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Content preview: PitchBook Newsletters Microsoft sets OpenAI free; fintech
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style=3D"color: #1D5080;" test=3D"" universal=3D"true">our Crude Awakening =
analyst note</a></b>.</td>
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dth: 100%;">
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<td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_580269" id=3D"n_580269" style=3D"font-size: 0; text-decoration: non=
e;"></a>=20
<table lang=3D"x-news-group-title" cellpadding=3D=
"0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;=
">
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<td><span class=3D"outlook-caption-override" s=
tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s=
erif;
font-weight=
: 500; font-size: 20px; line-height: 26px;"> IPO-bound Lincoln Internationa=
l banks on PE deal surge </span></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%;
">
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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%">
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<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>By =
Madeline Shi, Senior Private Equity Reporter</i><br><br>
Lincoln International, which filed for an IP=
O on Friday, could become the first boutique investment bank to go public i=
n the US since Perella Weinberg listed through a SPAC deal in mid-2021.<br>=
<br><b>Lincoln's move to list suggests the IPO window may be open again for=
boutique investment banks with solid financials.</b> The Chicago-based com=
pany generated <b>$214.1 million</b> in net income in 2025, a 31% increase =
from $163.3 million in 2024, driven by a revival in the bank's sell-side M&=
amp;A advisory business.<br><br><b>2025 was a record-setting year for globa=
l M&A activity,</b> with both deal value and volume shattering the prev=
ious highs set in 2021. PitchBook data tracked 50,810 transactions last yea=
r=E2=80=94the first time deal count has ever surpassed 50,000; and combined=
deal value hit nearly $5 trillion, up 37% from the prior year.</td>
</tr>
</tbody>
</table>
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cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: =
100%;">
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ing=3D"0" cellspacing=3D"0" lang=3D"x-image">
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ing=3D"0" cellspacing=3D"0" style=3D"float: none;
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<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-2BaqM7ONnvsnswouzWjRUqFTxty2RoDTd0UnfT5VIQhvXi83=
CDAtURHasc9Hg-3D-3DaVdc_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRaTLY9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcsM=
DcL4DFZn3hVK5jgo218czguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQ=
dWM9mw-2BE-2BTyaDjWq7hRnJgFfQstEQsoznzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJgSz=
wQVjmylfA6mXYSKBRxozfiGxYxP8Yo1l-2BQIFJuzMcyXzo7jLfhWxsyBi9MS1KVbIAh-2F2bEj=
00AmWIcZ-2FAtAXX3h6pEZ0haCeSWiVLejzQwEkOqBeIv9v-2BYpE2MID72LaKDH1gQSVbG5-2B=
ckI-2Fo0fGUeo3lydCRIUKDlntZt6dbGzwymyR0maEKlcVWGraSfo7DZ5oXEMdeBmnQ6PFx8YkF=
J0G-2BgUeJyKywxW-2FVk354ktmTrTDPAWO20Qdv5kc4Poh6nEVWn0ruzWAFEN5ei1Fwkp96uj6=
qgTThex81yap8ei8-2FSTFNPbkJmkGltSf9V3s" universal=3D"true"> <img align=3D"c=
enter" alt=3D"" src=3D"https://img.pitchbook.com/news/74004.png" style=3D"b=
order: none; width: 100%; height: auto;"> </a></td>
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<td style=3D"height: 20px; line-height: 20px"=
> </td>
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</table></td>
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</table></td>
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</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">In its=
filing, Lincoln contends that the growth of private capital will create a =
"larger and more durable M&A fee pool," particularly for sponsor-led de=
als. Global M&A advisory fees have more than doubled since 2000, reachi=
ng <b>$27.6 billion</b> in 2025, while independent advisers nearly tripled =
their market share to about 37% over the same period, the firm said in the =
filing.<br><br><b>Looking ahead, M&A will be further fueled</b> by moun=
ting unrealized PE assets, abundant dry powder and growing pressure on spon=
sors to generate liquidity. The bank says it is well-positioned to capitali=
ze on rising demand for related advisory work.<br><br>
Lincoln's M&A division primarily represe=
nts PE firms seeking realizations from their portfolio companies, with a fo=
cus on transactions valued at between $250 million and $2 billion.<br><br>
Goldman Sachs and Morgan Stanley are acting =
as joint lead book-running managers for the proposed offering, and Lincoln =
will trade under the ticker "LCLN."</td>
</tr>
</tbody>
</table>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: =
100%;">
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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-2BaqM7ONnvsnswouzWjRUqFTxty2RoD=
Td0UnfT5eQwSN-2B5ZsNHNRgxcHwaXIw-3D-3DiZTY_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw=
lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRaTLY9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2Bx=
HL1TJr1BWMGZYSoHcsMDcL4DFZn3hVK5jgo218czguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8o=
o1D-2FQi3kd6ZwUJyIQdWM9mw-2BE-2BTyaDjWq7hRnJgFfQstEQsoznzUvbSqpPn-2F0QAT9bG=
yn6J8O1tR1AGjFFJgSzwQVjmylfA6mXYSKBRxozfiGxYxP8Yo1l-2BQIFJuzMcyUfieGzaN18wa=
i6AYBnH5GGN0LRqhrsVz8SC3-2B6p-2B9eSahSofjWySFpieSR4zwymJ4QpF-2B2m2VZN5Cj96r=
sVcx3YRnKEbgyNMW1kJ72AzQX4ulHlvem7jzapqoA8RN34AW-2BOfpRifuhQL6FOcx0Mb-2BUsn=
UBG6LkhbVtKdIzZeJlOSTs0jEh180uXA5xx8n68qJPeVRcXOVNaO-2Fgi7BqaIun7tvwz-2BqaS=
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#1D5080;" test=3D"" universal=3D"true">2025 Annual Global M&A Report</a=
></b></td>
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nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
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erif;
font-weight=
: 500; font-size: 20px; line-height: 26px;"> 22M+ logos, accessible directl=
y in PowerPoint </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-2BaqM7ONnvsnswouzWjRUqFTxty2RoDTd0UnfT5F8n4Y1YB5LAS-2B=
Ncl8GE5hw-3D-3DnPVL_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb=
McVf8UYA68NVRaTLY9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcsMDcL4=
DFZn3hVK5jgo218czguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQdWM9=
mw-2BE-2BTyaDjWq7hRnJgFfQstEQsoznzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJgSzwQVj=
mylfA6mXYSKBRxozfiGxYxP8Yo1l-2BQIFJuzMcyXBPhaDXDFq25Ilwc6P2VaKRDMCZ0rUalERt=
Pz3ci-2FeAm55OhraJpNy58GBrAmiwQgHZLxZaZ9Rpr3TBoOgad00zD-2BDYibg-2BPwd8XyW-2=
F8ybevjkKZyu3BM8bVAi-2FSj9inBZFATqCv0ICzAe3Qu7SF2eefXCO5J66hQ1Euj268L7MTUZV=
47fIyIOsk3d1uVU68GpiUiKbjOrRSvg6ewtAhwY9u8vJUrlFVh2hetqB8iC4AfFoemp8xEjT2nR=
-2FWHUdXAHD20IhgcEC8QWNoT4AewL"> <img align=3D"center" alt=3D"" src=3D"http=
s://img.pitchbook.com/news/73882.png" style=3D"border: none; width: 100%; h=
eight: auto;"> </a></td>
</tr>
<tr>
<td style=3D"height: 20px; line-height: 20px"=
> </td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>Logo-sourcing tools have been around =
for years. But most were built as standalone products, with separate contra=
cts, separate logins, and separate tools to manage.<br><br>
Macabacus=E2=80=99 Logo Library lives where =
your team already works, giving you access to 22M+ updated brand logos dire=
ctly inside PowerPoint. No need for another login or another vendor to mana=
ge.<br><br>
Whether it's company profiles, credentials, =
tombstones, or market landscape slides, you can insert and arrange logos in=
two clicks, without leaving your deck to find them.<br><br><a href=3D"http=
s://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G=
Fa-2BaqM7ONnvsnswouzWjRUqFTxty2RoDTd0UnfT5F8n4Y1YB5LAS-2BNcl8GE5hw-3D-3D1PR=
J_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRaTLY9=
w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcsMDcL4DFZn3hVK5jgo218czg=
uXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQdWM9mw-2BE-2BTyaDjWq7h=
RnJgFfQstEQsoznzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJgSzwQVjmylfA6mXYSKBRxozfi=
GxYxP8Yo1l-2BQIFJuzMcyX2Oxh5lBmMPdXC3gPtjA1oW842jjbKQLxVugwQS67d9z-2B06RLsR=
oW1A-2BQE5e0UrvEavsrb-2BH5KYFGFylD0xXeE7WPXOF7OvBR-2Fc4eh2-2FlOzPaYlPlurEfB=
-2BmQrrcIgEI79RDG5h54tcLZAxP6g8-2FUfGRprHvab0Ri3OolcbbfNIWL-2FvEW4DHEI8dOmt=
et8AO4px-2B7rnT8cMpqIcWw7PgqtJ4Wt-2FkivcYE2ApsB3H2MO7EBOpST8HqG9WZXxPwpJ1Ud=
DfLpPSN2BQM7pYqkAN-2FJ" style=3D"color: #1D5080;" test=3D"">See Logo Librar=
y in action.</a></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Catch Up Quick</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">=E2=80=
=A2 <b>Fintech is getting expensive.</b> VC valuations in the sector are hi=
tting record highs across the board, and earlier-stage deals are growing la=
rger. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001=
.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWjRUqFTxty2RoDTd0UnfT5-2F00TOC=
G4lpGDPAloLuTHMg-3D-3DFHbX_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi=
QVI43kbMcVf8UYA68NVRaTLY9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoH=
csMDcL4DFZn3hVK5jgo218czguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJ=
yIQdWM9mw-2BE-2BTyaDjWq7hRnJgFfQstEQsoznzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJ=
gSzwQVjmylfA6mXYSKBRxozfiGxYxP8Yo1l-2BQIFJuzMcyVNznnhdUrdE9rWPZ66WEY4MHGyWe=
5-2BMoRbYS82FPEbcuYYReymxC8zyvqL12rO-2BKJMOhzCEe6JFZoTGJctsmQlHlsmRtrHujMmJ=
DbHC0CiB-2BA0uMdkKNgY61mPcLJ3Av9Uoiy110Pp99jdCa6-2BN7Ol8VxCqxO8Lb-2B2aBpORZ=
wOO9Ak4imRGyZ-2BD0wWjb0GWNLnLb7fZXsYGC9gSujYyBq8X3urWg985EVhM2wgyNEHLOG1F16=
OePNDgoS15aJ1tPq-2Bvi6fmqxWWN5P-2FGoEStF2" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true"><b>Download the report</b></a><br><br>
=E2=80=A2 <b>Italy's pension funds face new =
rules encouraging startup investment.</b> Now the country's VC deal count h=
as hit its highest quarterly level this decade, up 80% year-over-year. <a h=
ref=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4=
Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWVLpgbxkhySRYetlLR8sScvHJDhgoR1m-2BFtfoS=
p2dPQQ-3D-3Dsssl_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcV=
f8UYA68NVRaTLY9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcsMDcL4DFZ=
n3hVK5jgo218czguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQdWM9mw-=
2BE-2BTyaDjWq7hRnJgFfQstEQsoznzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJgSzwQVjmyl=
fA6mXYSKBRxozfiGxYxP8Yo1l-2BQIFJuzMcyXmHK-2B2jBu1Fl3iY6BXUEeyHKk7UND15288Ay=
wvtl0P8PzgcCCczjOmO3pKVOgtODPjuw5mL-2BMbfI9RsTILiGuLiBCaGdVuP5FMMQjZN-2F2Tq=
ipvxym1E91IWurHF8dJ37b20RBxsGzmL85vLEQ3-2BSM02CyO-2F0tIJS5PJMSir9VM1Sdhpugi=
WQpPH2JD8oqC1ybnrNTH1hn-2BmI4ai5-2FmnQeiETecszY9QMhU-2BFaXYhp5dP-2FjAuUkALQ=
SLFQzptkQjY110TiXoc4PlyKQ-2BkoCR7-2Fw" style=3D"color: #1D5080;" test=3D"" =
universal=3D"true"><b>Find out more</b></a><br><br>
=E2=80=A2 <b>Two loans in Blackstone's giant=
private credit fund stopped making interest payments</b>=E2=80=94one to so=
ftware company Medallia, one to dental chain Affordable Care=E2=80=94causin=
g the fund's non-performing debt ratio to rise from 0.6% to 2.4%. <a href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWVLpgbxkhySRYetlLR8sScggCA94LrPhotnFwiCiuxY=
A-3D-3DucXG_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA=
68NVRaTLY9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcsMDcL4DFZn3hVK=
5jgo218czguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQdWM9mw-2BE-2=
BTyaDjWq7hRnJgFfQstEQsoznzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJgSzwQVjmylfA6mX=
YSKBRxozfiGxYxP8Yo1l-2BQIFJuzMcyW4ICkZDijwJAyo1QCXXu1Jg0szWuXU79FO7D1LHILbW=
jB8Y8gVi-2BF4WSl8hMRApV70nlZsJqmnrWFI4ShGRLNc0bvh4ex2YeE6IBXKJyDfG7vXvPi7R9=
xh0llzya4JBANutvCedlt9x-2FKfuxM0Jp04KIcAp-2F-2F9z-2BeP7KH5u3DqSLV2I6W1FYVbq=
AxUtNUspYjlaxonrdqj0KnkYWqKcu3pNUW9Fq3xfclzx2K3EFslCjc9bwjWdQTSM9tsB8drhdMz=
xefJxuMNNIs2lH8AIzMs" style=3D"color: #1D5080;" test=3D"" universal=3D"true=
"><b>Read more</b></a><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 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_580267" id=3D"n_580267" 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;"> OpenAI loosens Microsoft's gri=
p ahead of IPO push </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-2BaqM7ONnvsnswouzWVLpgbxkhySRYetlLR8sScvzord8e36=
WUSiWdsoNrU-2BA-3D-3DXB2Q_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVRaTLY9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHc=
sMDcL4DFZn3hVK5jgo218czguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJy=
IQdWM9mw-2BE-2BTyaDjWq7hRnJgFfQstEQsoznzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJg=
SzwQVjmylfA6mXYSKBRxozfiGxYxP8Yo1l-2BQIFJuzMcyWuAm4B8fJtlb3Za-2Bj9n1KR21-2F=
Oujy6LAu3-2BeFsMPliubHJv-2BjIGF-2F8NMAtORhxNzWl7pcxUKp7naP7VOepeucan9Ipvvnl=
mO3D05qXrhMapx4FaGAAvCPIyfIiPThgjFp9tQi7-2FE2oE0VGwrFFfSdAf1rfaiQ9SaS-2BEoM=
ArfGzVQd-2B4CAYsVDuAeGLEhS0A75zVDl6scCXWtH34e-2Fph8mHjuSTS8A68LFGYnNWHM8VCk=
kQzfbwT5c4QoqoprYr5i-2BWv2oAokrw-2FWQmW15DimJq" universal=3D"true"> <img al=
ign=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/74005.png" st=
yle=3D"border: 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">NurPhoto/Getty I=
mages</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 =
Jacob Robbins, Technology Reporter</i><br><br>
OpenAI and Microsoft have restructured their=
partnership again, shedding the last exclusivity deal with Azure, Microsof=
t's cloud computing unit.<br><br><b>The new agreement gives OpenAI flexibil=
ity and leverage as it moves toward a potential IPO this year.</b><br><br>
"The greater predictability in the amended a=
greement strengthens our joint ability to build and operate AI platforms at=
scale while providing both companies the flexibility to pursue new opportu=
nities," the companies said in a joint statement.<br><br><b>Under the revis=
ed partnership, OpenAI can now sell API access to its models through any cl=
oud provider.</b> Until now, the company was limited to hosting its API pro=
ducts developed with third parties on Azure. Now it can offer them across c=
ompeting platforms like Amazon Web Services or Google Cloud.<br><br>
The agreement still stipulates that OpenAI w=
ill launch its products first on Azure, but also states that Microsoft can =
opt to forgo that exclusivity if it so chooses or doesn't have the capacity=
.<br><br><b>Microsoft's revenue share agreement with OpenAI is also ending.=
</b> In the past, Microsoft paid OpenAI when users accessed models through =
Azure. OpenAI will continue to share its revenue with Microsoft, but only t=
hrough a set date in 2030 and subject to a "total cap." This aspect of the =
agreement was originally supposed to be in place until OpenAI achieved true=
"artificial general intelligence."<br><br>
The agreement gives OpenAI more leverage to =
compete with Anthropic, its chief competitor, which it has accused of infla=
ting its revenue, according to Harrison Rolfes, PitchBook's senior research=
analyst focusing on the big three large language model providers.<br><br><=
b>"OpenAI removed all the overhangs Anthropic was built without,"</b> he sa=
id. "OpenAI is definitely racing to look more like Anthropic. An IPO seems =
more likely, but they still have to tighten loose ends."</td>
</tr>
</tbody>
</table>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: =
100%;">
<tbody>
<tr>
<td valign=3D"top">
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-btn">
<tbody>
<tr>
<td align=3D"center" style=3D"height: 36px; b=
order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http=
s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
rf6GFa-2BaqM7ONnvsnswouzWVLpgbxkhySRYetlLR8sScvzord8e36WUSiWdsoNrU-2BA-3D-3=
DJ_10_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRa=
TLY9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcsMDcL4DFZn3hVK5jgo21=
8czguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQdWM9mw-2BE-2BTyaDj=
Wq7hRnJgFfQstEQsoznzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJgSzwQVjmylfA6mXYSKBRx=
ozfiGxYxP8Yo1l-2BQIFJuzMcyUjCw54-2FGafM4t1sqvxeINtDRcJAX1ojLSBLZYFCX0-2FxEC=
vwv-2B-2BMDodrCZKnNmB-2Fj7SfhjE77qpZHx4S-2FGkSYicHheWVbfs7kvEcRvbB8Ivxw6IEd=
VF2qI3u3FwlcM3MbekB9-2F-2BtEaVARhS6xJNUlpuQOcuzqQlyv7QVPLHBd6O0Qe8fXMVL-2Fe=
5RKK817IFPBga36h8-2FPICqkqxu76p9mCWaI1mN57EJrxR6vBdhCixpEVYJA3N0o212Y0t58hp=
nzu44cESgNATWKlUapVzSQOH" style=3D"font-family: Roboto, Arial, sans-serif; =
font-size: 18px; text-decoration: none; color: black; padding-left: 3px" ta=
rget=3D"_blank" universal=3D"true">Share this story<img height=3D"24" src=
=3D"https://fonts.pitchbook.com/newsletter/arrow-right.png" style=3D"vertic=
al-align: middle; margin-left: 8px;" width=3D"24"> </a></td>
</tr>
<tr>
<td style=3D"height: 25px; line-height: 25px;=
"> </td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
<tr>
<td colspan=3D"2" style=3D"padding: 0 20px;">
<table class=3D" " lang=3D"x-news-=
group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid=
th: 100%; min-width: 100%; =20
">
<tbody>
<tr>
<td style=3D"padding-bottom: 25px;">
<table class=3D"" cellpadding=3D"0" cellspaci=
ng=3D"0" style=3D"width: 100%; min-width: 100%;
=
border-bottom: 1px=
solid #C3C3C3;
=
">
<tbody>
<tr>
<td style=3D"padding: 1px 0 0 0; line-height:=
0;"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel=
ated analyst note:</i> <a href=3D"https://url6380.news.pitchbook.com/uni/ls=
/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWVLpgbxkhySRY=
etlLR8sScfp6QOgYN9hcOTebHRTzRBw-3D-3DORPj_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uwl=
JYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRaTLY9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxH=
L1TJr1BWMGZYSoHcsMDcL4DFZn3hVK5jgo218czguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo=
1D-2FQi3kd6ZwUJyIQdWM9mw-2BE-2BTyaDjWq7hRnJgFfQstEQsoznzUvbSqpPn-2F0QAT9bGy=
n6J8O1tR1AGjFFJgSzwQVjmylfA6mXYSKBRxozfiGxYxP8Yo1l-2BQIFJuzMcyXd7R7O19wJ3t5=
CIWAYy1r-2FK-2Bjf0UHJ1atSTf6c36mP6vbl2OZCcG3d3VNS-2FT5hIewaPigLKFUDfoNVtpOc=
x3CFGFCuuNRlcDJlE2Xxvh-2FDuYBsXw0IERqvYyFNcpNlSozRJXVsHT-2FkjefTkQkUmIcSijY=
x-2FLDPye05Nsjt9EA6oSWV3LI2qOO2oZv6Ouw3SrdQf-2FaeNvj0vXAV9X4WT-2BvmnhGov9OP=
xq3BYMRuCvmwFkqS-2Byp7Tg94kjtaAspvJc03c8gHiHLoKf2AIa4oakqs" style=3D"color:=
#1D5080;" test=3D"" universal=3D"true"><b>Mapping the AI super-cycle</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-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>China is trying to unwind a Met=
a acquisition that closed four months ago.</b> Employees of Manus, the AI s=
tartup that Meta acquired for $2 billion, have already moved into their new=
Singapore offices. [<a href=3D"https://url6380.news.pitchbook.com/ls/click=
?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWVLpgbxkhySRYetlLR8=
sScHZdMWM7E5Rcs3i-2Bz5nN0UQ-3D-3Dhx15_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0=
YQP-2BHR4BiQVI43kbMcVf8UYA68NVRaTLY9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJ=
r1BWMGZYSoHcsMDcL4DFZn3hVK5jgo218czguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2=
FQi3kd6ZwUJyIQdWM9mw-2BE-2BTyaDjWq7hRnJgFfQstEQsoznzUvbSqpPn-2F0QAT9bGyn6J8=
O1tR1AGjFFJgSzwQVjmylfA6mXYSKBRxozfiGxYxP8Yo1l-2BQIFJuzMcyWni5shYFZSCT8GE-2=
BI0WaQlKBzs-2BwfCKeUYjPweiTPnC0QO6BN-2BmNdJ4Kb4tlNg7BjiuTDj7upKOiDwDE1zw-2B=
s9f7CMMruiMxjVfoX4S1cxKJ-2Fr6I19UJ8uJ0wbWICyKPrnDyQ1XtZT29xcWCzx1kHjPux3jy0=
54XU8A2L1mCqAhbZx-2BfBlilk7RDNkda2qqULHFkfgCPxEVv0pWWcNM3mKmUzaJa-2B6pMFBFY=
zCN6hT5LYV-2BHZs2HfhvTVAgXFsysn52iQH8On2qL5GAX6ZDxtN" style=3D"color: #1D50=
80;" test=3D"">Bloomberg</a>]<br><br>
=E2=80=A2 <b>Life insurers are relying too m=
uch on private credit,</b> making them vulnerable to withdrawals and ill-pr=
epared to manage funds in an economic downturn, Apollo's former risk chief =
says. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4=
n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWVLpgbxkhySRYetlLR8sScN-2Frrjantq=
eNQZ32P9V0Nbw-3D-3DA7kV_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRaTLY9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcsM=
DcL4DFZn3hVK5jgo218czguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQ=
dWM9mw-2BE-2BTyaDjWq7hRnJgFfQstEQsoznzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJgSz=
wQVjmylfA6mXYSKBRxozfiGxYxP8Yo1l-2BQIFJuzMcyVUoQz-2B2FCb-2B1NiFrI-2FSADcHo0=
frA-2FD3tTkF1Aw7hVUCYDqiCe3FuqqzYc5qwrS8WMfbZmMJMQp4cxj6w0816x8SyMEISciD-2F=
-2BBj5Jyp4zd-2BvVW6Jjtjn4l5DOljOdUWDsux-2B5tr8wDaO7VFCLlGBGsBOPq7FfuM63oIKz=
zO-2B2YHlSorvBaygk3l9WN-2FRdVo6nOsrEgIf61JAFbWMJJQ4dJz86by3FwG0pWIU1rsKa19H=
SGt8dSY-2B8iCRTnuCVDW3XXCKTcAWpp1QNVHjWj9tk3" style=3D"color: #1D5080;" tes=
t=3D"">Financial Times</a>]<br><br>
=E2=80=A2 <b>The Cannes Film Festival may ha=
ve banned AI from its Palme d'Or competition</b>, but a rival AI film festi=
val drew studio investment and warnings of a mounting wave set to reshape c=
inema. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d=
4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWVLpgbxkhySRYetlLR8sScbJdTJUCfAu=
ZUN8eRN2-2BCbw-3D-3DrGnN_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQV=
I43kbMcVf8UYA68NVRaTLY9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcs=
MDcL4DFZn3hVK5jgo218czguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyI=
QdWM9mw-2BE-2BTyaDjWq7hRnJgFfQstEQsoznzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJgS=
zwQVjmylfA6mXYSKBRxozfiGxYxP8Yo1l-2BQIFJuzMcyUAkret-2BL55yUVN0iIpS9uLBBqTJQ=
pjybk1dr88qLRCLMfQ6HMwGU4XPD1DnR5-2FJQpsP2ySX-2BG9dn7eJ2oi-2BiPnhhaRpXzoif9=
vaZPlZhW0t4022kRiICz-2F3r2yTqCIKuXBz0qYmSmC-2FfxGXylloWB4QARkzUrD5-2FqBiBJi=
SbkhYHWdfsZB1t4IbF0LhfPF-2FYxvutI0-2BCVbpaaYRFN0l-2F59-2BNsGplI67KcD9Wi1PzZ=
k7uXixizVMe1GGzZbcZhqNI-2FVQQfISIF18NqKyORT3uC7" style=3D"color: #1D5080;" =
test=3D"">The Guardian</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;">
708
</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;">
2293
</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;">
1081
</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;">
42
</div>
<div class=3D"count-type" style=3D"float: non=
e; font-family: Roboto, Arial, sans-serif;
color: white; font=
-size: 12px; line-height: 24px;
padding: 2px 8px 0=
8px; -webkit-text-size-adjust: 100%;">
Funds
</div></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td>
<table lang=3D"x-counts-btn" cellpadding=3D"0" ce=
llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"height: 25px; line-height: 25px;"=
></td>
</tr>
<tr>
<td align=3D"center" style=3D"padding-bottom: =
13.3px;"><!--[if mso]>
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t:43px;v-text-anchor:middle;width:148px;"
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"
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<w:anchorlock/>
<center style=3D"color:=
#000000;
font-fami=
ly:Roboto, Arial, sans-serif;
font-size=
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Request a free tria=
l
</center>
</v:roundrect>
<![endif]--> <a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzWVLpgbxkhySRYetlLR8sScj6rwENriH288tQTbRW1oOA-3D-3DrRf=
p_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRaTLY9=
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to, Arial, sans-serif;
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.5px;
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9px;
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#F79B3E;
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Request a free trial </a> </td>
</tr>
<tr>
<td style=3D"height: 25px; line-height: 25px;"=
></td>
</tr>
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</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_580253" id=3D"n_580253" style=3D"font-size: 0; text-decoration: non=
e;"></a>=20
<table lang=3D"x-news-group-title" cellpadding=3D=
"0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;=
">
<tbody>
<tr>
<td><span class=3D"outlook-caption-override" s=
tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s=
erif;
font-weight=
: 500; font-size: 20px; line-height: 26px;"> The Daily Benchmark: 2021 Vint=
age Global Funds-of-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: 72.5925925925926%; min=
-width: 72.5925925925926%; max-width: 72.5925925925926%; background-color: =
#1D5080;">
<tbody>
<tr>
<td align=3D"right" style=3D"padding: 0 4px 0=
0; height: 20px; width: 100%; font-size: 12px; font-family: Roboto, Arial,=
sans-serif; font-weight: bold; color: #fff;" valign=3D"middle">9.80%</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">13.50%</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;">
0.04x
</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=
swouzWVLpgbxkhySRYetlLR8sScvFRcu-2FQoGKnfEfHi0lMFng-3D-3DIRmT_Pr966knuaHmaw=
6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRaTLY9w20-2Frmnrs3Y-2=
FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcsMDcL4DFZn3hVK5jgo218czguXZNf6qN5vdmIlb=
E3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQdWM9mw-2BE-2BTyaDjWq7hRnJgFfQstEQsozn=
zUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJgSzwQVjmylfA6mXYSKBRxozfiGxYxP8Yo1l-2BQI=
FJuzMcyWMMBkVoVbIgPTKE5rG7D3lFCt46Mx6AtK2ltgMaM4x0uVjsID9KjzEYtsodFwvIXojFR=
zuDZf1gsh79eFiXJGtVbeHIjL27FitvlwzMkcuYpMNYf2TolGmNqu0EA0zR6fEEqX16KHDzcrtp=
ioTwxwFeC7sVPLS-2F2TUrakbjuXW3NzBSk8-2FlmtvhDXcQKuiAy6e-2Ba0busAb5n42XyxJu6=
BN-2FVix5T9t8VPwcSvKfDQtrvsjiFeIL7r4E6WUKDRHS6XKeIaAKwjiYtO4hr4TqVoG" style=
=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"true"=
>Bay Hills Capital Partners IV </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=
swouzWVLpgbxkhySRYetlLR8sScPYIYZ0D4zKN9t2l1m9vitg-3D-3DlJre_Pr966knuaHmaw6c=
7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRaTLY9w20-2Frmnrs3Y-2FY=
KcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcsMDcL4DFZn3hVK5jgo218czguXZNf6qN5vdmIlbE3=
xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQdWM9mw-2BE-2BTyaDjWq7hRnJgFfQstEQsoznzU=
vbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJgSzwQVjmylfA6mXYSKBRxozfiGxYxP8Yo1l-2BQIFJ=
uzMcyXdh75w8EMnq-2B5uipBpHd-2FpfSGMYFC4ixB-2FLrrQcNdCneqhnnsgzX2JSny2cvumdz=
Us-2FOTCUWacLZl7KPYBs7EmTXNXVBg3YdMWArDbaY-2FCjmHftjeOperZpm-2Bx1PXUGiFUDbN=
XHLLzwGs3Irx4jy0g-2F7TRHtbH-2FYKqGSVqyBhmEyHtW6W5CdxuSxVoI4Czs-2BD4u4OLWgD7=
8hHZaP8Kg2AADxVajWZ9nEeKJvdI-2BQztSzOfxcyKYm-2FvJXR1cpnt-2FR8oX9qwqKwmCKssq=
UOXVEpY" style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" univ=
ersal=3D"true">Constellation Generation IV </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=
swouzVqFCjTb7VPfQPU4is8Jmo3V2HXQIqi3taAmVEk8syJMw-3D-3DpH3q_Pr966knuaHmaw6c=
7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRaTLY9w20-2Frmnrs3Y-2FY=
KcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcsMDcL4DFZn3hVK5jgo218czguXZNf6qN5vdmIlbE3=
xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQdWM9mw-2BE-2BTyaDjWq7hRnJgFfQstEQsoznzU=
vbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJgSzwQVjmylfA6mXYSKBRxozfiGxYxP8Yo1l-2BQIFJ=
uzMcyVFB8zN1Vd3d0woGP-2BFdCY2M8wVGfkvsZhn9n5bdoCVdLhxXPYpZABIw3wiuXQ1PyA2gQ=
clqSRcEkUyoYZkIV19uhc9L6pl8ILN0HAl-2B7AwiJ01E-2Bj6BaOe2IYRlYR0dqP7P92U7araf=
crvqfrlX3-2BVtboejo2sJeN3XWTxjKGVqAFHe-2BFoUIiZOMl4lhOURSYdNde-2BoNnnXn6GcP=
Qz1N02derai33m6YiBJi1LItau2MBxHltDT1KxGHz-2B8RvAIEAiMUs3P5PEysi3GGrZCDV8" s=
tyle=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"t=
rue">Bay Hills Capital Partners V </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-2BaqM7ONnvsnswouzVqFCjTb7VPfQPU4is8Jmo3M-2FTK=
AK84uOJ8BvzV5piEgQ-3D-3DiLrf_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4=
BiQVI43kbMcVf8UYA68NVRaTLY9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYS=
oHcsMDcL4DFZn3hVK5jgo218czguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6Zw=
UJyIQdWM9mw-2BE-2BTyaDjWq7hRnJgFfQstEQsoznzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjF=
FJgSzwQVjmylfA6mXYSKBRxozfiGxYxP8Yo1l-2BQIFJuzMcyUM-2FidbcfVtI8jE8fLtrK5XfK=
cAUtJY9YNUzthWEs43vzoX8L-2BLrP9NBV3wCIH3orC8Du-2B0YxFFW9KfVIC0-2F7Vea8ubB-2=
FvUYmrMI3SUWp-2FR1UE-2Fp5Ep9V2ETsxc5x5-2BWPqD-2FzaLlAzYVMOF4R7ik8MzCy9m8Bsp=
EKLIP60M0e3NX-2FTk1Fzr7jAMqt1ZeyXCHp8pfCG3vs5kWQunjEWAlNmvvcjmp0dbA8hVNMSbH=
-2BoiyXZAcMHhb9XrSz9fIcu91q2dKye2tt-2Bhrrn-2BY5syr5od" style=3D"font-family=
: Roboto, Arial, sans-serif; color: #1D5080; font-size: 14px; font-weight: =
700; line-height: 24px;" universal=3D"true">49 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-2BaqM7ONnvsnswouzVqFCjTb=
7VPfQPU4is8Jmo3fdyI0-2BPMGW6-2FTYi6tddJNw-3D-3DRO2H_Pr966knuaHmaw6c7pKvB-2B=
CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRaTLY9w20-2Frmnrs3Y-2FYKcjqAcha=
GDKVl-2BxHL1TJr1BWMGZYSoHcsMDcL4DFZn3hVK5jgo218czguXZNf6qN5vdmIlbE3xAJwyKck=
R-2Bz6v8oo1D-2FQi3kd6ZwUJyIQdWM9mw-2BE-2BTyaDjWq7hRnJgFfQstEQsoznzUvbSqpPn-=
2F0QAT9bGyn6J8O1tR1AGjFFJgSzwQVjmylfA6mXYSKBRxozfiGxYxP8Yo1l-2BQIFJuzMcyU-2=
F-2Bq3LoJAgqMaZHoDcHLu6IlwyxH8DYxe7WVFzCbOOwWvWsbZ7LaLqvT-2B3ge4iG1iSDYL2xd=
4K8B89Wq-2BEdh-2F-2Bq7-2Bp5eCJUX3mfytIYV7073RLUslFOJqakahUmiIYef2l71EY-2By-=
2BC-2FkQNOknhrUHbPqUx0vpVfKBwexUFc-2B8Wk8J2DZGa-2B8snwR42dB2kA7nYQsLMOFT7za=
ti2UAqP6S2VnZM6ZNAmk4KUW4QrOFoWFTsQIjKxcgitrkK3OHPRMs23kPvRMXfI9W33piBcEt2"=
style=3D"color: #1D5080;" test=3D"" universal=3D"true">PitchBook Benchmark=
s</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-2BaqM7ONnvsnswouzVqFCjTb7VPfQPU4is8Jmo3olPMfQw91O4tUGtMoQD6eg-3D-3D3zv=
7_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRaTLY9=
w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcsMDcL4DFZn3hVK5jgo218czg=
uXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQdWM9mw-2BE-2BTyaDjWq7h=
RnJgFfQstEQsoznzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJgSzwQVjmylfA6mXYSKBRxozfi=
GxYxP8Yo1l-2BQIFJuzMcyVD45ZUvms2rilV1xLL-2BHc3ukm4jPjLqfArXDlm3mTSSfzTMLTlj=
gf166lcYvN9HuHWPnco68UPjYGuFnh2kEqVtiPtkJEFUsLlARQC8oBCed-2FYbzfseh4hUBXImL=
zjt6Nk8Nu5ITOLNDc8oM-2F0aFdIESKOk8Q3miIOx5k1wO2GKwKJy0KPlrIwjB5NM1pXj2zEyVi=
TjQDC2aN4jsRWe-2F6WiMtekhChw0pdQ8htV5wFiqDwN0gpguHhpyPhOSSUa4B5DP9l8B6fCLYr=
ZkAre52b"><img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4530/Ch=
urchillmarchhba.png" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; border=
: 0px; display: block; width: 100%; height: auto;"></a></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-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">German=
physical AI startup <b><a href=3D"https://url6380.news.pitchbook.com/uni/l=
s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVqFCjTb7VPfQ=
PU4is8Jmo3ddyblR-2FVWWerLHsLQ1feHQ-3D-3DbHh4_Pr966knuaHmaw6c7pKvB-2BCEiDnj5=
UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRaTLY9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2=
BxHL1TJr1BWMGZYSoHcsMDcL4DFZn3hVK5jgo218czguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v=
8oo1D-2FQi3kd6ZwUJyIQdWM9mw-2BE-2BTyaDjWq7hRnJgFfQstEQsoznzUvbSqpPn-2F0QAT9=
bGyn6J8O1tR1AGjFFJgSzwQVjmylfA6mXYSKBRxozfiGxYxP8Yo1l-2BQIFJuzMcyWcBKI0n7qr=
sWl3l1vSKmf762ruRorixt5ScPwk4WqDIFbV3SOi6-2F86Lplsp8D0ymQqYaFCeU-2FwiIdiBph=
jrZ637iRtoIcw6DRVypSzFtSkQlV752XxZmjhePYnbYbV02f6oi5Kb27CP-2B0br6U-2BNyTLyX=
Zr2KcFUd2K94GszOzOYKgZhSljMd84FZomWaQxb30fGqiZgBrkYbyOxKKIZADKcH-2BxXw6zqht=
gkIIHta9yY-2BOuZph-2BV67taEe3BtpYlcW1xi17iG1yLsiT-2BOvBrQgq" style=3D"color=
: #1D5080;" test=3D"" universal=3D"true">Sereact</a></b> raised a $110 mill=
ion Series B led by <b>Headline</b>.<br><br><b><a href=3D"https://url6380.n=
ews.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7=
ONnvsnswouzVqFCjTb7VPfQPU4is8Jmo3CJDd15zUY58ohZYOfsPfww-3D-3DPkrz_Pr966knua=
Hmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRaTLY9w20-2Frmnrs=
3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcsMDcL4DFZn3hVK5jgo218czguXZNf6qN5vd=
mIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQdWM9mw-2BE-2BTyaDjWq7hRnJgFfQstEQ=
soznzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJgSzwQVjmylfA6mXYSKBRxozfiGxYxP8Yo1l-=
2BQIFJuzMcyVGWl4hSD98U-2BS7nXJIcDA89iHsXoS0chxT6-2B9vPrYKxumY2e04CWnl4Ltn8N=
NWwpwJVAzwgK8B7-2BcJszP5sW7Vmob3JO-2Bw-2BRLxVBvPXjBQXNG474rS0SoFJRLFbHLVXKn=
EdRdlvKDlPRGdDcpb-2B2INrvgQRmLO0FxLOHSKw28lu7VBJxR967VsCjB-2BLA7hvZah3Fc3DP=
iEgk1mglaPsLX4o3WrbH380rzQ7AP4Ce9s2AwPiKCff0MeexlV9L5ylSx2B-2FiSOoDcB4vEc-2=
Bhilgld" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Avoca</a></=
b>, the developer of an AI platform for service businesses, secured a Serie=
s B led by <b>Meritech</b> and <b>General Catalyst</b> at a $1 billion valu=
ation.<br><br>
Finance and credit platform developer <b><a =
href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVqFCjTb7VPfQPU4is8Jmo3199tEPQICG9E8y-2B=
UqIzYWQ-3D-3DiVoW_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc=
Vf8UYA68NVRaTLY9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcsMDcL4DF=
Zn3hVK5jgo218czguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQdWM9mw=
-2BE-2BTyaDjWq7hRnJgFfQstEQsoznzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJgSzwQVjmy=
lfA6mXYSKBRxozfiGxYxP8Yo1l-2BQIFJuzMcyW560MJJm1ANxPY2-2B6-2FoV3bbPHwxQbka8C=
RFSI5gvbIEeFoHV28WibFGxlN9khUpQ-2FJHjZa614OFvbmxYCnrzt6kRCPVAzOG1EPGBCkNMF6=
BtaR5KWwuxuBL3-2BMWcq8-2FWubkJgnZ8WZZ90nq0syvfG4W1oB1gpEm66vUBFs6uvoXbC51XZ=
-2BIkqhZmoM7VPur-2F2UKZ0c0ANnlZ2FB0Ief06-2BxS9msR8-2FyGfBTgW34LFXiXtICXiv-2=
BEjsvrzMn4oIRob4QABgzcRrwjfqOHscfQfy" style=3D"color: #1D5080;" test=3D"" u=
niversal=3D"true">Kashable</a></b> received a $60 million Series C led by S=
ustainable Investing at <b>Goldman Sachs Alternatives</b>.<br><br>
Medical device startup <b><a href=3D"https:/=
/url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6=
GFa-2BaqM7ONnvsnswouzVqFCjTb7VPfQPU4is8Jmo3zBN1w9x7af6R0Jbf0dTD0A-3D-3DtjpA=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRaTLY9w=
20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcsMDcL4DFZn3hVK5jgo218czgu=
XZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQdWM9mw-2BE-2BTyaDjWq7hR=
nJgFfQstEQsoznzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJgSzwQVjmylfA6mXYSKBRxozfiG=
xYxP8Yo1l-2BQIFJuzMcyUxDang2LUAvszJAGJ7nPMhzS9LZ-2Fx7w0H1SzB0dlFND1p4kw1d96=
pImXi3OpO2Q2gDLTFyrD97QXVTCyfEyHfRSKBXdfmXSdKxt14itMfWZ2Pz3P1nlWxtZ7qtK-2BW=
qnxH-2F3uEGWa0OwKFN1q1xBNn82sbBx37tUOKJkZxm0KZAe-2Ffx5eS7n7Pr5hpsQLjwgIWxuv=
-2FQieu3wEwZqgycoeEG0mc3nvVh7A3T2oFMSwLleZ8cA7ZqybZmCOMyrCAi1sEOyDsc4JDTDRH=
GEffW5VNQ" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Nervonik<=
/a></b> raised a $52.5 million Series B led by <b>Amzak Health</b>.<br><br>=
<b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4=
n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVqFCjTb7VPfQPU4is8Jmo3qqrqt3nv4Ti=
eNXjaAAadsQ-3D-3DUUSB_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43=
kbMcVf8UYA68NVRaTLY9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcsMDc=
L4DFZn3hVK5jgo218czguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQdW=
M9mw-2BE-2BTyaDjWq7hRnJgFfQstEQsoznzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJgSzwQ=
VjmylfA6mXYSKBRxozfiGxYxP8Yo1l-2BQIFJuzMcyWqcUYTYN2-2FCra5oZJ7aNd8XPzobAiNL=
rPsB0zMwdzSSBjNzkaXLSKzwV-2FP5HDESGCqid-2BT5yjdK6XJ-2BCbATBClTzXYRR-2FJn6lD=
0Ktg67wSdaupVcMBjAocKaJMpnZoXD9lkJ26bDqLizsgmXwfMCGDSC6Uqw9J9A6SRPJVkWFsA28=
KcdYsYmMjO9Ii6vG3olIYXEtk11LvMEuqTbkh8d4ZifBgMXZl1w9CmMWdRmoP49ya75lQJGOxC4=
mjNFJ4o2zzCAsqEgsjWHkIcQetn4Mt" style=3D"color: #1D5080;" test=3D"" univers=
al=3D"true">Fathom Therapeutics</a></b>, an AI drug discovery startup, secu=
red a $47 million Series A led by <b>Sutter Hill Ventures</b>.<br><br><b><a=
href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73Br=
X4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVqFCjTb7VPfQPU4is8Jmo3t-2BDb-2FM-2Fw1K=
3isXC2DKyffA-3D-3DwJwa_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI4=
3kbMcVf8UYA68NVRaTLY9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcsMD=
cL4DFZn3hVK5jgo218czguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQd=
WM9mw-2BE-2BTyaDjWq7hRnJgFfQstEQsoznzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJgSzw=
QVjmylfA6mXYSKBRxozfiGxYxP8Yo1l-2BQIFJuzMcyWVsGYoOHGtbHvO5oB0EegVRvsmo1v9xh=
hw94eNba7iRrFSPHLQKM-2FhfR5kIYwIpGHFgpgGvoyO6whywkwbSx17ubEXlYgIF9UrLigCnNl=
JPGXs1bx8ciGnDqyn17v5Jty7tqu36IdoAMyQZv9ld0B4ldoK7zYB84Mj84GGdWsvT9LXUfGRUw=
9uLHSmdQ1-2F0eMs4JjbqXe7rpQa6Ri05nePt-2FSaIV8vO9NGVtkxdsApL6CIJ6P0cmcodq4ba=
5at1uF47HVSnCJpSMmjNgdf3ehM" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">ComfyUI</a></b>, the developer of a generative AI workflow platfo=
rm, raised a $30 million round led by <b>Craft Ventures</b> at a $500 milli=
on valuation.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/l=
s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWbDM-2BB26Y-=
2FPQLuhPPhvXmlhgxVSj5mjFdIRxuVOTx2QA-3D-3DujAA_Pr966knuaHmaw6c7pKvB-2BCEiDn=
j5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRaTLY9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl=
-2BxHL1TJr1BWMGZYSoHcsMDcL4DFZn3hVK5jgo218czguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz=
6v8oo1D-2FQi3kd6ZwUJyIQdWM9mw-2BE-2BTyaDjWq7hRnJgFfQstEQsoznzUvbSqpPn-2F0QA=
T9bGyn6J8O1tR1AGjFFJgSzwQVjmylfA6mXYSKBRxozfiGxYxP8Yo1l-2BQIFJuzMcyWhSkUgjl=
qMJbIs1h8gvULoa64sP-2F3xlZZPVmDOJwJrkxg0kWnUsxuQ4nSlYTwGYzKemrej3-2FzzdPs8S=
JZNJXLjz-2F1ueAYu3UC5O72DGbyGJk6WWeMr00oBghouv3OpIxvwW0DWHJ0bPTbkwJrhXuqlHZ=
W7Rzs4fg-2FdFwRJFKS4DsnX2-2FQjTtMqf0s2biUH2YhQ9J1MMYVdqLI4HNkRLp2f6DBaeqX2K=
DX773EoIkdL5APn5Ig0liVYEe058U-2BFizyf9yWHxSbiGaeDrGxE5HTs" style=3D"color: =
#1D5080;" test=3D"" universal=3D"true">SquareMind</a></b>, a Paris-based de=
veloper of a skin cancer detection robot, secured $18 million led by <b>Bpi=
france</b>'s Deeptech 2030 fund and <b>Sonder Capital</b>, Maddyness report=
ed.</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>Sto=
nepeak Partners</b> and <b>Bernhard Capital Partners</b> agreed to acquire =
electric utility <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/cl=
ick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWbDM-2BB26Y-2FPQ=
LuhPPhvXmlNCvBWMHg82Y02e-2F3Gj-2B27A-3D-3D9hO-_Pr966knuaHmaw6c7pKvB-2BCEiDn=
j5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRaTLY9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl=
-2BxHL1TJr1BWMGZYSoHcsMDcL4DFZn3hVK5jgo218czguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz=
6v8oo1D-2FQi3kd6ZwUJyIQdWM9mw-2BE-2BTyaDjWq7hRnJgFfQstEQsoznzUvbSqpPn-2F0QA=
T9bGyn6J8O1tR1AGjFFJgSzwQVjmylfA6mXYSKBRxozfiGxYxP8Yo1l-2BQIFJuzMcyXHPEgdT1=
6EMQ2-2FTU5NS-2Bru1jX5v9TYU1yvyUKuhNrxX1eGhO10m-2FqOv0YOj4gXOO2oULTVqVgvzqG=
f5KuOSxLeS5JHijodr2dps9cI4Sc2AWQCinC-2FFRXbURm5-2FYkAfVTeJ6LI7xwhigckCuRioU=
vmuujLOxqmj9DosRsk7X1uk8Y01ycbExYJSfRdkdm-2FxV7heEWIhA0wS7Twsv3LByKpD0g-2BL=
YSDjAsN0KOI1V040bNGhieCvevIt-2Fu0MK3DdqVh1HBjHj9KkFpAMdOFHYmo" style=3D"col=
or: #1D5080;" test=3D"" universal=3D"true">Cleco Power</a></b> from investo=
rs including <b>Macquarie Group</b>. The deal values the company at $5.75 b=
illion to $6 billion, Bloomberg reported.<br><br><b>Astorg</b> is to buy <b=
>the microbiology business</b> of NYSE-listed <b><a href=3D"https://url6380=
.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq=
M7ONnvsnswouzWbDM-2BB26Y-2FPQLuhPPhvXml9chCPPhGkUAIzR29IjLjHg-3D-3DPVGo_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRaTLY9w20-2=
Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcsMDcL4DFZn3hVK5jgo218czguXZNf=
6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQdWM9mw-2BE-2BTyaDjWq7hRnJgF=
fQstEQsoznzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJgSzwQVjmylfA6mXYSKBRxozfiGxYxP=
8Yo1l-2BQIFJuzMcyXl6C3ylLtkTDbgqlhsjlHT22j8qHQSulARGxZF3TG3-2FP4ZHzIlZ8OwGz=
AXrJzs8OUr7jZVp8zppOmrqY7c2aJMWDbOFECpJIPzM1vQHHlzecGSp70NVLhB-2FvHRy0oHi0b=
LnuODK8NzLYSwsAacyVHG2p2Np-2FtDJSMM-2Bum1N-2FiVhkvGbmN5s9rX7z7Owdgw7qArqGou=
Y2c-2FdOu7iQMLcaOjLoHsFS1KtOOYm7lkrg-2BaIQY-2BxiPRS2tfHG2Jeh4lpGpFizdMro6rO=
61LpvQleI-2F7" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Therm=
o Fisher Scientific</a></b> in a $1.1 billion deal.<br><br><b>Apollo Global=
Management</b> invested in <b><a href=3D"https://url6380.news.pitchbook.co=
m/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWbDM-=
2BB26Y-2FPQLuhPPhvXmlAFRHacN4SR-2Boc470u9jk2w-3D-3DErzr_Pr966knuaHmaw6c7pKv=
B-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRaTLY9w20-2Frmnrs3Y-2FYKcjq=
AchaGDKVl-2BxHL1TJr1BWMGZYSoHcsMDcL4DFZn3hVK5jgo218czguXZNf6qN5vdmIlbE3xAJw=
yKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQdWM9mw-2BE-2BTyaDjWq7hRnJgFfQstEQsoznzUvbSq=
pPn-2F0QAT9bGyn6J8O1tR1AGjFFJgSzwQVjmylfA6mXYSKBRxozfiGxYxP8Yo1l-2BQIFJuzMc=
yXyna-2FCrEzhHvIoUNIwUDkhFZEiJVyFz-2F-2FI6cQ-2BaSAeN5PXcj8NyiNLupf0-2FTq3-2=
BsqG-2F4qPhsfhZKyBS69cdkz-2B3z0UOPYbn2Q3YoFgK7OmxrSvqA-2BwWJH1EI-2Fyo6b9v1w=
R0TtAlyUlPljPA6P8RgekTFY1xlXQ0nCiBEtY-2BFcvRXtzFqf8rQDNjpp-2BnXjaYa0dsbaCl4=
JxzbOdn82DSt7cdmOJeTQLXpBisbZ5onEKV-2Fy-2BmqqwQGEAF7gOpxZU4JC-2F2i71JH6jHG-=
2FOoGTY-2BFbn" style=3D"color: #1D5080;" test=3D"" universal=3D"true">vVard=
is</a></b>, a Swiss dental firm, at a valuation of about $1 billion, Bloomb=
erg reported.<br><br><b>EQT</b> led an =E2=82=AC880 million secondary share=
sale for <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWbDM-2BB26Y-2FPQLuhPPhv=
Xml6b9J-2BUJFI7QpTtBgwoI8-2Fw-3D-3DNbK4_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJY=
L0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRaTLY9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1=
TJr1BWMGZYSoHcsMDcL4DFZn3hVK5jgo218czguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D=
-2FQi3kd6ZwUJyIQdWM9mw-2BE-2BTyaDjWq7hRnJgFfQstEQsoznzUvbSqpPn-2F0QAT9bGyn6=
J8O1tR1AGjFFJgSzwQVjmylfA6mXYSKBRxozfiGxYxP8Yo1l-2BQIFJuzMcyVRtl-2B9zf3h9H-=
2BBXAQ-2BgyYZDhqaPdN7WV6pbvg8uZ-2BkIDOblshgwWJZa1myDo83smCqYjt0udwCOAb9jCGG=
kpnZUTsLiW5Mh9pVSosjqJBSRf8QsR-2FFsGMNrQDUnLRQnQI4cmwsv9etA7x-2Fn2hOSmlXpbL=
Ww-2F67EzxOVLa9ZECIVJZoHpDcto2KggCahqVN6S-2FDDw3-2BPGVENkKMgAgmkKOVGBCM1K6X=
wpWS4TrPZbzcI2bq4YeioD8CUkS8vbTSSVrhbUHmSFhL-2B-2FGOkpV-2BvGQY" style=3D"co=
lor: #1D5080;" test=3D"" universal=3D"true">Vinted</a></b> that valued the =
Lithuania-based online fashion marketplace operator at =E2=82=AC8 billion.<=
br><br><b>Apollo Global Management</b> agreed to buy the <b><a href=3D"http=
s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
rf6GFa-2BaqM7ONnvsnswouzWbDM-2BB26Y-2FPQLuhPPhvXmlN-2BSRuPvG7EmNDXTpsy0m1Q-=
3D-3DqNNP_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68=
NVRaTLY9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcsMDcL4DFZn3hVK5j=
go218czguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQdWM9mw-2BE-2BT=
yaDjWq7hRnJgFfQstEQsoznzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJgSzwQVjmylfA6mXYS=
KBRxozfiGxYxP8Yo1l-2BQIFJuzMcyUQEhnwq-2BdSeSWy-2Fa1hNbmENBpBW-2BbHKO-2Bh7ql=
8UCy7ES6Woi9gmRRRKXLYIMIkZwhsSr3BZeyydqBdX9ADmj69j4I5ZXw7yFtQw2LgAJsveG-2Bp=
-2BtBLGkaie-2BAMLw-2BM7eQDGSrdQgW9bR1gE1PjySi3WFGi6tnsc4jG2FuiXcKmEbTwjaJ5Y=
xvZ6PVWEUdlRd9ZuAk-2FTJtpWmsh3LjEdKsTMLhR0CqNf5XgJBYNLNgPPfZIeRREs3rq5uO3EZ=
AcrAHhoc83DLAPEjNiVBxsm2ZP" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">interiors business</a></b> of <b>Forvia</b>, a French automotive =
products supplier.<br><br><b>Pelican Energy Partners</b> is to acquire nucl=
ear decontamination services company <b><a href=3D"https://url6380.news.pit=
chbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns=
wouzWbDM-2BB26Y-2FPQLuhPPhvXml3Gs3tPVKSrW3ePAbvxdkZA-3D-3DOUfu_Pr966knuaHma=
w6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRaTLY9w20-2Frmnrs3Y-=
2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcsMDcL4DFZn3hVK5jgo218czguXZNf6qN5vdmIl=
bE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQdWM9mw-2BE-2BTyaDjWq7hRnJgFfQstEQsoz=
nzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJgSzwQVjmylfA6mXYSKBRxozfiGxYxP8Yo1l-2BQ=
IFJuzMcyWQfyVSUlDqiwZap1KzgTuMxIdAYqdtzHuXnbiZo49UCepvgkfY0qmJ9uObveIzDTFh2=
6lc-2BuuOpVogOnR2yb-2FWTpXJlZjgT84HrZ5LXsce3JxKYiYFuVvpO1lkZslIkQ0MdnYLgcb9=
8sv0eQjvLLKvbUrrtusf4r-2BH27llcyeUdvlPCRi3SRFO4mheXqV7lGIsS6tGzNMsaqe7dq2G6=
X6Q3vJdpGIOZ-2FoE-2FAyuivh0-2FA-2Bu3GbUv1YJ0O3oV3u6XPSFXh1kpeeAu1u6H-2BElGf=
Yw" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Environmental Al=
ternatives</a></b>.<br><br>
Austin-based educational technology company =
<b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4=
n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWbDM-2BB26Y-2FPQLuhPPhvXmlNuGVkew=
avR1CUAylR67EcA-3D-3Dv25J_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVRaTLY9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHc=
sMDcL4DFZn3hVK5jgo218czguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJy=
IQdWM9mw-2BE-2BTyaDjWq7hRnJgFfQstEQsoznzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJg=
SzwQVjmylfA6mXYSKBRxozfiGxYxP8Yo1l-2BQIFJuzMcyUxolSBOrn3OqKJ7l0y9lBrlXPk5Pz=
AY-2BEbpCfaKJl5V4si8w69Jj-2BEvNUJCupNTVHVdUdKOqLQD-2BIhdT12geaGeIiOcVcutqtP=
g-2FeL6QLFFUGxUN7CzPMaYbIc4BuVeSOBNGDsdqB-2FdfXnWGKIrCEmePdIFVMdQQqyqttTyAz=
mpN1uZa2T7q9qDpzFivSz8Z92pc41rEhLzu0qTjYWnlIAd09luj19SxwmnkdXoiio7-2BZ1nCj4=
-2F1Bc7cv41-2Bkm7BkS4aHuXA9BulkvGOhodMNu" style=3D"color: #1D5080;" test=3D=
"" universal=3D"true">Literati</a></b> agreed to be purchased by <b>Trustbr=
idge Partners</b>.<br><br><b>Sullivan Street Partners</b> acquired <b><a hr=
ef=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4C=
uylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWbDM-2BB26Y-2FPQLuhPPhvXmly2YftWjguz3nDK3=
qZTM4tQ-3D-3DAoPJ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc=
Vf8UYA68NVRaTLY9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcsMDcL4DF=
Zn3hVK5jgo218czguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQdWM9mw=
-2BE-2BTyaDjWq7hRnJgFfQstEQsoznzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJgSzwQVjmy=
lfA6mXYSKBRxozfiGxYxP8Yo1l-2BQIFJuzMcyWG3-2FabgVJRVOqmKp4dM6Bx3hQ9x0hILX1g0=
b2drGva1ThTpjuETMCFA-2F-2FbJ2FZYB2SOFiZlEb8Cjwp1hZhrmyMu57xgiwEWl7nt6CpPcXm=
2-2BQkjHmFbyQIBY-2FeXSBcps3bzW2Z2Cmaj34ZrgwkqyaufBEMzcV72C8eKkYOb3fJF5b9xA8=
hEZZ4SVOhO27Tdabim48J7XeUVKixkiFSRCYGeYlqYradSSqaej1eeeHP6HyGhwySQKnCwjasJx=
si-2FdNnSZJtMkreBZbjvyo9ns5Z" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">Mi Hub</a></b>, a UK-based corporate uniform provider, from <b>LD=
C</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-2BaqM7ONnvsnswouzWbDM-2BB26Y-2FPQLuhPPhvXmlxim0-2BK1NdCq=
YCEUePClQBQ-3D-3Dh3pe_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43=
kbMcVf8UYA68NVRaTLY9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcsMDc=
L4DFZn3hVK5jgo218czguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQdW=
M9mw-2BE-2BTyaDjWq7hRnJgFfQstEQsoznzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJgSzwQ=
VjmylfA6mXYSKBRxozfiGxYxP8Yo1l-2BQIFJuzMcyUbrQ-2BS6vVmDiiig-2BdZSXsTkJu50ZH=
WsWdsN4nD5TX6dS4x-2F1jpmQ-2Bk2ZaJ2IomEQk-2FYzLxsnyFG-2FQfRShLkZvZD6Orq9-2FT=
ZIS3ACGg2R71x1nxKhOrrxQzi5A45smDI8EsKoLp0-2FV1duyRLflkKeVe7crN-2Bl8xrFAGMmx=
FHQJFizNbenj1Iu2KUnX8NossxenLHhLaHaLSAQAmbjxCD1yHSPKUMjISgaqsv-2Ft25kWzLjl5=
TEnrtJCdG-2B9vlGUmVbXOG8-2Fzsxegdox45E2tSNt3" style=3D"color: #1D5080;" tes=
t=3D"" universal=3D"true">Ajax Therapeutics</a></b>, a cancer drug develope=
r backed by <b>Goldman Sachs Asset Management</b>, agreed to be acquired by=
<b>Eli Lilly</b> for up to $2.3 billion.<br><br><b><a href=3D"https://url6=
380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2=
BaqM7ONnvsnswouzUQmG5aB9lCp-2Fi9LCm4FQRmJfSbCQDuIoaGTdSkoQXG3Q-3D-3Dmm1p_Pr=
966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRaTLY9w20-=
2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcsMDcL4DFZn3hVK5jgo218czguXZN=
f6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQdWM9mw-2BE-2BTyaDjWq7hRnJg=
FfQstEQsoznzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJgSzwQVjmylfA6mXYSKBRxozfiGxYx=
P8Yo1l-2BQIFJuzMcyUa9WytMshHZm3oPLCl4DELiCWNnhkYrNnKmksTr6HRsnyoWJQDAzdSYFg=
ocGdtD2vnfDwP2TULiIgojxTpBaegwq7TwNWHxlIpRIw8i-2BoRgTYjUpsKNTTw-2FPUrCkTjnG=
W33XzxyPhQNMhvrv9oqnIRGahMiGLUvqVrpTA5C7BnGEAHAVFtyW4W8Xoarqgh8CocokoDjLqDY=
0QydTAQ3Z0rahfEVDmkWFh6NzwJAqUOzGKGRpkAxDtu6D7A7alCs-2B6Wyv-2F1y6nEiC-2BZAA=
ttCfge" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Suja Life</a=
></b>, an organic juice maker backed by investors including <b>Monogram Cap=
ital Partners</b>, <b>Paine Schwartz Partners</b> and <b>Meaningful Partner=
s</b>, is looking to raise $213.3 million in its IPO.<br><br>
Biotech specialist <b><a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzUQmG5aB9lCp-2Fi9LCm4FQRmyG85IQPoCva7WWz4mfLR9A-3D-3DHfF1_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRaTLY9w20=
-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcsMDcL4DFZn3hVK5jgo218czguXZ=
Nf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQdWM9mw-2BE-2BTyaDjWq7hRnJ=
gFfQstEQsoznzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJgSzwQVjmylfA6mXYSKBRxozfiGxY=
xP8Yo1l-2BQIFJuzMcyUrH6LxwGQZvDUBGNvQJfVUimo-2FRbO7HXDwQgvqy4b4OmdckRA4U-2F=
eL-2FjapQYmrPS4GzTwYJu3SZzeykw85-2BzkhbG9QS-2FaCh-2FYz3oXvWS5sg-2FXXVMHlKOs=
Ge2dfYgCmi5oLbNahgkW2-2BbG8J9IwpzSsQP1I3jZy0w5sUUrqcubj3bJRfh1JJ7pYs1qHwx4c=
2vcQNTY66yGoU-2ByPB9YEUx2k7x66SO-2Btxde06oHyWGhogizWEIhQWbttI6XdWvWJbS0b7WP=
PW75f8fz0cdGBIFra" style=3D"color: #1D5080;" test=3D"" universal=3D"true">H=
emab Therapeutics</a></b>, backed by <b>RA Capital Management</b> and <b>No=
vo Nordisk</b>, seeks to raise about $212 million in its US IPO.<br><br><b>=
<a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73=
BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUQmG5aB9lCp-2Fi9LCm4FQRmeBNNjwiQ6CSO=
1bdu770-2BYw-3D-3DuOQK_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI4=
3kbMcVf8UYA68NVRaTLY9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcsMD=
cL4DFZn3hVK5jgo218czguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQd=
WM9mw-2BE-2BTyaDjWq7hRnJgFfQstEQsoznzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJgSzw=
QVjmylfA6mXYSKBRxozfiGxYxP8Yo1l-2BQIFJuzMcyU-2FDTW7g5HqrwlvoMhPg01eVYCu1qzi=
x3VxRQa9GyDs57ChYdkPrjTOZ81I9tniA1nm-2BYeMRuqDR3MXLmTZG9LZbnJyw5UmsdBM9MIKv=
K3Umdrz8eNE2-2BG7QyesLtnCarqcFQjZtz2gRmtSUjb8N6PirQSzLXZpLJum-2BP7eT3PQBwjm=
V0Goh8bPuSQAwmjib9utbecddF6rVl4xCxo03AFyQYxh9tB3KltL559mN4nuaKJ2nM3VD5NVkMB=
4TTOKZXdEgAFsKg-2FZQ0VNCmpZwOBD" style=3D"color: #1D5080;" test=3D"" univer=
sal=3D"true">Saavi Energia</a></b>, a Mexico-based power operator backed by=
<b>BlackRock</b>'s <b>Global Infrastructure Partners</b>, agreed to merge =
with conglomerate <b>Grupo Mexico</b>.</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Fundraising</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><a =
href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUQmG5aB9lCp-2Fi9LCm4FQRmlB2yrOIZLkRGMgD=
XpMDe-2BQ-3D-3Dk4Da_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb=
McVf8UYA68NVRaTLY9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcsMDcL4=
DFZn3hVK5jgo218czguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQdWM9=
mw-2BE-2BTyaDjWq7hRnJgFfQstEQsoznzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJgSzwQVj=
mylfA6mXYSKBRxozfiGxYxP8Yo1l-2BQIFJuzMcyVXZtj266y8cFH2MbE46i6Kxt2SU3l3mctFu=
iOzPfkG4msC2VcdkPFvmuRWmZCX1v-2Bkg0MZOjlfPcAtuvRKCdJ3PgDOV4xD5rcxhAUA8ZFerm=
YWcEFv0Y2H8oVG-2FTAGhLURpwnuGcEF9XHII5NmYQfSiICs1FoTg3bdcFw5sXsufToxxycNYoC=
O30IDo7SiMm-2B3Ctl-2FWFoS-2Fx9zZpc4-2BM4tA854-2BUgpjv-2FftsYOV99kSbpeCARczK=
cWYfu8xeL2TCdPxJQSCeN-2F8MVCNnFKM5YJ" style=3D"color: #1D5080;" test=3D"" u=
niversal=3D"true">Emerald Lake Capital Management</a></b> closed its latest=
fund on $825 million.</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Corporate M&A</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>She=
ll</b> agreed to acquire Canada-based oil and gas company <b><a href=3D"htt=
ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW=
Irf6GFa-2BaqM7ONnvsnswouzUQmG5aB9lCp-2Fi9LCm4FQRmd-2BlvMtNpyHVHqHFuKTEP4A-3=
D-3DPJba_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N=
VRaTLY9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcsMDcL4DFZn3hVK5jg=
o218czguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQdWM9mw-2BE-2BTy=
aDjWq7hRnJgFfQstEQsoznzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJgSzwQVjmylfA6mXYSK=
BRxozfiGxYxP8Yo1l-2BQIFJuzMcyURy5j2Pm2FP0MkSMwTIUJNuWzMkHeZkRn2xIM-2FvIBvRw=
kNw69ZD3xZF4mYWwjy-2BBW2bm7qDcMmwR2CaahbRJbEtNqOEVlUQ-2BpHpjWq9b7Qe0c2L-2Fn=
zCrIzSsaWzOFIEOQIMsbTvRowaXBBaO-2BaQPPz7pdEt85KEU-2BfN6XsvhWpW1iOFPW1RNzvFq=
XkNnxlW12KQxDb1McvhfQ7gp0baDxV8-2FYo-2FSw53PwobRRGvMrpzy78w0kWgnVJcNKl9vHQ9=
xDzwzQxLnF16IbIrffCX7ys" style=3D"color: #1D5080;" test=3D"" universal=3D"t=
rue">ARC Resources</a></b> in a $13.6 billion deal.</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-2BaqM7ONnvsnswouzUQmG5aB9lCp-2Fi9LCm4FQRmjEPhzIP=
ZgR8UEcU-2FtuhqOA-3D-3DqkL0_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B=
iQVI43kbMcVf8UYA68NVRaTLY9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSo=
HcsMDcL4DFZn3hVK5jgo218czguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwU=
JyIQdWM9mw-2BE-2BTyaDjWq7hRnJgFfQstEQsoznzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFF=
JgSzwQVjmylfA6mXYSKBRxozfiGxYxP8Yo1l-2BQIFJuzMcyUR2N8tyKuj-2FF6YMcrd2z-2Fqv=
qaYxJT4INiGSHixmZEa1-2BYJt50FaliyRXbaSbrUAhDLtDwbsFjyh1pQ0d4rOuRSh8cy1nfaL0=
unGZJSz1T-2BATx5IvVajMfVE1jgK-2F3mDGrVn6muibrbWuN1rtpDbRZGEEJtKckg666CwcUKq=
oWplkLWAdt-2BR4E9MxJxcls4u-2BU-2FI5PuyOP8AC-2BmDMgbEZLF6Yf5Su3GbqNZyCxrRLt6=
6DtSs5RWqh2LMhUNVSrSiyphpOr93iGyygT4bOYs-2FwTr" universal=3D"true"> <img al=
ign=3D"center" alt=3D"" src=3D"https://img.pitchbook.com/news/73996.png" st=
yle=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 fl=
uctuations reflect both the composition of the manager base and the outsize=
d influence of large vehicles on average calculations.<br><br>
Source: <b><a href=3D"https://url6380.news.p=
itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs=
nswouzUQmG5aB9lCp-2Fi9LCm4FQRmyZJ2FaoYFrEzXNb5qF8QaQ-3D-3Dd86T_Pr966knuaHma=
w6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRaTLY9w20-2Frmnrs3Y-=
2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcsMDcL4DFZn3hVK5jgo218czguXZNf6qN5vdmIl=
bE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQdWM9mw-2BE-2BTyaDjWq7hRnJgFfQstEQsoz=
nzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJgSzwQVjmylfA6mXYSKBRxozfiGxYxP8Yo1l-2BQ=
IFJuzMcyVuH65YLcXt39AFzXmdASBQ21QvUSIjybwRYHvQbvJhOU0iqRKKqY2ZySBYTibyQhhzB=
VwkI92nf67LqiTIg5f0AEuuj0W2GFU0uK0KeG-2Fw-2B7F6Domq1xd2yu-2F4EV-2BBBpWG8cJs=
OIJVTOObkoWn91txB3Dy1Ra7MGX04w3g53QNTUERRKWEWt6SiFFo-2BoZ2T6Bbqlb5MR-2BbvYF=
wX3g-2B1gARhh2za3NrECH7cpKAaqNK1HZnGZttfS2gG2ZUj-2BrDpGxD-2F47wovkvEgROkz1W=
LrrF" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Who=E2=80=99s =
Funding Defense Tech?</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-2BaqM7ONnvsnswouzUQmG5aB9lCp-2Fi9LCm4FQRmqunDU00ri=
4uKUo1qWtIJbQ-3D-3DZOv__Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRaTLY9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcsM=
DcL4DFZn3hVK5jgo218czguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQ=
dWM9mw-2BE-2BTyaDjWq7hRnJgFfQstEQsoznzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJgSz=
wQVjmylfA6mXYSKBRxozfiGxYxP8Yo1l-2BQIFJuzMcyVQG1p7kewfRelf2KirOreGR1NWw-2Fn=
00MpIeQdf-2FBmn6juTEk4hoxVwQog0ZLOXWTHxOBx-2Fryxm6MrD0dwUFhABZy7fdam8gvSiBx=
MiqbTelq9zhET-2BK4-2BzBNAk6rIM0HxDDZSZQTo1R0jhXOEJTOTV3bCPZ1K4Bevwqw9no2r4F=
xTIbcGkjowzc4yQ2C5s8IlTXSzNP3nKi-2BTkgY0ZYYxD3ZX88MMMEjynnTEfClkFKrQZPYDsb-=
2FQAHBdT5bL0iCFMbmllnyOzwD5SW9-2F5FUN6" target=3D"_blank" style=3D"text-dec=
oration: underline; color: #1D5080">About PitchBook</a> | <a href=3D"https:=
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bp-_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRaTL=
Y9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcsMDcL4DFZn3hVK5jgo218c=
zguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQdWM9mw-2BE-2BTyaDjWq=
7hRnJgFfQstEQsoznzUvbSqpPn-2F0QAT9bGyn6J8O1tR1AGjFFJgSzwQVjmylfA6mXYSKBRxoz=
fiGxYxP8Yo1l-2BQIFJuzMcyUqKxEN4tV9X8Ys-2FE3W-2B-2FVwWg6uxq1monVX4ZKqFVEY1V7=
KGRQCNFRr0RrLYcoH3sZOcHu9j7uzRLgqbgK-2BZK6Jf9cb9V9Il9xyLsfwQoCgFkrYuDwV87Q5=
qlb6PwzB5Q42ApDlah-2FsVLjD7XGE14B77xtQ85jj4r60Sm0KJlMhIe1TuCWFPuA4Cod-2BwIA=
y4GvEwQJ0OLFy3-2B2-2BAT1YH29F8jQt0-2Bc5BgvFjjA2CM0TNyQnKe33jaMBk4lUJxzxtJoD=
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J0O_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRaTL=
Y9w20-2Frmnrs3Y-2FYKcjqAchaGDKVl-2BxHL1TJr1BWMGZYSoHcsMDcL4DFZn3hVK5jgo218c=
zguXZNf6qN5vdmIlbE3xAJwyKckR-2Bz6v8oo1D-2FQi3kd6ZwUJyIQdWM9mw-2BE-2BTyaDjWq=
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<table width=3D"100%" cellspacing=3D"0" cellpadding=3D"0"=
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<table cellspacing=3D"0" cellpadding=3D"0" border=3D"=
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<td style=3D"padding-right: 10px; font-size: 10px;=
">Follow us:</td>
<td style=3D"padding-right: 10px"><a href=3D"https=
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