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Date: Wed, 29 Oct 2025 11:16:29 +0000 (UTC)
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Subject: OpenAI rewrites the rules
To: vetyl@ponjosonek.com

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                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
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dth: 100%;">
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                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_574111" id=3D"n_574111" 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%;=
">
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                             <td><span class=3D"outlook-caption-override" s=
tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s=
erif;
                                                                font-weight=
: 500; font-size: 20px; line-height: 26px;"> The double squeeze on venture =
seed investors </span></td>
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                           </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%;
 ">
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                             <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 =
Kyle Stanford, Director of US Venture Research</i><br><br>
                               Ballooning seed rounds and companies staying=
 private longer are squeezing seed venture investors' returns, according to=
 our <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWm2Q3V9Qq3P5WmYl6trmQYmUR2zsKI6=
5goKHVhgKve7Q-3D-3DhD0u_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxE=
zxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2=
BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjh=
OJuwIW8wVmbSC3WVI9d81LjmZlbiV-2BqU4evRKez56RKYqNpKifiaFt8b-2FxqNX4jBB0LB9Lk=
-2FrlVEvElPE0CuRE3gAOayreyd4H-2FHmj6kER7HeoDtus8UoPdO6c9YVRjEi14VJOARf6vKmO=
hv8pQP65bOdGPcxqoP-2BliPfu28OxVmkb-2ByBg19v3ytmrH6-2BJlBN1GqlAzYQWPsxe1h-2B=
Jh7jvX9mksHipNHNqtypYBj1UGCdC5oBSRg35pBcT2igyigS3UV5sDk3ZDhQ-2BzRX1BukhTTPo=
yY02rZKGXgcqe8nfY-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true=
"><b>latest analyst note</b></a>.<br><br>
                               While secondaries have served as a pressure =
release valve in the last couple of years, they come with an economic trade=
off: Taking money off the table earlier limits the potential returns that L=
Ps expect from VC.<br><br>
                               On one end, bigger deals at this stage have =
reduced the size of seed investors' stakes. This is making it harder to bot=
h invest across a diversified portfolio and maintain significant ownership =
in top companies. To be sure, it's not for lack of investment opportunities=
: 2025 first-time financings are pacing ahead of 2023 and 2024 by 16% and 1=
0%, respectively.<br><br>
                               Meanwhile, venture-backed companies continue=
 to remain private even longer. The median time between a startup's first V=
C financing to its eventual IPO has grown to 11.5 years in 2025, up from 7.=
4 years a decade ago. While the dearth of public listings during the recent=
 market downturn is partly to blame, there's also a growing backlog of comp=
anies worth more than $1 billion=E2=80=94more than 800 of them in the US.</=
td>
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cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: =
100%;">
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                              <td align=3D"center" style=3D"text-align: cen=
ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWm2Q3V9Qq3P5WmYl6trmQYPW4SIUvPu=
mIWjaZzN9hWkA-3D-3DD11z_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxE=
zxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2=
BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjh=
OJuwIW8wVmbSC3WVI9d81C2JgJoBiXLmP6H2gKnvvxgg4bhidd06ZZFLsosQBCcnpzl-2B-2BVP=
P3Co55hIUnFgR311xgz0-2Bgso5F-2FD1b4Vnwua-2B2joR0d3-2B2q99JEsO5-2FM5I0GMcwe-=
2F151BUeBwiB2JeavQApMde9eqUDvIzaORy9pUcyXB1rQjHBrtjaNNWADGHSVprky1aQgQnbAEj=
uhfbHhTt5JXH3JIEGXcXidmWCpf0RwE-2B7jbNZp2Y6vtVEpg8J9sKx5SpaUoLzwEVF-2BRq17g=
ARTnNS7fVqU4iB1fE5U-3D" universal=3D"true"> <img align=3D"center" alt=3D"" =
src=3D"https://img.pitchbook.com/news/71130.png" style=3D"border: none; max=
-width: 420px;">  </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" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
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                             <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">To add=
 salt into the wound, VCs' stakes in companies that achieve exit valuations=
 of at least $500 million have shrunk substantially over the past decade. O=
n average, companies exiting in 2025 had sold only about 55% of their share=
s to outside investors, down from 68% in 2015.<br><br>
                               As the broader VC market evolves, seed stage=
 investments=E2=80=94and their checkwriters=E2=80=94are unlikely to remain =
as they are today.</td>
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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-2BaqM7ONnvsnswouzWm2Q3V9Qq3P5WmYl6=
trmQYhgi8aNt6FhoYpwko5Sn-2FUw-3D-3DbPt2_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJY=
L0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2=
eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i=
-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2Fen=
VKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81ANjBPE1-2FdZmJ5FjICVrN5N2TBShzlyrDEApr=
0WvWoEMYnG5xbqYqxkZInUc8hP-2Fbw2CVEFLSB-2BUYHcrnEQireld7ZD1-2FvDwDsBpvOwZfC=
OO6cbu0bJwhZpYBdztd-2Bx8uMWbTGFVTJX4bxOQxt-2FbSf6YjuYTjN5IYUVEDoTXBkfyAQAZk=
EvEqzS1kkrA9ax5Xno52JG5jkfyL3abGf832HyVmmB7GXLxx1UMbWsk0O7g5-2Fi73CZS-2FUsn=
rZyA8e5I5VEdLYYykiCHyGghrWx7QTc-3D" style=3D"color: #1D5080;" test=3D"" uni=
versal=3D"true">The incredible disappearing sub-$5M round</a></b></td>
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ight: 6px; padding: 0; " colspan=3D"2"></td>
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20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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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 Oracle NetSuite</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
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                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
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e;"></a>=20
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                             <td><span class=3D"outlook-caption-override" s=
tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s=
erif;
                                                                font-weight=
: 500; font-size: 20px; line-height: 26px;"> CFO's Playbook to Strategic Le=
adership </span></td>
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rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWm2Q3V9Qq3P5WmYl6trmQYuchRzRnyVZAP6-2=
BIMDmlX5Q-3D-3DUvU6_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb=
McVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4=
wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7=
nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuw=
IW8wVmbSC3WVI9d81GzcPeEIKf23HqDVwuSCVXrRKORKKeVhY-2Frs99p18LrULoGgEGk2CgjHl=
40bQL-2B7Stmccfpfz1OjwjkKinKbVLsAB-2BjQDjzcXvo7olTI8tsIIuZ7bUG1n8bGgSzta1DX=
VaKuPvZTcHdxgYSc-2F3I3F-2FPnwBb-2FAYsgj-2BuHQuxb3J3kU1d6csKfWwU7tX-2BYDsaUb=
J838I6riPSfO9ZwZeNoVlsh-2Fmy-2FnozHHk1WzlcdD7WlTqeRshTKXLC7Ac4VcX7r5fwILBtA=
3rSkyu-2BuzxSb1d8-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.pi=
tchbook.com/news/70978.png" style=3D"border: none; max-width: 420px;">  </a=
></td>
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                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
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                              </tbody>
                              </table>Lead finance beyond the numbers and b=
ecome a catalyst for business transformation. Download "The CFO=E2=80=99s P=
laybook to Strategic Leadership" for practical frameworks and actionable in=
sights trusted by top industry leaders. This guide reveals ten essential le=
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wth; and provides tools to move confidently from analysis to execution.<br>=
<br>
                               Whether you=E2=80=99re a finance leader or p=
art of the executive team, this playbook will help you shape strategy, make=
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o the next level=E2=80=94<a href=3D"https://url6380.news.pitchbook.com/ls/c=
lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWm2Q3V9Qq3P5WmY=
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JYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daK=
G2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB=
5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2F=
enVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81FBgc2OYUkQSVoKXGK0RuznpjjszoN6i8XTf5=
x2Ij6dF1vYMqElrvuHh9Lfoh4-2B4ffRpscueUnQlTj-2BMpdHqJbdhluybhn9E6xDZXidM87kY=
uiNttRr4gnZl3Cj0Nu6aKP6CiWCINiP-2BCgcrdwYMNwaInM-2F99L70RijGBrB0gnH2-2BD7qz=
rcIKeChpzw1IHVq-2F5Pnzl5mAdHHdP0MBHLNBdG8kD2XSHDZZq-2FSxdVDaolBgO3oEWo7Dj8N=
0TAhsCLAF63HVjqJuaSY7PddtQquek4-3D" style=3D"color: #1D5080;" test=3D"">dow=
nload the guide today!</a></td>
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                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
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cing: 1.5px;
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                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
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                          <table border=3D"0" cellpadding=3D"0" cellspacing=
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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">=E2=80=
=A2 <b>Medline, a medical supply maker</b> backed by Blackstone, The Carlyl=
e Group and Hellman &amp; Friedman, has filed to go public as the IPO marke=
t heats up. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWm2Q3V9Qq3P5WmYl6trmQYT=
dEP6EoOix-2FOOJlMkmKKWw-3D-3DdTOJ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-=
2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD=
5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2=
BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5v=
susLiTCEjhOJuwIW8wVmbSC3WVI9d81DF8dskaxDheOk7cl7S5hQJzlAxvpDh0U1MUObFxUZ66h=
Y4sPKr2wZtdlmX1CRe5iMXLsUgKJhdQIP-2Fr2S7S0iKdvbAUXnbjfWWKgYMdqYl6YvNlX3Jd81=
-2BgL3lU3HFns-2Bual7sYwfKgGtxLzf9ln61PElR6iro2GxnAb588Uh166VnA0hRWpM8UACf56=
Fxx3ijMXreFmQgaU8rxnQRdnZjcgQjA2FPAZJ9PQvaLcRMQVAfrKV4xFY8O44YX9aUgVuztuT-2=
BL0ABW7QzQCBnB00c-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true=
"><b>Find out more</b></a><br><br>
                               =E2=80=A2 <b>AI and stablecoins kept VC fund=
ing on track</b> in the enterprise fintech industry during Q3, according to=
 our latest Emerging Tech Research. <a href=3D"https://url6380.news.pitchbo=
ok.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouz=
VFiR4mk27vK3XXLtDQZModsC3jletrPRsl0c1yv0NVVw-3D-3D_xbs_Pr966knuaHmaw6c7pKvB=
-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX=
2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcv=
D3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39Ecq=
ZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81J-2BwNDgB-2FEDE8LXlATgP=
zDziN5J477pycN-2FBiFVZLhfq-2BQ7EMc4yiEQn3nKL1KfxgemAP2SUJJM6QNW0WOVdMtJa9Q2=
RyXp4uSz853swPyiOIOIIW1u6YCeMXV0X8byslV1Gkxmm-2FVXxgQmNvJMCcLqFLVabNOQbSdTV=
Wp2eF3Qrf-2BHXPmaWIS8ecVNeo4Z2SIvC-2FttdnX6XAil2Xfsk6TqsCGwonLdYDwHi8lvwNru=
PO2UiXs81cR-2BQDeZGd0mhSrwtUCdBCb6PwfQc6vb331M-3D" style=3D"color: #1D5080;=
" test=3D"" universal=3D"true"><b>Access the expert analysis</b></a><br><br=
>
                               =E2=80=A2 <b>Just out: Our Q3 valuations dat=
a for public companies</b> in the AI sector. <a href=3D"https://url6380.new=
s.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ON=
nvsnswouzVFiR4mk27vK3XXLtDQZModhqT11m2KajlT8oSUVq48tA-3D-3D3Q6g_Pr966knuaHm=
aw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3=
gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRa=
Bk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9=
Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81CPKE-2B7-2BRp5=
2qe2NawG7V4bdYrbhr0gr7pbcTnw-2FZrM5MmD39pZhBp56KvvlqLuDKkRKKSralfq7-2BnWyjT=
BRfjnYQE59Mlgkjk4mtDjT2Of-2FyN9NtzbhNEFU9TRHD58d08IBzN-2F-2BfTTA3us6ZhL460U=
argGJokMd23fikuX4ZT7EJ6tqOfyIvr3Rirl4v-2BCZBII06QWf9ozhQ3E1kjcIDaAYK6nT2GMt=
GnD-2F4HfimUtFSBdakQd60tEgj0XVGA4yK3Xow3Qbefg8bVxg0JgnY5E-3D" style=3D"colo=
r: #1D5080;" test=3D"" universal=3D"true"><b>Get our analysts' report today=
</b></a><br><br>
                               =E2=80=A2 <b>Europe is headed for its worst =
year in a decade for VC fundraising</b>, pushing its capital invested-to-ra=
ised ratio to new highs. A sluggish exit market and waning returns are affe=
cting LP allocations. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVFiR4mk27vK3XX=
LtDQZModIpRl-2FvbJ7x49mnVCSsqaVA-3D-3DF7ym_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw=
lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74da=
KG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USz=
B5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2=
FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81FISrnPewt8HJ1b7f1HnaYoj6xNLdA0jIrNZ=
32av2ZgFLcwrBYqaBvxaKn0U3P4nMgJYxsu-2FR3NbRy9yOETB1rm79R8ABGBME8-2BA9-2Fj0u=
2c160LFXdKcqg2op6DcCDwZAUsaCH1nSE1gJZRMEyKskBJ7foYJHEH4S8jd9sv7222-2FMozV15=
IUM8KTRLKur5HWlyDGHZSvwO3rbPr2cL7SI5CMse6RdeBTBCoAj2kZaZKOprRv2PiGCZG175bGx=
kgZmy1BIE87xCz-2F8OHfLrfP4cM-3D" style=3D"color: #1D5080;" test=3D"" univer=
sal=3D"true"><b>Read more</b></a></td>
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                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
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dth: 100%;">
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                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
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                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
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                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_574114" id=3D"n_574114" 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%;=
">
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                             <td><span class=3D"outlook-caption-override" s=
tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s=
erif;
                                                                font-weight=
: 500; font-size: 20px; line-height: 26px;"> What OpenAI's restructuring me=
ans for its relationship with Microsoft </span></td>
                            </tr>
                           </tbody>
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                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
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cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100=
%;">
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ing=3D"0" cellspacing=3D"0" lang=3D"x-image">
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                              <td align=3D"center">
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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.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVFiR4mk27vK3XXLtDQZModESw-2BUeJ=
0JRSt07rc1ZN4uA-3D-3DapET_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxw=
xEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9=
-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCE=
jhOJuwIW8wVmbSC3WVI9d81A8PLrbPQ-2B6rMpUR9grFhHkGpIQdsCQdhGrUs3OPwPYMgX81CWT=
NF-2B8bIPsgOvogKGVIIfCnMNMGF1vR4as6Q27GcllinC5xzG9uO-2BNJEm4R9Z4qzAv6FB24L4=
sSToTqJszxYN9-2FswU68nJH-2B1Zttf9PnWqe9-2Bfta4kJNrTBrjlSXzX7bpCmqFN69t7FTL6=
scThDbbtCIXYi5sLbyaGxPUyCaX90M0UNE56l-2FpX8cNtF8Db8NZqrSmODMeHkEeHkyJzu6ffl=
sTLN2-2BuH2BSkbWo-3D" universal=3D"true"> <img align=3D"center" alt=3D"" sr=
c=3D"https://img.pitchbook.com/news/71134.jpg" style=3D"border: none; max-w=
idth: 420px;">  </a></td>
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8px; font-family: Roboto, Arial, sans-serif; font-size: 10px; line-height: =
27px; color: #78766F; text-align: right; font-weight: 300">(Chip Somodevill=
a/Getty Images)</td>
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                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
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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>By =
Jacob Robbins, Technology Reporter</i><br><br>
                               OpenAI's for-profit restructuring is complet=
e, making broad changes to its relationship with Microsoft and shifting how=
 the company will operate going forward.<br><br>
                               While Microsoft still looms large over OpenA=
I, the new structure grants new freedoms to the ChatGPT maker, and clarifie=
s who gets access to the technology when=E2=80=94and if=E2=80=94it develops=
 artificial general intelligence (AGI).<br><br><b>Cap table change</b><br><=
br>
                               Microsoft remains OpenAI's largest stakehold=
er, retaining a 27% stake in the newly formed OpenAI Group, which is valued=
 at approximately $135 billion. OpenAI's nonprofit arm is the new parent en=
tity's second-largest shareholder, with a 26% stake that's valued at $130 b=
illion.<br><br>
                               Microsoft previously held a 32.5% stake.<br>=
<br><b>Post-AGI IP rights </b><br><br>
                               Under the previous structure, Microsoft woul=
d have lost rights to OpenAI's technology when it reached AGI. Now, an inde=
pendent expert panel will have to verify and confirm whether the company's =
technology has indeed reached that milestone. Microsoft now also retains ri=
ghts to OpenAI's models and products through 2032, which includes "models p=
ost-AGI, with appropriate safety guardrails," per the official announcement=
.<br><br>
                               The new structure also clarifies that Micros=
oft's rights to OpenAI's research, not commercial products, will last only =
until 2030 or when AGI is confirmed to have been reached, whichever comes f=
irst.<br><br>
                               Microsoft no longer has IP rights over any c=
onsumer hardware device developed by OpenAI, which acquired former Apple de=
sign head Jony Ive's startup for $6.6 billion in May.<br><br><b>Revenue spl=
it </b><br><br>
                               OpenAI has reportedly been sharing 20% of it=
s revenue with Microsoft. The new agreement clarifies that this revenue sha=
ring will remain in effect until an expert panel confirms OpenAI has develo=
ped AGI. Payments will now be made over a longer period, according to Micro=
soft.<br><br><b>Looser leash </b><br><br>
                               OpenAI is now free to partner and develop pr=
oducts with other parties and no longer has to exclusively work with Micros=
oft's Azure cloud division.<br><br>
                               This also means that OpenAI can finally sell=
 access to its application programming interface to US government agencies =
and national security customers, regardless of the cloud provider, and can =
release some of its open-weight models.<br><br>
                               But the looser leash goes both ways: Microso=
ft can now independently pursue AGI on its own or with other partners.</td>
                              </tr>
                              </tbody>
                              </table>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: =
100%;">
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                          <table lang=3D"x-content-area" cellpadding=3D"0" =
cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100%;
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ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10=
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dding-bottom: 20px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;"><i>Related story:</i>=
 <b><a test style=3D"color: #1D5080;" href=3D"https://url6380.news.pitchboo=
k.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzV=
FiR4mk27vK3XXLtDQZModRDjO88OI-2F0D6681iG3DhoQ-3D-3DCzmf_Pr966knuaHmaw6c7pKv=
B-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2F=
X2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLc=
vD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39Ec=
qZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81JY2tsciCPAiQcjkIqEiW44=
PglYQ7qQdhnO6TFrUSzLGSHRFuwf19SB-2FCayUvKCuEdWtnJWJazyZSODLDxfXRIBFfKr5d2Lt=
FaxldO6HO9dqbjuaBVYNyrzhdQuZJgzdSfUj9nxXwrVONpOjCAt2g-2BZlcd-2FIzECvyP-2FXG=
Uub0fLks52bjbA-2BnZUhbQxa3-2B0odVyo3vX8c8VMQz9-2FyJ-2BrVUqR1uoT02ugXzBiLCum=
CoTOJt7wH6mh8oGoaqZ7u2ScawQOA4xKI-2FgZCkVWvCBKExs-3D" universal=3D"true">Op=
enAI is finally a for-profit </a></b></td>
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ight: 6px; padding: 0; " colspan=3D"2"></td>
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20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
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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>
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>
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g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
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                         <td style=3D"padding: 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%;
 ">
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                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
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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>Sma=
rt reads that caught our eye.</i><br><br>
                               =E2=80=A2 <b>What if Europe had a joint stoc=
k exchange?</b> As individual national marketplaces struggle to promote mar=
ket growth in Europe, German Chancellor Friedrich Merz proposed creating a =
unified stock exchange. [<a href=3D"https://url6380.news.pitchbook.com/ls/c=
lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVFiR4mk27vK3XXL=
tDQZModq8K-2FrOQK8Ffxk9kLN1IwCw-3D-3DuSW9_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uwl=
JYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daK=
G2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB=
5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2F=
enVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81KILWJ-2F18jfKjWPKXbcqxyCs9M8Vx903Kve=
3uswu6Kjmf5XlapkMWSyBhEhbmtF3zTN1CZ8US-2BEX7vr8iRdtBpjGF2Hhyah4l9eShVjzdL48=
sOuMrQ1ASS-2BMUwQcthjL20LKwQ-2BTCpRxyRP4s-2BMKu0A27KCBEgN8pmuW43lIwfXnLzwy2=
1pPz2tUOeJEKNhOgkIJaVlCHcnRRUB3qcRrZhSVSm72QxBJJUbelTUOhfm0RRDGj-2FnCma7vX0=
UKHX33aHro58BP7Rrj-2BfE8HBkCGbg-3D" style=3D"color: #1D5080;" test=3D"">Blo=
omberg</a>]<br><br>
                               =E2=80=A2 <b>The private credit industry cou=
ld be in danger.</b> Despite private credit deal value rising exponentially=
 in 2025, nontraditional loan structures are causing auditing frameworks to=
 fail, leaving private credit potentially facing a long winter ahead. [<a h=
ref=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuyl=
w7SpSWIrf6GFa-2BaqM7ONnvsnswouzVFiR4mk27vK3XXLtDQZMod16YIKfSpvdkTqQCG4am-2F=
Yg-3D-3D3_PW_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY=
A68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BX=
Nn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2Bj=
fZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmb=
SC3WVI9d81MW9MAFvgr4hNG9m0YNBnVd9qXIHTMPIqai8FIUEyjREUit51qqIgoztRB5KXFqx02=
7QqUXzvn-2FkxlJAUVCmT9MaYMAOMIRFMgCFX3hkpr0D6Lhm8-2FxcVGFbHY2vOgPT5oDH4olJ9=
DZKK2WI79Wjb8pWvItd5rosCOjh1k-2B6dWsjfvw-2FnsnlmTMZ-2BGTryA-2FSps6xLOTkzHPe=
TBnC31w8GhaOzKPGFNxfNC1elzL0X9xgyC-2ByQFyXCj3-2FyLEdNdZx-2BdLyNG8W4piUDR4jb=
qowjzc-3D" style=3D"color: #1D5080;" test=3D"">The Wall Street Journal</a>]=
<br><br>
                               =E2=80=A2 <b>How much did Elon Musk's foray =
into politics really impact Tesla?</b> New research from Yale University su=
ggests that Musk's brief tenure as the leader of DOGE and his other involve=
ment in US politics cost Tesla over 1 million EV sales. [<a href=3D"https:/=
/url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzVFiR4mk27vK3XXLtDQZModr-2FQ1Nhrll7dLkZXGl1Wong-3D-3DZ6Lz_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo=
98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2F=
LGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJggh=
aSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81I0x8=
NzwQkxEb0YqMc10jivN4weWXEgCrUP9QjUWRr8YabrXdh0xE6-2BwF-2BNRGnPAX8uK8yfgQvN9=
1jocUaF3Kb9INzBGpTc-2FCW408JaLRY33nppY-2F5V0v-2BDoUH88dfJERDtB0or7CGAyb9hl1=
urrfimGA-2BFeUXtbLB1kItxCY2FmFjFjiITdngT2HRFRSf-2Bi7u2jAEdjO-2BlglRrYEuslE6=
2qHrq1spWdRsz-2BGDoyxMD8f6e-2Bkzz9ddxrfEdrAb-2FLpY6zEUUQbQ6DzygjBor8gPg-3D"=
 style=3D"color: #1D5080;" test=3D"">Fortune</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>
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                    </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
">
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                     <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-2BaqM7ONnvsnswouzVFiR4mk27vK3XXLtDQZModccPCSSVib5lXmAe8bHQ84A-3D-3DCpc=
t_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMV=
kCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq=
-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJ=
gghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81L=
1jFR-2BtTTo3m53YPO9K9Dnxgh6x56gGndWMLHcZAnAdLoknDYMXfj0cVU3tRcyPinUxgMA8KFH=
IcEhN41hpSzs-2Bw310lT7L6cufBmSN-2BjdcALX2l2SrQnNh05qRqUJVyxrUZTA-2BHMikbYLF=
0GULr7P4A2bd9AMdzGBjaOJ8vo7TAO11mvgTyn1nu-2FD5lJfk8jL-2FK7LH831StSmMO9SZgqa=
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                 <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;">
                              865
                              </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;">
                              2541
                              </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;">
                              909
                              </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;">
                              30
                              </div>
                              <div class=3D"count-type" style=3D"float: non=
e; font-family: Roboto, Arial, sans-serif;
                                                         color: white; font=
-size: 12px; line-height: 24px;
                                                         padding: 2px 8px 0=
 8px; -webkit-text-size-adjust: 100%;">
                              Funds
                              </div></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td>
                          <table lang=3D"x-counts-btn" cellpadding=3D"0" ce=
llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                           <tbody>
                            <tr>
                             <td style=3D"height: 25px; line-height: 25px;"=
></td>
                            </tr>
                            <tr>
                             <td align=3D"center" style=3D"padding: 0 133px=
 13.3px 133px;">  <a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzVFiR4mk27vK3XXLtDQZModc-2FQ10qi9acl-2F3JrMPqc8pA-3D-3=
DPQws_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRy=
haMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdt=
tTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJ=
PMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9=
d81DuXpBmmsS7-2B4kIWIZCaW5k0OHRn-2BBwzp1zX-2BG1UwUar33SqLY52DetlpC1diibloeO=
r8dFaBkU9gFg9ri-2BXBBGs6JwpJrCOSXMtsMYXCcYgjOdq-2Fq4OKRbX6OPL8RaTySxCjnWTqN=
Y0BlIVTWfyvu1XcxnhXeOeB35M-2FpbIu3Pp1afVxn5Xi-2BxMeJlN6uDt9Ojd26xbNU2TpDvhN=
kL5T87w8PZN-2FDbxUe-2F4viI-2FHf9tJTNUPnGz5IJfGMNJMXbpVz2cI6RhbptSAxFwq9bRoU=
c-3D" 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;">&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_574110" id=3D"n_574110" 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 PE Funds </span></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table cellpadding=3D"0" cellspacing=3D"0" lang=
=3D"x-benchmark" style=3D"font-size: 16px; color: #78766F; padding-bottom: =
10px; min-width: 100%;" width=3D"100%">
                           <tbody>
                            <tr>
                             <td style=3D"font-size: 16px; font-weight: 700=
; font-family: Roboto, Arial, sans-serif; color: #000000; padding-bottom: 1=
0px;">Median IRR</td>
                            </tr>
                            <tr>
                             <td style=3D"padding: 0 0 20px 0;">
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-irr-chart-line" style=3D"width: 69.64285714285715%; mi=
n-width: 69.64285714285715%; max-width: 69.64285714285715%; 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">15.60%</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">22.40%</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;">
                              0.33x
                              </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=
swouzUpa-2B9G502-2F6KhpHU2WFUuRfKRXuvn0WK8jRDxWYQMNAA-3D-3DP-yP_Pr966knuaHm=
aw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3=
gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRa=
Bk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9=
Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81LEozksE9MgbF3U=
WcQ3phh5ALXMIb1piA2aZxYnWuY-2F2kpTzqxrBBPj87jyzpfl6y45E00CD5F8MGJzeMFJTUTRI=
AvpVS6-2FXGrIe3STgGiyDIROd7mLO0Xhz-2BY8jQ7rLeicoKITthH61RyXc3ffCIs44BybyqWG=
u-2BtEYkLckeoirc-2FtgJMzzjjujUJeLXQB9ekfNn3tXbCWeLMpiVIdJUnFHhfI-2F7W80JtFL=
qa7E2677DmppwACJK5lTIBnlG0pqN9RjxR6jbrb3kBy-2F9YZi16Q-3D" style=3D"font-siz=
e: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Incline Ele=
vate Fund </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=
swouzUpa-2B9G502-2F6KhpHU2WFUuRDUf2Nxt3huxHuyqkhPbBjQ-3D-3DL1ZE_Pr966knuaHm=
aw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3=
gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRa=
Bk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9=
Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81NV-2F3n6BRqBAn=
JO6-2BlPYZpd2X-2Bvgvea3q6fqiZeiXeBZWBbah6kUe-2BMN7hjOffoMdFHlU7-2BHM6pfLsY8=
u04ONDjb78UB36ps5Wxz5LjAa3y3Cw-2B-2F5vvxBpuZTxWiP6TXpJ52XLr8-2FU8wlhu-2BC5n=
5Sr9DhInnM26emVmGNfPp0E1SyITk0Fvoxu18W7Y8qjtwJWMsq82FlPmdFHhpzl04lQc3Yv-2Bd=
jaidBGEQk6Bt4UbY8chmTaBHQFOZ6MtNToIZFTi8T98pS4E5cmNjJqnyKDY-3D" style=3D"fo=
nt-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Tulco=
 </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=
swouzUpa-2B9G502-2F6KhpHU2WFUuRNvgHO7gUzoMSpyy-2B8v5p1g-3D-3DR363_Pr966knua=
Hmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwL=
j3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfW=
RaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jA=
f9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81Le9QxkFJlQH6=
iRTBby5zxZa5S2v1FhQtxrybU028AacOQo7vkT-2F8fYM1gZm5tjBbEYa8-2Beg3rXwDYnMj-2F=
xKaMFcU-2FT48Cv3XmBFSQaDSZpi6f39mG5ScE21R-2B-2BjPXlJXz8S-2BQqSoRKmPSpjsTr8k=
KQiX9h1n7G96pvU0Vzj0-2BUmW2FRHRGBpsAmqPpryLCFGt3gzH8gWC2F-2FXmcDEBUy2IG5EOK=
EsiJQTypivxNR14VsvymZYKNC2WSguIReTId1Dyj1dZH3HwNsVR4HJd8Avo-3D" style=3D"fo=
nt-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">SkyKn=
ight Capital Fund II </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-2BaqM7ONnvsnswouzUpa-2B9G502-2F6KhpHU2WFUuRK5=
XB4ev5VBHE8u3QTKJwYw-3D-3Dbz94_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BH=
R4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl=
1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2Bun=
sSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsus=
LiTCEjhOJuwIW8wVmbSC3WVI9d81FjF6kB-2FNanSgoCIURgaF-2F5BV6CbkJb0AQHSe9KBBEux=
rPKjV1jQA8c-2FD1fvcRcsXC8nZ-2FsEk4L1dX1E-2B2P7Q3D886QJpYi6oGDqafcG4iGAcgZtH=
zW9-2BuPvXLWVOu-2B677b8sIf-2FX6DqME312SRGN6CpW4qwi9WVQuin7IHEhm3aZn9vaUOGlc=
Gh5ywwA9Qen9eKsKiM37MI3hNIcdMgytUrq1PEoWR74ZnhGKAkwfKGFf4QMeXGiJMfJj2Pt-2F8=
gR-2Bv5xL2AimYIyCmzZFVgXhQ-3D" style=3D"font-family: Roboto, Arial, sans-se=
rif; color: #1D5080; font-size: 14px; font-weight: 700; line-height: 24px;"=
 universal=3D"true">161 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-2BaqM7ONnvsnswouzUpa-2B9=
G502-2F6KhpHU2WFUuRgQMclA4zwHyom8iTL-2FZixA-3D-3DvOgR_Pr966knuaHmaw6c7pKvB-=
2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2=
001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD=
3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZ=
fZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81Iq0MWNOGjmEWDpTTdWOoGPIF=
Lu5FecKd95JhC18jM0iQm-2BRNXATr62s2jqiKDa1BRG8UE6iYv7H-2F8lUAnEiEqkI1ee0zkZ-=
2F4fBqpzLqpEHblXC1eoPpoMehUVOfS1Ob65RwTvjnuoN56bkMSI3FeoaXLsonp-2F6xj3YVjPW=
MUu1tXHpqO7vB6iAWWKvkD9Pww5cJjMWIjQCyM5yLxst93ocPgebjlZWdzaM7hk0-2FpqvwiFwx=
faT-2ByxKKZvtsJUKQrmxPmmfSkb2b1jVt9NMqf6I-3D" style=3D"color: #1D5080;" tes=
t=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">&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"><a hre=
f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu=
ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUpa-2B9G502-2F6KhpHU2WFUuRrqWzyb0e4YUQ3Fg0=
rm-2FRVQ-3D-3DwUVl_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbM=
cVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4w=
wP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7n=
SH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwI=
W8wVmbSC3WVI9d81Ae58-2BPw3uJXf-2B9VKGfbz4AtgnuiTODhc-2BLJXFF2fOw7rCUIkLi-2B=
wNkgkQ5igDwDPyaz8bphboqGecnER5yh2yy0njBGBhCFAqOeCKnnEpktw4G0i5M80mhBlZ25ZZB=
c2Nll-2BNUOceEehfnh8NHSkrOCGns6b-2F6tgDSRAWfWbLhGh82HUY3mxAkpYrSGp0XJ4acmhb=
8s3bsrTJ9VbSdAlq4kVPgnLkMKMXtq-2Ba4-2B6WfHepxkZG5RTqKmz8xjGtCiL5DdRaZjpgkN5=
6Q9IJQ1dBk-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Fi=
reworks</b></a>, which offers a production AI platform, raised a $250 milli=
on Series C co-led by <a href=3D"https://url6380.news.pitchbook.com/uni/ls/=
click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUpa-2B9G502-2F=
6KhpHU2WFUuRdziD1i48zienxxH-2FVWY5og-3D-3DCPwE_Pr966knuaHmaw6c7pKvB-2BCEiDn=
j5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY=
74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k7=
9USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh9=
3U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81HMTpEk0DYHYBKE-2FKo55g3vCNRKrRk=
d6ZRFXdHhJdnvofc60cNu-2BEPLnrihzP8b9fBKaemPpsoWfPkr-2F299Xg6Gct1w8Ls1T0hcof=
9M1-2BegSVN-2BVfmXytEfhu7SThzmPVynnUTxDRwmKK4566rai4pm1G9PY2KXGGTubKrtF1N-2=
BuCbf9XWlRX2Q-2B-2B-2FL4qY2ltrR5skf-2FoECXRwv505zmDgzPLXy1tDalQPrcis4aie3x1=
H-2B-2BSqPZUXkipO8-2Btl1-2FQQn1y6-2BgR2XVOX473EzdCnE-3D" style=3D"color: #1=
D5080;" test=3D"" universal=3D"true">Lightspeed</a>, <a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzUpa-2B9G502-2F6KhpHU2WFUuRZbBazPDcCjWpT4mdT1RWng-3D-3DKT_K=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVk=
Co98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-=
2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJg=
ghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81NM=
I2dNn-2Bo36Yfr3OKAvcvF8CqDaPcoTa1fzwxpZIEpFFFH1Qhz7AmFvRkSkbDuHBpe3lwGUSuYX=
-2F2Q8EHwKeHMIpB269cqEv3cF-2FCgxFeB-2FR71filrSFdLf7SzOHWpWFTtBsEwamK2-2BL0e=
t2BOPkzB2HRjA0Yui9MWJ49MyPnuY2O-2BpvfwzzDDSGTcpRSqzX-2Bv8SHMhPXdJ2dEzo1gEvc=
W5XeTtAmBVBukp9rNySVTbVq4Ke-2FHPL5t85-2Fufx-2FZvmUzJDVSl6WW9vgGRz08hMgo-3D"=
 style=3D"color: #1D5080;" test=3D"" universal=3D"true">Index Ventures</a> =
and <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d=
4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUpa-2B9G502-2F6KhpHU2WFUuRUk1SHb=
ysFUmwdum5w5dAcw-3D-3DK2k-_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi=
QVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwx=
wxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq=
9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTC=
EjhOJuwIW8wVmbSC3WVI9d81KEZHXtiO9f9m6BXHDEblGzTNa-2BFb7mDDSn73VJmxEkbIlBmzb=
0RLWvGeW6WLJzK9CqwzPyoK0CfHL0A5ctoV2EFEDd-2FnSLtZVVoYoWQJPsgm0i94if379VQzu-=
2B1KG6yHyIt2peVCtwAaFhIXUsLz6OIyVNaEdVI56XLZZiS4kI77d7pCr7ZlB5dVuzKf-2FF1pE=
Pcy1l-2BV3Pd0VupPFabUvxDS6p5eFvbfmTZaYq9W55sUVdtTF7CmpevhzH4I3W25ZDStCBvjre=
fnv5giK64xAQ-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Eva=
ntic</a> at a $4 billion valuation.<br><br>
                               Los Angeles-based <b><a href=3D"https://url6=
380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2=
BaqM7ONnvsnswouzUpa-2B9G502-2F6KhpHU2WFUuR7EsbGk7Ve5F9MQP5hvp1vw-3D-3D149E_=
Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkC=
o98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2=
FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgg=
haSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81O-2=
BapIq4OMA2-2BiblKUKxJUBOuvIJ6sCMvYRJjPLlWO8-2BQ5Q1Rj4EFugh-2FHXj5cfuVN1f8c5=
FOAzUCGiNFbNjTPjlo1LuwBl7Dwho-2FSK1Vm2f5gZbi5I68ugBFkwAAXWrtfUwswIjm2q1ak-2=
BdxbxMZODtdekCttkBjSVhNq3t8o-2Bbfno8rOh0wN-2FYCN1vna-2BK1g3M4Y9k1R5skFBfQAH=
ax1WbdywW7d-2B3d6Buw1sPIgW1tYjRs7DGI-2BjLLjarq6t5X17mmDavLm6i0nXj1sxxask-3D=
" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Whatnot</a></b>, w=
hich operates a platform for livestream shopping, raised a $225 million Ser=
ies F co-led by <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?=
upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWZdlH-2BjF8VNuaJ4fHo=
aWi10JnQQ-2FEo0kbKc3Yrga1Oow-3D-3DVL-0_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL=
0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2e=
N2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-=
2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenV=
KYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81OzZ30pFah1DdceSK1Z9Oxs7we8IcuObCl-2FP-2=
BZ4wemUgh1oBf70g1zXS0HGmvoIp6nz9u-2FjWOoNGbPvGqQ-2F7s49sIbmH2fFfUl893RCFIEZ=
3j3eaxqhOsmgXj8HxExdnY7TN8pa1xrYwIKWT5uUKf04QC1r0eLR1ymqPrHvLdHvi5pE4fA6Olh=
MOA3LsKxeK82pwn-2FPBMSZI1E2eVKgLvTIIAA6MW-2BjoG-2BIBUz4C7CeTBQQ5x3PJt9QaPBC=
P1KUgsNDyS14mGCi4nJgwR2ZPm8k-3D" style=3D"color: #1D5080;" test=3D"" univer=
sal=3D"true">DST Global</a> and <a href=3D"https://url6380.news.pitchbook.c=
om/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWZdl=
H-2BjF8VNuaJ4fHoaWi1nj8A3r3CHq5GZtCEGCPhuw-3D-3Dsiwx_Pr966knuaHmaw6c7pKvB-2=
BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX20=
01LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3=
K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZf=
ZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81CF26E-2BaRn5XfRY0lgjvVeCU=
Lfu1yO7QPBgkKqHF1knCg5NK7axYW16EtgtDKHenib-2FUW64usnbSLR8JOzjO6Z7Fw4bgxCWIK=
YTq5d2bsvD-2BKAATolacGB5BLexxMHnhNxxVl0V1-2BDmYKApvbgqh-2FHZkbXRZEqRZhzp1vi=
ffTWLUsKEnZLgvrpxgqt0aF9GunXBGs8UIt4NOB0f21ia3kwuufm83lxDfA-2ByIRlAPmXcBhs4=
pkeJtvI8TkOw2VDNPcGmyx4EEve-2BfGexcmyF66y4-3D" style=3D"color: #1D5080;" te=
st=3D"" universal=3D"true">CapitalG</a> at a $11.5 billion valuation.<br><b=
r>
                               Credit score analysis provider <b><a href=3D=
"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzWZdlH-2BjF8VNuaJ4fHoaWi1YmW5C9jA3YCY4ZDXxqEbHQ=
-3D-3D8DOy_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6=
8NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn=
9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ=
34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC=
3WVI9d81IJ0Bz4mDeO5M1PCSMMSAstTsHwITaSF5p2O80V988jN-2FVsMwcFo6rT4Tk421FyYO7=
eM3UpODbjcoyFSskM81xeGgJ158GevDteJMDKFpKsXkIR0-2FwLfc6tZL4CWuRtf94-2FkDmZKL=
uy-2F0EIit-2Fm-2F5fENWIN3dW38PuQlcM12p94-2B2Ak2-2Fsk-2B5ug-2FPUJ76Fm-2BLVwt=
1CqS3lK7K5TVMwfkOpze9mXC5Uo6pCVdEqO2Nhfopr-2FTMnBE0iaDmjjeSOTrjaCn16vzPOyzX=
qMPeRpOD1g-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Savvy=
Money</a></b> secured $225 million in a round co-led by <a href=3D"https://=
url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G=
Fa-2BaqM7ONnvsnswouzWZdlH-2BjF8VNuaJ4fHoaWi1bx66xmEQkqFCacp2V3iuIg-3D-3DwPW=
3_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMV=
kCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq=
-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJ=
gghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81E=
Y8XYPG9BqM-2Fz4WYYuzmBJN1QftOEX0K-2FzGEXR8EI-2BRwSPuMLpYXlAXf4HRNfhMZzRG7jl=
L4AB7cFZEXwqMM-2BZddG8CaYgFlAol6CcYJo6po1PWt15ot-2FP-2BFA6CL78R4ts89etTHJ06=
hIKQZwNixQqAK8eTm08OCHTgKQH95qHBpRrItFWmV06K-2BO92WDqWaIy8zsalf5VL0Axkty7cH=
dJxvYpejsCrZFqyVyuHpfqscVGZDqJ1tqlZ4CHg1-2F-2FbftM6GciXpmFMPfBJqLM6EvA-3D" =
style=3D"color: #1D5080;" test=3D"" universal=3D"true">Canapi Ventures</a> =
and <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d=
4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWZdlH-2BjF8VNuaJ4fHoaWi1Cx0X3Wmx=
a2qvHdCI2FvWMA-3D-3DaNJt_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQV=
I43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwx=
EzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-=
2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEj=
hOJuwIW8wVmbSC3WVI9d81EUiBf0-2BFjrwFjpapEqJVE0mfCIvR2x6p4xyItebfKBaUc-2F4X1=
dceC8oN0U9Yto-2Fu2vI6VigKa4ngM39bYjIrlRmFhyRxEcY-2B8WqrMOfl2TTo-2FzXOe98y4Q=
ggipNLX6Arm2VO3AYP80HaUE4gX2bklpIxiFMKKRif3yhiIC9yTxLICjqwA2lIXdRci9wxtYK1h=
SSRKfWKoGbJKENQrC6xbpG2NmFDm60we8FO9sN-2Bzt9VAGQHLBiFqOGCoBxo19YauTRsHxDOTf=
laIo3lusBXb4-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">PSG=
</a>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?=
upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWZdlH-2BjF8VNuaJ4fHo=
aWi1tsa-2FX03-2BN5OAJ-2F-2BHbHFmUQ-3D-3D6R7B_Pr966knuaHmaw6c7pKvB-2BCEiDnj5=
UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74=
daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79U=
SzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U=
-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81KB1GUHm-2F5IxVuw-2BmK2y80ngJCGHfx=
I8CC1cRNUE79n9b3YWdOxrUbZf1Fs-2Fq1zdHqc3MYI6t5QxKXNm9znFE1EwUwrVfF-2B3B7KLG=
F-2BA9IMOIZF9f0I7PvT7eZmu2cJxrvaag-2BmYhv7iMIAjK7M-2B6qQoWCRo2Kjrn6aaPpyv9i=
H1uYW2x-2F0Ko-2FBeTgZUfgOYBPC2kYkgejbi0Bl9i5rkd2vcPzkz435yFWli7gR-2BYl33SVS=
n4nqZ1T92TqqWTSfuayLG9GYDaZDGNThPNywHNXE-3D" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true">Sublime Security</a></b>, an email security compan=
y, raised a $150 million Series C led by <a href=3D"https://url6380.news.pi=
tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn=
swouzWZdlH-2BjF8VNuaJ4fHoaWi1bmKlgxq7Z5WM71P0-2BqI-2FYA-3D-3DEBHb_Pr966knua=
Hmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwL=
j3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfW=
RaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jA=
f9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81Gl-2BLWJh-2F=
6hXi5FPnfYwMQoMR4oG1HQRMiMjwnaiEpbv2bs1wHntWQsHcdtnkDGuAG8kKHI1c6PTyCAW3FrY=
FkJbn3LucobIcnYLj1qE-2BtAoVcq2QAmYQ3qzc6vNDyB71zfXvoUqH4ilZ6JNPg0KKRu7TEXu9=
2jEU7TugvFoV1NWIXN4TWFs-2FjcYGIljszlZLQnN11O537GIb4YgixjB57jHz-2Fj1uBMvSMKc=
X9JP35do64vHWbX9nLCe6juwQ-2FCrPIvYpIpuJoHGJVanvYsZUKc-3D" style=3D"color: #=
1D5080;" test=3D"" universal=3D"true">Georgian</a>.<br><br>
                               San Francisco-based <b>Substrate</b>, a star=
tup building semiconductor manufacturing equipment, raised $100 million at =
a valuation of over $1 billion from investors including <a href=3D"https://=
url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G=
Fa-2BaqM7ONnvsnswouzWZdlH-2BjF8VNuaJ4fHoaWi1naz5Mo0Ol7LALCb-2FnfP6Eg-3D-3Dq=
HW4_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyha=
MVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttT=
Wq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPM=
gJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d8=
1MSyJHNV4i1BoJdEQpgSYJtpa3lQ9j6fp2uVk7QBOiVUJnMyHwI7XUzmJc7m7zrkb-2F-2B3lMT=
qI3OavqrtymkIRZ6brEz4xzN5sWBj0EaP5dC7PCk4YeF06p7R7Q-2Fgjtxy-2F8td3L-2BVKqjT=
2T5sUkO6Oc2NTNSbqUkSxnjD4FOsx3Uu25oV-2Bu4wX4j0ryOb7VNaQymgU-2BQR9Ti6HqP-2FP=
KV089n7C0puDu01AZqhoIWM66ShyofmI15VYbmXuFzqwVP24o2awlkSXIAY9YjLVbWifVY-3D" =
style=3D"color: #1D5080;" test=3D"" universal=3D"true">In-Q-Tel</a>, <a hre=
f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu=
ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWZdlH-2BjF8VNuaJ4fHoaWi1P4LrCxlAXOgPTUPJvg=
N0VQ-3D-3DAVnN_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8=
UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2=
BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2=
BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wV=
mbSC3WVI9d81IevRcP7XCV9bwPXI9Yr8TA0-2FySWkj-2FMaPK1gNpiwqY0NZsQkzR9NQyCAtAQ=
rBfLR16CQOx1HuDspMTMvg-2Bwu-2F4j54Hmxp-2FUIFcJRb27dC12YADaimDVzJIsbpoLEP0LH=
awNiuI4JN5De-2BZckgsV2IRob9FW6jNd4AKELfpFi3Q1OLnTaaKDkhgBiELApoKI1JkdX-2Bd1=
CDAouaUyJ8IeH3c-2BUuDTxGX5M3Z4Ltn1EkaxYv72ds-2FVX7qZRdZZBCnkpSqkekBMOWuPXxK=
twwh-2BpSg-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Gener=
al Catalyst</a> and <a href=3D"https://url6380.news.pitchbook.com/uni/ls/cl=
ick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWZdlH-2BjF8VNuaJ=
4fHoaWi1PVqgZB1ySpgvPjROS7NLEg-3D-3DLU1k_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJ=
YL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG=
2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5=
i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2Fe=
nVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81NnIw6CVP2bvKAYMVaQhSccdu-2BgJ0o5dpu1v=
SBsrVOq2MGVc9-2B6PTlals6vTkerK06bp2-2Fz1iyM3JL6vtldahUqbgCXFmPyDbXeQy7nWxeh=
xxNEjt6kXTAplxOSnZoNrTunSMPQ4JoslOiZcMS6yrTyc8FdnclQOw0zJvY59hCETUzvAMx402Y=
z6vPG-2Fo3vFQrn-2B1-2FnU-2BOBBVa-2F4rOUjXYJ9zW1KcKLBQ0GYQu0tFhKw53Y5TyNMfSs=
8jEaaBYk8rGTiJRCIDZFI-2B-2FIJ1UssnOQ-3D" style=3D"color: #1D5080;" test=3D"=
" universal=3D"true">Valor Equity Partners</a>.<br><br><b><a href=3D"https:=
//url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzU3GmvR-2BS5cTnnPVRyNGukh7PsoVwN34Iq-2F73s3kO3DnQ-3D-3=
Dc3uZ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRy=
haMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdt=
tTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJ=
PMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9=
d81HFZy0j3EiAGvLbK8dspDZT-2B7TFFSIdcIXg-2FQx7Y515C729-2BywNSyqWWWr4RbHHWERw=
3GpqxamMUZFj-2B1xYZ8HkgvevS4fd14M3hBKr8r0TInmGTA9CMolljHzDhPGXdwI3d-2BAzWJQ=
bDD1-2FWSjcmKQuwbZXOebYh3uSfSdqaO-2BN6wE7PHQZhAkK1lEojMUhq08YFRjHbjhoZ-2F-2=
FyBvCGCEZxOInoyusP9tyk-2F600fPs3ceoE76euU5TYx53RfmBJHjkflQonRTzj8xJh6gLdiTj=
Q-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Zag Bio</a></b=
>, which focuses on treatments for Type 1 diabetes and autoimmune diseases,=
 launched with $80 million, including a Series A co-led by <a href=3D"https=
://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIr=
f6GFa-2BaqM7ONnvsnswouzU3GmvR-2BS5cTnnPVRyNGukhj-2Fj8pRi2-2F7We1EXK0-2Fwm-2=
Bg-3D-3D8qAe_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY=
A68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BX=
Nn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2Bj=
fZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmb=
SC3WVI9d81MLftd7-2FcjWAWsufFjQjM7Ns3IQ6wY9lHBQuz-2B2guxa-2B8YE0B8KF6rXN-2FA=
lwvJ2R9w-2FXsbjBJYfyharV80xoMvfz34WBF9PnJKeSRTdQsscQ2iTwI-2FYSYWqw6iAM9UUPe=
uRbRm7wmqm2ZFWZgCZm0U5AzggrC-2F4xzyBIidCsaurEYnOOrrFnnoJfchTCiqXYCcPE-2BXha=
x2EBoe4bk1ZEljaP6odXw-2Bg80eq-2F2fpkuUKbXKxFKFMKSYqQGQTaEYkJ7FNdMVilrof4JbG=
32j-2BE1YU-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Polar=
is Partners</a> and the <a href=3D"https://url6380.news.pitchbook.com/uni/l=
s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU3GmvR-2BS5c=
TnnPVRyNGukh8ep0ac0ZIKguhmDNmxVjdw-3D-3DjyCF_Pr966knuaHmaw6c7pKvB-2BCEiDnj5=
UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74=
daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79U=
SzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U=
-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81OcLo7WgJZFzEJHyo0ojKUmcXyfwIO-2Fm=
D5QgCv7MPAdsMPAagnhHtEtGQvn8qgSbP-2F-2F02A6eblf0P-2BtACzADwgJs6UArEEVFwDBcR=
H4kXqdllKDtIkhmcVRn6MUBslq2vcn7QC32QpRAVdsBiDuCz-2BqHzGVEc1qJzBrxfZW-2B5wAV=
hPhpYOtNOMryfxKv8Vg4YxCJW8m-2F0sf-2FGd9lScgi-2FRYR3JWC5XXYDYHaQiF2k51ObbW9r=
Fbx3ARCVVwd5dUoBW4YulyPwH8j63lqYBe6mbw-3D" style=3D"color: #1D5080;" test=
=3D"" universal=3D"true">T1D Fund</a>.<br><br>
                               Identity security startup <b><a href=3D"http=
s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI=
rf6GFa-2BaqM7ONnvsnswouzU3GmvR-2BS5cTnnPVRyNGukhG6GAFDoDAG5K9LbjRQ8TpA-3D-3=
DWRPJ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRy=
haMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdt=
tTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJ=
PMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9=
d81FLwUGFbp3aD36jT2TmcLWK7UALpFkJiJtZnz-2F3fvs5JYzxd5JVoBAdxK28bhtv7R-2FLkO=
tNzbbRsFok29WycMOBAtEWa8FiBwt5Pmoc4qh-2By223bWGLRGcVPs18L9QsGzzVwRsSr-2Blxy=
aQCNfD4zQAbav0CwIs54ctlWUUWuYOvDsgrH8ZWaq5MQzcG48056xQD-2FhtWbX6qrHn5FUwvwt=
860D9UD8RLgeD3fIWDjop8lJqZyFtruZl7Ay-2Fjm9MlTFtx2dKA2flGNp0Llr1vvTnU-3D" st=
yle=3D"color: #1D5080;" test=3D"" universal=3D"true">ConductorOne</a></b> r=
aised a $79 million Series B led by <a href=3D"https://url6380.news.pitchbo=
ok.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouz=
U3GmvR-2BS5cTnnPVRyNGukhgKJbcZkwVXeH0MHxVPRTVw-3D-3D6nrE_Pr966knuaHmaw6c7pK=
vB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2=
FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJL=
cvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39E=
cqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81J6cujaDb8ldHH8roXsDJS=
798LXfrnOeKSHFqtaHLYUUJ2CQFgRXr-2FGqZA-2BCDnNR3U988yPjH1XbQGjjkOb9zzNMu6poI=
aeKQ2RSnp-2BUl3ZMn-2BzoqOwh3aPqh3EBUffV0djsfrIaxDiLGSHZnkXxWgGafrvC5YwTdc-2=
FyXQn5rEksfD4VlEhtjU4n1pmmB8UyTjoMjGu3sfJ77PtRRczbZvv-2BGCwb5Yj0jiy2Izp23PK=
-2F7FEuqk-2BbacWw2dQ7EoKDIHjnmAsrkqP8mdgmlc3oNpc-3D" style=3D"color: #1D508=
0;" test=3D"" universal=3D"true">Greycroft</a>.<br><br><b><a href=3D"https:=
//url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzU3GmvR-2BS5cTnnPVRyNGukhF-2FKoU9TJVuvDn9b-2BW-2FWzBA-=
3D-3DhP1d_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68=
NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9=
qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ3=
4cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3=
WVI9d81BOAWBNzq-2Boiysgw5ArF35wE-2FOC6meYQhuidNRuDBxkufG2HqvN1RCAMpYUQLh0Jr=
vsWo4gZCVnnIXQ7enbcUM1tZkZOPxYjfv-2FBqaqGgosXU823RYQkbj4UUFg9g8LjHwS0F4OOdz=
c-2BvRz1JsREpr-2B7vZ9PGBJrXrFmIY78EhWa7dKpKYVfNxm0qD6t0Cr8TZMzX9EmZSx5JEXk8=
P8p-2F26abrSl0Ge8YyYO3Rme8sDlSA-2BSUi3Qo-2B-2FbatFb281J7DkOB-2Bfd8Bthv-2Fd9=
XXTspc4-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Formaliz=
e</a></b>, a Copenhagen-based compliance software provider, received a =E2=
=82=AC30 million Series B co-led by <a href=3D"https://url6380.news.pitchbo=
ok.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouz=
U3GmvR-2BS5cTnnPVRyNGukhEqxfo-2BmMuPRsTjiefv3BQg-3D-3DhbMC_Pr966knuaHmaw6c7=
pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY=
-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79E=
JLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l3=
9EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81Jya28E-2BZRWH8bMnyj=
MGZNpTe5xCEMT3L0um9sgl8GfQD8MQmcMBUSZxO4hxBBkx7FuIbyjxb9VJklTQOHWkHzTz1tJeX=
UvH6vngdJ4hU-2FyS2F-2B4Kt7wY69Tr0El8jSBcSjg2VIo2PHDdrzVH-2Fk7Ab4NJVvXIIENbk=
CMGCfIwo24JtAorMe9gq9991vs1SYMhmnoUGKAS2aSsF2dNZPZ8kNJ8riiXrRYCcqWufhy59PHl=
DGZtKtBFhcZ28W8ZjdE39DvgR6ynJXAb5FAKeLDLjI-3D" style=3D"color: #1D5080;" te=
st=3D"" universal=3D"true">Acton Capital</a> and <a href=3D"https://url6380=
.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq=
M7ONnvsnswouzU3GmvR-2BS5cTnnPVRyNGukhSW8tGkHJ74STp8s-2BIDbB8Q-3D-3DyXiN_Pr9=
66knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98=
vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLG=
atkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaS=
Bq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81A4oczG=
9HU3VyWv-2Fe3jSKKUeOGoQHzFPXBVaBSeoPVLxz5Q1-2BSKfEalt2ig4R8OHmmF1MMw-2FXY6D=
thDy5um7-2FcWUR9-2F20JQodssddUJrlosqCdBMCG4-2BgBi-2FjQq-2BEv9lOC-2F-2Ftg7R8=
Uvio1Z3GK0u5IK10ip-2BlBDlc5oW2V1Dc9JVnOIAvsSEmsebMdfPKjnwhrMJQM8TF1dyz5Pbbn=
jGfoCVE3pS0Omw2caKO0zRFXfUVkQuE4-2BwFx2H5E41-2BQgxIXorGW8An7ORmzeKdkrgfrU-3=
D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">BlackFin Capital =
Partners</a>.<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/l=
s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzU3GmvR-2BS5c=
TnnPVRyNGukhezj3-2BQkQI4Ntpzk0jZbTDw-3D-3DJ28e_Pr966knuaHmaw6c7pKvB-2BCEiDn=
j5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY=
74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k7=
9USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh9=
3U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81BIPJKtC9ekfqk9dXcKvkIjhVxvLSi9F=
gGgGkPdu-2FPwFUsaOUlPdsm4qPG4PqsxeqoDxQtz-2BTPVj5NRMaDcT7W4302DxA7k-2B6B309=
gY-2F2jMMu6Wv-2Fzw8tsctoiq422K6qG-2BjN246y29-2FwqOeMwaM7UIkCjLMMx8b6q6xqRJw=
r7dTvP-2FiqCeNp2yTrKkUxaC8fjlFUPL2zsVUsb-2B6dulE7UqsYz0vRaS4Nwi5rY0Q0IR3rrj=
OCCN43DMKd-2B68iUMFEUz39PWeUH-2BjJ7PthIihclY-3D" style=3D"color: #1D5080;" =
test=3D"" universal=3D"true">Mem0</a></b>, a startup developing technology =
to help AI remember previous interactions, raised a $3.9 million seed round=
 and a $20 million Series A. The Series A was led by <a href=3D"https://url=
6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzU3GmvR-2BS5cTnnPVRyNGukhZ3en4BmNbFyzGscVLb1MKA-3D-3DOOua_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo=
98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2F=
LGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJggh=
aSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81DzhW=
NmiGREojVdUlKCBPx5CHqx6xeDX0Cwkns-2B14jwyKZLrKO-2FoqkNiHrr9pg8zkbpkCfYF8Yco=
uXJkr-2FQ3CfgsXdzVRsHtXYDKXWjw5V3soFDENuInPlv05utrMpXmsFk2Fqk6DtlD8dLnCejjn=
6nZE2aHUeyn14TIpcGKow0kWZnETTRz48z5xKVA1VkPvucg7hfTYJn43QzgFoklkYF-2Bo8R4rT=
4QB5OGv8rZB7JJDl9UuGMndevLDMXcfV0naZX7iqTEp1dJHCWSWicB0T4-3D" style=3D"colo=
r: #1D5080;" test=3D"" universal=3D"true">Basis Set Ventures</a>.<br><br><b=
><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n7=
3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXE6I-2Fnag2HoqrQ8RkWmVuxipbz1vSmpub=
RaSQapEYckQ-3D-3D1aTw_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43=
kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzx=
Q4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZ=
J7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJ=
uwIW8wVmbSC3WVI9d81GJdshgU1oa-2BrR6kJ6AWsPC2R4c1lBDoR-2BnJ8mlzr4zbUlSL4mUnU=
BQPCJYeOyRE-2Blesy8PlsmR0zcYduS-2FVFvc1wYuPaD4d9P5IUZcPZEuwUkUHbp-2B7Qsz-2B=
5bp9-2FkWt-2FXHTinaORmWhDyNPYrVfb8MYEZiNKbQVEg7bEIKVwLbiBQgb-2BO166e9WBpgE5=
gBeETRLviqKFN5ypav9DfCNb-2FzjGQtbghpAchy93NjdhmlMCvuqTW6jJz8JMEP1wVxb40ak6U=
gr-2BKS9tOcqIjRG4M4-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tr=
ue">Grasp</a></b>, a Stockholm-based AI startup automating investment banki=
ng, raised a $7 million Series A led by <a href=3D"https://url6380.news.pit=
chbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns=
wouzXE6I-2Fnag2HoqrQ8RkWmVuxXQyvzaaIQcs5qbd3aUn1Sw-3D-3D21PF_Pr966knuaHmaw6=
c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQT=
GY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk7=
9EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2=
l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81FO9vWAR6HZoAnrLTt=
hk1eepcFu3a-2Bt3O4O2QtwhMFxOS-2F8ty0iMRzdLkv1IOlM368DHlSbXtcc8WC2xsjzuFJ8-2=
FnHAf5zUP6cJshicK4y7tbGkGFGLY6kmLX-2BAiXZ58BYQEsBobS13hobB-2Bh0W1dS6t-2BzeH=
pZHpyPW2kzCgfjdFwbzAgBnE-2BR35hk1a3FLj8EO7l8tLd8hzMdS9BlEFRvZNo8LjUZjIZId-2=
FU06u7IbAjbpz1zwJuaXYo0cfaFbpDtc2oxc2GuSRWHm9-2Fyt567k-3D" style=3D"color: =
#1D5080;" test=3D"" universal=3D"true">Octopus 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"><a hre=
f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu=
ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXE6I-2Fnag2HoqrQ8RkWmVux-2Beiqqp96Noeizu3k=
iSq6Pg-3D-3DIn7q_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcV=
f8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP=
-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH=
-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8=
wVmbSC3WVI9d81CXVVJa0kwu-2B1DA5bi4ww0HH5JW7eMqWjg4Q-2FYEeKEqekM2INoSeeBcLPO=
HFXxOJj5sUoTCh3-2BXBS6tWK0q520wqseGCaQwuCOWQI7IFjdTBSGHJ2ffILguJCl5Un-2BTZX=
JeJ-2BtEkQt0tO-2BCa7Ai8KpSJ5nK4DnqCUo0KMp31wdAgbjb-2FSdm1TpcGASmFOtnp2-2Bq3=
YDd9P4HBG0OrNqNhpiV-2FGIOqPc3uAsCYztUTpLTJHxtgOTt9hk-2FFI38trR-2BvXaZnOYF5-=
2FKvE-2F0FnBo5OGkY-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tru=
e">EQT</a> offered to acquire Australian insurance broker <b><a href=3D"htt=
ps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSW=
Irf6GFa-2BaqM7ONnvsnswouzXE6I-2Fnag2HoqrQ8RkWmVux-2FEY3rkZXfAn50EzbdakukA-3=
D-3DvpWV_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N=
VRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9q=
JdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34=
cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3W=
VI9d81JefZvAGbnf1juROUDO-2FBCDEkx41RClw-2Fnex6CFs4qzsK3pvzhoYPZxpCoM9fH8zq9=
izydt6c3LQnyIoH6eOuIaCNYuPn0IzA0Yv5W-2F6aShXn6jnie0lkt5ZeNajm5jspZFNQN7-2BZ=
n3zECsIcS9qfqGThpRZCM4TpcZKgli1CNApcl5pLC2BT-2BYT253PN8ebdOvabRZDxBijcV5TrT=
DOJgXTjLAPlfPLWGLkOySDted63qbQfPOpWQQq2qCyCpL5pqsekEEhVY-2Ffv27f3CqjUYg-3D"=
 style=3D"color: #1D5080;" test=3D"" universal=3D"true">AUB Group</a></b> f=
or $3.4 billion, Bloomberg reported.<br><br><a href=3D"https://url6380.news=
.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn=
vsnswouzXE6I-2Fnag2HoqrQ8RkWmVuxr0IVM8wI5opqyB6QiIyv-2FA-3D-3D9Udr_Pr966knu=
aHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBw=
Lj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAf=
WRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62j=
Af9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81NcKyzudrb9e=
QlFJbVhKAp3sqGXAZBQgWsU0-2BjwYk3-2BJICuB4VAJ8Cbc6Rlw3cPh7-2FNvf4q5QZD3o2DO-=
2FBdqYgvivcv-2BqkGdnquLuyw3-2BbuU0fNGjSvGhraX6ys9FkOWLAOI1coOKKz2eAaOD4wieV=
TlWwVFf7TITf2R-2Bkyw4GOPs6ORWXuCZrkhFJDx278bbPOdMhPrlfLx3tvyt9vpG0YoaNWx5vp=
pHdQszU-2BNEhq95g469d0GcCkyd143nzAzDbfRxxtAwD0IB8z4SAwatKE-3D" style=3D"col=
or: #1D5080;" test=3D"" universal=3D"true">Blackstone</a> is investing $3 b=
illion in <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXE6I-2Fnag2HoqrQ8RkWmVu=
xBJKv6nnLEa2D4A9YJVP9rw-3D-3DlsNl_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-=
2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD=
5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2=
BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5v=
susLiTCEjhOJuwIW8wVmbSC3WVI9d81IA6qX5uc7FUkjT4dbjbbO86C3O-2FqUfmxsNWPVeAT40=
Kk5Bc8KZ09bAxhs7AlNWRdVwFujShWKIcr5lr106tQwR4Lgbl1WboVij4PnTwKU8-2F6NeaMZKG=
Prx9qlrLdosZTDU6iJH0MOy0PkpHiU2ralTyd4Q2Kte-2BihCizLLSt6ysYCHX7b7xdQuqKjYq6=
XjTVDC8LOK5Upirh9F9dJ-2B6p5BOzcEO-2B7-2FWgSTFwi4mWk4yAoutJ8AqfENQe-2BSTSlhe=
2FEVbyyUzjntjItsQr-2BWJuQ-3D" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">Humain</a></b>, a Saudi Arabia-based AI specialist, in order to b=
uild and operate data centers in the region. Humain will work alongside Bla=
ckstone portfolio company <a href=3D"https://url6380.news.pitchbook.com/uni=
/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXE6I-2Fnag=
2HoqrQ8RkWmVuxwrkwX5873VNgCL7DHcAqoA-3D-3DQvVl_Pr966knuaHmaw6c7pKvB-2BCEiDn=
j5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY=
74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k7=
9USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh9=
3U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81PMqA9EVa8M3vJGrFlfhG6Mwl1jARHiR=
6-2B7P3-2BVdIZ6mhcYOHhaVH9rx3X1YIM31Ny9xZYXcuQ8s5rvSOpemN1V3BTIXPm1If85LFP3=
1cGz06UcUTrPt4B8gFoiYHkl0tbJ9vAqFvPlMcrsQHkYSA2LlLjbQ5H0-2BIDF6LFJl4pUoZnbu=
Vwl4tQWWMsCPW31idVIxgdItIkzEiuMGNVr4r1cOVqA1PlsGRG-2Bkm4WSWCt94c4Rg88l2j9-2=
Fibm7IsyF-2FrOI0O709SLXkdhlv3OCacU-3D" style=3D"color: #1D5080;" test=3D"" =
universal=3D"true">AirTrunk</a>, which is also backed by <a href=3D"https:/=
/url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6=
GFa-2BaqM7ONnvsnswouzXE6I-2Fnag2HoqrQ8RkWmVuxCSkWqN-2BoEkXmlbSAsTFzfA-3D-3D=
YHpF_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyh=
aMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdtt=
TWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJP=
MgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d=
81JWiJ8VRts764ayjBK3yTZwVSLjbjvXXBE5G6PIfmR2Q6E-2Flm7te1qniewun7dxO2LtJL3i0=
tLQxrGJXGvD7NtlHmOrVryI-2FP87czX5hhCm7muMNmwZpbD8KsjyVmwEoTW5k8ibFFJ2LcTOpG=
-2FGO0vC9PiYy9LSKtjxBcD0Z4xRP9H5EKwbmgUHkEuZNatDd0urLg7q5Zd4oYAMJgOogZsqMjL=
Rs3CL5k-2FIz3Mv-2Bvs-2FYRMx0HsUQ2EjX-2B3McCgF190BQhAHYlCm6dU-2BouZvhnJg-3D"=
 style=3D"color: #1D5080;" test=3D"" universal=3D"true">CPP Investments</a>=
.<br><br><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du=
001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXE6I-2Fnag2HoqrQ8RkWmVuxll-=
2BZ8OmxTwqgfuhagDqEgw-3D-3DW6Bi_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2B=
HR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5y=
l1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2Bu=
nsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsu=
sLiTCEjhOJuwIW8wVmbSC3WVI9d81C-2B-2FoCcZzpepXA-2FFf3iK9Jna9NOiz9SeE0elGc3b1=
uLHjl8KveZIkCXpqrByt-2BwVjR-2FR8XnfQ-2FGojpNWiHQjEiDDVYcV5fHm0Yi4rnJ92la1Sp=
K-2FgEEAb8bvB8-2BZxUN9jHukZj0DMMOb8JgJwmBkA-2FzVFAg4FeLO87PvGr7X86d9BC-2BWm=
0qwohACIuhdXmNf2SDBYDb5FDXlaj2tlswzTfe-2F-2FdBXaYbcKiw0ldyYnwPitOVMtumonp7-=
2FXvohTpC5gonIwqBpoR5L9-2BEWmqKJGfg-3D" style=3D"color: #1D5080;" test=3D""=
 universal=3D"true">Cygnet Energy</a>, backed by <a href=3D"https://url6380=
.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Baq=
M7ONnvsnswouzXE6I-2Fnag2HoqrQ8RkWmVuxnlNBiW342Lk1zHSJGqjfxA-3D-3DSo2l_Pr966=
knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vI=
GBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGat=
kAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq=
62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81DkH7JAM2=
wEhybDPf0KTYEAKQoE8o3giwqcVMbHHOjlJtHMbLo65DegWwA12yRS-2BycSoq8UxZbLfJ-2Fk9=
M9vkHzNon3G9ptQIWuF0NgnYdP8VAK81DruhMKSue9wU-2FJAGkWXsqMaXGBCW48c3ugASVUjOw=
vGdnCQOUmLS04ne0gv3EoHzwN2VIqh8F-2FcoeOt0moTigEbMhJ4OCWbU2WkIzTPkcpPIvImKK1=
y3FUziivZl3IkNGzcGxqodmoFS1rwxBW-2Bia1n-2BCDf6Hi4XDX-2BjbiE-3D" style=3D"co=
lor: #1D5080;" test=3D"" universal=3D"true">NGP Energy Capital Management</=
a>, acquired Canada-based <b><a href=3D"https://url6380.news.pitchbook.com/=
uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5a2M3j=
l-2BMmOGE8P-2FEoV5i3DX8T6VI0auBcJ1zTb1VPw-3D-3DRChF_Pr966knuaHmaw6c7pKvB-2B=
CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX200=
1LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K=
8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZ=
imMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81NKdKFxUGMI1dNJqQ5VACL6MtSC=
9dW3XMYZW4EMJN0ufkJOc0PXSQ7OtBSgSQNI-2BPKwqFnRFY9L2U7p61PmPqMj7Ju2QzLo-2B6x=
h6qj7-2FVibXSyHpTviNlAMxkc12Fj4Sw-2FO56JoR-2F0n-2FJndSXrSpsX5qYoCvErNISEpws=
uUY-2BhVbSGLRHQftokplJzpa5gIuYIrb0KsPNcP6PEAFJeVpBIxwsFShuOyYedhZo3ciKGbYTJ=
98hHAAHY2QcRNU0zr8Lyv1j00lqgA8qkCeXHfhWlg-3D" style=3D"color: #1D5080;" tes=
t=3D"" universal=3D"true">Kiwetinohk Energy</a></b> in a C$1.4 billion (aro=
und $998 million) take-private deal.<br><br><a href=3D"https://url6380.news=
.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn=
vsnswouzX5a2M3jl-2BMmOGE8P-2FEoV5iWyABNKUUGv3qVOInQU43yg-3D-3Dq4C3_Pr966knu=
aHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBw=
Lj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAf=
WRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62j=
Af9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81MDV3fl7H1l3=
B9t-2BoIMvTyxBNspUE-2Bk9kVjEHmxkj7bEM5pbZmKnjI9MM4Zt-2BTg9d8WYu84QFDXLTUpfT=
fJvQGV8XXSF3bLC9Fp6QlLvh8cQg7R0CKuwCYYsdDoEJrfsF4rrqOKj1ya4OmVWpvZJILFgxniD=
WwQ4WYuVHOiSaIf0TWoPcmV8DUVlx83TwaP6FroK6xBzC1zfadx7YHaqrtCPzUwmgKkgJCIwzYH=
xIqdqWihQk4aqM9pammyOmGwjULdOGXDxFE2-2BI7hvjZ8ExXs-3D" style=3D"color: #1D5=
080;" test=3D"" universal=3D"true">Long Path</a> acquired UK software provi=
der <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du00=
1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5a2M3jl-2BMmOGE8P-2FEoV5iV9t=
HaMQRvV9HkdH5nt8S2w-3D-3DZJSi_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR=
4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1=
uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2Buns=
Suq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusL=
iTCEjhOJuwIW8wVmbSC3WVI9d81PydT6QOj1-2FQY9n3A0CiJ1yoda-2BSmtnogES-2FFsZeDP-=
2BpoGSr9-2Bk9GNeUPNXZ6zJYrKM0jJ59gmsGLPlrRnxT3vbL1EaXkdmlsOJ1RSfQjC56i8j-2B=
8NtE6xiiu3xNeI4h-2BRD-2F6gcwRQhZbeXS-2B-2F5Dat9XLBWRpcAGoKk4yeIDnSzoGxyDRzU=
VyFTMdsmgL0JBl7lUizaoUoL0sCw8IA5THFVx4-2FE7-2BeF5Ua221hLb4RS3M06i1fN6DZazOz=
roHtJR0z-2BWasO3of69w7tpNlKL7q4-3D" style=3D"color: #1D5080;" test=3D"" uni=
versal=3D"true">Idox</a></b> for =C2=A3339.5 million.<br><br>
                               Toronto-based consulting company <b><a href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5a2M3jl-2BMmOGE8P-2FEoV5is-2B78PG2QS1A-2B5=
UhnJVtb3A-3D-3DrbcH_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb=
McVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4=
wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7=
nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuw=
IW8wVmbSC3WVI9d81P-2F8SG0oiM9sFZ3vyJPsj6exJlQQK2R9APnuA9dtSCWc2INVE8rX-2FiF=
-2FEHG7OjJgdC-2FeGlPhRCNAGnL3NhAeSvqeAnHC5YF9VXyyFT6fktTCNKFdKW79RBDwwfOpAi=
a1S76zwwa1vDCwJMIRKxEnlzAhAXs9O-2BIhdKSIHvhcffdz0mpgbLI-2BsvsUzqkL3ZaMwcrNq=
D8vuyKgEYcDfdcqekEFFpVbGzYJce5TH5S5mAeE962-2BLuAPSkwImqDgrKDzjRbIixzJKHfN4A=
7ZR-2FELyBI-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Elec=
tric Mind</a></b> raised $100 million from <a href=3D"https://url6380.news.=
pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv=
snswouzX5a2M3jl-2BMmOGE8P-2FEoV5i1VHBtX1crdDhsvx-2B4wKR-2Bw-3D-3DZd1__Pr966=
knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vI=
GBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGat=
kAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq=
62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81AkLtxWqg=
n1U8rE6Rh0wWIjXBtpndkmBsSG8-2BGcmKUC2oRN3NihPzpoER-2Fhg5usmuIABdFvCwe88838o=
ZiAWNpUpfECgXF3zsXfqlq6x7XnPKfn73uYgtXRGMxDpoepiEHHzRZyrRdU2pXXFmmIsooeYVZN=
Ex85C6uck-2BBr0mqUe7WHyWyU7FoEze5OhPAS3RkTk2iM90Yb8-2BQqNWIW5jJagZcfryMjoph=
0FYGaJeBn3FO4jS4N99UcHQziBs6T5jTc-2BM1pvb0k9A9c1g6tsoKM-3D" style=3D"color:=
 #1D5080;" test=3D"" universal=3D"true">Motive Partners</a>.<br><br><a href=
=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuy=
lw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5a2M3jl-2BMmOGE8P-2FEoV5iQ7ABHgRUDLfEGmLUb=
fktGw-3D-3DgdWx_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf=
8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-=
2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-=
2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8w=
VmbSC3WVI9d81OUKy-2BQTqMQN5KZXETyDm3uP4Oj3JXL40E3kbL-2F8A-2F4x6BmonzDw126jQ=
iHHUhb7BElOtpMmm4gDZpMa-2Fxw-2FmXgcDhxCC51LS52mlsQ-2FHl-2FEeSNVOBa8xK1MOls9=
BkwQHitlu6n0Q0wboV0bMLd-2Fa5SGDJj6Sw0asnvhAc0o-2FFLTuYCuocnwrc1WVB5AhND5lSq=
dfc4DVNHk4jZdWZdIyi2YmYtX4-2FRoQ-2FEFTBNFW7vnckcgqMoKwNWi-2BqfU97iur8KBSMzN=
wMmmpVuFbeR5nLM-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">=
Main Capital</a> invested in <b><a href=3D"https://url6380.news.pitchbook.c=
om/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5a2=
M3jl-2BMmOGE8P-2FEoV5iwp5zL7oKZJPDb15fNHMV-2Bw-3D-3DaT5D_Pr966knuaHmaw6c7pK=
vB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2=
FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJL=
cvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39E=
cqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81H-2FM5xI87D03VkZ3xFLI=
JgY7v-2FZ0O44vPY1w64CQJKaaU8s2mD9wzqN0DReLzah6XLkcdzvA7f1VWbebFgtbo3MtaVzNn=
mE6SlNSft8Rv07qmAOI3XCTpUn4dgbjuNq0UKNkl6q9-2F5Pj2R5lhj5VLBGwTt04mvsQ8WXv-2=
BX7ls8Raw3I-2BhVVnS41wEMyELpM3d7sjFG9po9Ay1V-2F8oAnSdaFV0Slx0ywt7yhEDktq98-=
2BY7QkyC78gEKPdwoLSHtL9p79jltbj-2FPOaL-2FMstInjrPA-3D" style=3D"color: #1D5=
080;" test=3D"" universal=3D"true">Shippingbo</a></b>, a French logistics m=
anagement software provider.<br><br>
                               Fairlight Capital Partners acquired a minori=
ty stake in <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?u=
pn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5a2M3jl-2BMmOGE8P-2F=
EoV5iiY5PF9YOTVjDk1pkI9OYeQ-3D-3Dy-EU_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0=
YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN=
2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2=
BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVK=
Yf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81M-2BUf8-2F39JyeKcgsdx1AHPgSDzJToCM8gk53M=
WXi2OivAgiDvkmMhhDbvnNDcaw1bFJ23jUV50b906mYYprKqzor6lrLDQhZXcK5UgtbLF45d1ru=
LHEvaJoyF5iEf2D9-2FXbccAkvVuL6ihndjGIbD6bDxn9LpzcVFV9EPkXn95-2FTdzeRsVCHHZX=
sTuYb5MtZevsVsOPeRHtDC3-2BD62gFnIR-2BPOaZKO3gIfpzOs-2Bef0tuakKerj9MtlAa-2BG=
jtLuhHC5BrqTmfoYju143ed1Qkin0-3D" style=3D"color: #1D5080;" test=3D"" unive=
rsal=3D"true">Noviscient</a></b>, a Singapore-based fintech specialist focu=
sing on the hedge fund industry.</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>Exits</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-2BaqM7ONnvsnswouzX5a2M3jl-2BMmOGE8P-2FEoV5iYqHhwsTOIHgfR=
eULYXdB2Q-3D-3DDlVE_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb=
McVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4=
wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7=
nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuw=
IW8wVmbSC3WVI9d81Nv-2Br0x-2BheMSh6J-2FLrJqLIXVAFqiTV-2BbXdbAMIPVcDqRHL7prL9=
-2B11Jpo-2BLNnzDtbL3mCbqUPsqiYNFbzbc69G4cr1qTfl7bI5BBgd0i12lc4-2BXctFWDNmsK=
Q-2BtKMFVo99SqhU37ko9-2BhTEWGgrLAcOJu6xAixyP-2BH-2BLU0V-2FHlAoI899N2IvXcrSp=
eg8U6V7e1L-2B-2Feid1ZAEydTUXxLap5bKhNB5dFaXosNlRVlNTEChq0gZKruZU7oZiMk8xR7o=
aPW4v8RImj15J2iuAcUdGsk-3D" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">Best Egg</a></b>, a US-based personal loan specialist backed by <=
a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX5a2M3jl-2BMmOGE8P-2FEoV5i06Qmbv8R898=
H4iHEiT99Yg-3D-3D6fI6_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43=
kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzx=
Q4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZ=
J7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJ=
uwIW8wVmbSC3WVI9d81K33ag4az0PycTT1jyDxDjtV-2FCG-2B5RKQV0kQOonZNkMgmIyOG-2Fe=
qerV1tD8rlbhwUw1irbjhdY6cyfCN8LAxlies54u3xL9LCr-2BIKDLbERwRT82Kyy7qvfxKdks1=
z3ae9C1f4BmPfXv1rdMt47zwDV4Bio84xFR-2Bf4HFar9j1eKE-2FU7Mt5c3DKtKdahMOfmnIFN=
MC6ZBiSzEuLj-2B4Wk-2FE9nYnSRfNDoHPXLCh2HCqUdgmhIOBDhTM21IQiy9Hwhk8iSa4Yhd1Q=
fDuXnNQ1A6OCM-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">He=
althcare of Ontario Pension Plan</a>, has been acquired by <a href=3D"https=
://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIr=
f6GFa-2BaqM7ONnvsnswouzXOQbumqO689MNTCB6r8snHNpD1YDKZUufjmIw0RNNGiA-3D-3DYP=
wa_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaM=
VkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTW=
q-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMg=
JgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81=
B2lCXjEpQSDwcQSaWQ-2BU3MEzU1MIebkZPIxj1t3h6klLrvqNGfmD7XJmxMpF7qN-2FS9xwJpy=
qcggMpBcbb1-2B9Mmf5kTks2BGeEheQich9PrAza839K87XymozSH55VngKsebAHcRAfznlLfSe=
aleXe6MR8YhUXjBoostUEE3c-2FS12509PGvEzsnkjZ01JnbCTzN9rfjOmVrfl7rBm8qoAY2eV0=
uF-2FwDE47rajxwysp5O2VZ2j1PCPQq4YsmlsAjUQ2189WoWcwQi2Ci9BcozG0s-3D" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">Barclays</a> in an $800 m=
illion deal.<br><br><b>Pollon Life</b> confidentially filed for a Hong Kong=
 IPO that could raise around $300 million, Bloomberg reported. The stem cel=
l drug manufacturer is backed by <a href=3D"https://url6380.news.pitchbook.=
com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXOQ=
bumqO689MNTCB6r8snHvCQjotxRJmlQorRv3HAN2A-3D-3DFQ0F_Pr966knuaHmaw6c7pKvB-2B=
CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX200=
1LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K=
8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZ=
imMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81En1MV-2FOU0Jrl3TmzcEdIHgWZ=
TM-2FRvpZnHJdRLhyqldmaPh4eFoljafvab5bvvAGyUZE8aSZ-2FYIi86AStsbiip-2FszJkdXd=
VNlm-2B90IHCoiopwl2Z9M5MdyTbKMofMB5lhPfaJYZtMdp4CMEKNkTkUzHoOgA4TIPuonzNKg3=
7iIzDf8dTdkIDeTlPvP8gxTnuFM9PuZaN8s48gsqOySGsKlXZZbNULO3nY02wI7QP78NI97VYbZ=
0-2Fu-2FnJP38EUvvCYa9-2F2YNfFNUiisvLP02owKU-3D" style=3D"color: #1D5080;" t=
est=3D"" universal=3D"true">Alibaba Group</a> and <a href=3D"https://url638=
0.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2Ba=
qM7ONnvsnswouzXOQbumqO689MNTCB6r8snHa-2Bp6wQ-2Bx3e1AJWqHSyZKqw-3D-3D_xG1_Pr=
966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo9=
8vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FL=
GatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJggha=
SBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81L3krL=
nNqE-2BWGT3kDp34WS48XKly8431-2FTx-2B-2Bmif23n1uJEV-2Bo1OWxqMEc47ba2qjQNS-2F=
43RRXg6j06hsNtzXY0L4LKT32HhSpsZpTo5WzYSrp6BBEYOqPCtUXD9Xj8yybQZFDWYSXZhRW4q=
enFP0JonqWST3ThnAHAeH4WZ-2FJ-2B4mjbEB5DGHY73QoreUvFUQJa1qf0FkwqfcR-2BKpggd0=
qlKKNh2UWY65PcZAGAVD-2FyyayfsK-2F8AJTSePaSRhVyFKQb8a4W1BcfmD8LG8NudC4c-3D" =
style=3D"color: #1D5080;" test=3D"" universal=3D"true">Yunfeng Capital</a>.=
<br><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXOQbumqO689MNTCB6r8snHw=
d82MHNRWk0ObQgujClZAw-3D-3Damhc_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2B=
HR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5y=
l1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2Bu=
nsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsu=
sLiTCEjhOJuwIW8wVmbSC3WVI9d81DIpReqQ3RG39nsgXp0k1TCfCpoP8iTto0UpIQ7ljh7SXuJ=
iL6z5I-2BCr8Ts8tEWpojKY46wXPyQhZklFqRilc5cIfeZ2u5Lb0N47lvreLscgR-2Fq-2BHssD=
LNnCf7lgZtNUrMigK3KUhOJHdKQ2QxVFgzzunkvcm71QbjcjMqZV-2BM7EASNQgilz4Q8rs6wy6=
Ni0qnJcVELyxGR-2BcTt5wGFi1tF5Us1ArNEmC1yfNING12c7sdcnWi-2FN4TNXuKt0dTYCqXKw=
MoFm7V5aa3EjMIPBw8w-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"tr=
ue">Aero3</a></b>, a maintenance and repair specialist backed by <a href=3D=
"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzXOQbumqO689MNTCB6r8snH1nyZp4Vn0RwVDTZG8C-2FFvw=
-3D-3DKs-x_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6=
8NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn=
9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ=
34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC=
3WVI9d81LQsS00qT2zIQ5qw-2BBJVZvH-2FYl2UwD2FTw4Rgw3fLiUwVy1xdi2XEfVtRXkORDSU=
VXRYxPauHKx0PIUpf-2Fu6-2BCTGfqE0kmXPRaWhkIBNYKyb1pbgTW9T5bQCoAKA7p2-2BaDm-2=
FEhVZQoHyovQYoKVQJYq5SBZWXyw9bP8JlShlRESZT11iyVLwqxlfIGJJ6TTYEAyyGyWYxdMgjV=
TY6UOfWnfDnb-2BUEaHLFmyU3xRHUOOOKQD731q-2B4SZvCQlJ-2FYCYYzzh56wYZ61p6zdJ3DI=
Bvew-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">GenNx360 Ca=
pital Partners</a>, has been acquired by Nasdaq-listed <a href=3D"https://u=
rl6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GF=
a-2BaqM7ONnvsnswouzXOQbumqO689MNTCB6r8snHyeAOpqMkA-2FBVL-2F15jhopZg-3D-3DEm=
mB_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaM=
VkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTW=
q-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMg=
JgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81=
IYowaaxFjn6PK6Z0lA10o3vqwJ3usysXel85kDuObpWEiKBJXzp6sdFDqpGUMxuVbz1gXmyNgNq=
6GjsNDmqzIUDVs3mmBm0V0TkMNVOBfgzNuHF-2BpWMjWyRhNQMqS-2BQs4YLSG48eI6b01545qr=
-2BgiSPGgC559kl-2BuRUNDN2hbQ9Mi7psNAKV67hp7Wdwee5kaJUjMQSc-2FWIcWke06Bizqp7=
vR6KDZ-2B5101h5izN-2FxI3EvaitrFwhcEuzTeL4cJrm8Q3enzjjP-2FzXNomyamNqu4-3D" s=
tyle=3D"color: #1D5080;" test=3D"" universal=3D"true">VSE</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">German=
 PE firm <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=
=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXOQbumqO689MNTCB6r8snHb=
GhqA4OIgYUBHQrE-2FR4F1A-3D-3DU6ft_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-=
2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD=
5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2=
BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5v=
susLiTCEjhOJuwIW8wVmbSC3WVI9d81Mz2-2FbAzyYIHcdoj2xrjW78b1GDZpxjzk9PUGv9zEFb=
0ha70dXaRG8T6aO3BUuS0YwYqPBYkWxMOdnz7nkQzywkkfU62Co1GerA7d5Qy-2FKpiDpQO8BJp=
dUsjTa1B6kXiHqBl18wfNvo1iEpH-2F7jOuOS7aC9wkmxlq6MYcaZ8gVousDeP5zufHPkXkZxB-=
2Fz8QoG4qVNXUKtUmzvw-2F-2BZdyZYFOEY6QqwCnpzjSBdrbl5JCRV4GaQCsSQcegKqUmj2C1p=
eI0aFT2bE5BxeCs1ipJTs-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"=
true">Armira</a></b> closed its latest fundraising strategy on =E2=82=AC1 b=
illion, including co-investments.<br><br><b><a href=3D"https://url6380.news=
.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONn=
vsnswouzXOQbumqO689MNTCB6r8snHAygUyfPu0sYcAL81slNnwA-3D-3DtkKL_Pr966knuaHma=
w6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3g=
QTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaB=
k79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9B=
f2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmbSC3WVI9d81AFBnUP8KGrb3QYd=
lfBX9s8y5Of3fjJ-2B5IUWXYefWJvuHFRTYn-2F-2Fpc-2FnDLhbPBiH-2Bz1B5i99Lgvu0yngI=
P-2Br-2BsHfAe83Yw6M4hHKcLGlj-2BolkoXQPSl6EbJc9znHMzN-2FccDUJmoCldO-2Fg9iBAe=
pqmZOmd5sosDQXAWo6pK4MrmsFAbPpS8J9vx7x9Am-2Fr28nqTdIHUncFHtcqL5dR5VigLkaFsN=
jF62ONhXqN-2FrMRapkr09nsa8IOdprL1McibZm03sr87G6hvd6dp1NyNBDb9M-3D" style=3D=
"color: #1D5080;" test=3D"" universal=3D"true">Insignia Capital Group</a></=
b> closed its latest PE fund on $500 million.</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;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100=
%;">
                              <tbody>
                              <tr>
                              <td valign=3D"top">
                              <table align=3D"center" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" lang=3D"x-image">
                              <tbody>
                              <tr>
                              <td align=3D"center">
                              <table align=3D"center" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" style=3D"float: none;
 ">
                              <tbody>
                              <tr>
                              <td align=3D"center" style=3D"text-align: cen=
ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXOQbumqO689MNTCB6r8snH1lyXcu2lU=
hSZSghVzGdMhg-3D-3D2gu2_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxE=
zxQ4wwP-2BXNn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2=
BZJ7nSH-2BjfZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjh=
OJuwIW8wVmbSC3WVI9d81C0XGDvhFBnaVifrhzJuHfh4DUzBOL3uXtkS-2Fv-2BTn19tdyzz3ak=
ulx-2FTA9u26DlQwJ3i-2Fdc69R77rIMjTWnZtz-2BMClB19HOGTHrt2EuswGWw9FgWimo7IZw6=
f5HEzG2qjRZog-2FTSt4W7DIdAJPKq3gu0XTr9JJhohZKXD7qo2p6-2BG3gLo4rmGejSAg-2B4N=
ecdHSBM4AZV9nNKASiT3Noj-2BeKoDYwIKf4PhGfqHdcKirRRFCUUDujsy0f5yjTG1rYfjVYdi7=
xdlT-2BynTFA5ap6EII-3D" universal=3D"true"> <img align=3D"center" alt=3D"" =
src=3D"https://img.pitchbook.com/news/71013.png" 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></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>
                              </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>
               </tbody>
              </table></td>=20
             <td class=3D"side-bar" width=3D"140" valign=3D"top" align=3D"r=
ight" style=3D"padding-left: 20px;">
              <table lang=3D"x-sidebar" align=3D"left" cellpadding=3D"0" ce=
llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
               <tbody>
                <tr>
                 <td>
                  <table lang=3D"x-sidebar-block" width=3D"140" cellpadding=
=3D"0" cellspacing=3D"0" border=3D"0">
                   <tbody>
                    <tr>
                     <td align=3D"right">
                      <table class=3D"desktop-only" cellspacing=3D"0" cellp=
adding=3D"0" style=3D"border: 0; width: 100%; min-width: 100%;    =20
">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0;"><a target=3D"_blank" hre=
f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzXOQbumqO689MNTCB6r8snHl5RnIVR6LDG-2FhyAM-2Fhho=
JA-3D-3DpNmO_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY=
A68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BX=
Nn9qJdttTWq-2FLGatkAfWRaBk79EJLcvD3K8L1k79USzB5i-2BY-2BunsSuq9-2BZJ7nSH-2Bj=
fZ34cJJPMgJgghaSBq62jAf9Bf2l39EcqZfZimMh93U-2FenVKYf5vsusLiTCEjhOJuwIW8wVmb=
SC3WVI9d81LO9LTMOoT-2B-2F2MgECY54D30v-2FlgVehOUwxsLg7abPWc1GfvfrfdMt3FJZkb8=
KVTeYVLDVKrr3LwVzMJjJnAasbVDR-2BZp2it9VjH5YikDery-2FfIarNs-2FT0AyUHU2hXWk1p=
kFfbtWMp7JV3yoSO9YVs7Ws5Rol8KjTLkredL3-2BLSMFzBqne28AfIhr9Qm60-2BOqRQCu7gon=
MTNSMm3fjF-2B10rNO44wdBzvgS-2F602hisRNqkhauBGysR4oZvtGkQloOIUsCWknvhlXO3eTo=
Jfd8Ox2Q-3D"><img width=3D"160" src=3D"https://img.pitchbook.com/ads/ad4292=
/ChurchillVBA.png" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; border: =
0px; display: block;"></a></td>
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                         <td style=3D"padding: 0; height: 20px; line-height=
: 20px;">&nbsp;</td>
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                      <table class=3D"desktop-only" cellspacing=3D"0" cellp=
adding=3D"0" style=3D"border: 0; width: 100%; min-width: 100%;    =20
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                        <tr>
                         <td style=3D"padding: 0;"><a target=3D"_blank" hre=
f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzU38foT1LLPdwd-2BUMFG8W9vw8-2FvKAl3uaN9ADOzADQR=
8w-3D-3DnYKa_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY=
A68NVRyhaMVkCo98vIGBwLj3gQTGY-2FX2001LUKY74daKG2eN2dKD5yl1uwxwxEzxQ4wwP-2BX=
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