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<table lang=3D"x-pre-header" class=3D"pre-header" cellspacing=3D"0" cellp= adding=3D"0" border=3D"0" align=3D"center"> <tbody> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, sans-seri= f; font-size: 14px; color: #78766f; -webkit-text-size-adjust: none;"><span = style=3D"color: #78766f; font-size: 1px; display: none !important;"> Buckli= ng AI's seatbelts; tracking public enterprise SaaS valuations; our latest f= und performance data </span></td> </tr> </tbody> </table>=20 <style> @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 800; src: local('Roboto ExtraBold'), url('https://fonts.pitchbook.com/ne= wsletter/Roboto-ExtraBold.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 400; src: local('Roboto Regular'), url('https://fonts.pitchbook.com/news= letter/Roboto-Regular.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 300; src: local('Roboto Light'), url('https://fonts.pitchbook.com/newsle= tter/Roboto-Light.ttf') format('truetype'); } @font-face { font-family: 'Roboto Serif'; font-style: normal; font-weight: 500; src: local('Roboto Serif Medium'), url('https://fonts.pitchbook.com= /newsletter/RobotoSerif-Medium.ttf') format('truetype'); } td ul { padding-left: 1.8em; } td li { position: relative; margin-bottom: 0.5em; } </style> <table lang=3D"x-main-wrap" width=3D"100%" cellpadding=3D"0" cellspacing= =3D"0" border=3D"0" style=3D"min-width: 100%; background-color: #F0EBDE; fo= nt-family: Roboto, Arial, sans-serif;"> <tbody> <tr> <td align=3D"center"><!--[if (gte mso 9)|(IE)]> <table lang=3D"x-main-container" width=3D620" cellpadding=3D"0"= cellspacing=3D"0" border=3D"0" align=3D"center"> <tr> <td> <![endif]-->=20 <table lang=3D"x-main-container" class=3D"container" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"max-width: 620px;"= > =20 <tbody> <tr> <td class=3D"content" width=3D"100%" style=3D"min-width: 100%; pad= ding-left:5px; padding-right:5px;"> <table lang=3D"x-header" class=3D"container" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> =20 <tbody> <tr> <td> <table lang=3D"x-header-subscription" style=3D"min-width: 100= %; text-align: left;" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" = width=3D"100%"> <tbody> <tr> <td class=3D"header-msg" style=3D"padding-top: 20px; paddi= ng-bottom: 28px; font-family: Roboto, Arial, sans-serif; fon= t-size: 11px; -webkit-text-size-adjust: 70%; text-size-ad= just:70%; -ms-text-size-adjust: 70%; text-align: center;">October 22, 2025 = | <a href=3D"https://url6380.news.pitchbook.co= m/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWUvPOI-2F= c2x-2BmgH0TamW2fTLi0EoRHwgelzy7HfXF8Cug-3D-3DpDD7_Pr966knuaHmaw6c7pKvB-2BCE= iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABUBefNqPuY4Pi9ETSvqOmVxOfzngeac= 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portant;"/><img width=3D"141" height=3D"39" src=3D"https://fonts.pitchbook.= com/newsletter/pitchbook_morningstar_logo.png" alt=3D"PitchBook"> </a></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto Serif, Ge= orgia, serif; font-size: 44px; font-weight: 500"><span>The Daily Pitch</spa= n></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 24px; font-weight: 300; padding-top: 9px;"><span>VC, = PE and M&A</span></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 14px; padding-top: 11px; padding-bottom: 38px"><span>= Your edge on global private capital markets</span></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-content" cellpadding=3D"0" cellspacing=3D"0" bor= der=3D"0" width=3D"100%" style=3D"min-width: 100%!important; width: 100%!im= portant;"> <tbody> <tr> =20 <td class=3D"content" width=3D"460" valign=3D"top" style=3D"ma= x-width: 460px; padding-left:5px; padding-right:5px;"> <table lang=3D"x-main-content" width=3D"100%" cellpadding=3D"= 0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"= > <tbody> <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-2BaqM7ONnvsnswouzWUvPOI-2Fc2x-2BmgH0TamW2fT1ZWZ1ZsSSLtCuNbQ5GMg4g-3D-3= D7gor_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRA= BUBefNqPuY4Pi9ETSvqOmVxOfzngeac828fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklR= aGzDMGX5WS5p0R8lLPzpiFLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB= 0I4lTNy1ojd3SV8dgAjBd87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42= 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<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>Goo= d morning.</b> In today's Daily Pitch, we look at why US LPs have their sig= hts set on Europe, and speak with a New York state senator working to regul= ate AI. And in case you missed it, our latest <b><a href=3D"https://url6380= .news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq= M7ONnvsnswouzWUvPOI-2Fc2x-2BmgH0TamW2fTtLtYZGsicv4EQlrXBr1Huw-3D-3DsqsG_Pr9= 66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABUBefNqPu= Y4Pi9ETSvqOmVxOfzngeac828fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRaGzDMGX5W= S5p0R8lLPzpiFLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I4lTNy1o= jd3SV8dgAjBd87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p3jio4M68= NuBtMiWEfob4PMQIeiFiFH0SQzAJaBjvj3jKc3gP1eeXwXgWWlXhUSygt9VF-2FyAdZywXovq-2= ByYTPRKdVXJSnqF-2BkSuqjc4Y-2Flt6yT6amz-2BBp6Gn7CbpVCw7-2BADFNjLJKuM928JwoU3= -2FcX1gC5xf7tNeAazFdMKh61TD0nZlIKkjzz8yuSNiOBP5xV0EKHjIDuJQUCC1fnOx5fV4tuaS= ZKGXF7SbUds0MQ975Z-2BZyCiJ-2F-2BaUyTjLcfIBsPu8ocKgGmcUpqmcEy8q4HtxZCMWh5RVV= YtmL96f" style=3D"color: #1D5080;" test=3D"" universal=3D"true">PitchBook B= enchmarks</a></b> report has data through Q1 2025, with preliminary returns= through Q2.</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>Was= this newsletter forwarded to you? <b><a href=3D"https://url6380.news.pitch= book.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWU= vPOI-2Fc2x-2BmgH0TamW2fT2wn-2FMJCiHs7Fwjbboyct-2Bw-3D-3D6IiR_Pr966knuaHmaw6= c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABUBefNqPuY4Pi9ETSvqO= mVxOfzngeac828fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRaGzDMGX5WS5p0R8lLPzp= iFLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I4lTNy1ojd3SV8dgAjB= d87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p3jio4M68NuBtMiWEfoB= BThBtTYCvDOuAeotCPZz78YpHpj13X-2Fysb-2BEBqNR81PZ-2BuDgqL2y0ZUJ4GeuVly5Uw-2B= iflkNFrMIi20UpjFZI23wSKBc-2B6MwvFJlr5muGCDhBvD7F6PczziuLDX6GC3iBIjnaNSxkvvN= hFod3g3yGOsj7mBOgao4AQWg4Qnfpv9hgElHMP-2F97Mzm0NjJA5-2BK3dsDBeMwkTJch3uwN27= TqsjVFW-2F2z3-2Bs1tB37epH6-2FM-2BmB4nzCnKKqp0ljZqnf-2FiEEw6nygxU95dAlOtXg98= " style=3D"color: #1D5080;" test=3D"">Sign up here.</a></b></i></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_573877" id=3D"n_573877" 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;"> Fresh US capital offers lifeli= ne for European GPs </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table lang=3D"x-content-area" cellpadding=3D"0" = cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table lang=3D"x-content-area-top" cellpaddin= g=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100= %;"> <tbody> <tr> <td valign=3D"top"> <table lang=3D"x-image" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" align=3D"center"> <tbody> <tr> <td align=3D"center"> <table cellpadding=3D"0" cellspacing=3D"0" bo= rder=3D"0" align=3D"center" style=3D"float: none; "> <tbody> <tr> <td style=3D"text-align: center" align=3D"cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWUvPOI-2Fc2x-2BmgH0TamW2fTurFKk= -2BEYIm3Ivgb7qhHIiA-3D-3DI9-u_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR= 4BiQVI43kbMcVf8UYA68NVRABUBefNqPuY4Pi9ETSvqOmVxOfzngeac828fy4qKUctdSJHeojEC= fFFtqjMFZ3EHZdNrCSNpJklRaGzDMGX5WS5p0R8lLPzpiFLOuUjYJ7vlIWGns3x8zs6-2BSinXw= kzjmD-2BB9-2FKkC1x3YxYbB0I4lTNy1ojd3SV8dgAjBd87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-= 2BJVEYZjKyPjR04YrbdBwH42p3jio4M68NuBtMiWEfqgxWBhxIoXroy7KeREuWtqeLsZos6ZU7-= 2FgrL-2FeEfU0TaImOXn3XP-2FsXhHS48xfmk3iWK1t7kz-2BlDnAcR2XiiR-2FNg5Zo4NAhQfU= 1KtbjIzTp9zFl-2FgitSHuBwor6MeDEKXiJFGqqPMj9Ddx-2B6Syw51Jl9-2BLuUyQJCiQwhUoo= fdwIddJ8aEXFfXED-2BXraKbmMSr5KK7hPs-2Fm6iSE90GkIhue1cMBWeR3wCtz719fQiaqgfDi= XcMbPKFTbZZFr15MlRUtiABHXuXXFejEp0MOKEjZ" universal=3D"true"> <img src=3D"= https://img.pitchbook.com/news/70986.png" align=3D"center" alt=3D"" 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">(Drew Sanders/Pi= tchBook News)</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table lang=3D"x-content-area-main" cellpaddi= ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td valign=3D"top" align=3D"left" style=3D"pa= dding-bottom: 20px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;"><i>By Emily Lai, Priv= ate Equity Reporter</i> <br><br> As policy uncertainty and protectionist trad= e measures prompt more American LPs to diversify and invest abroad, interes= t in Europe is growing=E2=80=94but the continent=E2=80=99s managers will ne= ed to adapt quickly. <br><br> A recent survey by placement agent Campbell = Lutyens found that 24% of US LPs now plan to increase their PE exposure in = Europe this year, while 12% intend to reduce exposure in the US. <br><br> The survey=E2=80=99s findings were underscor= ed by Jim Pittman, the global head of PE at Canadian asset manager British = Columbia Investment Management Corporation, during the IPEM industry confer= ence in Paris last month. =E2=80=9CLPs and GPs are pointed a bit more to Eu= rope than to the US, given the uncertainty around geopolitical situations a= nd tariffs, but it is not easy to repoint to Europe quickly,=E2=80=9D he sa= id. <br><br> Although the change is expected to be gradua= l, it will likely have a significant impact on Europe given the size of the= US market. <br><br> PitchBook=E2=80=99s Q3 2025 European PE Brea= kdown showed that fundraising in Europe slowed considerably this year becau= se the subdued exit market has restricted distributions to LPs. <br><br> As a result, LPs are consolidating their all= ocations with a narrower set of established managers. So far this year, 40%= of new fund closes have come from firms on their fourth to sixth fund. <br= ><br> =E2=80=9CThe bigger GPs are still doing fair= ly well on their fundraising. The mid-market firms looking for fundraising = will find it much more difficult, or much more episodic, and it really does= depend on their key LPs,=E2=80=9D Pittman added.</td> </tr> </tbody> </table> <table lang=3D"x-content-area-bottom" cellpad= ding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table lang=3D"x-content-btn" cellpadding=3D"= 0" cellspacing=3D"0" border=3D"0"> <tbody> <tr> <td align=3D"center" style=3D"height: 36px; b= order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzWUvPOI-2Fc2x-2BmgH0TamW2fTurFKk-2BEYIm3Ivgb7qhHIiA-= 3D-3Dxsbj_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68= NVRABUBefNqPuY4Pi9ETSvqOmVxOfzngeac828fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNp= JklRaGzDMGX5WS5p0R8lLPzpiFLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3Y= xYbB0I4lTNy1ojd3SV8dgAjBd87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdB= wH42p3jio4M68NuBtMiWEfr9cRXN8TDgmw-2F1xkHSPw-2B9yhQCWva56EVxJbGEjr4lhtB18mS= 8GKvM1oBjgtQIFJ32SxYamc4G1VNRUDUfWV1V3-2FTl-2FnUUR-2FQYuAuQnFq8zcKTuFt56LxQ= sw-2B-2BPbcIj8zTGSTDpyKCaRp-2BjIN8Wxal72eUunVvCWEP0bGSypdtSkmSonCpxxON64MUd= PT8bLProE2np8BlU-2FNfeizp8TcWJiFblSsVgl-2BsCeB9UMUevrL9fb0E33gF2M-2FuMawkni= 24RzK7Zet6gHJXI9tLh1Ed" style=3D"font-family: Roboto, Arial, sans-serif; fo= nt-size: 18px; text-decoration: none; color: black; padding-left: 3px" targ= et=3D"_blank" universal=3D"true"> Read more<img src=3D"https://fonts.pitchb= ook.com/newsletter/arrow-right.png" width=3D"24" height=3D"24" style=3D"ver= tical-align: middle; margin-left: 8px;"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table lang=3D"x-content-area" cellpadding=3D"0" = cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table lang=3D"x-content-area-main" cellpaddi= ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td valign=3D"top" align=3D"left" style=3D"pa= dding-bottom: 20px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;"><i>Related research:<= /i> <b><a test style=3D"color: #1D5080;" href=3D"https://url6380.news.pitch= book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo= uzWUvPOI-2Fc2x-2BmgH0TamW2fTHMSMFdgFxftPdiwFb-2Bkg2A-3D-3DsExI_Pr966knuaHma= w6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABUBefNqPuY4Pi9ETSv= qOmVxOfzngeac828fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRaGzDMGX5WS5p0R8lLP= zpiFLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I4lTNy1ojd3SV8dgA= jBd87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p3jio4M68NuBtMiWEf= qRX6xehycWnxWGwOmskkTOL3gJTi4jtl9g7UolxJmIs2Oyoca5-2FhfCriHJFHCuTvEqNcheRUe= XiQgcUAD2rOVNmWzgfVoXo0p1b4er-2BtGRZMEN0YGWttg-2B1lYWn7R5THiGZoTibAqoOkuG8-= 2BmIZhOoO0lgZ8-2BKD5Jxu7WwFwp4J09ZZW8KIMYxL-2FrDxlshQ3S72QFW5-2FONcXWCpB1Vi= lJDJ23RV87Qa0HYc9XITsz5PMY5fupRfzE1CbL8lvZ-2BHF-2FasKfDEiahVHmWyRCEEteb" un= iversal=3D"true">Q3 2025 European PE Breakdown</a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>A message from Orrick</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_573802" id=3D"n_573802" 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;"> Late-stage AI funding resilien= t as US life sciences deals decline in Q3 </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"right"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" style=3D"float: none; padding-left: 15px; "> <tbody> <tr> <td align=3D"right" style=3D"text-align: righ= t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWUvPOI-2Fc2x-2BmgH0TamW2fTxssoleSNNeA= 9GI8kFlFysw-3D-3DRHPL_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43= kbMcVf8UYA68NVRABUBefNqPuY4Pi9ETSvqOmVxOfzngeac828fy4qKUctdSJHeojECfFFtqjMF= Z3EHZdNrCSNpJklRaGzDMGX5WS5p0R8lLPzpiFLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-2B= B9-2FKkC1x3YxYbB0I4lTNy1ojd3SV8dgAjBd87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZj= KyPjR04YrbdBwH42p3jio4M68NuBtMiWEfrx7JwYGHWyzf8NUiJJqzz5qO24AxtcdwfcbxqgUPE= 0gYmzqGSQ8sV4WXgBa-2FSCvuyhprEjrraRQgRw-2BcFdvPRuMkJlCJoLZDloOrjt3VPVT4ikQf= llLTjzXnE8m5jy38ZnmTAVZF3L4IbgrDv5kr3xyFt-2FtBTRGFbJHotlGolLqjYNWapxDx3q6IP= oMfnfNVyw4g5Bhfv0fN-2FoiznKgYb4HRkE7LhB0fP7mO9Stve1FOvkdFovnLdKZBvPDkqL5Orm= PBPvy-2BchdmZ-2BkcqrWO5a"> <img align=3D"center" alt=3D"" src=3D"https://im= g.pitchbook.com/news/70943.jpg" style=3D"border: none; max-width: 420px;"> = </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>Venture activity in US life sciences = fell to a decade low in Q3 2025. Compliance pressures, supply chain exposur= e, and regulations added headwinds. Later-stage financings, however, proved= resilient, concentrating capital in AI-driven solutions. Liquidity remains= the key constraint.<br><br><a href=3D"https://url6380.news.pitchbook.com/l= s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWUvPOI-2Fc2x= -2BmgH0TamW2fTxssoleSNNeA9GI8kFlFysw-3D-3Dz142_Pr966knuaHmaw6c7pKvB-2BCEiDn= j5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABUBefNqPuY4Pi9ETSvqOmVxOfzngeac828= fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRaGzDMGX5WS5p0R8lLPzpiFLOuUjYJ7vlIW= Gns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I4lTNy1ojd3SV8dgAjBd87DuxrlcYBv95= Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p3jio4M68NuBtMiWEfqwhI4fMELP7ks-2B= 7DOZkqs8C-2By5-2Fc4zo4KTUjrRgMlwPWGKFS4xqOxSF2lyuo-2BDOAYmRCVn6NE1M-2BhSDkM= MvbzijdzZpDgdSLl95VwAmTRGaMWEMEuLzD77pSHeWKwp6tUx-2FZ4GzlWLMWPLWosdNdSjA4Ys= fLHUP4b6NwoYhCx-2BmNlhLOouGGPe2wMpjun2wuJUwnjR2nigmaSxxknX0XnmFmR3RGGwWvQaG= SFeeQT2FhugJLBpRh5fUTYIzOUV9mG91l13yILwmvuaKhunEQ32" style=3D"color: #1D508= 0;" test=3D"">Read Orrick=E2=80=99s Q4 2025 US Life Sciences Snapshot</a> f= or data-driven insights into quarterly investment trends and a recap of Orr= ick's annual Life Sciences & HealthTech Alternative Financing Summit. T= he report=E2=80=99s key takeaways include:=20 <ul> <li>Investors remain cautious at the earliest= stages, with capital concentrating in larger, select opportunities.</li> <li>Later-stage funding has shown relative st= ability, particularly around advanced technologies and platform plays.</li> <li>The regulatory and operating environment = is becoming more complex, heightening compliance considerations.</li> <li>Limited exits and muted M&A continue = to constrain liquidity across the sector.</li> </ul></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Catch Up Quick</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">=E2=80= =A2 <b>Just out: Our Q3 valuations data for public companies</b> in the ent= erprise SaaS sector. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/c= lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWUvPOI-2Fc2x-2B= mgH0TamW2fT6kZ8Wg9jLDEkkAscSzVYNg-3D-3Dbk1Q_Pr966knuaHmaw6c7pKvB-2BCEiDnj5U= wlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABUBefNqPuY4Pi9ETSvqOmVxOfzngeac828fy4= qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRaGzDMGX5WS5p0R8lLPzpiFLOuUjYJ7vlIWGns= 3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I4lTNy1ojd3SV8dgAjBd87DuxrlcYBv95Yqi= 7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p3jio4M68NuBtMiWEfo7BPafS2YcoH2RyzCUn= yAhLVs9Dddd0YQPSuAL9hsAnLq5TC0z65uUqAMuoMZYmOFwsFXwvLyKCTwIniRxI0GOwhTGca5M= FleuEdI-2BaOT9ZfkrhXSZJLExr33DtH2jSQghla3dq69IhkqKHeQBhJrZLJcQJsF9LeL-2BV5c= GpGdSxiuFBiXavTZch81gDtDPAPS-2BHzWP-2BWM6OCAJeItIfgZPEjjRterz0MFlLWqpLAsnbf= q3WoE0XnCkwGUGpl1PISVJge8ODuWYeFWod0UmF06c" style=3D"color: #1D5080;" test= =3D"" universal=3D"true"><b>Get our analysts' report today</b></a><br><br> =E2=80=A2 <b>Our recent Allocator Solutions = report tackles the question</b> of how important manager selection is in pr= ivate markets, using a portfolio simulation to estimate performance. <a hre= f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu= ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWUvPOI-2Fc2x-2BmgH0TamW2fTB9yeJ7vn2fFvzL6o= X0V3DQ-3D-3DDEty_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcV= f8UYA68NVRABUBefNqPuY4Pi9ETSvqOmVxOfzngeac828fy4qKUctdSJHeojECfFFtqjMFZ3EHZ= dNrCSNpJklRaGzDMGX5WS5p0R8lLPzpiFLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-2BB9-2F= KkC1x3YxYbB0I4lTNy1ojd3SV8dgAjBd87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR= 04YrbdBwH42p3jio4M68NuBtMiWEfpOtPFibUlGNOz9HiCjh-2BmYODr8-2Bo-2B4YFpES7LiaD= h5c6Ru-2BK2W8ezU-2BZgjGNKx9kREwG1OnVY4k153jHX6IILdRTqSuVxTy71OlhVUPv-2BSN14= Dkb-2Ftif-2BmxfiOdUZPTbztC6dm1qo62fo4pGGzQCinqowVbD9ElTkDF8PygXApNrb-2BNM5a= dCowuK7hvbDpJjwOonVxdH8RdfpgT7U-2FGzwaKQORbEohB5DMnEv8B6ZcPZlTD-2FH-2FVrxh8= V-2BJ9M85sqaVTSbUd4WEnEz58T6SDRLd" style=3D"color: #1D5080;" test=3D"" univ= ersal=3D"true"><b>Access the expert analysis</b></a></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_573890" id=3D"n_573890" 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;"> Q&A: Co-author of NY's AI = safety bill tells VCs to 'talk to us' </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100= %;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"center"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"float: none; "> <tbody> <tr> <td align=3D"center" style=3D"text-align: cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWAikRxgC6AwgLqT65IyWD4P1AWVBCfq= FSCoNNbWBuygA-3D-3DiJAY_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVRABUBefNqPuY4Pi9ETSvqOmVxOfzngeac828fy4qKUctdSJHeojECfFFtqj= MFZ3EHZdNrCSNpJklRaGzDMGX5WS5p0R8lLPzpiFLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-= 2BB9-2FKkC1x3YxYbB0I4lTNy1ojd3SV8dgAjBd87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEY= ZjKyPjR04YrbdBwH42p3jio4M68NuBtMiWEfqq3ZroKnSX2Ez8BCpinLQeKc32mxNJuD-2Bv2Hg= eAh2l7QmOyWrEpbdgC3Nj9ORgZYvEQ1halHOVAdlKCP0YXclq7qIxuTFHX5lmuJNCau6go7fZnr= -2BQZPkMzfizVPyfZIhcchwqf8rNZods8SZdTa0rWBj-2FUVdx2iI-2BvckBkRgyUK9VqifCgUJ= vOkgGTbxDxnaY-2FSv5hthLSEaXUGwTD2C8SZV5KpvgDoDIgu5EQeJKlE7dI69cYH2S7RubipZP= E-2BC8UUeTDOzu8COCjv9mNhPB" universal=3D"true"> <img align=3D"center" alt= =3D"" src=3D"https://img.pitchbook.com/news/70996.png" style=3D"border: non= e; 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">New York Capitol= building (Michael M. Santiago/Getty Images)</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>By = Jacob Robbins, Technology Reporter</i><br><br> New York state Sen. Andrew Gounardes co-auth= ored the Responsible AI Safety and Education Act, and he has one takeaway f= rom getting it passed in June: VCs and the tech community are not approachi= ng AI regulation honestly.<br><br> So far, only California has enacted an AI sa= fety bill into law, but New York could be next if Gov. Kathy Hochul signs t= he bill, known as the RAISE Act. And more states could soon follow as a ban= on state regulation ultimately didn't make it into President Donald Trump'= s "One Big Beautiful Bill" over the summer.<br><br> Gounardes sat down with PitchBook for a wide= -ranging conversation about regulating AI.<br><br><b>The opposition's argum= ent is that it=E2=80=99s too early to regulate AI, and that they would rath= er leave it to the federal government as opposed to having a patchwork of l= aws. What=E2=80=99s your response?</b><br><br> I want you to imagine we have data suggestin= g that wearing a seat belt or seat harness in a car could dramatically save= your life should you get into a crash, and that data is both coming from w= ithin the auto industry and from outside experts. And then imagine Detroit = saying "if you force us to put a seat belt in a car you are going to decima= te the American automobile industry."<br><br><b>Do you feel like the argume= nts coming from the VC and tech community are in good faith?</b><br><br> Once they saw us gaining traction and moment= um they started to throw anything against the wall to stop, using some of t= he most spurious arguments you can easily see right through.<br><br> It just became clear to us that this was not= a fight that was being fought strictly on the substantive merits of what i= s good or bad policy.<br><br><b>There might be a perception that you=E2=80= =99re 100% anti-AI. Are there some things you think AI will be good for? Ar= e you actively against AI?</b><br><br> I am not a Luddite. And I am not one of thes= e technology doomsayers, the last parts of our conversation notwithstanding= . I actually believe there is incredible promise and potential from the sma= rt development of AI.</td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-btn"> <tbody> <tr> <td align=3D"center" style=3D"height: 36px; b= order-bottom: 2px solid #40C2C9"><a class=3D"customButtonLink" href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzWAikRxgC6AwgLqT65IyWD4P1AWVBCfqFSCoNNbWBuygA-3D-3Dy= MNB_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABU= BefNqPuY4Pi9ETSvqOmVxOfzngeac828fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRaG= zDMGX5WS5p0R8lLPzpiFLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I= 4lTNy1ojd3SV8dgAjBd87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p3= jio4M68NuBtMiWEfp5-2BUMINL611hE7Mth8eDaQ8QdPNwIccPKBBTb6XrEvlq9G9pb5msuYzMK= e3Yxk3DMLlhGTs4IMpw1gwHAT5XVQT5DJ-2FgeUdO3YtNy9frKIMxKBTTvi5yIsE1nSWCc5NOsk= qajuiD-2FM-2Fn8tM-2FQm50x2rWmAsXyqcWgxPfeUIXdO6Pq9s-2BLO6MeBDa8VQwNQ5jDY4SQ= fQUjywJjMfE-2Bfdt8uLA1i2IBwDvPfXTeu6PfYN1ftXa7-2BBMPdB9trSWoYDbpTSVKdptY7dl= 3dZH25nkWP" style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18p= x; text-decoration: none; color: black; padding-left: 3px" target=3D"_blank= " universal=3D"true">Read the full interview<img height=3D"24" src=3D"https= ://fonts.pitchbook.com/newsletter/arrow-right.png" style=3D"vertical-align:= middle; margin-left: 8px;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel= ated research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWAikRxgC6AwgLq= T65IyWD4kY-2FhlequNxAelcxFR6hxbw-3D-3DO6sb_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw= lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABUBefNqPuY4Pi9ETSvqOmVxOfzngeac828fy4q= KUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRaGzDMGX5WS5p0R8lLPzpiFLOuUjYJ7vlIWGns3= x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I4lTNy1ojd3SV8dgAjBd87DuxrlcYBv95Yqi7= Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p3jio4M68NuBtMiWEfql95Kvu5-2F4XKqBr-2F= fkuhAf1h9Agz8UQgEHSa84inHSBFv7jmsg6QJjApzJENHb6P9ZHJo1xOukMJpfD5VfgSnsDoCN-= 2FcwJckrGKaLmcWTBqJXzKfclHw8hTOSBIRLj5veV0qbPLdI8VtX-2FZXnwKmntFa31oUWB2dZ1= s7cF2DMzo9yJLdeyzFXDLYr0v6bcu1sHZf3Wn1ZoaWitCITMdtZrL2-2BJDLazEbh9HxjPKRV4i= hAqYleXsH-2BNm4GOP43W5Nngjqx4oUNqE687xTNUKy87" style=3D"color: #1D5080;" te= st=3D"" universal=3D"true">Q3 2025 PitchBook-NVCA Venture Monitor</a></b></= td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Side Letters</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Sma= rt reads that caught our eye.</i><br><br> =E2=80=A2 <b>The US Army is looking for PE i= nvestments.</b> As the Trump administration pushes further to establish a r= elationship between the government and the private capital industry, the US= Army held a forum with some of PE's biggest names to propose funding proje= cts such as data centers and rare earth mineral processing. [<a href=3D"htt= ps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6= GFa-2BaqM7ONnvsnswouzWAikRxgC6AwgLqT65IyWD43vE92LIbhkvE-2BMdLEwo5vg-3D-3Dx2= u9_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABUB= efNqPuY4Pi9ETSvqOmVxOfzngeac828fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRaGz= DMGX5WS5p0R8lLPzpiFLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I4= lTNy1ojd3SV8dgAjBd87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p3j= io4M68NuBtMiWEfrkOzO5ECN-2Buke-2BK66UbcZ9zQv-2FuRSvrURyQqd3FIFtITRkOPjHPPN-= 2B8tZnbItyfYOuWBhLF1et3eKVEssDNXwRpEhN-2FK9cjuxTZKqU4d-2BUVWqbNRDL5PdtPH7tM= 466Yhs-2FVtaM5sUU1qn3C1nnOJ7X9yYMaJfysTAmJCeySMFcM7Auw-2BrkR3vBgwABcxHlFEo6= ZlwwFOcVZGxBLLrkxExXZIRL5Nfu69LLgU8jN5n4ITB3XSDaIqUK3F6K0MXXiv-2BrImFuahhU7= oRct1L-2FsCrB" style=3D"color: #1D5080;" test=3D"">Financial Times</a>]<br>= <br> =E2=80=A2 <b>Are new visa restrictions havin= g an impact on US business schools?</b> Applications for MBA programs in th= e US declined in 2025, while international applications for programs across= East Asia, India and Europe all rose. [<a href=3D"https://url6380.news.pit= chbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouz= WAikRxgC6AwgLqT65IyWD4cH8mwWOBv9bRQIRF8s-2BDBg-3D-3DhsTc_Pr966knuaHmaw6c7pK= vB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABUBefNqPuY4Pi9ETSvqOmVxO= fzngeac828fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRaGzDMGX5WS5p0R8lLPzpiFLO= uUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I4lTNy1ojd3SV8dgAjBd87D= uxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p3jio4M68NuBtMiWEfpZr1P5= Y-2FP1zRDNAOnoQuSUsY2Vmj85v4s6MHorbAgUQsJTIOMSElIoDYLu0sSzAaE9elyel-2FDOMNL= xkSnP67bhlbJ9hadLQ0KZwe7zjLVIcfQooyb1QMJtZLUrat344K9IEwIlkPLMoO8zPsQNj3m7cX= wqG2nY1n-2Busd5y7-2FFhO9fhAAniqJ5vrwEnCH-2FpLxtX-2BDMUyak2XXlv0bgozSghR70fM= 3ur8TKvrsYpSSDwanTpe6WxNZnUWrGktQqojSYyduwRR3Vix47ekpxZlISR" style=3D"color= : #1D5080;" test=3D"">The Wall Street Journal</a>]<br><br> =E2=80=A2 <b>Bitcoin holders are legitimizin= g their wealth through mainstream financial institutions.</b> Asset manager= s are now taking bitcoin via ETFs in exchange for shares in their funds, wi= th BlackRock having already completed about $3 billion worth of these trans= actions. [<a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWAikRxgC6AwgLqT65IyWD4O0NdhWR-= 2FzRPwCIscvZruHg-3D-3DCpwf_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi= QVI43kbMcVf8UYA68NVRABUBefNqPuY4Pi9ETSvqOmVxOfzngeac828fy4qKUctdSJHeojECfFF= tqjMFZ3EHZdNrCSNpJklRaGzDMGX5WS5p0R8lLPzpiFLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzj= mD-2BB9-2FKkC1x3YxYbB0I4lTNy1ojd3SV8dgAjBd87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJ= VEYZjKyPjR04YrbdBwH42p3jio4M68NuBtMiWEfpi-2FZqzAab-2B8E6lVH7dCFJSlNTLQaG9Va= ZGtXkt-2BDx1Nttyc9regQm5uGeZYdOJ4R-2BQbjSuI-2Ftj9a-2FWobF-2BFb4FTzz7VRqnIHJ= aou9WNfCOL264tz2BWeUUe5vhos0HNDs4vyOBc3umbg70e2TEPCaPHvRYeG80e3gI2IwmEPyHgJ= dLbNZzBBsgrgtHveL4e9trzmH4umS1i0YZY4qAe9wI7mpydmC5k9m-2FNm2X0BqbBzDzHQ7JwdA= GP5gpTBE04RtJNBU6FGl8OH-2Fr5GGekBrW" style=3D"color: #1D5080;" test=3D"">Bl= oomberg</a>]</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table class=3D" " cellpadding=3D"0" cells= pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20 "> <tbody> <tr> <td lang=3D"x-advertisement" style=3D"padding-bottom: = 20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzWAikRxgC6AwgLqT65IyWD4VRn76CvxLDR6mJV06fb7Xg-3D-3D3jW= F_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABUBe= fNqPuY4Pi9ETSvqOmVxOfzngeac828fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRaGzD= MGX5WS5p0R8lLPzpiFLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I4l= TNy1ojd3SV8dgAjBd87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p3ji= 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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;"> 318 </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;"> 589 </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;"> 185 </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;"> 26 </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;"><!--[if mso]> <v:roundrect xmlns:v=3D"urn= :schemas-microsoft-com:vml" xmlns:w=3D"urn= :schemas-microsoft-com:office:word" href=3D"https://pitchbook.com/products/= platform" style=3D"heigh= t:43px;v-text-anchor:middle;width:148px;" arcsize=3D"50%= " strokecolor=3D= "#F79B3E" fillcolor=3D"#= F79B3E"> <w:anchorlock/> <center style=3D"color:= #000000; font-fami= ly:Roboto, Arial, sans-serif; font-size= :12px;"> Request a free tria= l </center> </v:roundrect> <![endif]--> <a href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzWAikRxgC6AwgLqT65IyWD48xrN2Lw4SqcPJTg1au6wlg-3D-3DvBp= A_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABUBe= fNqPuY4Pi9ETSvqOmVxOfzngeac828fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRaGzD= MGX5WS5p0R8lLPzpiFLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I4l= TNy1ojd3SV8dgAjBd87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p3ji= o4M68NuBtMiWEfoHlboutrihpXnBEvzXmJeaB9336rvG1ixdWHFViAiNv2xsBy5QGhG11A-2FGj= g2Pii-2FdYxK6hdJGk0-2F-2BBdNncLC90mMDmIgnCHNUWEd5pB-2BAMSYqWEsIjeOohLh6W5dG= g-2FjXRuqcAjrqS4pU09SfhOjo7d8v7zscgJVZqg4-2F7Jkr5ZKYjcSz9dxmhLB8RSPuhPjW7Yg= hVcvL-2FVb-2B2X5fYwjVP9Jd6j7OpXfEkm28jh1gh0BB7KuB9tmSEGcRffr0eUmkNoBcolV3QI= hR3ggYR8N0" target=3D"_blank" 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;"> </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_573864" id=3D"n_573864" 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: 2019 Vint= age Global Secondaries 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: 82.76190476190476%; mi= n-width: 82.76190476190476%; max-width: 82.76190476190476%; 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">17.38%</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">21.00%</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;"> 0.49x </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= swouzWAikRxgC6AwgLqT65IyWD4S2fu9OYFfDqZ9fU1c49o-2BQ-3D-3DRTFG_Pr966knuaHmaw= 6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABUBefNqPuY4Pi9ETSvq= OmVxOfzngeac828fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRaGzDMGX5WS5p0R8lLPz= piFLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I4lTNy1ojd3SV8dgAj= Bd87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p3jio4M68NuBtMiWEfp= 8kbzTqKahx1Ww9tHoMweyKg9mTGtoUUqKp51zKTncH6d9PVDyQkS-2BWV9Ogq412yZAuONnlqaX= whcji4UEiSieiLs5gFKFPx6TfOdjetrxXYJnlcVyTgXAi0gDNFrVJcF9kZWY9t9CG-2BWbtJNcq= e-2BiMcrupwxE0NDzTGr5VdfW2g2GEq05w3wMongdzOnobskX4qCXoss01lwDyyQrd2Emaxf4lz= l-2FPGvO0ZqiNoujwNKUvlx8oAsDDoEs0srKCzc-2FFpaqIMBY543xayLZ9D81" style=3D"fo= nt-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Landm= ark Infrastructure Partners II </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= swouzWAikRxgC6AwgLqT65IyWD4aBZXYpqEMsv7di3qK6zmCg-3D-3DCm7E_Pr966knuaHmaw6c= 7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABUBefNqPuY4Pi9ETSvqOm= VxOfzngeac828fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRaGzDMGX5WS5p0R8lLPzpi= FLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I4lTNy1ojd3SV8dgAjBd= 87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p3jio4M68NuBtMiWEfrhm= NLVSk97h8Ppkoq0WGBNmhdO7cF6OivDgwmgKHhfGDhopei35mnPmE9yWeFEGxLirNxr6enK6R7q= 3rdU-2FM0A4urSqCO9WWNoSO1BYH8wiKUaeil9KRgXqs6Vbr9MkPiWbqFsUd00gsjD8j7SbfTOM= H2dZuG5BrgCLeaxEe5L2UNKLnIzDt2PUK1OW4EGGEBQsZIOAfyrzYxjVKlt2ac-2FVvYqgP-2FR= WjG3Hz3-2B0KpC9VFyTykSoLgzzsRSG6EUOfRXyIJy3qk7Cu6FApphD-2BKp" style=3D"font= -size: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Banner = Ridge Secondary Fund III </a></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style= =3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w= idth=3D"100%"> <tbody> <tr> <td height=3D"22" style=3D"padding: 15px 10px= 0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi= tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzWAikRxgC6AwgLqT65IyWD4I2bDMV59AMAxhnLXdZjSwQ-3D-3DyxNK_Pr966knuaHmaw6c= 7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABUBefNqPuY4Pi9ETSvqOm= VxOfzngeac828fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRaGzDMGX5WS5p0R8lLPzpi= FLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I4lTNy1ojd3SV8dgAjBd= 87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p3jio4M68NuBtMiWEfq8F= MEMmpdfyftIWIh0YR117xmzWyJKTy4D4xUyNsvWEqrQhKaNy5Df2Nbg9yF6rVZkes-2BYaWtwg2= 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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-2BaqM7ONnvsnswouzXuIQU-2= FGUTEiSk0Ww-2B5svUaSpLGQI2Sjp7un4y1-2FzpuFw-3D-3DOQC4_Pr966knuaHmaw6c7pKvB-= 2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABUBefNqPuY4Pi9ETSvqOmVxOfzn= geac828fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRaGzDMGX5WS5p0R8lLPzpiFLOuUj= YJ7vlIWGns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I4lTNy1ojd3SV8dgAjBd87Duxr= lcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p3jio4M68NuBtMiWEfocw8eH4cq= R64dREtaB0h1DhQkMuCp43PKH6aixbwxGqQo6YFiV0JQS-2FfFf1-2FvpdsSr9ywPu0oex6h-2F= HeoUnYPoa2BmgHvSQs3p2fBd9Vc1M-2BcYysVHko2VryV1-2F0jZdomPFuaUbPZLqkj3WMaqjhz= Pe5JfiZLZANOKGWKNHGVmY-2FUcxPX9xs69Q4K9c8VV7E5NAHzRsEqov76tyE-2FHrur06adSG1= jHXO3Ftex-2BzOTjNL5FDbRlRQjliQT-2BISYB5kCU2trzbkSDqJKfm4-2BXFRd3" style=3D"= color: #1D5080;" test=3D"" universal=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"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>VC Deals</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXuIQU-2FGUTEiSk0Ww-2B5svUas2uz0oOiXMANp= 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maw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABUBefNqPuY4Pi9ET= SvqOmVxOfzngeac828fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRaGzDMGX5WS5p0R8l= LPzpiFLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I4lTNy1ojd3SV8d= gAjBd87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p3jio4M68NuBtMiW= Efqqxazn-2BeQANQTrhXoAK5bxkShfkKJEYYr1irgaONF-2BK89YpBA4u-2BBDvNhWLp2f0INBU= P371joDKtN9TCAxhPbylPOWioyJr0INt2JLxZN9RkHLLOQJf5I289bIuSc0b-2Buq0Te68QBEv4= eJk7bIPab-2BcZa3YeLFlu2oGj9OjStXAQLbA6hDbYKGVyfKfa8Iw-2FezLNKTPe9-2FjVk8qGc= 3UfxAQ3E1r2w0SO-2Fd-2F418QPC-2B-2B2q7W5IzJ9OP7M2SMdAan7315Qalp0u1CHNbjkAXZG= HR" style=3D"color: #1D5080;" test=3D"" universal=3D"true">IVP</a> at a $1.= 25 billion valuation.<br><br><b><a href=3D"https://url6380.news.pitchbook.c= om/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXuIQ= U-2FGUTEiSk0Ww-2B5svUaxYvjlDPMqVy9bsD67jU-2Ftg-3D-3DjjbF_Pr966knuaHmaw6c7pK= vB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABUBefNqPuY4Pi9ETSvqOmVxO= fzngeac828fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRaGzDMGX5WS5p0R8lLPzpiFLO= uUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I4lTNy1ojd3SV8dgAjBd87D= uxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p3jio4M68NuBtMiWEfr7eTK0= 0x29CkD0Cu4w7EikAffGT1bqEfJGot2UZ2Xy1uwc0BAkVFPHmx3pMcBIq2JXKYwZ3RR8uE4MGje= 8nGB3lcK6fXM4rjBRgCRuEax4-2BA6y1uglGtMJCInpA-2BtDk0vSpk0qeUUzUZqKr32NuikF1L= fVwRezbkfyxvJ8WccpqR8SdaAcZl3lRRk3jTuv48iZ4TLeCCkzqdTQiis8KmUoGfV3hN-2BYgHE= 4dzEP5g9cD-2BJKSOx2ucULGtxT9WwEAVpXNZd0igQH-2FFbyxXCD4w7s" style=3D"color: = #1D5080;" test=3D"" universal=3D"true">Seneca</a></b>, the developer of an = autonomous wildfire suppression system, raised a $60 million round led by <= a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXuIQU-2FGUTEiSk0Ww-2B5svUaiPxC1AGqACt= -2FB5oN3qmxBA-3D-3D1wi3_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVRABUBefNqPuY4Pi9ETSvqOmVxOfzngeac828fy4qKUctdSJHeojECfFFtqj= 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io4M68NuBtMiWEfpp6KxMGmskuS6auVj0Y9BfOGOoIOpHGOQaoVccl5ucRp8SJ-2FmuBtXn3Sua= mjNhTBEcCDBpvnsvj5ZiLGm-2FvAdecGW-2FZXdX6PzRfHeiMrjvYKlMxJwNfHtS-2B94AGjztA= eIQe-2FTBjPkJIk9K2D9AkkuOHKa-2FMPrFNxQXN8bsmkfEv8YdQXPI2cAHtMkA912lOudLkisU= HF5B4-2FrHAIdn5-2BLBQDQMg4IM9110mCus1qNKZr82pfu5s-2BDozkJ8I83EDz6qVtgcUv8yH= Q9WG4OA9D1d" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Arbor E= nergy</a></b> raised a $55 million Series A led by <a href=3D"https://url63= 80.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B= aqM7ONnvsnswouzXuIQU-2FGUTEiSk0Ww-2B5svUa7AwuvgNAiEqYvG6O-2F57Ekg-3D-3D8v5c= _Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABUBef= NqPuY4Pi9ETSvqOmVxOfzngeac828fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRaGzDM= GX5WS5p0R8lLPzpiFLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I4lT= Ny1ojd3SV8dgAjBd87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p3jio= 4M68NuBtMiWEfqC0CrJHBVs7CaSFbhaeXvU2wGUV-2BGndJKMaKj-2FEbZaii2iFz98LZBdoDyi= -2FVf7QrPGqC0C49Tp2srPjgttUIVItEjMyvnXeYxHBDgWsh0t412nvyOqc-2FncsaHAzZc0dqa= z0DG92q3Gs12T7Y19icJOzQfPoiQWT1AaMBtie7T4jTWe8YAhyLOveyln-2BkCIBstYdG-2FUWo= lbtpCaOZ4VaY0EJRlw8iG0C7ExyXdUk0k8RdNXNncB80Ec9Q8PWfhWYENfouVHoFy-2FPHv0DQM= lre-2B4" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Lowercarbon= Capital</a> and <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click= ?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXuIQU-2FGUTEiSk0Ww-= 2B5svUa3qFIrsz9cF3wMwokuqzx8g-3D-3DoPGU_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJY= L0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABUBefNqPuY4Pi9ETSvqOmVxOfzngeac828fy4qKUc= tdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRaGzDMGX5WS5p0R8lLPzpiFLOuUjYJ7vlIWGns3x8z= s6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I4lTNy1ojd3SV8dgAjBd87DuxrlcYBv95Yqi7Y-2= BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p3jio4M68NuBtMiWEfp7WYWp8RquCw2d1i-2Fq5qr= nZXNklUPnEE6fHeyGhwn9cB5K1BABteofdTd-2Bs5a-2FJs5Ke-2BP0sk9AFd5J1vVs8HeKJDOP= i0COh0HvPKFafel9r92Nwr6hJO-2FFKV66PHoA2tX-2ByyJajhqRd4KWnXLJOitDRgOmisgcygU= 8XLR6ABO73drtCEtVLy1L-2FgYH0F1y5469cuR6SjkoV-2Bwv8JeK8gxlgQlozjNalyamWJVLTp= vxqZqI3dA16CxOiL9h-2F5XTDHi-2FJXFnc0Azf-2BhcS1J3Wk2-2B" style=3D"color: #1D= 5080;" test=3D"" universal=3D"true">Voyager Ventures</a>.<br><br> Tax compliance platform developer <b><a href= =3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWBT1JRJiiKLCBitWHdgtI4zaAMSj9WCxowsX0zkurYM= g-3D-3Dxkth_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA= 68NVRABUBefNqPuY4Pi9ETSvqOmVxOfzngeac828fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCS= NpJklRaGzDMGX5WS5p0R8lLPzpiFLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x= 3YxYbB0I4lTNy1ojd3SV8dgAjBd87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04Yrb= dBwH42p3jio4M68NuBtMiWEfpFyGL-2BvxpY9H6UwFJJ7OExEqRwqmWpBhL5bore7IvBHVtf6xW= Qk3JyIpWtXwDp0NX3WTrqedP4Gz4xb2yl5RauV2tDK-2FbBtpHh1lxVKq-2F2iCJHYzQGfOCyKI= PEhSUqbZwgU2Ig9N2q0TgvFzkAjMmslZ3ZBGXz46UqNQ17Ji-2Fa14Bx-2Bym7-2F5XNTpx6U0g= Cf0fOahxEkMQ21qR3fBlTeOWYj0DrDmN4b2VCSsnGE5bGeiTu0-2BHktyCw2Pm40uOE-2BwjFBe= GZe6fsT1Fp5PxAvoC4" style=3D"color: #1D5080;" test=3D"" universal=3D"true">= Anrok</a></b> raised a $55 million Series C led by <a href=3D"https://url63= 80.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2B= aqM7ONnvsnswouzWBT1JRJiiKLCBitWHdgtI448Fhf-2BwvKwkQG9XmDY65uA-3D-3DwL8M_Pr9= 66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABUBefNqPu= Y4Pi9ETSvqOmVxOfzngeac828fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRaGzDMGX5W= S5p0R8lLPzpiFLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I4lTNy1o= jd3SV8dgAjBd87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p3jio4M68= NuBtMiWEfrv7NSz-2FoykNi5H4x957OdpIlbcZ1AveySQbK-2BuU-2B4DuobuxC-2BgrTm4j4lL= f15qBK6gksReGtAwDLOMGIqX0wQPDqbiVBHoONWHYQ7iZGZAo12AlcgPFjvXf8o73GQyjetQFr-= 2BU0yjI7zRCNKuqXRQuTmaSMNWo1u7jZTgTXrZDRbhAugN9AXxOEaN-2BMEoRaYoPz-2FIWI4jo= kHYiCdbrrmbamrDp-2BDsiUn2USWuEo4TRXb0agOuUfbsth9TxOc3rPabBWH1iCRpooPFnuTATi= X7v" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Spark Capital</= a>.<br><br> Danish plant-based meat startup <b><a href= =3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy= lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWBT1JRJiiKLCBitWHdgtI40SlL2hUNyFMraH9t0VxPH= A-3D-3DA3Mb_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA= 68NVRABUBefNqPuY4Pi9ETSvqOmVxOfzngeac828fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCS= NpJklRaGzDMGX5WS5p0R8lLPzpiFLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x= 3YxYbB0I4lTNy1ojd3SV8dgAjBd87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04Yrb= dBwH42p3jio4M68NuBtMiWEfqe-2FaGgdLtBizEgPuQAHgF8Peo5IfT8mdsZSSft0A0TAT9pT-2= BLbTlvETQRztBmiXMLK0V95Q5CiwMSiMO-2B-2BtE-2FcamCqv3e2cfP66RVNoQ3Hb5qTfFVJnq= 24ewdLezQBjxm89nvDPkTNauNu3VCSI4lgbUwYcDt9du5zQl6cWREMvYO2lYZnNn4H2zg04CBga= crk79BtS2MUoYuZtIb0rO-2B9JLKev4WaXyL-2FTXvOIw1B99wLTNkoQjWD0H9merdkO-2BHWIQ= nH02q6NixVNMZP8bMp" style=3D"color: #1D5080;" test=3D"" universal=3D"true">= MATR Foods</a></b> raised =E2=82=AC40 million in a round led by <a href=3D"= https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7S= pSWIrf6GFa-2BaqM7ONnvsnswouzWBT1JRJiiKLCBitWHdgtI4KStu6Yz36FrfD51ibo55Uw-3D= -3DDWq__Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV= RABUBefNqPuY4Pi9ETSvqOmVxOfzngeac828fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJk= lRaGzDMGX5WS5p0R8lLPzpiFLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxY= bB0I4lTNy1ojd3SV8dgAjBd87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH= 42p3jio4M68NuBtMiWEfr6rfD2jR7EQDfCoyT2Gm-2FwlCPwU9Wb4RO1v0KN-2Fsgy-2FwAzc8u= A-2BdjdYTppP9x82i4KzFpt33115TcByM0mZ3drfOZTzCsaYI8hOFWKiqQXNhdC9YIgbVs03Inr= qotETaazJoYaILKbR6BU7wANy4p8Z8MQytK0ATCJNAKfvYOTgUq4vBcumKh6byyr0bgVg4VrRVI= MOLhLpLpeWc-2BsYL-2BHIqFAyUftE7pCjWTBJDpluQPh0nXM9GFhW1Q38Qw4XUdzxm9AhQNCzY= imSXFzOhxZ" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Novo Hol= dings</a> and the <a href=3D"https://url6380.news.pitchbook.com/uni/ls/clic= k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWBT1JRJiiKLCBitWHd= gtI4UrCgCsb6SDi6ZWYb1Wsl-2FA-3D-3D4Ngx_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL= 0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABUBefNqPuY4Pi9ETSvqOmVxOfzngeac828fy4qKUct= dSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRaGzDMGX5WS5p0R8lLPzpiFLOuUjYJ7vlIWGns3x8zs= 6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I4lTNy1ojd3SV8dgAjBd87DuxrlcYBv95Yqi7Y-2B= BMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p3jio4M68NuBtMiWEfptyg9-2BFLnvTn2sYxLNoO-2= Bg6Lgkuux-2F5Y5cSSMcRrvA6Bfs5DMrt5y7fsnihWHsILgAAIFJ064pS4BfFf05-2Fjz-2BOF6= sLfbX-2BKJCsbucBEIbqt246-2BqOhXooAL7lFG3azHUhO5biOKKRaeX-2Fx-2FUYRDsD8aPlVG= zqGLF-2FjxHEEnNU6ZauIQ-2F0AYFl2R-2F40flrbDp0j-2Fwwh112LdsML9I4FU-2BjDoYzDbJ= ezck-2FIsOF5p3WZQwXWoeiWJvSd9HLSRNxYl1CZeTjyTtChHa0MYBpgboP" style=3D"color= : #1D5080;" test=3D"" universal=3D"true">Export and Investment Fund of Denm= ark</a>.<br><br> AI security software developer <b>Keycard</b= > raised an $8 million seed round led by <a href=3D"https://url6380.news.pi= tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzWBT1JRJiiKLCBitWHdgtI4dDDddPHfc8tSrB5r-2FNnvVg-3D-3DpSfA_Pr966knuaHmaw= 6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABUBefNqPuY4Pi9ETSvq= OmVxOfzngeac828fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRaGzDMGX5WS5p0R8lLPz= piFLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I4lTNy1ojd3SV8dgAj= Bd87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p3jio4M68NuBtMiWEfq= EsQzJo6pFXiaDGt9SADRDw42nUmiJz8Pm9IvKHagUDfmxRN4ULNJZ6Ei-2FP82aSmuV6clcTeDz= DEOv5U4NHVDt7kFur6iyciaMYquylgZl-2BTGXF9hb5MgFrKWXlnqj7YWpsvhn7od9vK0P421eN= 2WmaY4bRCz4C8lvlBESEhL9MQDGICgMNbAwX5dkhTC5FIQ-2FKYNi-2BR4ewrb1ThagNcyQcwbx= uhPHnof-2BIXRgJamYp3ZOR0v6LIkUtAGA4ZNHAYGbKf1jG-2FcWGLYHvoQuaQsz" style=3D"= color: #1D5080;" test=3D"" universal=3D"true">Andreessen Horowitz</a> and a= $30 million Series A led by <a href=3D"https://url6380.news.pitchbook.com/= uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWBT1JRJ= iiKLCBitWHdgtI41w-2BjwGltqRSAV42aPBXWFA-3D-3D5EBY_Pr966knuaHmaw6c7pKvB-2BCE= iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABUBefNqPuY4Pi9ETSvqOmVxOfzngeac= 828fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRaGzDMGX5WS5p0R8lLPzpiFLOuUjYJ7v= lIWGns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I4lTNy1ojd3SV8dgAjBd87DuxrlcYB= v95Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p3jio4M68NuBtMiWEfr47l4jplKnrix= oCvjgwkkhbobswg3zXTA-2FzymB8EeFivMuRa-2BTADIz3ucMXqQC0ZssBupj7-2BxJhA5TlhKe= 2GdY3avOBiZW4FARjTbdKAGnymTAw-2F9NeClABoAruUyCnT0rgZLvY8rl5Rbueint9ZQQeGEct= o6xDbojjLLY74GpNGs6-2BWDpGuIdXZ55xA36m5oZPVOxJ8EWvEXFKoW2q4t2wLBR16KQcXh0Ff= B7qZYL97bGo5WDPajWXPEWIbNc-2F898yxwl11fpSidU3csny7DW" style=3D"color: #1D50= 80;" test=3D"" universal=3D"true">Acrew Capital</a>.<br><br><b><a href=3D"h= ttps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7Sp= SWIrf6GFa-2BaqM7ONnvsnswouzWBT1JRJiiKLCBitWHdgtI4fMOQsMC98RgsGUkgsKNnAg-3D-= 3DAZ-6_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR= ABUBefNqPuY4Pi9ETSvqOmVxOfzngeac828fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJkl= RaGzDMGX5WS5p0R8lLPzpiFLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYb= B0I4lTNy1ojd3SV8dgAjBd87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH4= 2p3jio4M68NuBtMiWEfrHcUSbxN6OM0aVkkOgCOWQuLexPao1sMcvz4a0u5FfTUHc57UD46Q-2B= 5VfQkVwCHLDuAe4osx92gGt4D2hKJrEfUJORURBLjR8WX-2FP4ODqvGAjbKfqgJqihUnWTgxssm= pw0TdVr82Tk8lYsW1-2BWvb5wNMhrBrJ3oa-2F1yaEt9F-2FyjXi-2BxxKqMdm-2FlgP102Rr5l= vpaV5C-2FXbGrQh2EY92L0Q4q6pSpoQJHHm9SgOy2LDGPJDbOn1j5CofFUmy6RMJGhGBfdxlEms= ZI2-2FFWymGiBPJ" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Fin= dem</a></b>, a California-based talent acquisition startup, raised a $36 mi= llion Series C led by <a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWBT1JRJiiKLCBi= tWHdgtI4GO-2B-2BCkpT2GL7jq-2BsgWPcNA-3D-3D5Le1_Pr966knuaHmaw6c7pKvB-2BCEiDn= j5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABUBefNqPuY4Pi9ETSvqOmVxOfzngeac828= fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRaGzDMGX5WS5p0R8lLPzpiFLOuUjYJ7vlIW= Gns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I4lTNy1ojd3SV8dgAjBd87DuxrlcYBv95= Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p3jio4M68NuBtMiWEfo9LnpcJU-2FqbcZh= ZF01wvqQuFYoKqOT-2BEuHYyETY0bO7o5NHClOGjskDhF6SrT6AbJI3h-2FNPmEI6p-2Bz-2BhU= Qt4esHCmWK7fX1-2FPdyvOIRpKt1iiVdjQftg1qm6ZNz1cNFDnPORScxgV5eWDgfBWmL6qzPrsZ= gAi-2BI8V2-2B5F5Dx2SA-2Fdg7DT0uL-2BdJbpiNHLZucmQRbX97MvgpsG85WWT3XZ6DVi4kZE= -2BOo2SZrnLQN5jX3achXfWjdJbWFlgP40hn1aI2slQ-2BCQAiX3ZM2-2FoQYXW" style=3D"c= olor: #1D5080;" test=3D"" universal=3D"true">Silver Lake Waterman</a>.<br><= br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001= .d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWBT1JRJiiKLCBitWHdgtI4W86gQdJB= aijMSikPY2U-2FYA-3D-3Dcchw_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi= QVI43kbMcVf8UYA68NVRABUBefNqPuY4Pi9ETSvqOmVxOfzngeac828fy4qKUctdSJHeojECfFF= tqjMFZ3EHZdNrCSNpJklRaGzDMGX5WS5p0R8lLPzpiFLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzj= mD-2BB9-2FKkC1x3YxYbB0I4lTNy1ojd3SV8dgAjBd87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJ= VEYZjKyPjR04YrbdBwH42p3jio4M68NuBtMiWEfqhDtwE5TVCD16ZN33cyObHnMyT9kQUMtYSeK= R1aDMZR-2BOmnucoqe4Dztg5sMZp-2Fxmx3RpqZYFiL6T1u8wzgRyiPJ76uRrSL31SBr1gDVjh1= 9wQ3t-2FPv0jl1KntEtNcYQL4ndQr7m7GmuOVN4uRnMygub6fKeARucdYGoQ8ypnARcL8mEeUZ0= WKKFMMRvExUAPeic3Cix-2BBpp0lwpMd-2Bd0N20vEe6xvhKWCFX80Pk1NVfiec4NK2gT0Yx4h8= x5-2BhAb27E8twzZy8E7ugKW30HeD" style=3D"color: #1D5080;" test=3D"" universa= l=3D"true">Defakto</a></b>, a startup developing tools for identity managem= ent, raised a $31 million Series B led by <a href=3D"https://url6380.news.p= itchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvs= nswouzV2laKAQdnS0BzLfmWHrwIITrD1jbmoAPirf2349SVqKw-3D-3D8yV__Pr966knuaHmaw6= c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABUBefNqPuY4Pi9ETSvqO= mVxOfzngeac828fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRaGzDMGX5WS5p0R8lLPzp= iFLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I4lTNy1ojd3SV8dgAjB= d87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p3jio4M68NuBtMiWEfqj= q3zg-2FbjNjl3kRInNleXCZMzQc8-2BiproeCCL1LKOi9AbRv5z-2FJbSjD9mU5y0vw7Cma-2Fx= hljfRyB8hOVs1mu69z-2FiC6ckRiYJpZUmvGWgQaD4SaBoY2VbB4lLrTRSPj7uoMYvjy-2BNI7Q= d6vCiBFxTDSN90AsagXdN5mbi0fBUA1UcxUApmlFoNaKwJqjqCmivvWC-2BzbQ3tajiecHktas0= bqh0G4mur-2BiECVy2xrrdNAI82m-2F4PBWTQBqxBV9pvoBbdq7aR3o0zwWQ-2F6DfqcTfw" st= yle=3D"color: #1D5080;" test=3D"" universal=3D"true">XYZ Venture Capital</a= >.<br><br> Lithuania-based AI startup <b><a href=3D"htt= ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW= Irf6GFa-2BaqM7ONnvsnswouzV2laKAQdnS0BzLfmWHrwIIVcZx49K9uV1r3SJxLsaVdA-3D-3D= FSeQ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRAB= UBefNqPuY4Pi9ETSvqOmVxOfzngeac828fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRa= GzDMGX5WS5p0R8lLPzpiFLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0= I4lTNy1ojd3SV8dgAjBd87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p= 3jio4M68NuBtMiWEfpm3udhJpfFIcacVggLIp7YMLzwhNY-2F8TVRMteaNse069AxEBCgbj8fqR= c9RCB3MmcsJQEB8igBAkulWPJwhONNv5Ayefg-2BfQuZjAvdmF6QW2-2FAqabDwipWuQ3VZdfFI= uxtBYLYzDgIVYy5Ws4OdvTNVOeBL0Qlmxj7dsipsgXHX850vDzZqUqelpuRCH6-2FJvW-2Ba1Cj= jdKYomq9oA95X9zjBEW6Q0lXbRPalpU1iX29-2BOMGgyQ1wyjjyLPfB6F-2BE8wuba2dHOSJ-2B= gZCQs7IsoFA" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Nexos.a= i</a></b> raised a =E2=82=AC30 million Series A led by <a href=3D"https://u= rl6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF= a-2BaqM7ONnvsnswouzV2laKAQdnS0BzLfmWHrwIIJ9UgtjYm7sVG7ULZqelXEA-3D-3DkH2x_P= r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABUBefNq= PuY4Pi9ETSvqOmVxOfzngeac828fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRaGzDMGX= 5WS5p0R8lLPzpiFLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I4lTNy= 1ojd3SV8dgAjBd87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p3jio4M= 68NuBtMiWEfrNd90dJZeLoNStYH4M8oGeJ082IJ9jQQXRPraWJJgPdTfQh189KL5onCNAhTwVZM= QXDhmyrrofCm-2FYq-2BvruiUj5hXZj96cfEHuAwnqw-2BxgxU6Ia0FZv9nSwCOUU-2FjwmU1-2= BAeo-2Bn-2BsfQFpeSAvlWnmkB64snSskAygdztiEV5X1QJBqd0-2FLCPyJUqnJikF-2BmI8n6-= 2B0ALGCv7pMJvQw1CDd8TCpuqKO4pQafo2B-2F4UYrthcWv8DxzMw9aDv2bBPU-2F4rBA-2Baxu= CJluG5vahEXYiln" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Eva= ntic Capital</a> and <a href=3D"https://url6380.news.pitchbook.com/uni/ls/c= lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV2laKAQdnS0BzLf= mWHrwIIupG0-2B8koFoHg6KKOTRvz-2Bg-3D-3DXN6E_Pr966knuaHmaw6c7pKvB-2BCEiDnj5U= wlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABUBefNqPuY4Pi9ETSvqOmVxOfzngeac828fy4= qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRaGzDMGX5WS5p0R8lLPzpiFLOuUjYJ7vlIWGns= 3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I4lTNy1ojd3SV8dgAjBd87DuxrlcYBv95Yqi= 7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p3jio4M68NuBtMiWEfotl4TbnuA2zKQLU00av= 3AkJSpJwl6bDon3GVqHdUL-2BoBpcKuSy6AZ8An2dMD3lE65CY8Y6xefB6XLx5I0E13ZLorHpNw= dvjVt3pdC8jm92KaZbObvaimBY8cOtPr0cYfW7AeFwRFvhxksGiIE-2FYguPFJFn-2BZDqKyRtz= -2BIoTL57fGmJClsD2vczdbGNmVk-2B-2FEoFOn5nHIAZsc7N6YX25BVDmWuWh1X-2F6LWitF9r= ywXcmWcN1lhF-2F8TjlEMGl5D67rxKoqO44fxuakgCtgGIYVvh" style=3D"color: #1D5080= ;" test=3D"" universal=3D"true">Index Ventures</a> at a =E2=82=AC300 millio= n valuation.<br><br> German AI-powered energy intelligence startu= p <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV2laKAQdnS0BzLfmWHrwIIGUw62fPfS= 6aYMXX03VbPrA-3D-3Dytow_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVRABUBefNqPuY4Pi9ETSvqOmVxOfzngeac828fy4qKUctdSJHeojECfFFtqj= MFZ3EHZdNrCSNpJklRaGzDMGX5WS5p0R8lLPzpiFLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-= 2BB9-2FKkC1x3YxYbB0I4lTNy1ojd3SV8dgAjBd87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEY= ZjKyPjR04YrbdBwH42p3jio4M68NuBtMiWEfpFOkxf680MI5WuFS52CMvDTYPMDQDo6EgAiqEBy= mPWL9Bm4obHr3VWHi1eCBSeyetVWw15qDAra4IRkG2KVyT-2FtZ7UfkReXOTQAjq1-2BLIG3zn7= BTboFCaPY-2Fwrwl-2BORBpQHa4Ehls1osWXXhdlXX7GbppSoa00HytwnxR8J7zOSKt8N-2BkBh= E0fO8ruJ66rbBctktyzIXomCVUeP7YjA1pZER4d12o3cIfQA9KWQp8h1DIbIuH3fRm-2BUh5fJz= PrRWbu786-2FzvIZURDlFUU-2BVwj2" style=3D"color: #1D5080;" test=3D"" univers= al=3D"true">Etalytics</a></b> extended its Series A to =E2=82=AC16 million = in a round led by <a href=3D"https://url6380.news.pitchbook.com/uni/ls/clic= k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV2laKAQdnS0BzLfmWH= rwIIZZONkizKbtGqWiliDqZWBA-3D-3DL5oL_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0Y= QP-2BHR4BiQVI43kbMcVf8UYA68NVRABUBefNqPuY4Pi9ETSvqOmVxOfzngeac828fy4qKUctdS= JHeojECfFFtqjMFZ3EHZdNrCSNpJklRaGzDMGX5WS5p0R8lLPzpiFLOuUjYJ7vlIWGns3x8zs6-= 2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I4lTNy1ojd3SV8dgAjBd87DuxrlcYBv95Yqi7Y-2BBM= peCBXL-2BJVEYZjKyPjR04YrbdBwH42p3jio4M68NuBtMiWEfpXMVFU33XhNOqjaj0XldwPQovA= WrLihjXpyLeV3ieWLl95EF5C5sdi0U1OVImvJgHUPV8V4wmCUmQHjHe7EqFGO38iTpytYVcSiMY= mzqG-2BMG-2BclW0ZIn1TNeOpss5XKfbZY6TxYMpRpUOBJ1BUYGE3Nkns-2FifOIN-2BTzLSZsq= 50MFUvlxkM6NE6QbPQcThxVH6ZsuLlPAFOxCnGUegyAkSvjp-2BPikxymvCx7gyb11ufityURtO= m2UHRsF3EjUhrAD5ur9kD2osgdmmpCLga2DQR" style=3D"color: #1D5080;" test=3D"" = universal=3D"true">M12</a>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>PE Deals</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><a hre= f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu= 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hAs-2FLbO" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Warner Br= os Discovery</a></b> as the entertainment company considers a sale, Bloombe= rg reported.<br><br><a href=3D"https://url6380.news.pitchbook.com/uni/ls/cl= ick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXVU2f2ZfXmtmhpZX= RX87Oqm68e6tTiFKn6EuLj1z-2Bqfw-3D-3D04wX_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJ= YL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABUBefNqPuY4Pi9ETSvqOmVxOfzngeac828fy4qKU= ctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRaGzDMGX5WS5p0R8lLPzpiFLOuUjYJ7vlIWGns3x8= zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I4lTNy1ojd3SV8dgAjBd87DuxrlcYBv95Yqi7Y-= 2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p3jio4M68NuBtMiWEfrpLuiKwKoS76FzbAHmAICq= 3fLHuSI0a70Zsg84-2BPAjp-2F4JaChtcSw8G9MxQLZLO-2B3WCfxxGErIip2AurVAttvtatuX8= Ht1XZgTvm6Hetexgdsx5B9h6HQtQV94O1QyR0RMEfC5SS2yh7ktp9wrISgFPqMs-2FJBZj45z0f= ZCXVpsSVo6pyyfKvp4udhdGgeuDV89a6eGEZNa4AvJlDcr-2FZNZE95QsWQGrvGbxyEGhCcRY2h= aoo3aAVNn5Z2oRBYTJ-2FoWD-2BmNtLHTAltdyUOzSSf8" style=3D"color: #1D5080;" te= st=3D"" universal=3D"true">KKR</a> and <a href=3D"https://url6380.news.pitc= hbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnsw= ouzXVU2f2ZfXmtmhpZXRX87OqjlgKBhzdT-2Bo2u-2FZvXtbtlQ-3D-3DOgL__Pr966knuaHmaw= 6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABUBefNqPuY4Pi9ETSvq= OmVxOfzngeac828fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRaGzDMGX5WS5p0R8lLPz= piFLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I4lTNy1ojd3SV8dgAj= Bd87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p3jio4M68NuBtMiWEfp= ywbUd51rcZJZWhXLEaHvvBUhfWnXH0pLVY-2BndnTz3Xa7SKPLCvyzrgD6Y75JDXfquN2nnQXzb= wYZd93op9WShtFmjSVrknorx6WrWd4tsfHfBJWFsDAXV90N3Ood2-2BaCcsWgpqc3NfQiMbklze= BMcykZ1eP8i32CynaCrmBKPU-2BoxIk-2BlTG7yxlMqQCuJ1JDXKIKBZpOWvl5jn5oMZMHGwW7k= 3zNWE4qZvNcU7n2mJz33rsn77mbrF-2BUaY1LOn-2Fz-2FrngghMf4NAnlvx-2BGWcnC" style= =3D"color: #1D5080;" test=3D"" universal=3D"true">Quadrantis Capital</a> ag= reed to acquire a minority stake in Hong Kong-based <b><a href=3D"https://u= rl6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF= a-2BaqM7ONnvsnswouzXVU2f2ZfXmtmhpZXRX87OqMfEJF00HkPWBqGmXCPdPEw-3D-3DxMH7_P= r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRABUBefNq= PuY4Pi9ETSvqOmVxOfzngeac828fy4qKUctdSJHeojECfFFtqjMFZ3EHZdNrCSNpJklRaGzDMGX= 5WS5p0R8lLPzpiFLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-2BB9-2FKkC1x3YxYbB0I4lTNy= 1ojd3SV8dgAjBd87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZjKyPjR04YrbdBwH42p3jio4M= 68NuBtMiWEfpLtf7tVcQk87HRTkbpdEm3g1HqAS2E0HnSqufpf7JAjmQL5duvzOSThNtonOot5K= UlzhkqvuQGuM0CgIssqyZ2TEjWtToNOMlAQQo3vuo2RLBvf1WiMjeq9cn8lgGFWS8yk9QkJfy6T= 5I9mJ6H7Ihe3rJI9w-2FWo34XGqbo4PP1gibxlblacqX5r5NTlScAs7mm1zUOKPsqLFdeviybw-= 2BlE6nFDA2y2-2FYFGJunYxZPJ1VD7rgVVV-2B1nlhmL-2BzEGABesYNWDvXUd-2F1iAzzpW2hQ= t" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Peak Reinsurance = Co</a></b>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXVU2f2ZfXmtmhp= 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style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Exits</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Bankin= g firm <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3D= u001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVb2AOm6TjKucNPszh0iPTYhCrt= Ob33qKfwlkf0aY11cg-3D-3D9Z_n_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4= BiQVI43kbMcVf8UYA68NVRABUBefNqPuY4Pi9ETSvqOmVxOfzngeac828fy4qKUctdSJHeojECf= FFtqjMFZ3EHZdNrCSNpJklRaGzDMGX5WS5p0R8lLPzpiFLOuUjYJ7vlIWGns3x8zs6-2BSinXwk= zjmD-2BB9-2FKkC1x3YxYbB0I4lTNy1ojd3SV8dgAjBd87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2= BJVEYZjKyPjR04YrbdBwH42p3jio4M68NuBtMiWEfropl8rVihJNQX7VHcejaDQDodPULkuDLOL= 4OC7qi8GvMMZupHP-2BWDJpS5gCiZIdIcj9xdX3NdPulQQJbNUTzTijeAkBSyBs-2ByOgsgxh-2= FdLsXzoXiR1R06gBmXzhpwIMA3fzGQRBTVQXkn2HS1vu0rx8UpotuJaKO-2BX185fk9HY6Fkyqx= 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l=3D"true">Shopware</a></b>, a Germany-based digital commerce company, to <= a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVb2AOm6TjKucNPszh0iPTYUihiEqvtPysVN3Z= V-2BVngMg-3D-3D04WT_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb= McVf8UYA68NVRABUBefNqPuY4Pi9ETSvqOmVxOfzngeac828fy4qKUctdSJHeojECfFFtqjMFZ3= EHZdNrCSNpJklRaGzDMGX5WS5p0R8lLPzpiFLOuUjYJ7vlIWGns3x8zs6-2BSinXwkzjmD-2BB9= -2FKkC1x3YxYbB0I4lTNy1ojd3SV8dgAjBd87DuxrlcYBv95Yqi7Y-2BBMpeCBXL-2BJVEYZjKy= PjR04YrbdBwH42p3jio4M68NuBtMiWEfoub6fNivBaQFdW558ysgRmxwMJt-2B5o4A40XwSk2zx= tMOk2U254zSAUasRX4z-2FR81AY7J97kwmdEGrtlWbDrCFIj8ihRv9r0lg-2BgD7TVs4c547Zs0= DAsQMoMMqxMxz-2F9xLOVAcUGkMwSoOIZwevvdj77Qd-2FJVKJKs29zsN9lKBRWt292xVfEHv12= 4UyvACtzfezgW8HxXujgi6opxWJh8vrgeF6KGpGSC15MGdcEJa8h4EwjEJqDSGobYQgGQsdwrJ1= nCanX-2FmznMictXTSiqAb" style=3D"color: #1D5080;" test=3D"" universal=3D"tr= ue">PayPal</a>, Bloomberg reported.<br> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Fundraising</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVb2AOm6TjKucNPszh0iPTY4W0Ow1OWF9HABrur0= XmAuw-3D-3DnAVl_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf= 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line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Chart of the Day</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" 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