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Edit File: 1760958845.M794505P184454.server-619288.prediksijaya.com,S=165817,W=168794

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Date: Mon, 20 Oct 2025 11:13:23 +0000 (UTC)
From: PitchBook News <news-noreply@news.pitchbook.com>
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Subject: Is defense tech overhyped?
To: most@ponjosonek.com

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dding-bottom: 20px; font-family: Roboto, Arial, sans-serif;
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 week.</b> Today's Daily Pitch features deep dives into defense tech and st=
ablecoin dealmaking. And in case you missed it, our latest <b><a test style=
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k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXiubFNGm9V6xUSXPu3=
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tEFgAmFPlWEU-3D" universal=3D"true">PitchBook-NVCA Venture Monitor</a></b> =
is out and shows AI still leading the way.</td>
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                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
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                                                                font-weight=
: 500; font-size: 20px; line-height: 26px;"> The Iron Bubble: Is defense te=
ch overhyped? </span></td>
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0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>By =
Leah Hodgson, Senior VC Reporter</i><br><br>
                               VC funding for defense tech has climbed so h=
igh this year that even the term "record-breaking" feels inadequate.<br><br=
>
                               According to PitchBook data, global VC defen=
se tech deal value has already hit $7.7 billion this year. The rapid growth=
 of VC funding has caused concern that enthusiasm may be outrunning fundame=
ntals. But according to investors active in the vertical, the surge reflect=
s a structural shift rather than a fleeting trend.</td>
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d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXiubFNGm9V6xUSXPu3Zv0EkfFxy0sE0=
VtwoxiQvqHTEw-3D-3DzQWl_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb=
cbdWeUgFVa0m8PzsFy81VjIoAEwVFueMRM5A2zD2j58xopLt7VdzW87935195rWztt90gns3nWh=
HCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6G=
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ps://img.pitchbook.com/news/70971.png" style=3D"border: none; max-width: 42=
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>&nbsp;</td>
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                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
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                              <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 do =
not believe defense tech is in a bubble," said Lital Leshem, co-founder and=
 managing partner of Protego Ventures. "What we are seeing is not speculati=
ve hype but rather an overdue rebalancing where capital is finally aligning=
 with the strategic and societal importance of the sector."<br><br>
                               Structural demand for defense tech suggests =
that there is substance beneath the hype. Global military expenditure is ra=
mping up, while procurement timelines are shortening. Governments are incre=
asingly awarding contracts to startups as they rectify years of underinvest=
ment.<br><br>
                               Recent exits are also proving that the verti=
cal can yield financial returns for investors and their LPs.<br><br>
                               "If we go back a few years, the market was f=
lat and there was low defense spending across Europe," Sille Pettai, CEO of=
 Estonian LP SmartCap, said. "We didn't see growth, and that's what we as i=
nvestors are after. That's all changed, and financially, it's an attractive=
 sector now."<br><br>
                               Although Archangel GP Nicholas Nelson disput=
es the idea of a bubble, he does acknowledge that defense tech is in a hype=
 cycle with valuations that are, in some cases, "out of control".<br><br>
                               Certain market areas, like drones, are becom=
ing overcrowded, and the influx of generalist investors in the space is blu=
rring the lines between genuine innovation and adjacent technologies.<br><b=
r>
                               But as geopolitical tensions continue to ris=
e, defense innovation and the capital that follows are not slowing down.<br=
><br>
                               "We're starting from zero," Pettai said. "A =
few years ago, there was nothing, and now, a whole sector has emerged and t=
o some, that might feel overwhelming or rushed. To say that it is mature or=
 inflated, I would say no. Like any other sector in VC, not everyone is goi=
ng to survive, but that doesn't mean that a bubble is emerging."</td>
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click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXiubFNGm9V6xUS=
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xyol6NVgEG2Tm3kE004POxBWyZiTykhk-3D" style=3D"color: #1D5080;" test=3D"" un=
iversal=3D"true">2025 Vertical Snapshot: Defense Tech</a></b></td>
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pqJA1WpyMwx3SL-2BEV-2Fug6JRVVHeV-2B37FSYSqFvq2s127YtnHhAiiVNP4atYlMwCEqt-2B=
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0hbN4OtB3nwyGlkzhEpvJQV8kY2ItMk-2FuohcZU70cyOTGAb4yMs2CiQRGvtQRUnC-2B1XzVWz=
LW-2FSs-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.co=
m/news/70869.jpg" style=3D"border: none; max-width: 420px;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table>For 11 years, AlixPartners has been p=
ublishing groundbreaking research on leadership within private equity (PE) =
firms and their portfolio companies (portcos). Every October, AlixPartners =
collects data from people like you to highlight key trends shaping the indu=
stry, including the growing significance of leadership and talent managemen=
t, and how human capital is pivotal to creating value.<br><br>
                               From navigating disruptions like technology =
and geopolitics, to managing longer hold periods and complex organizational=
 strategies, leadership effectiveness has become the top lever for driving =
success in PE portfolios.<br><br>
                               Be part of this year=E2=80=99s crucial findi=
ngs to shape the outcomes on how leadership and talent can transform your P=
E firm=E2=80=99s bottom line.<br><br><a href=3D"https://url6380.news.pitchb=
ook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXiu=
bFNGm9V6xUSXPu3Zv0Ens9wR2Ccx-2BMHx4Px9nkOqQ-3D-3DAAmD_I3w5d9c01gkD8gLzFEofZ=
R-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueMRM5A2zD2j58xo=
pLt7VdzW87935195rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7FRI6=
4cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln0Lwt8hPRzD04s=
WU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5UaqcfNCLJI6UgJr3W7sJIlqvjKr1mEToJViA=
kTn7eSvFngL8v2eCa0hL1QKLCfTN4i88aHiU56U8by96rHhSltSAamLGi7hUA0-2B7rVaxgggN6=
Ii1H-2Bc19-2BzD6TcAt8aICVhNFK-2Ft6P-2BF-2B1psQnCWw0YgxcOTpSdBzn7L1EMuxMCUk6=
d7erjhQFpDxxNh63pwGpWZfbrhqeCLivw8wTed40io4GW-2BTtnp-2FT1kD2CzGn4Xy4AVv1xXq=
Cfiw7rHG-2FTESExklw1I3I-2B3rt5nLbJCAvlo-3D" style=3D"color: #1D5080;" test=
=3D"">Take the survey now</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">&nbsp;</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;">&nbsp;</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>Motive Partners rode a consolidation wave in the financial data and =
business intelligence sector</b> to secure the $1.8 billion exit of With In=
telligence. Bob Brown, founding partner of Motive Partners, talked to Pitch=
Book about what's next for the sector. <a href=3D"https://url6380.news.pitc=
hbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnsw=
ouzXiubFNGm9V6xUSXPu3Zv0EtFzrYb1FV6mdzUEWQzaxXg-3D-3DMpXq_I3w5d9c01gkD8gLzF=
EofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueMRM5A2zD2j=
58xopLt7VdzW87935195rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7=
FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln0Lwt8hPRz=
D04sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5Uaiw-2Bcu0g7XTX8wLRvPX1NTMF5wGf7=
2s6bn36nclWS-2F4tJgtCHFprfIFG6q-2FrdZC9nDVhsbqFQbdapy2l4rWc62T4tDJw-2F99zJR=
-2Bgmt-2FPKki-2FE3cWGwe8dgF-2B-2FFaKmvWtbsEUxinR4wBJ5lXwYK-2B60LoNNd4ZFhFMP=
8mVTNmAneFZs7z0hSUrLYyvavrAfb1c4atODwgE0IKmhlQJAHAPPLP8Ofd-2FJjAb7LRaMZqKGW=
0FZQWQ11FkWMTzxv5OkyHcwgArCxpdjW-2FdHAg16n5Ucxo-3D" style=3D"color: #1D5080=
;" test=3D"" universal=3D"true"><b>Read more</b></a><br><br>
                               =E2=80=A2 <b>European PE dealmaking gained m=
omentum in Q3, with total value rising 25% quarter-over-quarter</b>, driven=
 by a rebound in mega-deals. <a href=3D"https://url6380.news.pitchbook.com/=
uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXiubFNG=
m9V6xUSXPu3Zv0Ek0eks9Fz1LtHqEsOWmgjOQ-3D-3DSNwc_I3w5d9c01gkD8gLzFEofZR-2Bh6=
VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueMRM5A2zD2j58xopLt7Vd=
zW87935195rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS97=
MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln0Lwt8hPRzD04sWU75W8=
s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5Uar2h2vO1mv0Ly9TuB2aki-2F4B0NFEUOLi0TFRjg3=
GTRwSNAhvUyImwsNuR1DDmjcDe0R7ib3ZacyY1C-2BedwkXwKomUFz8b0MGRjFV7seUHhZVMlcb=
eA-2BDxsbHzKlbBMH6WJeiuou5A6WotAPb7hrLLRDQQdJP6bcfhwcKggacKiPt2EWwgUfRQwt-2=
Ff6zhRNgfel42z8faYiQv5d9Cocir927r0x8hFYZzXITibzbq0zJeZ9w1-2FVdT5Z-2Boo88uCy=
G2NEtpi1vrjb-2BbTW1pP2Hy4jA-3D" style=3D"color: #1D5080;" test=3D"" univers=
al=3D"true"><b>Go deeper</b></a><br><br>
                               =E2=80=A2 <b> "When you see one cockroach, t=
here are probably more," JP Morgan chief Jamie Dimon said</b>, warning lend=
ers to be cautious following the blowups of subprime auto lender Tricolor a=
nd auto parts maker First Brands. <a href=3D"https://url6380.news.pitchbook=
.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXi=
ubFNGm9V6xUSXPu3Zv0EiFTbgxVKLwC5A-2Fya1tKcFA-3D-3Dv28D_I3w5d9c01gkD8gLzFEof=
ZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueMRM5A2zD2j58x=
opLt7VdzW87935195rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7FRI=
64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln0Lwt8hPRzD04=
sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5UahTQ7W82FpVKBr0qyFlousr2Bq35d5-2FC=
Ug4lSJLWn0019mDYo6569qjAxqX-2F7Ng1lCimYoJLb1A2kM7Xy4EixFQZF9hGCfrWgE-2Bbpb6=
gwc2OycxcRBlbFzQzIOnWR-2BKVGiAZ7PagqLFq9MJqF7NjU0etLuVM-2BKAEyPkn3iBL6cCRUb=
Mpcwf9wFMJKuuCNiImZlXyD8M-2FAhKOVz2Uh8zDxmRw7wA0-2FaitB9nm-2FZWSHJXzfztnOt0=
uB-2FH1bXRLz4iR-2B9n2V8B6mM8U9Nf5DiLHkLc-3D" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true"><b>Read more</b></a></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</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_573827" id=3D"n_573827" 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;"> Stablecoins' trillion-dollar r=
ise meets the friction of traditional finance </span></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>By =
Michael Bodley, Senior VC Reporter</i><br><br>
                               As stablecoins rapidly become indispensable&=
nbsp;to traditional financial institutions, their limitations are also beco=
ming increasingly difficult to ignore, according to our <a href=3D"https://=
url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G=
Fa-2BaqM7ONnvsnswouzVDbX5uQXHJV810IPhmyspsn1L7CmEL0xmzd7K7gBnwqQ-3D-3DQNEE_=
I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIo=
AEwVFueMRM5A2zD2j58xopLt7VdzW87935195rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk=
3Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsss=
EvNRrtln0Lwt8hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5UanZILE-2B2S8ir=
mqHXGZtkaRWgtEkNGaO3RwpiDCVPSNdzc7pOu1NXdYqRx8mwtLidLuLErg7YcNEcZoL3RXily7-=
2BEf8yvpZ-2Fefu1k0n40NdcBEa7E7j9Arwn8IqPSYByn1sBXjwX-2BmmCLJm0FqsFwUCtyf3-2=
F3Iz4TeKdPezLlO5GrisGhNCnOZPYlzZlBOyK292so5YuLLah22UmX7-2BA2U69KlZX9tOJbvZj=
r5EiVQV7j1RBpklT3Ie1f5RfMzsrxc-2FPHdi7PYUFtHGLOO0obQNE-3D" style=3D"color: =
#1D5080;" test=3D"" universal=3D"true"><b>latest analyst note</b></a>.<br><=
br>
                               To deliver on the technology's promise of mi=
nimal-cost transactions, stablecoins will need more liquidity and lower cur=
rency conversion costs to gain market share, according to the research.<br>=
<br>
                               "The whole narrative, broadly speaking, has =
been like, 'Oh, stablecoins are gonna' disrupt fintech and [traditional fin=
ance], and [decentralized finance is] going to take over everything," said =
Rudy Yang, a senior emerging technology analyst at PitchBook and author of =
the research. "That's not really the case=E2=80=94every stablecoin transact=
ion is initiated from a bank account."<br><br>
                               The market capitalization of all stablecoins=
 grew more than 66% year-over-year to nearly $290 billion as of Oct. 1, acc=
ording to the research. And adjusted annual transaction volume reached more=
 than $7.2 trillion=E2=80=94more than half of Visa's annual payments proces=
sed.</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 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-2BaqM7ONnvsnswouzVDbX5uQXHJV810IPhmyspsgtQ0TvlyH=
6YDh1-2BpjFyffA-3D-3DNn5T_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y=
ZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueMRM5A2zD2j58xopLt7VdzW87935195rWztt90gns3n=
WhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo=
6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln0Lwt8hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-2Bw=
TNALN1EwHs5UavgykvZxbIc6K-2FMSdFdTDRVFjLAgfyPQF8Y9vM7rTnJ1v2QCac-2Fi3ALbI2r=
xqP-2F1wfmgkC6BhwvKDoGiDuHBbAZ2znQ4I9XLm8uQBXMTyu-2BBBMfh4Q9bmZMmeQqbZzRjaf=
oIjvZXEyrlWW37z-2BYffuxIKEE-2F65lUY2dJhcnSadmzqgXfEVs1ydDqE-2F-2F-2BTUFkudD=
lB-2Fjw2LjOuUd5vMklcWr-2FrbhoaUYp1aULQoxHynO04cDW9Lbfs0Dv1MO3ZJlrQSxuMak20p=
x87QPLCStBLxE-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D=
"https://img.pitchbook.com/news/70973.png" style=3D"border: none; max-width=
: 420px;">  </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">(Adriana Hansen/=
PitchBook News)</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table>
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <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">For fi=
nancial institutions, transaction bottlenecks are emerging at the so-called=
 on- and off-ramps to fiat currencies. Most banks have regulatory arrangeme=
nts facilitated by clearinghouses that permit counterparties to exchange on=
ly net fiat transactions, rather than gross payment values.<br><br>
                               For example: Bank A owes Bank B $10 million,=
 and Bank B owes Bank C $10 million. Bank C, meanwhile, owes Bank A $10 mil=
lion. The clearinghouse recognizes that all three transactions cancel out, =
and the banks don't have to earmark reserve capital. But in the case of sta=
blecoin transactions, the absence of such clearinghouses means banks must h=
andle them individually, which puts a strain on their balance sheets.<br><b=
r>
                               Private market investors are monitoring whet=
her dipping interest rates and broader interest will lead to more M&amp;A a=
s corporates seek to catch up.<br><br>
                               "Rates have gone down, and markets have stab=
ilized, leading to better balance sheet forecasting, and that's also enable=
d more general dealmaking," Yang said.<br><br>
                               The recently passed Genius Act did not addre=
ss all questions, including responsibilities for a dispute related to a pur=
chase completed via stablecoins. Traditional financial institutions have cl=
ear rules about this.<br><br>
                               "There's just not a lot of protections on th=
e payment side, especially for consumers," Yang said. "The financial servic=
es industry is an industry built off of trust at the end of the day."</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">
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cing=3D"0" lang=3D"x-content-btn">
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                              <tr>
                              <td align=3D"center" style=3D"height: 36px; b=
order-bottom: 2px solid #40C2C9"><a class=3D"customButtonLink" href=3D"http=
s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
rf6GFa-2BaqM7ONnvsnswouzVDbX5uQXHJV810IPhmyspsgtQ0TvlyH6YDh1-2BpjFyffA-3D-3=
DOcbx_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy=
81VjIoAEwVFueMRM5A2zD2j58xopLt7VdzW87935195rWztt90gns3nWhHCJLAH8k-2FljAGnQd=
CZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiG=
PhhsssEvNRrtln0Lwt8hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5UaszxkTQz=
-2Bo94x1ENBGLha-2FgEjdZEfB9WspPKsybw4-2F10o4Dhf3STuRb-2FQCBQ4UXvLwBwDewdkhV=
87-2FZyltNQv-2BbquwxXEN9iwL9ijvOxtW0Cd2BUsKIEpElP9xwB-2BtT9hq8cySIRfjsMH89d=
CAMfrwYx3Slra1voBnfZ-2B11k0xrg-2Byn5OpqyOU9oaY8V-2FSB4aLaneBzAUpW3KqFwI2cqR=
rZYg06YqrZgScj801ZCb3S1xllRL5e2p5-2FGBji0ZEC7ADO-2BDxfSVb-2F6Z46gqRpssbw-3D=
" style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-de=
coration: none; color: black; padding-left: 3px" target=3D"_blank" universa=
l=3D"true">Get our analyst's take<img height=3D"24" src=3D"https://fonts.pi=
tchbook.com/newsletter/arrow-right.png" style=3D"vertical-align: middle; ma=
rgin-left: 8px;" width=3D"24"> </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 25px; line-height: 25px;=
">&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                        <tr>
                         <td colspan=3D"2" style=3D"padding: 0 20px;">
                          <table class=3D"                " lang=3D"x-news-=
group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid=
th: 100%; min-width: 100%;    =20
">
                           <tbody>
                            <tr>
                             <td style=3D"padding-bottom: 25px;">
                              <table class=3D"" cellpadding=3D"0" cellspaci=
ng=3D"0" style=3D"width: 100%; min-width: 100%;
                                                                           =
                                                         border-bottom: 1px=
 solid #C3C3C3;
                                                                           =
                                                 ">
                              <tbody>
                              <tr>
                              <td style=3D"padding: 1px 0 0 0; line-height:=
 0;"></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel=
ated story:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/cli=
ck?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVDbX5uQXHJV810IPh=
mysps-2B1toz8Uw0kDFBUNhWMHJRw-3D-3Doq5y_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxB=
RFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueMRM5A2zD2j58xopLt7VdzW879351=
95rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2Fco=
v1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln0Lwt8hPRzD04sWU75W8s0N9j0eJ=
eu0GJxb2sV-2BwTNALN1EwHs5UahF4o7LI9y1efSLczFyeGQWm-2BbdvyOGSFPRB0-2FpbWQXcA=
QSwAEd6jugO7eFjwZAh8nucYUhsIOCMh9iqvplG0Y5TMXe929rRJglRnbX9VFOVvVqm-2Bg7CAR=
NyxbkFw89ZEEQMAcm0i2GVppkMPPIpwSoAuXsPJkpkjrw1Y-2B3ueVyuvObBvngTM4FvDREKoOD=
zTzAzCMBJpV8FUwTQFCop5OvIoVVhmbHtph1bxGNlohVgwI-2B7aeHvlv-2BGzSU-2FLj-2F1UL=
Eop1XZSc3kmLir0kmRscI-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"=
true">There's crypto VC optimism despite a 55% Q2 deals slump</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">&nbsp;</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;">&nbsp;</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>Has AI broken the job interview=
?</b> Job seekers submit floods of AI-curated resumes. Employers use AI to =
screen those resumes and even to conduct interviews. Now, applicants are us=
ing AI assistants during Zoom interviews. At what point is it cheating? [<a=
 href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cu=
ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVDbX5uQXHJV810IPhmyspsPpkWgj0e635Q2G3ojCEn=
YQ-3D-3DnpbF_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0=
m8PzsFy81VjIoAEwVFueMRM5A2zD2j58xopLt7VdzW87935195rWztt90gns3nWhHCJLAH8k-2F=
ljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11=
oLyUwiGPhhsssEvNRrtln0Lwt8hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5Ua=
rBl4CKicrs7dB8C-2Fuw2Wp9bVtXrmL8h3rm0YPU-2B-2BrucgEH-2FNGgH2UCIN-2BP2xG6RIo=
5u1KXgjjZ06osn8QA-2Ft2eo1ar-2FpEU5embvlR6IgIKwDKMb77Hu403Y8-2BEm7FRGnCyvOy6=
c1QsthSlwNOcDwinSkTv6V-2FROdjAASKk-2FN8KI620HYL9i320Z8xYzglVjEZvpVrxM2c7bry=
Z3Qtx4xCfOkOB-2BwF3JZKMWzUzRWR0nMFkoC-2BRivhUNJ2IQFmDHsobFeeZ7UdRqXYKJqILcM=
-2Fk-3D" style=3D"color: #1D5080;" test=3D"">The Atlantic</a>]<br><br>
                               =E2=80=A2 <b>Congrats. You=E2=80=99ve lived =
long enough to see the age of flying cars</b>=E2=80=94privately owned, solo=
 piloted, free to operate in unrestricted airspace. They're electric. And t=
hey're here. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3D=
u001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVDbX5uQXHJV810IPhmyspslZd7=
5uFVwEy6BOBEriSdAA-3D-3DZVBW_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3=
t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueMRM5A2zD2j58xopLt7VdzW87935195rWztt90gn=
s3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2Fcov1s2saNsMbo=
5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln0Lwt8hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-=
2BwTNALN1EwHs5UaiH8oCd4nxluG6dZZEjZYz1CPfuibLW8y0yAjeGB-2BHrBUhCuY7vRAuT227=
p6JobUQesIcPNf-2Bv8XoasBcUObsp5wUJerPz7g6wlTijzfWDgn6qkKEHYvHdSvuxEsYberLHE=
3EXdwZ-2Bz71lDtI-2FwkOSuuGid-2FtMc1Tn7Z4eG6dRvMj40bJ9ifdQnyf93GLrGMQhvzda-2=
FjTT60kuxCOPgT6ladQ258IzRlwHs2r-2B-2BMCJgu-2BNF1Argg4bi8ZF1dJqoPeBNxXzzHznh=
Pt8cpHQbDG2U-3D" style=3D"color: #1D5080;" test=3D"">The Wall Street Journa=
l</a>]<br><br>
                               =E2=80=A2 <b>The market=E2=80=99s three-year=
 bull run almost ended in April. Stocks got a second wind with the AI boom.=
 Is the run still on?</b> For technical reasons, we don't know. [<a href=3D=
"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW=
Irf6GFa-2BaqM7ONnvsnswouzVDbX5uQXHJV810IPhmyspsxAtwfHNmgSN8l9UyMAOCzg-3D-3D=
gF2a_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy8=
1VjIoAEwVFueMRM5A2zD2j58xopLt7VdzW87935195rWztt90gns3nWhHCJLAH8k-2FljAGnQdC=
ZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGP=
hhsssEvNRrtln0Lwt8hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5Uah7XmP-2F=
psrQZLlzbPFyp0NZgn7ibAAC7Gk7vU9prlgod4r7WfK4M-2Bl3u1kJDPVOiW4YouK530NbXCclg=
eSMph-2FIoL1fleXa7vJnaJRgWn-2BseqKcLt8jwOwXUEnxO6GcNCpD1I2whG7LZqO0dAI87ssL=
pCGjKJp8KOnblbxks7kw-2F4ASvTz7iFyoKv-2Bq59mUI0eheAo8bsGoB13tKXQeW-2Bp5lIEzr=
HsHMTWzYMYXDKTRdTK5JjYAd00c9j4av-2FDrRj7oRo8xM8YGXcTdu-2BUKOTgE-3D" style=
=3D"color: #1D5080;" test=3D"">The New York Times</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">&nbsp;</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-2BaqM7ONnvsnswouzVDbX5uQXHJV810IPhmyspsQDtVKUWpadQuE6Q55Y303Q-3D-3DyKJ=
r_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81Vj=
IoAEwVFueMRM5A2zD2j58xopLt7VdzW87935195rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKt=
Uk3Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhs=
ssEvNRrtln0Lwt8hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5Uam-2BkI2JCtV=
-2BRJH1zlBXb4OPMbfUxcwXKa5xljRHriSlmNAo23IZcZ8Upm1qBfMGwPynIblVKP0cMzbsjs1q=
B1b-2FKsmz5LCyGUw-2FP8VPKADwai4phibexg3VuCGGWs6bIkqKYUbzBGkrBAJ5FYAtpMhAsEI=
RSsMca6-2FwE11Xe0H-2BdfN0uF82VMXY3V9kDn5mS80J9ZnsCXODJDTT21hbSQfDWJ4GfO0zVw=
I9LSJyT1xcpqBLdy5BtNxGvGi-2FExmXNMiG0X-2FWiOZ09Gcqjrc-2BHB88-3D"><img width=
=3D"460" src=3D"https://img.pitchbook.com/ads/ad4320/Monroecap.jpg" alt=3D"=
Ads" style=3D"padding: 0px; margin: 0px; border: 0px; display: block;"></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"width: 20px; min-width: 20px;"></td>
                     <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: 26px 57.2px 37.3px 57.2px; white-space: nowrap;">Si=
nce 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: 24%=
; min-width: 24%;
                                                    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;">
                              42
                              </div>
                              <div class=3D"count-type" style=3D"float: non=
e; font-family: Roboto, Arial, sans-serif;
                                                         color: white; font=
-size: 12px; line-height: 24px;
                                                         padding: 2px 8px 0=
 8px; -webkit-text-size-adjust: 100%;">
                              Deals
                              </div></td>
                             <td style=3D"display: inline-block; min-width:=
 24%;
                                                    width: 24%; 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;">
                              84
                              </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: 24%=
;
                                                    min-width: 24%; 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;">
                              45
                              </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: 23%=
;
                                                    min-width: 23%; 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;">
                              3
                              </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: 0 133px=
 13.3px 133px;">  <a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzVDbX5uQXHJV810IPhmyspsNiGKOJcowUhhSOieN2N0Rg-3D-3DyzI=
o_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81Vj=
IoAEwVFueMRM5A2zD2j58xopLt7VdzW87935195rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKt=
Uk3Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhs=
ssEvNRrtln0Lwt8hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5UagGwPG09xTvf=
QaV-2F02P2E5FIezzvgguXeI6tLsdPkP0RTNFNWBvKtK2X-2BUN6BncBCeZX8F0SyWI0KOExtZg=
0izdd1RlT0f9fujNP3izuyQAdG7Myd2jd6BNquDJkJj4Ds45A-2BMXq8-2FrpPfX0cpZ4QIYfO3=
L8z5N-2FP6Deiztue2OXjtgw9TFY6pbQIA73cGlxwgEUcO7-2FhzTE2oNz8oDgLOAVb7sdEnIZx=
TwA1kC4p2H43RSfOfSPyo3FVBXdyHiUarox1ExFet9oa-2Fqi9DTOM8k-3D" target=3D"_bla=
nk" style=3D"display: block;
                                                          font-family: Robo=
to, Arial, sans-serif;
                                                          font-size: 12px;
                                                          color: #000000;
                                                          text-decoration: =
none;
                                                          line-height: 24px=
;
                                                          text-align: cente=
r;
                                                          padding: 9.5px 21=
.5px;
                                                          border-radius: 99=
9px;
                                                          background-color:=
 #F79B3E;"> 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>
                     <td style=3D"width: 20px; min-width: 20px;"></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td height=3D"20" style=3D"line-height: 20px;">&nbsp;</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_573816" id=3D"n_573816" 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: 2015 Vint=
age Global VC Funds </span></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table cellpadding=3D"0" cellspacing=3D"0" lang=
=3D"x-benchmark" style=3D"font-size: 16px; color: #78766F; padding-bottom: =
10px; min-width: 100%;" width=3D"100%">
                           <tbody>
                            <tr>
                             <td style=3D"font-size: 16px; font-weight: 700=
; font-family: Roboto, Arial, sans-serif; color: #000000; padding-bottom: 1=
0px;">Median IRR</td>
                            </tr>
                            <tr>
                             <td style=3D"padding: 0 0 20px 0;">
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-irr-chart-line" style=3D"width: 68.96551724137932%; mi=
n-width: 68.96551724137932%; max-width: 68.96551724137932%; 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">16.00%</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                            <tr>
                             <td style=3D"font-size: 16px; font-weight: 700=
; font-family: Roboto, Arial, sans-serif; color: #000000; padding-bottom: 1=
0px;">Top Quartile IRR</td>
                            </tr>
                            <tr>
                             <td style=3D"padding: 0 0 12px 0;">
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-irr-chart-line" style=3D"width: 100%; min-width: 100%;=
 max-width: 100%; background-color: #40C2C9;">
                              <tbody>
                              <tr>
                              <td align=3D"right" style=3D"padding: 0 4px 0=
 0; height: 20px; width: 100%; font-size: 12px; font-family: Roboto, Arial,=
 sans-serif; font-weight: bold; color: #fff;" valign=3D"middle">23.20%</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;">
                              0.80x
                              </div>
                              <div style=3D"font-family: Roboto, Arial, san=
s-serif; color: #000000; font-size: 16px; font-weight: 24px; padding: 0 0 3=
0px 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=
swouzVDbX5uQXHJV810IPhmyspsei6m4l8Sm-2F7oZR1AazYz3Q-3D-3DWK2-_I3w5d9c01gkD8=
gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueMRM5A2=
zD2j58xopLt7VdzW87935195rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpL=
UeV7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln0Lwt8=
hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5UaoUYiC-2BIH5X2JoaiIyI3HO3Lm=
0mF6jEm9AnuwtaOGSLaElXSYoUTOI8HXmnSJM2aMgltTus3Mcz4laZiAhLTAyAdCCbRpHIRqFAj=
D1iDCh138hlWu-2FZgSNTT-2B02bk4fQWNgF6tQEGVrKtAXJfOJXjvR6yEu20PCXxCpawlYJ1eT=
P2zC5WYl6pLjv1CWMcDe3XpxukZpDEmf0gtgVB6LLXx09qpiE9XctC4vPC49jOM6gGhOWwNLfys=
hdBRvbEARXeejSJt8MaDUINo0tnsOY-2BO0-3D" style=3D"font-size: 14px; line-heig=
ht: 24px; color: #1D5080;" universal=3D"true">Outlander 1 Archimedes </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=
swouzVDbX5uQXHJV810IPhmyspsYdzOLfVawnck1bKTxrZkZw-3D-3DcTlM_I3w5d9c01gkD8gL=
zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueMRM5A2zD=
2j58xopLt7VdzW87935195rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpLUe=
V7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln0Lwt8hP=
RzD04sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5Uas-2BN-2FZiwLMFzpBb-2BO3FZRp1=
n5cFjtdq2U6twfvuNYbsJMHRfApdAKso8iFHXVnV44xWyA8ijCYhjmqDHnQpMHgok8LgN3J4e3o=
q7LMRxU0cS-2FB68zScAtJhEDpdpDEPa6nQX7DfpOtQ4eV-2FXMWaNAi2qgfoOYBFQbGD1zkBDL=
NthNPgo0b4Oxir5Lov-2FbBEvmtrGx5WsIt9lYz0QCH95GKsrTAz4cxczIqgKnGREU1URYZMHbN=
LDgJ8EuKMmAcvoT4pfOsWa0uyujJDzvRwWuTk-3D" style=3D"font-size: 14px; line-he=
ight: 24px; color: #1D5080;" universal=3D"true">Index Ventures Growth III <=
/a></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              <tr>
                              <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style=
=3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w=
idth=3D"100%">
                              <tbody>
                              <tr>
                              <td height=3D"22" style=3D"padding: 15px 10px=
 0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi=
tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn=
swouzUcLsRXcW-2F21uwQTrpUo2pT7Ns7uuiaQFp71SRw8vQ1jA-3D-3D6njn_I3w5d9c01gkD8=
gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueMRM5A2=
zD2j58xopLt7VdzW87935195rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpL=
UeV7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln0Lwt8=
hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5Uano0y0wet124RDRR7NLbvoT9jUZ=
sNCv-2FiL46J6DXPyotYFDo8k18nAYC84x1kKr7G8W-2BblEmfUATBfzPIARoeIr9AtlFwRsVNH=
uHsAE0WV6oBYs4NlHRW6quC-2BAzsr4V9Yw04KdA3IJlymEpVTRHyAQSCDwBNgbIhQKqeeJ01Up=
zRchee81Z0zUSFH70xr-2FbWQtt8D4NmvHPhL-2FyVWMrMoP-2FmdLr63DMqrDUcsRHINnL6vjI=
gGw-2F3PDjWUKZNWFVGz0kq4NrI4cnN0ol0qHp1S0-3D" style=3D"font-size: 14px; lin=
e-height: 24px; color: #1D5080;" universal=3D"true">Anthos Capital 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-2BaqM7ONnvsnswouzUcLsRXcW-2F21uwQTrpUo2pT4a7P=
0eCTZbY4ELisZLmSQQ-3D-3DzZgr_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3=
t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueMRM5A2zD2j58xopLt7VdzW87935195rWztt90gn=
s3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2Fcov1s2saNsMbo=
5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln0Lwt8hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-=
2BwTNALN1EwHs5UalVqNx3YvUre-2FQWxz7Kqi6UFuxkdhap61mEuaKbRL72UVywWkkO47VdHhG=
VelrKYFC7hv1XzyRTL-2BTzdZlOZYeWmJymP6WquKoKXq0CA9OHGcOY5IlxtaiL5S2X8mMaoc-2=
BcessLrQz3TSSgUKjEqZzFt-2FwZZqUCaiK1gFGwaIMsMjHdFH3Vz3xTiT1BIimkQogt4yFBGx5=
utQQR4S7e9Q6ZWqQ7OK-2FjjtOCyMdMqrvld8aOt8bPT08uNqrV6o8wC05aeaw27vbX9-2Bmj0s=
fiZECU-3D" style=3D"font-family: Roboto, Arial, sans-serif; color: #1D5080;=
 font-size: 14px; font-weight: 700; line-height: 24px;" universal=3D"true">=
106 Funds in Benchmark&nbsp;=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-2BaqM7ONnvsnswouzUcLsRXc=
W-2F21uwQTrpUo2pTEuAT6U0XAUC094MtTwxtrA-3D-3DgNHf_I3w5d9c01gkD8gLzFEofZR-2B=
h6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueMRM5A2zD2j58xopLt7=
VdzW87935195rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS=
97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln0Lwt8hPRzD04sWU75=
W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5UaurtTfaLRbHwsLocJul2AARu6tcxvcYG4EKaoMo=
LZKxpQMxyvHsP1wsvfegRmzmpgVd75tODiGlA0zcKTtzZJkdA8kI9NusiB-2FzMKYxslDc-2F0u=
8BYgyBUGtNLNEHhlREajW5kBD4lgh-2BmCZ5AQLGl-2B1UHmhF4CPdsF6JDk1k7S5RCBUr3T2rP=
P2JjPZguPCYwSdmG3RHMY-2BOPbJho0cXgkXNH8sekaOAqfKG3UTCxWVSeES3lwc62I-2FofrFO=
GeuzWlsuuaVozvGPDMU3Vjp-2Buag-3D" style=3D"color: #1D5080;" test=3D"" unive=
rsal=3D"true">PitchBook Benchmarks</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">&nbsp;</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;">&nbsp;</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"><a hre=
f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu=
ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcLsRXcW-2F21uwQTrpUo2pTMVj5jAzCLLYHwDCYHi=
GuMg-3D-3DZpMS_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFV=
a0m8PzsFy81VjIoAEwVFueMRM5A2zD2j58xopLt7VdzW87935195rWztt90gns3nWhHCJLAH8k-=
2FljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv=
11oLyUwiGPhhsssEvNRrtln0Lwt8hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5=
Uaj9QrmArKgyYW8Uu0CIPojySjuQprsiK1NO7Mw1IN-2Bg1JFqitgURhqk6fV6Jv7m-2FqaOrVh=
NTVjvoQiCXjmfJ01M7Y9AS9oIWPH4yl7LK5fc76NzaCm0PyEdWlzcL4NGrV3Pu6RHH2rGIdvvAP=
IyXJd1VQf7VNOpKmw1-2FmkIVzSCw-2B-2BUaclUSSl7JLIsW4EUsUNsEnixlxW27JkVauV-2Bu=
Hn-2Fz5aDIFn1z-2BLknjMVNeJfmH8Gw1oHFxQ6AxjyDCkpwOV-2B03F4K-2BrliyZ7Df-2FcB9=
d8-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">AEW</a> promo=
ted <b>Thierry Locatelli</b> to head of investments, France.</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">&nbsp;</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;">&nbsp;</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-2BaqM7ONnvsnswouzUcLsRXcW-2F21uwQTrpUo2pTZMYUh1SrCfW6jLe=
dUBcVTQ-3D-3DqcBi_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU=
gFVa0m8PzsFy81VjIoAEwVFueMRM5A2zD2j58xopLt7VdzW87935195rWztt90gns3nWhHCJLAH=
8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgX=
Kgv11oLyUwiGPhhsssEvNRrtln0Lwt8hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1Ew=
Hs5UasjMy78Hgu6E451VVdicCdA5jLIj-2F0Hn0-2FEhbL2ytRQ3P-2F0G5dCLKTTHANRQjf3Av=
k1nTkUlSWWYYnGBoMtj9G70c05OlXdttNPiM90e4Hta1fnBXflPpl3URdMgbUVdpqeG8xGMCDhF=
6ih3JgtEQBA7pkT11NzVakMl5pMLHIYompck19rN4Fs2y9LspqawNxbQyS9aDjLGjW7-2Bw-2BJ=
30qooVwivVRWeuBQJQWKpeEZx-2B-2FQqFWqkOOFxPEgmDJ4BncZO9VGVlPzsxCl1vtevweY-3D=
" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Tempo</a></b>, a b=
lockchain startup incubated at <a href=3D"https://url6380.news.pitchbook.co=
m/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcLsR=
XcW-2F21uwQTrpUo2pTGtirkQkYj-2FDhzTCdXeHPSQ-3D-3Dt2UR_I3w5d9c01gkD8gLzFEofZ=
R-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueMRM5A2zD2j58xo=
pLt7VdzW87935195rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7FRI6=
4cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln0Lwt8hPRzD04s=
WU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5UapkeoFdXlFPCleQGrc713PoeQ-2Fb0w9msP=
yYGiwWLxv3JVKOKLuT0EBM619HhZNZRkJfVq9aIH2qaVuUzOzK7BVP170bNyLkB2vdCJHcSGJAp=
pPTRYV0U7-2BomZmYuBUN6ZBPsRNAWu1z-2BXq-2F06tjr7rvQCH8eG6FaGWZOkUYm-2FJsIIw0=
aznGae5iMAJU6ZGWBDioiF7JAP8c3IiKalFv8maunlaL8REfbuwOJKdtQw0dLHJDRipYOglely-=
2FcV7uIvGubzhgNNFD61H7nEgb8OD9Q-3D" style=3D"color: #1D5080;" test=3D"" uni=
versal=3D"true">Stripe</a>, raised a $500 million Series A led by <a href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcLsRXcW-2F21uwQTrpUo2pTQJ4Acdfp9-2BkVRhuVk=
HK-2FXg-3D-3DmQBf_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeU=
gFVa0m8PzsFy81VjIoAEwVFueMRM5A2zD2j58xopLt7VdzW87935195rWztt90gns3nWhHCJLAH=
8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgX=
Kgv11oLyUwiGPhhsssEvNRrtln0Lwt8hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1Ew=
Hs5UagqezXfJROVCnMtLWjpiqNhneKq2oxJU-2F1vPGagjMvK-2FopFOHSGiCzROu6aiA1yk7rP=
XvVtX4866Kqnk8qsLUbzo2tSyOHr3a-2F3Ed7YwTJ6TWyG7TujyCUcqpY8L27HaObZvqpsmLxov=
j2ij3iEnRzvZLbTWqpftIbXc55i9-2FEUWwxK4EKxQfElwQ8zVNfYBRe5NU9C4G-2FphLzdhWR3=
t8VtDbzd0lGhMwTauN4HLa6-2FD90xHetTeLELx-2F4RLXlCbvaDbO5lXlQ-2FSEif5DP6HKt8-=
3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Thrive Capital</=
a> and <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du00=
1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUcLsRXcW-2F21uwQTrpUo2pT-2BxC=
W5dI-2FY-2BhVs4gRlfFU8g-3D-3D4_Yc_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz=
y-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueMRM5A2zD2j58xopLt7VdzW87935195rWzt=
t90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2Fcov1s2sa=
NsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln0Lwt8hPRzD04sWU75W8s0N9j0eJeu0GJx=
b2sV-2BwTNALN1EwHs5UaqFIupjG-2FdkdpaJRNDE0ns8OurLBpNVvn9A0En3vgL7OHrpsMrm8N=
WNd9y1vD-2BbmhjT4FIaEoZHBM0Gsj4wl-2B1Gj3gFi-2Frrk-2BEjWXn6BADfXCAKfPBgkLyEv=
Z17fLon6e8A7mVXh7P1zV7UlgVtGWlWYqtW-2FD8etaaTPpn4Oj0hwHoo7JGaVVwUbsljJFxoqM=
UoOfy9WkFasPFXXXY-2Bqd0FuVocgMEbyui1xd5ZXvegmgcOZ8e16uRncILQA4b0fjdyQoQWufK=
6YaVvLafPk0oI-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Gr=
eenoaks</a>, Fortune reported.<br><br>
                               Hair regrowth pill developer <b><a href=3D"h=
ttps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7Sp=
SWIrf6GFa-2BaqM7ONnvsnswouzUcLsRXcW-2F21uwQTrpUo2pTFXQ0QFDx59BfHxv-2B-2Bi5J=
jA-3D-3DmdoT_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0=
m8PzsFy81VjIoAEwVFueMRM5A2zD2j58xopLt7VdzW87935195rWztt90gns3nWhHCJLAH8k-2F=
ljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11=
oLyUwiGPhhsssEvNRrtln0Lwt8hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5Ua=
l0bfAFZbe4hMm8yiX0vIeaTyNy-2FFqV7Dh-2Ft1y4d7Iw52vQq2rn21DFsnuKSoBwmcfvQlPDm=
kmy9TyJMrqk2MtV2vDq9luMfEUfJ7Ku7aF8uBCzcUMLzxa9fmQsVgVYrVKHgUkgx2cqlR0YYLcq=
9px5tb0RgdlcZg-2B7D8FaxgiL-2F-2BezPxSp4wuxbzvwQICsVlB7AfpJMTUY6jjdyud-2Fa7k=
iD05H-2FYg65XFeI1-2BSc-2BPTXxAIheFQQKgICp1b9ODdqsLXoPWQDizcJ-2FJBV5p6SY24-3=
D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Veradermics</a></=
b> raised a $150 million Series C led by <a href=3D"https://url6380.news.pi=
tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn=
swouzUcLsRXcW-2F21uwQTrpUo2pTi6-2FVvH4ICpob3K9ntBo-2F-2FA-3D-3DBa4g_I3w5d9c=
01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFue=
MRM5A2zD2j58xopLt7VdzW87935195rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8Pyi=
Iy7DpLUeV7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtl=
n0Lwt8hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5UaiBYj2xcZuCaEIXJgq8Xa=
7Aeqvpt-2FRKA9a1WALAuVMD4DGDpbV8oZ6R35efuVPVlQ5w6s3YivzKneE0EjvIYTC6ptmnf-2=
BymSj4393ChDYkQxf1zfNd7cNZ2-2FYybEI2J-2F3euRtD1NRphrrdSZhj-2F4TYf2Nf3xHCeRx=
17VW1-2FLZtegW1-2FZzuuWdUn2295aDq5m6uZd-2Bp3dP6egsqufsrk0scajqAq7ROkq7tsh7r=
2eOwDsCTJiPF-2BU-2FV53RjudIGYWV0QqUOqS-2B70Tf1nJUm5S7VY-3D" style=3D"color:=
 #1D5080;" test=3D"" universal=3D"true">SR One</a>.<br><br><b><a href=3D"ht=
tps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpS=
WIrf6GFa-2BaqM7ONnvsnswouzU-2BuVedx4uqKCzvWA5GsTWFsRcT7uZevoV6-2BEYn11lK8w-=
3D-3D8UjB_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8P=
zsFy81VjIoAEwVFueMRM5A2zD2j58xopLt7VdzW87935195rWztt90gns3nWhHCJLAH8k-2FljA=
GnQdCZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11oLy=
UwiGPhhsssEvNRrtln0Lwt8hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5UaljE=
-2FSXBCYl3Z3-2B4YZWXqMpPyLV89Sz5JJlQS8aN8DxdgGNV5UO5a1K8AAZtsg4VA4p4XUATgkr=
LM-2BjwKLi8-2FAAXqFDfPdZ8CjKUnf8iAHS8uXRsP2J4iWxRbYoed9cMCsf8iuUlUiH94CvyOH=
u6ku9Av8kY9zTL3OmHqbMeE7Z53Y1cEXRiZ0zgP-2FFaXYg3-2F9zcsoGtNjnN88uPT8SvahKyr=
AmZ2ocAC170KAo9ztLu-2F2fLsu3Os2raLeoa7gPEX9ykXERLQ-2BG0KbBvWh0DOoY-3D" styl=
e=3D"color: #1D5080;" test=3D"" universal=3D"true">Peptilogics</a></b>, a b=
iotech company developing prosthetic joint infection treatment, raised a $7=
8 million Series B2 led by <a href=3D"https://url6380.news.pitchbook.com/un=
i/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU-2BuVedx=
4uqKCzvWA5GsTWFUidh6BePKc5YfCe4hTLlLw-3D-3DCoTX_I3w5d9c01gkD8gLzFEofZR-2Bh6=
VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueMRM5A2zD2j58xopLt7Vd=
zW87935195rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS97=
MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln0Lwt8hPRzD04sWU75W8=
s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5UavWkQ12aNwnlzqthqHW5kiXlwLdRBi6qT-2BEL0fV=
fjhBr8bgjTx4wLH-2BQNA3aXxUVyAHDJIW6v7jJoSEgyza1iPDRatQH1Ujh4oikeBUg0iGAoN2J=
SwZhfqRT7C-2BkZVf3QArCFb3iMGXcTBOPzGaOiE-2FWptt-2BVXVeiXfqqsmZDT6IJjJkS-2Fq=
dYpwG5ffIx8I38p5IHKjAKClb-2FXZCJV5aYr7LC2c8BPy0OACX8gl2mQZzQkj5mS5jMAiaJ8fD=
KidJ3X-2FMoa3c0yyxjJAA9jw2S7U-3D" style=3D"color: #1D5080;" test=3D"" unive=
rsal=3D"true">Presight Capital</a>, <a href=3D"https://url6380.news.pitchbo=
ok.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouz=
U-2BuVedx4uqKCzvWA5GsTWFzMLdlVg92UIG-2BjuRlHMUBg-3D-3DGIFV_I3w5d9c01gkD8gLz=
FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueMRM5A2zD2=
j58xopLt7VdzW87935195rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpLUeV=
7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln0Lwt8hPR=
zD04sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5Uamy5GqUP5Hj7NRoxkc4nFgf4LLqw8P=
mkpywuPsVwVQV2hO-2ByAbkzT-2Bg0ANM0h3tOv-2FG8ZSWQhZfnujL-2B1fpLwP0EAKtH2lAvB=
PTwx-2F9OoTmwSLSKdRTKSHT2891TNNdN2KDZk-2Fqc9dI2b0I-2BYM1YgFObDyFMBZ1xoHvRhv=
pPColM82dKVimjVTXmp1u-2FQp3MC5paQAvQJexKccqM7e3YR-2BlmmkpU2LohMCYeb83-2BktF=
xE31l-2F2NBb2SiQDWmQQBBH-2BHh5mnYNQ2aUOZQVJ4xiCA-3D" style=3D"color: #1D508=
0;" test=3D"" universal=3D"true">Thiel Bio</a> and <a href=3D"https://url63=
80.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B=
aqM7ONnvsnswouzU-2BuVedx4uqKCzvWA5GsTWFi1du-2Bnk5sRwcq1HtrYplyA-3D-3DkcHz_I=
3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoA=
EwVFueMRM5A2zD2j58xopLt7VdzW87935195rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3=
Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssE=
vNRrtln0Lwt8hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5Uat0ZWskPkJcAv1P=
GzrsMGJBB4PDECCL7hb3Cn3OOXWFs7Wqgr9VD-2BaZBMM-2Bu9F-2BTJ4gFdbYSAqXs7mWeKhJP=
wpAYtqzGSV0xgy5qQDUN79v2NlVRm8K1qlHChNZOxqtFV-2FRkA0J06O8-2FmiIk6ErqaPpKpK-=
2B-2BaAiK10ECmNlcVWJ-2BYKMqOstLScFYjOE4-2BnAIsQ7Z7SHm1TeP9lWAnIKMhpAlSQTevZ=
7G0F8LD842VNtivuCbmXyIq0eLLCIVwuR06H0IGYSRGBHZNeW4VVRtfBE-3D" style=3D"colo=
r: #1D5080;" test=3D"" universal=3D"true">Founders Fund</a>.<br><br>
                               Targeted cancer treatment startup <b><a href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU-2BuVedx4uqKCzvWA5GsTWF7XNc8DF5uex5qULf0-2=
BrEwg-3D-3DKA9X_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF=
Va0m8PzsFy81VjIoAEwVFueMRM5A2zD2j58xopLt7VdzW87935195rWztt90gns3nWhHCJLAH8k=
-2FljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKg=
v11oLyUwiGPhhsssEvNRrtln0Lwt8hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs=
5UapDptd5Cxo0JfQxuEztLfXegW1CY9X9T3OtMsdQa-2FilWv5ag6k-2BSD374RsHgesOS-2B32=
842wpzdtJgqmFGpd3wQk1P2vW9zzKV8Wg-2FVoxXmecgIsZUdnYGYsGgsXZeClZSpTaYWBhl9jB=
z92McK2XXWE83e0cFPtNzXdMpCkTLxw-2FlyKiaSt5PKvTMedy80Iu7WHYCCwb91mw7I4KZ5AMw=
5BCDyZLxquntbZ85lxjFKak7CgNXj7nw-2FeIBE1C0WwJTaSwOiayP-2FmKgOljkjMR5o4-3D" =
style=3D"color: #1D5080;" test=3D"" universal=3D"true">Step Pharma</a></b> =
raised a =E2=82=AC38 million Series C led by <a href=3D"https://url6380.new=
s.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ON=
nvsnswouzU-2BuVedx4uqKCzvWA5GsTWF3oEMdqgHOSL69cJsf3Sq0A-3D-3D1ecU_I3w5d9c01=
gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueMR=
M5A2zD2j58xopLt7VdzW87935195rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy=
7DpLUeV7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln0=
Lwt8hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5UarFH2noIJ93M5xMgzyTr-2F=
-2BKy0KptyLyYShtHHf8OCIBNRFZYCM8z-2FxoQxc326DktQIpYFyTA-2B972w2z3gUhfjNHRqV=
da2Mpvpm4ue5IbZaf3ZfOhTXSxmzgTy1OjExHVLWvJQot2Ot5558RoxoHtUACLSxQA13EF7CcUV=
8VoRxfg0FdvwPILqO7-2FNNHGsTRm5-2BX31udP5BEeoKxszUn6r22X-2FgNy3mEiQSQwsRyePp=
LcFmWbeQIzgDLjhZIdkVZKkCMhGnDU3ONFDULr-2Bv0x-2F8A-3D" style=3D"color: #1D50=
80;" test=3D"" universal=3D"true">V-Bio Ventures</a>.<br><br>
                               Genetic medicine developer <b><a href=3D"htt=
ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW=
Irf6GFa-2BaqM7ONnvsnswouzU-2BuVedx4uqKCzvWA5GsTWFMpxTN5q-2FpyNXUFoffsMg9Q-3=
D-3DzwJU_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pz=
sFy81VjIoAEwVFueMRM5A2zD2j58xopLt7VdzW87935195rWztt90gns3nWhHCJLAH8k-2FljAG=
nQdCZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11oLyU=
wiGPhhsssEvNRrtln0Lwt8hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5Uak8dg=
OevESGJFPgAvD1p5MBQoAu1G6KVJT9YYNtI-2BQd-2BE7FVjESYeimrYxl7Yn-2FM8Yug0UaO-2=
BKL0P6cHaYpNd3bL279-2BQ-2BnOebo-2BJEo9WP3ugBw4K0roKGIlu-2BbYbzjK4Eg0UaQDIeM=
3i3axjKQbkmtmAbE9XdZk6Ux-2FJuUPoDYy5ugyyla19XZe4CuEM5S1ZBwtLas2aA0vfzkZehvk=
sn-2F488NHhjw4qefqfT5OTUzXPp8aXMHSLIMNXFSOcSNnpv5i7XbsNFG-2FTw2qdcbhoJM-3D"=
 style=3D"color: #1D5080;" test=3D"" universal=3D"true">Liberate Bio</a></b=
> raised a $31 million seed round from <a href=3D"https://url6380.news.pitc=
hbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnsw=
ouzU-2BuVedx4uqKCzvWA5GsTWF0ZxvdwdNuiqMF-2Fa4fVdItg-3D-3DFCro_I3w5d9c01gkD8=
gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueMRM5A2=
zD2j58xopLt7VdzW87935195rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpL=
UeV7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln0Lwt8=
hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5UavboI4UMNkgCy9zrypDhH1W8zUu=
MTTiUdO9YW-2FCYdiO6fzThQJI8o-2B0F6cMCJ-2BpP5g77J5eYzFTF6aQr5ju-2F3e2rqpvZ-2=
BtcypDMow-2BMlEl6RqhKmKisdWdvow56ox4grMKRP-2FVdno-2BKkfVVgQOckb390Mid6rhHpd=
7u-2BT66k-2BZfG9CyuiTDUKQ5-2F73yfDyGjXnmKxZ-2BpWvBJUjriNfZsGsoT6CHk7y907Dre=
gC128Gi3TkI1OeyX43-2BoYxkzVWY2htrF8zWPZDanF-2BVxplXvnJQ-3D" style=3D"color:=
 #1D5080;" test=3D"" universal=3D"true">Khosla Ventures</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">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>PE Deals</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</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">Canadi=
an financial services group <b><a href=3D"https://url6380.news.pitchbook.co=
m/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU-2Bu=
Vedx4uqKCzvWA5GsTWFU-2F-2F6Rvoqn3Xi2hzbnEzM7w-3D-3DApEA_I3w5d9c01gkD8gLzFEo=
fZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueMRM5A2zD2j58=
xopLt7VdzW87935195rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7FR=
I64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln0Lwt8hPRzD0=
4sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5UagheMKVbo0ZumeELInl0OgHYmMjiWgPSf=
kIQ5DeE2i9Xc-2B8s-2Flv5Y-2FzpaxHN2zNDYmetdWlFLAYiBGDPKvFFWITlzo0F4iNsQ4AOQR=
jdN-2FTIHFptggZIk2sNG39CEt54vKgSyodMpgR0ZuNDd3SJChUrm6B56eL0TRXsTDzs6g-2B56=
NNzppWwrygYQTiucoc2Gnj3EYPKYa8nbxRT7WTAhUVHa9xgpFt3xHIgMK6Y-2B8gIrSP2MpdDkR=
yZA7TW0KOvmVrDcClpZgmGwFfCFZAxh7s-3D" style=3D"color: #1D5080;" test=3D"" u=
niversal=3D"true">Canaccord Genuity</a></b> is in talks with <a href=3D"htt=
ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW=
Irf6GFa-2BaqM7ONnvsnswouzU-2BuVedx4uqKCzvWA5GsTWFgRHwPnFQsam5FmN3iywFrQ-3D-=
3DORNN_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsF=
y81VjIoAEwVFueMRM5A2zD2j58xopLt7VdzW87935195rWztt90gns3nWhHCJLAH8k-2FljAGnQ=
dCZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwi=
GPhhsssEvNRrtln0Lwt8hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5UaopFTgN=
A-2BauHbK55F-2F53ePzI5dooxUQHuX6ZxfcC0zKnb3HxevfWzPmIPGJHqCjeG3w0PnWoV2QfJg=
LxZEkWJTmB8N-2FouReQsyPynwpCudwSgPDPD1-2BFeYLrqsC5YPPkd8jPz6u7QIHGC1-2BXEcH=
FOddad-2FVR1k55STxKZNZ2H2z3rhqNzR892PD7Bl52o0b-2FNVcY0acEjvdBJ5Wm7xV2ZJvYBE=
bel1wlBq-2F1PwbgFXL-2Bl55oALbvWjFy7n0u7WonGm-2FM88XqkTB1feVihBpDi38-3D" sty=
le=3D"color: #1D5080;" test=3D"" universal=3D"true">CVC Capital Partners</a=
> and <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001=
.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV3uLmhxsYsA9TA4ihOej6YXyFtmid-=
2F1qmqa5vvgKDgzw-3D-3D1eMb_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1=
yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueMRM5A2zD2j58xopLt7VdzW87935195rWztt90gns3=
nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2Fcov1s2saNsMbo5U=
o6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln0Lwt8hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-2B=
wTNALN1EwHs5UajC30j2EV-2B4QlqufPbqmqYCNy6dtIqO0cx6Cb-2B2DeQlzc4nzUM-2BdU0gR=
dXUTKXdr1lgr6sMS0gSuPNORz09l0FY2givvZkwNG87xaPoPqMvy85R2opmiN56pBg-2FxEopIk=
EGFSKOVIuPOvqiES7bx1uLca5AmDHXfkXAvLEUi3E2-2B8Wh9LAuVAmN7Rb9VVGyQPdOX2vQ66u=
-2Bsg2mj-2FRZwsC9QuKSkGMz23a3K7kGA8Y7eL9lEWhN62AZMFQzIR4hLcghwEO0LjpR3Qu5HO=
rWfkBo-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Advent In=
ternation</a> over the potential sale of its British wealth arm, Reuters re=
ported.<br><br><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?u=
pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV3uLmhxsYsA9TA4ihOej6=
YG6wFbLpT4rqhtpImUOUk1Q-3D-3DKGzf_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz=
y-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueMRM5A2zD2j58xopLt7VdzW87935195rWzt=
t90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2Fcov1s2sa=
NsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln0Lwt8hPRzD04sWU75W8s0N9j0eJeu0GJx=
b2sV-2BwTNALN1EwHs5UavgRPJ2lIWdXXYD7yeViaZfogNAnpcO6wW0SEoIE94M-2Bl4aCBwZ7e=
FTEJoMBBJALsAna2gH88v5sXAicr6nfn-2FylmQfG5aOG5lLUp5JXHM8fhHCotQkUuy8sCJDR-2=
BngSo0-2BmVl7MjNfY5ThdYUqP6iG0IRWJnUWQZxt7mVJERRUUmSlKhOZohdj6eAizmwnTlluSJ=
AFKeU0kLG-2BSKa-2FOq3RXxpnJqNoxow3ueJ7xTfHPiLLXbBFSuHnv76x6fbhNviFRkJs6casW=
ZKx9DuFVG1s-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Apax=
 Partners</a>-backed <a href=3D"https://url6380.news.pitchbook.com/uni/ls/c=
lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV3uLmhxsYsA9TA4=
ihOej6YVazrrh84NMNyx2jxa4uVRg-3D-3Djtz-_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxB=
RFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueMRM5A2zD2j58xopLt7VdzW879351=
95rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2Fco=
v1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln0Lwt8hPRzD04sWU75W8s0N9j0eJ=
eu0GJxb2sV-2BwTNALN1EwHs5UancGEq6Z3DiSKDf3u8I92VqEF-2B-2F1LF24Z2i9GxH1NjwtY=
5ht4WQsjXBjePf-2B38m7R6ityf4X6liMqQLM6d0-2FanzpxoFzBNuNlwqqzKuLCpGEGC5VNFBu=
i08U4UtvJiJVKkcC-2F-2F4Rve5GHHLPIt5COI-2Ba2Mij-2FV0itfLABPbELD8jtRkWvLGyoYr=
2HfEnrczuZZgfXx-2BA1fq6Cuy6DZ44WFXWH-2B9ZFet9lFPndUilZHiCtWgjdV-2FZ7VB-2FkQ=
F5-2FNs2atCf2KmNxUlPkTZcOjB4YI0-3D" style=3D"color: #1D5080;" test=3D"" uni=
versal=3D"true">Bonterra</a> agreed to acquired <b><a href=3D"https://url63=
80.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B=
aqM7ONnvsnswouzV3uLmhxsYsA9TA4ihOej6YHQSZ7kidi7L5EANfda4HCw-3D-3Djh0y_I3w5d=
9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVF=
ueMRM5A2zD2j58xopLt7VdzW87935195rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8P=
yiIy7DpLUeV7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRr=
tln0Lwt8hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5Uau8N9kP65IdceblnAse=
Qke8oE-2FYQMCsxYqb94l-2F7foXtwh-2BKip3hOv3vnu5z7EV4BXZdWGsXIKo9XFMB7OyMizF2=
EGW7fehy9Xu14XckoHDP8SlAnBmjAY4-2BgkKZD5aIPSoa0bowfSRkm0kF-2BZ8O2oAWaQGaUnd=
X98rKe8C0DyZKyoCYM4BcQn56noUL-2FcD8E63rvRS4-2BMZ4t1rALpQGdQPBaxhxCPoxLbxHfJ=
CvohYCT6jAemv03R6WvQIr4gVAYH3iSdHFI9xkdx5pExs1Tro-3D" style=3D"color: #1D50=
80;" test=3D"" universal=3D"true">OneCause</a></b>, a digital fundraising s=
ervices provider.<br><br><a href=3D"https://url6380.news.pitchbook.com/uni/=
ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV3uLmhxsYsA=
9TA4ihOej6YaKIFlxKznTfqJYd0pndu-2Bg-3D-3DGg3-_I3w5d9c01gkD8gLzFEofZR-2Bh6Vw=
arHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueMRM5A2zD2j58xopLt7VdzW=
87935195rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS97Mn=
E-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln0Lwt8hPRzD04sWU75W8s0=
N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5UaikSN73th6JF6RgSz3kFdEhyVfWOJu3Q28LpsDAj00r=
YW-2FUlXyCUt02ImN6EGhcQIh0bDQ9nWT7rHtYtVWZEglRWoa0Rq6FnJke-2FdnssIG7PXIU3tR=
KYBW1gUFVI5uJtWutbZ6YKHrPsw0gk2n-2BhBEGBuIc-2B6vQORmZjnXxmcfnx8RAzK8PgHHjBD=
DKKbZARKgYGI6K3Tbk0uWfah5jMGnijwwFgugAtln3e8u6LuHhtpj9G6zXwpgC3NoWxLzgYa9Yi=
j-2Bfz1MK-2BJ2G-2F-2BBCQH6o-3D" style=3D"color: #1D5080;" test=3D"" univers=
al=3D"true">Mubadala Capital</a> is considering an acquisition of <b><a hre=
f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu=
ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV3uLmhxsYsA9TA4ihOej6YQ3UCwEK-2Bq6XA-2BXmd=
knbuoQ-3D-3D6oXG_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUg=
FVa0m8PzsFy81VjIoAEwVFueMRM5A2zD2j58xopLt7VdzW87935195rWztt90gns3nWhHCJLAH8=
k-2FljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXK=
gv11oLyUwiGPhhsssEvNRrtln0Lwt8hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwH=
s5Uag7XsdtcyG8ixmLDkNIxJKPaxZrugWOcR7Uwy-2FqgdZPULU0RFvfUQzKWnclJbPnPu-2FJZ=
wr14-2FoaJb4U8Y9K7SUjMDMMbHixSjQfRN7G1GSCJBnk0K-2BRYp6v8Hn0hV6vs8801yNuZ7pY=
iPqpe7HIzmXidYPVtPUfU2IUL3qD2gYMc4X-2FRICV7cTUXsKg6sEDk41uyrzcM70kL0qstpcLA=
-2B-2BRtDMwHLHToiNR3bB6ihmIaowjs-2FNfPE4YnzEpoo1UJQjIDZv8ZWSkaYMm-2Fm7zOugY=
-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Clear Channel O=
utdoor Holdings</a></b>, a billboard advertising operator, Bloomberg report=
ed.<br><br>
                               Missouri-based <b>Codis</b>, which specializ=
es in commercial spray drying and particle engineering, raised a growth inv=
estment from <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV3uLmhxsYsA9TA4ihOej6Y7=
u9xXJn-2F-2FZa4SefDTzgg1w-3D-3Dynyl_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCf=
mzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueMRM5A2zD2j58xopLt7VdzW87935195rW=
ztt90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2Fcov1s2=
saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln0Lwt8hPRzD04sWU75W8s0N9j0eJeu0G=
Jxb2sV-2BwTNALN1EwHs5Uajyw0mQ76BGob9h5j08INmCCoRm8FanFc9sQJMv8tk5mWZaqVheDJ=
7fcGYN5H7N9bgbARFdbs7qzbD93hqercxZAm2I0Eu0FMorcg7RkGoML1zs-2BonzrFG4RVyfeFM=
VWY63w-2BQtuxvWxgDqoVbTIBPZPd3E3s4S7htS2OxbDaZPaUX5uCeXN-2BH5RYNHnnKZY2XkZ-=
2F-2FwkdzmlV1yB4Zzbuiud9Zz8XmoFSOtioEkRGBtSHNGrOaG1cuZXn8VkG-2BZ3ziYUnc2yPE=
dBSnojTlmPAQU-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">13=
15 Capital</a>.<br><br><a href=3D"https://url6380.news.pitchbook.com/uni/ls=
/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV3uLmhxsYsA9T=
A4ihOej6Yz3hZOkI1lFfSYccfPYZ3Ig-3D-3DVtEy_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHk=
xBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueMRM5A2zD2j58xopLt7VdzW8793=
5195rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2F=
cov1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln0Lwt8hPRzD04sWU75W8s0N9j0=
eJeu0GJxb2sV-2BwTNALN1EwHs5Uan8VfG82prx-2BuTSTP5fXVU-2BuQxe-2F1v-2FWX-2FYzZ=
hgJNYFjSDtF-2FiJ-2BCGHfdtExEvX4BTtoXSYCbyhYwM6eRR5TkFcRAtC85knZScqP0-2F0Ltj=
iEMhAAw4aQixIzOc3pI4p3zfftaNa-2B8vk26cj3loMniO0rGeLBBzwWr9FD9rgvxeKSoeSC-2F=
UGt2iZXRB7SjSKpfRActS5GugzZSVHkiZbeYb-2BK2CBQtEW31tRzTVjyqxAcLXDka3ROxQ-2Bi=
oXdEuhbfCdRMjKC7Wy-2BveJ5tldExiHs-3D" style=3D"color: #1D5080;" test=3D"" u=
niversal=3D"true">F2 Strategy</a> acquired <b><a href=3D"https://url6380.ne=
ws.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7O=
NnvsnswouzV3uLmhxsYsA9TA4ihOej6YwY2eZ4b2T7QpAMIiGDV-2BDQ-3D-3DxcPm_I3w5d9c0=
1gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueM=
RM5A2zD2j58xopLt7VdzW87935195rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiI=
y7DpLUeV7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln=
0Lwt8hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5Uan9JD-2BRNQ8LtpuTnSVAS=
90Gq7MEbAp-2FFlzA8SP6pZ7-2Bb2j1XiKhIwBVR2ZZoj14RTJH7WC6cgv-2FV-2B-2Bu0R4Zxi=
xSnFZZAoMV9DhNeHrV0DjuRmAME1kMXpePb-2Bi-2Faqx7z3FpPTl4I3fjdKuYv8Bc60JbaDlim=
KZLmoAKO4f2WkrzzajP0k93DNaVFSB5gknZLjAIVGocQ4Mif5hQHCVyZ-2BLzWajdqH82R341xJ=
pqwbNHM2N3Ka-2F-2Fena3at-2FPpcwbajyq0p2-2FloJ8fJBwsxSiEhUI-3D" style=3D"col=
or: #1D5080;" test=3D"" universal=3D"true">HBMJ Consulting</a></b>, a hedge=
 fund strategy and consulting company.<br><br><a href=3D"https://url6380.ne=
ws.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7O=
NnvsnswouzV3uLmhxsYsA9TA4ihOej6YZdX4As1RdpzWO-2BPJDeVbKg-3D-3DGSSp_I3w5d9c0=
1gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueM=
RM5A2zD2j58xopLt7VdzW87935195rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiI=
y7DpLUeV7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln=
0Lwt8hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5Uagsz0qiUd5MwTjn-2BPu31=
8nNKNDeQvxILAI-2FYmVrIeUTULqKJVmjUxHvMJNpDDfBPvoZGP6ndrddBdlylEps8HD-2FScs2=
EhWqAe3iH8ExldR43y73QfLsqYQun6KqiYqeLdErk5kj2l3zr0D2kLjQj-2BhoGG8IdqUS-2B1O=
OYDWaO2yjosA9Nfsy5rj-2B2A-2BS6eRgPFD50q2wA7Sxs0qkYWYQmjPPnLTaPpGHtIiygXSjYl=
jz52JWNrxTityZPnB48glOwC3sLOKwdUKQdsnQQJd1hqr0-3D" style=3D"color: #1D5080;=
" test=3D"" universal=3D"true">Enovis</a> sold its diabetic shoe business, =
<b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4=
n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWvdu5PFPN8Hznup0l0HaCs7L7TRLnzTcl=
9YWn1D6WL-2BA-3D-3D4i5v_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZb=
cbdWeUgFVa0m8PzsFy81VjIoAEwVFueMRM5A2zD2j58xopLt7VdzW87935195rWztt90gns3nWh=
HCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6G=
vyxsgXKgv11oLyUwiGPhhsssEvNRrtln0Lwt8hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-2BwTN=
ALN1EwHs5UavFQd06Ml4TyjP-2FVsGnVhyxRoaBkFaa1-2FS27ErFqLU8LIPtZDnNVJa2dat5qq=
yf6HLuu-2F4-2B-2F26qYGYnLjvbiH0ScQGkpwHaabaCeOxy-2BDNCCkLpSZi0CdSJhyv8f76S8=
Ub2aNHOEw6qyGF2nNNvVBx4iAyt0WDZrvuXIpzJRB5i-2Bq6zYyjz26s8jbVOsZ3PBk4HbWOg71=
bDgX3r8BB5JMOxMwDTLO-2FML2yzAUlDm-2B7iuF12kW6kMTwRo6N-2Bdm-2FJxMznjkFoojhyR=
GscKZ4myIcA-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Dr. =
Comfort</a></b>, to <a href=3D"https://url6380.news.pitchbook.com/uni/ls/cl=
ick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWvdu5PFPN8Hznup0=
l0HaCscuB0M5dGdJbbrnlgeALRDg-3D-3D19C6_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBR=
FCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueMRM5A2zD2j58xopLt7VdzW8793519=
5rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2Fcov=
1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln0Lwt8hPRzD04sWU75W8s0N9j0eJe=
u0GJxb2sV-2BwTNALN1EwHs5UaquYaV5Zvrs447L0MuBo9LBlcTfGfUdIOa1kn96cTIktbUplJi=
iIyokdXXuOOSJbtUeM6QbBCibDNYGVoy-2B8Kfp9oLp0rnby4IgJlJpfC3-2FIS4hh6SGF68nYv=
pROSrWhOMxkE8adwUOWG3GH1fQ1hVS7F98KdB0-2B7INIfApgqYuBfmHM2kblBz4Ia1iUsGmKof=
wN1SvUTgsICz8ijvPcxbGYEfVYH-2FgQjqxyCZrIoUbtUqQTlxFgnKiIoxF8nCxPf9K0tXmaFVp=
DkgyS9kmw0xU-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Pro=
mus Equity Partners</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">&nbsp;</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;">&nbsp;</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">Early-=
stage VC firm <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click=
?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWvdu5PFPN8Hznup0l0H=
aCsERecj3HS7NjoiCaibM-2FIvw-3D-3DnYxW_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRF=
Cfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueMRM5A2zD2j58xopLt7VdzW87935195=
rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2Fcov1=
s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln0Lwt8hPRzD04sWU75W8s0N9j0eJeu=
0GJxb2sV-2BwTNALN1EwHs5UasvUHSk5q-2B2SpUHXZQAv-2Bl2zCU1D5-2B-2Bk1RiGRVU2T1D=
XcJVojY0XhJIib8gOWRjFMiguZvRxweLff9o0m-2FaVP-2FXKGHvYCVoLSr0OW-2F50tnCJGQca=
NUQckJoxZ7b7twwgpxtWdWgS5u4CssSeCIWOx85jP63g094xQmFczgIOG0WKAtFFTJu4ZAWYV-2=
BAVkSWpIAwwonyLtri-2FCnO-2F7KewPbyCOsgsNLOYAgKpTgMk2abiLghO-2BXpQgVpUxIRCD-=
2BbEAhBHcHH0Glx3I7nE2V5P8-2B8-3D" style=3D"color: #1D5080;" test=3D"" unive=
rsal=3D"true">Asymmetric Capital Partners</a></b> raised a $137 million sec=
ond fund.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/cl=
ick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWvdu5PFPN8Hznup0=
l0HaCsOaa3fWxVEi3UkVpoa7e0fw-3D-3DfTTp_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBR=
FCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueMRM5A2zD2j58xopLt7VdzW8793519=
5rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpLUeV7FRI64cgS97MnE-2Fcov=
1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln0Lwt8hPRzD04sWU75W8s0N9j0eJe=
u0GJxb2sV-2BwTNALN1EwHs5UahMEdzGfLKaBN7pgHACMhTxnUw8h8eSJqIyiRJKlq-2BaIv67c=
wpF1r4hbKXZ4jFlE-2F0BiVDjfHawkLmWNYhPeqCZYP7aRmXKTQJGjgDQLUVhDRflPEyNqurqQy=
qTB5W5EJC9R6H21A7nSmDSBi-2BD4WAOmEchwTx9xqCI8do-2FqPiO2fwBtfX-2BjITXp-2F5bh=
6J9K65HfgTfos9KsqLl4GmPW9mhsz-2BNWDjFMothVrieplLyzwvoSBowBYl8Eq3CM8srcM8Fo9=
H14d55TT4IOHWsYRU0-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tru=
e">Maelstrom</a></b>, the family office of <a href=3D"https://url6380.news.=
pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv=
snswouzWvdu5PFPN8Hznup0l0HaCsDYgVMr5mX9Jll0xJnIyiEQ-3D-3D5jn1_I3w5d9c01gkD8=
gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwVFueMRM5A2=
zD2j58xopLt7VdzW87935195rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8PyiIy7DpL=
UeV7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNRrtln0Lwt8=
hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5Uasvjc3FsuNNSZ3V29Ow0vLgfNdc=
oZpVgFYl3hzyyUtRT9g4GufHIznu9Tjcqr7OCJPKMX9lVx7UUBtpXRMSvW1-2F7CpPQ1xTk-2B8=
6LMUDAUTjM8h7JFmemw6sYUaauu6RcB0PCM0bIHARoWWTN-2FvOCnGWcyv0Boi6-2B4Ewsrcf-2=
BHxY6jRylBl2bY5G2jtk91YzE9M7H8aDO4nccxbB-2FE2sBtMWid-2F-2Bq6zYHj6nMcOgNcGhB=
N152QYvSuWLUY1KvRIc1C6-2BRRTa5fWvIyRHl1kIKFG8-3D" style=3D"color: #1D5080;"=
 test=3D"" universal=3D"true">BitMEX</a> co-founder <a href=3D"https://url6=
380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2=
BaqM7ONnvsnswouzWvdu5PFPN8Hznup0l0HaCsEw1HOvzZC0SfqpHo7rpf3Q-3D-3Dstq8_I3w5=
d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFy81VjIoAEwV=
FueMRM5A2zD2j58xopLt7VdzW87935195rWztt90gns3nWhHCJLAH8k-2FljAGnQdCZKtUk3Rc8=
PyiIy7DpLUeV7FRI64cgS97MnE-2Fcov1s2saNsMbo5Uo6GvyxsgXKgv11oLyUwiGPhhsssEvNR=
rtln0Lwt8hPRzD04sWU75W8s0N9j0eJeu0GJxb2sV-2BwTNALN1EwHs5UanFEKUmya9Il15S9wy=
xybEibaycF5oivkcxOrf6TOqXi9F46EwC2f8sU704OxAjAaT3dXp-2Flio7KdbkY5gj0jqROfN7=
4xah6wj6ClNshXxB1Vq0AIa6ZY3jjQwy3otQLGV-2FCpwYz5n9TJ7O63-2Bvn7xWtdi73h-2BLC=
5JxsmjypWDw5oJQYKOS3SZ6DSNTfTwbVwZAObj8XQzk0AtzeX8sNxEi4JyMj7GJfCepuGZiA2kL=
03Lkh542evdWOdt5d8HSCtQ219fJbmmBTE6Vmm1Otq44-3D" style=3D"color: #1D5080;" =
test=3D"" universal=3D"true">Arthur Hayes</a>, is looking to raise at least=
 $250 million for its first PE fund, Bloomberg reported.</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">&nbsp;</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;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
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" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
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                         <td style=3D"padding: 0 20px 0 20px; ">
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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/uni/ls/click?upn=3Du001.=
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">  </a></td>
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                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
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                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
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                         <td style=3D"height: 6px; min-height: 6px; line-he=
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20px; padding: 0;" colspan=3D"2">&nbsp;</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=
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f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
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