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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; 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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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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= Esgz9QHP51ivHD2ZTdUxB6gCIDdEKgNefR-2FrJsfbwQ-3D-3DMukX_I3w5d9c01gkD8gLzFEof= ZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC110Tm= cE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsY= WcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZc= d4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxVBpIkPwq= XZeYiEVrWC6X-2FAtKSOQ5XOUvbhFG-2BLLbhtKPXSQf6AMYcfEZS4OtjWYsyZCVmZgr0ORcAag= hCZAjHw-2BqMHbJFZy5Qs8hlz1WRGfa8FrDy4CG0Cfn6XYaVsFO2tuXcxnZYfYFHDeeA4VqiBzd= N6clCuILLhlzLzevWn71lrahLvOFozGm-2FF00ijMhFZCcO09YnvhCZ8hUxoSK1QQARm91kT0yV= H6WlvFbaWDkQWPbtD1B-2FoN829ugyoYJw-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-2BaqM7ONnvsnswouzVCEsgz9QHP51ivHD2ZTdUxMMEW4voz7= XftD5TxrkO7-2BA-3D-3DmW8r_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPyS= uxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjii= ur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3= xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxXidTSC6vKFfRiEP4ztniR0znAmNKHJW5Nvf7S= acedlHXlDp7Hko-2Bo8XgK-2FDWYf2Hca5BTzauyRIVIGobFczGBa-2FZl-2FPaAcGxnY1bPX9c= z5fmYHQ88e0pZZnn-2FUuJVuzt9KeCqpfX5Y7wgFk9ldqdZcAmdyevne5xNGaI7iN7QdQ15rX7P= WX1jclNWYVzzc7-2BjSfDyjIi-2FNj36HlomozU2bdk0JKVX9VOqcoOLyUFhK9XWA0scE-2Fvl7= wngO1IdLlL0-3D" universal=3D"true"> <img align=3D"center" alt=3D"" src=3D"h= ttps://img.pitchbook.com/news/71607.png" style=3D"border: none; max-width: = 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-2BaqM7ONnvsnswouzVCEsgz9QHP51ivHD2ZTdUxMMEW4voz7XftD5TxrkO7-2BA-3D-3= DNRDc_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFL= EaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHa= q0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZ= deAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wv= rf3jtWM6pM0LPvVCxxW8kVMVd15S2d-2FHnFM3tHvUIP12Sa95j5S-2FMqRGPZPh4IfFYPpfI7p= -2BuMprefL6NwQRm7tSWkFbpZ3mweIbE37Vsdfx-2BUo7BS9-2FGLVEHpulcXJbKEooUB0nFGMl= gOyJqVcOBQCf5-2BfdWwFKJo6yVpxhvQHS8pVlgToKtivqBpjjASHBslezEdLCnxo4XclCPFwHu= XYb-2FmPpdke-2Fo2hVzKLlPgu4t2XbFbq-2FBsXj82VyQqQ4M1oqNUbYmJTzsjHxOJo-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= HD2ZTdUxhQaWgBMx0y24ccFYQTw1wg-3D-3DEbMw_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkx= BRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm= 1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2F= M-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3= Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxW9WmNdyVot84-2FUS1SQ7i= JDO2-2BxHRXKLZjnBVihkP3zQz3nnAZg-2B61vECjzqT59ZFqcXbIlDE2fR-2FYeVfeNsIbDPD-= 2FOI-2BsgUCmyPT7QWVTXZFzQJEF3VaapBM0wEYUqaQmxp-2BWujcVvq-2FM-2BlqKs57lMZjjr= CMPaFWiY6a6cyxXUErxY2U1np6DKvyCqotEgdBhYr23ocV3yGIhPL2cCRi5KOhVFFy2tnL2vTkP= GjRoIIf9sVt6Ta7UQxK61bdqhkFk-3D" style=3D"color: #1D5080;" test=3D"" univer= sal=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-2BaqM7ONnvsnswouzVCEsgz9QHP51ivHD2ZTdUxyVAXqI-2Blk90v4= QcQshdVcw-3D-3Dcc_F_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW= eUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZo= Hvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900M= rgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU= 4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxXGF2ijBSAHpQCawkto9tk6RSA6Mnk3N-2FSKfuQzBHi= Tf8r-2F7C0uXePcjmZ-2FTdHBJedVhWOuTRjN3-2BKJw3h1LFLmZQuefrQSTdz8fCx4Fx1ZlHeS= q9BX-2FMc6azzc9SyHLYc-2BfI9wrs4kzAVZ2hxM7osgZE0l8DmX9F7OaXB40ePHP-2Fpw9N9nU= 6Gr-2B7GNUvszgT7m62P0q68Eon-2BGR6ALTS8m3CT-2FU3RPRPKQ2VRExMOnJNiobiJlVS2rH4= nrJstNWkM-3D"> <img align=3D"center" alt=3D"" src=3D"https://img.pitchbook.= 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-2BaqM7ONnvsnswouzVCEsgz9QHP51ivHD2ZTdUxyVAXqI-2Blk90v4QcQshdVcw-3D-3DvSE= 5_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLEaAr= Uys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHaq0E-= 2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZdeAw= IvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wvrf3j= tWM6pM0LPvVCxxXwW3cdCyxmthNxR34mXNtv5NWm-2F6KvQ0SZ5NN5B-2BsD5d6aQiEJ6pqCTZT= 8N3LEU0KW32xtO5pgHD39FR1trwPrbXOOSboeqeZTbSGVlfjLT32o98E-2FlggLhp-2FKLYM61d= kUs4rL8uiBjf7dB7D6zQb4ZsAtZy9UNrYrLROTANYXf0XnxzzwGUvUedK5sUHr9fQfVLHmV-2BC= QzDkjnOfA6-2FYuE2XEAeq7XhI0tMs1q4QEI-2Fj1rQCYxq1BY3zfSYTqa6c-3D" style=3D"c= olor: #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-2BV1wJ1UyEIEcv2Z2l1IWIoSDstXItOtMzoL6g-3D-3Dm_QL_I3w5d9c01gk= D8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKDUR= BRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb= 9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5Gg= PHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvVCx= xUQl6xBQQlvtbjgBF0-2FKIvEy4oLKmIioD6w6yXC9tVb2iRCxM5Dshl-2FnzxrMbtdkpGDNw6O= dqZDcR5HqTjdRjGurcZXN-2FRvt3al45qoZwIxicgiVqq0XcSnQ8yL-2BPEpep8nP9EfyfgPoYW= NHzORA0Cpv7qCJH4tgR-2BqH5evsWD5znUzxyqXiZIsa7MmFjOMrUk-2F49QdDBcucw3PjdDcr9= d5QkQKIvZviSRDc3DQdmumGbA500-2BYvXwx2TBZAYXVBWk-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= ZKiB2GaMlESY6I4cFt4Ob4w-3D-3D_jRb_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz= y-2F3t1yZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7b= Z4m3PPySuxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKn= rgqIdjiiur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7g= EhGa6JP3xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxX2xlQQ7WwZYMmzfQJ6XA3zgGIPuyj= KGINHNu3Q5xUkqZmIOJZ-2BHtemTtDWWyz5vw1IH2i997SkXMscKSeQ4omlTpSjMhL7vNbFqYhr= hcSKBMzJdQyQeC-2FIRy5FD7G67YFw5RE-2FamxSvQzQmwHPY8Z0k4VHxWkv95XlOF9D7dGw-2B= jlERMlkgAYNbHflZ8bGHRBH3RiyGAECmoLfR-2B70Uoum-2FvT9eWOWsxeJIj3KoSq2GKlV-2BP= Mlh2aRnYkNIBJVJSI-3D" style=3D"color: #1D5080;" test=3D"" universal=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-2BaqM7ONnvsnswouzVCEsgz9QHP51ivHD2ZTdUx2178xy8yqW6v= N3F5FgFhXQ-3D-3D7maQ_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbd= WeUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZ= oHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900= MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxr= U4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxXiYbE7w78U-2Bvzn1I3xiJrELpyF-2BKpoo1nzIcjV= iKiIaFdpT4hvGsTwcrKsv8LJiWa3VlE0FEU9oPMby4uAWK-2FANtNvjPwAaNCw5d7X63CUCXLv6= HlNYor-2B4DpQ1x2NYe-2FdPXVJDiLqaym1IMhYQmuJxu8ttL9h-2BJQnIMlILsdoIFhMQOQ06X= OuRan8HyBWnwnHoFqyRVKWI7TNpsiukyrPfY3X48m4qdxGwBWPsJ5nrHB9DybW0H4IfDzJuQ8aM= RY-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>See the ra= nkings</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-2BV1wJ1UyEIEcv2ZAEdvnI1= iDs1uNlDdQ4nJiA-3D-3DXWJj_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1y= ZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPyS= uxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjii= ur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3= xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxWuHGWHhm3TknFkCTcwBrV3H34prMzqfshf-2B= rzzwtcqXg3Ir9UNVHOZK63lk56-2BYiICUpYqZFV9TDbvUG6MRhbi4Rxs-2Ba5KtqSUAanZZZiL= -2Fv-2FLnQwYtowk33abecfKmrZ1Shb-2F3ouHlt-2Bvi1JTSlKXgR3BM9lrweu8vht74tIoFB0= pfSTMrvcNo2syzA7vQxa7Y4pAfnu-2F-2FyJwfN1mQSSsVQsgi6r6Wk2f-2Bes1AESiCN7xUQXy= zPzi9UbNu8z-2FBPA-3D" universal=3D"true"> <img align=3D"center" alt=3D"" sr= c=3D"https://img.pitchbook.com/news/71621.png" style=3D"border: none; max-w= idth: 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-2BV1wJ1UyEIEcv2ZAEdvnI1iDs1uNlDdQ4nJiA-3D-3= D1SHg_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFL= EaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHa= q0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZ= deAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wv= rf3jtWM6pM0LPvVCxxW5w5wySlTn94LeHPw9p-2BXs8QLPSnb7bTlA08RsOHA9KMZhKDDun-2BY= rzBqIFX7HXJWhqXm8GPDw7X8WgJNEUWImtJ-2BK767JNQzUn16J63QukD73S6BYdhyVGMvh4KUr= oqd4poH2o9TJVvVuk6-2B4Ht6PgHgBhA0BHUO4w4nUWjlVlh4Xajn976IWEGX71D5pFY24AcBBu= aEb9aYA15YOK1WbMFOL2o8f4WGb9p-2BgTLFc21-2BEIYbyqK5HRTqGk6MqqJQ-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= 1UyEIEcv2ZTlqH128eq40MrbRap6LUgQ-3D-3DoFKv_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarH= kxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJC= qm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-= 2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89= m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxVUjMhKNGp23Wf-2F36Px= -2BvonpTKNwKdbv5ab6ULIZlJctOeHNhxZ8-2FbatXvwd-2BeStsrgL8pIz0F-2B3hvHrbZTUzF= JFyfTQmoBEhNcwuXfP1IucmC9MObwFOEgMZPcJRnIp-2FzHExksUIx5iNfXMUGXY6vkwFukw2-2= FRYkbulAvkOlaibyJnuJHk-2Bl7nz4R3MeDZnqcLBlkJW9J5j534BRSIl7Pz36yxDnDP8HQlKAt= Ro34jRFnJ-2BFHnD2G2aok-2B4nZMVEk-3D" style=3D"color: #1D5080;" test=3D"" un= iversal=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-2BV1wJ1UyEIEcv2ZMEy7PnxQOzD27BZY-2FypJ8g-3D-3DYFCF= _I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLEaArU= ys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHaq0E-2= F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZdeAwI= vX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wvrf3jt= WM6pM0LPvVCxxWOaCx-2FY48-2BNvm28vqYovorndBOrfaw0mcsuoBVY-2Foh1GY13kau6HPAOj= BflImzG-2BEAUblqPvg8a4EF3oDybHQu7M33lhbUHHbMK922C7hO3NGxbfbekTWPA-2FrtiFAX1= H1cb5D3Y6ZT0OIQA-2FobvSUvrommvJ5HthCYPMc-2BfpTwpqnG4JeRrZ3FmnRsyvoNicjc5lKu= KB-2B6SXFVhBXmWiG5qH-2Fm6HiIAxWp5QAcekdP0crHfVlCu5-2FpCuhSdBm1J-2FM-3D" sty= le=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-2BV1wJ1UyEIEcv2ZWxB7yKQqdMVDn2PajbhMJQ-3D-3DH= iUw_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLEa= ArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHaq0= E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZde= AwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wvrf= 3jtWM6pM0LPvVCxxUr2F6myDwN3SgzlGsXRAVccuegX1J-2By6hHzB1SOK8PeQ4OFq1XPcCK0PT= 1gvvnrvArHEduari8MVf5KTlFV-2FiRU7NzBmQ5XhKutBqxpPIErSkkDQw6DAmn4zY4YLLGSOwE= CnQkMgGId31c0lzFnQ4jvHR5LJZzLsDUBgkRaORbtdeczaz-2B54-2BDvZ-2BCv8PU0afsM2hBK= MEoEnD8zm3qtaAZoICUpSvYt5fCHAocBmgGHQ6dKeVMaunapLWBCti3tRc-3D" style=3D"col= or: #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-2BV1wJ1UyEIEcv2ZYNgZZA-2B6p4n5dh6c6l1-2Fzg-3D= -3DPlak_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8Pzs= FLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUney= Haq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGV= lZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5= wvrf3jtWM6pM0LPvVCxxUYyJa5-2F78UeCvJIYkr596Lw9mbkpRnGIFb6H1n-2BKcS4lyPQLZqF= o3qay-2BaQp7SpaSbFs9Dpq9pgFtVIUsbMOb1mMJJbdstUUioGgD4x2xDHFRUZ42AbJJVzKHv-2= FrRhyysYGjReb0O8cjn5kXJXodVgfhG9SY9-2FkLWqjrAfIVqpuN0ME7Evx51JEMQ60KJ047XPu= ExsLreUzX6u7sYIpjs0VoyXqsa9c37QNORT87jL9BMmdQSWLfHWfaEVzgc7IOg-3D"><img wid= th=3D"460" src=3D"https://img.pitchbook.com/ads/ad4363/460x120_pitchbook-ba= nner-ad_nov25.jpg" alt=3D"Ads" style=3D"padding: 0px; margin: 0px; border: = 0px; display: block;"></a></td> </tr> </tbody> </table></td> </tr> <tr> <td> <table lang=3D"x-counts" cellpadding=3D"0" cellspacing=3D= "0" border=3D"0" width=3D"100%" style=3D"background-color: #051C38; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"width: 20px; min-width: 20px;"></td> <td style=3D"padding: 10px 0 5px; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-counts-title" cellpadding=3D"0" cell= spacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td align=3D"center" style=3D"font-family: Roboto,= Arial, sans-serif; font-weight: 700; font-size: 14px; line-height: 27px;= color: white; padding: 26px 57.2px 37.3px 57.2px; white-space: nowrap;">Si= nce yesterday, the PitchBook Platform added:</td> </tr> <tr> <td> <table lang=3D"x-counts-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%; t= able-layout: fixed;"> <tbody> <tr> <td style=3D"display: inline-block; width: 24%= ; min-width: 24%; text-align: center; flo= at: left;"> <div class=3D"outlook-caption-override" style= =3D"float: none; font-family: Roboto, Arial, sans-serif; color: white; font-weig= ht: 800; font-size: 26px; line-height: 24px; padding: 5px 0 5px 0;"> 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-2BV1wJ1UyEIEcv2ZtQ2Jkx6j2xT-2B5siAquSSMQ-3D-3= DYoQM_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFL= EaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHa= q0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZ= deAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wv= rf3jtWM6pM0LPvVCxxVh-2Fl3AY98ebm6N65W7pW1f3Mjnz7dsE-2F9K5-2Fp6vDAq81djn3pE3= zXSuSlpgg5ejCHA2pbWk7wJPBSTB86BkFRG27CGKmLn6bUlXu4esBG8HpTvitghnoicg-2BHvcJ= qpDsShJOl-2FQzioaFef3BIAUaqAF7TKETxG32FcWlv0cxH0ZmKAJOEEM1UPVaXAk1SoPiV-2F0= Y3Jx-2Bz2yzQ0FeJjRbS-2BV8fcDLe-2BYa0pzzWKuiRY5p5eWmbX2hv-2Fuj7HZXHpd7E-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;"> </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-2BV1wJ1UyEIEcv2ZlYjdQ-2BE8BOa-2Fr9SxuMnJzw-3D-3DVRdz_I3w5d9c01= gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKD= URBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7= Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5= GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvV= CxxXikY40OuL88xFEmhScc9MacJcRGIbtkmE5yiTqE9z4KP5ZfzdguYYo7cWKKj5an0gIPuVBM4= u6NkDRiAXOL41A4CmM-2FZYOem41a7W6Y083EMkzehkdkWoEMkJYrDGqyP3BSngwy-2B99DlyKN= pKIv9PqdRFP1AahnEt1lNJSQ2QjFlt4RL4NR57Nv0l2wCQXO6zRnCsFV-2BCeoAE9W8YiXiO4Uy= tmHQOL-2Bt10hjykEI0lvhkG0gEy824n-2BHJ0f6IHKW0-3D" style=3D"font-size: 14px;= line-height: 24px; color: #1D5080;" universal=3D"true">Five Point Energy F= und 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-2BV1wJ1UyEIEcv2ZDhz2WflUsPfAuoJk0HOoXA-3D-3D2Tnq_I3w5d9c01gkD8= gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKDURBR= zC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9N= yhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPH= AiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxW= tEMd8OyTNkkUBYDGkYIO16brF5hF5LmbN47nLS4hBITmoy5N9XEi0Wg6i8WqlPpWlER0j7ucCw-= 2B5bYiOhJI0gcoPic8yow5w-2FPDv-2BFK9hFe06lR6BOnCCvA7UpCWhQ91hF-2FPVckNKSr1Xv= aLodaBQYc2ZNenebZHGA8gco2fslJd82A64nO-2FdJL0AIexF7A8rlG7KBJAGzJ-2BJ0V-2FWzz= SE7ZVvPWp-2FxvhcroARLREHbNf8DE74WzOw8xnAAOAZxLI-3D" style=3D"font-size: 14p= x; 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= swouzWtSmMlyKCUX9jHWRD2KTyy0zl0D0NP542tH1p4zVrfWQ-3D-3DEOLj_I3w5d9c01gkD8gL= zFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC= 110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9Nyh= BxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAi= qJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxWFA= lEKRB6tJ2EuWHY-2BtUSUCfc6McllQxzPS1F4iwXb-2F2o5UnRGM9CIMg-2BiTKrbL6Ckuj8X-2= B55WswcV1Q6qLql2KzaG7K4KkHnN8NZnF7ePAmGuNG7OXxbfBIbFgm5OO-2BVzdRm9dpEsqMoke= 66E-2BNrXjU21-2FNTNwakeXWu2mBjou31aFZws6X3d5CQKkgihD-2FkMR3gtnQhGW8SfAWV6eC= vmlxnKi3egGarqm-2BA6vKVCuTEudUpuLqUItVQYinKy-2FCM-3D" style=3D"font-size: 1= 4px; line-height: 24px; color: #1D5080;" universal=3D"true">Arroyo Energy I= nvestors 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-2BaqM7ONnvsnswouzWtSmMlyKCUX9jHWRD2KTyyRkpn9a= sZkqVriveEdRQxtw-3D-3DxB4f_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1= yZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPy= SuxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdji= iur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP= 3xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxUljiGpufiMfKi0nHEPI1HGIMjEfgJnWW5wVM= jneoM3tAlalYEzebv2OIfCQg8s-2BodQi4eCeJaPxEBXyvul8t8NX0fdSU5y55urTHvh7oTd1ic= I6IuYsV5FpLDEU0O4azi0qS26iBFohOtDY4uG1SqPy0JxF92c-2Fo-2BuhhtRC-2BMbqdIPH366= KULu-2FbdD329n1Vfp1-2B2uZYX10RGGPk02xFZiL0sRJRWSpHtvtejPth1gfHbVlSUDy8LpgtK= eTcHgMZU-3D" style=3D"font-family: Roboto, Arial, sans-serif; color: #1D508= 0; font-size: 14px; font-weight: 700; line-height: 24px;" universal=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= KCUX9jHWRD2KTyyuW-2FPq80Ivw-2BQqkWtTmk0Kg-3D-3DTOjj_I3w5d9c01gkD8gLzFEofZR-= 2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4= Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcP= YIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I= 1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxVDTiTwCRgwi= 0-2FVinzEB2G42u7v6As4JcJ0sdFvoDnFVM-2FqXShk-2Bi8vzpJrzbuHDiosJiA46LDEd8Xeto= NKeZh63zvFBgIgawEx-2FV1npFM5O2NwfiPvJZ0zxI76XbDe85rH8DeuKlUFYfqR-2FSmra-2By= UDsxsGlesaUUZVQSxC-2Fl0HVcFtjbkVZETiXIq10t-2BejXMdzocoWFlzK4nnlfFh2uOg0Bn8O= 7GJmIX3eDIdWZCpugan-2FXDIsbxN7AruP5Vln4-3D" style=3D"color: #1D5080;" test= =3D"" universal=3D"true">PitchBook Benchmarks</a></b><br> </td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table 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-2BaqM7ONnvsnswouzWtSmMlyKCUX9jHWRD2KTyyufpa6btYVEYmtMB57= wbGFg-3D-3DJgUs_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgF= Va0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7= GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900Mrgdc= rpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6= QhBXMae5wvrf3jtWM6pM0LPvVCxxUeRBRwXPakF-2FWqaTmUKckV79Pda4VMuuu5UbOk7qbg5eR= fHKoNWz1lAGhac-2Fxt6kw-2BH9HVE-2BDUkh1we64vyjFHdFvKhN3qZGP-2FGk8Bx-2BsCy-2B= seHV3dX-2BFVsS0368RIAjD8mYTJFrp7LNFe1SelOcY7YeqkLXlTzvOlpB0Y9UmJBB5GgZDtuXf= sHJc64X52SbsoCvVCjugSKfqAIo0VOOiMY01HkN1VgkxJ0ZKNdaeyBWfdcQIqy4oUqNtUM9gRN8= Q-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.d4n73B= rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWtSmMlyKCUX9jHWRD2KTyyLccmFXNEijpDqCG= 512wI-2Fg-3D-3DYQcq_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdW= eUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZo= Hvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900M= rgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU= 4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxVUgihMgGqbTNaSFr-2F8t0tZfDJg6EGO81solBLK9sj= JisZY0x657dwj5DaKFYvv5WapL7NkZsoHkvUZ-2FLplPxWOxgY4t1HbuwFi41WcCDONNWxdZ1k2= GeVXhv8n-2B6n5SFihusStKU-2BHiXuemfDUBjJ-2B2FkwJwUjLUGPr6Dpqn9SSqrc8lSBfcmTN= M6ohIuwqUQr9txQ6ttk3v2LqEIDuzM7-2BUqg9vXuhMgI2SSdXqKa3BmCCErZbeLY7IAxjewaJY= Q-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">IFC</a>, bring= ing the total raised to over $55 million.<br><br><b><a href=3D"https://url6= 380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2= BaqM7ONnvsnswouzWtSmMlyKCUX9jHWRD2KTyyTaunGw59iI1vHrv15tC6oA-3D-3DdPgo_I3w5= d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLEaArUys-2B= 6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHaq0E-2F24Rx= Y0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZdeAwIvX10M= s4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wvrf3jtWM6pM= 0LPvVCxxUVG-2FKTZr2xewoOS2p8q6COl1UYY9pY6f2Qynb37qqaRmFNUfVI98ku-2BnLFzC5GK= kbIdiw7j2l6N58GQ37XpwYnHYReG4SLgKOXYGI36oU1BJ-2FkH9YUjrLGVRmTnDjG-2F0-2F6iT= AyrVu1oFqZ30ropWKVYaoJ0GJF5-2B2B-2Bzb1Pqyn5-2FUd6sNpf91tLzL-2BHbTOGMpHMcgF7= lv1O2TM1fFfidOemxoGOi304QGutyD4UGZfEVheMpEyN7SaFLcY5qeSbQI-3D" style=3D"col= or: #1D5080;" test=3D"" universal=3D"true">Gosta Labs</a></b>, a Helsinki-b= ased healthtech company offering an AI assistant for oncology professionals= , raised =E2=82=AC7.5 million in a seed round led by <a href=3D"https://url= 6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-= 2BaqM7ONnvsnswouzWtSmMlyKCUX9jHWRD2KTyy2LVuXRMHKfbEky26SuM6lA-3D-3D7X7x_I3w= 5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLEaArUys-2= B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHaq0E-2F24R= xY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZdeAwIvX10= Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wvrf3jtWM6p= M0LPvVCxxVxO3I0C7efd5Xp0zbGICYSYk6sMXJuzQELbUFUl241hslJZWdiwBgA3sn3YDi7rOQe= wH2NxjIB4TeItuFbJf-2Bi-2ByuPY5hDMJY0jaJM0BODnIqX8DdBkHMkWrFfMGJqGBIWXnpuNaI= drI0yMCDmIPDMX0HeLXVFw3T3GZtO6ndKWdlYoCxX-2FgLpWccjs8mHxR-2B6CE8GecDnYHnm0x= 5Cu6pGscYqzMVTSdDvIT11kU6hrQalgXywDaGvoTPJomw4VNc-3D" style=3D"color: #1D50= 80;" test=3D"" universal=3D"true">Voima 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"> </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-2BaqM7ONnvsnswouzWtSmMlyKCUX9jHWRD2KTyyPLijYR8kV9QYhoS-2Bo-= 2BmIOQ-3D-3DRjAL_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUg= FVa0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn= 7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900Mrgd= crpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM= 6QhBXMae5wvrf3jtWM6pM0LPvVCxxW5eTxU6SsYWI8YJF2GeJCHndzqW6T-2FLFGpvTJn2rDJtq= 7CIxVAA86vO6LmNW42KYhM3-2FtiR20AjvrK33nlUXel0j-2B8J6x7axqbyIH44OLjnugEp6CeT= JuZt1QDC-2B9p9KgnKlD1ViWZLhZD4Wdc-2FigJOZHRkyrs6nE3dHAYS-2BL3CAdPhwLFqklQLh= -2FjuEKGqEahWJcBaPgFYs32zwrGCw-2F9pvDlepF3xJspdbG-2Futl2mxzs-2FsPSsS92xRkaU= 5yMHwM-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Stirling = Square Capital Partners</a> acquired <b><a href=3D"https://url6380.news.pit= chbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsns= wouzWtSmMlyKCUX9jHWRD2KTyyn1KnKG26TzFqzauoSvzM0A-3D-3DdE3v_I3w5d9c01gkD8gLz= FEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC1= 10TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhB= xWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiq= JGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxUYxs= yV3K4HK2AhBf2vv6n2iZSNw9dfOUzcBoLKO-2BzSdGd2tAQ5QpNbG2m8OJbDJOF6GgdgQydowqD= D8VJ5DRQa7Szblmcwel5U7F6XYXkxLk9NtBmDmM9B6ks4RcSCS-2FXyfSlmiS5qDqIESUcOzxRj= uh2wO5H7wQlPl6EmKBZ0gzAqI2dYovYJ0a7uypQIzFR-2F1OEa8xyocm93Ly4gIYPfoB4Gp-2Fh= AqpggL1HoimN4ze-2Bn7kANU01IhfelNh-2FMOt0-3D" style=3D"color: #1D5080;" test= =3D"" universal=3D"true">Iconsulting</a></b>, an Italian data and AI compan= y.</td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Exits</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><a hre= f=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cu= ylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWtSmMlyKCUX9jHWRD2KTyySgemWez8hY02SkTBsVk2= GA-3D-3D9eO5_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F3t1yZbcbdWeUgFVa0= m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3PPySuxgDZoHvn7GPp= oUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqIdjiiur900MrgdcrpV= -2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa6JP3xIoxrU4RM6QhB= XMae5wvrf3jtWM6pM0LPvVCxxWkcWfkVChUsDoHk3yw2-2FrK7Ph-2B6aB3TFiGNMFr5Fnu-2B6= P-2BNEOwgKaaQKvbFnGDUGj9A23zllKH9XQsmqG3EgXQRzaqBgmKpSF9VyuczFJ9SatmIjVvxWX= q7p0-2BlOQSosvsV0IrB5rLHElewNSV5Y-2BoX7Wii3wAzh2QufvsTbmABV5o-2F6TznlM9joYT= 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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= WbbwojsGNVRNWOt7mYvQBxQ-3D-3DMZfD_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmz= y-2F3t1yZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7b= Z4m3PPySuxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKn= rgqIdjiiur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7g= EhGa6JP3xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxVcMsjwhTXo0Pt3pP7E-2BVADaYKCK= 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fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Investors</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10= 0%"> <tbody> <tr> <td align=3D"left" style=3D"padding-bottom: 2= 0px; font-family: Roboto, Arial, sans-serif; color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Dubai-= based <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du= 001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzW9npeau89ABrxY-2Blk5dbzWSfA= nPPhx5rJBOOrHf6qNKA-3D-3DDrtO_I3w5d9c01gkD8gLzFEofZR-2Bh6VwarHkxBRFCfmzy-2F= 3t1yZbcbdWeUgFVa0m8PzsFLEaArUys-2B6KmKDURBRzC110TmcE4Rjc9NRfJCqm1mXAo7bZ4m3= PPySuxgDZoHvn7GPpoUneyHaq0E-2F24RxY0SF7Mb9NyhBxWsYWcPYIcsin5c-2FM-2FZKnrgqI= djiiur900MrgdcrpV-2FGVlZdeAwIvX10Ms4jR5GgPHAiqJGZcd4I1TqMzkJ89m3Nf3aR7gEhGa= 6JP3xIoxrU4RM6QhBXMae5wvrf3jtWM6pM0LPvVCxxXmWg0LmT-2Ft1N-2Bb-2BNcirUDTYIElr= IKVJro6lq9z8tuT8FDisOxu5El-2BbgaNC1kP7DU0qj5YZfb67HSsyy9IlF8GhM4RuXFwihDuVA= 5s0wABE2z-2BgW9xy4nAg3Add7TLQopwADTjPKl6mjF9ZkRZpB5irm731KpnEUTLQ1cuoGxJxgd= PWVzvkX1x6aUg3gW3lywLhochzdR8s1RKQbx4jGKrGDjygaDGP-2B-2B-2B-2BZQYcwfnjnKmY9= PHtOsHwnQsibCtLho-3D" style=3D"color: #1D5080;" test=3D"" universal=3D"true= ">Aditum Investment Management</a></b> partnered with <b>Wizz Financial</b>= , a UAE fintech group, to launch a gold-backed private credit strategy.</td= > </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 6px; min-height: 6px; line-he= ight: 6px; padding: 0; " colspan=3D"2"></td> </tr> </tbody> </table></td> </tr> </tbody> </table></td> </tr> <tr> <td style=3D"height: 20px; min-height: 20px; line-height: = 20px; padding: 0;" colspan=3D"2"> </td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group-header" cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;= min-width: 100%;"> <tbody> <tr> <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo= nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa= cing: 1.5px; color: black; font-weight: 800; font-size: 16px; text-a= lign: left;"><span>Chart of the Day</span></td> <td style=3D"min-width: 20px; width: 20px;"> </td= > </tr> </tbody> </table></td> </tr> <tr> <td style=3D"padding: 0;"> <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi= dth: 100%;"> <tbody> <tr> <td style=3D"padding: 10px 0 0 0; font-family: Roboto,= Arial, sans-serif; color: #78766F;"> <table lang=3D"x-news-group-content" cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;"> <tbody> <tr> <td style=3D"padding: 0 20px 0 20px; "> <table border=3D"0" cellpadding=3D"0" cellspacing= =3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%; "> <tbody> <tr> <td> <table border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100= %;"> <tbody> <tr> <td valign=3D"top"> <table align=3D"center" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" lang=3D"x-image"> <tbody> <tr> <td 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