EmtjayHZohc6o24pJqaap7-2BmvS0PQ-3D" style=3D"color: #1D5080;" test=3D"=
" universal=3D"true">Belron</a></b>, a car windshield repair business whose=
brands include Safelite, is preparing for a =E2=82=AC30 billion IPO in Ams=
terdam, the Financial Times reported.<br><br>
Lithium-ion battery manufacturer <b><a href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcM43Hbxc-2FvXpocBtfRxKqfyuZ9YS27KFUi0Motyn=
WsQ-3D-3DRPYb_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8U=
YA68NVRxNfJSxAgHV6dSjjMBCPSipAMnwfGcQjicJRzs7334n8p7z3nM8w2NKZPD61UD98C2zYG=
8bPG-2FpEZLpK3EMUwAOam-2FQHUPiwOkmwkZ-2BAk1zUrGWNgE1770H0F7hYZJ45KuXx-2BkFw=
Y5vMFayCm91h5bPFSAd2LvHeOdpfqBA2-2FJJj4ljPkwki6fDp93lFMFgsa46yK22iArcalP1HR=
iCiONr2G1gZJk3I8PnxcopJWQBDJTOP5giw2r98gyEkLiqoebGw-2FNfnAi4JquIW2uGgkvgauO=
tjVQVUgjM4wkFbS4Es1UAduU64BKzhX-2FZW9cG4GbmaAHplzvH93-2BhFVCZQC-2FHCHIG8S4H=
1NIeBDOyP62-2BGgobfltMQY-2Bz-2FPxkU-2FD2ua1YHM32UoUBHlwxd2Qt4S8qy9uOhsOQXuE=
CYV0yuLv3TFN9VyDqAGhWxiZwP79rZ2AVF5Vhej2JzfX8-2BDp98rZO-2BS-2FltTUZw4kYjGsU=
2F-2FY8-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Envision=
AESC</a></b>, which is backed by <b>HSG</b> and Singapore's sovereign weal=
th fund <b>GIC</b>, is in talks to raise $1 billion to $2 billion in a Hong=
Kong IPO, Bloomberg reported.<br><br><b>Investissement Qu=C3=A9bec</b>-bac=
ked <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du00=
1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcM43Hbxc-2FvXpocBtfRxKq-2BRP=
9bbyymAiXrBtgU9KCNQ-3D-3DF79A_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR=
4BiQVI43kbMcVf8UYA68NVRxNfJSxAgHV6dSjjMBCPSipAMnwfGcQjicJRzs7334n8p7z3nM8w2=
NKZPD61UD98C2zYG8bPG-2FpEZLpK3EMUwAOam-2FQHUPiwOkmwkZ-2BAk1zUrGWNgE1770H0F7=
hYZJ45KuXx-2BkFwY5vMFayCm91h5bPFSAd2LvHeOdpfqBA2-2FJJj4ljPkwki6fDp93lFMFgsa=
46yK22iArcalP1HRiCiONlSprEPAr13Wz69DmghVJEzM9zV2TvLgDCoK0zQiGENwB0gEBHC9sSf=
QoyHwpGXdmgk16VxerVBMH-2BiQH9QYkYznWLdYK7T4aQae6Dl-2FH8HAxX88Qrw9mmScgEpbzE=
uiVOZGu4w4UO9sbbCKu-2F-2F73XQp8MQPwS7jG8zR-2Bz6oJrDYLPdOjxjt1QAsgOvfOfomfAW=
MxJZxHvh8HBRsKDtFdB6-2B562-2F0-2FT5QmIYVjKWPxsMz6U4xmRtxKJ1ZhY2HWB8QBu-2BYH=
IYFHEcxTxJFwRVaZo-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true=
">Metro Supply Chain Group</a></b> agreed to be acquired by <b>Nippon Expre=
ss</b> in a C$2.2 billion (about $1.6 billion) deal.<br><br><b>Bain Capital=
</b>-backed <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?u=
pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcM43Hbxc-2FvXpocBtfR=
xKqIUb-2BvhvsjpzTbLpsK5AfAA-3D-3DdL7M_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0=
YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxNfJSxAgHV6dSjjMBCPSipAMnwfGcQjicJRzs7334n8p=
7z3nM8w2NKZPD61UD98C2zYG8bPG-2FpEZLpK3EMUwAOam-2FQHUPiwOkmwkZ-2BAk1zUrGWNgE=
1770H0F7hYZJ45KuXx-2BkFwY5vMFayCm91h5bPFSAd2LvHeOdpfqBA2-2FJJj4ljPkwki6fDp9=
3lFMFgsa46yK22iArcalP1HRiCiONmRaMwoTV-2F10JfPDMmxmC7EXqOQBP9LzsNKphGCZyYojl=
u-2B-2BjO9w4MgRXk8f3i6Sb-2By3IjAkvm379NnrKDQmTBqGQk20EycOFhAo3VTI-2BqY9Fpkq=
kSEqDJorkNbprRhldtAQIkDVyj21pK-2Fh-2FrtfHfsEZs25y2tW2gmxw95IOZZvRqninOWTx3w=
SFHup-2Fd2n9qnQ-2FsGGNeLUtg0lJVmgrG3uHhsFrwAjS0FS9zx8rOor3zSLKGz9lfMYNDrCD-=
2FCsCf293rT2NUW-2FmLJ-2B0GbBjLI-3D" style=3D"color: #1D5080;" test=3D"" uni=
versal=3D"true">Kailera Therapeutics</a></b> biopharma company focused on o=
besity drugs, raised $625 million in its IPO.<br><br><b>Madison Dearborn Pa=
rtners</b>-backed <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/c=
lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcM43Hbxc-2FvXp=
ocBtfRxKqClbGv1KN1X-2FfaHqRwjzqkA-3D-3D0wPz_Pr966knuaHmaw6c7pKvB-2BCEiDnj5U=
wlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxNfJSxAgHV6dSjjMBCPSipAMnwfGcQjicJRzs7=
334n8p7z3nM8w2NKZPD61UD98C2zYG8bPG-2FpEZLpK3EMUwAOam-2FQHUPiwOkmwkZ-2BAk1zU=
rGWNgE1770H0F7hYZJ45KuXx-2BkFwY5vMFayCm91h5bPFSAd2LvHeOdpfqBA2-2FJJj4ljPkwk=
i6fDp93lFMFgsa46yK22iArcalP1HRiCiONrK5wfM0izKValVcC2O-2F8lxuNEsL7JHi4T-2BrV=
ozvqawRdH0oOBibAMl2h00-2BoDGFGPDRZ1dQecDtMIPLPDi-2B5RwO-2BGj6dN-2Flx5j0OwS0=
BtTuSl24czQBcIkEH6OU9y4TpQyoctDcoJlfKEu8n5CY2QQu-2FvuMQhdKwBf1kMf23MlCCzRRw=
KcYSIa5Lv5waGRRgPHpJhCycKRpVhfshL-2FXlzySPlYH6-2FIGhlFDFZqO-2BHPZgUzaCkDzxW=
zdAXmFd-2FYfQ2-2BqraNtVExC7lJil27ZfpE-3D" style=3D"color: #1D5080;" test=3D=
"" universal=3D"true">Aevex</a></b>, which makes military drones, raised $3=
20 million in its IPO.<br><br><b>Macquarie Asset Management</b> agreed to s=
ell <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du00=
1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcM43Hbxc-2FvXpocBtfRxKql9zx7=
jQme89uMIGTRZxH7g-3D-3DCQKt_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B=
iQVI43kbMcVf8UYA68NVRxNfJSxAgHV6dSjjMBCPSipAMnwfGcQjicJRzs7334n8p7z3nM8w2NK=
ZPD61UD98C2zYG8bPG-2FpEZLpK3EMUwAOam-2FQHUPiwOkmwkZ-2BAk1zUrGWNgE1770H0F7hY=
ZJ45KuXx-2BkFwY5vMFayCm91h5bPFSAd2LvHeOdpfqBA2-2FJJj4ljPkwki6fDp93lFMFgsa46=
yK22iArcalP1HRiCiONrOpa-2Fm0hQ058PwEZO7tfgFqmf82WlpCXwSuG4zYKK90pOi-2FHUfT2=
YhFm-2BTc81KDOM318ltYQwpuSa-2FTY8-2BmQBPjNw-2BoKJtBFtnumEIOigNr8aqtmMRI4n1T=
c5JIkTdviphJ-2FXf3IWdPkOQpdq-2F2zGx7ctRsCSF1HJBC1fPeiesqFgY1PIg-2B4QSlWa-2F=
Xrj0i9BnDvjRLd-2BxsJi0etiG4tOEBOmE1HKiVlR1uWnuVoBb-2FhftrdsqfC2uYEyOTAZ3z7f=
VlFi3l4VbTg-2BmWlL7YDMM-3D" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">Evryo Group</a></b>, a Romania-based energy distribution services=
provider, to <b>Premier Energy Group</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"><b><a =
href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUgZpLft8sbZjnvbrr7cdxnXDg2j-2FDS1bAhq63=
mBrNm2Q-3D-3D98WL_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc=
Vf8UYA68NVRxNfJSxAgHV6dSjjMBCPSipAMnwfGcQjicJRzs7334n8p7z3nM8w2NKZPD61UD98C=
2zYG8bPG-2FpEZLpK3EMUwAOam-2FQHUPiwOkmwkZ-2BAk1zUrGWNgE1770H0F7hYZJ45KuXx-2=
BkFwY5vMFayCm91h5bPFSAd2LvHeOdpfqBA2-2FJJj4ljPkwki6fDp93lFMFgsa46yK22iArcal=
P1HRiCiONoNcdGbL3VPY1uLE8tT2UE1VFfMAg1Gb45wmUKlWS-2Bn6LznRvdEx-2FNPO3uOhqp1=
4RcPMxcZp-2FRopZXK0ArODI9tQsxm4wwJTxbi2czY2UPZLN43Yp2RI1EnxG1O5hAB4-2BDoQVx=
sk7kJNM783ECTt4cOgpXgUtV17dnHFIFvzx2pXpeuSt4TXZc29ZRtW1ziGQ-2FAvc298AChs7er=
qkZTRcQ7YOQwsniFW5HY9ZVrB6hi-2FIk525ySNW-2BCpxXPmvQ8BFzWuFYcBo24nyfK-2Flos9=
hS0-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Partners Gro=
up</a></b> closed on $9 billion for its latest PE secondaries program.<br><=
br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001=
.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUgZpLft8sbZjnvbrr7cdxnX2svL0Ax=
99C2U15ALZZElA-3D-3DGIx0_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQV=
I43kbMcVf8UYA68NVRxNfJSxAgHV6dSjjMBCPSipAMnwfGcQjicJRzs7334n8p7z3nM8w2NKZPD=
61UD98C2zYG8bPG-2FpEZLpK3EMUwAOam-2FQHUPiwOkmwkZ-2BAk1zUrGWNgE1770H0F7hYZJ4=
5KuXx-2BkFwY5vMFayCm91h5bPFSAd2LvHeOdpfqBA2-2FJJj4ljPkwki6fDp93lFMFgsa46yK2=
2iArcalP1HRiCiONuwybiGQogwJuTq86Nzik78NMXpAlaWm2Xoz7ADudk1XGxIpuEdnwB0N9j7X=
rdiGtAMrFX38KN5aBOxaX85SxeLokzskv1nrs0IHDx23SoPdmKM5nOK9gFEbFjtkDZyPdEHJJNI=
1g7vCOKusiRIBFwtgG6k8F9MZLml9Ls0pIYE6irESR1YbEoTnM4N4uI9oWNtEx3SnrP9u6ApRVk=
nUT9KJM4fAs-2FQzza0b6fA31cEH8d4f7rWquoGcMXKXCaTAIhyzIP55Q-2FSDdwup64dr4QY-3=
D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Sequoia</a></b> r=
aised $7 billion for a new fund dedicated to late-stage investments in the =
US and Europe, Bloomberg reported.</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>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-2BaqM7ONnvsnswouzUgZpLft8sbZjnvbrr7cdxnmTludUCa5=
Ex0uOU1i4PmdQ-3D-3DTPP6_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRxNfJSxAgHV6dSjjMBCPSipAMnwfGcQjicJRzs7334n8p7z3nM8w2NKZPD6=
1UD98C2zYG8bPG-2FpEZLpK3EMUwAOam-2FQHUPiwOkmwkZ-2BAk1zUrGWNgE1770H0F7hYZJ45=
KuXx-2BkFwY5vMFayCm91h5bPFSAd2LvHeOdpfqBA2-2FJJj4ljPkwki6fDp93lFMFgsa46yK22=
iArcalP1HRiCiONpLKkZc3a8HwaMFzLT-2BFThSr7L28lvnkdCixzFMXy6CtkhQu0Ohr-2FvngQ=
ooIMG5Tt8TNdHbUQE3LBoz2BLnbHcnUk6F-2BGZq9Dic98zBXkUtQwjR9ioGsXXlekD1ZC9d8Ky=
gfSi6vNWaUsS3zta404pGdOi2kp4VCR9apqNWbLuJtHFFi3rJrfu2Gsd9Qzpww5gyxcyjm1GD4W=
TZd4vElc1k2Lyk0k4vvQ7i1yHt-2BRw-2Bg6Ml6-2FaEhzgw6oZwd8FB-2BOspPyoSfLSePjdy-=
2FJ3q53l0-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"htt=
ps://img.pitchbook.com/news/73839.png" style=3D"border: none; width: 100%; =
height: auto;"> </a></td>
</tr>
<tr>
<td style=3D"height: 20px; line-height: 20px"=
> </td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Capita=
l commitments to European VC funds have been on a downward slide since 2022=
, resulting in their worst annual totals in a decade in 2025.<br><br>
Source: <b><a href=3D"https://url6380.news.p=
itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs=
nswouzUgZpLft8sbZjnvbrr7cdxnmTludUCa5Ex0uOU1i4PmdQ-3D-3De39j_Pr966knuaHmaw6=
c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRxNfJSxAgHV6dSjjMBCPSi=
pAMnwfGcQjicJRzs7334n8p7z3nM8w2NKZPD61UD98C2zYG8bPG-2FpEZLpK3EMUwAOam-2FQHU=
PiwOkmwkZ-2BAk1zUrGWNgE1770H0F7hYZJ45KuXx-2BkFwY5vMFayCm91h5bPFSAd2LvHeOdpf=
qBA2-2FJJj4ljPkwki6fDp93lFMFgsa46yK22iArcalP1HRiCiONqflqn6bHLnpY8y7MKkrIjJ4=
-2FseFK-2FxcIsQGUbf1GNXjcZ14cl-2Bp-2F0V8hjfbBilwXylbTIFH29eDbswj7pCdlQg7P5f=
w3CHGKguFECe4ZSrnzx8Oe9XSPwGGFyI3vVB292SoFrJaoj-2B8FIlueKuNI68CZIdJde6EAOgf=
M4-2BAKfnrUBiJPFWD0cZ6IKIiC8UtafPUzf5OWw8MLfD2BUzYncWGI9wuAbEVmcQBjkIWya7uB=
UxEOmq7bOYDXBbAxkCCHfphWV9Co-2BfV2y95l3rqarc-3D" style=3D"color: #1D5080;" =
test=3D"" universal=3D"true">European VC fundraising is recovering. Not eve=
ryone is invited</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-2BaqM7ONnvsnswouzUgZpLft8sbZjnvbrr7cdxnoBbGQhEZint=
x0pJzBasx0A-3D-3Dn3i5_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43=
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