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Content preview: PitchBook Newsletters Defense tech VC's graduation; TD Bank
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0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Def=
ense tech VC investment reaches its highest quarter ever.</b> The $19.8 bil=
lion invested last quarter marks a turning point as the Iran war sharpens i=
nvestor focus on the sector. Read more in <b><a href=3D"https://url6380.new=
s.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ON=
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YtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk9QMEYvzsd2Fb1BMdZlNnXYJvqw=
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aZRwySM-2BYFEsbinK8-2FW-2FYpbwt3qOUQye8h3K3kAcmyLpvcQH72OdofrXUH5UN3jCrJoj9=
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H3wiH3Y0eCvLjyTcCF83fiVG4a-2BHONYSjnCfRdBlulmnhMolO6CxCRU4cUkdavqEuS6HlqvTH=
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lor: #1D5080;" test=3D"" universal=3D"true">our Q1 2026 Defense Tech VC Tre=
nds report</a></b>.<br><br>
=E2=80=A2 <b><a href=3D"https://url6380.news=
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kly commentary on what's driving LP decision-making.</td>
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ight: 6px; padding: 0; " colspan=3D"2"></td>
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</table></td>
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20px; padding: 0;" colspan=3D"2"> </td>
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<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
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<td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_581271" id=3D"n_581271" style=3D"font-size: 0; text-decoration: non=
e;"></a>=20
<table lang=3D"x-news-group-title" cellpadding=3D=
"0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;=
">
<tbody>
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<td><span class=3D"outlook-caption-override" s=
tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s=
erif;
font-weight=
: 500; font-size: 20px; line-height: 26px;"> Public PE giants are saying go=
odbye to software, hello to AI </span></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
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">
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cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100=
%;">
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<td align=3D"center" style=3D"text-align: cen=
ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUujOTxgn-2B-2FsDMqNaStuAd6R-2BI=
LR-2BgSM7TttrAhOvKvzg-3D-3DNWNf_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-=
2F3t1yZbcbdWeUgFVa0m8PzsF9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8FRpGPiJqyb9=
T-2BKwJfqA5xyoyK2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXn=
ckWSGWIwEIBnk9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIGhVjFLJjrk5=
g4myYAckiZxyAMjWbx4BIofIvPoSE0nZILp6VdWGk6GFUqNy0zNYsyHWzoRP2ITn65jUgdTTzR7=
q7O1zL6MLeAun7k18DAg5W9hHHj-2F5Q4wJmQ9BYR2Xo-2BINca-2F2LlxxakqlR7zLdUpezFd9=
fROteW24Mo0ebQnQtyj7Cbj3BpoUHyoTnx6YsWi2I-2B2MxASUkAjyhj6P8p4D-2FXhfOlb5OVO=
pvIvKDz9GMjcZ8t5weEaYNSrN-2Byoggfiz5rIfH184EubxtwFrXyYaPfj8Oaw5aIVlMnCOPnJF=
PMYeWbkwv1ofgHOhjD15AOaA2Aid" universal=3D"true"> <img align=3D"center" alt=
=3D"" src=3D"https://img.pitchbook.com/news/74527.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"><i>By =
Madeline Shi, Senior Private Equity Reporter</i><br><br>
In Q1 earnings calls, publicly traded PE fir=
ms pushed back on headlines about the software selloff and defended their e=
xisting holdings.<br><br><b>Management teams published AI risk frameworks, =
commissioned third-party assessments on the AI vulnerability of their tech =
portfolios</b> and provided supplementary disclosure slides, all in the nam=
e of drawing a "hard line between headline panic and portfolio reality," ac=
cording to our latest <a href=3D"https://url6380.news.pitchbook.com/uni/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUujOTxgn-2B-2F=
sDMqNaStuAd6RvcswNcD2sbq43PoGf7I2Q-3D-3DH3O3_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwa=
rHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1=
w8FRpGPiJqyb9T-2BKwJfqA5xyoyK2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceoj=
SLuJg1i1O2oXnckWSGWIwEIBnk9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7p=
eIGhVjFLJjrk5g4myYAckiZxyAMjWbx4BIofIvPoSE0nZILp6VdXC2qCpeSHgO4ZISMZqGaelh4=
XQWvcItADthghrFPQuFGP5-2FQtHmk5qMuusEkY9xIyZgvlxajgzXg0dQY1OS-2FI-2BaIvXfjf=
FJKSW3gGAbZP4GeFvCB64e2zrb6UlawrrM2B9fhaYKk92BiuXuc3-2FeDVMzWN7jvlMTGmeghFo=
xpCbvp9YLFUMgOYUGmOkWI5xYMunU6AjePmMJKPFQM-2B73QmrDf9G7dKcbCH2QZd7lahVq6gLw=
GPXKw8bJIOcWiokb3ZSvi1HgaWhr6B2U4-2BByKVU" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true"><b>US Public PE and GP Deal Roundup</b></a>.<br><b=
r>
But where they directed their capital in the=
first three months of the year revealed a more nuanced stance.<br><br><b>T=
he largest listed PE players have been quietly writing down or exiting thei=
r investments in the software sector</b> and pivoting toward the physical i=
nfrastructure that underpins AI, energy and other asset-heavy sectors.<br><=
br>
The moves point to a consistent shift across=
the industry's largest firms. They are building their next cycle around th=
e physical layer beneath AI, or defending themselves with investments insul=
ated from its disruption.</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>
<table border=3D"0" cellpadding=3D"0" cellspacing=
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">
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cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
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</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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<td align=3D"center" style=3D"height: 36px; b=
order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http=
s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
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IofIvPoSE0nZILp6VdWGFbZwzb6MDHPhUQVNOOGWYzJcfUKRaU9qx2AzQIE5tULVXIfE9BGSO1m=
zl9HTaDMbtqkENj4bdTLjVteW4NpEf3MSU3ZoF93fOY5y6TAMrSOygS69oJ14vhahjHDRSsjNwC=
Rol7d9cKV4XFkMpbCLvXNPkZ8BqHPp1kWom-2B05Rs1iPIN6tyOIHBAfEi7iFgLRk3EAY9aBI1Y=
vwUPkVzJ4CfgyIk9YOUr2NNDatvtLM6wQHLmDKhRuXbxLKVhkpw8p-2B5utE6zeh-2Bozbp0Xw9=
ll" style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-=
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chbook.com/newsletter/arrow-right.png" style=3D"vertical-align: middle; mar=
gin-left: 8px;" width=3D"24"> </a></td>
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<td style=3D"height: 25px; line-height: 25px;=
"> </td>
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<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
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<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
">
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<td style=3D"padding-bottom: 25px;">
<table class=3D"" cellpadding=3D"0" cellspaci=
ng=3D"0" style=3D"width: 100%; min-width: 100%;
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border-bottom: 1px=
solid #C3C3C3;
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">
<tbody>
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<td style=3D"padding: 1px 0 0 0; line-height:=
0;"></td>
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<table border=3D"0" cellpadding=3D"0" cellspacing=
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<table border=3D"0" cellpadding=3D"0" cellspa=
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0%">
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<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel=
ated research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUujOTxgn-2B-2F=
sDMqNaStuAd6sYhYaQ4xDTJk9uiPbsGnww-3D-3D79Fl_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwa=
rHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1=
w8FRpGPiJqyb9T-2BKwJfqA5xyoyK2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceoj=
SLuJg1i1O2oXnckWSGWIwEIBnk9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7p=
eIGhVjFLJjrk5g4myYAckiZxyAMjWbx4BIofIvPoSE0nZILp6VdXYBVgFknnhkZgnAont6ga30F=
DkcLsXlkuwyW-2FmR3HY2vSDhJlLAr6jS7yCNiW2LdnOd6Ct-2FMcu5B68PvGRYEyYtmggFM7w7=
vqIB0enMyFAOd05-2F-2BSZP4grf2ZOlyh-2Bryz-2BJDeoQtixAM2NNF5M6TUpq5Yrvtkt4fbq=
bFNhLDutcQDJRPwxKtxvqVrA60znIliPy-2FFMpZwz5eRHDBTU-2BfhjNmLoU-2Bi9XFtX575J-=
2B1ISpkeeJTiZ981jeLi-2FAYdHKILPpwdTGKBAX9k8jb3R8qKh" style=3D"color: #1D508=
0;" test=3D"" universal=3D"true">Q1 2026 US PE Breakdown</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>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>In an effort to control both data centers and their power</b>, Digit=
alBridge agreed yesterday to buy ArcLight, a PE firm focused on energy inve=
stments. Our recent research shows highly specialized managers are winning =
big, accounting for 74% of all fundraising in 2025. <b><a href=3D"https://u=
rl6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF=
a-2BaqM7ONnvsnswouzUujOTxgn-2B-2FsDMqNaStuAd6xWpxzNTX49-2BrdBAmc5-2Fqqw-3D-=
3Dx-NX_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF=
9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5xyoyK2yKwqzKIC=
cE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk9QMEYvzsd2Fb=
1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxyAMjWbx4BIofIv=
PoSE0nZILp6VdVcOQUkigN0fgiui-2B86f-2BHbXypO0ol-2BI6F5aWVhosKUEx4TtNTKkKV-2B=
yty43B28s7oLqiaZW6TEQngILx-2FUnkIAxAz0XVHxwRl2EJO9-2FnGu2hqP4OvsvufjpZp4rNw=
5KPHYFGLiEudnyLapUNwoJD1m03yyXcS-2BMHSGqvPjx218gSHvzHEgNVcHR5M48IecUeVREnXK=
EII3tZQKTGpwwp-2FUKZNp5NcdwOwF23NyXJj-2F7Hl-2B8SZO1pOgpCuAhbwf8IB1Xb0tXv6Gv=
h15Vs54hNDU" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Revisit=
it here</a></b><br><br>
=E2=80=A2 <b>Valuation uncertainty drove mor=
e growth-stage companies</b> to seek private credit financing in Q1, accord=
ing to Hercules Capital. <a href=3D"https://url6380.news.pitchbook.com/uni/=
ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVqfRhA7aoxa=
Wmw49nOEhgueSWLIpERiNlxt0ABBR6JUQ-3D-3D0SOA_I3w5d9c01gkD8gLzFEofZR-2Bh6Vwar=
HkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w=
8FRpGPiJqyb9T-2BKwJfqA5xyoyK2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojS=
LuJg1i1O2oXnckWSGWIwEIBnk9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7pe=
IGhVjFLJjrk5g4myYAckiZxyAMjWbx4BIofIvPoSE0nZILp6VdV4nwc36LoJOtobVcfw53jsv1x=
EeG1dnI2wYslKngK-2BC61oKSXElW1DLxs5VMZDO79jI3sTrQN3QID2E4SoQ8HpkAWaTCKrODjK=
h84WItIVs4hqOKx12dq-2BKv-2F3Qpggi8zubOwwpm9WR-2BjUAyQ1GKUhNehv0MGAMsMh4275A=
CUkFxm5ow48y7eUUaH9ggtbu00cYafVp1M-2FCly8-2BsWxfjWuZbx2lsz1lgQbDVK6njJ6HzCV=
Nq7KA7biJpTgWPKuzh8H3YawYJ62Qb6afbyLpNtK" style=3D"color: #1D5080;" test=3D=
"" universal=3D"true"><b>Find out more</b></a><br><br>
=E2=80=A2 <b>PE funding for the European aer=
ospace and defense industry</b> hit a record =E2=82=AC5.9 billion ($6.9 bil=
lion) in Q1, as surging defense budgets drive a procurement wave. <a href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVqfRhA7aoxaWmw49nOEhgupm2RmwKHqOBI81dwwo8ET=
w-3D-3DUBtE_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m=
8PzsF9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5xyoyK2yKw=
qzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk9QMEYvz=
sd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxyAMjWbx4B=
IofIvPoSE0nZILp6VdXDtVhD2wcCOJ60vK3SjOaA6Rp0GZxzjVl8zl-2F99qmYSfyRikwnRX-2F=
IzrL6eUUpEWOxcRoQsFVj8QfByoGMRmq27uFzDhT-2FcNGLcJqdn3CCkMGTY2y0a8dIhqkja70e=
tzKboc0UQBij5cUlB-2FlcjSeSAH7nr16-2F01NBa73gmy5swbXeQ4FdaFK0BC-2FSLVN0b6STN=
lmKfo98Jh2NE68GKD8TqtqTomf55a22u5Mlj7ThFRgV-2Baq9ryjIJ2xs8Isbl6hB8szLvzY1p0=
usevKquQJL" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Meet =
the top investors</b></a></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_581265" id=3D"n_581265" 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;"> TD Bank explores tie-up with p=
rivate credit firms </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-2BaqM7ONnvsnswouzVqfRhA7aoxaWmw49nOEhgu5ecNrVDgf=
zEpltturV5h3w-3D-3D5JEV_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb=
cbdWeUgFVa0m8PzsF9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJf=
qA5xyoyK2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIw=
EIBnk9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIGhVjFLJjrk5g4myYAck=
iZxyAMjWbx4BIofIvPoSE0nZILp6VdWvRlu5WzWtfzs6rrTYvsQKgAkhWz5yoh4mjVao-2BFggw=
m5fxI85uzJIrOKHbJ5MRUUUu-2F3BQA-2FObxTZNajWhl84LDBUGA2tjXBtA6OKuC5I0bY9Cx5V=
q8YSdXsS0T7jJPK0pkbCIuqmSiGROqmxUakwtzJcZuDWWOIfFE7uOkNR9PGtwgB2-2BpSMjli85=
2YT59oI-2B1dg42MfJhd-2FnDgxhFteJap-2BSl2tfCjMbgyt5ll-2FF-2BDMti9U9ARyZYUrIu=
UAiaWIwsFKRPgxmQ6MYo0TOfJp" universal=3D"true"> <img align=3D"center" alt=
=3D"" src=3D"https://img.pitchbook.com/news/74526.jpg" style=3D"border: non=
e; width: 100%; height: auto;"> </a></td>
</tr>
<tr>
<td align=3D"right" style=3D"padding-bottom: =
8px; font-family: Roboto, Arial, sans-serif; font-size: 10px; line-height: =
27px; color: #78766F; text-align: right; font-weight: 300">(Andrew Francis =
Wallace/Getty Images)</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>By =
Madeline Shi, Senior Private Equity Reporter</i><br><br>
In recent years, banks and private credit fu=
nds have been forging closer ties, angling for a larger share of the corpor=
ate and sponsor-backed lending market.<br><br>
Now TD Bank=E2=80=94the 10th-largest commerc=
ial bank in the US by assets=E2=80=94is looking to join them.<br><br><b>TD =
is actively seeking to forge partnerships similar to those adopted by its p=
eers, which aim to marry its corporate client network and origination pipel=
ine with the financing capabilities of a direct lender,</b> PitchBook learn=
ed. No firm plans have been agreed upon.<br><br>
Once competitors, banks and direct lenders a=
re now increasingly pooling their relationships, capital and credit experti=
se. <b>Partnerships between the two sets of lenders have proliferated,</b> =
taking a variety of forms and drawing in lenders of different sizes.<br><br=
>
Banks are less incentivized to hold certain =
types of debt on their balance sheets due to higher capital requirements, l=
eaving a gap for private credit to fill with more flexible capital.<br><br>
The tie-ups allow <b>banks to reap fees</b> =
from sourcing and structuring deals while retaining relationships with clie=
nts. For private credit firms, these ventures offer access to a <b>broader =
base of borrowers.</b><br><br>
Commercial banking giant JPMorgan has forged=
several partnerships with private credit firms=E2=80=94including Cliffwate=
r, Future Standard and Shenkman Capital Management=E2=80=94under which the =
bank originates loans and co-invests alongside the lenders.<br><br>
Other high-profile collaborations include Ci=
tigroup=E2=80=99s $25 billion direct lending partnership with Apollo Global=
Management and Wells Fargo=E2=80=99s $5 billion arrangement with Centerbri=
dge Partners.<br><br>
In the middle tier of the market, PNC and th=
e TCW Group in May 2024 announced a partnership to make loans to middle-mar=
ket companies, providing them with senior secured cash flow and asset-based=
loans.<br><br>
Webster Bank and Marathon Asset Management, =
two months later, unveiled a comparable tie-up targeting sponsor-backed mid=
-market companies.</td>
</tr>
</tbody>
</table>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: =
100%;">
<tbody>
<tr>
<td valign=3D"top">
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-btn">
<tbody>
<tr>
<td align=3D"center" style=3D"height: 36px; b=
order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http=
s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
rf6GFa-2BaqM7ONnvsnswouzVqfRhA7aoxaWmw49nOEhgu5ecNrVDgfzEpltturV5h3w-3D-3DL=
q2S_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF9gr=
kLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5xyoyK2yKwqzKICcE2=
4w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk9QMEYvzsd2Fb1BM=
dZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxyAMjWbx4BIofIvPoS=
E0nZILp6VdUGDqaFZ8nxALsu2i2O0Cnj-2BVix3MHdI9qm1-2Btli19WRGraReCzfMoiFFbpTIq=
Rm3SVKof6sYu87FhRWM-2B0E3aTnQgyHBayUpNfDvzGZ2d6lqwII7qD1nmmudDVcGX-2BkZwsDe=
NnahdyJ8YfEeBan4P3uDf1QNYwdPmvwW9-2FR12enlaC0z2mspjSZCLi8XmAgcDk8JENMofQYCc=
XvTqmYfdi5BVdxR3hd8bBqduHkE7YLPIVtU2RcHyHDY0zLTFszbg4it3rwJ3Di2HW8OTJqlaJ" =
style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-deco=
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ft: 8px;" width=3D"24"> </a></td>
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<td style=3D"height: 25px; line-height: 25px;=
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</table></td>
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ight: 6px; padding: 0; " colspan=3D"2"></td>
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<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
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<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>
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</table></td>
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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>
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<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel=
ated research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVqfRhA7aoxaWmw=
49nOEhguOlWk75y2Pz0y2hqWf67z5w-3D-3DQgUn_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkx=
BRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8FR=
pGPiJqyb9T-2BKwJfqA5xyoyK2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLuJ=
g1i1O2oXnckWSGWIwEIBnk9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIGh=
VjFLJjrk5g4myYAckiZxyAMjWbx4BIofIvPoSE0nZILp6VdXxFnghr57-2F3YLEr6dU5PrKayze=
c9foso3GmmykLD-2FPlLnaAUdF0POVwEXpDSH1-2BgvZokOAudiM5kp2HclD0-2BKuaCNpvJdmA=
IVUTnHDT9hlgqsC7yG8LJ4xMT5OW7EPPwTGywzSZ2kz-2F7IV2cHacnTcoxOCLbqAUjrNuRjETi=
nRRD33v9R-2BliFjuvXB2F8Iu9-2BC7ruLbNOy2HTV-2FsES1ctgBWv-2Bi-2BrY2Ge9wg16tjs=
ryOTCdI6x6IvURgwvWBBLRitq3CbFaUEBUGJRM-2F2n3oaA" style=3D"color: #1D5080;" =
test=3D"" universal=3D"true">Private credit institutional demand accelerati=
ng despite BDC news, says BlackRock</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>This nonprofit struggled to get=
human volunteers, so it uses robots instead.</b> Meet the robots helping p=
ut together medically-tailored meals in San Francisco's Tenderloin district=
. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVqfRhA7aoxaWmw49nOEhguTxUDe3-2FjwD6Dy=
b414pOYBw-3D-3Db_A1_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW=
eUgFVa0m8PzsF9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5x=
yoyK2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBn=
k9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxy=
AMjWbx4BIofIvPoSE0nZILp6VdV4FfQsxD6mTzMnKeArLfraWESkdYvYdf41B7p2qm7yWnmjWSk=
7N2BQqi-2B1oObELk0e8x3cc8QBs8sJqHP1sha3994lP3dYWTOhUTHPM40uaZJvKzOMYp4VghRb=
vl4BaWoGuvpppSjLFH3fAq7pWRz1B9YGVBcgP8Hsdf1RjZxEQ9Db-2FlqbG8m0icJ8ecxJWpprh=
HRvsjLvHGCV-2BDBYgTpJjP-2BJFoi47LtF0iYBw4W1IiaGrcxVAcmf2EZKyk6-2FQKJvoXFA6A=
Cdd7u1vyvoVzvr" style=3D"color: #1D5080;" test=3D"">Wired</a>]<br><br>
=E2=80=A2 <b> Self-driving cars are giving v=
isually impaired people a first-time experience:</b> being on the road alon=
e. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73=
BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVqfRhA7aoxaWmw49nOEhguLkjdqXqA5fOtkm=
DuCYK5pA-3D-3DuPpJ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWe=
UgFVa0m8PzsF9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5xy=
oyK2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk=
9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxyA=
MjWbx4BIofIvPoSE0nZILp6VdUkoeB4-2BXHfsoILOGxtW23NeKORzJMytjxEBZ3IV87t12FefG=
zIe5q-2F7OBLOZSppaYI1NCbeomkJfSdk5Fdriyei82vs7B4VItfsMiNkLUWE1C98OLTBQgvL2r=
aGBy1KlZg1Ui54NDlhA-2FUjgCBJL91g0-2F8Zkg6DTygD9B5KU5-2BytyCiJTiZl9-2BWfAZ5f=
1ASswC88OV6gZPmi24g4JolRfWicNc-2FRTUgttMxoayj-2FU-2B9ndLBY3oYMKmKXqUBUX-2BM=
5WiENoNF67T4Xd2V89DEzlo" style=3D"color: #1D5080;" test=3D"">New York Times=
</a>]<br><br>
=E2=80=A2 <b>How rising energy costs are lea=
ding to exposed legs in the workplace.</b> For the first time, Tokyo govern=
ment workers are allowed, and even encouraged, to wear shorts to the office=
. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVqfRhA7aoxaWmw49nOEhguYgh69yYR7WWqvuu=
2loO6Ig-3D-3Dn5Gs_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU=
gFVa0m8PzsF9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5xyo=
yK2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk9=
QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxyAM=
jWbx4BIofIvPoSE0nZILp6VdXUQ7ADsYZ68zaRNdNeYIPwjDhmRDcwy0XJGI7rLaADR0XmI1TmG=
EXxuEKf8xayM6tlKo5a37OLKhr06BZfYxjE2sN4ipm1N4Sg5RH7XnmLFnwIdeIlFz2JGM47vfjr=
CID8cnai8PuyLpcKd1d-2B1I6JHGNri8cZlaUVD7k7VKPpfBYwL9I8d2CAzYzkTgsYu0EcJtAtr=
7flWI5iFw4BEzyx-2F4Dq4pVLJ17BVNk1gIutIZV3dZzgqG04hkLzJ4LA53gmR1748yPFs8Xta-=
2BbJue4R" style=3D"color: #1D5080;" test=3D"">Bloomberg</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-2BaqM7ONnvsnswouzVqfRhA7aoxaWmw49nOEhguUgfvTiOJ-2BrfBCQMVB5VRww-3D-3DB=
pPU_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF9gr=
kLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5xyoyK2yKwqzKICcE2=
4w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk9QMEYvzsd2Fb1BM=
dZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxyAMjWbx4BIofIvPoS=
E0nZILp6VdVxm-2Bd9GqWKtOA0qhT8t-2BPEDR44rDURPKTpqpxeyqs-2BtOY4norU8is8p56xo=
FW9J7aHhG307sf0pVzTVPEfp839cPubB9tdUtG9Y7U8kVD-2FGuxOZgFKPMcS2JJHyVd3hRGQbN=
vMBTPrtUX3AUqACq4w9lDTPjbOnvEW-2BAtIYgNkH-2F2NZutWgsKBFdBOMO2MV9NGxbFxIIhWq=
NdqNA-2FzMsfqiBp-2BaP6yQZ23d-2FsZPXy7f4KiZjKKGtSalt9YMBcETdrBAtgHzi0885izQm=
R0OQRo"><img width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4559/Whit=
ehorsebanner.jpg" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; border: 0=
px; display: 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;">
686
</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;">
2471
</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;">
1216
</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;">
40
</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]>
<v:roundrect xmlns:v=3D"urn=
:schemas-microsoft-com:vml"
xmlns:w=3D"urn=
:schemas-microsoft-com:office:word" href=3D"https://pitchbook.com/free-tria=
l"
style=3D"heigh=
t:43px;v-text-anchor:middle;width:148px;"
arcsize=3D"50%=
"
strokecolor=3D=
"#F79B3E"
fillcolor=3D"#=
F79B3E">
<w:anchorlock/>
<center style=3D"color:=
#000000;
font-fami=
ly:Roboto, Arial, sans-serif;
font-size=
:12px;">
Request a free tria=
l
</center>
</v:roundrect>
<![endif]--> <a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
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4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk9QMEYvzsd2Fb1BMdZ=
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EvbO1yfFgh6QuuadKveO8fpnieJrHYT9am7nnyTXQfTGxNy13JsU6ucXj2s5-2Fa32pkJ7Zup" =
target=3D"_blank" style=3D"display: block;
font-family: Robo=
to, Arial, sans-serif;
font-size: 12px;
color: #000000;
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none;
line-height: 24px=
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text-align: cente=
r;
padding: 9.5px 21=
.5px;
border-radius: 99=
9px;
background-color:=
#F79B3E;
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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_581261" id=3D"n_581261" 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: 2017 Vint=
age North American PE Funds </span></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table cellpadding=3D"0" cellspacing=3D"0" lang=
=3D"x-benchmark" style=3D"font-size: 16px; color: #78766F; padding-bottom: =
10px; min-width: 100%;" width=3D"100%">
<tbody>
<tr>
<td style=3D"font-size: 16px; font-weight: 700=
; font-family: Roboto, Arial, sans-serif; color: #000000; padding-bottom: 1=
0px;">Median IRR</td>
</tr>
<tr>
<td style=3D"padding: 0 0 20px 0;">
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-irr-chart-line" style=3D"width: 73.00884955752211%; mi=
n-width: 73.00884955752211%; max-width: 73.00884955752211%; 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">16.50%</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 Hurdle Rate</td>
</tr>
<tr>
<td style=3D"padding: 0 0 12px 0;">
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-irr-chart-line" style=3D"width: 100%; min-width: 100%;=
max-width: 100%; background-color: #40C2C9;">
<tbody>
<tr>
<td align=3D"right" style=3D"padding: 0 4px 0=
0; height: 20px; width: 100%; font-size: 12px; font-family: Roboto, Arial,=
sans-serif; font-weight: bold; color: #fff;" valign=3D"middle">22.60%</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;">
0.87x
</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=
swouzVqfRhA7aoxaWmw49nOEhguHmpkbLH09QjoXO-2FtsHusOg-3D-3DszpM_I3w5d9c01gkD8=
gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF9grkLPzgoQxMIX7KAA02=
paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5xyoyK2yKwqzKICcE24w4zFJ-2ByxYtD1KX=
bmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFr=
Qj7FB51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxyAMjWbx4BIofIvPoSE0nZILp6VdX0-2F-2=
F8TaEg1uW-2F7sBeuv5MjQLt-2B2iush7GO4hZF0RWqpjcedBMLre-2FOHdiTB0MVNACFZ0GMKK=
5TAlmIWBnf4R4e6vqptk0BiaMmLb8P0-2BiS85bS7SfTUPkK61aov585uZQ8JaPgJiOjlz3dol1=
-2BdDgPoqnyTodkjeGEOTLZ5iay0A9kFmwZQXau4ZC3k2sCScMlWIQC3e0oel5FfYGu84iCuKvy=
MAPq1FtkQc82JZ4JY93JU2FetBVNEX2r75rppBnwVg0GZXhpAhlzpMPAlPAu" style=3D"font=
-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Spectru=
m Discretionary Overage Program </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=
swouzWliUHGCMIrz96BpjxtMNCvCC-2BII1xnjbj-2Fu589DKMBgQ-3D-3DNbxJ_I3w5d9c01gk=
D8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF9grkLPzgoQxMIX7KAA=
02paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5xyoyK2yKwqzKICcE24w4zFJ-2ByxYtD1=
KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZR=
FrQj7FB51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxyAMjWbx4BIofIvPoSE0nZILp6VdXSulo=
z7PFoHmi2w3wSSqTJ-2B3ucdyy2fZj3vvUqPh4XcKecFXxb4NY39BUqjqClKwA9P9VlSlDYpy1c=
REsmNtatzsG6c7foDLSH6yaGV9F-2FVl9r4xvoz92xoleulcZ5fboC8qWdHPMUWMwrXzmqS4cOZ=
1qJBffnxK-2FF8otCkXkn-2FF03sY4YOTl4TvzwauJfJ9Rz1Z2X19Q-2FSIVZH7XnYqKOMBJFy7=
qfqwRCMI72lA6lRjVtTSvCYT0fI0-2FjvCransxb3uhJKODM94WuiM2oEooi" style=3D"font=
-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Graycli=
ff Private Equity Partners 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=
swouzWliUHGCMIrz96BpjxtMNCvB68fCxH6K0YRdQ9KgsmATw-3D-3Dvrok_I3w5d9c01gkD8gL=
zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF9grkLPzgoQxMIX7KAA02pa=
SgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5xyoyK2yKwqzKICcE24w4zFJ-2ByxYtD1KXbm=
G5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj=
7FB51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxyAMjWbx4BIofIvPoSE0nZILp6VdXR2qPBo-2=
B-2F-2B6eKDX6PuWeM5LPFw13ibF2FzJ4B-2Fn0Ug0mMOAiFGl7zfwB8HtUgiOX2YS2zZbFkGkq=
ZfZsq4rN5UU-2FNu34Ivn0mf-2Bsu9I8vm3ZnVMtGhckSagd-2FB-2B6hzY48PaZyGCPonhFIZr=
ZNEUsNxxrdSIUrwDhUKEqHp0Nv-2B7aR40Pzw-2FKDcCwl9deTSp-2FtfhRC20-2FbtvUqsG2wc=
Azs5tR5B-2BWkfN3dCIhQo0P-2BNxgj-2B4dQ67yfXAxH4eFcGd9mAQ7WG0NbvO2LXIXVDugUk"=
style=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D=
"true">LongueVue Capital Partners III </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-2BaqM7ONnvsnswouzWliUHGCMIrz96BpjxtMNCvlDvn3j=
0yh1EwWnI1Cjv4HA-3D-3DM-U4_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1=
yZbcbdWeUgFVa0m8PzsF9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BK=
wJfqA5xyoyK2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSG=
WIwEIBnk9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIGhVjFLJjrk5g4myY=
AckiZxyAMjWbx4BIofIvPoSE0nZILp6VdUfyhmjhByfiC6aSE2hIlgjntY2Vsf21x64-2FFuCey=
Oz43tr9UAMAt4jjZWF-2FhZODtCXkctgwJQ3UeRK2lKkq0KtPdmZ29o0AzVMbGZ9Lt2xInbGiLS=
tnvZQ07TKr8UJCQBkxkp7GfTmorO-2BSSFotsVuNveTjpX50-2FxWJltCP7mEUpv1QwDUOAl7e-=
2BtTfKcR93-2BZGuLjzTeSTEEsLAZpR5xoPjL8bevB2-2B3C0Nhquuo1IsMe-2BxxvALARhr2s1=
YtKUQjT8fQs30KVZhYZc6c8kFzD" style=3D"font-family: Roboto, Arial, sans-seri=
f; color: #1D5080; font-size: 14px; font-weight: 700; line-height: 24px;" u=
niversal=3D"true">95 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-2BaqM7ONnvsnswouzWliUHGC=
MIrz96BpjxtMNCvcatAmIX-2FBEADhN5wWnG0dQ-3D-3D0gG7_I3w5d9c01gkD8gLzFEofZR-2B=
h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF9grkLPzgoQxMIX7KAA02paSgATkVXuKc=
BE0k1w8FRpGPiJqyb9T-2BKwJfqA5xyoyK2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQIm=
TceojSLuJg1i1O2oXnckWSGWIwEIBnk9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51er4nT=
pyD7peIGhVjFLJjrk5g4myYAckiZxyAMjWbx4BIofIvPoSE0nZILp6VdVcOTOPPqbwiy02UyrJS=
PH07-2FJ1RigPnKxYpuu3MzjpcsXsQwbiM5QW8g0zdBUW7iZyFaQX07-2FaOh7T7Xa6obsBAu5t=
3Ic6LhE9-2Bz3xmWJtYp8Tb7cr8L-2B9x1jqL9fGQ-2B02mWbyYsnh8ehEZHC-2BH-2Bt9J55Ub=
QnZGYG5QYQiLbX6LwM8y02j8U9cFdC3MOcElSoLk5XOg4nA4TcgaCmIaAT7FULGqFKpC3mpwxbA=
bInlXvL74dZqX-2FO-2FHb0scp7YAh7p1-2BGM5Uoh0cY4pT0PfqOC" 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-2BaqM7ONnvsnswouzWliUHGCMIrz96BpjxtMNCvCKUu0kFPnfLa85SaW9bEhg-3D-3D7cm=
0_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF9grkL=
PzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5xyoyK2yKwqzKICcE24w=
4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk9QMEYvzsd2Fb1BMdZ=
lNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxyAMjWbx4BIofIvPoSE0=
nZILp6VdURItITARrOMSAA5AmjvrdL-2Bc9-2BHroLfmQxtL8-2BlEaot-2BddWiku9bqRmYY8q=
50DzTaI4ClTSRvKTC1-2Fh-2Flpj8D2nD8-2F7RK-2BamlQ-2FZmcYDulaaER-2BRFv1Y1V-2BL=
zFLtcScW4By-2FYvlFOyPXyx9a0AlsNg7pJpUwzfWOdnu4QcPTNMJUdFigvrvfASsx-2FGyD7hg=
4ln61czKgzNt8EnK7eETX31SvynEcFpm4yqrE3wjhF6ZpDzLHG4X-2FGDx3W-2FCYNvC2Rvd1BV=
ROSdna9putA0IxcR"><img width=3D"460" src=3D"https://img.pitchbook.com/ads/a=
d4561/Churchillmarchhba.png" alt=3D"Ads" style=3D"padding: 0px; margin: 0px=
; border: 0px; display: block; width: 100%; height: auto;"></a></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>People</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Ard=
ian</b> appointed <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/c=
lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWliUHGCMIrz96Bp=
jxtMNCvhzqTyn-2BbYfsfhFKcmKT2FQ-3D-3DafI6_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHk=
xBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8F=
RpGPiJqyb9T-2BKwJfqA5xyoyK2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLu=
Jg1i1O2oXnckWSGWIwEIBnk9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIG=
hVjFLJjrk5g4myYAckiZxyAMjWbx4BIofIvPoSE0nZILp6VdU30IDEk2YoK6DVkZe0Ve26pxmyM=
C6SRZCcW0geqJpry7-2FYUby0WxeUBQJ8EefcNWXcf75svk-2BIPXOkPKQT1lQBIARL81DyCG4-=
2B4-2FU7cjz3EEgrCyFwfDGg-2FoF7p0A2FSLvpSsuFk0w4dPJhIL3ig9gby1-2BECtjF35-2Bv=
rrhkp-2F-2FQqryC9qYF6ld5tkAp-2FD-2BywZUXwfEKuiwKAzpQthvsJf3Yj0Hq5sCbjLZyp1y=
YzYu2j0ak5hczZZN2dW3vnuVRIeDSYkLc8sV8LA1Pf2F-2FbY9" style=3D"color: #1D5080=
;" test=3D"" universal=3D"true">Mark Benedetti</a></b> as co-CEO effective =
May 26 following the Paris-based firm's AGM.<br><br><b>Omni Partners</b> ap=
pointed <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWliUHGCMIrz96BpjxtMNCvw=
DbfLDWbAcOrPmcNBckkwg-3D-3DxxHY_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-=
2F3t1yZbcbdWeUgFVa0m8PzsF9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8FRpGPiJqyb9=
T-2BKwJfqA5xyoyK2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXn=
ckWSGWIwEIBnk9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIGhVjFLJjrk5=
g4myYAckiZxyAMjWbx4BIofIvPoSE0nZILp6VdVN1uWiDZKeZK0PtJpjbNxkAEvlgS8o-2FRfO7=
-2B3wSnORtS6dr97czBm1dmMYfrrhUbH0UGpSl1XkpgEFeRkVthQNb96YS1WoTRyQkyX8vHX6uY=
NRSAF3T9rI6NGE7FepDPbLEJWDnWzGKuV-2FyXK8Jd0AO4mm3R69K-2FbhMAGkNZPyVnAL0hkxG=
m98KoFM40uDA89q6UaHgYoKwC1duIxKhiWce9r9dU5QJVpiZ7pb6zaPKPYs-2FG8mSuO77Ad9-2=
B1ZZhJ24ZCQ09jaPUxxzokIx9cbS" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">Roald Hunvik</a></b> as partner to lead its Nordic investment str=
ategy.</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>VC Deals</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><a =
href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWliUHGCMIrz96BpjxtMNCvIrpuWfQ67fHxCDNLs=
HhTFg-3D-3DDXNy_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF=
Va0m8PzsF9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5xyoyK=
2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk9QM=
EYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxyAMjW=
bx4BIofIvPoSE0nZILp6VdVWTgVO3bK7DcrZL66UBsRVWV-2F0c-2B-2FQ4-2Fb7QoZezLH-2FM=
jP5jgCmt4RwVBXdYEaW6sugkHu35n2-2BEWJ2v52RbLCJSJajSN5Ta-2B-2F69-2Fh2K6E9TPRw=
wkjZOaJ5EpPL9S2oGFDM4PloQZnnOi5tG-2Fo3pR1g5KVadmZRXOhbyTBBhz3NVa55-2BmFrpJ3=
LQ4oI5W3gUzJGsEo-2Bxuso3R81vY2JzwNx5kMk0-2F7SUrjCHOiY-2BJDh-2BD0qHKaKgHVhOr=
cbANH3MVLK3oxmX0y3jwKpLxlhR-2F0J" style=3D"color: #1D5080;" test=3D"" unive=
rsal=3D"true">Cognition</a></b>, an AI startup specializing in a programmin=
g agent for software development, raised over $1 billion in a round led by =
<b>Lux Capital</b>, <b>General Catalyst</b> and <b>8VC</b> at a $26 billion=
valuation.<br><br>
AI inference startup <b><a href=3D"https://u=
rl6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF=
a-2BaqM7ONnvsnswouzWliUHGCMIrz96BpjxtMNCvpRNX2QMqSHG1f4u8HJ490Q-3D-3DN_ga_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF9grkLPzg=
oQxMIX7KAA02paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5xyoyK2yKwqzKICcE24w4zF=
J-2ByxYtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk9QMEYvzsd2Fb1BMdZlNn=
XYJvqwFQZRFrQj7FB51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxyAMjWbx4BIofIvPoSE0nZI=
Lp6VdU4FNqFgotqh1G5av6JPwOX-2B4t2bKSxHiohd-2FGQh-2F5Py2-2BbE1coKuhpXqUWn9hX=
f9LI37VxlL2x2WlKM5eoTWYElqEF3u3vtTjOACCfnHDyWOiOKQLK3o34yqIrtSKUGial-2Bfftd=
1KzrzJqnZUO-2FLNMyNvN5qmVClLu5xOinSqqQCKpVE8nawsSFnwOWi17Vkcp2Vbe-2FJBeyG8w=
e3rGB96-2F2dBMTdr3SzWuj7TQ6-2B9VLMPTM7in5VyyFNLiwRf4HAgcnyyQJhbTIBAvOcJ6oja=
x" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Fireworks AI</a><=
/b> is in talks to raise a new round led by <b>Index Ventures</b> at a $15 =
billion valuation, Bloomberg reported.<br><br><b><a href=3D"https://url6380=
.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq=
M7ONnvsnswouzWliUHGCMIrz96BpjxtMNCvmMBd1KtkNHGZkBLT3864CA-3D-3Dx6hA_I3w5d9c=
01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF9grkLPzgoQxMIX=
7KAA02paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5xyoyK2yKwqzKICcE24w4zFJ-2Byx=
YtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk9QMEYvzsd2Fb1BMdZlNnXYJvqw=
FQZRFrQj7FB51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxyAMjWbx4BIofIvPoSE0nZILp6VdV=
LEgviruBtiNEliiPUUSlySVf3T1elzxqv9wWjWAvEgLGLJBi-2B39A23MIXHtAw5OAebLlBpmqe=
sxzTGZcTq00h7XJOXkBNHyuqBim-2FGT-2BicGt4fX22UKjHAn-2B41P3AFrHMa53APpmLlJcoa=
8gxwtDqordItFYNDYiINx5SDRluTPtsj7heHBEmuakCBnZP3SV27QF30b9LredB0DNj30pr3UIc=
Cz5DQaOHoz80CTPvc0oP-2FJpbau63vD7EBDa2U25Ba99T8X77ESyr6iNoMB8h" style=3D"co=
lor: #1D5080;" test=3D"" universal=3D"true">Capchase</a></b>, the developer=
of a financing platform for enterprise technology companies, secured over =
$200 million in a mix of equity and debt warehouse facilities.<br><br>
Fusion energy startup <b><a href=3D"https://=
url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G=
Fa-2BaqM7ONnvsnswouzXxjO3-2B1PHWTaveRW2UazzGu7cYRHt2BSs7YMcrqB2gVw-3D-3DojX=
5_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF9grkL=
PzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5xyoyK2yKwqzKICcE24w=
4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk9QMEYvzsd2Fb1BMdZ=
lNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxyAMjWbx4BIofIvPoSE0=
nZILp6VdXkPqP5bq4-2BeM6fmI8DYVpR-2Fq2-2FRYsA47J3V53f0PviRgN8cTReoAl4IAhmZMI=
-2FZfBdva3CcBmOUygd0OsLBkFUq2XpsLrtsby17gOR22lHs90W8SDYENl-2B6AMA1XB2aS9kH6=
0mxRYzOvYRE3PZLLSdx4ZKuxYRl8pkYahzqkcgm-2Bb4iuq3EV7OpPGnrw7TdoKM1RgZefVWTbT=
pPVhIl-2BqTWm4e-2BBTL0nzI8WukyVjlaqsL11JeS-2Ffe8v1YlsPoVP12lTK7ZyYuPW2vFO3j=
R3LI" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Thea Energy</a=
></b> raised a $100 million Series B from investors including <b>US Innovat=
ive Technology Fund</b>, <b>General Innovation Capital Partners</b> and <b>=
Linse Capital</b>.<br><br>
Italian travel tech startup <b><a href=3D"ht=
tps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpS=
WIrf6GFa-2BaqM7ONnvsnswouzXxjO3-2B1PHWTaveRW2UazzG3IWV2Soiy5vhRnn1iQfpXQ-3D=
-3D37oC_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs=
F9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5xyoyK2yKwqzKI=
CcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk9QMEYvzsd2F=
b1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxyAMjWbx4BIofI=
vPoSE0nZILp6VdWPt80gisFtvrN3hVa8layyOYuPLi8ucPE-2Fd-2Bffg7ur-2FiWSiBiilSjWE=
LSwWJj5SZjRm3-2BDJq7MJcZuH3kGnY2mlecvwfYES4IAHOgt1fBESxAcDV41itWBBbs2LVeftI=
rdQu0wUSCVOldoUWxVfofxZq2jsSkrKqFh7ds-2BauPw8tHzd-2BfV8rPiqooFEX0AVmA12yNrH=
HuN1RG-2FnRH-2BL-2F5Yuro15RMResA5fZ7O4IfnhnFAo2-2BQSLQWFRjpvRKCo3n57zsJ9c1w=
7RnZYOcGfza1" style=3D"color: #1D5080;" test=3D"" universal=3D"true">WeRoad=
</a></b> raised a $58 million Series C led by <b>Airbnb</b>.<br><br><b><a h=
ref=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4=
Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXxjO3-2B1PHWTaveRW2UazzGdNzonSTa-2F-2BtE=
ds03wnEu0Q-3D-3DsK1M_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbd=
WeUgFVa0m8PzsF9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5=
xyoyK2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIB=
nk9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZx=
yAMjWbx4BIofIvPoSE0nZILp6VdU0GQtjx8szdO1gy9iXVMbwDfK6Li9asYWShe2M6oZiylhkRe=
gFcu7iGY2gQgVvKUSI7k3sRHD3pTryJV-2BMaCOMGO0qJWtR76JepeuW-2BuSgElqpGKtDjV72c=
s2YWlebdKGb63RIy9zbbQfQXu7mLEtJagHR-2BqUy2133pzwWRpjbtxhsRIJ729-2F97G0sKGhw=
X15rE4nm7izhA2PJsVM3tPMp1EZfV6KzyQUDWhLrz1-2FRFMWq4xoyjoHIjVmOLl7A-2FzJAK0y=
HrYbgWQ-2FSFRxUYiGi" style=3D"color: #1D5080;" test=3D"" universal=3D"true"=
>ClearNote Health</a></b>, which develops tools for early cancer detection,=
received a $52 million Series D led by <b>Mattias Westman</b>.<br><br><b><=
a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXxjO3-2B1PHWTaveRW2UazzGP1FFf6AuVmmTC=
lvyVpltKw-3D-3Dl8vV_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW=
eUgFVa0m8PzsF9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5x=
yoyK2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBn=
k9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxy=
AMjWbx4BIofIvPoSE0nZILp6VdUEOh-2FszjbQNQG64UJ5iYF669EBskxEFJLSPJzI4N2acSRSj=
OfCaPnp2zjc4SfZezYi-2BY2GuTq9P5A-2FtpJbj5-2BVUtgjTH8ViDqWFlozCjWdcpL2r1qMI9=
1vVmaYK8K37zyRepWDTBd3A83MpMQJ6zAJ3HkcUjx1TS6N7kv-2FSEKeSbNKoiI-2Fm9-2Bu7kH=
U6UYp0KzVRqWZzvPIltE94senwlRSBec82fn5mKiU0Ba8n8RAIEjFVqiDtZHDZ7W-2BI0-2FhVc=
6ID-2Fh8tPJ-2BZHJGFSRnb2je" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">Pace</a></b>, a startup developing AI agents for insurance workfl=
ows, raised a $46 million Series B led by <b>Thrive Capital</b> and <b>Sequ=
oia</b>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/cli=
ck?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXxjO3-2B1PHWTaveR=
W2UazzG-2Bewy9xb25wJxjPBkJ1rzDw-3D-3DrFXi_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHk=
xBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8F=
RpGPiJqyb9T-2BKwJfqA5xyoyK2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLu=
Jg1i1O2oXnckWSGWIwEIBnk9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIG=
hVjFLJjrk5g4myYAckiZxyAMjWbx4BIofIvPoSE0nZILp6VdVWilluggpV4PitgaF6y4U1RBSwx=
yejH5dXEaaNgtBYrKoK7FX23TkPa1fKiKE7RvlJBmICh9e8YBMK1BN-2BJwaaLWq97xVcS3j-2B=
VKFSRC9uL-2Bugv0n17-2FsARz5DwYEG-2Fv-2BEb7PczGkKXgtrZECdhfHCHbqFdgjoKFBkVDL=
rqYKxLJdtLgIA6qJSp6XYSlVIbwtsrzHPvGL5dtA2aqjj5MEjcmHjUwVr87ASea82QqHu0rZYmX=
BU7LwNbQPQGTGUGBO1oOOL2z70BNhvnupQmkNh" style=3D"color: #1D5080;" test=3D""=
universal=3D"true">NavigateAI</a></b>, the developer of a physical AI copi=
lot for construction field workers, secured a $25 million seed round led by=
<b>Elad Gil</b>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/u=
ni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXxjO3-2B=
1PHWTaveRW2UazzGfeREGxWW5apKkclZ-2FskG7g-3D-3DryIU_I3w5d9c01gkD8gLzFEofZR-2=
Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF9grkLPzgoQxMIX7KAA02paSgATkVXuK=
cBE0k1w8FRpGPiJqyb9T-2BKwJfqA5xyoyK2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQI=
mTceojSLuJg1i1O2oXnckWSGWIwEIBnk9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51er4n=
TpyD7peIGhVjFLJjrk5g4myYAckiZxyAMjWbx4BIofIvPoSE0nZILp6VdVobDQ3sUMfjQqAzA7s=
1X24eU7-2FW8ruNFiBirLvBRhlvxjVPL684-2FTQq9Etiv3BRIonDEcVs6iAPQ759-2BnQx-2B-=
2BKykuI8JS5y6-2BVPm-2F8e8Rxi0s2YF2EBGGHjEUFePvcrp1dG7duoMeINFNSvrUGzZCjoMCp=
kDUCTJ2fjYRZmQkOVuoSZeQkGf7d5BpfXf2Lr-2FULCoCdO0p2aa5p-2Fea9lQDBWhN-2BmcW5u=
21oZkuloeUJTQalhu2nh51X-2Fx-2Bo6slxw-2FXlM6cRANaq0yb5m4TKlM2S" style=3D"col=
or: #1D5080;" test=3D"" universal=3D"true">LightTable</a></b> raised a $22 =
million Series A led by <b>Innovation Endeavors</b>. LightTable develops an=
AI design and construction platform.<br><br>
AI inference optimization startup <b><a href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXxjO3-2B1PHWTaveRW2UazzGUUnXersrQhKURSPXsxa=
8MQ-3D-3DYdXh_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa=
0m8PzsF9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5xyoyK2y=
KwqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk9QMEY=
vzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxyAMjWbx=
4BIofIvPoSE0nZILp6VdWm7v856-2FWF-2FV0CoQozruFNpkQIJCQnInoADpqxdHLxgzNQOIdKB=
e2rpzeO5-2BdM5X3nGNgZamxcIXTTvquxRacCrvqDUPcwPrsk3EzgQjD-2BC-2F5UWnXjDWLXhJ=
MZxxvj3TnZqQMqMgbb-2ByJdbv8zcltUwDbYlL0nTgpUZqTFY0-2BdytUADqGUVr4of4nyJedsV=
TFgEfnbZnyzbhH5JYXii6b6H09cED99hz-2Fk3QkOyWLmHIgL3TvPmA4P-2FMjtYhnjsvKQDqpQ=
w9HlIOHHBYdNyiZU" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Te=
nsormesh</a></b> secured a $20 million round from investors including <b>AM=
D Ventures</b>, <b>CoreWeave</b> and <b>NVentures</b>.<br><br><b><a href=3D=
"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzXxjO3-2B1PHWTaveRW2UazzGiBflz04PbldCfa-2BL6KXb=
8A-3D-3DW_mm_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0=
m8PzsF9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5xyoyK2yK=
wqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk9QMEYv=
zsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxyAMjWbx4=
BIofIvPoSE0nZILp6VdXeGkRxMVKednDCpVFC9hOXVbEqAoEEMmfBvOhQrPTtNjgZndqbkACnUZ=
eKGl82Tm7d6ZVyR6AnTSO-2FE2JXJhYUdGNayaGUUUzpp1XuLtuJC6bMdLBhFnKeHUjxG58qS0y=
y2HCmyR1RCd1N37kgYoqPH1jRAqvlv-2BYXOtZRHF-2BadVFN9hdLZFI-2Fz6jOQyyjeCZKi3gQ=
KDvst-2FpXhm4CsDq-2B33kDeKXHgb8sEQZ-2FupQB8nTaMVfP4QvvDqRe6hPpxY48dNF1hy3HH=
09K2ffQcRDD" style=3D"color: #1D5080;" test=3D"" universal=3D"true">D-CRBN<=
/a></b>, a Belgian startup focusing on carbon-dioxide recycling for industr=
ials, raised a =E2=82=AC17.5 million Series A led by <b>Astaia</b>.<br><br>
London-based cybersecurity specialist <b><a =
href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXxjO3-2B1PHWTaveRW2UazzG8jkcRnPR12NbBf4=
ks3Y4Ag-3D-3Dj1Pa_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU=
gFVa0m8PzsF9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5xyo=
yK2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk9=
QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxyAM=
jWbx4BIofIvPoSE0nZILp6VdWzFw8G1p-2FBmFXeDaFxwsjTZD6gXn9L0rGM1JEW8Vaan5zCKO6=
GcHPtH2SqrCUlrWAYThbm4GrZv8imO8drgsRh3skYxhjsUeNWKiTG1Z6Gzq-2BLagKWJHw2NgwH=
ZCjegtJWmMoJjlZXZMGfWwx4szQuKJtzqRcsvhgtKXRAQByhpEC2iOalv2e-2Bexn9TgMIKnk6f=
tq9uG-2BNED-2BLOC6dneSaR0ynZQBkXh775sApgxHvLiUUlLAuMDVN1LlS0GHSDMg-2FeDtg93=
Vy555Xv9FSTJjQ" style=3D"color: #1D5080;" test=3D"" universal=3D"true">RevE=
ng.AI</a></b> received a $15 million Series A led by <b>NATO Innovation Fun=
d</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>
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<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</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%;">
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<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
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<table lang=3D"x-news-group-content" cellpadding=3D"0=
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<td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_581264" id=3D"n_581264" style=3D"font-size: 0; text-decoration: non=
e;"></a>=20
<table lang=3D"x-news-group-title" cellpadding=3D=
"0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;=
">
<tbody>
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<td><span class=3D"outlook-caption-override" s=
tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s=
erif;
font-weight=
: 500; font-size: 20px; line-height: 26px;"> Don't miss our upcoming webina=
r </span></td>
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<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100=
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<table align=3D"center" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" style=3D"float: none;
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<td align=3D"center" style=3D"text-align: cen=
ter"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n7=
3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXxjO3-2B1PHWTaveRW2UazzGAkerKehELBu=
SrSD4qCaeqA-3D-3DnMx__I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcb=
dWeUgFVa0m8PzsF9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA=
5xyoyK2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEI=
Bnk9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZ=
xyAMjWbx4BIofIvPoSE0nZILp6VdXTKB1f9lFjR3DSuA-2FL-2BweLbSipLAD7fYC-2FKG2jMVC=
a7n0QVkozcWYHyAE53d0owJaWlWAxb4-2Fu1Dli0BzmVEdsq7fH7LPqSqS-2Bat0E-2F0vJu-2B=
uCsQlOtGCZCPJAUgw8gFXc-2FZqkRxo3s-2B6lXj7enA6zzTbZ-2BWH6IlCZKyY4Fm2voAfUYIh=
Noc3v-2BbRFocBsM8w22cOpWOmacgxdOH5I-2FIc7gfjgVifSOgQXFXNqTCnXytLw68zn4Qomgz=
PKDSm4oWUQiKU5zN2UUbHu8YCOJxTS"> <img align=3D"center" alt=3D"" src=3D"http=
s://img.pitchbook.com/news/74503.png" style=3D"border: none; width: 100%; h=
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> </td>
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</tbody>
</table>
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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-2BaqM7ONnvsnswouzXxj=
O3-2B1PHWTaveRW2UazzGAkerKehELBuSrSD4qCaeqA-3D-3D1hDA_I3w5d9c01gkD8gLzFEofZ=
R-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF9grkLPzgoQxMIX7KAA02paSgATkV=
XuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5xyoyK2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7=
sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51e=
r4nTpyD7peIGhVjFLJjrk5g4myYAckiZxyAMjWbx4BIofIvPoSE0nZILp6VdX1sfPstVI5glfAH=
eDSE6xCSyJ1nUdKBODXy3O19oFHvCpsmBtRZj-2BovIWNrfko5hD1PpQKzu7dG9wdS6v1e475Ad=
Nvlh6gPAowUfcQtxRPtQslhKjK1Kf97PYEsRUkbusOQMJprsb33HNR1uuSBYQYAvDj0WEX3H0-2=
B8PCTG5HoowlBI2P4XGBeXMxaPUc31D6o32YBMUnskEP6lDL5XLQEvKLup6QTYuw-2F-2Fd-2B9=
R13VOcM15hjGFpDs8VF2SdGPwkQ-2FYCQut5n4oka5-2B9EN-2F7ZU" style=3D"color: #1D=
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ight: 6px; padding: 0; " colspan=3D"2"></td>
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</table></td>
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</tbody>
</table></td>
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<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
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<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>PE Deals</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>I S=
quared Capital</b> agreed to acquire a portfolio of 10 data centers from <b=
><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n7=
3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUpb1yxk9GhAGMAiyj7FWfrtfP13lbvVsF21=
LJlrLv0mg-3D-3DVrOi_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW=
eUgFVa0m8PzsF9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5x=
yoyK2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBn=
k9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxy=
AMjWbx4BIofIvPoSE0nZILp6VdXb7kgqTysKQhdcEbVySw19RKk-2FVBYVjhoeZVlimUeeDB-2F=
0Uwkb3nKjXQLpQ7Lc-2FcIpWBp9XYH8EZnsZNCRCwRaz-2FSsuN22PZw264NMpaAQF-2BJy84X3=
-2Fg5smVXQbXCwj70sPyDt96SDIUCsPfR2SBIQVB4QKKq-2B5dVzueld4j4idvGgg5-2FpMs582=
dkMJcnMJmn-2BJ-2F5UpqtHXkXZ8iZym8aK0Mo7SeQMFsTFmBPk4o-2FIdNQzlAGttZuloliWz1=
RXATth6d9yXep7THTYM5jK5Ckd" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">Cogent Fiber</a></b> in a $225 million deal. I Squared will inves=
t up to $1 billion and use the acquisition to launch a US data center opera=
ting platform.<br><br><b>Hg</b> made a $500 million strategic growth invest=
ment in <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUpb1yxk9GhAGMAiyj7FWfr-=
2FJ-2FcrqGXSc1xAJrYMAlq1g-3D-3DQZop_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf=
mzy-2F3t1yZbcbdWeUgFVa0m8PzsF9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8FRpGPiJ=
qyb9T-2BKwJfqA5xyoyK2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLuJg1i1O=
2oXnckWSGWIwEIBnk9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIGhVjFLJ=
jrk5g4myYAckiZxyAMjWbx4BIofIvPoSE0nZILp6VdUTsfYw2OOMItlyWya9HF5Pn7dSNviTW8u=
esztfPQBLrYGzHcYPnEp3TFQL3Jubgd21rI3phr1EJXrKfa58Heb9oVCJz3-2FJS-2B4-2BIxs-=
2BBsJy9cuDkdgcEdpzaEs66HEbO-2FFwD8dLE-2F3hn6efpDnAJYaeaQFd2J8XUkxp6pyi1A-2F=
u-2B4sXBR1EQkFU1vXOZk073XPngwUmiLpRe9Uc5-2FMi-2FWqKUGVfbE70IxCUxscUjBil-2FV=
x-2Bv4wp7Zo-2FAi1YoI7Bx8OI9yOGgwxJTIwfonZvFxDZ" style=3D"color: #1D5080;" t=
est=3D"" universal=3D"true">Rightsline</a></b>, a Los Angeles-based rights =
and royalties management software provider.<br><br><b>Littlejohn & Co.<=
/b> closed a continuation vehicle led by <b>The Carlyle Group</b> for maint=
enance and restoration company <b><a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUp=
b1yxk9GhAGMAiyj7FWfreFS62-2FhiOeSgr6Nb9Va-2BuQ-3D-3DFGtd_I3w5d9c01gkD8gLzFE=
ofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF9grkLPzgoQxMIX7KAA02paSgA=
TkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5xyoyK2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5w=
mS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB=
51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxyAMjWbx4BIofIvPoSE0nZILp6VdUYRw-2ByQSbG=
3nU-2BQShKJfPrqEgOvGKyvCGZU-2BOUdMtUl2fbRKHS0kSm-2B9Yc-2FFujuqewoxojJLG0T74=
a-2BpjQTqnTtLO6i1eBtzh5kJgbLij4ZDqUH0smX51upRjNI-2BbRtMu15YGrVM4-2FoFgY-2FP=
MwMdC4QFYV6xG9fL1lQOmM-2B279SwH9paKnXSU-2ByFcEAnESE4MEMftMKHnm1JwzzPjiA1GgY=
TkzWaYBdpFubzuOMkPRmuGceKYdXOPpfJESbg7Zu8Ud-2FEe5Yn34AHBjwZqu5TLJ" style=3D=
"color: #1D5080;" test=3D"" universal=3D"true">Valcourt Group</a></b>.<br><=
br><b>RC Capital</b> invested in diagnostic imaging company <b><a href=3D"h=
ttps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7Sp=
SWIrf6GFa-2BaqM7ONnvsnswouzUpb1yxk9GhAGMAiyj7FWfrXUXybuNtFmiuKH7deVRbFA-3D-=
3DGelI_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF=
9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5xyoyK2yKwqzKIC=
cE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk9QMEYvzsd2Fb=
1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxyAMjWbx4BIofIv=
PoSE0nZILp6VdV9HVOSLBufbq8dBUDduo4UuLmQFDGxzgoXXmJ5PStgep1MHbagfKGNpNPPQrrK=
sdw0W5HzXDcdpDyE4Gi54kzkvYXTUNGes784WDKGBLK-2FrJtKE7i58pbEZ3J166Sq-2FXp-2FO=
4VVzKVGm8luWFWps7mUiSlMq0v6unVtpyS9-2FFEmtJ6CjU9obQFaW-2BT1LoUZAFLqTbeON-2F=
2Fq1DtmsVX5SaP7ULbVU-2BugzNpymk7LDRleNEy2GPfnAgNWK40-2B9RdT-2BcP2LPfnqzITI9=
suy9D49sm" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Captive R=
adiology</a></b>.<br><br><b>Equip Capital</b> established a single-asset co=
ntinuation fund for <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls=
/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUpb1yxk9GhAGM=
Aiyj7FWfrgQnIQb0G4h4vFnbhOdhehw-3D-3Dvsbl_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHk=
xBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8F=
RpGPiJqyb9T-2BKwJfqA5xyoyK2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLu=
Jg1i1O2oXnckWSGWIwEIBnk9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIG=
hVjFLJjrk5g4myYAckiZxyAMjWbx4BIofIvPoSE0nZILp6VdWNzgPwnFRqTwOhGb9vD3rjJv8XY=
UQbwLtSSzqJSlPXgF4h9r626t6noGzMxyYiT-2FzzrQpYf9tYtweb8gX-2BWubXAX95VP832eym=
kyE-2BzXxx0ngh-2Fyd7-2Bmq7kreQY9cplVkokYFB6pwLpg5diSnp8xnVAnKfgH2cwNB9u6ArX=
e0yGM-2BP7JanK5en6yjzkQsUd7KGzV7AxD6Dd2YNvL3JQcxiCiGaLeo2BRZagqvg1j0oVXEyFt=
cC-2B4lJN0putKZBPF8hMydCBgBs20YQOPRhaIAl" style=3D"color: #1D5080;" test=3D=
"" universal=3D"true">Ryde Technology</a></b>, an Oslo-based e-scooter oper=
ator, with <b>Goldman Sachs Alternatives</b> as lead investor.<br><br><b>Si=
xth Street Partners</b> acquired the <b><a href=3D"https://url6380.news.pit=
chbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns=
wouzUpb1yxk9GhAGMAiyj7FWfrB2KggYJxdlzNcmmzLdWgZw-3D-3DPa5J_I3w5d9c01gkD8gLz=
FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF9grkLPzgoQxMIX7KAA02paS=
gATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5xyoyK2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG=
5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7=
FB51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxyAMjWbx4BIofIvPoSE0nZILp6VdVCvvLaTKlO=
VKehxpjpi6OMirzKvcdnwJCg6ISIhKeJO91RudoyLnkRmABEw8I-2FaDV-2FPflpfRt6cikD-2B=
gIp-2FZntt80E654OA5IpN-2FiK6gGmussUsHSEkJolbgWlH0znSJcD-2BsFlZIHHvErbdj2EsL=
LdIrGusO-2Fs8BziLcM3ByxyJq3OYqrGXF-2FXYy6RioKMgG6DjfiDXLH50k2iMq-2BtLWzCEgb=
sLPBlUKVLNMa76xffZUQzHKwWv3XPqdX4AqV8bulZRdcMgHs4kb27Rmg7IciD" style=3D"col=
or: #1D5080;" test=3D"" universal=3D"true">Park Hyatt Beaver Creek Resort &=
amp; Spa</a></b> ski resort in Colorado.</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Exits</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Taiwan=
-based solid-state battery maker <b><a href=3D"https://url6380.news.pitchbo=
ok.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouz=
Upb1yxk9GhAGMAiyj7FWfrti9hE6DlMTlnzS7bgEyOTw-3D-3DOV9z_I3w5d9c01gkD8gLzFEof=
ZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF9grkLPzgoQxMIX7KAA02paSgATk=
VXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5xyoyK2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS=
7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51=
er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxyAMjWbx4BIofIvPoSE0nZILp6VdWuRHUAPIa4JXoR=
yUYp7ewh4i9s8hjsIDUJEGB8vkAu0JuhFEfeDAZp3IhfEOJdwram6jEgzBREnuulh7VoRJcBoUj=
VKrtml9oMHP6QpNlCYAKSE62Q1QnZZG64puIjCG-2FsCPwLyDJ63Ofevr4DMaM63LkCYP7k355r=
020lS99rD2ar92Oru6K69wMtJbQ1xZS1CDVYPcV0GdL9hyAdkJGNlRE-2BcfTAG2VS1HPtUjxtl=
oAWBx2-2B8-2B6hyghmlIxS-2BJ-2F82I0HsiBPUQmeVdTopZVN" style=3D"color: #1D508=
0;" test=3D"" universal=3D"true">ProLogium</a></b>, which is backed by inve=
stors including <b>Highground Holdings</b>, will go public at a $3.8 billio=
n valuation via a SPAC merger with <b> Translational Development Acquisitio=
n Corp</b>.<br><br>
VC-backed French nuclear energy startup <b><=
a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUpb1yxk9GhAGMAiyj7FWfrrSEUyoG8jtNARmQ=
TW91DkQ-3D-3DnodX_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU=
gFVa0m8PzsF9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5xyo=
yK2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk9=
QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxyAM=
jWbx4BIofIvPoSE0nZILp6VdWoiqwmNtrlfPyGxBj2yH-2Bt4jv8kkpnLIwcVMkzTFFQnp2aPic=
qWjMqascooVNF0dAKSPU4txLKyEmXKXkJI8yl-2FjAGAlaQL2EVSGm8BJy7EPGQ3r3sYBKUz7YX=
BVUHcH9ytnkZDZfFWX6durnGPJ9zBHjVo7VbYXPNvzCFmvfHY7fMrpLuT-2BZAYNhvWWnBaJ7kd=
9-2F-2Fbo1A06TWmwJ-2FaRxyuepCbdw-2FV6ag2lvKqTnVE3XJSzYQd9EO4RNR8ApldSxq9Y26=
5mHBf5WW-2FFvo7aXO" style=3D"color: #1D5080;" test=3D"" universal=3D"true">=
Newcleo</a></b> will go public in the US via a SPAC deal with <b>NewHold In=
vestment Corp. III</b> at a $2.4 billion valuation.<br><br><b>Fidelity Mana=
gement & Research</b>-backed <b><a href=3D"https://url6380.news.pitchbo=
ok.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouz=
Upb1yxk9GhAGMAiyj7FWfrnhByxWO-2FkAVLpIV1eJA7Hw-3D-3Dlg4B_I3w5d9c01gkD8gLzFE=
ofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF9grkLPzgoQxMIX7KAA02paSgA=
TkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5xyoyK2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5w=
mS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB=
51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxyAMjWbx4BIofIvPoSE0nZILp6VdWO8yDOcsR-2B=
BsGdEDBy1XsvTVJ53HXPyHOjcAI9OVZAxRHZqF3gH7HEDC5NQJ3uWf2CstU2h8nAKGLfyjQc0YI=
Myn0njHYbJo-2FQPrEF9UM0CK0SPkLPGnHvg6CcVAImEl0ktAb-2B9UJaF3kpdb7dcSEqTAW1eo=
o2FBT8FsWLaAOrkskco0090-2BRdeS5TxHeHgMg7B-2FYacjLaOSxtLerBZzOzEteq7gE0S1JNo=
Ue0oYR4RgzerZQt8XPg8ePvxXM3vkwsB173e8nEKspnpTJZ0-2BgD" style=3D"color: #1D5=
080;" test=3D"" universal=3D"true">Kardigan</a></b>, which develops treatme=
nts for cardiovascular diseases, filed for a US IPO.</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Fundraising</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><a =
href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUpb1yxk9GhAGMAiyj7FWfrcGWX0QwweylXbyfFA=
Wdxyw-3D-3D3eST_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF=
Va0m8PzsF9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5xyoyK=
2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk9QM=
EYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxyAMjW=
bx4BIofIvPoSE0nZILp6VdWlC0UsVkUSJRAQj39hcbJtVj3HNvveGCupnqT3uXcAEcsU22Fwle2=
2LqdtElp3rgh6Lw0-2BPj2acJ45LTWaO6ysHHQW34yG7DEyOtRjBvEUoT8OOBxfKmY-2F7x-2Bu=
iW7mpIKtJMEL28Ole8cgbsSGkd2lExVDS2pJ-2FR8TZPqj1071xLHwzFRYiO8HtpdwZSdFLLX9y=
Gp9F5gVrpO6IZEaGn3R1nSMacFZlK4frYnFbScIqyOjbWePbfXktojJNiNcl2hvyLAAkB0uij1E=
ur0dzIod" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Transition=
Ventures</a></b>, a London-based early-stage investor, raised a $150 milli=
on fund focusing on physical AI.<br><br><b><a href=3D"https://url6380.news.=
pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv=
snswouzWldJncFBFEJCq6XQiCq6RA2eDwXVXfSf-2BsLIXeYNay7Q-3D-3D3BV8_I3w5d9c01gk=
D8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF9grkLPzgoQxMIX7KAA=
02paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5xyoyK2yKwqzKICcE24w4zFJ-2ByxYtD1=
KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZR=
FrQj7FB51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxyAMjWbx4BIofIvPoSE0nZILp6VdUgbdE=
h0W5DH-2FNkhIdxkKJ2NVB-2BZIYNdk2jHWwvwx6usYrbqc1TfbKk-2BpSH-2BQIbWDKMH-2B4M=
Y1-2FSPyf5zedlcMyOjM-2FNopljA4kWYDzVpFpEvc4b2BH2I3HN1zdJwQNoiFFWcBSpi3-2F-2=
Bc6V92xnTz9YOjwFKygGitCJxlkKEZb-2F81KwE8OtQ2DHVWpJXV5ezIYC9aqTIAvFnzlax4oW3=
T956tW7TgnylXC4znex7YaBmBrt8YhLrIwNxJIHJx5uN0suxPebZnVjbBAJtGhIDwAt-2B" sty=
le=3D"color: #1D5080;" test=3D"" universal=3D"true">Opto Investments</a></b=
> closed its AI-focused VC fund.</td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
</tr>
</tbody>
</table></td>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2"> </td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
min-width: 100%;">
<tbody>
<tr>
<td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Investors</span></td>
<td style=3D"min-width: 20px; width: 20px;"> </td=
>
</tr>
</tbody>
</table></td>
</tr>
<tr>
<td style=3D"padding: 0;">
<table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
<tbody>
<tr>
<td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
Arial, sans-serif; color: #78766F;">
<table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
<tbody>
<tr>
<td style=3D"padding: 0 20px 0 20px; ">
<table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
">
<tbody>
<tr>
<td>
<table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
<tbody>
<tr>
<td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><a =
href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWldJncFBFEJCq6XQiCq6RAYrRKd9EddwwGr6lNT=
UnzXA-3D-3DrxY6_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF=
Va0m8PzsF9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5xyoyK=
2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk9QM=
EYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxyAMjW=
bx4BIofIvPoSE0nZILp6VdWOMv-2FATzdj9WkGxV-2Fwx-2FlTVV-2FrXec9Ua-2Bc5aFiqcy7o=
xfog4HtLJl2esaYNTpaP0Cl2nvc-2FMTMaamvePhncxzwYmyw3MtqtpM2mIrizKi-2FVME9KqJM=
89zWXRbVZu-2FAa1TfV1m1c6jMjqV-2FU6YT7eViTpvSnquFIXauBdzkJKFJKHgLs-2By41J4Po=
xj6cYAoWFXLpi5gJ385fQvf9luJ1wpgLSUEk4mkb2BDqOD-2BEyYFAaYa5m2-2Bwi-2BhyRKG5I=
ujlAk-2FYdn5UNw9raNU9GZkUkjD" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">The Carlyle Group</a></b> is launching a unit focused on middle-m=
arket deals in the aerospace, defense and industrial sectors.</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-2BaqM7ONnvsnswouzWldJncFBFEJCq6XQiCq6RATHUGosWL6=
nvkvT7-2FJ5ihKQ-3D-3D5__w_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsF9grkLPzgoQxMIX7KAA02paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKw=
JfqA5xyoyK2yKwqzKICcE24w4zFJ-2ByxYtD1KXbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGW=
IwEIBnk9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRFrQj7FB51er4nTpyD7peIGhVjFLJjrk5g4myYA=
ckiZxyAMjWbx4BIofIvPoSE0nZILp6VdUVi2lOlV089r3b6YCno-2FLd6gXB11ybHZifjXNJmah=
W-2FlMPMnw2lGcXO-2B8cnlgr2adEDsbwEmJvEDdl-2BgOonioyrJcvxQes8egtv-2FZtAhQDYT=
-2F2G7QNcM0wlb93-2FHqdJFauvhSloFQ-2BNvj3POXZ7KVnRE5RUb1GeIMt-2BqamTHkOj9Nu0=
xrE3MuBZeuxyG6mt1NkDQ7oOQ5YCdq5wZ7Yg7VH-2B-2Bhd1wOmLt3Vqhj8Uh3M-2BTh-2F2aoU=
qYOGiL3ey4bimfzWB-2FmjqLAdJX3y71v1wYiu" universal=3D"true"> <img align=3D"c=
enter" alt=3D"" src=3D"https://img.pitchbook.com/news/74524.png" style=3D"b=
order: 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">Ares M=
anagement, KKR and The Carlyle Group were the most active PE firms in the w=
orld in the first three months of 2026, according to PitchBook's Q1 2026 Gl=
obal League Tables. The rankings track all PE deal types as defined by Pitc=
hBook for the quarter in question.<br><br>
Source: <b><a href=3D"https://url6380.news.p=
itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs=
nswouzWldJncFBFEJCq6XQiCq6RATHUGosWL6nvkvT7-2FJ5ihKQ-3D-3Dpiug_I3w5d9c01gkD=
8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF9grkLPzgoQxMIX7KAA0=
2paSgATkVXuKcBE0k1w8FRpGPiJqyb9T-2BKwJfqA5xyoyK2yKwqzKICcE24w4zFJ-2ByxYtD1K=
XbmG5wmS7sQImTceojSLuJg1i1O2oXnckWSGWIwEIBnk9QMEYvzsd2Fb1BMdZlNnXYJvqwFQZRF=
rQj7FB51er4nTpyD7peIGhVjFLJjrk5g4myYAckiZxyAMjWbx4BIofIvPoSE0nZILp6VdXc3wlW=
7geXmmWzs4F7ChbR3aC0JsENOPdq6fWEymLWF8l-2BmMkWWKCzCQrHha6LBkefJ4g33bVEGXmjU=
PxRQtJRDiypg8rLGliFs95o6fR5Wxm6rvBJnCR5OCtCVISnnqZmpnIe5tUp20rtMAnbBaMKW4BS=
Qn59DxIyCb-2BYy3oIvtFg1eGUuitdwDS2n4ber8UaCBP-2FZ5bA-2FtK3Dhfaft4-2BZG2C8vh=
VnFg5a3UtoInbR8j9U5I9g3u76nBuszOT3NLhiR5bfbkB1k7PVKlVjd2v" style=3D"color: =
#1D5080;" test=3D"" universal=3D"true">Global League Tables</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=
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<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=
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