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Content preview: PitchBook Newsletters Some IPOs are roaring back; mapping
corporate investors' big AI plays; agentic AI's inflection point; EQT's new
AI infrastructure move April 22, 2026 | Read online | Manage your subscription
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tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s=
erif;
font-weight=
: 500; font-size: 20px; line-height: 26px;"> IPO activity is roaring back, =
but mostly in certain sectors </span></td>
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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.=
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ttps://img.pitchbook.com/news/73884.jpg" style=3D"border: none; width: 100%=
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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">(tobiasjo/Getty =
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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%">
<tbody>
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0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>By =
Michael Bodley and Kia Kokalitcheva, PitchBook News</i><br><br>
There's been an uptick in IPO filings, but i=
t's been mostly from companies in biotech and other sectors=E2=80=94not so =
much from the usual VC-backed tech startups.<br><br><b>"There is so much sp=
eculation and fluff around SpaceX =E2=80=A6 that I don't think any potentia=
l issuers are really altering plans around that," said Lise Buyer, co-found=
er of IPO adviser Class V Group.</b> "Instead, it's the performance of the =
market in general and the overall growth of the individual companies that w=
ill determine if [or] when they actually flip to public."<br><br><b>Stock i=
nvestors last week drove the S&P 500 and the Nasdaq to all-time highs,<=
/b> bolstered by stabilizing macro conditions and lower volatility. So far =
in 2026, there have been 79 IPO filings in the US and 41 IPO pricings of at=
least $50 million in market cap, according to Renaissance Capital data.<br=
><br>
Kailera Therapeutics, the obesity-drug devel=
oper backed by Atlas Venture and Bain Capital Life Sciences, raised $625 mi=
llion in an IPO on Monday. Amazon-backed nuclear energy company X-Energy wi=
ll begin trading on Friday. On the PE-backed issuer front, it's been mostly=
companies in sectors like healthcare and defense=E2=80=94with the exceptio=
n of Blackstone-owned Jersey Mike's, which filed confidentially this week.<=
br><br><b>"If SpaceX goes [sustainably] well, I would expect to see a numbe=
r of other tech companies</b>=E2=80=94perhaps AI companies beyond the megac=
aps=E2=80=94attempt to take advantage of a market perceived to be friendly,=
" Buyer said.<br><br>
SpaceX, Anthropic and OpenAI are projected t=
o deliver the largest year for IPOs, in terms of proceeds raised, in histor=
y.<br><br>
"If you're a smaller issuer, you want to get=
out before that truck comes through," said Steve Brotman, managing partner=
of late-stage investment firm Alpha Partners.<br><br><b>But there have not=
been many recent notable instances of sizable VC-backed tech companies pre=
pping IPOs.</b> Top tech companies may have valuations "too high to find su=
pport in the [stock] market on the base of a money-losing business model," =
said Kyle Stanford, PitchBook's director of US venture capital research.<br=
><br>
"Even tech companies that have been profitab=
le while going public recently haven't fared too well."</td>
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cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: =
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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-2BaqM7ONnvsnswouzWEbAIEB-2B5jPo=
wiYF8WWrAT7EEs07moEmAzewWi-2BJ8VRw-3D-3D2guC_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwa=
rHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFOLcUPE1YeLmNxVgDUo7cltnDPbKTjnUU6mviY=
pOE79waZU05-2BtG9mr0erPmjy8SjsteBqnORv-2BpJApMYS5KM1KE6rNDV22nZvQfgSHbwsQho=
CFET3m9lCMCFjjHj11s-2F6BbRAx6dH-2BfES3Im3JqaerJEQM6NIbvqpHZkja5yKTnbjvblbnc=
dLjD-2FhWNks3AbCPVfHoFmLLGw1pFacr6VcXTPJAD5CD6hx4cysPWLB6V03LLH6ANSsAHQxb2d=
fcLnOtfI-2B4acFOSDPI2gBTZG-2BUyJFjPxUdLCo9Atdq7m4-2BQSUt1nnrh-2Fs6654rjMIpe=
97o2YA6kYQy4zd3fOastnJnsVhjrkJbwsq4uFf7iie5Z2do4tFQ7Xwhj42VgEFyI-2FYeKW-2F6=
LyTM8s8ZXfQPDyickeHC8dqKA8faCU-2FQz7-2BqAOYWs3tdLhpLZRjQvkOtmc6cXW8YU9ry-2F=
PZZ2ppcB15DXrXZsJrI6pdZDtN9ur8Uo-3D" style=3D"color: #1D5080;" test=3D"" un=
iversal=3D"true">Biotech IPOs poised for a comeback=E2=80=94but only for so=
me</a></b></td>
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<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
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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 Grant Thornton Stax</span></td>
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<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_579696" id=3D"n_579696" 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;"> Why IT Services is one of the =
most compelling sectors for PE investment </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">
<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-2BaqM7ONnvsnswouzWEbAIEB-2B5jPowiYF8WWrATUKnREaOhJ8MWH=
FtMfBXHUg-3D-3D1EwH_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW=
eUgFVa0m8PzsFOLcUPE1YeLmNxVgDUo7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG9mr0erPmj=
y8SjsteBqnORv-2BpJApMYS5KM1KE6rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6Bb=
RAx6dH-2BfES3Im3JqaerJEQM6NIbvqpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLL=
Gw1pFacr6VcV6lWrqDCk4JuwjSmCUQX9JWVHIo8udWyvoPw6QKc-2FptjtNjWoJW-2BRj7qucf3=
llv7bde-2BIFFgPZEwD1ncC2HX8KZifRzh5rQw0uDJNdHncYUnJ5wiA-2BnmGj5bnMQPin8wqX5=
DtUYkR6ISQTo5Z-2BGdGzUfosfR4-2Fcf6nsn7XV0Dqum8TVs3cRPNIxMb1PwLaur-2BMxwMDN-=
2FVScqRTZKosV7D3BWYFBtnaETxp-2FNumJvI-2BUi4Ah6RmDVJDeXOdtqDyajIYd5mYbn-2Fdf=
w4-2FOOUa0K8I-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchb=
ook.com/news/73726.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>The IT services sector is entering on=
e of its most dynamic periods in a generation. The convergence of AI adopti=
on, cloud complexity, and cybersecurity demand is creating durable, structu=
ral growth that will sustain deal activity and premium valuations in the mo=
st attractive sub-segments for years to come. But selectivity is essential.=
<br><br>
The question for PE investors is not whether=
the IT services sector warrants capital allocation, but whether the assets=
under consideration are well-positioned in a shifting market and whether m=
anagement teams can successfully transition from product distribution to ou=
tcome-based services.<br><br><a href=3D"https://url6380.news.pitchbook.com/=
ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWEbAIEB-2B5=
jPowiYF8WWrATUKnREaOhJ8MWHFtMfBXHUg-3D-3DU2dB_I3w5d9c01gkD8gLzFEofZR-2Bh6Vw=
arHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFOLcUPE1YeLmNxVgDUo7cltnDPbKTjnUU6mvi=
YpOE79waZU05-2BtG9mr0erPmjy8SjsteBqnORv-2BpJApMYS5KM1KE6rNDV22nZvQfgSHbwsQh=
oCFET3m9lCMCFjjHj11s-2F6BbRAx6dH-2BfES3Im3JqaerJEQM6NIbvqpHZkja5yKTnbjvblbn=
cdLjD-2FhWNks3AbCPVfHoFmLLGw1pFacr6Vcb6GlzjBSMrMpR-2FcOJ-2B7Gpx694Eazgg-2Fl=
YyaV-2FXu71V3rf450aSxhVM7Wm72-2FtHuvnPTxnvIMDEjeisfxT6oJh32SGVP3DOKEB7-2BKw=
PpymMtTneor7k7t8BoICjTRlbLjUttyt7x0zQ6NgAQ5jskAYvoMq9R8KTzLF8v5mRrYTdxw0AoX=
yJYTMBtktb7vldQUZ6OEyjKqltLhr3vbvf7Qu9vJppROcF7uAxPVChYUwrjYQNZ5XgYp-2Fi7w7=
cvwGgVXJqcyV40uIoqDxH4ZJsKHA0-3D" style=3D"color: #1D5080;" test=3D"">Read =
this article</a> to gain a clearer understanding of the dynamics within IT =
services and the viability for capital growth in a changing market.</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>Big Tech corporates are circling LLM makers</b>, jockeying to get an=
y piece they can of the biggest AI startups. Our interactive graph maps out=
connections between these companies and their corporate investors. <a href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWEbAIEB-2B5jPowiYF8WWrATNqbqTJmzIo8DBLlvgsG=
vKQ-3D-3Din0a_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa=
0m8PzsFOLcUPE1YeLmNxVgDUo7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG9mr0erPmjy8Sjst=
eBqnORv-2BpJApMYS5KM1KE6rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbRAx6dH=
-2BfES3Im3JqaerJEQM6NIbvqpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLGw1pFa=
cr6Vcbem0y6r8lL5QpFbKbWZTrIrvwZUO-2Bm-2Fg4zUBwRANaPUIdfCO2gO-2Fibdor9UAb-2B=
C9Ao-2Fod3d7C7KpMLF51sI5v3sYy7FrVq87BshR9luA1teWsTV8Q5kFqNwP8VUivRhxri9a7ND=
Foz1FClrhCVDEmB1F5j8ca7BtnrPbU60t6HhXVXlMH-2Fyy1f34Ql3llzrDstXahbKps3SoO-2F=
oN0S7G7DI6PVQv0rEZHkdiW2n1JF0d5fMQRAqyp6irYwM48ssyQDQ3RsoxlP-2FQ3EqUKxjF-2F=
Y-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>View it her=
e</b></a><br><br>
=E2=80=A2 <b>EQT is partnering with portfoli=
o company EdgeConneX</b> to launch a digital infrastructure investing platf=
orm, echoing peers' push to pour capital into the AI buildout. <a href=3D"h=
ttps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7Sp=
SWIrf6GFa-2BaqM7ONnvsnswouzW0KXXvkGjw8TOuV1LZGCkomCKFKUcuOAnmz5kqVQslPA-3D-=
3Dh8As_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF=
OLcUPE1YeLmNxVgDUo7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG9mr0erPmjy8SjsteBqnORv=
-2BpJApMYS5KM1KE6rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbRAx6dH-2BfES3=
Im3JqaerJEQM6NIbvqpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLGw1pFacr6VcTX=
ia48dAlSs6WVB64Nzn3go6ARND8amNoSqyOb3DEFgXdzVPMVbCBTFiwATY21mRVv0m24smehs9K=
zP-2BIycGPPI6Ssgy1A6atBNxDSzuup0tevFpTdK2NmpSICXkSdipgYRLqh7lCUqaZTqszqHvtI=
NWFf0OIwDCtVK3OEjEYdL52AHz8P-2BQ0Tqz36uDrJTMIH8B-2FYqq45Or6vGft6NafHkP3PaSb=
wjO2Y8TYjGtMBuc4UMFn9w0B9ZM-2Bn-2F86E0tbw-2ByPSiTDj2PPjgv-2B95434-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Read more</b></a><br><=
br>
=E2=80=A2 <b>Agentic AI is rapidly moving fr=
om experimentation to deployment</b>, and capital is following. VC-backed c=
ompanies in the sector collected more than $24 billion across more than 1,3=
00 deals in 2025=E2=80=94representing almost 73% of their overall VC fundin=
g between 2015 and 2024. <a href=3D"https://url6380.news.pitchbook.com/uni/=
ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW0KXXvkGjw8=
TOuV1LZGCko0cSFQ7oNs54tMttN93-2BDkg-3D-3D6Dpf_I3w5d9c01gkD8gLzFEofZR-2Bh6Vw=
arHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFOLcUPE1YeLmNxVgDUo7cltnDPbKTjnUU6mvi=
YpOE79waZU05-2BtG9mr0erPmjy8SjsteBqnORv-2BpJApMYS5KM1KE6rNDV22nZvQfgSHbwsQh=
oCFET3m9lCMCFjjHj11s-2F6BbRAx6dH-2BfES3Im3JqaerJEQM6NIbvqpHZkja5yKTnbjvblbn=
cdLjD-2FhWNks3AbCPVfHoFmLLGw1pFacr6Vcfjx6VO5dZiqTZ8-2FzlIcr6NFpQy-2Brg1t32C=
Ilq5sRKpbQC9rkVZlI-2FWP-2BfT-2BFXDDV-2BiUCFu9XH-2FvlBp-2BVcGitJd6lW30msyPrX=
AIez21Zr8VXqKE3cwVHgtnPbX9TpPSa6bnf1sn27TBm4XBz0x9Lbj2-2BFx8e-2BbDVnxiRMIVr=
Ia6fOKKqzXStRSZb0PrMgrHa9N5v-2BT7lh0jCasGA00t0ZNfo4Evrs6JxEkm3zKrwhTz5t-2BZ=
yzyYc09B0S7dYeqfQ7Y3cjMHH4hD64qYG6fsKGw-3D" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true"><b>Read the analyst note</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_580050" id=3D"n_580050" 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;"> PE growth bets on a clean ener=
gy sector that's grown up </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 =
Madeline Shi, Senior Private Equity Reporter</i><br><br>
PE growth investments in clean energy skyroc=
keted in 2025, overtaking control deals for the first time on record. The r=
eversal reflects investors chasing a maturing clean energy sector with the =
capital to scale as electricity demand outruns supply.<br><br>
The value of minority PE investments in the =
sector rose nearly 130% year-over-year to <b>$22.5 billion</b> last year, d=
riven by a sharp increase in the volume of large deals, according to our la=
test <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW0KXXvkGjw8TOuV1LZGCkouhw7kL9LB=
hf59iljTlfI6Q-3D-3D_ouQ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb=
cbdWeUgFVa0m8PzsFOLcUPE1YeLmNxVgDUo7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG9mr0e=
rPmjy8SjsteBqnORv-2BpJApMYS5KM1KE6rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-2=
F6BbRAx6dH-2BfES3Im3JqaerJEQM6NIbvqpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVfHo=
FmLLGw1pFacr6VceIKa9sW0x02lWqn5jXBQCsK9uAzgG2nxpOFIvVZo32wi49-2B-2FjXJoy0Mw=
FsDHOzZmoXZYXyJf22zw-2BI1WMhJVPxsmqwtZuOaGG-2BpI-2FCdAtBpiWoafpXfKrmxXuiWn1=
ARb0UiezPZvK5NvxiVBKR-2BDtkau3HWdTeyEWACparKjE6305hOm4Hrl847hpV-2FmlWRrzDW2=
XCWPXW-2FMSz6lU-2B3paWT4GmmemTr6WsBRV6HGq4-2B9iGW6RhXbeI7yyuZMwWHNAr1-2F1JH=
efP-2F3gqIbjYCSbg-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true=
"><b>analyst note on the space</b></a>.</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-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-2BaqM7ONnvsnswouzW0KXXvkGjw8TOuV1LZGCkolsjtaNAc6=
rrCA-2FNa2e7ieg-3D-3DlXc6_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFOLcUPE1YeLmNxVgDUo7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG9mr=
0erPmjy8SjsteBqnORv-2BpJApMYS5KM1KE6rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s=
-2F6BbRAx6dH-2BfES3Im3JqaerJEQM6NIbvqpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVf=
HoFmLLGw1pFacr6VcaN7u4KDYE-2BCSDD93NvaVz89Dc9UbIJKCwQArtzJNJuRNjiTc7IA-2FcI=
rENscd8CIFykwrt6LsjKtGF7ukAq-2Bv71DbzqFZVIrSlHogXILX0S1iol2aTEQ7U13VK0PFy6W=
Ky1MdaWb9Aw8xRHyScnOogz14gLXlWlXkXhh7zUI2e2ERmifuxizdY4ckgXOhEiDdth5oB3B05w=
hlkYUedvPB2BmTUbl-2FE6SUzr1YpA1JuvuR8ggd6U9yiQfFAmkEOIEeYLNRaEUVytuAICxWds5=
oKE-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"https://i=
mg.pitchbook.com/news/73886.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"><b>Inv=
estors are moving away from pure-play renewables toward anything that can h=
elp generate stable, sustainable power capacity.</b> This includes improvin=
g grid use and energy storage, or building virtual power plants that shift =
electricity demand from supply-constrained regions to areas with excess cap=
acity, said Hans Kobler, founder and managing partner of Energy Impact Part=
ners, a $4.5 billion tech investor.=E2=80=AF<br><br>
The International Energy Agency predicts ele=
ctricity demand will outpace overall energy demand by more than twofold by =
2030=E2=80=94driven by the AI boom and rapid data center expansion, rising =
industrial use of electricity and continued adoption of electric vehicles.<=
br><br>
Many of these renewables-adjacent businesses=
are technologically advanced and have the potential to scale quickly, open=
ing up new avenues for PE growth and VC investors.<br><br><b>The growth in =
minority deals also reflects a maturing market.</b> More clean energy compa=
nies are moving past the technology validation stage to building real asset=
s, including large-scale power generation projects. They no longer need a n=
ew owner, just the capital to scale more quickly, said Charles Cherington, =
co-founder of Ara Partners, a PE firm dedicated to buyouts and project fina=
ncing in the industrial decarbonization sector.<br><br>
=E2=80=AF"This reflects a healthier pipeline=
of businesses that have proven their technology and are ready to move up-m=
arket to full commercial deployment," Cherington said. <!-- CLEAR THIS BOX =
AFTER DUPING
https://pitchbook.com/news/reports/q1-2026-pitchbook-analyst-note-2025-clea=
n-energy-pe-trends?utm_medium=3Dnewsletter&utm_source=3Ddaily_pitch&utm_cam=
paign=3Danalyst_note&utm_content=3Dq1_2026_pitchbook_analyst_note_2025_clea=
n_energy_pe_trends&utm_term=3D
--></td>
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h0WMRitHeNhNLHdUQh-2FyFZiBQyj3eLE7ARvm-2FesM3pEpIp4egksL28lmy9TVRQeotxvdNVR=
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ng=3D"0" style=3D"width: 100%; min-width: 100%;
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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-2BaqM7ONnvsnswouzW0KXXvkGjw8TOu=
V1LZGCkov5x2a3E-2B5ZaRERaa30UgHA-3D-3DtTKM_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarH=
kxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFOLcUPE1YeLmNxVgDUo7cltnDPbKTjnUU6mviYpO=
E79waZU05-2BtG9mr0erPmjy8SjsteBqnORv-2BpJApMYS5KM1KE6rNDV22nZvQfgSHbwsQhoCF=
ET3m9lCMCFjjHj11s-2F6BbRAx6dH-2BfES3Im3JqaerJEQM6NIbvqpHZkja5yKTnbjvblbncdL=
jD-2FhWNks3AbCPVfHoFmLLGw1pFacr6VcXBdTP1kCwvg7hR3KOf03y-2Fyf6NBrCUTqSedbuVH=
TWXjTYQ5ytmdksGhjqt3i8vmBrxN-2FSs503P9uTD4aKlqvehhVTTShiR9zFPZcdnQ1Q3xe0GFo=
lniFiwpIPmJDIbbYYOcqsxMCRk4XPzgQwDVKr0avLuVftN9tLkBDfl0pLycX0rr03PwJTGEiWc-=
2BATr10Oq8UJpflutIM8Nuy0jC2UnTEncvMFVEetPDw4vCCh45OAgUWH2G4iCLQzJf6Cg7KJw-2=
FtbRM7PvTV2nuHDp4NsI-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"t=
rue">Q4 2025 Climate Tech VC Trends</a></b></td>
</tr>
</tbody>
</table></td>
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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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</tbody>
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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>Side Letters</span></td>
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>
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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%;">
<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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<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>Three startups changing America=
's war tactics.</b> See how Anduril, Palantir and SpaceX are forming a defe=
nse tech clique with the Trump administration. [<a href=3D"https://url6380.=
news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn=
vsnswouzW0KXXvkGjw8TOuV1LZGCkoNmmKYJPNu0rQ5X6a-2BjvLNg-3D-3DqWSG_I3w5d9c01g=
kD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFOLcUPE1YeLmNxVgDU=
o7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG9mr0erPmjy8SjsteBqnORv-2BpJApMYS5KM1KE6=
rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbRAx6dH-2BfES3Im3JqaerJEQM6NIbv=
qpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLGw1pFacr6VcSYzT49I9THt-2Bg6NjO=
doMmwD92Zq-2FhBi6odnGSr-2FH-2FL-2BQ4zt1mrG8A1Pnuuwo69KSiNwO6Dn8K3MiM0BHtPeC=
9jaGxJM1Ag2C-2BEjWt7HYOBdW8WiwRhxhKBYZ-2FPZiQAiYzF5Dw7U9lS-2B-2FWXU7XJczavZ=
LkYh7hztGR31hvpEnWguvGKGGsYxqzl-2BIfKM6xUDESiAOvvXtNjOXfLevBqu5VO5bSbR3tewY=
CXyyeQmCFAqZbk0t1ky09olYy6VV6qyx1XkJUE-2FoVf9m2jCwEmZ7Qs-3D" style=3D"color=
: #1D5080;" test=3D"">The Economist</a>]<br><br>
=E2=80=A2 <b>Blackstone's COO is "keeping it=
real" with his LinkedIn jogging videos.</b> Jonathan Gray became an accide=
ntal corporate influencer, sightseeing and jogging while discussing private=
equity. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001=
.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW0KXXvkGjw8TOuV1LZGCkorlnHlEYn=
DNHtPVElbmORaQ-3D-3DqWVx_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZ=
bcbdWeUgFVa0m8PzsFOLcUPE1YeLmNxVgDUo7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG9mr0=
erPmjy8SjsteBqnORv-2BpJApMYS5KM1KE6rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-=
2F6BbRAx6dH-2BfES3Im3JqaerJEQM6NIbvqpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVfH=
oFmLLGw1pFacr6VcaUGH6nBS-2F47T10wzdA0VHFAnbZlS-2FY8p6Ik74CrI6jhxlI-2B-2FSlz=
Zruc-2Bl-2BEfffVr3eS8UAmKhg64iAx9ksWvNBZqLEcV85OOOL-2F9xMtxq1kgATkPZUsCrjZW=
SiD4BA8-2Fvjd3SqStg3FjGuHlDxrrDQA5oSK5jNZuUVFGW6dvTXHLJZ8Hd8iXFZWIUELAOdutl=
mPreml7jfdQyjYA3bv4GH9aye-2ByJx5Bq3NoTEQfz-2FeOSjabVmimtCeRgoFxlv-2BS151KDz=
BgnR-2FU-2Fcvwjaof4w-3D" style=3D"color: #1D5080;" test=3D"">Fortune</a>]<b=
r><br>
=E2=80=A2 <b>Is John Ternus Apple's dark hor=
se in the AI race?</b> The iPhone maker is behind on AI and navigating fres=
h supply chain challenges amid Middle East tensions. [<a href=3D"https://ur=
l6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba=
qM7ONnvsnswouzW0KXXvkGjw8TOuV1LZGCkoEbxtmcY77pM6eMniJI-2Be3A-3D-3DfGYj_I3w5=
d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFOLcUPE1YeLm=
NxVgDUo7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG9mr0erPmjy8SjsteBqnORv-2BpJApMYS5=
KM1KE6rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbRAx6dH-2BfES3Im3JqaerJEQ=
M6NIbvqpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLGw1pFacr6VcUJPffpUSb4i0k=
aTOFy8ighXcaP98hBJy0zYjLvjfLy2E6BOZEBiTSa-2FIYKqA1lzUkR1lJLGHdumkYGLaJo0sF3=
XDjj3uLqfK8XEvU8w3iaIlVAU4P4S69qHN-2BrlGpzGfqQGUlv8n1NHY3gmVxJcDdfhX6kJQvN4=
Gkwfg4-2B8aHJbGofqkl5rqgineA4wER011Sjm50v2cboFS2ZoelIEgQoIMuBpYdwB7n4JeEIHQ=
TwbOcPlmac8i0Ou5Dhl2r-2FdiBx9r-2Br97cd0ggxOOdln-2F08-3D" style=3D"color: #1=
D5080;" test=3D"">Financial Times</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>
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<td>
<table lang=3D"x-counts" cellpadding=3D"0" cellspacing=3D=
"0" border=3D"0" width=3D"100%" style=3D"background-color: #051C38; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 5px; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-counts-title" cellpadding=3D"0" cell=
spacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td align=3D"center" style=3D"font-family: Roboto,=
Arial, sans-serif; font-weight: 700;
font-size: 14px; line-height: 27px;=
color: white; padding-top: 26px; padding-bottom: 37.3px; white-space: nowr=
ap;">Since yesterday, the PitchBook Platform added:</td>
</tr>
<tr>
<td>
<table lang=3D"x-counts-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%; t=
able-layout: fixed;">
<tbody>
<tr>
<td style=3D"display: inline-block; width: 25%=
; min-width: 25%;
text-align: center; flo=
at: left;">
<div class=3D"outlook-caption-override" style=
=3D"float: none; font-family: Roboto, Arial, sans-serif;
color: white; font-weig=
ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;">
668
</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;">
2493
</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;">
1242
</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;">
18
</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>
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13.3px;"><!--[if mso]>
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v-2BpJApMYS5KM1KE6rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbRAx6dH-2BfES=
3Im3JqaerJEQM6NIbvqpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLGw1pFacr6VcZ=
LBAUPbjDuMde10OfUbWBS3VvwEmbDnwhYLXZo-2F8fhSTf9hbP-2BwPdzHgsOCHFrnm1gyLGGNe=
B39F4umaamE0nOwem-2BScsSwfyXwoGobrmBgIx1zLgcQ-2BfWbU-2FtOZMXKaZVp1OZ-2FC3k-=
2F0o959NTsKvM1GMYSxS7MWaL3GLMhB-2BXrqwu6IK96Bcf-2FSvEQ0PQjoxxPCdUUymdGghCIS=
Ia2b46cttvmLTeoZDeKDWGpfQfRKqrDle-2FI7qeLtm-2F7ReCRJKhT3fQqpZ-2ByYXaHZ-2BEO=
UDw-3D" target=3D"_blank" style=3D"display: block;
font-family: Robo=
to, Arial, sans-serif;
font-size: 12px;
color: #000000;
text-decoration: =
none;
line-height: 24px=
;
text-align: cente=
r;
padding: 9.5px 21=
.5px;
border-radius: 99=
9px;
background-color:=
#F79B3E;
width: 150px;
mso-hide: all;"> =
Request a free trial </a> </td>
</tr>
<tr>
<td style=3D"height: 25px; line-height: 25px;"=
></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td height=3D"20" style=3D"line-height: 20px;"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_580039" id=3D"n_580039" 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: 2019 Vint=
age Global 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: 57.91505791505792%; mi=
n-width: 57.91505791505792%; max-width: 57.91505791505792%; 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">6.00%</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">10.36%</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;">
0.21x
</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=
swouzW0KXXvkGjw8TOuV1LZGCkoGGiQ7aw-2B0n9yPcvHD47rxQ-3D-3D3uZ6_I3w5d9c01gkD8=
gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFOLcUPE1YeLmNxVgDUo7c=
ltnDPbKTjnUU6mviYpOE79waZU05-2BtG9mr0erPmjy8SjsteBqnORv-2BpJApMYS5KM1KE6rND=
V22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbRAx6dH-2BfES3Im3JqaerJEQM6NIbvqpH=
Zkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLGw1pFacr6VcdU0hhXyv5mRBLtk0pst-2F=
kCjxkhutjI4J4NKi1NNr5xEScWhuZxHPNv6jD7g5R6lSCTIOPQzpTSH9P6BEfon4Pcjg0ylWXb9=
1ISW-2BKrTR5On72rIjcEPNsO82Gkl4FUBr53BOvuqZBb0cr9EzSnvJiQ5ExrI84cRIdd9pxL51=
nvYq3zn2-2Bt-2BSBJJS8So-2FyD7JHcJcYSZ8Qp3jhYYBQwCnL5xGMTaQhIcZnApfwjGf-2FeC=
Izzg0Rv7FhfxwVtXr2Bg83O8f4oSKgfI5LLk7YyXevo-3D" style=3D"font-size: 14px; l=
ine-height: 24px; color: #1D5080;" universal=3D"true">10 Federal Self Stora=
ge Acquisition Company 2 </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=
swouzVY62tTx6arePlwFYZ5HmcuYBW9fh9VGFtX-2BMusno0AZQ-3D-3Dln3s_I3w5d9c01gkD8=
gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFOLcUPE1YeLmNxVgDUo7c=
ltnDPbKTjnUU6mviYpOE79waZU05-2BtG9mr0erPmjy8SjsteBqnORv-2BpJApMYS5KM1KE6rND=
V22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbRAx6dH-2BfES3Im3JqaerJEQM6NIbvqpH=
Zkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLGw1pFacr6VcTT-2F1k999pIHXiuvusooy=
OjPLxB685dTPsularkDm111eySRTZl-2FOJlMSgyFkaWn3NhS1sh8Ty-2Bi3gRmmNk4W7kMOBjX=
qconhf2Wn-2BEoqnz7ZAcg9Ct39y0-2BsiJkEwbt4UXPY5gYaQWZZ-2FNuwZLKDKRAegGuB-2Fn=
DS1UlzprrNYFu5x9aY19iuPOQW-2Bt67pMiYW-2BIISkJgKuUqIwuGdvYCz1vAHbn-2BYLDH4C2=
4yKkjbn8HxiAF2EpzAWTUh73z0QOo5iDZ0F8P011eVLftx0BbY4-3D" style=3D"font-size:=
14px; line-height: 24px; color: #1D5080;" universal=3D"true">Crossbay Fund=
I </a></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style=
=3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w=
idth=3D"100%">
<tbody>
<tr>
<td height=3D"22" style=3D"padding: 15px 10px=
0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi=
tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn=
swouzVY62tTx6arePlwFYZ5Hmcuvn4wiSe-2BM8-2Boh20VWkI-2FaQ-3D-3D_n24_I3w5d9c01=
gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFOLcUPE1YeLmNxVgD=
Uo7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG9mr0erPmjy8SjsteBqnORv-2BpJApMYS5KM1KE=
6rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbRAx6dH-2BfES3Im3JqaerJEQM6NIb=
vqpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLGw1pFacr6VcRyGXPGAdoZlHuRsC9a=
y5OHU3v0ZZO8y4oaJCI5OHxTzdynr2rPWuMVIHgN3N0aeDjFGtDryiWf91e2hHrbgMLZP-2BIzn=
xeLoDJIJyIE7xBUfGDP0RZAOTxRm9cGB-2B7utofTDvUJIhO0pMJcKxMxZJ4hiWHTZ9iz7DCO-2=
FwgYftQkiJu7ICG7jtoCFzwFA6pA5lWJUpgQh3C-2B-2FhlYm2oxsb-2FzxcFZDbdPRrrF-2FRw=
Z0QSMIr-2FITAvr2YV7pf-2BsMeQDw31xK7Zf82rCVrJMEeg4KSfs-3D" style=3D"font-siz=
e: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Cabot U.K. =
Core-Plus Industrial Fund </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-2BaqM7ONnvsnswouzVY62tTx6arePlwFYZ5HmcupSIbyX=
PwEq9PYOfv742K-2BQ-3D-3DgtV9_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3=
t1yZbcbdWeUgFVa0m8PzsFOLcUPE1YeLmNxVgDUo7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG=
9mr0erPmjy8SjsteBqnORv-2BpJApMYS5KM1KE6rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj=
11s-2F6BbRAx6dH-2BfES3Im3JqaerJEQM6NIbvqpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbC=
PVfHoFmLLGw1pFacr6VcTGC7Z4ehoOJSWepUV4B5BoyiezT-2F12Wvok5QL0LLFeQ97VjvzGVfN=
BpjsO2PxP5d-2B9dnqK1ZNKSV14hjLOe0PjmLHkT-2BqVIgWJyTAS72dW-2BICERnMHkinHfi3e=
EsuUbOakcGJzhAW3SHyc2fw2LrhS-2BBcoAqu6GiG2J8IS02O14d-2BM-2FGSZX7ftilaJQCYPK=
DpGCw8Rc1VEe54P5A-2FxxZ3QDsgRxDg7Mk0A7y-2BmWlnq0MXwBLqqQvr-2BHaGumAcWVXx1r1=
0hFYwIszt24R6G1f-2BE-3D" style=3D"font-family: Roboto, Arial, sans-serif; c=
olor: #1D5080; font-size: 14px; font-weight: 700; line-height: 24px;" unive=
rsal=3D"true">83 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-2BaqM7ONnvsnswouzVY62tTx=
6arePlwFYZ5HmcuwL4KJu7z2vws-2F4g-2FCMS8-2FQ-3D-3DwFKJ_I3w5d9c01gkD8gLzFEofZ=
R-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFOLcUPE1YeLmNxVgDUo7cltnDPbKT=
jnUU6mviYpOE79waZU05-2BtG9mr0erPmjy8SjsteBqnORv-2BpJApMYS5KM1KE6rNDV22nZvQf=
gSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbRAx6dH-2BfES3Im3JqaerJEQM6NIbvqpHZkja5yKT=
nbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLGw1pFacr6VcShJxzA6t-2FPq5IPNiI2mP9CEEjxWG=
4p0uWC3b6SshbCxKyVja17MtTdkNp7eIqNQrVX9mv2UR7P6na-2FrgCZfj-2B1yN32vMUcJF-2F=
kgoJqSWxmOD-2BEM-2BQ9cWYqwSvOyRz8SyPTssJvcF-2FYWuaS5-2BrE7kNjTAX81gDfhLATAD=
sU-2BbJnkNa3kxyFM61vdR-2BEPogeADRYOBgnD-2BGC3hVXG3yVaPAGOmWEr64sCc4CKpUrQT7=
AAMHV2XGK8Ew8Gjvl-2FO-2Fx0r8uhuphOtWk-2Bgx9oJ913Xcc-3D" style=3D"color: #1D=
5080;" test=3D"" universal=3D"true">PitchBook Benchmarks</a></b><br>
</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table class=3D" " cellpadding=3D"0" cells=
pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20
">
<tbody>
<tr>
<td lang=3D"x-advertisement" style=3D"padding-bottom: =
20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzVY62tTx6arePlwFYZ5HmcucHxh7kdRtX1eeBFTgTA6Mw-3D-3DgtR=
a_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFOLcUP=
E1YeLmNxVgDUo7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG9mr0erPmjy8SjsteBqnORv-2BpJ=
ApMYS5KM1KE6rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbRAx6dH-2BfES3Im3Jq=
aerJEQM6NIbvqpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLGw1pFacr6VcaTWJUaB=
ryge4vv0g7wlFgn6DmMqIuKm4eg8hsTdZEoN-2FdK3CBOU-2Bv8WSf4mBWPo3vCXElQYJyT0Xrq=
VORdnYkuI76vCxWRJCM5Y6Fnm0vsKvoZd6pqsoDX1MfQ9L2RViADM-2FANis68zYqYKm0iqo2Ou=
YAnL3gLUhGJI93Gu89JlBCMjnAdkI5qKaYxR0Q4l3NpJCplipq2BDj8O4UeenuUMKgtX1Am5Keu=
oLdsI1xTjpLETyF9piIYbwcgdNJpL-2F7ApT2Q9E7plSctoRMl6Gkc-3D"><img width=3D"46=
0" src=3D"https://img.pitchbook.com/ads/ad4530/Churchillmarchhba.png" alt=
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idth: 100%; height: auto;"></a></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>VC Deals</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><a =
href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVY62tTx6arePlwFYZ5Hmcu1QIcduRnGCC7iloIC=
ZM7DA-3D-3DyoUB_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF=
Va0m8PzsFOLcUPE1YeLmNxVgDUo7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG9mr0erPmjy8Sj=
steBqnORv-2BpJApMYS5KM1KE6rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbRAx6=
dH-2BfES3Im3JqaerJEQM6NIbvqpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLGw1p=
Facr6VcbyhhBJllXn0SR8kf5-2Frx3e5cJCtd23HTZpJ8wNy6BzHSg2VyO14ccwJNW-2F9CU6Pm=
qLeI0dSyqs2WIWRFXPALJjxQ9w0IyVzjFCBZW3XTQVraKp93GoroGAJCQo-2B9UgmINzwvqHy5g=
W0-2BnfYGCQtXeIHk0Jxyei8J6n-2BLhBfRc0MBBVB3PzRefLpfhe3Cg3UGOpuHSv-2F2b0nsEr=
xDp0wh2-2FswOVwnhjT10jqShEypJfk9fNyaYVIMAycCVvcMDTWUqMTD2Jr3qR1j-2B-2FOpSPA=
Ubw-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Project Prom=
etheus</a></b>, an AI lab co-founded by <b>Jeff Bezos</b>, is in talks to r=
aise a $10 billion round at a $38 billion valuation, the Financial Times re=
ported.<br><br>
India-based <b><a href=3D"https://url6380.ne=
ws.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7O=
NnvsnswouzVY62tTx6arePlwFYZ5HmcuTZ3aOkohliz3Xjel910qeg-3D-3DIcap_I3w5d9c01g=
kD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFOLcUPE1YeLmNxVgDU=
o7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG9mr0erPmjy8SjsteBqnORv-2BpJApMYS5KM1KE6=
rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbRAx6dH-2BfES3Im3JqaerJEQM6NIbv=
qpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLGw1pFacr6VceraNnfGdwfLjr0Si-2F=
VWvZSmPMogoYIDXkj7b-2FCkKA8hX9fuuBmFDHlfv2-2FmTZTfAyDZkq2AJxckYdqo7qubF8C1k=
sno-2BpxnjqrIuueOwUVYR6hUtcSOu5-2BihVOUSzrVySlmTprP-2F7hdyV7dZ-2BnTI-2Ba435=
dwk7tt-2F-2FhNmuOzBegTrzw7UKHeQKqqzVkDwZb50k7ZvmnvNl05ZA7TecsfJCiHT-2Bx-2FB=
8v3qyRCtUVPv7YiWMiX0not4J92nMRnzK4VWGCiwyeg3dsA-2BuyeQrcE0tg-3D" style=3D"c=
olor: #1D5080;" test=3D"" universal=3D"true">Sarvam</a></b> is in talks to =
raise $320 million to $350 million in a round from investors including <b>N=
vidia</b>, <b>Amazon</b> and <b>HCLTech</b> that would value the AI startup=
at around $1.5 billion, The Economic Times reported.<br><br><b><a href=3D"=
https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7S=
pSWIrf6GFa-2BaqM7ONnvsnswouzVY62tTx6arePlwFYZ5HmcuxDhJX5qm4MZ2ZDjlqeKJ8g-3D=
-3DNvV1_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs=
FOLcUPE1YeLmNxVgDUo7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG9mr0erPmjy8SjsteBqnOR=
v-2BpJApMYS5KM1KE6rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbRAx6dH-2BfES=
3Im3JqaerJEQM6NIbvqpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLGw1pFacr6Vcc=
cjbVZjjtMjMNh3G7KcigBvJlCv9sBs-2BCSlXQeArnl-2BApfFFMkJNGNcUjw8gMEYvcjnyBRRu=
e9c4RKIFasr5XC29pkK5gYB1-2F0TtW4wvmfVW3-2FMuaKVpIFDe5sH3GMj-2Bt7wgKhpZiFQJQ=
b0qYSWFYgEH3ptoaJHVvXkfZuxfbc58VVs8dEYSuCfm-2FXFkfUBEWxqOufJ-2BxdqWtJjYh51u=
OiyT0bX2tH9LX0C11LpjGr6CNU4xBdxOWab29wjdfX7AeXdIvJCiA4Hq3O2QFHoh34-3D" styl=
e=3D"color: #1D5080;" test=3D"" universal=3D"true">Collov Labs</a></b>, a v=
isual AI startup, secured a $23 million Series A from investors including <=
b>Brightway Future Capital</b>, <b>Taihill Venture</b> and <b>Mindworks Cap=
ital</b>.<br><br>
Dutch quantum chip testing startup <b><a hre=
f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu=
ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVY62tTx6arePlwFYZ5HmcumTI4KIkwhYzl0JmquTCE=
iQ-3D-3DLu-A_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0=
m8PzsFOLcUPE1YeLmNxVgDUo7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG9mr0erPmjy8Sjste=
BqnORv-2BpJApMYS5KM1KE6rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbRAx6dH-=
2BfES3Im3JqaerJEQM6NIbvqpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLGw1pFac=
r6VcQ3DpgrfGRCdlHB5nsIRZRkvB-2FI9vABaixvmHLyYgGs8LagiF6fvJatmQpblSt7tuTuWfo=
XR1zGyKrvXabGDVW5GYB-2B-2BJ6t0Jbzz-2BMKi2BfdhLr5uvSs1WRbtVOXhAT4p-2BMN9VrM0=
CzCr-2FY5VX9SQmCTXAY9iD-2BnYjojO1GlT4JbKQAojo-2F-2Fr7J0f-2FW69R8RIJkyNxQylW=
TLPCXn7tOROmEhrm6sDgebIYpfVvrnKH27LoKtnm8g1VH54fFtwVOVW-2FHrv-2F3Gz2T5Eyj0t=
po1S8U-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Orange Qu=
antum Systems</a></b> received =E2=82=AC3 million at the second close of it=
s seed round from investors including the <b>European Innovation Council Fu=
nd</b>, bringing the total for the round to =E2=82=AC15 million.<br><br><b>=
<a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73=
BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVY62tTx6arePlwFYZ5HmcuqiZBXeELIWPzNv=
Tyw6cFbw-3D-3DignW_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWe=
UgFVa0m8PzsFOLcUPE1YeLmNxVgDUo7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG9mr0erPmjy=
8SjsteBqnORv-2BpJApMYS5KM1KE6rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbR=
Ax6dH-2BfES3Im3JqaerJEQM6NIbvqpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLG=
w1pFacr6VceX1pVAhSDruF2SYP-2Bp9j1Fc-2B3jgmyTZO24Azo3M1Z-2FkNChKgMyxdawIusbT=
VhUH7X6bcc4HCBXR9WHsFdZ4cyUvS3Cde9lSyRPOj9kLAk6zWFx8Oyj0YT5uC6MIBSGuo-2FkfK=
1caXsWpR0a6R6zmgtWTv5gMtBMIUs3Z8eSxqaQB1QzOxq0q1i77zimZXXwbj2mAIkk35tjQFebk=
a-2B2DBsyl857TdkJpn-2F0jbQhKO8P7tiI49dNyMs5UN0ZL-2BbyCGfERU6znsuDZR7o7UkDeM=
7c-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">VisioLab</a><=
/b>, the German developer of an AI self-checkout system, raised an $11 mill=
ion Series A led by <b>eCapital Entrepreneurial Partners</b> and <b>Simon C=
apital</b>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXBpqdbdqqE0hdP=
nkyV4ZcuUPutJpS3eUenmfkfbH-2BgTg-3D-3DfC5Z_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarH=
kxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFOLcUPE1YeLmNxVgDUo7cltnDPbKTjnUU6mviYpO=
E79waZU05-2BtG9mr0erPmjy8SjsteBqnORv-2BpJApMYS5KM1KE6rNDV22nZvQfgSHbwsQhoCF=
ET3m9lCMCFjjHj11s-2F6BbRAx6dH-2BfES3Im3JqaerJEQM6NIbvqpHZkja5yKTnbjvblbncdL=
jD-2FhWNks3AbCPVfHoFmLLGw1pFacr6Vcc4FkF-2BQcqJLixudkEwJZ2pyOaMpCUTDl-2F1Myk=
Ps61fCQNtwbhjJCpgkBufiHSSsxk3SbeKdi8HspjSRpJv7nx3VuZeDWWjj4M7tgPjiyyeMp-2Bf=
Pm8wMuB0IrHTcIu-2BdIfNTWjFnljxDuCYLhXVImOx4biZ92e3N0g3xN9jgQ-2BS-2BKXgmo7yv=
I1iglmVtgC1xjMRp5EVOx67hpxgV5-2FdtJUVSWujwC8EX8D0v6HA0ACOgRy5oVH-2BD7Lhn9Ss=
hZbtJ0Zv4-2BmVTmSkRTM5eF11YEqs-3D" style=3D"color: #1D5080;" test=3D"" univ=
ersal=3D"true">Smart Robotics</a></b>, a Netherlands-based company focused =
on intralogistics automation, secured =E2=82=AC10 million Series A led by <=
b>Rotterdamse Havendraken</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>War=
burg Pincus</b>, <b>Blackstone</b> and <b>Hg</b> are interested in buying a=
minority stake in <b>Insight Partners</b>-backed <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzXBpqdbdqqE0hdPnkyV4Zcu2gKN6Siv7yyJwYGCBw-2BU6g-3D-3DgXuv_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFOLcUPE1Y=
eLmNxVgDUo7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG9mr0erPmjy8SjsteBqnORv-2BpJApM=
YS5KM1KE6rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbRAx6dH-2BfES3Im3Jqaer=
JEQM6NIbvqpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLGw1pFacr6VcY-2F-2FvKI=
1k3CTVRteiBO97aYghxj-2BsG9-2BuNDNLbN7gA3T4NJ-2BPour28yv4gKXT-2FKyRz2JzkRN3P=
53uChKFhPOS993xT61y6YHZxS-2BW-2FsKml8-2Fp5nL9-2FTtjG-2FscpDwkDcH7kDAV3xxTVC=
lvVT3i8C9AERvpdBcZyWrtVBq0vVlmGepzHLgxGAf7aJe3J38eH8mcBrQdlAKH-2FoANdopDcWW=
KYnHrRT2TimbSe-2BaW-2BhNMslkMwzcy-2B08isXIwFhFKM2w3Dwy0KjWFzzrh6qCUPpCvzw-3=
D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Kpler</a></b>, a =
Brussels-based commodities data company that could be valued at around $5 b=
illion in a deal, Reuters reported.<br><br><b>CVC Capital Partners</b> led =
a $2.3 billion continuation vehicle for <b><a href=3D"https://url6380.news.=
pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv=
snswouzXBpqdbdqqE0hdPnkyV4ZcuvF8fazixww5Efn-2FxYaaeAg-3D-3DiULI_I3w5d9c01gk=
D8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFOLcUPE1YeLmNxVgDUo=
7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG9mr0erPmjy8SjsteBqnORv-2BpJApMYS5KM1KE6r=
NDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbRAx6dH-2BfES3Im3JqaerJEQM6NIbvq=
pHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLGw1pFacr6VcXOT8i7Lr1cwn9Pu-2BBz=
FAQXrBgoq8-2FLGsPdHwMzpOuSZLoO-2BVw26i1BhKfWfuirZctcW78EWIaEjP8f00wtMOkv7GD=
B0Jp9i9kRBNyvXkTX3A-2FZ1b33bucSAdGhYg0tUChbAAf13Fxj3oZkYjtPckGGxhfQ1V7DdV6G=
ikEDNRiYHr8-2BU-2Fta-2BkyvWoCE03auQevRF81tfHs7jDIhRJszZWQ3C9f-2B3cHZcS-2Bku=
5atIgFvEsbKYdIrKZt8oijekgASSM00rT8gFZKDnVdo1b-2FqBykg-3D" style=3D"color: #=
1D5080;" test=3D"" universal=3D"true">Subsea Communications</a></b>, a New =
Jersey-based undersea networks and communication systems maker majority own=
ed by <b>Cerberus Capital Management</b>.<br><br><b>2717 Partners</b> offer=
ed to acquire Toronto-listed educational platform developer <b><a href=3D"h=
ttps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7Sp=
SWIrf6GFa-2BaqM7ONnvsnswouzXBpqdbdqqE0hdPnkyV4Zcuipcnb3mgiIUtOZicCR3U6g-3D-=
3DEaQ3_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF=
OLcUPE1YeLmNxVgDUo7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG9mr0erPmjy8SjsteBqnORv=
-2BpJApMYS5KM1KE6rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbRAx6dH-2BfES3=
Im3JqaerJEQM6NIbvqpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLGw1pFacr6VcST=
AegwcxfgV1Ki1N814X8H7HyoJfaWcEn8NHvKD0nffCQMJ3f7kvSLHajxqaSXah3NjF4dh5XbYlw=
0POSeZ26OmY4YHfI0VpwGtIDqDN5fpU6y9x7PSnzFprEuGqvZC-2BWLJjj-2BZZfdUg4ITo-2Fh=
cYm5bb58PNDL0do8NEtFuzodHtrY9EDDMP2ygQkXtqtbfDdP12IpMK5XkNHGXxorIAPG-2B9Qpj=
75TC-2F5BfDpcgRhzTF4gR62z9jtZLF3Z1t4jg78P7q0IqrUgnOmvTJ1RnkcE-3D" style=3D"=
color: #1D5080;" test=3D"" universal=3D"true">D2L</a></b> in a C$572 millio=
n ($419 million) take-private deal.<br><br><b>Ardian</b> is to exit <b><a h=
ref=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4=
Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXBpqdbdqqE0hdPnkyV4ZcujBYuEWVDD19Gm9Zb5k=
Gg-2FA-3D-3DFTbh_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUg=
FVa0m8PzsFOLcUPE1YeLmNxVgDUo7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG9mr0erPmjy8S=
jsteBqnORv-2BpJApMYS5KM1KE6rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbRAx=
6dH-2BfES3Im3JqaerJEQM6NIbvqpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLGw1=
pFacr6VcQFtrO8N5Kt0i5E2LUq6lwilCiK51xtnNdpn-2FQLyl8YW38GktXhzW1H8HNrL6ZMzwL=
p9Tvdb2W6UpugySq0K5868PDV6OF-2FYrVnjgRyxaFWWBDhlmokDcdthx4KTP5kgHyf5R2i9O1r=
rNO8JVXx7AjqhcgZ-2FKS18QCvlIQQXb9FKvUI3rsbXV5OSfiFO2YKurUiRUNe9RFyWwYzyNJvz=
xCxSf4GwbcEBbSBy0f-2BEesoggxiapKOiAs-2BHJPOChqhZobCLGCr0PQ7tnMQgKGFUzk0-3D"=
style=3D"color: #1D5080;" test=3D"" universal=3D"true">Trigo</a></b>, a Fr=
ench company offering quality management solutions for the transportation s=
ector, to <b>Montyon Capital</b>.<br><br><b>RedBird Capital Partners</b> ag=
reed to acquire <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/cli=
ck?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXBpqdbdqqE0hdPnky=
V4Zcukvi4opkoq3QSwwiNsbvHNQ-3D-3D2ZQC_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRF=
Cfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFOLcUPE1YeLmNxVgDUo7cltnDPbKTjnUU6mviYpOE79wa=
ZU05-2BtG9mr0erPmjy8SjsteBqnORv-2BpJApMYS5KM1KE6rNDV22nZvQfgSHbwsQhoCFET3m9=
lCMCFjjHj11s-2F6BbRAx6dH-2BfES3Im3JqaerJEQM6NIbvqpHZkja5yKTnbjvblbncdLjD-2F=
hWNks3AbCPVfHoFmLLGw1pFacr6VcQV-2BKxoP0DsY2ETO2NNNox-2FLOa0usMHwtxy6Sl34fsv=
JyMWjvRqcK8Yw1JLV4QC58mLXMxnx7-2F3HisJpFK-2Bkx-2B5uLycy5k4QC3M9K0IsArG5MTWF=
vyasoyCUXuEZA7R9WcSo4S2X-2BKrye-2BNOSqU9hILLKkbET8Uq3Jakl8GwZ94E7AikYvJk4xW=
biILABGjKVrVslW5Tf4VvzzfIjRM-2FjQ53UXAXfu2F2Xtj6UCDd8CrXooTnhBFdDsMmpPxcUdO=
9H1hBIG1C2cr9gBqpbuiogk-3D" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">Affinia</a></b>, a UK-based accounting services platform provider=
, from <b>Sovereign Capital Partners</b>.<br><br><b>Renovus Capital Partner=
s</b>-backed <b>F2 Strategy</b> is to buy investment management and consult=
ing company <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?u=
pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXBpqdbdqqE0hdPnkyV4Zc=
u-2F9N5juZzdMj-2FHcW6XRMSBQ-3D-3DSiaC_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRF=
Cfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFOLcUPE1YeLmNxVgDUo7cltnDPbKTjnUU6mviYpOE79wa=
ZU05-2BtG9mr0erPmjy8SjsteBqnORv-2BpJApMYS5KM1KE6rNDV22nZvQfgSHbwsQhoCFET3m9=
lCMCFjjHj11s-2F6BbRAx6dH-2BfES3Im3JqaerJEQM6NIbvqpHZkja5yKTnbjvblbncdLjD-2F=
hWNks3AbCPVfHoFmLLGw1pFacr6VceFcFSxs4U8pLq7iMqCrq2u0Yh1AQaoPvEwk7RDHzVvZyeb=
PwDDfWBtzbPrb7P-2FWnTEi8hwqJdU-2BV-2FpGJAWX9EHdKlRt1D-2FXci9EoGo8sK2zjOaEJF=
AyAqTIP-2FSBZB7-2FizMBlvewctdi5SKFtCNeLn7kjArvGu-2BdYfyLbXjwWba86w6bUdZf63q=
69oL6BNqQf9I8AsPCYBUHrbufECl-2F05fXoRnb4E5T8qFM4N-2FeIPbFXfnz5FcOjm2CIbA48w=
08MBw3fyI05uTWC3LvPS3Oo3g-3D" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">Meradia</a></b>.<br><br><b>Catchment Capital</b> agreed to purcha=
se fireproofing technology company <b><a href=3D"https://url6380.news.pitch=
book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo=
uzXBpqdbdqqE0hdPnkyV4Zcuo1rVVrgyGRFhhm1dsVUj-2BQ-3D-3DJDwD_I3w5d9c01gkD8gLz=
FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFOLcUPE1YeLmNxVgDUo7cltn=
DPbKTjnUU6mviYpOE79waZU05-2BtG9mr0erPmjy8SjsteBqnORv-2BpJApMYS5KM1KE6rNDV22=
nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbRAx6dH-2BfES3Im3JqaerJEQM6NIbvqpHZkj=
a5yKTnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLGw1pFacr6VcVqPACi7ZiJPakj9SjkJYWWiQE=
q2iRzwfy-2FTbq0uOHrDTNCsp060y2EqeWxNEnDYFcPMlDwOsd70VsEZwojUn0VX76ROq-2FDM9=
KNd2Rw88stA72-2B-2B5QomTKVOgtVVh7kte2PuW9AJV6Hv7ZqotHO5Mf5UVxN32m2dl4rpZ9i5=
OZepcuJwnY3GUlFH873b2aqpI9e7agq1OaJ9XsWvhqXbST6XP5reTA-2BP-2BBSGZvG9l4tf-2F=
dtoS3IPThGpinPnx4urBObhkxi0I8ruZHbrYcSQ-2BFQ-3D" style=3D"color: #1D5080;" =
test=3D"" universal=3D"true">Isolatek International</a></b> from <b>SK Capi=
tal Partners</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>Spa=
ceX</b> agreed to a $60 billion deal to acquire AI coding startup <b><a hre=
f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu=
ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXBpqdbdqqE0hdPnkyV4ZcuwvveVc77ojlm3UId7qJm=
Vg-3D-3DNebl_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0=
m8PzsFOLcUPE1YeLmNxVgDUo7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG9mr0erPmjy8Sjste=
BqnORv-2BpJApMYS5KM1KE6rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbRAx6dH-=
2BfES3Im3JqaerJEQM6NIbvqpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLGw1pFac=
r6Vcfavwt4xDQqkxl5ax-2FPHSKMU2LBd42elnUGA9kfCDtRqdz6U1e0tB0GwlVDMveiIlX2qMB=
bqF0q6teM9Jz4Sqh-2BBa6M22VeArZvf9gxsmUYLYXXRgJ-2FV9HwC3W-2FTWBAmaN3e829ww1U=
fzuORb1HgvDM-2F3-2FzdA4nXzZTqnIrlvcX0mtPrCXpN3DS5SDBt-2FegdV4xN-2B3-2BQdq0X=
n3pPA0cxfjiODkS7MAlBZ9nsI0U-2F-2Be77Mwx8scFf06pO-2FCyVGFu2w4g9idLNorVRH49SF=
0iJLOM-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Cursor</a=
></b>'s parent company <b>Anysphere</b>. If SpaceX does not proceed with th=
e deal, it will pay the company $10 billion.<br><br>
Natural gas driller <b><a href=3D"https://ur=
l6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa=
-2BaqM7ONnvsnswouzXBpqdbdqqE0hdPnkyV4ZcuZJ9kqk856QnW1WepfKAnyg-3D-3Dn3UM_I3=
w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFOLcUPE1Ye=
LmNxVgDUo7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG9mr0erPmjy8SjsteBqnORv-2BpJApMY=
S5KM1KE6rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbRAx6dH-2BfES3Im3JqaerJ=
EQM6NIbvqpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLGw1pFacr6VcZ-2BO7R4EBo=
FJPrRyR62S34wjNyufyFT4sQzgKgWfx6nfhK6-2FuQr4uSwuhhti-2B9CRAQlveYadWksPnR0Ue=
GLTKbRzCBHSnXp3Mrq5Yb-2FA6vTtLCD4DA9A8cBPxoeh5dLav-2F78TwWNYCSbLmfCvp-2B5Wh=
rIcewB3FM1g5JrknLBZY74K6VepBxrn26jjr7ia0XWzlb8BQQIzUPWLQqn40-2FNBBKPJMa-2BG=
qyPw2bQg4oN5STfy26WPUoTK6-2B-2B76ow2S87Yx7EuSOgBl1XdEZmCZviCx4-3D" style=3D=
"color: #1D5080;" test=3D"" universal=3D"true">Arsenal Resources</a></b>, w=
hich is backed by <b>Chambers Energy Capital</b>, is exploring a sale that =
could value the company at around $1.5 billion, Bloomberg reported.<br><br>=
<b>Electrum Group</b>-backed <b><a href=3D"https://url6380.news.pitchbook.c=
om/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXFKY=
4yJ-2FKLS06DyHze13Lgwy1Bm72kHtPYi4ci-2Ba28tQ-3D-3DcP9n_I3w5d9c01gkD8gLzFEof=
ZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFOLcUPE1YeLmNxVgDUo7cltnDPbK=
TjnUU6mviYpOE79waZU05-2BtG9mr0erPmjy8SjsteBqnORv-2BpJApMYS5KM1KE6rNDV22nZvQ=
fgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbRAx6dH-2BfES3Im3JqaerJEQM6NIbvqpHZkja5yK=
TnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLGw1pFacr6VcVdNvTMbkls4qsbd4IuT20tUMYNq4D=
LzG7Yczzpvjf6UUEDxKNhQ6zidd6Ye2YMlklotrrKde9FbtnjZhhXSzeGVRf-2FKGGQF9PQBC91=
rscNW-2FNLDlrhJZESXy5SYOD8y6gqxV6rWCc7lI1QlYvOkrgQrUUNobQSZKJINkcacXRPQW3Qn=
EjefvQkkJggSwIRbwbp2aTHBpOYwsgWA8V3P7uWYKMgNJw32Bol3IPtWyW6vlt6y-2Bek4qtuFQ=
cTKOAtCc0SSA-2FXCosOBda6QKCFD9uA-3D" style=3D"color: #1D5080;" test=3D"" un=
iversal=3D"true">Sunshine Silver Mining & Refining</a></b> is in talks =
to raise about $400 million in an IPO, Bloomberg reported.<br><br><b>Sycamo=
re Partners</b> is considering a 2027 London IPO for UK-based pharmacy chai=
n <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXFKY4yJ-2FKLS06DyHze13Lgwsfh8Sz=
dr5FHH-2BqzM-2Fo8BA-3D-3Dwj6P_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F=
3t1yZbcbdWeUgFVa0m8PzsFOLcUPE1YeLmNxVgDUo7cltnDPbKTjnUU6mviYpOE79waZU05-2Bt=
G9mr0erPmjy8SjsteBqnORv-2BpJApMYS5KM1KE6rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjH=
j11s-2F6BbRAx6dH-2BfES3Im3JqaerJEQM6NIbvqpHZkja5yKTnbjvblbncdLjD-2FhWNks3Ab=
CPVfHoFmLLGw1pFacr6VcSgqhelVoukYW5dIEmcTSBNmv-2Fhn50PdpojWULgJ6tBLrjAPIM0KJ=
bkgYMAAM09S-2B3zAn2LVcK8g-2BYRYrAtYtVKc-2Br0PuvHvUVvX8KjLx8JYBOBJi5T1gOaoaS=
LZ8lWWVoQpnrBIGgEhRXZaIAKrzm1BJWDCPQMQDH3dPjnENBH4-2Bip-2BgBZbidZixmchaxjco=
dE-2BAM21XP3-2Fg0uU6fLn2-2BhleYEe48cd-2FHFC-2FhCT3KperQkJ4CfVHlph-2FgO0Ez-2=
Ba9B7UjBf6esaLb-2B-2FQBmgaTNQ-3D" style=3D"color: #1D5080;" test=3D"" unive=
rsal=3D"true">Boots</a></b>, Reuters reported.<br><br>
Singapore's <b><a href=3D"https://url6380.ne=
ws.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7O=
NnvsnswouzXFKY4yJ-2FKLS06DyHze13Lg2vrf4b-2BVgzLZ0NuLyul4yA-3D-3DLT1Q_I3w5d9=
c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFOLcUPE1YeLmNx=
VgDUo7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG9mr0erPmjy8SjsteBqnORv-2BpJApMYS5KM=
1KE6rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbRAx6dH-2BfES3Im3JqaerJEQM6=
NIbvqpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLGw1pFacr6VcQL0yIwdc-2BJ6He=
bZe-2FBl07yo-2FYk-2BOB3piDDCJ-2FK75XMZKJPSDgzTz8ARTeESJ4-2FWcHBdbzE15sx3qon=
gyM-2Fux8QlgmWbAwvyvcbiBu6lceSc7VNgjRkQaTNt4cedpJcvsFL3F-2BxGTlmQJr02kvnRk2=
7CivZH-2BVpDEgd80Nmte20xyEIkD2TfhOH-2BZ3hfV3qDtIaOBukb5zu-2Ff51HszyMWlRxMvd=
7yL1V4xnJj7rb0A363zEh8F37izl0wmFhmsYJoXBgawYD4padoan9z2DHtHc-3D" style=3D"c=
olor: #1D5080;" test=3D"" universal=3D"true">PixVerse</a></b>, an AI video =
startup backed by <b>CDH Investments</b> and <b>Alibaba Group</b>, is in ta=
lks to pursue a Hong Kong IPO, Bloomberg reported.<br><br><b><a href=3D"htt=
ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW=
Irf6GFa-2BaqM7ONnvsnswouzXFKY4yJ-2FKLS06DyHze13LggSGGUC9Td1wKdgXHXouc8w-3D-=
3D9WFh_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF=
OLcUPE1YeLmNxVgDUo7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG9mr0erPmjy8SjsteBqnORv=
-2BpJApMYS5KM1KE6rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbRAx6dH-2BfES3=
Im3JqaerJEQM6NIbvqpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLGw1pFacr6VcZ7=
fwCLWLQCAo08OM5MR5u60CifmVZKJlx-2FtAmPNrSW4Ajo0w0LY-2F-2BCpblb5lQ9ST-2BM4G8=
iXIaM5LVFZHXDsksIRo1CVY4Pfoou-2B5TesEFVKQDe2cvZORpUNT3IUzKCWY0LynRYqAv7S8qD=
dFdyb43qgPlPPwOUWCHuOTCqUGqwZVEoW96T9YBcpKgL6lHMFMiE4jMz8y1Z61AYn7hA-2Fdlrc=
KTgx5TwSodVe-2BmZCHlFTRDDpCtrXHFpKTtmHOR9LnC3uvNRJ2dypnwu5pyE9Hi4-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">Lang.ai</a></b>, an AI pl=
atform developer backed by <b>Nava Ventures</b>, agreed to be acquired by <=
b>Capacity</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>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">German=
y's <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du00=
1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXFKY4yJ-2FKLS06DyHze13Lgf2qCs=
JTmFwcZoIfpeduxQg-3D-3DaftA_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t=
1yZbcbdWeUgFVa0m8PzsFOLcUPE1YeLmNxVgDUo7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG9=
mr0erPmjy8SjsteBqnORv-2BpJApMYS5KM1KE6rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj1=
1s-2F6BbRAx6dH-2BfES3Im3JqaerJEQM6NIbvqpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCP=
VfHoFmLLGw1pFacr6VcRgyR2zMchUvb3InsKH8Gl4wKmpcclVy43FWA0eEoMRHQrDYTtjLzp20T=
1BQ4u8UJUV-2BZ-2FT8eZw-2B8bIufKRrH-2F8-2FtqJVIp5o3dGt4eUW5K8xwBaR2pwrgzVMjR=
qNDJ98-2BzeaWiBOj09me2f2YZGKbZ83yETztEQoD70g91d1c7CBOUvdqDdXe32QWRiG3X9Lpn2=
4YVbzsLboILpJJUaPzFb13ZXCrTMwmAAMh-2Bt70jN7l-2FCvPSDBz9bZKBha8W4mM8IiHYh5d1=
7-2BiwAQh14JUKY-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">=
Deutsche Telekom</a></b> is considering a complete merger with its US-based=
arm <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0=
01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXFKY4yJ-2FKLS06DyHze13LgOgHG=
6RNb8mten-2BgRIN6-2FfA-3D-3DmncC_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy=
-2F3t1yZbcbdWeUgFVa0m8PzsFOLcUPE1YeLmNxVgDUo7cltnDPbKTjnUU6mviYpOE79waZU05-=
2BtG9mr0erPmjy8SjsteBqnORv-2BpJApMYS5KM1KE6rNDV22nZvQfgSHbwsQhoCFET3m9lCMCF=
jjHj11s-2F6BbRAx6dH-2BfES3Im3JqaerJEQM6NIbvqpHZkja5yKTnbjvblbncdLjD-2FhWNks=
3AbCPVfHoFmLLGw1pFacr6VcXuuQu4F3hVdCQ8UCT8dfPUXOLMlMEvaKLBeWMlch10O6e8mlRyZ=
jkegZPkKp-2FePlo-2FqceMqIX1f27Agg1onfiAvgfAbqIVK4wkzs5-2BZwpvUjcDXCdBq4iVqH=
3m-2BSd2F6fnMc1rxQPfUdk48u-2FYqnnXIPIOnn1boBx2XcZzjvJqkbxbEVhwKk5iYushVloHh=
QV8EdeU4CXdo-2BxbS-2F77wRPvOunKJTkkI-2BmszrOl0DnYwzg4CJruEM-2BEydWkdGIirGrC=
Rfn6-2FRp2Eg2r87ucCiFY-3D" style=3D"color: #1D5080;" test=3D"" universal=3D=
"true">T-Mobile</a></b>, 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-2BaqM7ONnvsnswouzXFKY4yJ-2FKLS06DyHze13Lg7hG7-2B=
M16ferLEaFhd0MCFQ-3D-3D4i_a_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t=
1yZbcbdWeUgFVa0m8PzsFOLcUPE1YeLmNxVgDUo7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG9=
mr0erPmjy8SjsteBqnORv-2BpJApMYS5KM1KE6rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj1=
1s-2F6BbRAx6dH-2BfES3Im3JqaerJEQM6NIbvqpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCP=
VfHoFmLLGw1pFacr6VcSHn9PxwrInId0iv8nMvsJMIRJE2Ex7LgkiJMpJFB-2BqF-2F2TCur-2B=
0yV7u2yde51nxCTsswdgXrZUVV5cr6NtJMyAxVC7KHTo6CcF0uwItok2aTaCvppycqhBN5hXVp1=
Q-2F0bf-2BQEjWpG0aNR-2BWhUifOr4Hpx-2FaaSWJyrI-2BMRwZFRHg2fQWt5zuTCEiiJt8Oi7=
ODDpKME2ATMDKKanE6AZbu8kBEzHd9mwxeMacrlGZWaCnJZFkHcH6X6FmBgR7txCubBH1PzvN5H=
-2BYdjQ8ji-2BfDeo-3D" universal=3D"true"> <img align=3D"center" alt=3D"" sr=
c=3D"https://img.pitchbook.com/news/73880.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">The $2=
67.2 billion in quarterly deal value topped all full-year totals except for=
those of 2021 and 2025. However, if you exclude the five largest deals, th=
at figure falls by 73.2%<br><br>
Source: <b><a href=3D"https://url6380.news.p=
itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs=
nswouzXFKY4yJ-2FKLS06DyHze13Lg75sZj-2BF9HQsV1SiYJxvBbA-3D-3DfBjJ_I3w5d9c01g=
kD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFOLcUPE1YeLmNxVgDU=
o7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG9mr0erPmjy8SjsteBqnORv-2BpJApMYS5KM1KE6=
rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbRAx6dH-2BfES3Im3JqaerJEQM6NIbv=
qpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLGw1pFacr6VcacFUxK6S3pV-2BqstOv=
eVAJWXsvko7N-2BnLCdlFU-2BxzMNrYxQSKaQCh08M-2FY90pdBLyR3gxsqhTnLjrqED6aZP-2B=
RRf-2FoWSqE2yo72WOJGYg6g3KVeYV4P54gE0MPctz61UF-2BsewDIx7QR-2B5Q8J-2Fhng1K1G=
jI9PXY8jcHFen8oYJXvRrlFRPZZEmzJZKwvFqPK5sIys-2BB-2F8VDLJVkGfS-2BQ-2FOmyLzfb=
S7gwx-2BLLtfQV0-2F4UlT75W2yEEoCx5DBWGnhUjFbBK6SdmDB5lKtGrNwM-2FOso-3D" styl=
e=3D"color: #1D5080;" test=3D"" universal=3D"true">Q1 2026 PitchBook-NVCA V=
enture Monitor</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-2BaqM7ONnvsnswouzXFKY4yJ-2FKLS06DyHze13LgAQ1w4C3VY=
djIIMGgtJIBJg-3D-3D951Z_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb=
cbdWeUgFVa0m8PzsFOLcUPE1YeLmNxVgDUo7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG9mr0e=
rPmjy8SjsteBqnORv-2BpJApMYS5KM1KE6rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-2=
F6BbRAx6dH-2BfES3Im3JqaerJEQM6NIbvqpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVfHo=
FmLLGw1pFacr6VcQtQWQMVBA-2FnTCZ-2F9ZNJqMcSJ-2Fe2LZ5SS12acx92p1MLlxlDuL7fF8e=
kSexU7Srpa9ys6x9pmGq0aryGBy23bsO8V0DH-2F5Umt58b8sDIIXeg-2BhlwKCOXDM5JOmK47R=
kQz5fnsYRJWKN-2FWdrP5X3KEvmVYvK5tweM2TqfL0mqDyDSQ8cC8rgOupXu3SCtKmt9ucxN15w=
cr4jWMhxkeA-2BM6k9Ho0YgbWgBtSwHA17CnsAGadNi8pEXlnMKV-2BEXnM9rpkKPyBsm2lJ6tf=
sk-2FNIQIRo-3D" target=3D"_blank" style=3D"text-decoration: underline; colo=
r: #1D5080">About PitchBook</a> | <a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXF=
KY4yJ-2FKLS06DyHze13LgkiFz7zKc08QzbS12bkAPoQ-3D-3DflIj_I3w5d9c01gkD8gLzFEof=
ZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFOLcUPE1YeLmNxVgDUo7cltnDPbK=
TjnUU6mviYpOE79waZU05-2BtG9mr0erPmjy8SjsteBqnORv-2BpJApMYS5KM1KE6rNDV22nZvQ=
fgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbRAx6dH-2BfES3Im3JqaerJEQM6NIbvqpHZkja5yK=
TnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLGw1pFacr6VcUJ9vTpdLEZ5T4jcq31dJXI3KT94gX=
td-2BMOhvuTlKY25LNeTaC46F900srXCKlHY85nT0FEYwCaV5wu2GCgLGC4GF4P2CzI6g7EwDgT=
RoOQ7qGm6LNj6RY1RP37pqAkCMkPSbR36aWBq-2FY5yggGVWqeIc55wxMkTieMKzxjnZ-2FXNBc=
lXybFzTr713-2BmRGN2UTmCRrB1H1NvYel4ykqL5s2EXKRrEhnGcIE-2BOiwGLZm47zxjQXLOvt=
04wPjbIbwKJUlkQ1-2Bum4glQLliGFb-2BlRLU-3D" target=3D"_blank" style=3D"text-=
decoration: underline; color: #1D5080" universal=3D"true">Terms of use</a> =
| <a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73Br=
X4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW0Sv6iTQFqnwkRrL43BcD1Z6M0huYRlxxQ-2B9=
POeHB0Ag-3D-3DS_Sk_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWe=
UgFVa0m8PzsFOLcUPE1YeLmNxVgDUo7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG9mr0erPmjy=
8SjsteBqnORv-2BpJApMYS5KM1KE6rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbR=
Ax6dH-2BfES3Im3JqaerJEQM6NIbvqpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLG=
w1pFacr6VcSY8A8333T3rQlNAD7O3UqUneYt9czcK-2BXSZJWlG5-2B4woTyvXicXukj2fd2QCj=
jA2LxSaOBWdmIsEtmT96ZOgXtqfd-2BxdFhRVjtNZZm-2FlWtBDNqU5VHqTCwxWSHSDvPz6Bixj=
u9-2FAIhZdB4JjLtLDgKfaHeoPrDGEQiQhd-2B6w5PIq4UGj6ksfWn19DOEBbUlhy6iZMZtmMh1=
8CJPz11ZIFotcH1kuvK6yKDWQ34INQM6Cxtdm5dm-2BcY-2F62O9seoloZOjG53LQwXoy-2BE7X=
TECBH0-3D" target=3D"_blank" style=3D"text-decoration: underline; color: #1=
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iTQFqnwkRrL43BcD1z-2Fq3hLHzduhZ6iO-2BY-2FT7ig-3D-3Dqufq_I3w5d9c01gkD8gLzFEo=
fZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFOLcUPE1YeLmNxVgDUo7cltnDPb=
KTjnUU6mviYpOE79waZU05-2BtG9mr0erPmjy8SjsteBqnORv-2BpJApMYS5KM1KE6rNDV22nZv=
QfgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbRAx6dH-2BfES3Im3JqaerJEQM6NIbvqpHZkja5y=
KTnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLGw1pFacr6VcXAIs3a-2FlEQvabd2Jhhsx7ZTPVI=
7QGYr-2FCEehQDddwscUkNhIgZMqYY7opt6VRkjeVNxdZKi-2FLkzdvwv2Usn3FpZKFnRifBgxX=
OPba2zoZSFzZK4SudtHbas6e6UFjXTSyBBeadCmxTR85cfYVpXde7TYbFCO4Qn5w1-2FbzB8gz4=
Bc2zg8O1MMxQQjf4wRW54-2F6hXgQ9KuSscQkWouMKFEu-2Fg0Q0btLY6t-2Fl-2FW6PwN-2B9G=
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/a>
<table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"=
border=3D"0" align=3D"center">
<tbody>
<tr>
<td style=3D"padding: 15px 0 0;" align=3D"center">
<table cellspacing=3D"0" cellpadding=3D"0" border=3D"=
0">
<tbody>
<tr>
<td style=3D"padding-right: 10px; font-size: 10px;=
">Follow us:</td>
<td style=3D"padding-right: 10px"><a href=3D"https=
://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF=
a-2BaqM7ONnvsnswouzW0Sv6iTQFqnwkRrL43BcD1j9H4EMVi53wY777oSmUa7A-3D-3DP6WQ_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFOLcUPE1Y=
eLmNxVgDUo7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG9mr0erPmjy8SjsteBqnORv-2BpJApM=
YS5KM1KE6rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbRAx6dH-2BfES3Im3Jqaer=
JEQM6NIbvqpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLGw1pFacr6VcU8PKADUUVN=
qcbaHRwiD5aysIdiNw56p4DgDX0R9hDd-2BTBaATBdLZB4cWaegWDc4HX-2BEyfu2O9VEgpbaXM=
PxDYmO-2FdkJNI5jINHC5sWDAN-2FXGAQ3Jny7cy7U4EmazTYTLE48yAFlGNu5roTt42nSkFRGT=
MqXVa5jVet4jTm4y44bXgyIzgMUX5bRVF2MMYuH1KTIQaYf1X-2BjmYNT-2BHihVeTpPPmw4kYK=
4ss6f5AuzDFKZ7-2Bi8OzT0sk4JlVVOvU5JlBrBIb1jUNSPFoD6l7EVHI-3D" target=3D"_bl=
ank" style=3D"text-decoration: none"> <img src=3D"https://fonts.pitchbook.c=
om/newsletter/linkedin.png" width=3D"25" height=3D"25" alt=3D"in" style=3D"=
border: none; padding: 0 0 1px; vertical-align: middle;"> </a></td>
<td style=3D"padding-right: 10px"><a href=3D"https=
://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF=
a-2BaqM7ONnvsnswouzW0Sv6iTQFqnwkRrL43BcD1Q70A5VPTDo3dBRDQSL3tEA-3D-3D0sPz_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFOLcUPE1Y=
eLmNxVgDUo7cltnDPbKTjnUU6mviYpOE79waZU05-2BtG9mr0erPmjy8SjsteBqnORv-2BpJApM=
YS5KM1KE6rNDV22nZvQfgSHbwsQhoCFET3m9lCMCFjjHj11s-2F6BbRAx6dH-2BfES3Im3Jqaer=
JEQM6NIbvqpHZkja5yKTnbjvblbncdLjD-2FhWNks3AbCPVfHoFmLLGw1pFacr6VcbYoal7wmXO=
ROsqWCEe39nBiaF1zUspaCKfGUGn-2FpExfmTq1uwRDtyrCD2YsEaJVjaxZNmv9Zo0iZu8OBW2D=
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