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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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<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: =
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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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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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YL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvev=
nku6uWj6Cl12YEZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ=
1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OCVd3=
gDboetebBjSAbX0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq63oBzSn4kHqeOPW1AKHQrEr=
3-2BhqccbDgn2Thw-2FfBV8yRmhQZYG0axzfZq6YAC0dZYL26QzkKkvspNVjPgQ83HqRJ0luZhQ=
vxs85Ukfsnl9KN8oXiqsvOdytK5Z3rUcp8Y1vA7ElwE0HC6kYWPUrqjIwWOu7vH3m-2FiD4j-2B=
vox8EUAVtJH2FShGVvxFWFgnZP-2BZAlUjcpMtBdmV74X3CLN70ouu6V3-2BY-2F9b0bop41eOU=
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D5080;" test=3D"" universal=3D"true">Q1 2026 Global M&A Report</a></b><=
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dth: 100%;">
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<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-2BaqM7ONnvsnswouzVVo80EiirYpUztnGxNonTVu2Z-2Fk=
Xf5sTTXHUGVnDPblQ-3D-3D1532_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B=
iQVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12Y=
EZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GR=
pY4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OCVd3gDboetebBjSAb=
X0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq62rp292t-2BlE0dlbKUaFRCGqV-2FmqnhWvo=
U8SubKV-2Bx4nrlxg0-2BwobDCuxrPa2-2BOQeUkQUc7zg1xdT-2FJ-2BFzcU5KeSI4t0R2CE-2=
F2OJOm1a0pIrjUPkSM39M46NZ2jzzNNqX9Gact-2FWKVL-2FPo-2F7GrM4uUwICWKOQNtRNphe4=
9TeRp4Bt-2FusH5L7gBKpdLeglZRWzf16JRGHzGsQeeATrE6DWJb-2BuO3UrkEcXdaEU2RHz14n=
yc5CeWmtQqMx-2FzGmNZwAu9RKHxSUc9X0jGcS6Sb5rp5V" style=3D"color: #1D5080;" t=
est=3D"">Explore advertising and custom research opportunities</a></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
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<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</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>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-2BaqM7ONnvsnswouzVVo80EiirYpUztnGxNonTVuCkMdS-2FD0=
Ga4pf8lpj-2F2-2FQ-3D-3D1CYs_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B=
iQVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12Y=
EZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GR=
pY4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OCVd3gDboetebBjSAb=
X0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq62AOyuAUOiOLLBx9qptpceU21L-2BjxJUNNA=
TbqPN3U-2FiIeRd9YhR8c7N98e4ith4uDXJkGyWCpFZpLzD1-2F1PhRHzOHs97i-2FxY-2FoelG=
ugU7JLTOOg3UhCZHb1W99qc5krh-2Fei9tbjkkx7R8Xwfh40VHt-2BTVcGJGGSE1ELsC57WQtl0=
2aQsbtDIep1bGMF9aYQwcR4UCTxsmR4PU57G-2B9e1yWWyprt3ZJ-2FQqqn825QvUxvBFpILNr3=
CzYdnt4Sbot77JZQUu22SyvJm8V01kypUqvA" style=3D"color: #1D5080;" test=3D"" u=
niversal=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=
7ONnvsnswouzVVo80EiirYpUztnGxNonTVmtte4ooD2iwm3FQYexICSQ-3D-3D5vLg_Pr966knu=
aHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04e=
gPtONmZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YEZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel=
9-2FkPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHo=
CVynGxcL8fVUofmt0ZSH7OCVd3gDboetebBjSAbX0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2=
Bbq60gRIuefIXL16O1SRKGW7tJGmIHy-2BZm8Ay2eh8xRIAdXH4vtCJgwDgYtGpmW3FU-2BEBhN=
ts9bI9VosrSaqzEQIPSvUfdGVE66Rvu8oUhlN7RAukFu37OdjkwYH4vjzd6UD6K0ueMpP3X11Di=
CcR2QNynUydmDQHuabO8-2BXqK-2FMyFO54F3cIu0AsUdDPip6RDbV5a1sCW-2FLMsPpf6w08uU=
0e2CTKZkA1j4Yt31FVuV74tReIm6zGxVmdSJf2OItksGdwQotYKPrXldBbAi19RdMH-2B" 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-2BaqM7ONnvsnswouzVVo80EiirYpUztnGxNonTVfhO6kbzzPHaPUC-2F=
Ma-2BK5-2BQ-3D-3D6230_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43=
kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YEZUcuE=
FsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4cAr=
-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OCVd3gDboetebBjSAbX0OTtV=
LbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq612yauf6z50SuflfXqOdDo5GlbZsRHxyd57rTuoi08=
nX0z1YgzJ-2BmSVlTgaQOvwwx95sMkkHwtDjShSLNf-2FU1WsF-2BkCZCJXTXOlvDQPvwgg9cek=
bJ55NAe8JSadTGDJk-2FXOT97clNJJB3NIexx5-2BOlVAE20q04x3TYfvZ6yCX78BLxfJo46IiP=
2pvghBZPFWmrMt8hhQZYv8yYTFeKbxmGi82wiVDymzRl4I-2Fr8qVo9btjDUE-2FL2dkY-2BRRM=
9zqMEtVGHUVVbepF3jtrt2bb1TYA" 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-2BaqM7ONnvsnswouzVVo80EiirYpUztnGxNonTViAOc9Xztf=
seX3S9wiTkGag-3D-3DiXnr_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YEZUc=
uEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4c=
Ar-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OCVd3gDboetebBjSAbX0OT=
tVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq60zptqg46s9KfwenGvICjlWrOWQFdhSI6a2gVFrn=
NxpWBcRcGzqaxLPeBNZq1dfefcPCcknU3WCqIFS04jTpmC9KJhkBgv8W-2B7tExJYXGJVu9sdbl=
-2Bg4kZzBHyy2JnTPNX7Sa-2BR156u1e52Pg4-2B-2BtB75pjcTEpZYO3WfBB8IQGRA4CwbAawE=
hlICue2C1tYElYVgOfU4lyF1wbhe86Okp3Yj70CL-2FvlmlHpkLdclZFjM60qlCRCtSSx769SLp=
0nIhO7S-2BtG9IR2Q4-2Fhl5ZJzI2q" universal=3D"true"> <img align=3D"center" a=
lt=3D"" src=3D"https://img.pitchbook.com/news/74501.jpg" style=3D"border: n=
one; 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"><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-2BaqM7ONnvsnswouzVVo80EiirYpUztnGxNonTVY=
pt7Bd69PNt6qLx6lpcjjw-3D-3Dfn1K_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2B=
HR4BiQVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvevnku6uWj6C=
l12YEZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYm=
p3GRpY4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OCVd3gDboetebB=
jSAbX0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq62ILVXJBfS2tlR1ftXtm8Tb-2FVuAsM7=
SsrDlVXsO-2Fm9XmNlPwdjWPw-2FxOBLe9-2FRtBZJt61d7TIhF0vHOKiIywfhP4MJVaC8QIfTS=
GgIkPyNpaoD6MJZhLZhzeSG0TsPhE8Wx4pDyYfnG1GtdRD-2FvbeUSJApPVh2EK8C90cYL3RRXK=
3wV6IjIzj5Z-2BOEsXMrVNml3F5xlMMHcBP8jaIcxDbuCPPquNXUSO8AbMSh-2BfworXEeN4-2F=
sB9c5wgW0frGYfxeq-2FpHSGrCwZdBR2tuYJKq-2FJ" style=3D"color: #1D5080;" test=
=3D"">Our new analyst note</a></b> helps <b>PE and VC investors identify wh=
ich categories to pursue and which to avoid, and spells out potential acqui=
sition targets. </b><br><br><b>Winners in this investment landscape</b> are=
concentrated in areas where fighting created irreplaceable demand. Ballist=
ic missile interceptors were fired at rates that peacetime production lines=
cannot quickly replace, opening a multi-year replenishment cycle that runs=
through propulsion, guidance and energetics suppliers rather than the prim=
e 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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<tr>
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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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WZcoyItBFcGk2c3e" style=3D"font-family: Roboto, Arial, sans-serif; font-siz=
e: 18px; text-decoration: none; color: black; padding-left: 3px" target=3D"=
_blank" universal=3D"true">Download the report<img height=3D"24" src=3D"htt=
ps://fonts.pitchbook.com/newsletter/arrow-right.png" style=3D"vertical-alig=
n: 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 research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVVo80EiirYpUzt=
nGxNonTVni-2F6fpmjPYiGGvcX-2BJVdDA-3D-3DGvza_Pr966knuaHmaw6c7pKvB-2BCEiDnj5=
UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Y=
xvevnku6uWj6Cl12YEZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB=
8vsJ1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7O=
CVd3gDboetebBjSAbX0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq60M9GGd6jStz7Hr1lyk=
ckEHA2ZbNnZffR9NzKAloBiUFc3Q0kMkEtK7WXYXSOzkxe-2FKf1kTy5ysEaIX6-2FqT9osXOzB=
cqrFNKVFpef9Y-2BAkjXXpdt5FoZYGXiFIBoVgFLxUdWVNUG1q9Mp-2FcbyA3Na-2FzMaEi9dn2=
Ci-2BW4FUz4OPnl6-2Bi3T29N7hf4ZNFoczk4pOCmV4xQ1-2BFboEFlRh7m1Bkyq4RfkZLGO6Xr=
tMImB0dVNCp0MyTWfdht3nuzk8fY-2BZcGKs8x2ur6-2FWegANcDRxh" style=3D"color: #1=
D5080;" 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=
o80EiirYpUztnGxNonTV90j-2F6LhO336cLH17RV1W0g-3D-3DPxdE_Pr966knuaHmaw6c7pKvB=
-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIUP=
T4W4MGNX1Yxvevnku6uWj6Cl12YEZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLMW=
Q1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fVU=
ofmt0ZSH7OCVd3gDboetebBjSAbX0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq60YZojAZY=
KmtD2n-2BYdzjtJOLiyU-2FynV-2FRNF-2Fo9modJh-2BjMZ9Fmo-2B-2FP-2FePSTmqAaRQFOQ=
X7FP67Wm4LdHbjahkHjuY9RRVcUACFcYhpiENGn9FgcZGlrbZsDHJtFgtz-2BkIu1WqzCCBF4i7=
eLeCE4XyfQa3Dbdo6-2BvKuBV1AJczS-2FiDITvGxrzquQsSMZrzT-2Bx6BrUaWTjTbwswG7GMQ=
MPdF36jUSqFU0jFQ5RM3-2BDNm1W1hhG3RDH5jpm0uKnMG3nGh3ndQDnKIELN5uaQK-2FQLAI" =
style=3D"color: #1D5080;" 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-2BaqM7ONnvsnswouzWSXnugLNdyLKFkRbI9BxnV5z-2BOYBtCfx5WOEs80kloUQ-3D-3=
DX-rr_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-=
2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YEZUcuEFsiU0pPf8agiQoT2=
xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFN=
WyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OCVd3gDboetebBjSAbX0OTtVLbgGAVL-2BTvk1aw=
j9nBZIln2DRK-2Bbq60Ef7Dl0Trn5at-2ByLylT-2BBG-2F-2B8ftxfydq-2Fdl4jahMV2GtGhl=
yodYTgKz-2B8Y1brYDO8uYmHvzzayNE8xBUUrhlK4g9mdahfBzCeMWYJ51OuLq-2BM4qbifASSs=
2Q0mHXS3Dv-2FiLaSXzSz-2B2G3Aj-2Fxtj6e-2FeVPoRZhdCE80TOnlgPWbtXbMoQ1Xoi4BGPK=
vkN8AbshGQL3GeqO-2FDCb6zyclzz5XvVponD8c-2BL-2BFZ2AHx6O-2BDVDeEjzu-2BLttlsKY=
qHVm1ukLeqb9c8zE3e8QsCud2skH" 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=
I9BxnVk-2B9musO2Ip0XuQePk6FFaQ-3D-3DpWgY_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJ=
YL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvev=
nku6uWj6Cl12YEZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ=
1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OCVd3=
gDboetebBjSAbX0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq63HmO8eyDLINPIu-2BF-2F6=
-2B-2F6SEw2N2s8euMiW5n7S7r-2Bgvohbgt-2FeEFhEVwmHj-2FLv-2BGHheX334-2Bc22rQ-2=
Bsjbw2Rj1tk3RvaDP-2FlfzYQ9HxsMPcw9EZRtKX3yHMLM485P6-2FoJvmuL2yTY6f5jYJVvMPp=
t5aAE-2FwH2JXqBkmIoPytw7L0xKMSYq58HRtxepG5o-2BW4au6CsRiaDy7VeVAGM7Fnj8Y7W19=
OIZKKKkSR6-2BZe-2FXd9dupePE8O2-2FHBn2o-2BNG6Idgx1Rgr2ZSY9wuyXb32agy" 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-2BaqM7ONnvsnswouzWSXnugLNdyLKFkRbI9BxnV6WPIGaaNYuhmWnbpd5d9rw-3D-3DPdK=
-_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2FTz=
BvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YEZUcuEFsiU0pPf8agiQoT2xHLb=
1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFNWyYy=
eZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OCVd3gDboetebBjSAbX0OTtVLbgGAVL-2BTvk1awj9nB=
ZIln2DRK-2Bbq614OkX5TBG2nisIxgGq3mPUxYwKZeBQfhSKmOIpUdFGxbCAVgVj-2BCQjWQyQ-=
2BpwmjY-2BXQK1-2F3ut3PM-2F3Ezlv-2FIJd4ikkpOhdtkx8JTwRBPL-2Ba4LFgJQ5Eepjpo0L=
smFItp-2FnjMAZvyXgarNH-2B1g0l5UQfPuCzZO6-2B2WNZPWOfBARD4N39xuUOUeN8NjyAfvn4=
R7lfQcFZlV2IOkUSDZ2ceR8WveMnAAsjbzHEOP16nH9eYp-2BbO3LA266rKcoWIH2hiJUvdsS0R=
XGCbR04dsnJKwa"><img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4=
559/Whitehorsebanner.jpg" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; b=
order: 0px; display: block; width: 100%; height: auto;"></a></td>
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</tbody>
</table></td>
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<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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<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=
swouzWSXnugLNdyLKFkRbI9BxnVl8qqxenZQ4z-2B8y0U4Qlk6w-3D-3DTTkX_Pr966knuaHmaw=
6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtON=
mZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YEZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2Fk=
PCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynG=
xcL8fVUofmt0ZSH7OCVd3gDboetebBjSAbX0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq62=
jcm7ZSVz4WWwtKTW0kDNCb30Xm-2Fdxj-2FrsKfauChkyeiMopGrjazxgkCsSipcLjq3OaqJahq=
VVXFVvhiidNNxxG9Ib6oClebV0Yu-2F-2FgMjJfSOzBeYK9eR5NzO9Geq6D0bchXbJYSTAvdAE0=
CAUc3fQU5h6KxXbP1kCy6WVyXcbZNe9KYPab6IpbI-2F98pr4w7MKjRYTLWbQOcYV1Aw3kwhcZc=
nuc7Zj2BmXdjcWRp9T4DnUi8QooM9j1Z2hR8VczQpV8vB517jbu9LSsd0OSu3v" style=3D"fo=
nt-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Kimme=
ridge Energy 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=
swouzWSXnugLNdyLKFkRbI9BxnVqJk4vbK6rhwAU8uhDeCcng-3D-3DMFhr_Pr966knuaHmaw6c=
7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ=
8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YEZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPC=
CeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxc=
L8fVUofmt0ZSH7OCVd3gDboetebBjSAbX0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq61Q6=
ikV-2FbalL6TlmBfMK0AgersCGecimmr-2B0q6J0mMtFpV1RA-2FM9mll-2FXymHMTus0rEZUfJ=
HzvfcAu2Z7IYcyaEZzWUU-2BwQIckR-2Bu7Udxtq0xsUMo12RDeMYNmmu0cXreAXiyyt3LLFlL-=
2FPp3-2BpOO9o5B2tT9gde9M0X4Mr0Xa7HIhDNoGjf84DqQ6dprEReLHFoUmmIyVvxsRmleRDDP=
G9a8uMLUeT5q5DeW3Bp1QAzum0kE9UCctzfWpTJ9vttCVPuzjEoFqET7NfwM8KQ-2BXR" 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=
swouzWSXnugLNdyLKFkRbI9BxnVt27hpiAEyLp6vPpete-2BReA-3D-3Dmsae_Pr966knuaHmaw=
6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtON=
mZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YEZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2Fk=
PCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynG=
xcL8fVUofmt0ZSH7OCVd3gDboetebBjSAbX0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq63=
rPYzI-2FbsoxYS6UXKyljY-2B1P-2F7DN-2FGMkLwX3UGMsB4mUgRPT8uGdgKRvWKjfB-2FFK1u=
E7dcD7aSEB1DAB0A0YpzkbPaGr2adyXFvEidgKt5iBHAbmPF-2F8YK2CaHqqz85NKsVSfCvN9xy=
ZT6u2E1D2CfS4jIeeqlpQbc0-2FzChMYDP2I8gMUeohDjY38CCfc2ShoAmktAJmTCUz8a1k9ATt=
7USfv-2By3F92WH6PPTTUfvyf24tUdoR67YKwhN-2B-2BCz4SOYJUfiyCN8c8gYBKBLRzTJW" s=
tyle=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"t=
rue">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-2BaqM7ONnvsnswouzWSXnugLNdyLKFkRbI9BxnVp8TSew=
9bmrJbl2s7Sa6S9Q-3D-3DS4Dh_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi=
QVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YE=
ZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRp=
Y4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OCVd3gDboetebBjSAbX=
0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq60KMlxeo7XGUCaN4IWVmQpEBhdNL1C2QvcYRc=
RtcyWUM204z2jcoN8fgXdPLHYjK-2BZAZ-2F9H3BDk06rfuwnbZJzUB9cgzHqbNuUchZH9GDISB=
v28NbiCNogLkUBgV-2FTj-2Bp8m0wKKnEg6HfmOLwFymo7p8-2FvZabhlJEhQnqr4UB06RKk1nv=
VYTM75DYpwJysTQ09bR8X8-2Br-2FyxIP2Z-2F9EOiP-2BrPtXYp5Dpe7QabF7cFnhtpuII7Au5=
info9bTlFKUCPNnoIjSs4HBzMWALkSPxbOx" style=3D"font-family: Roboto, Arial, s=
ans-serif; color: #1D5080; font-size: 14px; font-weight: 700; line-height: =
24px;" universal=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=
NdyLKFkRbI9BxnVWPruRYqhqAPAJXQqql3Wvw-3D-3DMZWy_Pr966knuaHmaw6c7pKvB-2BCEiD=
nj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGN=
X1Yxvevnku6uWj6Cl12YEZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWK=
pVB8vsJ1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZS=
H7OCVd3gDboetebBjSAbX0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq63zcbLyFQwJcKIV4=
tXKQE7shOJUwByO0g-2FTFUxMa1PYO-2BnkJOEPv2ckJS45-2BbHpuWpKn1fy8w1cYfs3hvHBs-=
2BpPe43LbaBVJF5PpB1DMPuVwlkSgPGh7YyKIoyFvdRZsz-2B-2FU8XbPfYQeXVlDXNT64MOX0I=
2UIDv5rqC5Qp7AMR6lqfHglEilf0hTx-2Fcg7H4obd46NV624FPfCcMEm8hxiFn8b4zl4i-2Fn1=
uf1XVIRjEBIfmd8C7xYEHiln2ulO8pUFi920v3XmPG4pJLJOT97lus" style=3D"color: #1D=
5080;" test=3D"" universal=3D"true">PitchBook Benchmarks</a></b><br>
</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table class=3D" " cellpadding=3D"0" cells=
pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20
">
<tbody>
<tr>
<td lang=3D"x-advertisement" style=3D"padding-bottom: =
20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzWSXnugLNdyLKFkRbI9BxnVzMuCdoep-2FSfZ3WURKHCq-2BQ-3D-3=
Dn-uU_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-=
2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YEZUcuEFsiU0pPf8agiQoT2=
xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFN=
WyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OCVd3gDboetebBjSAbX0OTtVLbgGAVL-2BTvk1aw=
j9nBZIln2DRK-2Bbq621Iq7cyBTeBEnO6nsNKbzaeSznWTfbyymUgn2FP0bX4zD0hcTmsMun-2F=
oUTywcXDQnJPbnkYG4WBWtSKnICeOiwcL-2BMeukE-2B8ehrGteoxbN9fImvAO-2BHZ-2FszD01=
U9Cat9HkJa7DxLNS5sehbPnloRPoHU7NqRvWjwcp2FTuVXKgLqAOSUVI15AI4q7nuNW-2BN5P43=
LMd3eU0PWre3vYvRhE8HT0vZcgUbQJ5FrLB6vnlj7lsBtL-2FwwydaQqJbGqRq7vIE1edj5G8uO=
u9SPRwLkoD"><img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4561/=
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er: 0px; display: block; width: 100%; height: auto;"></a></td>
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</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>
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</table></td>
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<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-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-2BQ7O6ODrAYQbvUjS0=
BM7lN8-2BfvEQ-3D-3DK_5Y_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YEZUc=
uEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4c=
Ar-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OCVd3gDboetebBjSAbX0OT=
tVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq63EyQb91w-2BclY-2Fpr6-2B9f-2FvtJbtYMrr25=
ZgeU987Y9zhVQxudJlIQeNHASOLTwhIpG7eQgACbTc568Vt-2BPe070XXFnEznAJl20IEsFlor7=
y-2Bo1w7cRp763kpkZZBI-2BMFTACV93rnoTO1EFj7atB9mJe3VcGg1yEVRfMWGri-2FMpHxZrV=
4OxipR3hpJKAouGV15hB-2F3162LjdQWhZZhizFj2fKqWzttRhwtcfrrLRaXm5xSKJJ2ag6c6Vg=
FcMZ4BRqhByQYOqn5GN6gG-2FnEj6cvhsH"> <img align=3D"center" alt=3D"" src=3D"=
https://img.pitchbook.com/news/74503.png" style=3D"border: none; width: 100=
%; height: auto;"> </a></td>
</tr>
<tr>
<td style=3D"height: 20px; line-height: 20px"=
> </td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">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-2BQ7O6ODrAYQbvUjS0BM7lN8-2BfvEQ-3D-3DyJgM_Pr966knuaHmaw6c7pKv=
B-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIU=
PT4W4MGNX1Yxvevnku6uWj6Cl12YEZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLM=
WQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fV=
Uofmt0ZSH7OCVd3gDboetebBjSAbX0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq60VZJRdf=
pXM8T-2F3TvDOKf0JvMKdzKlFazVjKWEq6rO1-2Flm-2FLlfoaH0q-2F0dPyG3QXlp8xKpwNx-2=
F7srT-2FhsJGgfgItfRb3Ldi-2FRU-2F6P15pBEEK4fD9Ev019jEGCUcg4jTSKGgCblJbmkXHOn=
48HMteWZUeYuREijz6L-2FUcDTJ6hNKzNFMjk-2BPjRG3uu7kRTyPzmFsmODJvTGrInA8-2BWEg=
7XtJR31MeKES2nv7cC9FMtAQ34WuUB857kxkhCjqBfLGTwpSMWPUcEpk5MAWsj13JAZJ" 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-2BQ7O6OvSzcgS1=
jWX1vTQaEwMYKqQ-3D-3DzXnJ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YEZ=
UcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY=
4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OCVd3gDboetebBjSAbX0=
OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq63fCQZTlbKtpSmOogNxEn-2BQCEzeKQSWhnauq=
LxzfJBNMM7cvpa6SwV0En-2FiBvwGqxl-2FxC93A4KbH-2FTIxjyG-2Fnap1X7eX2GZ3vOXkGPI=
uB1Ag-2FNyUMQB9ggW-2BtIHKRNzKWDJD02-2BfG4vvTZ2rZnYKhWet9VF4eJyhwO1MKFlaPCni=
n9ZYU7aU7fu1kit4Bc4NHeqLslJAeyRBZUAj91-2FGZ5Nq4RrITWZHrtDb56MgI6qbMGzBGpSVX=
VD6Bculcw5guUwAFU8KZ84d6SafsGOanoc" universal=3D"true"> <img align=3D"cente=
r" alt=3D"" src=3D"https://img.pitchbook.com/news/74451.png" style=3D"borde=
r: 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">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-2BQ7O6O07iKhtqoZTaF0LrAoY92rw-3D-3DxHYk_Pr966knuaHma=
w6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtO=
NmZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YEZUcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2F=
kPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVyn=
GxcL8fVUofmt0ZSH7OCVd3gDboetebBjSAbX0OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq6=
2uSGg0hMnhBtCy1szK3WMlTYQojaoLAXEthPemkdD32ZjY5n56bbapBuk8GqQfO21rly2-2BG1Z=
AaC65-2FepwXpIYKLeOB8NIVY0oDmip4Ng9DBrzkgXa-2B1DhCak4S44dbnfVbXKlhOyedZ89Re=
BTbM09rlUQ55OmYMiTJNtEqMk-2BnKjZWg4ab-2BRAI2kvcEjpYSbqp9-2F5-2FNajI-2BUMJ7j=
syChcnYIJTBpePRRpRXFgouteeKiaWyx3uVbaMdipmVCdxe6qK9vCO7V3oz-2Bp0mkijqot" st=
yle=3D"color: #1D5080;" test=3D"" universal=3D"true">Q4 2025 PitchBook Priv=
ate Capital Indexes</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>
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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-2BQ7O6OXJKlASH88=
-2BXiM2wjIhoPIw-3D-3Drmt__Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVR-2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YEZ=
UcuEFsiU0pPf8agiQoT2xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY=
4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OCVd3gDboetebBjSAbX0=
OTtVLbgGAVL-2BTvk1awj9nBZIln2DRK-2Bbq60MS2oiLJdF1DgU8MgwA8sfYPVr0Yw2g0JHJoU=
rjaNKw6v5GRHE3E-2BnU-2BEkg6kaxKRxqSJsrSwN9-2BG0SirHaPRnlMNaPg8e550rNSi8PqrG=
eg8-2Fb7yQrPvVIVCiINWIHfLQ-2Bt2-2FZfP9NjOyg1-2F-2FQ2XCATu1gUyUCQaamYDcGqCNu=
IIx66r0iqPH1rIkII4ZasrCICmDW1T70LklXS62gDCje9Vfu4aGWRYtoI-2BQ0SG-2BbMBOzgqp=
13K2jtDnpu-2FItTTk-2B-2FuADHpTGsTLFIGOd-2Fdv" target=3D"_blank" style=3D"te=
xt-decoration: underline; color: #1D5080">About PitchBook</a> | <a href=3D"=
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3D-3DBEWm_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68=
NVR-2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YEZUcuEFsiU0pPf8agi=
QoT2xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3=
yLFNWyYyeZ95PHvkHoCVynGxcL8fVUofmt0ZSH7OCVd3gDboetebBjSAbX0OTtVLbgGAVL-2BTv=
k1awj9nBZIln2DRK-2Bbq63hrOh-2F-2FVp722uTbNkWV6VAq-2Fndjv6urcE-2BhM-2BztzE-2=
B15AhIrGLB8DaGpmq76k8reySXP7UHgS-2BLKoNQePFD2tIATU1cby-2BgzkAUhRmAhCWdAqaQv=
AZG-2B5r6UWSMvfLv-2B7xFPbPAiBr49uMw60V08TSQBzPbw5kR8s-2F1VMH-2FwYpbD0-2FCzz=
KJde43nCvuwnBNhnFDcKz-2B9UYHDD4GZXwpZPZSE5rjKv-2Bhod1y8AtQNvyDe4GOADyTqqT4k=
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3D-3D4ll7_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68=
NVR-2FTzBvuEpwV04egPtONmZ8zIUPT4W4MGNX1Yxvevnku6uWj6Cl12YEZUcuEFsiU0pPf8agi=
QoT2xHLb1dnmxA8Zel9-2FkPCCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3=
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CCeLMWQ1hCsWKpVB8vsJ1pzUxXIYmp3GRpY4cAr-2FBizRLb5R3yLFNWyYyeZ95PHvkHoCVynGx=
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<td style=3D"padding-right: 10px; font-size: 10px;=
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