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font-size: 1px; display: none !important;"> Invest= ors switch European cleantech focus; how AI is rewriting the internet econo= my; ranking venture firms </span></td> </tr> </tbody> </table>=20 <style> @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 800; src: local('Roboto ExtraBold'), url('https://fonts.pitchbook.com/ne= wsletter/Roboto-ExtraBold.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 400; src: local('Roboto Regular'), url('https://fonts.pitchbook.com/news= letter/Roboto-Regular.ttf') format('truetype'); } @font-face { font-family: 'Roboto'; font-style: normal; font-weight: 300; src: local('Roboto Light'), url('https://fonts.pitchbook.com/newsle= tter/Roboto-Light.ttf') format('truetype'); } @font-face { font-family: 'Roboto Serif'; font-style: normal; font-weight: 500; src: local('Roboto Serif Medium'), url('https://fonts.pitchbook.com= /newsletter/RobotoSerif-Medium.ttf') format('truetype'); } td ul { padding-left: 1.8em; } td li { position: relative; margin-bottom: 0.5em; } </style> <table lang=3D"x-main-wrap" width=3D"100%" cellpadding=3D"0" cellspacing= =3D"0" border=3D"0" style=3D"min-width: 100%; background-color: #F0EBDE; fo= nt-family: Roboto, Arial, sans-serif;"> <tbody> <tr> <td align=3D"center"><!--[if (gte mso 9)|(IE)]> <table lang=3D"x-main-container" width=3D620" cellpadding=3D"0"= cellspacing=3D"0" border=3D"0" align=3D"center"> <tr> <td> <![endif]-->=20 <table lang=3D"x-main-container" class=3D"container" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"max-width: 620px;"= > =20 <tbody> <tr> <td class=3D"content" width=3D"100%" style=3D"min-width: 100%; pad= ding-left:5px; padding-right:5px;"> <table lang=3D"x-header" class=3D"container" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> =20 <tbody> <tr> <td> <table lang=3D"x-header-subscription" style=3D"min-width: 100= %; text-align: left;" cellspacing=3D"0" cellpadding=3D"0" align=3D"center" = width=3D"100%"> <tbody> <tr> <td class=3D"header-msg" style=3D"padding-top: 20px; paddi= ng-bottom: 28px; font-family: Roboto, Arial, sans-serif; fon= t-size: 11px; -webkit-text-size-adjust: 70%; text-size-ad= just:70%; -ms-text-size-adjust: 70%; text-align: center;">November 28, 2025= | <a href=3D"https://url6380.news.pitchbook.c= om/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVCEsgz9Q= HP51ivHD2ZTdUxfGEVVoWp7zJcJjFGspGRWA-3D-3DDRJo_Pr966knuaHmaw6c7pKvB-2BCEiDn= j5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3qwiHV6faGblnOQ64G-2BFM2bsTPJx13gKD= Z7BQXGBtw7SZSoP77yfAJ-2Fx5Nuakvg-2B9Tj-2FGHRBgd-2FZUd6Yd7rI4wChDDfVNNxEE-2F= q6JlhY0Kdmt20iQvMczhuxjU7wIpVH6EZvsg27MeP0Wb9hn73jx4DvtsClAPkoMySyZuOcIty1E= GbjvRuLlvHel8RyCNKeE7LXMcfebKL2IVguI5V31zQ5JFQ05aqEQeoI-2BcQb7vz5ZZ0afkLc0P= l5T84ajdLoOLZJjg5JFBsNYiRZzCScr4CK84giNQsnPtc2GpRuEEEJDEm1PNNLm5QFBz30iNTDE= -2BKqP1FIWzOEH43cnFqNvcA4584PeJLHb1Kf8PXhPw6IoHVZO4sDClNMe-2F1vlFl-2BnIW2h5= FKOyQslTxvYyWib2i3cZaTMV3owmecUQMGmxx03qaZNhnjSk-2BUBnH3gcvrLqNUfyEwVnPigo3= Wrxsr-2BaA-2Bu6q6tbcrz5RpRuIKP44-3D" target=3D"_blank" style=3D"text-decora= tion: underline; 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font-family: Roboto Serif, Ge= orgia, serif; font-size: 44px; font-weight: 500"><span>The Daily Pitch</spa= n></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 24px; font-weight: 300; padding-top: 9px;"><span>PE, = VC and M&A</span></td> </tr> <tr> <td style=3D"text-align: center; font-family: Roboto, Arial, s= ans-serif; font-size: 14px; padding-top: 11px;"><span>Your edge on global p= rivate capital markets</span></td> </tr> <tr> <td height=3D"38" style=3D"padding: 0; line-height: 38px;">&nb= sp;</td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-content" cellpadding=3D"0" cellspacing=3D"0" bor= der=3D"0" width=3D"100%" style=3D"min-width: 100%!important; width: 100%!im= portant;"> <tbody> <tr> =20 <td class=3D"content" width=3D"460" valign=3D"top" style=3D"ma= x-width: 460px; padding-left:5px; padding-right:5px;"> <table lang=3D"x-main-content" width=3D"100%" cellpadding=3D"= 0" cellspacing=3D"0" border=3D"0" align=3D"left" style=3D"min-width: 100%;"= > <tbody> <tr> <td style=3D"padding: 0;"> <table class=3D" " cellpadding=3D"0" cells= pacing=3D"0" style=3D"border: 0; 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min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Was= this newsletter forwarded to you? <b><a href=3D"https://url6380.news.pitch= book.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVC= Esgz9QHP51ivHD2ZTdUx-2BrnDbI5hIJ0SNgB-2BcXC8qw-3D-3DpLZd_Pr966knuaHmaw6c7pK= vB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3qwiHV6faGblnOQ64G-2BFM2b= sTPJx13gKDZ7BQXGBtw7SZSoP77yfAJ-2Fx5Nuakvg-2B9Tj-2FGHRBgd-2FZUd6Yd7rI4wChDD= fVNNxEE-2Fq6JlhY0Kdmt20iQvMczhuxjU7wIpVH6EZvsg27MeP0Wb9hn73jx4DvtsClAPkoMyS= yZuOcIty1EGbjvRuLlvHel8RyCNKeE7LXMcfebKL2IVguI5V31zQ5JFQ05aqEQeoI-2BcQb7vwA= mCKrlW8URJAQzZVPNRAegnY6FNDnnFCW3nyMR6SYP4gMb5OomKDmgNKdxnnNXPXPE5KzbpFbQGn= TLQlOK9BS6ZDEFF7zIZUrUag3mQTPGywoP-2FWg1KZ4gV0uL3iQgumJ61ARJO6T4PoUg1iPRTuQ= DekG-2B26D0KmvBg7O4ROjAQ1IKgRo84LJlftnL1QQ46Vs4bRbIzMc9I8zojP4KekHjrHW73GjU= 9ZIq3q5krAeHhhDfnuFlCjp8C7WFPAZci4-3D" style=3D"color: #1D5080;" test=3D"">= Sign up here.</a></b></i></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; 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color: black; font-family: Roboto Serif, Georgia, s= erif; font-weight= : 500; font-size: 20px; line-height: 26px;"> Inside Sunflower's AI-fueled q= uest to become the Duolingo of sobriety </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100= %;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"center"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"float: none; "> <tbody> <tr> <td align=3D"center" style=3D"text-align: cen= ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.= d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVCEsgz9QHP51ivHD2ZTdUxycNb1MSLF= FB7vLkTzU95bQ-3D-3D8Znr_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI= 43kbMcVf8UYA68NVR3qwiHV6faGblnOQ64G-2BFM2bsTPJx13gKDZ7BQXGBtw7SZSoP77yfAJ-2= Fx5Nuakvg-2B9Tj-2FGHRBgd-2FZUd6Yd7rI4wChDDfVNNxEE-2Fq6JlhY0Kdmt20iQvMczhuxj= U7wIpVH6EZvsg27MeP0Wb9hn73jx4DvtsClAPkoMySyZuOcIty1EGbjvRuLlvHel8RyCNKeE7LX= McfebKL2IVguI5V31zQ5JFQ05aqEQeoI-2BcQb7vz-2F6hV05lCQ7zivhQS6c-2BoNSTuJrjgr9= 6mIrRb-2BylIu8ZkeojDiKaftsmDCEWsl0D4dEYHgccgL2DjwEQJnDNJFlSpJhBH6JqbcnEHtMH= MzcGHCR53kZUFaXln2CeGsahgbi3wyBbgdQj9FRAVlMZlg6c-2B6pezC8-2B-2FiWim1EYN-2BN= BmG4QU81-2FZe6AH0FcEP1a2hwjbPVxC-2Ffe9DUA-2FkZ77rKnuYqWf9r6xgjRlQBNxUEQl5kS= SylnfIKIJR5zmNUOM-3D" universal=3D"true"> <img align=3D"center" alt=3D"" sr= c=3D"https://img.pitchbook.com/news/71607.png" style=3D"border: none; max-w= idth: 420px;"> </a></td> </tr> <tr> <td align=3D"right" style=3D"text-align: righ= t; font-size: 10px; line-height: 27px; padding-bottom: 8px; color: #78766F;= font-family: Roboto, Arial, sans-serif; font-weight: 300">(Chloe Ladwig/Pi= tchBook News)</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>By = Jacob Robbins, Technology Reporter</i><br><br> Founder Koby Conrad remembers the moment in = 2024 when he had to sell everything to help one of his startup's first cust= omers.<br><br> Patty=E2=80=94an alcoholic for more than 30 = years and one of Sunflower's first 200 users=E2=80=94was relying on the com= pany's AI sponsor to stay sober. Conrad packed his life into a backpack and= moved to Buenos Aires, where "the cost of living was like nothing," in hop= es he could keep the app's key feature online. (Patty's name has been chang= ed to protect her privacy.)<br><br> Sunflower, a fast-growing addiction-recovery= startup built around an AI-powered cartoon bee named Sam, is testing wheth= er AI can meaningfully support people trying to get sober.<br><br> One year later, Sunflower has grown from 200= users to over 100,000 monthly active subscribers. The company has grown it= s annualised run rate from $0 to $1 million in just 10 months and Conrad sa= id it recently raised over $6 million at a $60 million valuation from inves= tors including Y Combinator and Flybridge.<br><br> Sunflower's AI sponsor provides support to h= elp people stay sober, with additional tools that let users track their sob= riety, connect with others and complete CBT-based reading assignments. Conr= ad, who is himself in recovery, says he initially doubted the concept but n= ow sees it as "the greatest application of consumer AI."<br><br> Sunflower's potential market includes an est= imated 464 million people globally struggling with alcohol and substance-ab= use disorders. But the field is fraught. Virtual therapy startup Cerebral f= aced legal action over its drug-prescription practices and user-data handli= ng. AI platforms, including OpenAI and Character.AI, have been named in law= suits alleging their chatbots exacerbated mental-health crises.<br><br> That landscape is not lost on investors. Jes= se Middleton, a GP at Flybridge who led the firm's investment, said few VCs= understand the need for something like Sunflower.<br><br> "If you have not lived the [12] steps or liv= ed the sobriety journey, it does not make sense," he said.<br><br> Middleton and Conrad are both in recovery an= d do not see Sam as a replacement for a human sponsor, but rather as an acc= essible entry point into a stigmatized market.<br><br> Sunflower's AI is built on Anthropic's Claud= e model and is fine-tuned with physician and psychiatrist oversight; chats = are anonymized and continuously reviewed, according to Conrad. Still, he kn= ows the risks remain significant.<br><br> "I know one day, I will be in court defendin= g my choices."</td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-btn"> <tbody> <tr> <td align=3D"center" style=3D"height: 36px; b= order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzVCEsgz9QHP51ivHD2ZTdUxycNb1MSLFFB7vLkTzU95bQ-3D-3Db= GjC_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3qw= iHV6faGblnOQ64G-2BFM2bsTPJx13gKDZ7BQXGBtw7SZSoP77yfAJ-2Fx5Nuakvg-2B9Tj-2FGH= RBgd-2FZUd6Yd7rI4wChDDfVNNxEE-2Fq6JlhY0Kdmt20iQvMczhuxjU7wIpVH6EZvsg27MeP0W= b9hn73jx4DvtsClAPkoMySyZuOcIty1EGbjvRuLlvHel8RyCNKeE7LXMcfebKL2IVguI5V31zQ5= JFQ05aqEQeoI-2BcQb7vyFvj77tN5SKnc84r2dHrlyS73owv-2FUlwNeSbfNCMvKuX-2Bw9NZuf= qCygET6wezZDo4Wi3m8yoSM0pBj6KANqNCOxpwDADCecqN5EBlYk-2FqtzOXMb5Y-2BuDayA-2F= BwSzyGVHAY6ECYq0LFyzB9OmamNXM9GPxjz6hixpIB6OS6kle8hSad-2BGlR8BAkSO-2FZ13mYI= YYFPEgfnRp-2FYVkGsg43NmWQu5AAQt2Wfyx5FLi4ZYj0AkqWBGf3LW68JztmKCECrnI-3D" st= yle=3D"font-family: Roboto, Arial, sans-serif; font-size: 18px; text-decora= tion: none; color: black; padding-left: 3px" target=3D"_blank" universal=3D= "true">Read the full profile<img height=3D"24" src=3D"https://fonts.pitchbo= ok.com/newsletter/arrow-right.png" style=3D"vertical-align: middle; margin-= left: 8px;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel= ated research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVCEsgz9QHP51iv= HD2ZTdUxYttnfWAPIoE6JTJWr4-2Fk6A-3D-3DfvLG_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw= lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3qwiHV6faGblnOQ64G-2BFM2bsTPJx13gKDZ7BQ= XGBtw7SZSoP77yfAJ-2Fx5Nuakvg-2B9Tj-2FGHRBgd-2FZUd6Yd7rI4wChDDfVNNxEE-2Fq6Jl= hY0Kdmt20iQvMczhuxjU7wIpVH6EZvsg27MeP0Wb9hn73jx4DvtsClAPkoMySyZuOcIty1EGbjv= RuLlvHel8RyCNKeE7LXMcfebKL2IVguI5V31zQ5JFQ05aqEQeoI-2BcQb7vySVWHKOttc3ZgjNi= g-2Bt8na6KxHQdtxcbvEJ4is7XSzorohd-2BJItq-2FbJTgefAGGbCm-2F0he8OwOf6AID7qz8-= 2FDU89ARNZ8csLuvRUsZ5fzHrlYOwNZprSP039i42-2FiyXbD4URibkfomyZ4Bexzq4CtAEm-2F= m9qxLNetQpVknbFNYwfzs4oDdbJZa0gYGk7FUYobLjbwhZ8AChJ4pgt2LM8xx3gK8BLYd9Z1z1Q= zUCYn8Eub8qsmIMAyfTvxGJQ-2FBA6Lc-3D" style=3D"color: #1D5080;" test=3D"" un= iversal=3D"true">Q2 2025 Innovation Spotlight: AI in Mental Health</a></b><= /td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>A message from KEY Investment Partners</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_574968" id=3D"n_574968" 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;"> How fundamentals are shaping t= he future of cannabis investing </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td align=3D"right"> <table align=3D"right" border=3D"0" cellpaddi= ng=3D"0" cellspacing=3D"0" style=3D"float: none; padding-left: 15px; "> <tbody> <tr> <td align=3D"right" style=3D"text-align: righ= t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVCEsgz9QHP51ivHD2ZTdUxSdCyWVPnoHRfqMh= UDC2NTA-3D-3DhYgF_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMc= Vf8UYA68NVR3qwiHV6faGblnOQ64G-2BFM2bsTPJx13gKDZ7BQXGBtw7SZSoP77yfAJ-2Fx5Nua= kvg-2B9Tj-2FGHRBgd-2FZUd6Yd7rI4wChDDfVNNxEE-2Fq6JlhY0Kdmt20iQvMczhuxjU7wIpV= H6EZvsg27MeP0Wb9hn73jx4DvtsClAPkoMySyZuOcIty1EGbjvRuLlvHel8RyCNKeE7LXMcfebK= L2IVguI5V31zQ5JFQ05aqEQeoI-2BcQb7vy5oTTGxML1akyKBTddeBFdze-2F0vqY-2FBn4Vqjq= HDRh-2Fda2Cnou-2B3GDTUUC6EKTe4krPfhFq3Rh-2FwDqPFIHY7uCoJntt-2BWKIMyfyE5mT9j= 78yVF8THbsxRuvqyfvAYKn473N-2FDP-2BxYmRJmAfMzIXgKpv49BZyK99SgGymb27rc-2FP6kL= XiXnn4CFgW71wyw3bysyXT3gZ-2FvHS4GADGKjIIKedCsaVSIjQdVb4nmh2OSQOWO28LMyccvsl= vpo7Vj6vBpw-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchboo= k.com/news/71383.jpg" style=3D"border: none; max-width: 420px;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table>The U.S. cannabis industry is a study= in contrasts. Mature Western markets have navigated a classic down-cycle m= arked by price compression, inventory imbalances, and uneven enforcement, w= hile newer adult-use states continue to deliver strong first-year ramps and= rising per-store productivity. This divergence has accelerated a necessary= reset in operating models. The operators gaining share are tightening pric= ing, simplifying portfolios, and prioritizing cash conversion and return on= invested capital over vanity growth metrics. Meanwhile, federal momentum i= s reshaping the broader THC landscape. The emerging hemp-derived THC ban re= moves a structurally advantaged competitor and signals that Washington is m= oving toward a unified, =E2=80=9Cone-plant=E2=80=9D regulatory framework as= rescheduling advances. KEY=E2=80=99s latest white paper highlights where f= undamentals, governance, and disciplined capital allocation are creating re= al value across the next wave of cannabis investing.<br><br><a href=3D"http= s://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G= Fa-2BaqM7ONnvsnswouzVCEsgz9QHP51ivHD2ZTdUxSdCyWVPnoHRfqMhUDC2NTA-3D-3DYEL9_= Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3qwiHV6= faGblnOQ64G-2BFM2bsTPJx13gKDZ7BQXGBtw7SZSoP77yfAJ-2Fx5Nuakvg-2B9Tj-2FGHRBgd= -2FZUd6Yd7rI4wChDDfVNNxEE-2Fq6JlhY0Kdmt20iQvMczhuxjU7wIpVH6EZvsg27MeP0Wb9hn= 73jx4DvtsClAPkoMySyZuOcIty1EGbjvRuLlvHel8RyCNKeE7LXMcfebKL2IVguI5V31zQ5JFQ0= 5aqEQeoI-2BcQb7vwMsBkfwp3wsgeg9Bu8w6G7PbkTeLpnsiqw8eQONIViGQMO-2F-2FSFaE-2B= Z7lgMdS43ft7Z8QSfDLc5jg5kTAWOarLXpTgXrv6Y4FwBjRPDM-2F-2FZ0Bu1JXNRqg45UQBY4m= ilmz-2F4sFyJHVlvXqNxRcYLHcpjMDKpt1xxiKjiW4kp6-2F9u5Zos4b4AGBxMkRmV5-2B2wtYJ= mLIBo5LyYVhaaVsBwnhXVsmSfG5JX9Li8rXWwFvqsfr8wTh1TdWsYXQCQHmfI5KU-3D" style= =3D"color: #1D5080;" test=3D"">Click to download today</a></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Catch Up Quick</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">=E2=80= =A2 <b>A wave of AI-centric browsers from companies like OpenAI</b> and Per= plexity is rewriting the internet economy. <a href=3D"https://url6380.news.= pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnv= snswouzWaCddtr-2BV1wJ1UyEIEcv2ZtyVFYQ0wNDeF2JCXI9xHqQ-3D-3D6ZpE_Pr966knuaHm= aw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3qwiHV6faGblnOQ64G= -2BFM2bsTPJx13gKDZ7BQXGBtw7SZSoP77yfAJ-2Fx5Nuakvg-2B9Tj-2FGHRBgd-2FZUd6Yd7r= I4wChDDfVNNxEE-2Fq6JlhY0Kdmt20iQvMczhuxjU7wIpVH6EZvsg27MeP0Wb9hn73jx4DvtsCl= APkoMySyZuOcIty1EGbjvRuLlvHel8RyCNKeE7LXMcfebKL2IVguI5V31zQ5JFQ05aqEQeoI-2B= cQb7vxWtYYDB6f9OqutBbjpO2ildNgCb8kPtIugavL94yZHRVDTo-2B54jGEtrnhdGx-2Bj-2FV= VSpsXwx9lLM9hRhkMlHaBRZz5u3n3fYvBCZuaXHuINPp-2BV3pxN9tpY2r2TTkJNvmR6Q8PJGs4= HE8TaPeOUeChlGn92rFKbNKRfO6cA9bD-2FHTsBkoTHEmFjhlZJyWGGdBGyr-2FpZtuWRni2jm0= qyf2O-2FRaD6rmCgF1SNN8uKYb3OpYTyg4xCrqR01amoUyPt-2Bpo-3D" style=3D"color: #= 1D5080;" test=3D"" universal=3D"true"><b>Find out more</b></a><br><br> =E2=80=A2 <b>AI is at the forefront of medte= ch's next growth wave</b>=E2=80=94from smart implants to surgical navigatio= n systems. <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWaCddtr-2BV1wJ1UyEIEcv2= Zy3icsdvr5kLVhHRHEzwAKA-3D-3DyZpG_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-= 2BHR4BiQVI43kbMcVf8UYA68NVR3qwiHV6faGblnOQ64G-2BFM2bsTPJx13gKDZ7BQXGBtw7SZS= oP77yfAJ-2Fx5Nuakvg-2B9Tj-2FGHRBgd-2FZUd6Yd7rI4wChDDfVNNxEE-2Fq6JlhY0Kdmt20= iQvMczhuxjU7wIpVH6EZvsg27MeP0Wb9hn73jx4DvtsClAPkoMySyZuOcIty1EGbjvRuLlvHel8= RyCNKeE7LXMcfebKL2IVguI5V31zQ5JFQ05aqEQeoI-2BcQb7vyJLmu7OGNIKBDHxKR2eFn0Ow2= 5PYEpfh5BjE2q1Y6A6ftQNOqCAEzpdm-2Fl7IqR4ViZbOIIv8klYeYfNA2MH-2B-2B8lA2l-2Fc= X-2BEB53uuK-2B1i3Sx-2BQAXI1p-2BowuCuAYCJG7Blegp-2Fwl0Xoe61fsaCvDyPFB-2Fr5hP= 4mIoEhBPMS6TnY3I1JF8t5iz5qJIoc4wfoRF5MSvzY-2FaEoFmhO1Zu9Pw0O1uaeP9sPzGiUMmb= PoNHkAKyMbVueT4m4qOezJyEhLLlk-3D" style=3D"color: #1D5080;" test=3D"" unive= rsal=3D"true"><b>Read the report</b></a><br><br> =E2=80=A2 <b>The PitchBook-NVCA Venture Moni= tor</b> now includes league tables for the industry's most active investors= . <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n= 73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVCEsgz9QHP51ivHD2ZTdUxtZlaSLaUEEjs= cUnBzuPgfQ-3D-3D8rs0_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43k= bMcVf8UYA68NVR3qwiHV6faGblnOQ64G-2BFM2bsTPJx13gKDZ7BQXGBtw7SZSoP77yfAJ-2Fx5= Nuakvg-2B9Tj-2FGHRBgd-2FZUd6Yd7rI4wChDDfVNNxEE-2Fq6JlhY0Kdmt20iQvMczhuxjU7w= IpVH6EZvsg27MeP0Wb9hn73jx4DvtsClAPkoMySyZuOcIty1EGbjvRuLlvHel8RyCNKeE7LXMcf= ebKL2IVguI5V31zQ5JFQ05aqEQeoI-2BcQb7vyLyGKt95QoSrfUr7i3W1vNgFmqXZcEPx-2FbJJ= Fr2CZ9bJBe8D4EVXy66OxxpwWoGAeXJLQWaBFAQtFQnADABtQsAXoSnfmKQYxNyeqhsymmUY-2B= 0NTiBqc0TmzV0wKbyiK7ZVGX4pxHpAUsFgS0y1OxdZYydvPjzdet5E9wF803KWbD2sGdUfiplav= MfnACVj2dGpoiagffkSlrT8J2JXpw-2ByIRLoMiqfjs7Ho33lDPwK1XE9Wi4O9xqtVZ4xr9MODQ= -3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>See the rank= ings</b></a></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_575104" id=3D"n_575104" 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;"> Cleantech remains a European V= C mainstay=E2=80=94but priorities are changing </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>By = Leah Hodgson, Senior VC Reporter</i><br><br> Even as funding pulls back in cleantech inve= stment, the sector remains the third most active in Europe for VC deal coun= t this year as the focus shifts from EVs to infrastructure and energy secur= ity.<br><br> According to PitchBook data, =E2=82=AC7.6 bi= llion (about $8.8 billion) has been invested in the continent=E2=80=99s cle= antech startups, putting it on track to fall more than 25% below last year= =E2=80=99s annual figure. It has dropped to sixth place for verticals by VC= deal value, but the vertical has remained steady in its position for deal = count.<br><br> Deal count has, so far this year, reached 95= 5, surpassing other verticals including fintech, healthtech and life scienc= es.</td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-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-2BaqM7ONnvsnswouzWaCddtr-2BV1wJ1UyEIEcv2ZO262Ux6= USoouLRGSId-2FU9A-3D-3DF2Wd_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVR3qwiHV6faGblnOQ64G-2BFM2bsTPJx13gKDZ7BQXGBtw7SZSoP77yf= AJ-2Fx5Nuakvg-2B9Tj-2FGHRBgd-2FZUd6Yd7rI4wChDDfVNNxEE-2Fq6JlhY0Kdmt20iQvMcz= huxjU7wIpVH6EZvsg27MeP0Wb9hn73jx4DvtsClAPkoMySyZuOcIty1EGbjvRuLlvHel8RyCNKe= E7LXMcfebKL2IVguI5V31zQ5JFQ05aqEQeoI-2BcQb7vz-2BUWG0pwZgXi47-2BDHIcwj-2BqcQ= YzMGUS9xpSYa2rgyqPyBBLoz8fl262ma3G37g36uabP1BLtRQlPKr3TDQl-2FEgP7BC-2FHtoum= Bt-2BdBta5fgmYOHSQya1BkTvqr06xTxCnkR5mmtoQmrp9-2B3E3mig4HSRk-2BjwJcc-2FKKDR= atw6ToVgtmBN8EJB-2BBWfRbUnrw-2FuMYJQI01JnT38R8oG-2F6srYyETbZIiOTGBHXSM-2BQ4= HmrW5NeWWZm1OAL-2BRrihZrtCCY8-3D" universal=3D"true"> <img align=3D"center"= alt=3D"" src=3D"https://img.pitchbook.com/news/71621.png" style=3D"border:= none; max-width: 420px;"> </a></td> </tr> <tr> <td style=3D"height: 20px; line-height: 20px"= > </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">VC cle= antech investment was hit hard by the 2022 downturn due to its nature, whic= h tends to involve long development cycles, high capital requirements, and = slower paths to commercialization compared to traditional VC sectors, such = as software.<br><br> The collapse of Swedish battery maker Northv= olt last year, along with political shifts toward defense and reduced gover= nment spending on clean energy projects, has reinforced investor caution an= d reduced support for startups.<br><br> Appetite for cleantech has, however, improve= d slightly; although funding levels remain below historical norms, Q3 exper= ienced an uptick in both deal value and count compared to the previous quar= ter.<br><br> Cleantech investors have shifted their focus= over the past few years. At the peak of cleantech investment, most capital= went to batteries and EVs=E2=80=94this has since dropped off.<br><br> Investors are now prioritizing startups that= aim to reduce energy bills, a growing need amid a cost-of-living crisis, s= uch as energy subscription service providers Elvy Energy and Sunsave, which= raised =E2=82=AC154 million and =E2=82=AC153 million, respectively, this y= ear.<br><br> Nuclear fusion is also attracting more inves= tment due to technological advances. Germany=E2=80=99s Proxima Fusion raise= d a =E2=82=AC130 million Series A in June, while Munich-based peer Marvel F= usion secured a =E2=82=AC113 million Series B in April.<br><br> Cleantech startups are also capitalizing on = the surge in defense spending by focusing on energy security. Earlier this = week, Estonia=E2=80=99s PowerUp raised a =E2=82=AC10 million Series A to ex= pand its hydrogen-powered electric generators for the defense sector.</td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: = 100%;"> <tbody> <tr> <td valign=3D"top"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-btn"> <tbody> <tr> <td align=3D"center" style=3D"height: 36px; b= order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http= s://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWI= rf6GFa-2BaqM7ONnvsnswouzWaCddtr-2BV1wJ1UyEIEcv2ZO262Ux6USoouLRGSId-2FU9A-3D= -3DGCzA_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV= R3qwiHV6faGblnOQ64G-2BFM2bsTPJx13gKDZ7BQXGBtw7SZSoP77yfAJ-2Fx5Nuakvg-2B9Tj-= 2FGHRBgd-2FZUd6Yd7rI4wChDDfVNNxEE-2Fq6JlhY0Kdmt20iQvMczhuxjU7wIpVH6EZvsg27M= eP0Wb9hn73jx4DvtsClAPkoMySyZuOcIty1EGbjvRuLlvHel8RyCNKeE7LXMcfebKL2IVguI5V3= 1zQ5JFQ05aqEQeoI-2BcQb7vw1lmeePI45Zsn8nzJaBFhL9arJM1oWmytz6d8NgHCeWDfDrptYc= Jvqu7iTi4FO6MIfcUh5BtOCpBUNRsAa2s4PtNbE28i5njsyshqg5Yw0wXrdpRCtHht7pwtAwidD= HQGV5ruwmgw7s9q-2FHfb1KGuW1p3yufKhdvflh80VHo6BQ5WHRdBByB9hOX8-2BQonQ7AUyNhu= 1gRER1EJ4n1KXtl6IOPw7FWCOV-2FPmhlujNOKziwmLh6BUSCpyjImQKQXlx0U-3D" style=3D= "font-family: Roboto, Arial, sans-serif; font-size: 18px; text-decoration: = none; color: black; padding-left: 3px" target=3D"_blank" universal=3D"true"= >Share this article<img height=3D"24" src=3D"https://fonts.pitchbook.com/ne= wsletter/arrow-right.png" style=3D"vertical-align: middle; margin-left: 8px= ;" width=3D"24"> </a></td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;= "> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> <tr> <td colspan=3D"2" style=3D"padding: 0 20px;"> <table class=3D" " lang=3D"x-news-= group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid= th: 100%; min-width: 100%; =20 "> <tbody> <tr> <td style=3D"padding-bottom: 25px;"> <table class=3D"" cellpadding=3D"0" cellspaci= ng=3D"0" style=3D"width: 100%; min-width: 100%; = border-bottom: 1px= solid #C3C3C3; = "> <tbody> <tr> <td style=3D"padding: 1px 0 0 0; line-height:= 0;"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Rel= ated research:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/= click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWaCddtr-2BV1wJ= 1UyEIEcv2ZmPajRUPa-2Fp8nHFbpx-2F6-2Bag-3D-3DQPL2_Pr966knuaHmaw6c7pKvB-2BCEi= Dnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3qwiHV6faGblnOQ64G-2BFM2bsTPJx13g= KDZ7BQXGBtw7SZSoP77yfAJ-2Fx5Nuakvg-2B9Tj-2FGHRBgd-2FZUd6Yd7rI4wChDDfVNNxEE-= 2Fq6JlhY0Kdmt20iQvMczhuxjU7wIpVH6EZvsg27MeP0Wb9hn73jx4DvtsClAPkoMySyZuOcIty= 1EGbjvRuLlvHel8RyCNKeE7LXMcfebKL2IVguI5V31zQ5JFQ05aqEQeoI-2BcQb7vxWgkA-2BU3= Ct5qCJksS8qhurpMNGYF6ZqZzzNthzzoJ1Rgrw3gEBejvYXES5QHMW4fEhybwbEOsOK9MVMCpzF= emRYpohIcMMF1Wsc9fSFFr9BrCIH9PSRyWS5XyXV8N93V32nyH5wJijs7rl5eoST3X-2BbOjVcn= Kj7KZswSgVItn83jhxqZW9mkvnGT4yHJVn38QDrGxLRV8HsUN2AeNkP3FIFiLMX6Lm2MN73X9kv= QHomU5nhYmIM4-2B7sBY77fyMv1E-3D" style=3D"color: #1D5080;" test=3D"" univer= sal=3D"true">Q3 2025 European VC Valuations Report</a></b></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Side Letters</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Sma= rt reads that caught our eye.</i><br><br> =E2=80=A2 <b>Motorola stayed relevant not th= rough pink flip phones but through public safety.</b> The answer to how the= brand managed to survive through the pressure of the iPhone lies in police= officers, emergency responders and defense operations. [<a href=3D"https:/= /url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzWaCddtr-2BV1wJ1UyEIEcv2ZchpXh4mMA54zByr3fSxqtg-3D-3DPqWW_P= r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3qwiHV6f= aGblnOQ64G-2BFM2bsTPJx13gKDZ7BQXGBtw7SZSoP77yfAJ-2Fx5Nuakvg-2B9Tj-2FGHRBgd-= 2FZUd6Yd7rI4wChDDfVNNxEE-2Fq6JlhY0Kdmt20iQvMczhuxjU7wIpVH6EZvsg27MeP0Wb9hn7= 3jx4DvtsClAPkoMySyZuOcIty1EGbjvRuLlvHel8RyCNKeE7LXMcfebKL2IVguI5V31zQ5JFQ05= aqEQeoI-2BcQb7vzbqwQvLKx4eS4hTYx8ksCucMwKA-2FuhSqPfguM3o41O-2Fj-2BFTNX5hcVj= -2FqtHoWfH3AFEORgxuItvDOK-2FsVXORgSbR8qajKpRjfmElTCMPv9-2FPSor2SZvWeVe61U-2= FS93zQFiuF82524q63lSb6wa8h75Q1m3T4kzRGCG6AKhMvHNifejvLd2xVzbmPmlFvWchLuxfU8= TeeM1fYPZRDevbDlPuXgdYjCaESeWEJ42Dqu3CdrudpK1AvZ2iFaAG4qBdTr4-3D" style=3D"= color: #1D5080;" test=3D"">Bloomberg</a>]<br><br> =E2=80=A2 <b>People working at the Macy's Th= anksgiving Day Parade deflated the massive balloons in just 15 minutes.</b>= How the behind-the-scenes magic makes the floats disappear. [<a href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzWaCddtr-2BV1wJ1UyEIEcv2Zg4qClIoI2nS58y-2FCRj6RNw-3D-3= D4LG__Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3= qwiHV6faGblnOQ64G-2BFM2bsTPJx13gKDZ7BQXGBtw7SZSoP77yfAJ-2Fx5Nuakvg-2B9Tj-2F= GHRBgd-2FZUd6Yd7rI4wChDDfVNNxEE-2Fq6JlhY0Kdmt20iQvMczhuxjU7wIpVH6EZvsg27MeP= 0Wb9hn73jx4DvtsClAPkoMySyZuOcIty1EGbjvRuLlvHel8RyCNKeE7LXMcfebKL2IVguI5V31z= Q5JFQ05aqEQeoI-2BcQb7vwgjP-2FkZTQvOIiYViQ06Fz2BlAqeNBllDJsKgITyEmy-2F9A5iXR= wwEhm9M2I0agzwSk7-2BB4grQ-2FHCupkRfU-2FBo9AM6p6-2BgRmFYCqqyCDg0TL17rkfAe-2B= 6A1OpMLGTepHDBqGC9HxDIaVBCHapzblrg5yhlpVUMyk8PTtVJgJ1V-2B-2F9XOr-2F0DPQhNHK= JGyRSySw2rABuq5W70hkAO2QUOZPx7ZLEUnceDLDPdFfyLvtKLhmn3qqaf4vyMM7L0L6bkHEow-= 3D" style=3D"color: #1D5080;" test=3D"">The Wall Street Journal</a>]</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table class=3D" " cellpadding=3D"0" cells= pacing=3D"0" style=3D"border: 0; width: 100%; min-width: 100%; =20 "> <tbody> <tr> <td lang=3D"x-advertisement" style=3D"padding-bottom: = 20px; text-align: center;" align=3D"center"><a target=3D"_blank" href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzWaCddtr-2BV1wJ1UyEIEcv2ZZ2sn2eC-2BbeVxqjJxQE6u5g-3D-3= DPcvD_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3= qwiHV6faGblnOQ64G-2BFM2bsTPJx13gKDZ7BQXGBtw7SZSoP77yfAJ-2Fx5Nuakvg-2B9Tj-2F= GHRBgd-2FZUd6Yd7rI4wChDDfVNNxEE-2Fq6JlhY0Kdmt20iQvMczhuxjU7wIpVH6EZvsg27MeP= 0Wb9hn73jx4DvtsClAPkoMySyZuOcIty1EGbjvRuLlvHel8RyCNKeE7LXMcfebKL2IVguI5V31z= Q5JFQ05aqEQeoI-2BcQb7vwjFO1JePTI5SmHnWV8Qxt-2FMj5smJUTBKaWzUWvfLeRSRtQmxGon= 99-2FzB8GJaxTHngvie80MEs6No0CXmyw19qI-2Ft0eHgPjhN0MN5WTKYTpWZSHbkctEfzqUjdB= 58eDieQWZubufYPxO9IjgbJH5c15tiKMcBDupFhVtB35POjHASeCmOKdhJdvbnspFB3zb-2BeZw= VjL-2BO-2BJwbcshf5qinJQCupuWMcN7R9IxZYxrIHge6kYh30CNxG2wdzHMBYfbzQ-3D"><img= width=3D"460" src=3D"https://img.pitchbook.com/ads/ad4363/460x120_pitchboo= k-banner-ad_nov25.jpg" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; bord= er: 0px; display: block;"></a></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-counts" cellpadding=3D"0" cellspacing=3D= "0" border=3D"0" width=3D"100%" style=3D"background-color: #051C38; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"width: 20px; min-width: 20px;"></td> <td style=3D"padding: 10px 0 5px; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-counts-title" cellpadding=3D"0" cell= spacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td align=3D"center" style=3D"font-family: Roboto,= Arial, sans-serif; font-weight: 700; font-size: 14px; line-height: 27px;= color: white; padding: 26px 57.2px 37.3px 57.2px; white-space: nowrap;">Si= nce yesterday, the PitchBook Platform added:</td> </tr> <tr> <td> <table lang=3D"x-counts-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%; t= able-layout: fixed;"> <tbody> <tr> <td style=3D"display: inline-block; width: 24%= ; min-width: 24%; text-align: center; flo= at: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 504 </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;"> 1983 </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;"> 877 </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;"> 22 </div> <div class=3D"count-type" style=3D"float: non= e; font-family: Roboto, Arial, sans-serif; color: white; font= -size: 12px; line-height: 24px; padding: 2px 8px 0= 8px; -webkit-text-size-adjust: 100%;"> Funds </div></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-counts-btn" cellpadding=3D"0" ce= llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"height: 25px; line-height: 25px;"= ></td> </tr> <tr> <td align=3D"center" style=3D"padding: 0 133px= 13.3px 133px;"><!--[if mso]> <v:roundrect xmlns:v=3D"urn= :schemas-microsoft-com:vml" xmlns:w=3D"urn= :schemas-microsoft-com:office:word" href=3D"https://pitchbook.com/free-tria= l" style=3D"heigh= t:43px;v-text-anchor:middle;width:148px;" arcsize=3D"50%= " strokecolor=3D= "#F79B3E" fillcolor=3D"#= F79B3E"> <w:anchorlock/> <center style=3D"color:= #000000; font-fami= ly:Roboto, Arial, sans-serif; font-size= :12px;"> Request a free tria= l </center> </v:roundrect> <![endif]--> <a href=3D"ht= tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf= 6GFa-2BaqM7ONnvsnswouzWaCddtr-2BV1wJ1UyEIEcv2Z7VTn1ygYvSdd7JS8RoB7ug-3D-3DO= AMT_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3qw= iHV6faGblnOQ64G-2BFM2bsTPJx13gKDZ7BQXGBtw7SZSoP77yfAJ-2Fx5Nuakvg-2B9Tj-2FGH= RBgd-2FZUd6Yd7rI4wChDDfVNNxEE-2Fq6JlhY0Kdmt20iQvMczhuxjU7wIpVH6EZvsg27MeP0W= b9hn73jx4DvtsClAPkoMySyZuOcIty1EGbjvRuLlvHel8RyCNKeE7LXMcfebKL2IVguI5V31zQ5= JFQ05aqEQeoI-2BcQb7vy9Y2LP9CJw0zCKX9FeSK-2Ft8ttBgG-2FPCv3MDa7cHkWK3N4HHjAyH= L7hYmlcMR-2BtFGCfkI66l2I-2FUxcNa95VMMl66FQ-2FJ7wfCGAulIp4Z76eVqOZRno7V42J-2= BCW1wdxCHhSv-2BiofIAgCEb1JugfWzsuDPU27o1QmD2qBuPLrqoPBpQgmVPIWJYSjrPSsqX91P= LiPwfm2pauGtlZo5jfHwTWHXaYJOTA58yfAskaqo5tVjVGms8Zy-2FclNyMSaMFg5mdc-3D" ta= rget=3D"_blank" style=3D"display: block; font-family: Robo= to, Arial, sans-serif; font-size: 12px; color: #000000; text-decoration: = none; line-height: 24px= ; text-align: cente= r; padding: 9.5px 21= .5px; border-radius: 99= 9px; background-color:= #F79B3E;"> Request a free trial </a> </td> </tr> <tr> <td style=3D"height: 25px; line-height: 25px;"= ></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> <td style=3D"width: 20px; min-width: 20px;"></td> </tr> </tbody> </table></td> </tr> <tr> <td height=3D"20" style=3D"line-height: 20px;"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 20px 14px 20px;"> <a na= me=3D"n_575087" id=3D"n_575087" 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 Real Assets Funds </span></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table cellpadding=3D"0" cellspacing=3D"0" lang= =3D"x-benchmark" style=3D"font-size: 16px; color: #78766F; padding-bottom: = 10px; min-width: 100%;" width=3D"100%"> <tbody> <tr> <td style=3D"font-size: 16px; font-weight: 700= ; font-family: Roboto, Arial, sans-serif; color: #000000; padding-bottom: 1= 0px;">Median IRR</td> </tr> <tr> <td style=3D"padding: 0 0 20px 0;"> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-irr-chart-line" style=3D"width: 66.18754277891856%; mi= n-width: 66.18754277891856%; max-width: 66.18754277891856%; 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">9.67%</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">14.61%</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;"> 0.19x </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= swouzWaCddtr-2BV1wJ1UyEIEcv2Zbhh0-2FeW3USHJvppmDTWdHw-3D-3DPiiY_Pr966knuaHm= aw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3qwiHV6faGblnOQ64G= -2BFM2bsTPJx13gKDZ7BQXGBtw7SZSoP77yfAJ-2Fx5Nuakvg-2B9Tj-2FGHRBgd-2FZUd6Yd7r= I4wChDDfVNNxEE-2Fq6JlhY0Kdmt20iQvMczhuxjU7wIpVH6EZvsg27MeP0Wb9hn73jx4DvtsCl= APkoMySyZuOcIty1EGbjvRuLlvHel8RyCNKeE7LXMcfebKL2IVguI5V31zQ5JFQ05aqEQeoI-2B= cQb7vwoCckO4PB1kZ-2BeKOiwLwbJQ0tuirLA6GnMkJYf76HjXyNXgRNlckFnlzwvmZ62i8swu7= 2Z7o2wtLyfruBsC84s4-2B9A-2BcSjLAfeYEp25ZAdXAf6VO7bHYQWssgdrvC-2BZelUPI-2FCT= lm5eLVMtgFAgKn3girnsfaMwZXE1T6kO6O4Te5u-2BmxJOxcdhLV5fwYReQps-2FGd8eUQ88P6e= lvOU-2FfjLOR-2FvgVNkpxWZeUscOx9rr9HpPDyfj6bs6E1e1www9GM-3D" style=3D"font-s= ize: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Five Poin= t Energy Fund III </a></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style= =3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w= idth=3D"100%"> <tbody> <tr> <td height=3D"22" style=3D"padding: 15px 10px= 0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi= tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn= swouzWaCddtr-2BV1wJ1UyEIEcv2ZM2C-2Bv1X-2FVYuqIONaijyZnw-3D-3DxaRH_Pr966knua= Hmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3qwiHV6faGblnOQ6= 4G-2BFM2bsTPJx13gKDZ7BQXGBtw7SZSoP77yfAJ-2Fx5Nuakvg-2B9Tj-2FGHRBgd-2FZUd6Yd= 7rI4wChDDfVNNxEE-2Fq6JlhY0Kdmt20iQvMczhuxjU7wIpVH6EZvsg27MeP0Wb9hn73jx4Dvts= ClAPkoMySyZuOcIty1EGbjvRuLlvHel8RyCNKeE7LXMcfebKL2IVguI5V31zQ5JFQ05aqEQeoI-= 2BcQb7vzrFDnhR-2FpNvFVTSijZku-2FCjaDBxg3D1lzgREFCmDrp9z8-2BEw9qxRbTdXRKbS-2= FgKKp85aLPCt1TWW2C8c3ghRSB1d8LeyqHWUZ9meL-2FU-2FGUoYf98GU8p9HSU719N-2FDGQOo= gearvJpJyYuFl3b-2FNDlosSfTidaeVoEQYLHl0hhEZ1R-2BkDY4-2FwXUroQtY-2BxQqatkzbK= BEL6hzspA4BL40tOzMukdR0wWkWe6xlhTyeSj6A-2Bp8Fhe1KTenCR2RBAmENFg-3D" style= =3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"true"= >North Hudson SRR </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= swouzWtSmMlyKCUX9jHWRD2KTyy41dZif4w9FosbsTg92urXA-3D-3DPWy1_Pr966knuaHmaw6c= 7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3qwiHV6faGblnOQ64G-2BF= M2bsTPJx13gKDZ7BQXGBtw7SZSoP77yfAJ-2Fx5Nuakvg-2B9Tj-2FGHRBgd-2FZUd6Yd7rI4wC= hDDfVNNxEE-2Fq6JlhY0Kdmt20iQvMczhuxjU7wIpVH6EZvsg27MeP0Wb9hn73jx4DvtsClAPko= MySyZuOcIty1EGbjvRuLlvHel8RyCNKeE7LXMcfebKL2IVguI5V31zQ5JFQ05aqEQeoI-2BcQb7= vy-2BpWhcUUevT2Cmk117JHSvVfTZLxylDJlKidZBaPXmipyYi5ArRGmirsxS0SqKSDP9wuk8tE= Ei47QJzirJyshr9znX6PD0LzQPjRfGJPT9X-2FA-2FyfiG0zQj52EPymO-2BzdQjgawM0hWpESE= ovJ1J7qXTEPhbqRLFk0InsKcZ9Z0Po-2BqfxvBKjaWoyLk2JN55FQUthK4d1vJ2-2BZLLo09Kgu= E8IByqMcw4TIiP7J0bC0xCU2m8k1B-2Bu3meaA0dlAV4JD8-3D" style=3D"font-size: 14p= x; line-height: 24px; color: #1D5080;" universal=3D"true">Arroyo Energy Inv= estors Fund III </a></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"font-size: 14px; color: #78766F; = padding: 25px 0 5px 5px; font-family: Roboto, Arial, sans-serif;">*IRR: net of fees</td> </tr> <tr> <td style=3D"color: #1D5080; padding: 25px 0 2= 0px 0;"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0= 01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWtSmMlyKCUX9jHWRD2KTyyJ9IPOL= oCJrp5oHYwSS6cJA-3D-3Dn7cp_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4Bi= QVI43kbMcVf8UYA68NVR3qwiHV6faGblnOQ64G-2BFM2bsTPJx13gKDZ7BQXGBtw7SZSoP77yfA= J-2Fx5Nuakvg-2B9Tj-2FGHRBgd-2FZUd6Yd7rI4wChDDfVNNxEE-2Fq6JlhY0Kdmt20iQvMczh= uxjU7wIpVH6EZvsg27MeP0Wb9hn73jx4DvtsClAPkoMySyZuOcIty1EGbjvRuLlvHel8RyCNKeE= 7LXMcfebKL2IVguI5V31zQ5JFQ05aqEQeoI-2BcQb7vzFNdKZ3lj0VvpYeSP-2BQ-2FknJPLQWB= uhCcrdzFzBBNmJiKeM6czqklAmwedX6a8CDXBaX2VOwJahwEm3fJp8XZvoogmXyzXOIZT8iaRJy= eOnagWXqWpr-2BT7IBu530wjT6ppu1w3-2Bzah3gEpQco-2FnZs1DLPh-2FbFoHq6JO9weU0jDa= BdqQ3OAwIPHS1tZyAsGv5T7NtYEEaSXQh11amEHgFJ0DSG-2B6n2yA1AyKGVwL1N5Y-2FFTWSeK= -2BW4-2B8EkZ5MTC1AhQ-3D" style=3D"font-family: Roboto, Arial, sans-serif; c= olor: #1D5080; font-size: 14px; font-weight: 700; line-height: 24px;" unive= rsal=3D"true">49 Funds in Benchmark =C2=BB </a></td> </tr> </tbody> </table> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Check = out the latest version of <b><a href=3D"https://url6380.news.pitchbook.com/= uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWtSmMly= KCUX9jHWRD2KTyywzoIQhDA6Wr9UW3msbhesA-3D-3DUp-Y_Pr966knuaHmaw6c7pKvB-2BCEiD= nj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3qwiHV6faGblnOQ64G-2BFM2bsTPJx13gK= DZ7BQXGBtw7SZSoP77yfAJ-2Fx5Nuakvg-2B9Tj-2FGHRBgd-2FZUd6Yd7rI4wChDDfVNNxEE-2= Fq6JlhY0Kdmt20iQvMczhuxjU7wIpVH6EZvsg27MeP0Wb9hn73jx4DvtsClAPkoMySyZuOcIty1= EGbjvRuLlvHel8RyCNKeE7LXMcfebKL2IVguI5V31zQ5JFQ05aqEQeoI-2BcQb7vza6hVmZglUG= UTMFJw-2Fq-2BaGLCkK9dLrFS-2Bv06xa4zydcRJvl0wGxFksZLyE3hRsdXxlUuWaqrRoFe-2B8= 5oL662JabjhloKwjjnNgLFA0StAsMucP-2BFNBNUhnCW7r7563NbNThM5-2BPVSwBJKvIkSJgw5= Wbig2lDOEWWOwy-2FiAUvg11ughckr0Z44PgW-2F1XVPzsbyo-2BbGMq0imhmlh4c9mq3ph1u-2= FVgNMO5FjULOe13vw7Mv68MXo5dAZ1HEnj0O6b7ss-3D" style=3D"color: #1D5080;" tes= t=3D"" universal=3D"true">PitchBook Benchmarks</a></b><br> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>VC Deals</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><a = href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX= 4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWtSmMlyKCUX9jHWRD2KTyyNrRhsZdPRAbi1HmKE= HtPkg-3D-3D5huD_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf= 8UYA68NVR3qwiHV6faGblnOQ64G-2BFM2bsTPJx13gKDZ7BQXGBtw7SZSoP77yfAJ-2Fx5Nuakv= g-2B9Tj-2FGHRBgd-2FZUd6Yd7rI4wChDDfVNNxEE-2Fq6JlhY0Kdmt20iQvMczhuxjU7wIpVH6= EZvsg27MeP0Wb9hn73jx4DvtsClAPkoMySyZuOcIty1EGbjvRuLlvHel8RyCNKeE7LXMcfebKL2= IVguI5V31zQ5JFQ05aqEQeoI-2BcQb7vwaCLUfzQTtmlssMYXVLr52p6PPuyWrtF4m-2B0BV5lD= nKpl9NX7s7uIHK3hJDRTzzuDZF17NH9YR30fJTAFf3OBd-2BOLfwdQpUSP-2FOacdtvKtMcLiya= Rk14OSoMs3kxMMwM3FRH0dmMgxzLYzyYLmEkjV9J87hKvgz-2B4C9XCWMeIOxwp-2FHKXyXhzeS= N-2BB31dnctuboTi1hgZQC68kx6q24s-2BPOsGGBLMlOWfAkROqkuGoH8iyUG5MKY1KrP9Pfv8n= U94-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">BHub</a></b>= , a S=C3=A3o Paulo-based provider of AI-powered accounting services, raised= $10 million. The round is an extension of a previous investment led by the= <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n7= 3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWtSmMlyKCUX9jHWRD2KTyyJQaYJcQc3QdCO= WbtDh9WBw-3D-3DLpaU_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kb= McVf8UYA68NVR3qwiHV6faGblnOQ64G-2BFM2bsTPJx13gKDZ7BQXGBtw7SZSoP77yfAJ-2Fx5N= uakvg-2B9Tj-2FGHRBgd-2FZUd6Yd7rI4wChDDfVNNxEE-2Fq6JlhY0Kdmt20iQvMczhuxjU7wI= pVH6EZvsg27MeP0Wb9hn73jx4DvtsClAPkoMySyZuOcIty1EGbjvRuLlvHel8RyCNKeE7LXMcfe= bKL2IVguI5V31zQ5JFQ05aqEQeoI-2BcQb7vzyocb714jsXo9TNACKiiXRzZh3gkE-2FESLKBNA= Tq-2BOntftUZVwsgGcZAjC-2BveEcbutCnfKfHd28CAC-2FnI99-2FWZkWY69Ac5S3jM3fUrYoa= Smrr0lja4Z1KMVXuducJj80AugmLdnprqNTUzlYafFmKiguLTS6P2SfBwMltjDtpR-2Fdv6Z7Ac= jin8M-2BuN7t8zZdI3mPnSbQfcwbm9VKVz7KE-2BJ688Vh-2FvTjDNMEzkAdGBL78a5fVsJQq0x= ZBsiKdMxfRE-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">IFC<= /a>, bringing the total raised to over $55 million.<br><br><b><a href=3D"ht= tps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpS= WIrf6GFa-2BaqM7ONnvsnswouzWtSmMlyKCUX9jHWRD2KTyyvsVaZ-2FE80Oy4IBTIaZED8A-3D= -3DAoU__Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV= R3qwiHV6faGblnOQ64G-2BFM2bsTPJx13gKDZ7BQXGBtw7SZSoP77yfAJ-2Fx5Nuakvg-2B9Tj-= 2FGHRBgd-2FZUd6Yd7rI4wChDDfVNNxEE-2Fq6JlhY0Kdmt20iQvMczhuxjU7wIpVH6EZvsg27M= eP0Wb9hn73jx4DvtsClAPkoMySyZuOcIty1EGbjvRuLlvHel8RyCNKeE7LXMcfebKL2IVguI5V3= 1zQ5JFQ05aqEQeoI-2BcQb7vynqEZbdzdt-2FiE6lhcL6khYCoch5hLlw5erDF16KgxtVvMfXNO= 25Rvad1rVofdFPV-2FlG6-2BFppnbb0KD-2FX-2FscRl-2B5pui0ASloHhrt7mC4T31gkizAjYu= shq2izTxx3iGfAeL7-2BW8GTl2HR5D68eUXKD18diUhnyNM69eXsNLIZroVCTkuqxnPjHFdVHWh= IG0ILqDn30f2uFOzyC3PqoTgaAgY3p26wEjxJwkaqaeuoLj-2F2g-2FCx7qjHJg1873N5RFMyU-= 3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Gosta Labs</a></= b>, a Helsinki-based healthtech company offering an AI assistant for oncolo= gy professionals, raised =E2=82=AC7.5 million in a seed round led by <a hre= f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu= ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWtSmMlyKCUX9jHWRD2KTyywtL1H6KNFrgl4jxZCP1h= iw-3D-3DHDV1_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY= A68NVR3qwiHV6faGblnOQ64G-2BFM2bsTPJx13gKDZ7BQXGBtw7SZSoP77yfAJ-2Fx5Nuakvg-2= B9Tj-2FGHRBgd-2FZUd6Yd7rI4wChDDfVNNxEE-2Fq6JlhY0Kdmt20iQvMczhuxjU7wIpVH6EZv= sg27MeP0Wb9hn73jx4DvtsClAPkoMySyZuOcIty1EGbjvRuLlvHel8RyCNKeE7LXMcfebKL2IVg= uI5V31zQ5JFQ05aqEQeoI-2BcQb7vwJhlOJLr9lAykiav9RnvMyd8d2yD2hj3pxo5u2Vrt0dPHg= LpLY4Yvd-2BiLOzu-2FCpUXKnrzxO-2FZqfqQzgE1x7CvviyT7-2FgpFbMtmFd703InhitUO-2F= 4M0Rh1Dq-2Fg5AfxTybNW94kyKpCjFKFlP1CmluPSGQmby1krhNza6zErasiHQiqEOEVQD71GTT= 7qeaLQ-2BSuRAyOqQ0fDFd9ablL-2BRVAZWHxTN7VGBdpjM8Pt2KlQs5r8N4Cn7FyFUO8TJxZW-= 2BKA-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Voima Ventu= res</a>.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>PE Deals</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><a hre= f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu= ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWtSmMlyKCUX9jHWRD2KTyyZpqModLqK1VzpMmaW6Yz= tw-3D-3DIgpB_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY= A68NVR3qwiHV6faGblnOQ64G-2BFM2bsTPJx13gKDZ7BQXGBtw7SZSoP77yfAJ-2Fx5Nuakvg-2= 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<tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Exits</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><a hre= f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu= ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWtSmMlyKCUX9jHWRD2KTyyc7blRqufr0ZqKiak1YnT= 7Q-3D-3DD8pk_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY= A68NVR3qwiHV6faGblnOQ64G-2BFM2bsTPJx13gKDZ7BQXGBtw7SZSoP77yfAJ-2Fx5Nuakvg-2= B9Tj-2FGHRBgd-2FZUd6Yd7rI4wChDDfVNNxEE-2Fq6JlhY0Kdmt20iQvMczhuxjU7wIpVH6EZv= sg27MeP0Wb9hn73jx4DvtsClAPkoMySyZuOcIty1EGbjvRuLlvHel8RyCNKeE7LXMcfebKL2IVg= uI5V31zQ5JFQ05aqEQeoI-2BcQb7vyugZncRcPGMTXv8ne3b5eRDxv4gpCJspq8HfHy8kaFTjHc= a8wxNIooIa-2Bnl6da14eSakFPgmqg93ZoemwZzLAILjybuR-2FR6bDBMB5-2F0y7-2FIOiN6bt= -2FO9kYkaOw-2Bs7VQAe3X0VQiiJlg6C3KYcPaMYZTSaPZuQtQDFG1PQHhBybCHjMBH5OD2dPVt= 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yle=3D"color: #1D5080;" test=3D"" universal=3D"true">Digital Realty Trust</= a> and <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du00= 1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW9npeau89ABrxY-2Blk5dbzWKWaKc= ibH3zaDBWQgBtymZw-3D-3Dy4NE_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B= iQVI43kbMcVf8UYA68NVR3qwiHV6faGblnOQ64G-2BFM2bsTPJx13gKDZ7BQXGBtw7SZSoP77yf= AJ-2Fx5Nuakvg-2B9Tj-2FGHRBgd-2FZUd6Yd7rI4wChDDfVNNxEE-2Fq6JlhY0Kdmt20iQvMcz= huxjU7wIpVH6EZvsg27MeP0Wb9hn73jx4DvtsClAPkoMySyZuOcIty1EGbjvRuLlvHel8RyCNKe= E7LXMcfebKL2IVguI5V31zQ5JFQ05aqEQeoI-2BcQb7vxSR52PM6MVmGdURtNSkbzcwesCa4xmx= JhdREYPj79pz1EqmFFGeApJcgBZSIZnAqWqSfE0roQdv5Rbya4UpoxqkJptmJAOgbo0Y5sjdl5I= W9wWc6cnvAMj5gVY11g0ARsXV728JGI9IOu7YThoNc7bsG8pzxfY0-2BnI0zZVKrE-2BMqeWca1= Sl-2BsPxYO0WZ216GIdABdtgmX4KN7Cd3Wzdxe6IFBvSdyKwh9po4kWEFeSeBM5GPxExanfWQh1= k-2FoQ-2FhQ-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Equi= nix</a>=E2=80=93<a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?= upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW9npeau89ABrxY-2Blk5= dbzWT2FRGYgGNcMP-2FOGannK4sA-3D-3DmTN6_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL= 0YQP-2BHR4BiQVI43kbMcVf8UYA68NVR3qwiHV6faGblnOQ64G-2BFM2bsTPJx13gKDZ7BQXGBt= w7SZSoP77yfAJ-2Fx5Nuakvg-2B9Tj-2FGHRBgd-2FZUd6Yd7rI4wChDDfVNNxEE-2Fq6JlhY0K= dmt20iQvMczhuxjU7wIpVH6EZvsg27MeP0Wb9hn73jx4DvtsClAPkoMySyZuOcIty1EGbjvRuLl= vHel8RyCNKeE7LXMcfebKL2IVguI5V31zQ5JFQ05aqEQeoI-2BcQb7vxPC5-2FQdZfvJdenByrt= IEoyQ8B57mnzvWNz5oTmr5radRUMFCy0c8IiQTuvjQPcC6UfYK6FrJ6b96WY5p73rWpDfN5yA17= a3fPd8V0lM-2B6HmVnhzW6v4fjRM6SIZFEiX0BjDQUSYeJXt5fmJH30STRav2NvHT1dIIrdqRBg= WWmBaMHzVD80I6Ez8mZvGwqVgeFR2XZFbF8w2fUb-2BQITBI-2FFVcteTqdTdjKlfypWa7KPvey= yLmN5uc4tB6MjuIgi05s-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"t= rue">CPPIB</a> over the sale of Nordic data-center operator <b><a href=3D"h= ttps://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7Sp= SWIrf6GFa-2BaqM7ONnvsnswouzW9npeau89ABrxY-2Blk5dbzWC4JsMVLRov91Pfj0sim16Q-3= 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lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Fundraising</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table lang=3D"x-content-area" cellpadding=3D"0" = cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table lang=3D"x-content-area-main" cellpaddi= ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td valign=3D"top" align=3D"left" style=3D"pa= dding-bottom: 20px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;"><b><a test style=3D"c= olor: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn= =3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW9npeau89ABrxY-2Blk5dbz= WerxZR9DyH77UBAb80aAC3g-3D-3DTwdi_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-= 2BHR4BiQVI43kbMcVf8UYA68NVR3qwiHV6faGblnOQ64G-2BFM2bsTPJx13gKDZ7BQXGBtw7SZS= oP77yfAJ-2Fx5Nuakvg-2B9Tj-2FGHRBgd-2FZUd6Yd7rI4wChDDfVNNxEE-2Fq6JlhY0Kdmt20= iQvMczhuxjU7wIpVH6EZvsg27MeP0Wb9hn73jx4DvtsClAPkoMySyZuOcIty1EGbjvRuLlvHel8= RyCNKeE7LXMcfebKL2IVguI5V31zQ5JFQ05aqEQeoI-2BcQb7vxkrMseEeAJ7d1U0eUwysiShYv= 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style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Investors</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" 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color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Chart of the Day</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100= %;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" 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