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Content preview: PitchBook Newsletters SpaceX's AI premium is cracking; Cohere
buys Aleph Alpha for $20B; our new model to predict the leveraged loan default
rate April 24, 2026 | Read online | Manage your subscription The Daily Pitch
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<td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_580138" id=3D"n_580138" 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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tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s=
erif;
font-weight=
: 500; font-size: 20px; line-height: 26px;"> How niche specialist managers =
are winning LP capital </span></td>
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<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%">
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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>
Last year's middle-market fundraising figure=
s make for ugly reading.<br><br><b>Fundraising for US mid-market vehicles f=
ell 43.3% to $94.8 billion</b> in 2025, while the fund count dropped 41.5% =
year-over-year, as more and more money flowed to the largest managers, acco=
rding to PitchBook data.</td>
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<td align=3D"center" style=3D"text-align: cen=
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d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUuARpNj24sz-2B-2BJq0R8jnSi1OsfE=
d8WkNp-2BYR7Bq50NLA-3D-3Dn3dh_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F=
3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3QEd1=
2rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4cgKNia7EC1OA=
oftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2FmmgU=
ZtpuFMCF844knaa321TMcdeR-2BBbDTSt3QcfR-2BRo-2FvPk6UrGn3omIRruq7ouQqcDTPq3Os=
KFOuY2F0F22f49dSmKp1vdHptSyRc51ZK-2BK7DhqpuKVmH39KP2BZ-2Fx-2BO8LGCQIa-2F5RS=
vA6bEP4Ip5beHaHOncteD4FfRAY7CDykNEJACTLqVwc73pd16kWULGeh1SGw60O4gEf8KWab7Pm=
tBPZCteN3wu2GXP1vj2Qw1zhWNmeRAY4dKe7ag-2FPlar1xOOCyHOJt5Jp-2BIoP1YlpWfzipbT=
-2FKYuqwcpi4RBOhl1PKeJcI9jdmvtffxdKIHiC6MTjV" universal=3D"true"> <img alig=
n=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/73933.png" styl=
e=3D"border: none; width: 100%; height: auto;"> </a></td>
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<td style=3D"height: 20px; line-height: 20px"=
> </td>
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">
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<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>But=
a cohort of small, highly differentiated managers have closed oversubscrib=
ed funds</b> amid the gloom=E2=80=94some in as little as three months.<br><=
br>
Many of these firms are focused on small and=
mid-sized, middle-American businesses in what might best be described as u=
nglamorous sectors.<br><br>
The largest first-time buyout fund raised in=
the US last year, for example, was the <b>$570 million</b> Good Springs Ca=
pital I, anchored by the Chickasaw Nation. New York-based Good Springs Capi=
tal invests in industrial and business services companies. Two of the three=
investments it has made so far are in heating and plumbing companies, base=
d in Arkansas and New Jersey, respectively.<br><br>
Earlier this month, Holleway Capital Partner=
s, a Missouri-based regional specialist, closed its second buyout fund at i=
ts $175 million hard cap=E2=80=9440% above its $125 million target=E2=80=94=
after spending roughly 12 months on the road, founder Holly Huels told Pitc=
hBook.<br><br>
The firm focuses on control investments in i=
ndustrial companies in the Heartland and Sun Belt regions, including manufa=
cturers and distributors of industrial products, as well as service provide=
rs. Its core targets are businesses generating $2 million to $10 million in=
EBITDA.<br><br><b>The success of firms such as these is partly due to the =
way investors' priorities have bar-belled</b>; if a manager doesn't have sc=
ale, they must have specialization.<br><br>
"They concentrate on specific sectors and su=
bsectors, with a level of precision that makes it easier for LPs to underst=
and where the edge is and how value will be created," said Jaclyn Rabin, a =
partner in the fund formation practice of law firm Cooley.<br><br>
=E2=80=9CIt's no longer enough to simply say=
, 'I am a generalist lower middle-market manager,'" she added.</td>
</tr>
</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%;">
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<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>A message from PitchBook</span></td>
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>
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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_580130" id=3D"n_580130" 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>
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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;"> Put your brand in front of pri=
vate market decision makers </span></td>
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<table border=3D"0" cellpadding=3D"0" cellspacing=
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">
<tbody>
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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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<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">Reach =
the C-suite leaders shaping private capital with trusted data, actionable i=
nsights, and high-impact advertising solutions designed to elevate your bra=
nd.<br><br><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du00=
1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXSVnT7nSOHPuI1WfuIjjHe71Xgn-2=
FHkwl-2F7wtgecQb1HQ-3D-3DBf_8_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F=
3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3QEd1=
2rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4cgKNia7EC1OA=
oftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2FmmgU=
ZtpuFMCF844knaa321TMcdeR-2BPicbVqyaNCtm5Y9XfOf-2BzY0xn0QgvZiNVYfqHrXVcv-2Fn=
xNiPJ7MLHpZ9-2FeUUJGa4F0yW9694UhWEvbpM-2BpMR-2Fw1D3GqMRqT1yrDFIZ7Zx0FjFgC5F=
7Rmk6617nLWsjyd5oeyS3xMuxgKDXLPf2FNM8FFIysGaaiR5isY8qE8fbu4kuXFF5zyavJaa3oI=
UfOiLegllZlNrs0bmJVuiWPBWQyNIcXg-2B-2B73PuK4ExLaJTLykhjuI-2BciC5bMDYCNLlgDi=
RCwrkHsdoHQGTxfS-2FHlngdRTS2i9myUYcxX3tx9-2B7-2B" style=3D"color: #1D5080;"=
test=3D"">Explore advertising and custom research opportunities</a></td>
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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>
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>
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<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<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>
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<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>Canadian AI startup Cohere is to buy German peer Aleph Alpha</b> for=
a reported $20 billion, as the push for sovereign AI systems accelerates. =
<b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4=
n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXSVnT7nSOHPuI1WfuIjjHef5mf-2F0mRs=
QqTeQ-2FHQvQzHg-3D-3Df1dO_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3QEd12rbz=
hYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4cgKNia7EC1OAoftv=
D-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2FmmgUZtpu=
FMCF844knaa321TMcdeR-2BK122lcsc9l-2FDrS5mm0LQmCp4xW2x3vBb8-2BsIy6fJuQ8L6MiZ=
-2Fet7Dfa1ZSB5y2ozuV65N3s2ys2GJa3f62offAyEE50q51i0RsZbgdnVSNkRy2Ov7b-2Btog5=
EXGa-2FxRVA0dPlxlxOs4dR0ZzkSmQvKGDvSMZMBSGp80FaMbe06DoAiXZ0pguCecG7-2BoaRSj=
GY2xm-2F-2BIdrA5O8juoThGOU3WNmoWITLHJGr-2FFeV1kuwv4cfTArSRAHTovuo0HmQHFOW5Y=
R-2BTIJXKm-2Fnaz5Vqa8VsLbQJfxy17rDgsBOKGNhmR" style=3D"color: #1D5080;" tes=
t=3D"" universal=3D"true">Find out more</a></b><br><br>
=E2=80=A2 <b>Just out: Our Q4 valuations dat=
a for public companies</b> in the AI sector. <a href=3D"https://url6380.new=
s.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ON=
nvsnswouzXSVnT7nSOHPuI1WfuIjjHeT6K6LNWv0o8F5zKiy2gxvg-3D-3DnYb4_I3w5d9c01gk=
D8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspE=
YJCH7mPdADhrFwOP5SoTnwOtW7SHh3QEd12rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqX=
LwfDujhC7ioVSasBReTdr4cgKNia7EC1OAoftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2Bn=
D9nJFWR-2FGDOCRkbe5jNNBZCXC-2FmmgUZtpuFMCF844knaa321TMcdeR-2BK122lcsc9l-2FD=
rS5mm0LQmDyXAdnRBvrDn1-2BBVTpKoYo9KdiD5vhTcw98LvUnKsCmpo5ZE-2B-2Fy8BY3Ac7UK=
Ct61vggL-2FWBdNI6pwaNesCEW2AXinhZikJWjqF8eXKTQUxUaypQYYJKzAgJ52EHkFIWECCO57=
im4WtSg8llQKd9YGdAVzJAxcPc2JoqhUCwfLmbrfvNbcr-2BdizV2ft0BAiKjqVDXiH2Pgy4cbf=
rcWVZnnb9ndrzrnE5mw7rYeUMq7EBPU8DTpUe5nWc91dqQCdKA-2F2085gBd3rnBtfnnkc7WDq"=
style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>See the data</b>=
</a><br><br>
=E2=80=A2 <b>Software company Medallia is li=
kely going to be taken over</b> by its private credit lenders, PitchBook LC=
D reports. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXSVnT7nSOHPuI1WfuIjjHed=
DeyKWqQWiYLlQsagDVinA-3D-3DtMGP_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-=
2F3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3QE=
d12rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4cgKNia7EC1=
OAoftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2Fmm=
gUZtpuFMCF844knaa321TMcdeR-2BK122lcsc9l-2FDrS5mm0LQmCYcNFyrnao88RWnujDchMUe=
yQSQNML14IkT35vWvIPTe55gzVyc2Za1MNzA3LRVhvqz2K5agiCJv-2BZ15pvlNLfdoKraDhPUh=
MAKUk0tRl8nGs3SIYwtwZviM-2FUXeQh-2FFMNBaxiXVBbscef6fL-2FFrT2wYiAHVdY4RMs-2F=
sC7OSRE01iT-2FTrChGRF6sBtEEAexuYp0ikRY7tGUb1t-2FHdh-2F9lXPhBl3XO4CvxoYASWtE=
P46C75UmCg6n6MjT20-2Bx0aOLf0igM9uwqRDuTpkJZQKXkH" style=3D"color: #1D5080;"=
test=3D"" universal=3D"true"><b>Read more</b></a></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_580148" id=3D"n_580148" 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;"> SpaceX's $500B premium is gett=
ing harder to sell </span></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100=
%;">
<tbody>
<tr>
<td valign=3D"top">
<table align=3D"center" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" lang=3D"x-image">
<tbody>
<tr>
<td align=3D"center">
<table align=3D"center" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" style=3D"float: none;
">
<tbody>
<tr>
<td align=3D"center" style=3D"text-align: cen=
ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXSVnT7nSOHPuI1WfuIjjHeuY2cDG3fg=
mDlnDBhL3pR7w-3D-3DyZT-_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb=
cbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3QEd12rbzhY=
z-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4cgKNia7EC1OAoftvD-=
2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2FmmgUZtpuFM=
CF844knaa321TMcdeR-2BK122lcsc9l-2FDrS5mm0LQmB5z5cgq8nD4ySoZ7JJWzMqo7oeoHreM=
IT9L5-2Ba3eBmSokMRXyrRC2OWA3SUliMC1DdmYiiDQfrRygn-2BJO5pa94kMiavFHwhinTmN6v=
aYN5b1ChCzXL2LB0Q-2FfJVaES1tnzdYbLiK9tVVPbTO2zxuhgeZVnbrJV-2FyOkkp-2Fkk1hB8=
4eL2dXhOgSnTkuZpyxWSLnRyMHL-2B7gS6KRsIVlKeVakNlNo-2F4uoT0Mc2GOUR-2Bq1L2pyo8=
ujINTazxRRv3Gq047lmG4ku22INDmRK04sWyBO" universal=3D"true"> <img align=3D"c=
enter" alt=3D"" src=3D"https://img.pitchbook.com/news/73938.jpg" style=3D"b=
order: none; width: 100%; height: auto;"> </a></td>
</tr>
<tr>
<td align=3D"right" style=3D"padding-bottom: =
8px; font-family: Roboto, Arial, sans-serif; font-size: 10px; line-height: =
27px; color: #78766F; text-align: right; font-weight: 300">A SpaceX rocket =
rises over Pasadena, CA. (Mario Tama/Getty Images)</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>By =
Franco Granda, Senior Research Analyst</i><br><br>
SpaceX's agreement with AI coding startup Cu=
rsor=E2=80=94a right to acquire the company for up to $60 billion later thi=
s year=E2=80=94is the latest bill coming due on the valuation gap between w=
hat its core business can justify and what its IPO is asking for.<br><br><b=
>The $500 billion gap rests largely on an AI premium</b> that's increasingl=
y difficult to justify, <a href=3D"https://url6380.news.pitchbook.com/uni/l=
s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXSVnT7nSOHPu=
I1WfuIjjHe-2BdxdPKuipzNHApnepCzJ8w-3D-3Dg7Vf_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwa=
rHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5So=
TnwOtW7SHh3QEd12rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReT=
dr4cgKNia7EC1OAoftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5=
jNNBZCXC-2FmmgUZtpuFMCF844knaa321TMcdeR-2BK122lcsc9l-2FDrS5mm0LQmAz7DI3Pl0U=
0txk1mAgY26Vwfg4EZdccfK-2Fcve71HJhAVW7DrR-2FUOdDa1o53ABR-2F5nQ43hwFfZtV7xpq=
NUFVVDeQUZ20Mpm-2B-2BvWmEEGUk1a1rk0TFnKDJ1ocC6CIsxTJoLATaWPzKO9azsLLFnfazW4=
txJVlw-2FLUA4de8fGybKbi-2FBvtY8u1StXLaXS0YQOpsz-2B6wTyL5OU5bF2MbPCMFl6xxRMI=
HvysgGw5xGTtCLsmsdke3-2FESgQHxVUVAlbCQvbVyVUwR9ONcLiAUwnm-2FV8G" style=3D"c=
olor: #1D5080;" test=3D"" universal=3D"true"><b>according to our analyst no=
te</b></a>.<br><br>
Our sum-of-parts framework values SpaceX's r=
ocket launch and satellite connectivity businesses at roughly <b>$1.5 trill=
ion</b>. The rumored IPO target is <b>$2 trillion</b>, or 125x 2025 revenue=
.<br><br>
The company's running tab on AI efforts keep=
s growing. xAI spent $13 billion on chips and datacenters in 2025. In early=
March, SpaceX paid down roughly $17.5 billion of xAI debt at a premium to =
par.<br><br><b>Cursor both adds to its AI bill and acts as an admission tha=
t xAI cannot close the premium gap alone.</b> SpaceX will pay $60 billion i=
f Cursor successfully trains a frontier coding model on xAI's Colossus infr=
astructure, or $10 billion if it fails.<br><br>
By offering the largest breakup fee in histo=
ry, SpaceX is signaling that xAI's capabilities alone aren't sufficient to =
achieve its aims.<br><br><b>Dealmakers evaluating this IPO will scrutinize =
what the premium is for.</b> In the coming months, investors will watch the=
S-1 for how xAI and Cursor are disclosed, any further capital commitments,=
and whether the Cursor training effort produces a model that competes at t=
he frontier.<br><br>
If it doesn't, the $500 billion gap will hav=
e to be defended by the story alone=E2=80=94and that's a harder sell than t=
he one SpaceX's core business could make on its own.</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
</tr>
</tbody>
</table>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: =
100%;">
<tbody>
<tr>
<td valign=3D"top">
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-btn">
<tbody>
<tr>
<td align=3D"center" style=3D"height: 36px; b=
order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http=
s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
rf6GFa-2BaqM7ONnvsnswouzXSVnT7nSOHPuI1WfuIjjHeuY2cDG3fgmDlnDBhL3pR7w-3D-3Dp=
TtV_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiB2=
QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3QEd12rbzhYz-2B0wN0WaEukys2wpQN=
d1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4cgKNia7EC1OAoftvD-2BS8oRw3tS6Ue-2BLFVF=
Xx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2FmmgUZtpuFMCF844knaa321TMcdeR-2=
BK122lcsc9l-2FDrS5mm0LQmC-2FBuIOyIUeLHGWkE7yCj8WvX-2BijYVteSy1HgZgUXTR5whkQ=
-2FjQWvV3t07yAB8H6IAcoM9x9-2Bdmwc3WeywKYMvDAFeyUB1xTjPd-2FEVwJTh633xtBXOmiV=
jTxOFKW5BjClSkH1-2FSyUrT1BsNRnhaS-2BOT3aOnGa8V0uL6KMwkKQ3qOKmcowQrcKAE-2ByN=
JPVPlklLgqh0V5viwl9wBFyJhPJSNcCwlzQ3SKPOcnvqBnHIQLX209oZj4iiaYVNVI6te8pRTbW=
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ize: 18px; text-decoration: none; color: black; padding-left: 3px" target=
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4" src=3D"https://fonts.pitchbook.com/newsletter/arrow-right.png" style=3D"=
vertical-align: middle; margin-left: 8px;" width=3D"24"> </a></td>
</tr>
<tr>
<td style=3D"height: 25px; line-height: 25px;=
"> </td>
</tr>
</tbody>
</table></td>
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</table></td>
</tr>
</tbody>
</table></td>
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<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
<tr>
<td colspan=3D"2" style=3D"padding: 0 20px;">
<table class=3D" " lang=3D"x-news-=
group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid=
th: 100%; min-width: 100%; =20
">
<tbody>
<tr>
<td style=3D"padding-bottom: 25px;">
<table class=3D"" cellpadding=3D"0" cellspaci=
ng=3D"0" style=3D"width: 100%; min-width: 100%;
=
border-bottom: 1px=
solid #C3C3C3;
=
">
<tbody>
<tr>
<td style=3D"padding: 1px 0 0 0; line-height:=
0;"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
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<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel=
ated research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXSVnT7nSOHPuI1=
WfuIjjHeSyw6l9OoNFSzPiG16FyVoA-3D-3DhGxt_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkx=
BRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwO=
tW7SHh3QEd12rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4c=
gKNia7EC1OAoftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNB=
ZCXC-2FmmgUZtpuFMCF844knaa321TMcdeR-2BK122lcsc9l-2FDrS5mm0LQmBo92UJB-2FcFHP=
oHBCPZxpl1pFqh5Dhansj4VkZXhjNQAWdvtP4VN7qfyF-2FqxxNOT0WaIci6JcBoDtTDZk5RyW-=
2FLPP-2BkP72zYJHqcaRcoDAW-2Bg6TN6RvGCbw-2BqAyev4WECkhHqtzehXlxMXuW6-2Fg6xxT=
PDQCkP3zZ0w2lA7MTfjeFbsTL3s1sUbh8qBM1-2BiSAwIJ3Cnq-2Fk877NSq0-2FVN-2FORpqua=
6NB2UGa9zIH-2BPARgfEFYCFSrYzIbS3tFP5FF5na8-2BDj5ulD4zURAOtUJZ1nLg" style=3D=
"color: #1D5080;" test=3D"" universal=3D"true">SpaceX Initiation Report: Wh=
en Venus and Jupiter Align</a></b></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Side Letters</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Sma=
rt reads that caught our eye.</i><br><br>
=E2=80=A2 <b>Blackstone is bullish.</b> Pres=
ident John Gray says the AI infrastructure buildout is the biggest driver o=
f the firm's growth right now, as Blackstone posts larger-than-expected dis=
tributable earnings for Q1. [<a href=3D"https://url6380.news.pitchbook.com/=
ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXSVnT7nSOHP=
uI1WfuIjjHeaDztl40trDGkVIjtIi7awQ-3D-3Djtjv_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwar=
HkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoT=
nwOtW7SHh3QEd12rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTd=
r4cgKNia7EC1OAoftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5j=
NNBZCXC-2FmmgUZtpuFMCF844knaa321TMcdeR-2BK122lcsc9l-2FDrS5mm0LQmD8KWfab3Kck=
cMS932MJEuCFUPg6F5XaVwzpNeUyOJ8nmmmznd7IL2zisECI24B8VNcslY5S3RBEE3TNuJF-2Fy=
gfhoseVufkAFktpVy5r7Um27s6wvlIj2NW4SJqcxKZTGWGnfntSZUpPlV6S5Hn0DDKQQn0sn2ps=
ifkx7aX31F5BRGnPI3TW84mBZHO22TbFg9HBUcIaPULsiTX36-2Bqbgc6Ml4fEj707Sjtd5ncIE=
8zjYuEFLFtd-2BCrljDUAsTjl3nfQSFk9sbMICp6BbfGh9L1" style=3D"color: #1D5080;"=
test=3D"">Bloomberg</a>]<br><br>
=E2=80=A2 <b>Teaching AI models to say, "I'm=
not sure." </b> Researchers at MIT identify the root cause of AI models' o=
verconfidence and have proposed a way to reduce it by 90%. [<a href=3D"http=
s://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G=
Fa-2BaqM7ONnvsnswouzXSVnT7nSOHPuI1WfuIjjHe0U0b5-2Bgyj2jFh1WXA9-2FWYg-3D-3Dj=
lwc_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiB2=
QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3QEd12rbzhYz-2B0wN0WaEukys2wpQN=
d1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4cgKNia7EC1OAoftvD-2BS8oRw3tS6Ue-2BLFVF=
Xx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2FmmgUZtpuFMCF844knaa321TMcdeR-2=
BK122lcsc9l-2FDrS5mm0LQmBRtlqTr6MTesBLFI7kUSda9anCutBXHUhh5ZoQMIuNkkvHBUwAB=
9nbooEeeNN0w76C-2FoWA5jK0ALdJ7rqrIQLhcfoX8BvE15qoH-2FXKXZlr6Q3ha4r6s9-2Ffva=
9aix4i3acIkoOCB3RCy-2BHeuCErkUjgDo97x3JUAqLx6SW3VNA4lFqECFDe1Wms9WfkKigUnP-=
2FcYgdx1h0xVnFq9ykTyxrx0iMkLQJS-2FYD4i-2F1DCt-2FTIWd14f3v-2FBojbq7VJ-2Bbgt2=
Ub0JamBB-2FHYlT3SCdhqERW" style=3D"color: #1D5080;" test=3D"">MIT News</a>]=
<br><br>
=E2=80=A2 <b>San Francisco has a luxe proble=
m.</b> The city's luxury home market is nearing a tricky spot. It's flush w=
ith wealthy buyers but has a shortage of mansions. [<a href=3D"https://url6=
380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM=
7ONnvsnswouzXSVnT7nSOHPuI1WfuIjjHed9LfMyvhpTvG-2BmTfuex5Hg-3D-3DIGq8_I3w5d9=
c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlE=
vpspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3QEd12rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FN=
BghqXLwfDujhC7ioVSasBReTdr4cgKNia7EC1OAoftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee=
2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2FmmgUZtpuFMCF844knaa321TMcdeR-2BK122lcsc9=
l-2FDrS5mm0LQmDJFAAqzAjdS1q51nTS8IdRkrif8mATurVNPBkYq0vYRiwCHJQO8P24XjFi-2F=
xysYp6fhY9kfn63E4xbYrtoi9GDeZxC1sH3GQS-2B0e5BOvocRq3R5QtTuvd2EIMuCmkXy1ypIV=
zmJ2AxemndKE9v8hY-2BF2GmY5bp3dqr5xsOk1hVkGD2a8fhMMVArDri0oVbeh7GaLPpoo1L0uk=
w2mKLWZUBj5B0KY-2Bt6pHghAi4-2FXDZgFZkz-2FlocpUPcw2rbjV8-2Fai2Om6lVRubvqDM0X=
nG82-2F-2F" style=3D"color: #1D5080;" test=3D"">The San Francisco Standard<=
/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;">
720
</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;">
2997
</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;">
1413
</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;">
25
</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;"=
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<tr>
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13.3px;"><!--[if mso]>
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" 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_580144" id=3D"n_580144" 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: 2020 Vint=
age European PE 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: 68.04170444242973%; mi=
n-width: 68.04170444242973%; max-width: 68.04170444242973%; 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">15.01%</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">22.06%</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;">
0.23x
</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=
swouzVUvq6nMK2D69QA9BKoojD95Py2Dd-2FI0yja7FOqECSrDg-3D-3DHpad_I3w5d9c01gkD8=
gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJ=
CH7mPdADhrFwOP5SoTnwOtW7SHh3QEd12rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLw=
fDujhC7ioVSasBReTdr4cgKNia7EC1OAoftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9=
nJFWR-2FGDOCRkbe5jNNBZCXC-2FmmgUZtpuFMCF844knaa321TMcdeR-2BA1sfB1WE61oI2FIf=
X-2Bkt9a0Wt6ZvbrCN2ry7068cFwx-2FhLPBU6Ci7-2FaoYuSaghN-2BgPzNrfBFMPgVdO-2B16=
8L3O5LNCTxDzXctV5Otoh-2Bfi1od0tonoDNRneEXm3Q7XzqUfbhq9XS8oXF66GVp6pk130jGE-=
2BroCjW1OLLZVTS1TR8C6s6tib-2BWH9jZuDEp4WQ0B7ODYSZWDDuI8Jgpav7EBkGkmeQgUPkWn=
D0oMv8AGggQchaVxtJTT4smmILCS8aqll-2BXv95bxrS0mkoWfko1fbMWT8kRRe1Znjem-2Fkfd=
zBD" style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universa=
l=3D"true">Systematic Growth III </a></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style=
=3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w=
idth=3D"100%">
<tbody>
<tr>
<td height=3D"22" style=3D"padding: 15px 10px=
0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi=
tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn=
swouzVUvq6nMK2D69QA9BKoojD9WrZy4rLFUgeUg6gYlay0Uw-3D-3DhDCk_I3w5d9c01gkD8gL=
zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH=
7mPdADhrFwOP5SoTnwOtW7SHh3QEd12rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfD=
ujhC7ioVSasBReTdr4cgKNia7EC1OAoftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJ=
FWR-2FGDOCRkbe5jNNBZCXC-2FmmgUZtpuFMCF844knaa321TMcdeR-2BA1sfB1WE61oI2FIfX-=
2Bkt9YsalHPuaSjj0WVU60OtArGC1a6HWaW1nkMYIQL2hS1oFEmpsjeykDGJEtsKaO4yPMoEMUX=
uJFIZIA-2B9vbqPTqfJ8ANGJjtgGUO2lDssB4F8AACIjPutCgO3ussrXvszMEX17LqUCtsjgOTQ=
PoZUxzInGJ-2FgwbW-2BKuo3ESR0seUM9QElD4Q2xw8ofsjrxaopqkCYYkl6aE-2BA6uPcyDPae=
T5N-2F2hKedS7-2BYjpdJh2TZkDk9VxyejmPwx1oQeduzuk3V0TBMGejOm-2F3rcrt-2FxKX9-2=
F" style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=
=3D"true">Beyond Capital Partners Fund II </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=
swouzVUvq6nMK2D69QA9BKoojD9bF7iVULKmlaric4wJDOmBA-3D-3Dj3Z1_I3w5d9c01gkD8gL=
zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH=
7mPdADhrFwOP5SoTnwOtW7SHh3QEd12rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfD=
ujhC7ioVSasBReTdr4cgKNia7EC1OAoftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJ=
FWR-2FGDOCRkbe5jNNBZCXC-2FmmgUZtpuFMCF844knaa321TMcdeR-2BA1sfB1WE61oI2FIfX-=
2Bkt9b1T7ppnePaDYTd-2F2gFrtKXnRjnN-2FlMq3znpbH8IYUl6LsJ4yKnlPFy-2F6PvvfTJwX=
bYvWsNRNWzITqy2t-2BsAwmq9noqmTEruyQFtbVOE-2FeEp2iRME2Br-2BLoB8vapY23vcQgA06=
6p1Z9WWZxabVz3nSomT3OxZshuBeLbt-2B0bl-2F-2BNyj-2BEj7ByUVA9L6wniLUdV1ND-2Bl8=
DLmt-2FcyXHITIQPdZdQtHnJ-2B-2BJhDprDny3swC274yUi8iFed6kwiYvPhnB49K0TqJbuGi-=
2BbPrBWhO-2BCr-2B" style=3D"font-size: 14px; line-height: 24px; color: #1D5=
080;" universal=3D"true">Oakley Capital Origin Master 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-2BaqM7ONnvsnswouzVUvq6nMK2D69QA9BKoojD9v2LPCi=
KKVhp16SEezagqzg-3D-3DvCtc_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1=
yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3QEd12rb=
zhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4cgKNia7EC1OAoft=
vD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2FmmgUZtp=
uFMCF844knaa321TMcdeR-2BA1sfB1WE61oI2FIfX-2Bkt9Zz7r0TKH05rVywOKKG58WpfJAudU=
xjK9-2F-2BEBuWtwu9Ql8GxN1PJVMNtPmsoYxE9gRhIUk7oBWuoiYwqI-2FkyZBzsyt7f2S0Q0y=
8ZHL4Idfz7KJR5nnu52A4p3wBtNzum6EAkaRw37fptlOvlA8pL43xtVU4aydirmGBTN1R0tQDCc=
aaxaLKTUslNajXuG0eLtNU1dB1EuyBLrgDzELxM80iW45UD8ubjLv0u-2FU33nmMTxMdoNxvaz4=
lr-2FRZ2E2jQiuuRSrFI6o-2B65uMGbsjAwSa" style=3D"font-family: Roboto, Arial,=
sans-serif; color: #1D5080; font-size: 14px; font-weight: 700; line-height=
: 24px;" universal=3D"true">32 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-2BaqM7ONnvsnswouzVUvq6nM=
K2D69QA9BKoojD96vERdW5XOIiAGn1kYo9LCw-3D-3Dt7pE_I3w5d9c01gkD8gLzFEofZR-2Bh6=
VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP=
5SoTnwOtW7SHh3QEd12rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasB=
ReTdr4cgKNia7EC1OAoftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRk=
be5jNNBZCXC-2FmmgUZtpuFMCF844knaa321TMcdeR-2BA1sfB1WE61oI2FIfX-2Bkt9Yca1s4b=
1965KBYCSjlf0RQhWe-2FS-2FReviD-2FHlMGpBCkg9XJ6-2BDxMTpY5VoBcm1RbTWmfxw0wn95=
LQraVZurMhojFbIuHj1MheQ5yAMRLfnPAg00TwzDNRoG2BSKYwWM0-2B5am-2BfLpFOgL68hIVA=
uyuni-2FX-2FIesbOINiW39nQA0oaOZT1dCSXRi7T-2B-2FGFhEBuvmae-2FkVbRtzWqnrpW6X5=
UEZgd8Si-2BK7K7m5IMOL-2B7n3RYDZ3LAnben4BMgPgEUqL33CttGDuedgpB2T8DRw1nSKQ" s=
tyle=3D"color: #1D5080;" 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-2BaqM7ONnvsnswouzVUvq6nMK2D69QA9BKoojD99nMUUZzq6mprooYPNP1YWQ-3D-3D7XE=
I_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiB2QR=
VsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3QEd12rbzhYz-2B0wN0WaEukys2wpQNd1=
CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4cgKNia7EC1OAoftvD-2BS8oRw3tS6Ue-2BLFVFXx=
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9lUZE3TX-2FevljG25E22hOlecxekI1Nuna2Bc-2FfsScx5xJy0ORn8MKSwVwZOx9KpMSvGoCLs=
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</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>People</span></td>
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<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>The=
Carlyle Group</b> recruited <b><a href=3D"https://url6380.news.pitchbook.c=
om/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVUvq=
6nMK2D69QA9BKoojD962LbHR8EH2UPR-2Bdau5AIdQ-3D-3DKCVv_I3w5d9c01gkD8gLzFEofZR=
-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADh=
rFwOP5SoTnwOtW7SHh3QEd12rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7io=
VSasBReTdr4cgKNia7EC1OAoftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FG=
DOCRkbe5jNNBZCXC-2FmmgUZtpuFMCF844knaa321TMcdeR-2BA1sfB1WE61oI2FIfX-2Bkt9ZJ=
yOU6u4gwYecTj-2FOYsw72J-2BVaIaT45h75CLu7QaM7ynT7Z-2FRKTYc-2BR-2BwKetsydBJxt=
k0A4PrhAhYLObNAL6uXFVfVsTUVdaPe9V0sCjphOe9AKi-2B5OrLREl-2BEOv4PhW4dDhf04-2F=
FgRJM4SxP345AL7AB8YyZtimn1xWSHdw8eyKQ0T2n7rlP3QmL4Ka4ctT620iwVhQQVs491EDx0V=
3d26N62PPwFBm3mK2pFjI85-2FbtAD-2FcLGrO130lB2GywuldcOdXhtFKn93DXH20WPZ92" st=
yle=3D"color: #1D5080;" test=3D"" universal=3D"true">Daniel Tanase</a></b> =
as a managing director based in London, Private Equity News reported.<br><b=
r>
London-based VC firm <b>Balderton Capital</b=
> hired serial entrepreneur <b><a href=3D"https://url6380.news.pitchbook.co=
m/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVUvq6=
nMK2D69QA9BKoojD9VuUqC6qErppno7GBwKUNhw-3D-3DPwD0_I3w5d9c01gkD8gLzFEofZR-2B=
h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFw=
OP5SoTnwOtW7SHh3QEd12rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSa=
sBReTdr4cgKNia7EC1OAoftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOC=
Rkbe5jNNBZCXC-2FmmgUZtpuFMCF844knaa321TMcdeR-2BA1sfB1WE61oI2FIfX-2Bkt9ZbFzO=
MM03ySzOjydQX387ClLFcgkprbaMVafmTIOJfLOn6cf1w7o16aek6btDk-2FrpRXCyT18cHRrKE=
VJ2dISA-2FeWu6Mdv3aYMEOjzm3IIyXWcPmx6Dvc2MLtHakWE0GiaeDhvsiEHRysUWPAdrH3RmL=
Ira7J6kf6HjoulG4gpkiJJnxWbrGHoBCvZ7TeIO7aGRqbW20DdE19kiaDBtFPU36KZKrlSMdDYh=
0J4aYN-2BtecledkAhpfcV-2BmRu9OC1AKU5gWPMZwQzaruZUeKPJ58e" style=3D"color: #=
1D5080;" test=3D"" universal=3D"true">Phil Chambers</a></b> as partner.<br>=
<br>
UK mid-market PE firm <b>Bowmark Capital</b>=
promoted <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVUvq6nMK2D69QA9BKoojD9I=
3uKqLEtwXG-2Fzki1k1kbHQ-3D-3DdE7I_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz=
y-2F3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3=
QEd12rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4cgKNia7E=
C1OAoftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2F=
mmgUZtpuFMCF844knaa321TMcdeR-2BA1sfB1WE61oI2FIfX-2Bkt9alDCNkHj7WHDk9OVquIlO=
k9VN9cpKs2z3EZ5gnfaITujIJ2RmKL14RW962aiS6mD0vMZlDaRVgu7kjGgLk6QR0x5T5tg27vR=
GSstW4fuzDtCTtoUwI2nF9UQ3gf9ID-2FwGzqUv6YGD3tsXK37fUPX6T-2F4OPuvbSLJLzTHi6F=
G0W2anTkRvKlBoaCtbFJ9rl1za5rTsLzogDeb7yHMoMKvbk7DuKm4WRn-2F5L-2BXukDss73U-2=
BfmBQ5dGLXSAFkGS-2F4UqII0O2HXVkrukv1W2bwGbRk" style=3D"color: #1D5080;" tes=
t=3D"" universal=3D"true">Jamal Lakhani</a></b> to investment director.</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>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">San Fr=
ancisco-based <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click=
?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWsq9ApzdzoA-2Fi-2BK=
dI4ebNpU-2BwAjkd4gYBojMLCsAo6hQ-3D-3DtbEb_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHk=
xBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnw=
OtW7SHh3QEd12rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4=
cgKNia7EC1OAoftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNN=
BZCXC-2FmmgUZtpuFMCF844knaa321TMcdeR-2BDNlxiYnyVG59DwM8xIuUhyy1keKIZrtEOhRb=
R-2FvRYPVOBnxSsMcQP7-2BocmlkL2qiB1WslvQCj53R64WIcydY5QjYxNTsUHdG0cMa3wiDGfh=
-2FendiJhGEkVclfM9kelRH3D7QO1da1VXsc5KqFB3F2-2BEgjtAVPt6evMSO5Xlgm5AyYNaWz-=
2BkeNpODslSy9sba0gbIEPPB6mD1S0cYUalfxdCc0wLbcxsoEojwNHLMqGj7-2B1rG5MIOE3cKV=
dNbBs9XQCthWrMLlq1ii55IyLuka5I7KgQY6jP1C9sKuceJGjp" style=3D"color: #1D5080=
;" test=3D"" universal=3D"true">Omni</a></b>, an AI analytics startup, rais=
ed a $120 million Series C at a $1.5 billion valuation led by <b>Iconiq Cap=
ital</b>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/cl=
ick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWsq9ApzdzoA-2Fi-=
2BKdI4ebNpmVS1rWUehupRuEa1N5226Q-3D-3D6Sl3_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarH=
kxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTn=
wOtW7SHh3QEd12rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr=
4cgKNia7EC1OAoftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jN=
NBZCXC-2FmmgUZtpuFMCF844knaa321TMcdeR-2BDNlxiYnyVG59DwM8xIuUhzREGnfi0p1quVl=
coCKG-2B-2FjLk3spbv4u9XeP6hphb3zB2vCortnBXXxmQY1fDodid-2F4eVhMzIZhX1f5C85M2=
1xqNLJn-2BD8dTExnIZ3I1kWgHAMuhTDxiJuoP3DRmKBY4-2BNwz2RHbUgCXzNf3fL5sQRAx6in=
HzNiFzpMirHimf-2Bb0jUEhouJT3LwAMZHs4p9HoQUmMxSHflZVkIdAe-2B0uECu1wr4lXthrqS=
-2FFD5zL-2BxQR97GCrgsDCXilof2E96B6HzYXxuMJtaJpw1X1FVSfQsj" style=3D"color: =
#1D5080;" test=3D"" universal=3D"true">Tortugas Neuroscience</a></b>, a bio=
tech startup focused on neurology, raised $106 million in seed and Series A=
funding. The seed round was led by <b>Cure Ventures</b>, which also led th=
e Series A alongside <b>The Column Group</b>, and <b>AN Venture Partners</b=
>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWsq9ApzdzoA-2Fi-2BKdI4e=
bNpfu28bA2xTSNrtXSFcbvf3Q-3D-3DQc9v_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf=
mzy-2F3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SH=
h3QEd12rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4cgKNia=
7EC1OAoftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-=
2FmmgUZtpuFMCF844knaa321TMcdeR-2BDNlxiYnyVG59DwM8xIuUhydJqCtd4AROPz7RQtS30c=
8KJkGxvgy02AU9iZAioQgiFtEjxZWa5JDCMLirFPSdwPoKSislLc15biInEKOu8YNS8Lj9BrW9l=
PI6P9I3QJ4OEBNBOvRh-2FNzUGG4e8-2Bd5QRtTe2UmyOBr3JTyAY-2FABs-2BQFMrVV2G-2BgU=
fbNB1jjo8rHWFl7lGFQqrvAGb5y1dwdTQxJWhpeSIOfK5rxszm1hkDnnGQR-2BIvEQu5owJSoEH=
ZxXaIij3TcKIvtNQ9NeAObCPKSqU8isOvQ6ZAoqmlMUo" style=3D"color: #1D5080;" tes=
t=3D"" universal=3D"true">Cloudsmith</a></b>, a UK-based artifact managemen=
t specialist, raised a $72 million Series C led by <b>TCV</b>.<br><br><b><a=
href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73Br=
X4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWsq9ApzdzoA-2Fi-2BKdI4ebNpsVlIhO0a23LW=
vJ9-2BPBFeoA-3D-3DnUWR_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbc=
bdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3QEd12rbzhYz=
-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4cgKNia7EC1OAoftvD-2=
BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2FmmgUZtpuFMC=
F844knaa321TMcdeR-2BDNlxiYnyVG59DwM8xIuUhzTVffFapC4ydhDRPCHaaGiqSE1StSu97MN=
9u2DWSEjRrtb0gvbJI-2FZysYvjwDF513NpFkvvUQbkPVRTJi4nLKrD4Yeo1VQLo1HHh1A7QzGj=
apV5xQ-2BBdrBFCh3iMwWNfwUEbX4UsibIKODpar9pB1dat2CWYxwOPPc-2BmcehmxqNOccqlD0=
xLmcrX6hd1kepKx-2FPT26go8rSOqVeD0MWoVZHIl4qm2iqExFIULTLSF4UyPhog82ZfLmCyN4u=
VxAAMrE4C7nboMXo9v4mYZSVpEA" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">Orkes</a></b>, a workflow orchestration startup, raised a $60 mil=
lion Series B led by <b>AVP</b>.<br><br>
Paris-based space infrastructure developer <=
b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n=
73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWsq9ApzdzoA-2Fi-2BKdI4ebNpdO0M-2Br=
AqICH03aEODrgViw-3D-3DF6rg_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1=
yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3QEd12rb=
zhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4cgKNia7EC1OAoft=
vD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2FmmgUZtp=
uFMCF844knaa321TMcdeR-2BDNlxiYnyVG59DwM8xIuUhw2fQzSub7ZSzSVT3z3JEqlou5n1w5n=
SzRie8lkAga-2F56y4hLRJdgDdhSK7vuJNyNsr4GICqkvSZuOiE-2BxMFdXB64yj2WbLqeT3e5s=
WvvGKsAmSypwF5CiIqp8U6PHy7qHmCaIlgxIhIGA2xUS8-2BlLcDUr0-2BQeKRh39a6ZnRQmjti=
sdGWEM9ucJ5qxJoszLDbTnSvhy91mGgvDHtE6Myl8nR1gai5mV1ktQtY3j0aVssnn-2FM6UlNyu=
6dTvqWOvhjsiXg26bab8HvfnEPkVKpQFr" style=3D"color: #1D5080;" test=3D"" univ=
ersal=3D"true">Univity</a></b> received a =E2=82=AC27 million Series A from=
investors including <b>Blast Club</b>, <b>Bpifrance</b> and <b>Expansion V=
entures</b>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls=
/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWsq9ApzdzoA-2=
Fi-2BKdI4ebNpmGuRjU3YBYao-2F3SALJhbpw-3D-3DYvqw_I3w5d9c01gkD8gLzFEofZR-2Bh6=
VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP=
5SoTnwOtW7SHh3QEd12rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasB=
ReTdr4cgKNia7EC1OAoftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRk=
be5jNNBZCXC-2FmmgUZtpuFMCF844knaa321TMcdeR-2BDNlxiYnyVG59DwM8xIuUhzFTdvlj1Q=
RtLU7zVZZarJrywgSMrC-2F82mDCWEqnmjTOLmfPVO4f-2BrDVVKT-2FukzQU18XOdWBINOzFq9=
BiiAUygWrHNmSGmx2jwR77ru0hGGhrq1nD-2BJ2mCNR8zE3B278guvzwaxHGIxgY-2Bq5rnVshv=
ywDznhwSfxspLL3FcYKoQmBcVl3ly31UbkgGFhf0kKHaZuiWZKm42TpwS9-2BqeI8CPhR5YDBT4=
t4MzcfYcsYQq-2BxlOFYyddQ6n1Z7RWVZS-2FoN31ksv2aq-2BUgY2YXaP-2FRlc" style=3D"=
color: #1D5080;" test=3D"" universal=3D"true">Decade Energy</a></b>, a Pari=
s-based startup building power infrastructure at logistics depots, raised =
=E2=82=AC22 million in a round led by <b>Eiffel Investment Group</b> and <b=
>SET Ventures</b>.<br><br>
Barcelona-based specialty coffee distributor=
<b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d=
4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWsq9ApzdzoA-2Fi-2BKdI4ebNpvBEJCl=
UgnD1yPOEmajocvA-3D-3DYqZl_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1=
yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3QEd12rb=
zhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4cgKNia7EC1OAoft=
vD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2FmmgUZtp=
uFMCF844knaa321TMcdeR-2BDNlxiYnyVG59DwM8xIuUhy8fOsz8jY7iBWe8ylMo382PF-2F7lk=
mmHVL9R497CzQGnXuRC-2BbqkjX48dsYPqRvlGled0RUNHSorbuACVLYvzYGhT283E8PCT-2FAh=
WJSmC3FgkP4b2R9Fpkt4c8J1FwUfqmV9b2stSIqlIxm8RNeZ9F-2BL1Y6z0mHGDZuw2PjgfRKB6=
1wsUs01uXB6FLokN7rkEDRYvHI8LLBVntSuzTvtwu81prgE5Hpjqci9jf-2BjbWkvOly9nrl3Dv=
KWjZDmPbGhjC9rWcMZv40R783iBXUjTwK" style=3D"color: #1D5080;" test=3D"" univ=
ersal=3D"true">Incapto</a></b> secured a =E2=82=AC10 million Series B led b=
y <b>McWin Capital 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>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>Apo=
llo Global Management</b> is nearing a deal to acquire the auto interiors b=
usiness of <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?up=
n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWsq9ApzdzoA-2Fi-2BKdI4=
ebNp3Us-2FBSCSrYTXRXMigTd0-2Fw-3D-3DAHmc_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkx=
BRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwO=
tW7SHh3QEd12rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4c=
gKNia7EC1OAoftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNB=
ZCXC-2FmmgUZtpuFMCF844knaa321TMcdeR-2BDNlxiYnyVG59DwM8xIuUhwmLXx6eGMPVF8z6E=
CDglEKxEdytISNK7QSbI-2FYsBOKWX2T0eOpI3ldE0uCxzhTrahkLavu2iVRmwYLBsbGxSj-2FJ=
oJ5ZOYwR-2FpCRIWb-2B2xO7shSbJDXr2znQwrE4Ml9OaHfncl-2B8NeMIfZMdoYSjJoXXO8YCV=
oSvvjgQT9IHTAot51PYwUfNeExXev7GTFE2bfXunoI-2FziOdMoitaLrLWOTICKZw4xG9rRZo95=
shMfLgLXMMCZmMqo9wJr2-2FKpo7g0D0HKRbDAEtWbgIjAgKU-2BN" style=3D"color: #1D5=
080;" test=3D"" universal=3D"true">Forvia</a></b>, a French automotive tech=
nology supplier, Bloomberg reported.<br><br><b>EQT</b> is exploring a takeo=
ver of <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3D=
u001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWsq9ApzdzoA-2Fi-2BKdI4ebNp=
N7N5YERNoa9XUjWh0XQ6Pw-3D-3DH6Xh_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy=
-2F3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3Q=
Ed12rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4cgKNia7EC=
1OAoftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2Fm=
mgUZtpuFMCF844knaa321TMcdeR-2BDNlxiYnyVG59DwM8xIuUhzcDlYnrHO43Y2eapYtTjUpj1=
iRLrZN5cJzivNtV5CoMbPEc601BcczbfgAQJL3it9DVB7fyfD7WLZj9nojVQTV-2BN8iaVVTrNS=
Cg9pQffAQp7FsuKrCH3rLOFXRdBIY2Mckd-2FoviCNQ9WJIV1f4yjCHwGvvCYGGPWdb-2FDeF9C=
noOlFU29KBhWYG-2Bry-2FZ3BjQfvGDeGJekuNhDy1UjsqFyuOuVwfNAMuQYzASEIB5F58pXJpX=
NXQEIxRLtj-2BmTyFtjtX4HueeSF0j7AzdrzPO4E-2F" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true">Kakaku.com</a></b>, a Tokyo-based price comparison=
website, Bloomberg reported.<br><br><b>Trive Capital</b> acquired <b><a hr=
ef=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4C=
uylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWsq9ApzdzoA-2Fi-2BKdI4ebNpNGlPSwtp-2FfjNd=
P8wwen9NA-3D-3DruKT_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW=
eUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3QEd12rbzhYz-2B=
0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4cgKNia7EC1OAoftvD-2BS8=
oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2FmmgUZtpuFMCF84=
4knaa321TMcdeR-2BDNlxiYnyVG59DwM8xIuUhzZ1MEJQUgC473NfTrqAUBDVsCFHyh3Iz8hnzN=
40pL2dhIiVp8jKfJP0HGGozlOA8YIa4Mz6fieD9jyJQMIdMw9T0nV8fJHYjDfbiCKWhAdtYIsT8=
A7-2FaAm8YY-2B7zTKtHw-2BhSd4XqNHax0F9lKNouvGeYcq7ZgMhUBbU0VbDHDMpuptBzQw4ne=
mf6-2FdUC-2BKoH1Pc-2BF48OLNd6LOUBJIVk161zfN8IlOcsxYpytcg2AUaToin5xHz29jX-2F=
P0ebW53UWnnotM6vSBhvWZof1KsExw" style=3D"color: #1D5080;" test=3D"" univers=
al=3D"true">Polar Technology</a></b>, a British carbon-fiber and metals mak=
er, from <b>BGF</b>.<br><br>
Wealth manager <b><a href=3D"https://url6380=
.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq=
M7ONnvsnswouzUINuZgr5vxtF6bx74Zjcm7f6Sg5bykvVv8nkVtBfs6JQ-3D-3DAwim_I3w5d9c=
01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEv=
pspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3QEd12rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNB=
ghqXLwfDujhC7ioVSasBReTdr4cgKNia7EC1OAoftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2=
-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2FmmgUZtpuFMCF844knaa321TMcdeR-2BGyiTYp6WUf=
uvg3S-2BPgmdq22r-2B9ZPh2FQqa0WTSfXyOa33gBkG5fuuIqsqiFVHwP7H627Hl8DO9kHm9ub6=
k-2BGimgJZ3N9l-2BzI-2BwFDybvyBBznCYAAmNFoXzzYaJAr90UWVF-2FUlJLvXXnF6MjVhFW7=
Kk6D-2BRsF14VbBMcS9a4V1jvbz-2FvroBNXGHT7kByHSkvAjMMYSqampx32YHFwpxOwgm3DFRA=
-2FJoepI9xtiH-2F-2FRaZq0weuOM1YUFP02dxvqvc-2F1gVpct3L8qmh8Ddg5vxFA8kSpmOtpX=
JwEXddcZnP3Vc" style=3D"color: #1D5080;" test=3D"" universal=3D"true">The B=
ahnsen Group</a></b> has agreed to be acquired by Chicago-based <b>Hightowe=
r</b>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click=
?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUINuZgr5vxtF6bx74Zj=
cm7oCiXeQXqK3dfxwiAYP1KaQ-3D-3DKrOR_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf=
mzy-2F3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SH=
h3QEd12rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4cgKNia=
7EC1OAoftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-=
2FmmgUZtpuFMCF844knaa321TMcdeR-2BGyiTYp6WUfuvg3S-2BPgmdq3LRx-2B8DGKvKBg7AQc=
FnpStYnGm3iuwkYhZx2Njkqt3fPeVdEcKg59EXSAhWXfIPerlGUfvIzdDHBfhD6Xa5Y3WJJg-2B=
2M14cK7Izlu9DqTc-2FP-2F1vJVfcrHrL-2Fv0fu1nASDT21mzTy9TWpyK8UhTqBsuQYeMKXeUP=
HXb6-2FBtg5IdBHc0fTBR9VnTWQcOWxSM0oaFzjcoqRowdUVuAwL6Xsul-2BersAnuP38KUJ8w6=
ahGi9giTbD17I85k7hoSb5mhHTrmfk7uFlwtWHAJQfurHO3G" style=3D"color: #1D5080;"=
test=3D"" universal=3D"true">AireSpring</a></b> will merge with <b><a href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUINuZgr5vxtF6bx74Zjcm7gxFfVASXCBpYJUBQwNgiP=
w-3D-3DC0Ku_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m=
8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3QEd12rbzhYz-2B0wN0WaEu=
kys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4cgKNia7EC1OAoftvD-2BS8oRw3tS6U=
e-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2FmmgUZtpuFMCF844knaa321=
TMcdeR-2BGyiTYp6WUfuvg3S-2BPgmdq00ItPKI99VbSO7qF9YpwzMDJ5hsS4DYa-2BI0dGoeHr=
5TXfwT4pMaq-2FPScmmbPOHazdRJKi7ts2R-2BwQlHw13T-2F-2BGxsh03QIj2-2Fq7KVoDpv3d=
GQb6xyApHEog-2BMVW7vdHZz-2BYwH7ttzzXX8ZX-2BZzRX3dqejy348zQ0K1bqPDblY0l1YKTu=
Sxn2pLJQOU2IkZqhFbXS6DjSfBnk2TmsCqDHArpvzgxp5xCty0fU63HqGK74y-2F-2Bp2WMpxf7=
yn45HpC9KLszS-2F4XW6ZS1flbKpXN0dtF" style=3D"color: #1D5080;" test=3D"" uni=
versal=3D"true">Spectrotel</a></b> as <b>Charlesbank Capital Partners</b> l=
eads a new investment and <b>Grain Management</b> reinvests.<br><br><b><a h=
ref=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4=
Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUINuZgr5vxtF6bx74Zjcm7jNQbx8QOoANhRnMxZW=
dZKA-3D-3DU4La_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFV=
a0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3QEd12rbzhYz-2B0wN0W=
aEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4cgKNia7EC1OAoftvD-2BS8oRw3t=
S6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2FmmgUZtpuFMCF844knaa=
321TMcdeR-2BGyiTYp6WUfuvg3S-2BPgmdq0-2B5KZFq0M0hE8ra4trIp4lUMLbqFJ3usJFmytJ=
j5r8fo5QM-2FOn5v6Klshw9Hq4nIx67uHl-2FXCGaUQl-2FgKfq3wWGD3JctfEWmXkFOwoBTThz=
ZkdiAcNy3cWUcfd6NpJNmioJYZQb0RcW2LBmnu0HK4gdJ-2FqmIKoKMxV55Q9mR4-2B7n1sN0KK=
mi0JzGODM9QMAGXL9-2F55GLdLwXWBN0NOayzHCwhduZjiQ6ZD9KwSGintzYWiX8i7fkti4pOfF=
Z4qvkLQj-2F0JJn7E-2BsQ-2BTTnEVHRT" style=3D"color: #1D5080;" test=3D"" univ=
ersal=3D"true">American Industrial Partners</a></b> has agreed to acquire <=
b>Honeywell</b>'s Warehouse and Workflow Solutions business that focuses on=
warehouse material handling systems, software and robotics.<br><br><b>L2 A=
viation</b>, backed by <b>Argentum</b>, has agreed to acquire <b><a href=3D=
"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzUINuZgr5vxtF6bx74Zjcm7pbFooNd6OUOXauG-2BlBCasQ=
-3D-3DZFY0_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8=
PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3QEd12rbzhYz-2B0wN0WaEuk=
ys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4cgKNia7EC1OAoftvD-2BS8oRw3tS6Ue=
-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2FmmgUZtpuFMCF844knaa321T=
McdeR-2BGyiTYp6WUfuvg3S-2BPgmdq0HHRmqU3fdDKEO3GOv37m4JAHyEpwVLOnX1QKDY9qG0-=
2B0bfjSiqlnD-2B6M5khVvhpoPHSSKZeC-2F9y8E0v-2BCK2GU2NlF8jO23u3yNLZjW2SQF5Ghu=
7CPNMcHVZWPkv2TheYQ9dWrdxwjgDWl4YwcUQSIACjv1EwfBYKa5NgQkRU9WTTsVIXXXDC-2F9T=
3O4LuYiZKGoTV5eSCISbBjpPFOAlhc1yFfZhMmlZ0RvZPyYu-2FDQ7P1RwwoCjHvAXzZR-2F32l=
XGWGfoGXPzh-2FXJjbiBm3JmZ" style=3D"color: #1D5080;" test=3D"" universal=3D=
"true">Advance Aero</a></b>, an Indiana-based precision machining and sheet=
metal fabrication company.<br><br><b><a href=3D"https://url6380.news.pitch=
book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo=
uzUINuZgr5vxtF6bx74Zjcm7MeBdCEqqm0c4Iey2cK0CgA-3D-3DtuGS_I3w5d9c01gkD8gLzFE=
ofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mP=
dADhrFwOP5SoTnwOtW7SHh3QEd12rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujh=
C7ioVSasBReTdr4cgKNia7EC1OAoftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR=
-2FGDOCRkbe5jNNBZCXC-2FmmgUZtpuFMCF844knaa321TMcdeR-2BGyiTYp6WUfuvg3S-2BPgm=
dq3BDdAofFxRTgtj6zb6I8q24gMkgLch03cvwjFykvgoUURDP-2FivKncTXyUiyue-2BzKLgv2o=
Tee-2F9jOmw8dV7xDI1I6l1nwREnG3ag1Kp3-2F36w-2FBS1TmRhtxYOU9Hu5V2Wvlzz60Bzv7O=
ABD55TBvSxUDZY6mbbrPv3Q4ZsW2xqlxv4rMEqg1EcjOFNUKfNU0WCHrrE5OISIjgRLB3iHnE7G=
52lAJXwsveSGgPhhH6wrs-2Fk-2FQ7pm8zmqI3C6jkhR-2FLhLoBngoBm7oM39i1cBdE6bD" st=
yle=3D"color: #1D5080;" test=3D"" universal=3D"true">Conservation Equity Ma=
nagement</a></b> acquired a portfolio of nine mitigation banks.<br><br><b>T=
riton</b>-backed <b>Flokk</b> bought <b><a href=3D"https://url6380.news.pit=
chbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns=
wouzUINuZgr5vxtF6bx74Zjcm7tnBFgx2q-2FeSNW1JUhfLIvA-3D-3DE9iE_I3w5d9c01gkD8g=
LzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJC=
H7mPdADhrFwOP5SoTnwOtW7SHh3QEd12rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwf=
DujhC7ioVSasBReTdr4cgKNia7EC1OAoftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9n=
JFWR-2FGDOCRkbe5jNNBZCXC-2FmmgUZtpuFMCF844knaa321TMcdeR-2BGyiTYp6WUfuvg3S-2=
BPgmdq3zBLDEx-2BV1hUf6ak9q-2F77NYWukhVrO4adWC0qG6Pi5uz5lwHsD1NiptNPneNhC4pH=
7KNxlKXOigHjE31nD-2FOIQ3PqvJ4tGfsIqCRU6jwklfj0UFKYrQmujzoO0Yo9TYZHGO4DPPrpi=
XEAzwTu85L4uD0MGYYZQ55-2BhpAgLAzw40O9WaeB-2F4WW6c0uy6NNb5WvtQPLmLvx8MQePjCS=
oRQHfaBlpMhTXoGa69U2X8wE8YuhwE3gzosICM-2FyJM7IBydG9OmZxM3lud-2FlUynDAlipD" =
style=3D"color: #1D5080;" test=3D"" universal=3D"true">Spec Furniture</a></=
b>, a Toronto-based furniture maker for the healthcare, education, corporat=
e and behavioral health industries.<br><br><b><a href=3D"https://url6380.ne=
ws.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7O=
NnvsnswouzUINuZgr5vxtF6bx74Zjcm7yXvcWhnfIAQeWCFpgu452A-3D-3Dyhfb_I3w5d9c01g=
kD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpsp=
EYJCH7mPdADhrFwOP5SoTnwOtW7SHh3QEd12rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghq=
XLwfDujhC7ioVSasBReTdr4cgKNia7EC1OAoftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2B=
nD9nJFWR-2FGDOCRkbe5jNNBZCXC-2FmmgUZtpuFMCF844knaa321TMcdeR-2BGyiTYp6WUfuvg=
3S-2BPgmdq1G31TCXBjq0RzpKgPPEcL061R9H7odXrBT6q4b7wwJUvNraSWXYWGl3kRfOG132LW=
pZWY0-2BlSceJdi1AFUEuhKHAgDZi7k2Mw0RZ5E6GPRR-2BhFa4t4O0vGzIjRroWhT9rbSkEiHi=
Fl376E7xJHupbUfBkSfLCbA4LhSa7dKr0A7x4YFYQF3PBnDUiPWnpbO-2B3iFHZmSZ9JQa1W4ZS=
UdASg282Nw10OUHgZf6pwfmYWJNyb73ctFV3SA9aVjP3H6RT8-2BxjIAtnpK-2FSpZwHB6gAs" =
style=3D"color: #1D5080;" test=3D"" universal=3D"true">Valitana</a></b>, a =
Stamford, CT-based provider of analytics, workflow and portfolio management=
software for structured credit investors, received a growth investment fro=
m <b>FTV Capital</b>.</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Exits</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><a =
href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUINuZgr5vxtF6bx74Zjcm7469kg3ABzeHejDHDF=
Sz0qA-3D-3Duftg_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF=
Va0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3QEd12rbzhYz-2B0wN0=
WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4cgKNia7EC1OAoftvD-2BS8oRw3=
tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2FmmgUZtpuFMCF844kna=
a321TMcdeR-2BGyiTYp6WUfuvg3S-2BPgmdq0FB99RJUEBDG5j9cjiSEAARSxDQV00113Q-2BUk=
37RRW0-2FmXu8Hvunn4P6Iau3k5u2ZyFVD83yjMQLy-2FtSC1VnpNBM6pdvgbPTLaMiEFupGvkH=
zxIWDhD1GIKMO7omZ1Qw9Xb5KalIxp8uQk1LcItyndNMvSUdz5GC0b8gxGpsQxfMwtRKfptUT8u=
UXy-2FbRu12GOP3CSFDqvXP5aZbFUqIKIbHxxalbdSXIXANRr0TakIzpXgLKcIWhBq8-2BK8eVg=
5LUnfb5txxQNh20UQmbUm6pd" style=3D"color: #1D5080;" test=3D"" universal=3D"=
true">Ryft</a></b>, an enterprise data infrastructure startup, has been acq=
uired by AI cybersecurity specialist <b>Cyera</b>.<br><br><b><a href=3D"htt=
ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW=
Irf6GFa-2BaqM7ONnvsnswouzUINuZgr5vxtF6bx74Zjcm7dSJK0dP1-2FAPDrsbAws0iIg-3D-=
3DHdvH_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF=
iB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3QEd12rbzhYz-2B0wN0WaEukys2w=
pQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4cgKNia7EC1OAoftvD-2BS8oRw3tS6Ue-2BL=
FVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2FmmgUZtpuFMCF844knaa321TMcde=
R-2BGyiTYp6WUfuvg3S-2BPgmdq0oZk9k-2BEYE9BOwW5YLo4tGqMBSV-2Byhk9iEScBVwRDqqE=
8iQa-2BnZjjISf-2FvmHJeo-2FmmTW6CBAY00aeVIjHe6F0jJEJ1uixXuCYadSfzFgqwiFZciS2=
4oIhwLGdRvdB6LSKVAfnn17FOuINfGaLVP67-2B-2FyIfPg14s3WrL5c6Z2Cyq2-2BFXcm5Awu7=
DeD9BqHmaqXFS6bwpqF07GbV32t9-2BKHqWR4aLxpaoVGWMvZbXxqYEeuktsPcytY9SNWrTwUuB=
BgMBQhO7PsZr43wSEKbqv0O" style=3D"color: #1D5080;" test=3D"" universal=3D"t=
rue">Onyx-Fire Protection Services</a></b>, backed by <b>Blackstone</b>'s T=
actical Opportunities arm, has agreed to be acquired by NYSE-listed <b>APi =
Group</b>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/c=
lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV1zCgASuwmK-2FY=
h-2FiJ-2BQikGn8qi87b8hS5LMzuSEGPXjA-3D-3Da-J-_I3w5d9c01gkD8gLzFEofZR-2Bh6Vw=
arHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5S=
oTnwOtW7SHh3QEd12rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBRe=
Tdr4cgKNia7EC1OAoftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe=
5jNNBZCXC-2FmmgUZtpuFMCF844knaa321TMcdeR-2BJBhcI-2BHgTIWhV0PmyIGhyi2knYOCe6=
ATTIcdKXTMAOBuxltHGMZIATy0GxsTbVAaQKcTj9-2BYGfdqPpEc0nSeZo0EUZuQxy44wxNB4OW=
plz-2BEa5Hi-2FuCP-2FiXRrRcmuCPg9K5iBXHz5goeQcY0FboTRPAhmpUL5KBvV6uFwb-2Bfvy=
S8HUsUHvEAR-2BpBVHkFVLJxagvsIaDf5ZT4Qm9j3zIMaoiEKrNspmrHTjRprTmtH6AlwrJTKou=
DjUG6bNjLr7tQPjqIHQTyiroT964bOf2a8RhWLyjkUMHa3AUahs5kwWp" style=3D"color: #=
1D5080;" test=3D"" universal=3D"true">The Elmet Group</a></b>, an industria=
l manufacturing company, priced its IPO at $14 per share to raise $120 mill=
ion.</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-2BaqM7ONnvsnswouzV1zCgASuwmK-2FYh-2FiJ-2BQikGoTkGVTXPRVB=
6f0f4CCPpOw-3D-3DT_Jd_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb=
dWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3QEd12rbzhYz-=
2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4cgKNia7EC1OAoftvD-2B=
S8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2FmmgUZtpuFMCF=
844knaa321TMcdeR-2BJBhcI-2BHgTIWhV0PmyIGhyiUzQ5wYtgfYtLWpM2EwB-2B0NTe0UDgoW=
ezJu2hjB3m63Fx-2FvB-2BtfZlfRlcqmhT36H50bQaGnq1WEjeWdE6Gs9z4sQwjZRn-2FMPDdL4=
5w7fZGj3MxAQYY1eZZpAkYsFB24kI6hnS5z-2FhW2VPB8YYvwldJXzIc6RWfu16Hk4ad7ELEQGj=
CAftEbZC9SXbgkMuzC02yr5vyTSfdGg1VmKWslKqVaIyg6Jx2PnzpQVQOyUlA9bnUhFd-2BtR6i=
tex96f6tGqC57tJ6A9c4meZ-2FecoCGr78" style=3D"color: #1D5080;" test=3D"" uni=
versal=3D"true">Blackstone</a></b>'s flagship Strategic Partners fund raise=
d an additional $6 billion, bringing its total to $11 billion. The firm als=
o said its secondaries business reached $100 billion in AUM in Q1.<br><br><=
b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n=
73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV1zCgASuwmK-2FYh-2FiJ-2BQikG9WIPvd=
BMhRvJ-2FWVtJ59ZSQ-3D-3DpE5v_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3=
t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3QEd12=
rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4cgKNia7EC1OAo=
ftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2FmmgUZ=
tpuFMCF844knaa321TMcdeR-2BJBhcI-2BHgTIWhV0PmyIGhyi-2BHYBmKf3yYR-2BFK-2BBxkO=
UUzrVCn6pY2Nst-2F0r0ZSF1zI5vxe-2Bop8oNUKeshBENi0x3IXW91JrYTRFHP-2F0uF-2BYBF=
m1jXToCSqfeh-2BcZugkefopETyd5cchtay9nqzL1H7DAp0e-2Bq-2BkhdqqUGw7I-2FQjBPMyp=
rAvFK2qNkuXqni4U52khfU09MR-2FimkX3-2FIgehYVwQibOdHAgiMX1RcgBIKkEQVwMUH4Iqgf=
GmmEWYOqWpLUipPVl3tSAEH8I64XaFXGHctjCAU-2B8OqkbRK0Wd0PS" style=3D"color: #1=
D5080;" test=3D"" universal=3D"true">StepStone Group</a></b> raised more th=
an $1.58 billion for its second credit opportunities fund.<br><br><b><a hre=
f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu=
ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV1zCgASuwmK-2FYh-2FiJ-2BQikGPnHxbqy5NVNip2=
u59KY9aw-3D-3Ds30X_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWe=
UgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3QEd12rbzhYz-2B0=
wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4cgKNia7EC1OAoftvD-2BS8o=
Rw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2FmmgUZtpuFMCF844=
knaa321TMcdeR-2BJBhcI-2BHgTIWhV0PmyIGhyin-2BitHRK5yBxhjaxmJCMx75HoEieys1Af5=
HMjINpCerfGSNp4ioWm2dTQX1qPCPrW7sQ9q8rvGARReTNj1aNmk18UTaGskHFgMFMs4ZIGqYti=
RDmYsb8QbRO47lzjrLFpz7Ea21NIhISO18x1nIZxgK-2BRhot7qZQCQg-2B7ciTaubeuDB4X-2B=
-2FF6qAMTFVIWR6DQ44bFJTf5UNmZg4ku-2F47r2bAQppo1pYHL-2Bt8cXWDWz17Ml3tqi6iUB8=
1WV2arSCXj1SX9Hyu8VZfFgfy4flwIP" style=3D"color: #1D5080;" test=3D"" univer=
sal=3D"true">CVC Capital Partners</a></b>' credit arm held a $1 billion fin=
al close for its fourth dedicated CLO equity vehicle.<br><br><b><a href=3D"=
https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7S=
pSWIrf6GFa-2BaqM7ONnvsnswouzV1zCgASuwmK-2FYh-2FiJ-2BQikGqsHME0LtaG-2Boxx17H=
ZesqQ-3D-3DHlm__I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF=
Va0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3QEd12rbzhYz-2B0wN0=
WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4cgKNia7EC1OAoftvD-2BS8oRw3=
tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2FmmgUZtpuFMCF844kna=
a321TMcdeR-2BJBhcI-2BHgTIWhV0PmyIGhygT8gZa2KCQwz7-2F1W40EW2TXppvKm2FNLlzJyz=
nkBPhTRFMz-2FJSKMsWnI6Y-2BnD6Fsnfblnv-2BO6KZzWpYWp9WaVESrcsteSkC-2FMwVY-2F-=
2Fy2PZOBwV-2B9GoadlPAvV5jeQagi-2Bv6VGy24-2BSBQZJ8ttGm0lgm6umhb7DsNj-2BeMA7B=
Jbf9-2FczHs5AgXvEMdMzD4wY6aXNyonLxRYbgg2Qy6z-2F-2FpSZVH49ln6yox-2BdfuC-2BIA=
tuSWA1f6DgWIuml1-2FX6aZj-2BaAwjOnAx2tP-2B-2FHAnG0MsIMh" style=3D"color: #1D=
5080;" test=3D"" universal=3D"true">Lime Rock New Energy</a></b> closed its=
second fund on $640 million to invest in energy transition businesses.<br>=
<br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du00=
1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV1zCgASuwmK-2FYh-2FiJ-2BQikGf=
1czId-2FSPuJc6AMdP5XDcg-3D-3Dzsgr_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz=
y-2F3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3=
QEd12rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4cgKNia7E=
C1OAoftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2F=
mmgUZtpuFMCF844knaa321TMcdeR-2BJBhcI-2BHgTIWhV0PmyIGhyi894Ld5nv9Z2RJNLOBMW-=
2BQMS2h9OdfhyfWf0GiBkqJoQ2K3hinuqelQv-2BR1uzX5nPLHRThRDUZyQcH6pcrNUoJOMk8pD=
-2FlOFleNaLLg1yOWRqkR8hHmqpAWeJo5Is27BzXcWmnZPMmz69Dv6O9OLGJumGvz51rSuHJs8m=
UeIvjNJ3WEbb25Mtt-2B7onl6R2-2BAy3ZiVck83ZGmg-2B4YtjxWHf9H5wtLUkWWghVJ4OpD-2=
BiCfvHR0yxieX7F-2FXHY91n6r2xN46UuLl61IfWCs4PBXe7" style=3D"color: #1D5080;"=
test=3D"" universal=3D"true">L Catterton</a></b> launched <b>Champ</b>, a =
$500 million consumer-focused fund with investor Mark Patricof and celebrit=
y athletes including Kevin Durant.<br><br><b><a href=3D"https://url6380.new=
s.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ON=
nvsnswouzV1zCgASuwmK-2FYh-2FiJ-2BQikGI00payYArhwmVo62EXHpZQ-3D-3Dm1r__I3w5d=
9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnl=
EvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3QEd12rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2F=
NBghqXLwfDujhC7ioVSasBReTdr4cgKNia7EC1OAoftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0E=
e2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2FmmgUZtpuFMCF844knaa321TMcdeR-2BJBhcI-2B=
HgTIWhV0PmyIGhyg65vC3c-2FGYjq62-2BhBiwuOJB7bVc8yw-2BZw5GZFpcG2T-2FyNJ3NKRvS=
A4qQrRZFvqDbB8WtE-2BNkt9p246YXEy6sXpXFhiNSvC9wZIgwERAq-2BJeX6QIvmbQiKiOlYZO=
2UwkAOnzrJTt9ksEhTmP3rhCf7ZhchGwNZsH0H-2Fol8kG5SDscC2ngVfQuzyMhRZ1lYyzKmDQY=
RTg2x6fafdQm9lh1Zub7To1fa9alrsDyx6QbZThShti7NcH05ac1q4kLtk3PnuGvfJTJxIgZjWA=
D7Y-2BBbm" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Achieve P=
artners</a></b> raised $450 million to invest in opportunities tied to AI-d=
riven labor displacement in technology and healthcare.<br><br>
London-based <b><a href=3D"https://url6380.n=
ews.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7=
ONnvsnswouzV1zCgASuwmK-2FYh-2FiJ-2BQikGFHn0cGf9gvOtHkby-2BPbEww-3D-3DgvBk_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsM=
jQnlEvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3QEd12rbzhYz-2B0wN0WaEukys2wpQNd1CZ7=
z-2FNBghqXLwfDujhC7ioVSasBReTdr4cgKNia7EC1OAoftvD-2BS8oRw3tS6Ue-2BLFVFXx5oi=
BJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2FmmgUZtpuFMCF844knaa321TMcdeR-2BJBhc=
I-2BHgTIWhV0PmyIGhyjdMcx5lUsWurfbmceLWmQ5GUkQKy3ZCeZQVnCktq5Gg5xbWza1n2Ms7b=
JCOG-2Fz8oItdwBnWrogV-2FUyVZLK1pXWzMOYzet2BYlgZVJ3tWUhRVXJJjWljuwp93gdOcw8M=
A0MT-2FLYcN5Js5UDTXz3RTei9LVt5hgM2isQy2hMLcN012ymiTlv8m9DyM4c56FigDaWcE0SCV=
cygew1IhCMkDRw9-2BVlyaiwqYSYJ5Vlu81XfwyXIoOkQ4ncL7WqBzQGoRJH5fRz0GjpRylOOKg=
-2BLpYS" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Pantheon</a=
></b> launched a global infrastructure secondaries evergreen fund.</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-2BaqM7ONnvsnswouzV1zCgASuwmK-2FYh-2FiJ-2BQikGYO8=
eIyE0fodwGzJrQFt9HA-3D-3DopFI_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F=
3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3QEd1=
2rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4cgKNia7EC1OA=
oftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2FmmgU=
ZtpuFMCF844knaa321TMcdeR-2BJBhcI-2BHgTIWhV0PmyIGhyiMeXkH1-2BT8l4xKA5ZDw4zdQ=
V2NII7FyP4aG-2Bgb5G-2Fw1nT2MukyI4ihaej8hd6qR-2BDsBtCHSmZ9Irr-2FmyiAfX7GdD1p=
dfdjYSpAMVn-2Bvb8-2Fza0Z2fmypcCD-2Bx-2FbwJthl1kH3jpnFTeHcNxu6Fa-2BwkEW2R-2F=
E3gcuACe57iJg5PiN-2BwESgbZoBdYxeQODNI1WfggDM8M-2FCgC8rjFvuzThFCTU-2B6-2BTW5=
qdrQNd7lllMAbJL9VbYr7dWgkB4fMmMzquSI6tv3MzakD1Comy-2FAIfXhtr" universal=3D"=
true"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news=
/73937.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">PE exi=
t value for B2B companies in Europe doubled in Q1, defying the broader tren=
d of sluggish PE exits.<br><br>
Source: <b><a href=3D"https://url6380.news.p=
itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs=
nswouzV1zCgASuwmK-2FYh-2FiJ-2BQikGYO8eIyE0fodwGzJrQFt9HA-3D-3DCYCi_I3w5d9c0=
1gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvp=
spEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3QEd12rbzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBg=
hqXLwfDujhC7ioVSasBReTdr4cgKNia7EC1OAoftvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-=
2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2FmmgUZtpuFMCF844knaa321TMcdeR-2BJBhcI-2BHgT=
IWhV0PmyIGhyjdlpBhTFVW63WQIUvxKBjCfh6l-2FpiKP6v-2Bb4PnWZVuMsM1F8QXS3tUEQTP3=
m1EN1g-2Bl7wD9-2B0MeNj5j8cuZ0HLEUroQwA5DxG0NqXJyHWenpQm2hWNvzH-2F-2FjQdHTh7=
uWin2I-2BxDtDNQR9Ybgu7rDyV-2B5xg8aUSgbAnSywLtYGCO56plcfSf74RZAH5JY9U9gSYMpA=
g32evaZA5Hfd2aG-2B28fHC0aSswgc8iUX30iZt8rSIr0LvCbsoppQFpL78eLT2atQDqclFNZ6D=
XkbYi-2BBY" style=3D"color: #1D5080;" test=3D"" universal=3D"true">PE exit =
value in European B2B doubles, but exit count hits five-year low</a></b></t=
d>
</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%;">
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<tr>
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<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-2BaqM7ONnvsnswouzV1zCgASuwmK-2FYh-2FiJ-2BQikGI9H4O=
8hfC9Yjqr6f7grtXg-3D-3DHIkx_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t=
1yZbcbdWeUgFVa0m8PzsFiB2QRVsMjQnlEvpspEYJCH7mPdADhrFwOP5SoTnwOtW7SHh3QEd12r=
bzhYz-2B0wN0WaEukys2wpQNd1CZ7z-2FNBghqXLwfDujhC7ioVSasBReTdr4cgKNia7EC1OAof=
tvD-2BS8oRw3tS6Ue-2BLFVFXx5oiBJ0Ee2-2BnD9nJFWR-2FGDOCRkbe5jNNBZCXC-2FmmgUZt=
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jC2809bgit9EKMhJqULJ0UeXCN-2FH8jXBst28zYVHPg6HpbHCMy5OrueuURlUiAPemO2P4hC-2=
Be2dYnWkKQ2E3bGr1sHHvYNA4NABmPN5FujqK2y-2FrkQmnoVCRAFyiClh4vBRexgh4luV-2BA3=
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xt-decoration: underline; color: #1D5080">About PitchBook</a> | <a href=3D"=
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<td><a href=3D"https://url6380.news.pitchbook.com/=
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