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Content preview: PitchBook Newsletters Winners and losers in war; another
slow fundraising quarter; European legal tech on pace for record year; mapping
the AI super-cycle May 26, 2026 | Read online | Manage your subscription
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raising Report</a></b>, sponsored by Nuveen.<br><br>
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<td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_581191" id=3D"n_581191" style=3D"font-size: 0; text-decoration: non=
e;"></a>=20
<table lang=3D"x-news-group-title" cellpadding=3D=
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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;"> Music catalogs strike a chord =
with private capital=E2=80=94but investors want more than just royalties </=
span></td>
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8px; font-family: Roboto, Arial, sans-serif; font-size: 10px; line-height: =
27px; color: #78766F; text-align: right; font-weight: 300">Beyonc=C3=A9 (Ke=
vin Mazur/Getty Images)</td>
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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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<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 =
Emily Lai, Private Equity Reporter</i><br><br>
Blackstone's exit from a 45,000-song catalog=
this month, selling Recognition Music Group to a joint venture run by Sony=
and Singapore's GIC for around $4 billion, is the latest sign that <b>inst=
itutional capital is finding its footing in the music rights industry</b>.<=
br><br>
The deal=E2=80=94which comprises Recognition=
's entire catalog of works spanning artists such as Beyonc=C3=A9, Leonard C=
ohen, Lady Gaga and Mariah Carey=E2=80=94follows the tie-up between Sony an=
d GIC in January to buy high-quality, marquee catalog assets across a range=
of genres.<br><br>
It is not the only notable transaction to cl=
ose recently.<br><br>
In March, Francisco Partners agreed to sell =
Kobalt Music Group to independent publisher Primary Wave in a deal that cou=
ld value the company at more than $1.5 billion, roughly double what the PE =
firm paid in 2022. The deal, pending approval, would create a combined enti=
ty with more than $7 billion in assets.<br><br>
In April, Bill Ackman's hedge fund Pershing =
Square made a <b>$64 billion offer</b> for Universal Music Group=E2=80=94on=
e of the largest bids ever made for a music company.<br><br><b>Significant =
pools of capital are also being raised to target the sector.</b> Last year,=
Swedish music investment firm Pophouse held a final close of its inaugural=
fund on =E2=82=AC1 billion, reaching its hard cap and making it one of the=
largest first-time fundraises in Europe in the past decade.<br><br>
"Historically, [music rights] haven't been a=
vailable for investors to invest in, because it's been really complicated a=
nd almost exclusive for strategic investors. But now, <b>revenues are trans=
parent as they come from streaming services; it opened up the market for in=
vestors</b>," said Johan Lagerl=C3=B6f, fund managing partner and head of i=
nvestments at Pophouse.<br><br>
In the past, investments in music involved c=
omplex risks in physical production, including determining the right number=
of records to print and securing warehouses and trucks for storing and sel=
ling them.<br><br>
Today, <b>digitization and streaming platfor=
ms have changed music into a global investment thesis and an opportunity to=
grow at scale</b>.</td>
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eVo1Q-2BiG3vOx2hPKTq6cbDt2lNxZ537cDR9gNfO2ECE6lZdCKjRgPxk6m-2Bww4HgxInt5cpB=
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gzVqLIeCoz8HDH-2BB-2BqE2QT72ttZ7PQQKKayyMSZgN57hZttKYQihqgMXQpzQ0QefkGpGa2w=
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<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_581113" id=3D"n_581113" 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;"> Put your brand in front of pri=
vate market decision makers </span></td>
</tr>
</tbody>
</table></td>
</tr>
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<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<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">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-2BaqM7ONnvsnswouzVVo80EiirYpUztnGxNonTVj75G9ak=
ERyJmgNPFcMQxcA-3D-3D_k98_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFmD-2F9OnmF-2BzEXRTVK4XNWecLI6Aw16vyWZQyk1eVo1Q-2BiG3vOx2=
hPKTq6cbDt2lNxZ537cDR9gNfO2ECE6lZdCKjRgPxk6m-2Bww4HgxInt5cpBCTJ-2FaHRXWGgp-=
2FWq12LlkaX0fAW7b0tK6RuU-2BX6cPPT0YdtPQqkdgQAFfAkXhivS-2Bd-2Bxk1q2ijPs4kNzP=
a1Y8RXgge40ek1NxDRgpf3w4OzgTg3VfsrA47c8j7ZLTOY5-2FdedBaDjDfpDRIqhXYW0gpuFd-=
2FWLKvd-2BBgn2eSrFSvoTG2NGSH7Q4u-2Bzikg1puFx986n1XRaXFrGwpxi6gslmeEnQGEXm7N=
eW-2Foq7ZZxKFvRNdzrM7ZlR5aF1VNFFOCDpzH6f4gmkR1cGQcDs4Ns6m1tf6throGVsd8ejoZS=
Q-2BeHt3YdEQdTbVb2HO0MHy-2BlBBgWCzHpmy-2FMZojvoMONja6s7CM-2BgchMicBZfrxbAl9=
H5VfwMSDtJ8HL2PZH40cQ-3D" style=3D"color: #1D5080;" test=3D"">Explore adver=
tising and custom research opportunities</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>
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<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>
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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>
<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>European legal tech VC is on pace for a record year</b>, reflecting =
a view that the market is large enough to sustain multiple players that can=
compete with the AI giants such as Anthropic moving in on the sector's tur=
f. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4=
n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVVo80EiirYpUztnGxNonTVvgKz-2Frgu5=
E7r58FugQ3OuQ-3D-3DEHmJ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb=
cbdWeUgFVa0m8PzsFmD-2F9OnmF-2BzEXRTVK4XNWecLI6Aw16vyWZQyk1eVo1Q-2BiG3vOx2hP=
KTq6cbDt2lNxZ537cDR9gNfO2ECE6lZdCKjRgPxk6m-2Bww4HgxInt5cpBCTJ-2FaHRXWGgp-2F=
Wq12LlkaX0fAW7b0tK6RuU-2BX6cPPT0YdtPQqkdgQAFfAkXhivS-2Bd-2Bxk1q2ijPs4kNzPa1=
Y8RXgge40ek1NxDRgpf3w4OzgTg3VfsrA47c8j7ZLTOY6XMnm0d3-2FDY2A1XHzyWruRau7TRxi=
IcduiKDbXCHQ8sGKwQRY4HPkljuNoKStFxk46tJ2-2FaDWIT0XQYxQFff-2FOKZ-2B0F3PgwvHg=
Ycn-2BsjTTqW2Mu6CpooSn7AhTFuWD5bEmFjl0oI-2FA9PFE54NOXYb-2BduebtZBXfXTYhLcKZ=
M-2BRVKgv2deI7Rdt-2BNHvXttmD2YYtY7pEa5FdyrRjwIxo6RDSS-2FXpF40VIkx2ZEBksTwPv=
iXZkCJPxKi7uec9Sr08pI-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"=
true"><b>Read more</b></a><br><br>
=E2=80=A2 <b>ICYMI: The AI super-cycle is a =
$5.4 trillion capital story</b> unfolding across a 25-layer tech stack=E2=
=80=94and private markets investors need a map. <a href=3D"https://url6380.=
news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM=
7ONnvsnswouzVVo80EiirYpUztnGxNonTVk9FHPG4l1fYdDHLufEDo8g-3D-3D-8EP_I3w5d9c0=
1gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFmD-2F9OnmF-2BzE=
XRTVK4XNWecLI6Aw16vyWZQyk1eVo1Q-2BiG3vOx2hPKTq6cbDt2lNxZ537cDR9gNfO2ECE6lZd=
CKjRgPxk6m-2Bww4HgxInt5cpBCTJ-2FaHRXWGgp-2FWq12LlkaX0fAW7b0tK6RuU-2BX6cPPT0=
YdtPQqkdgQAFfAkXhivS-2Bd-2Bxk1q2ijPs4kNzPa1Y8RXgge40ek1NxDRgpf3w4OzgTg3Vfsr=
A47c8j7ZLTOY5b6MJFCzS1Jth-2FZp6l0jIT21JqhaR9rSLsm-2F0cdGxMwZuL-2F6TFt1FoT2z=
De-2F2N-2FtYUPtJQYFUpgpeJi-2FFGTROUTcW6nGsFNM0gfM5uAinfthYp-2B7qPWHwizNWvVN=
vDpBWbQU5yri1TzKInwRfnnxuwVksMSiu2kaOsvDzL9HaEtdpN-2BBPEfrQ-2BuQe7xl7Q5IimM=
Zm0mX6XTpLDfAvVuFNudcwCURv9unm4PavIkY-2BAHhfNvKL-2BTz59PaaRB6hWyzY-3D" styl=
e=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Get the research here=
</b></a><br><br>
=E2=80=A2 <b>Nearly 87% of US VC acquisition=
s in Q1 carried undisclosed valuations</b>, a sign of markdowns and muted r=
eturns, according to our recent US VC Valuations and Returns Report. <b><a =
href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVVo80EiirYpUztnGxNonTV8RoCK8Mch1L4-2BR4=
WeLSuTg-3D-3DHfsG_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU=
gFVa0m8PzsFmD-2F9OnmF-2BzEXRTVK4XNWecLI6Aw16vyWZQyk1eVo1Q-2BiG3vOx2hPKTq6cb=
Dt2lNxZ537cDR9gNfO2ECE6lZdCKjRgPxk6m-2Bww4HgxInt5cpBCTJ-2FaHRXWGgp-2FWq12Ll=
kaX0fAW7b0tK6RuU-2BX6cPPT0YdtPQqkdgQAFfAkXhivS-2Bd-2Bxk1q2ijPs4kNzPa1Y8RXgg=
e40ek1NxDRgpf3w4OzgTg3VfsrA47c8j7ZLTOY7VXfiX92XvbDOLpPoAyQHtqrXmC36qPlPiX2Y=
EjIcewrDJ7qyFb4ejVqYdfc6GYhTqkgrTF3sBNKbUq2uAV5UBisWmzn6aAJTk0Q5M0hCvQjmWEX=
HBQK9aSl75ZlxJtTJdoPBmDU92aptuW9AovVye0w1rZT39fHSINcVxKePOZDJukhYay0ah4zt8X=
qxk8VWArlqgHCxGY3YCgkurzxebmYi2wEhalyh3MRZNP09ttD8ts2th8yQqeWg1Tu0x50M-3D" =
style=3D"color: #1D5080;" test=3D"" universal=3D"true">Check it out</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" 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_581205" id=3D"n_581205" 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;"> None if by land, and two if by=
sea </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-2BaqM7ONnvsnswouzVVo80EiirYpUztnGxNonTVt0b77Vp0M=
CNveJR7N2RL5g-3D-3Dg4Ck_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb=
cbdWeUgFVa0m8PzsFmD-2F9OnmF-2BzEXRTVK4XNWecLI6Aw16vyWZQyk1eVo1Q-2BiG3vOx2hP=
KTq6cbDt2lNxZ537cDR9gNfO2ECE6lZdCKjRgPxk6m-2Bww4HgxInt5cpBCTJ-2FaHRXWGgp-2F=
Wq12LlkaX0fAW7b0tK6RuU-2BX6cPPT0YdtPQqkdgQAFfAkXhivS-2Bd-2Bxk1q2ijPs4kNzPa1=
Y8RXgge40ek1NxDRgpf3w4OzgTg3VfsrA47c8j7ZLTOY4jjra2YpjOcAkSg-2B5-2BP9b3Ecl9u=
vOdBy8OmTLRh7W6aaLZXMgBqSrFOZ1DScQyQ6PUGHsDxGmS5i1GO1E-2FCW7Fb1-2BiafOTb4-2=
FpDhEa4D2o5aoreCehVI4W-2FMvhVElU57zfTVKF507jKQ4sDtc4Ze7hdnIMXBB9hAWbkBI-2FR=
Zdvru-2FNFxXAcLTdjUWpvnsOKz4KADfAGKF0dEP-2F0KI7UztofPVKCEpPiNnqN06trI8v0wr5=
zkHRpBPpwfax-2Fc32FLU-3D" universal=3D"true"> <img align=3D"center" alt=3D"=
" src=3D"https://img.pitchbook.com/news/74501.jpg" style=3D"border: none; w=
idth: 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"><i>By =
Jim Corridore, Lead Industrials Research Analyst</i><br><br>
The Iran war has reshuffled the private equi=
ty investment landscape across every major industrial sector, with one of i=
ts most consequential implications flowing from a single strategic choice: =
the Pentagon=E2=80=99s execution of the entire campaign from the air and se=
a.<br><br>
Iran's closure of the Strait of Hormuz sever=
ed roughly 20% of global seaborne oil and liquefied natural gas trade, leav=
ing investors scrambling to navigate deal sourcing, portfolio monitoring an=
d diligence. <b><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVVo80EiirYpUztnGxNonTVS=
IMJwqFbShfBvjVUGqO8Gw-3D-3DKhJL_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-=
2F3t1yZbcbdWeUgFVa0m8PzsFmD-2F9OnmF-2BzEXRTVK4XNWecLI6Aw16vyWZQyk1eVo1Q-2Bi=
G3vOx2hPKTq6cbDt2lNxZ537cDR9gNfO2ECE6lZdCKjRgPxk6m-2Bww4HgxInt5cpBCTJ-2FaHR=
XWGgp-2FWq12LlkaX0fAW7b0tK6RuU-2BX6cPPT0YdtPQqkdgQAFfAkXhivS-2Bd-2Bxk1q2ijP=
s4kNzPa1Y8RXgge40ek1NxDRgpf3w4OzgTg3VfsrA47c8j7ZLTOY5yfQYFkX9Hlwp-2F7PFnc4E=
aa7W2gfpLCPzpQSVi4JAqmqjkqszU4F-2BFMuGrYQzY-2BQjoXwvCFti5mHmLrzqzePyCM4wWFK=
mupYXgaO7-2FuQ36vSsWtkNhs8xjKSsauZBYQdHqGu-2BwI5wPRJAFoh0q5pbAg4IbaiJwoyZ-2=
FPeYfkhXRS3JT0qN8aEuP-2Fs4-2BE6uGZ0wvQyjWGZvZiSHie3NxRGZ4UaITTgNke6SR7LGFFz=
N9ffVlsf3y-2FcrcIQ5U3nMT31A-3D" style=3D"color: #1D5080;" test=3D"">Our new=
analyst note</a></b> helps <b>PE and VC investors identify which categorie=
s to pursue and which to avoid, and spells out potential acquisition target=
s. </b><br><br><b>Winners in this investment landscape</b> are concentrated=
in areas where fighting created irreplaceable demand. Ballistic missile in=
terceptors were fired at rates that peacetime production lines cannot quick=
ly replace, opening a multi-year replenishment cycle that runs through prop=
ulsion, guidance and energetics suppliers rather than the prime contractors=
.<br><br>
The conflict also exposed a cost-exchange pr=
oblem that has no easy fix: million-dollar interceptors repeatedly used to =
defeat drones costing a fraction of that, creating urgent demand for cheape=
r counter-drone solutions.<br><br>
The Hormuz closure permanently re-rated the =
strategic value of domestic oil and gas production with Gulf Coast export a=
ccess, and made energy security infrastructure a legislative priority that =
accelerates an already-building consolidation wave in US electrical contrac=
ting.<br><br><b>Losers include ground platform suppliers,</b> which lack a =
demand catalyst from a war with no sustained land combat and are now compet=
ing for a defense budget redirected toward airborne and maritime systems.</=
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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cing=3D"0" lang=3D"x-content-btn">
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order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http=
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I2c4yC4vAgVtWCaZSKw9ACj40Tx-2BeuyuZQrDnibkGVbfmrpymv-2FuLXgpJLR9z5Uwh-2FRWE=
-2BNlTlmpEiMulonGRZlXPdLswxX-2BRyyzhCdTKmPTUfu5ipqXAn6iS0qxcxDHpi17YRsZiT-2=
FhBhnnuzH1Y7AX4KAL80SKABpukwWAq9X-2BxFoL5BOPR4wXPj-2ByKfHuNQXSiTTQnqrXKAGs-=
3D" style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-=
decoration: none; color: black; padding-left: 3px" target=3D"_blank" univer=
sal=3D"true">Download the report<img height=3D"24" src=3D"https://fonts.pit=
chbook.com/newsletter/arrow-right.png" style=3D"vertical-align: middle; mar=
gin-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 research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVVo80EiirYpUzt=
nGxNonTVyruHqULOpHs4gez-2BerQmlw-3D-3DypeS_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarH=
kxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFmD-2F9OnmF-2BzEXRTVK4XNWecLI6Aw16vyWZQy=
k1eVo1Q-2BiG3vOx2hPKTq6cbDt2lNxZ537cDR9gNfO2ECE6lZdCKjRgPxk6m-2Bww4HgxInt5c=
pBCTJ-2FaHRXWGgp-2FWq12LlkaX0fAW7b0tK6RuU-2BX6cPPT0YdtPQqkdgQAFfAkXhivS-2Bd=
-2Bxk1q2ijPs4kNzPa1Y8RXgge40ek1NxDRgpf3w4OzgTg3VfsrA47c8j7ZLTOY74cGqe4kWMD7=
Xe1MM1AHexUkj-2BRI6kqqQ06PNs0W1uuyQ6d3hETK1eTQ8Eg7JhoCe7y19bFkVi5R-2BSg5d-2=
Bx-2FtuuXgFAdi6gNALW3Pg04LxAgW3ZcV3jL1mmEXZ9Uy2y7SoOVJIgpgCTwtaWjY1QgZYkY6V=
lKW0YxJwVJQjG9x77-2FCbtvs5dzLfDwq-2FoBywU7OQaQYzsVMFY5I-2Fdv5I-2FEK1qK7z2or=
EY61KHZ072EzhB-2Bkqhia1yPlDoS9OAQy0ZDc-3D" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true">The Iran War Viewed Through a PE Lens</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>The world's largest toilet-make=
r is going gangbusters</b>. Toto makes a critical memory-chip component in =
a ceramics division that exists in large part because Japanese firms need w=
ays to keep lifetime employees busy. [<a href=3D"https://url6380.news.pitch=
book.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVV=
o80EiirYpUztnGxNonTV-2FUaN-2FxbHl-2F8CrKRMNX0wgQ-3D-3DdOw2_I3w5d9c01gkD8gLz=
FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFmD-2F9OnmF-2BzEXRTVK4XN=
WecLI6Aw16vyWZQyk1eVo1Q-2BiG3vOx2hPKTq6cbDt2lNxZ537cDR9gNfO2ECE6lZdCKjRgPxk=
6m-2Bww4HgxInt5cpBCTJ-2FaHRXWGgp-2FWq12LlkaX0fAW7b0tK6RuU-2BX6cPPT0YdtPQqkd=
gQAFfAkXhivS-2Bd-2Bxk1q2ijPs4kNzPa1Y8RXgge40ek1NxDRgpf3w4OzgTg3VfsrA47c8j7Z=
LTOY6b7d4543gnOG3sKHIBxBYVmID1eMasDVlCEqFBl4jhbRSNimOZBK4oEJXhqqqjqencz1Ayz=
BNG72QJ1HGtNxsXg41BwDyfxzpN-2Bxbp91S-2B0SpAh0oYD0gkMJ8z2jLWuTEiOS-2BNpi1fj5=
2vffbw465GJ91f4mCpGSaBVy8MK5Z3Y3c-2Fpb8-2FtnZOzHaye1klyzmFq6flY2QIuNZ-2Bjlx=
FY5FbGPJdhqls2cCRp-2FvizRObImh279tGlk-2Ff0g8u9Q1rvPs-3D" style=3D"color: #1=
D5080;" test=3D"">David Oks</a>]<br><br>
=E2=80=A2 <b>Pope Leo warns of AI's dangers =
to humanity.</b> In his first major teaching, the Pontiff said the world wa=
s at a moral crossroads and needed to 'disarm' the technology. [<a href=3D"=
https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
rf6GFa-2BaqM7ONnvsnswouzWSXnugLNdyLKFkRbI9BxnVqq9awij4lVwSlVQxD2u9ZQ-3D-3Df=
sG4_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFmD-=
2F9OnmF-2BzEXRTVK4XNWecLI6Aw16vyWZQyk1eVo1Q-2BiG3vOx2hPKTq6cbDt2lNxZ537cDR9=
gNfO2ECE6lZdCKjRgPxk6m-2Bww4HgxInt5cpBCTJ-2FaHRXWGgp-2FWq12LlkaX0fAW7b0tK6R=
uU-2BX6cPPT0YdtPQqkdgQAFfAkXhivS-2Bd-2Bxk1q2ijPs4kNzPa1Y8RXgge40ek1NxDRgpf3=
w4OzgTg3VfsrA47c8j7ZLTOY7Cw8M10Y7gSeyQlv-2FmmkGQg9ODrCfh6TM1iiuxo189yW3Moe5=
bw4vEwYQ9KIUda1CKQurFgE26M7SHJP7-2B95eHSTGJEJqQMFHGXtd1DHgWV-2F4-2BhiaiRd5M=
-2F-2B8FxRaFKICOG2Z4Bfyn-2BA3A9EIJJBjzY0ZCRClfve6-2FyQkXcj4Gnmwby2q8hVB-2Bb=
O92ILkVO-2FzsFEvS285fszTIYoM-2FTvMc7DZ8R4vLJ8fuVA36kBtMwqETDJaCF5LvGs5RodN7=
4J8-3D" style=3D"color: #1D5080;" test=3D"">BBC</a>]<br><br>
=E2=80=A2 <b>Machines writing bad poetry isn=
't a 2025 problem.</b> In 1962, a California defense contractor's Auto-Beat=
nik churned out 5,000 poems an hour. One critic said they were better than =
most avant-garde work. [<a href=3D"https://url6380.news.pitchbook.com/ls/cl=
ick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWSXnugLNdyLKFkRb=
I9BxnVRgueZN9dxrSdCbdQpKJMQw-3D-3DUvqx_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBR=
FCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFmD-2F9OnmF-2BzEXRTVK4XNWecLI6Aw16vyWZQyk1eV=
o1Q-2BiG3vOx2hPKTq6cbDt2lNxZ537cDR9gNfO2ECE6lZdCKjRgPxk6m-2Bww4HgxInt5cpBCT=
J-2FaHRXWGgp-2FWq12LlkaX0fAW7b0tK6RuU-2BX6cPPT0YdtPQqkdgQAFfAkXhivS-2Bd-2Bx=
k1q2ijPs4kNzPa1Y8RXgge40ek1NxDRgpf3w4OzgTg3VfsrA47c8j7ZLTOY5jThuaT2-2FYnNgt=
jY3loqA-2FfTImmjDh9Qnch0VToSFOMwj0lPHb-2BMDc35lZ8yD4c-2Bl11d1L1t8CAW9i721Yk=
sl5A4nW3OpVwe8-2FyFOY-2B3u4Z5orw-2BvwyOsaGjY38jYjKlAW5bV9y3rbZaWF5dVdmHfPky=
r9rOyYBF4AwywCyOattcoOmn0k5B7wQ-2BxAOhXNapu-2BVyAIQ4fICc82dRij4Aen-2BOlbG4S=
7f0lII9KHh5-2BenDVmD6GZKDASeHH8KvAp67o-3D" style=3D"color: #1D5080;" test=
=3D"">The New Yorker</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 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-2BaqM7ONnvsnswouzWSXnugLNdyLKFkRbI9BxnV6NecZbWSGO1a6ccsq9UG2Q-3D-3DeLn=
t_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFmD-2F=
9OnmF-2BzEXRTVK4XNWecLI6Aw16vyWZQyk1eVo1Q-2BiG3vOx2hPKTq6cbDt2lNxZ537cDR9gN=
fO2ECE6lZdCKjRgPxk6m-2Bww4HgxInt5cpBCTJ-2FaHRXWGgp-2FWq12LlkaX0fAW7b0tK6RuU=
-2BX6cPPT0YdtPQqkdgQAFfAkXhivS-2Bd-2Bxk1q2ijPs4kNzPa1Y8RXgge40ek1NxDRgpf3w4=
OzgTg3VfsrA47c8j7ZLTOY4lCCf12DvlyuYZobErioQZjCBU2bq5H9A6DsBE4KL4QgyWLIsU9om=
PCxnxirfY-2FaVSKDyEOgf1OfSL-2BUF3yB-2Fg2wk-2Bxef-2FyciF-2B7LAXE2O9XG1ugyaNB=
twh4U4BpMpDecyBaBxqT-2FwORPOO8GKitktEcfMg9dBiQ9qEReWpME3Yt4B0gSDM-2BDWz2e7n=
OhZv8q4xLKufG0JbfPiUIwXeziZ5G9jO9vN2zDE38M3hU-2BlNHLZN35E71Wg1mrCI92y0Qs-3D=
"><img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4559/Whitehorse=
banner.jpg" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; border: 0px; di=
splay: block; width: 100%; height: auto;"></a></td>
</tr>
</tbody>
</table></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;">
587
</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;">
2309
</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;">
1052
</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;">
30
</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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.5px;
border-radius: 99=
9px;
background-color:=
#F79B3E;
width: 150px;
mso-hide: all;"> =
Request a free trial </a> </td>
</tr>
<tr>
<td style=3D"height: 25px; line-height: 25px;"=
></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td height=3D"20" style=3D"line-height: 20px;"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_581120" id=3D"n_581120" style=3D"font-size: 0; text-decoration: non=
e;"></a>=20
<table lang=3D"x-news-group-title" cellpadding=3D=
"0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;=
">
<tbody>
<tr>
<td><span class=3D"outlook-caption-override" s=
tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s=
erif;
font-weight=
: 500; font-size: 20px; line-height: 26px;"> The Daily Benchmark: 2016 Vint=
age Global Real Assets 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: 65.85152838427948%; mi=
n-width: 65.85152838427948%; max-width: 65.85152838427948%; 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">7.54%</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">11.45%</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;">
0.54x
</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=
swouzWSXnugLNdyLKFkRbI9BxnVzzVq8byLWmbxniQt-2FpqYxw-3D-3Dd3XF_I3w5d9c01gkD8=
gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFmD-2F9OnmF-2BzEXRTVK=
4XNWecLI6Aw16vyWZQyk1eVo1Q-2BiG3vOx2hPKTq6cbDt2lNxZ537cDR9gNfO2ECE6lZdCKjRg=
Pxk6m-2Bww4HgxInt5cpBCTJ-2FaHRXWGgp-2FWq12LlkaX0fAW7b0tK6RuU-2BX6cPPT0YdtPQ=
qkdgQAFfAkXhivS-2Bd-2Bxk1q2ijPs4kNzPa1Y8RXgge40ek1NxDRgpf3w4OzgTg3VfsrA47c8=
j7ZLTOY7PKAHDeLEgrwgrdFmuMA0yR-2F8FSZ8QPD-2FaEvb4pL348x4H5rdXiL1pKtScrTlJY7=
PON8QTN6z-2FPmRq-2Bn5GvbwNg7AsCOsBn2FT8epTrGWeuAM-2Fh0IGCq5eOVZ6x2oTM7Eyxtb=
0Qw3NnTSxSActqKIvUQbW-2FqFaSFFUnlsILDUD3obLJ1z2PLE6mzzr5PAtqOT04jl7eeox03fE=
Bs5EOTyjOIKHUEYMYFT57h52wqudnga4IQkBqDtJ302jyh7ORi4-3D" style=3D"font-size:=
14px; line-height: 24px; color: #1D5080;" universal=3D"true">Kimmeridge En=
ergy Fund 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=
swouzWSXnugLNdyLKFkRbI9BxnVOB-2BgLu0XymgS5TCI47F7XQ-3D-3D-l3n_I3w5d9c01gkD8=
gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFmD-2F9OnmF-2BzEXRTVK=
4XNWecLI6Aw16vyWZQyk1eVo1Q-2BiG3vOx2hPKTq6cbDt2lNxZ537cDR9gNfO2ECE6lZdCKjRg=
Pxk6m-2Bww4HgxInt5cpBCTJ-2FaHRXWGgp-2FWq12LlkaX0fAW7b0tK6RuU-2BX6cPPT0YdtPQ=
qkdgQAFfAkXhivS-2Bd-2Bxk1q2ijPs4kNzPa1Y8RXgge40ek1NxDRgpf3w4OzgTg3VfsrA47c8=
j7ZLTOY72ODeg9enrI-2BXaHlmIUlgcnmZASbLx-2BmNOQgkgk9na2Mvbd1kNA1mrffYyd0Q-2B=
k0ABtkU-2FoxrNo-2B-2F0M3C3n-2ByPOOTfSBjXCanVmJ9vTDdeNAiGmZcRpJVdywkZUEKaP3y=
j6pD4VIxN9Pk-2BhDP56xS3VG1GzzXizs1unaq0UDwrXW-2BXbJ5WbHodVAWAsUUGZLjMp-2Bff=
S8zRwCZm6b6pc-2BF5-2B4PtJQX8WgNQi-2FCJxDJE5lwTB-2BMTG1-2ByVZdhMK-2Fss18-3D"=
style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D=
"true">AIM Storage </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=
swouzWSXnugLNdyLKFkRbI9BxnVsC9kYV5hmUJIzfc9umgSag-3D-3Dd6k4_I3w5d9c01gkD8gL=
zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFmD-2F9OnmF-2BzEXRTVK4X=
NWecLI6Aw16vyWZQyk1eVo1Q-2BiG3vOx2hPKTq6cbDt2lNxZ537cDR9gNfO2ECE6lZdCKjRgPx=
k6m-2Bww4HgxInt5cpBCTJ-2FaHRXWGgp-2FWq12LlkaX0fAW7b0tK6RuU-2BX6cPPT0YdtPQqk=
dgQAFfAkXhivS-2Bd-2Bxk1q2ijPs4kNzPa1Y8RXgge40ek1NxDRgpf3w4OzgTg3VfsrA47c8j7=
ZLTOY5bfL4954hAanPvaANZikoh6Rgjmu1YZi2vGNuyMUgf6dZclrEhBbFHtXrzjj6e2MPc-2F0=
NdXigOrNZdQVsoacmzg6KosclUn7VARRS4uD95Cqe-2FzAqEqVZiI0W4zF5HRzfqfqOblk1OiH1=
y928HjuUOQF6d86HzN-2BrN-2FVO2oJX7hbDsRTBTjNtKlpB3SN1HqIjwlpjRdmtIg95FkLmjmL=
gJH2HgOid00lkphddxXKZYplL-2Fu8nmrqYbBu2MjyIBtgo-3D" style=3D"font-size: 14p=
x; line-height: 24px; color: #1D5080;" universal=3D"true">AIM Landfill </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-2BaqM7ONnvsnswouzWSXnugLNdyLKFkRbI9BxnV1cMFiD=
s-2F67BKatU3UbEXaw-3D-3DpL-m_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3=
t1yZbcbdWeUgFVa0m8PzsFmD-2F9OnmF-2BzEXRTVK4XNWecLI6Aw16vyWZQyk1eVo1Q-2BiG3v=
Ox2hPKTq6cbDt2lNxZ537cDR9gNfO2ECE6lZdCKjRgPxk6m-2Bww4HgxInt5cpBCTJ-2FaHRXWG=
gp-2FWq12LlkaX0fAW7b0tK6RuU-2BX6cPPT0YdtPQqkdgQAFfAkXhivS-2Bd-2Bxk1q2ijPs4k=
NzPa1Y8RXgge40ek1NxDRgpf3w4OzgTg3VfsrA47c8j7ZLTOY6TYxklEDUUGwty7-2Fjet8-2BF=
SVAuB7IU8njhgUL7o0Xmua6J-2FTGt1MzAM7dOQPKrrhDKFXXz4jgL42kqUtmYJD8elhIbO7MEU=
mWUkm8YA-2FhF4k0oW9GRo3LRQGfYaXUTrj2jIJek81F-2BoEvAIx-2FCRetesHEIzaGptwsxgX=
lr64UzyEIhMiQYGT5j-2FeL9Zn0XZQyXiKTsrGULms7VRjQ7r5-2FFOD-2Fj6pC9CeVFnSvc6f4=
EhG9Roas1ZrLmwR2ChLlQFk8-3D" style=3D"font-family: Roboto, Arial, sans-seri=
f; color: #1D5080; font-size: 14px; font-weight: 700; line-height: 24px;" u=
niversal=3D"true">51 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-2BaqM7ONnvsnswouzWSXnugL=
NdyLKFkRbI9BxnVuWW1Qj9fRKH6rxQ1hUo7Cw-3D-3DNEpW_I3w5d9c01gkD8gLzFEofZR-2Bh6=
VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFmD-2F9OnmF-2BzEXRTVK4XNWecLI6Aw16v=
yWZQyk1eVo1Q-2BiG3vOx2hPKTq6cbDt2lNxZ537cDR9gNfO2ECE6lZdCKjRgPxk6m-2Bww4Hgx=
Int5cpBCTJ-2FaHRXWGgp-2FWq12LlkaX0fAW7b0tK6RuU-2BX6cPPT0YdtPQqkdgQAFfAkXhiv=
S-2Bd-2Bxk1q2ijPs4kNzPa1Y8RXgge40ek1NxDRgpf3w4OzgTg3VfsrA47c8j7ZLTOY4oMPtS5=
EhqaslqWdq79pqdynUuIIQ7UiZFVeRHQ2wtEVOSRTRXjDJOVjhq3FNts4rsNtKSiuQXpZtW48Xw=
Pu1wDSUtKt6f0UxMJQh7eyFhskKcYHCzzpL-2BI-2FBJBf2wKeZ74nViJaHAllXZz9luFNw5LM-=
2FuBhsSQD-2BNSUHec5onR0LekwR8U-2FFDOrVnbjhEX9g0wkYDmBYzqrRNxaimRcGYKcr6IrBj=
qPSrIajQTcam-2FlEuCx9QIYNPoS5HvlkQzYo-3D" style=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-2BaqM7ONnvsnswouzWSXnugLNdyLKFkRbI9BxnV2EIBismcXJxjR7tx9s31Fw-3D-3DiXK=
V_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFmD-2F=
9OnmF-2BzEXRTVK4XNWecLI6Aw16vyWZQyk1eVo1Q-2BiG3vOx2hPKTq6cbDt2lNxZ537cDR9gN=
fO2ECE6lZdCKjRgPxk6m-2Bww4HgxInt5cpBCTJ-2FaHRXWGgp-2FWq12LlkaX0fAW7b0tK6RuU=
-2BX6cPPT0YdtPQqkdgQAFfAkXhivS-2Bd-2Bxk1q2ijPs4kNzPa1Y8RXgge40ek1NxDRgpf3w4=
OzgTg3VfsrA47c8j7ZLTOY4-2BaDilcM-2F-2F8CiKeaxi3jmE-2B3pBO4SHravkfkFYKuFFHG-=
2FjtTe3MSOYeZbvpCZ1to-2BwHtysO3IqUw41iB5tyuDnefwKU3KYGBlqZ3ow8ZyRnaQWS8XKa9=
v3PDGgasDXWM2jxg-2BFpq6EwA5Yb7RQB6O6SyySZtcfmbWTH3VrVlEEWHnpLJl3vSlISyIOpZv=
9r2Kxzrp-2Bgkia8uha-2B1QKr24gOq6ekUoGRAX26ftvTrXTtCvbfarWx77Gq4qoljB3ps4-3D=
"><img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4561/Churchillm=
archhba.png" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; border: 0px; d=
isplay: block; width: 100%; height: auto;"></a></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>Edi=
tor's note: Daily deals will return tomorrow, May 27, as our team was out o=
f the office for yesterday's holiday.</i></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_581210" id=3D"n_581210" 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;"> Don't miss our upcoming webina=
r </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/ls/click?upn=3Du001.d4n7=
3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX7OLQZ2s01npr8Lh-2BQ7O6ODHXkptncsLB=
6CZNIUMY2Aw-3D-3Dj9wI_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb=
dWeUgFVa0m8PzsFmD-2F9OnmF-2BzEXRTVK4XNWecLI6Aw16vyWZQyk1eVo1Q-2BiG3vOx2hPKT=
q6cbDt2lNxZ537cDR9gNfO2ECE6lZdCKjRgPxk6m-2Bww4HgxInt5cpBCTJ-2FaHRXWGgp-2FWq=
12LlkaX0fAW7b0tK6RuU-2BX6cPPT0YdtPQqkdgQAFfAkXhivS-2Bd-2Bxk1q2ijPs4kNzPa1Y8=
RXgge40ek1NxDRgpf3w4OzgTg3VfsrA47c8j7ZLTOY6mq2DlwK0ufly8oROkihzeEAh-2F2m0A7=
YX-2B0Mz2261Zv5BFUMPg23jWuVt-2FV-2BUbtONRT-2BtJDOYNR4FaK7IFp-2BnpHAn12nzXmQ=
OJl5nzKyAZTrSKgOPNwBxAvi2Nytt4Sbx5xY-2F3zxFevavv-2Fv9ZWSU0-2F448METafV4DFBj=
nb7a2RlFxLDG1E-2BuL8xy4mvaONtjVDtOzhXigct83LacY0R-2BXro-2BwvAPmOQkPHym3FjVQ=
Ug0uSYZSIat7m5lilpc5wKo-3D"> <img align=3D"center" alt=3D"" src=3D"https://=
img.pitchbook.com/news/74503.png" style=3D"border: none; width: 100%; heigh=
t: 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">In 202=
5, venture secondaries reached $106.3 billion in transaction value, elevati=
ng them from niche liquidity workaround to core venture market infrastructu=
re. With increasing institutional adoption, they are quickly scaling to the=
same level as acquisitions and IPOs, potentially setting a new standard fo=
r the space. Join our panel of venture market experts to learn about the ri=
se of venture secondaries and our projections for how they will develop thr=
oughout the rest of the year.<br><br><a href=3D"https://url6380.news.pitchb=
ook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX7O=
LQZ2s01npr8Lh-2BQ7O6ODHXkptncsLB6CZNIUMY2Aw-3D-3DcjDM_I3w5d9c01gkD8gLzFEofZ=
R-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFmD-2F9OnmF-2BzEXRTVK4XNWecLI=
6Aw16vyWZQyk1eVo1Q-2BiG3vOx2hPKTq6cbDt2lNxZ537cDR9gNfO2ECE6lZdCKjRgPxk6m-2B=
ww4HgxInt5cpBCTJ-2FaHRXWGgp-2FWq12LlkaX0fAW7b0tK6RuU-2BX6cPPT0YdtPQqkdgQAFf=
AkXhivS-2Bd-2Bxk1q2ijPs4kNzPa1Y8RXgge40ek1NxDRgpf3w4OzgTg3VfsrA47c8j7ZLTOY6=
TrXddrB1q-2FJrnmxfIDPpC94o6xqsCUyrO-2FqYBFAlH3yEu1Z8VIjzJk-2F0bNcEw7M0o11Oq=
c8LsTqg8lj8pj5us6StxFbbmM4B9vb1x-2B8HLowjmzxgfebOpzYYtrE-2F-2FFnYFlOYo4-2Bj=
NPFPxsBt4GMSgzlADxfRHB04wPUnfgk-2FdIZkTP4mP8sU5YVrh8PbRTmqnAPfQAuzReaJPgZyc=
dKpT40nITAEZcojR8axfocAYYOXpQsGTT0ES7HbkLjZ69AA-3D" style=3D"color: #1D5080=
;" test=3D""><b>Register now to secure your spot.</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>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-2BaqM7ONnvsnswouzX7OLQZ2s01npr8Lh-2BQ7O6Om2jU3ja=
Ms131mzOAIrTJhg-3D-3DwWxA_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFmD-2F9OnmF-2BzEXRTVK4XNWecLI6Aw16vyWZQyk1eVo1Q-2BiG3vOx2=
hPKTq6cbDt2lNxZ537cDR9gNfO2ECE6lZdCKjRgPxk6m-2Bww4HgxInt5cpBCTJ-2FaHRXWGgp-=
2FWq12LlkaX0fAW7b0tK6RuU-2BX6cPPT0YdtPQqkdgQAFfAkXhivS-2Bd-2Bxk1q2ijPs4kNzP=
a1Y8RXgge40ek1NxDRgpf3w4OzgTg3VfsrA47c8j7ZLTOY5IWVSpCVeNfrnekDBFJxNstojpujt=
uu2-2FCIKp04HgXa5LudcDIuTFatEZpuiJYA-2Bcqj9PyppOIhFKE-2Bm-2FNxz-2FAYrndrRYW=
r5Pwwi0Hhid6AxFbXrET1DRpEokLh-2FBq3gWzDHsPb5Nd4n57mNx4E-2BiBq-2FmuMKyGU9V1F=
y6OFxcWtVVJnnW4iOt-2F48e70JyqadtbkV2qyn5W87bfdcK8ReGQCWToemNktaxNY-2FurJ95p=
LzVNP62F7ZmSKkLOiSJi5ZI-3D" universal=3D"true"> <img align=3D"center" alt=
=3D"" src=3D"https://img.pitchbook.com/news/74451.png" style=3D"border: non=
e; 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">Second=
aries has led the pack in terms of performance in the past 5 years as inves=
tors look for alternative ways to get liquidity in the post-2021 exit droug=
ht.<br><br>
Source: <b><a href=3D"https://url6380.news.p=
itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs=
nswouzX7OLQZ2s01npr8Lh-2BQ7O6OHBQf-2BwQGjkc4rqonjgvhDQ-3D-3DCA-F_I3w5d9c01g=
kD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFmD-2F9OnmF-2BzEXR=
TVK4XNWecLI6Aw16vyWZQyk1eVo1Q-2BiG3vOx2hPKTq6cbDt2lNxZ537cDR9gNfO2ECE6lZdCK=
jRgPxk6m-2Bww4HgxInt5cpBCTJ-2FaHRXWGgp-2FWq12LlkaX0fAW7b0tK6RuU-2BX6cPPT0Yd=
tPQqkdgQAFfAkXhivS-2Bd-2Bxk1q2ijPs4kNzPa1Y8RXgge40ek1NxDRgpf3w4OzgTg3VfsrA4=
7c8j7ZLTOY7nvgDroZZL0C8-2BKjUuBBfx2MrQCEuMm7K9fuEXNsHs1r3ohPCjIOry4dKys1-2F=
JbCwNcsVDKDgqBouhUaVhieg0RVCYrt3QxHWRsruKiA2a7ACt5fK6Cx6qS9qh-2BCuSY1fkEgzC=
2iUcBxF7gpBOD7peCOkackeCMJPq5zBwXwkFk0yXhgjiCa3rIkWqH0cL4PJRyCfzTa11Al-2BkB=
FXiREC60ErFYXU7TWNSwOTJQcKF1uqTEmHlu85nctYHgr1WaU8-3D" style=3D"color: #1D5=
080;" test=3D"" universal=3D"true">Q4 2025 PitchBook Private Capital Indexe=
s</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>
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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-2BaqM7ONnvsnswouzX7OLQZ2s01npr8Lh-2BQ7O6OjlxEUNs0g=
Hd0OE9-2BWS9lIw-3D-3DeIIf_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFmD-2F9OnmF-2BzEXRTVK4XNWecLI6Aw16vyWZQyk1eVo1Q-2BiG3vOx2=
hPKTq6cbDt2lNxZ537cDR9gNfO2ECE6lZdCKjRgPxk6m-2Bww4HgxInt5cpBCTJ-2FaHRXWGgp-=
2FWq12LlkaX0fAW7b0tK6RuU-2BX6cPPT0YdtPQqkdgQAFfAkXhivS-2Bd-2Bxk1q2ijPs4kNzP=
a1Y8RXgge40ek1NxDRgpf3w4OzgTg3VfsrA47c8j7ZLTOY4NDOiWfoHWSJa-2BwERMKYBM-2B3o=
OiBUZLUzi4ZeLUzMNHSlmzEG-2BwVoSuGatYdrSN5tHhSWEY6Ux36W9eCONEIwuQ30R8PcdT-2F=
EBdLjuME9H50cohHJ5ZUkiib2NkKsKHy7hYu0LsfOguIwspeKq9x5jJh6G-2F2R1dIsjGUUGsqI=
dedecLmn4snQ-2BI7woIZZSOBT2PXr2VCkiyUr-2B9dGYchOzB7XRe6aafmWWrCOtPDotMrumV5=
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8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFmD-2F9OnmF-2BzEXRTV=
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gPxk6m-2Bww4HgxInt5cpBCTJ-2FaHRXWGgp-2FWq12LlkaX0fAW7b0tK6RuU-2BX6cPPT0YdtP=
QqkdgQAFfAkXhivS-2Bd-2Bxk1q2ijPs4kNzPa1Y8RXgge40ek1NxDRgpf3w4OzgTg3VfsrA47c=
8j7ZLTOY6Bugvo26UsunQB4hkgf1I1NuRq6tPCbmulxTzukc3I6CJJwF6vSKkoiQsZVjB1yIE5W=
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fKdttYJ3BtDQDXnRgAr8KXw-2F-2F5F6on6Jus058n-2FL0klfuC8xH66bXanM-2FzGBxR4bR-2=
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rHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFmD-2F9OnmF-2BzEXRTVK4XNWecLI6Aw16vyWZ=
Qyk1eVo1Q-2BiG3vOx2hPKTq6cbDt2lNxZ537cDR9gNfO2ECE6lZdCKjRgPxk6m-2Bww4HgxInt=
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L37WC9UnnnwHqHudhMoElofaoYa8HeOwzYT6tqrFslu3R2j3YGMPL3e0It2bNc4WUUidc0piYG7=
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3DNvsX_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF=
mD-2F9OnmF-2BzEXRTVK4XNWecLI6Aw16vyWZQyk1eVo1Q-2BiG3vOx2hPKTq6cbDt2lNxZ537c=
DR9gNfO2ECE6lZdCKjRgPxk6m-2Bww4HgxInt5cpBCTJ-2FaHRXWGgp-2FWq12LlkaX0fAW7b0t=
K6RuU-2BX6cPPT0YdtPQqkdgQAFfAkXhivS-2Bd-2Bxk1q2ijPs4kNzPa1Y8RXgge40ek1NxDRg=
pf3w4OzgTg3VfsrA47c8j7ZLTOY5-2FXdbr9SNUP1FW724igkGH0SRghLB-2B-2F-2FsG9JWmE5=
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