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Edit File: 1764590663.M724571P1679664.server-619288.prediksijaya.com,S=160885,W=163925

Envelope-to: vetyl@ponjosonek.com
Delivery-date: Mon, 01 Dec 2025 19:04:23 +0700
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Date: Mon, 01 Dec 2025 12:03:40 +0000 (UTC)
From: PitchBook News <news-noreply@news.pitchbook.com>
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Message-ID: <JS9sx3DzQTe_1lNUjJmsmg@geopod-ismtpd-28>
Subject: The funds defying 2025's slump
To: vetyl@ponjosonek.com

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f; font-size: 14px; color: #78766f; -webkit-text-size-adjust: none;"><span =
style=3D"color: #78766f; font-size: 1px; display: none !important;"> Earnou=
ts help drive M&amp;A activity; PE funding for healthcare tech hits a multi=
-year high; foodtech's most appetizing segment </span></td>
    </tr>
   </tbody>
  </table>=20
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                                -webkit-text-size-adjust: 70%; text-size-ad=
just:70%; -ms-text-size-adjust: 70%; text-align: center;">December 1, 2025 =
&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;<a href=3D"https://url6380.news.pitchbook.co=
m/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXZ7LX6S-2=
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le=3D"text-decoration: underline; color: #1D5080">Read online</a> &nbsp;&nb=
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le=3D"text-decoration: underline; color: #1D5080">Manage your subscription<=
/a></td>
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tant;margin-left:0 !important;padding-top:0 !important;padding-bottom:0 !im=
portant;padding-right:0 !important;padding-left:0 !important;"/><img width=
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             <td style=3D"text-align: center; font-family: Roboto Serif, Ge=
orgia, serif; font-size: 44px; font-weight: 500"><span>The Daily Pitch</spa=
n></td>
            </tr>
            <tr>
             <td style=3D"text-align: center; font-family: Roboto, Arial, s=
ans-serif; font-size: 24px; font-weight: 300; padding-top: 9px;"><span>PE, =
VC and M&amp;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>
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portant;">
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0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b>Wel=
come to December.</b> In today's Daily Pitch, we look at another record yea=
r for secondaries fundraising, what's driving resilience in M&amp;A activit=
y and who has the biggest share of <a href=3D"https://url6380.news.pitchboo=
k.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzX=
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a>.</td>
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                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_575093" id=3D"n_575093" style=3D"font-size: 0; text-decoration: non=
e;"></a>=20
                          <table lang=3D"x-news-group-title" cellpadding=3D=
"0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;=
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tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s=
erif;
                                                                font-weight=
: 500; font-size: 20px; line-height: 26px;"> Secondaries fundraising takes =
3 quarters to rival 2024 record </span></td>
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                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
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                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
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                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>By =
Madeline Shi, Senior Private Equity Reporter</i><br><br>
                               Fundraising for secondaries is headed for an=
other record year.<br><br>
                               Secondary funds raised $105 billion in the f=
irst three quarters of the year, already nearly matching last year's annual=
 record, according to our <b><a href=3D"https://url6380.news.pitchbook.com/=
uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXZ7LX6S=
-2Bbk7fk649VJ4AGjtgHVoZ0hinoDFicughKLjA-3D-3D2lOl_Pr966knuaHmaw6c7pKvB-2BCE=
iDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqrChxuIUg046XvZrZNs2prWfzcjDZz5r=
l6-2F0xDt6hJX1lsJIlM8JXFzHg4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uKpAQF070z8lRLnMc=
2tyWotovsN1TbZ-2FWuME40KXxE3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGm=
irq1zN5-2BZ5oGCbTbeEseKi1Ar0wXBoDyL9oXn8uggfMwoKGa1muXuGMyqG3jkmx-2FFX2CpId=
-2Fgsrxxhz8PDfF0soYL6w2NRbS0KfzfvcjUFLYVkGbJGEzf-2BVeYcBcIXGvDoxu1U8L03KLdr=
D9DjlUt1CiU6ggwMGBLDDerMjVMdh74nXcg3x2dytbsFPg2Mi1fPtrRFAF-2BgDwl6u3ekRUABC=
9LTVnOh673pWUltpyv3DsxqipRiDeDyD3EWtEPUilJV2AY-2FL-2B3i4m6G6WhbtSZFjaFTvbha=
X9pF-2F9fUahwuvfjbX0sWZDpdhjO-2BdllkcfUPYTSOWLNwBwFv" style=3D"color: #1D50=
80;" test=3D"" universal=3D"true">Q3 2025 Global Private Market Fundraising=
 Report</a></b>.<br><br>
                               Over the trailing four quarters, these funds=
 amassed a collective $122.6 billion, up 21.9% from a year ago.</td>
                              </tr>
                              </tbody>
                              </table>
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cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: =
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                              <td align=3D"center" style=3D"text-align: cen=
ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXZ7LX6S-2Bbk7fk649VJ4AGj8ti-2FN=
kUjvnGi-2BqJwqashKg-3D-3DRRm2_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR=
4BiQVI43kbMcVf8UYA68NVRqrChxuIUg046XvZrZNs2prWfzcjDZz5rl6-2F0xDt6hJX1lsJIlM=
8JXFzHg4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2tyWotovsN1TbZ-2FWuM=
E40KXxE3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ5oGCbTbeE=
seKi1Ar0wXBoDyL9oXn8uggfMwoKGa1muXuGMyrWjrhcifU47HdyzZTc1-2FFmtf80uL828pqBj=
JMxFPbF-2B9TGKRefxROmiZzQQFzdVObP7AiEoGr1n7dvGOGJJH2ar-2FqMY2f6e18X1VncGubR=
0vyNfgUifL39IKHgTf-2BGGsnUuP3dGvsXJSZ9cql-2FFZXBBiSwyPp7vg3X7WhpSvqGYFxiYUw=
mlzedgaiGKVDzlI-2Bq2H-2Fj2L6GI92JyGHa9naieTsjgrVrFTmFfeURKjoEiW1gjXLqu28jxf=
Cet-2BDzMWF2DIfarsOblZt0gRR4jbw2" universal=3D"true"> <img align=3D"center"=
 alt=3D"" src=3D"https://img.pitchbook.com/news/71617.png" style=3D"border:=
 none; max-width: 420px;">  </a></td>
                              </tr>
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                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
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                              </tbody>
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                            </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>
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                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">The st=
rong momentum stands in contrast to the broader private capital market, whe=
re fund managers across the board continue to feel the pressure to secure n=
ew commitments.<br><br>
                               VC fundraising plunged about 42.5% over the =
same period, while PE declined 32.3%.<br><br>
                               PE remains the dominant focus for secondary =
funds, with those targeting PE stakes raising $53.5 billion during the firs=
t three quarters of this year.<br><br>
                               General partners are increasingly turning to=
 the secondary market to recapitalize investments that can't yet be sold an=
d free up liquidity for their limited partners.<br><br>
                               Another segment gaining traction is private =
debt, which attracted $16.1 billion of secondary capital during the same pe=
riod, compared with a meager $1.7 billion raised for the full-year 2024.<br=
><br>
                               Realization pressure has also become increas=
ingly acute in this market. Many private credit funds originated loans to s=
ponsor-backed companies in the past few years. They are being forced to hol=
d onto their loans for longer, as portfolios with exposure to sponsor-backe=
d borrowers are trapped by a slowdown in PE exits.</td>
                              </tr>
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cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: =
100%;">
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0px; font-family: Roboto, Arial, sans-serif;
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ated article:</i> <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/c=
lick?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUutjAMxy-2BADY5=
-2BiPxKYF9HWtR7ZRQ7gc5fXtXKnj9-2BtA-3D-3DIfYU_Pr966knuaHmaw6c7pKvB-2BCEiDnj=
5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqrChxuIUg046XvZrZNs2prWfzcjDZz5rl6-2=
F0xDt6hJX1lsJIlM8JXFzHg4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2tyW=
otovsN1TbZ-2FWuME40KXxE3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1=
zN5-2BZ5oGCbTbeEseKi1Ar0wXBoDyL9oXn8uggfMwoKGa1muXuGMyqmvBMqq-2BA01bHArhfVj=
Qz-2FaUR2ctRS4372HPRDpdHipp4UmzW0o0nluc6v-2BNaZ1RcU3p9BZoZz-2B7o7IlDJLixie2=
aNuVLmxcUbd4hLn3fl-2F46Ckwrejok0JBP4Fpxn56rS3Qp8VM2e4idCunbyibw4PEDzE-2BGHk=
U7cqsPeJcS-2BBhPzmTdNkDP-2F9KPP9DcpmJ38XYl-2BTolvzUyoLZkanKpbIBZPGxLEfDhCc5=
Td3RIQcsqG2uao9ujbWv89zIO-2BCVa5M6x7clH85qQffZsPecRV" style=3D"color: #1D50=
80;" test=3D"" universal=3D"true">Wall Street banks snap up venture seconda=
ries firms in liquidity push</a></b></td>
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nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
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tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s=
erif;
                                                                font-weight=
: 500; font-size: 20px; line-height: 26px;"> Fundraising is back to pre-COV=
ID levels </span></td>
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                              <tbody>
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                              <td align=3D"right" style=3D"text-align: righ=
t"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUutjAMxy-2BADY5-2BiPxKYF9H6hRBH64utO4=
kw-2F73Vn7OcQ-3D-3DpugP_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRqrChxuIUg046XvZrZNs2prWfzcjDZz5rl6-2F0xDt6hJX1lsJIlM8JXFzH=
g4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2tyWotovsN1TbZ-2FWuME40KXx=
E3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ5oGCbTbeEseKi1A=
r0wXBoDyL9oXn8uggfMwoKGa1muXuGMyqr0AIxYIl6Z8mI4KW7wPUGKvSWu3-2FLjiMhqNZlwNj=
nYM58SnW2yG8KIF4jz3A0j9ZIInikwL36Vw74a0uPiFVAXwsEuRg9ONaASj5ukSXGOmfCsHQCj3=
DyiKpDFa6T44RvzfIByQ9DRGHIqv6L8QySUrRDqjIgL13nQsB8RqZ8mG77mLakncFJRY8eil6yy=
ZyGnn-2BYLSvMpadu8nJ73rJbrqTMAWGp8pMJe-2Bo8-2FQIfqHIMxY-2Bk2-2BiAmcsatFG5jq=
ciRjqyPwEez2UZ-2Fdnp6xuo"> <img align=3D"center" alt=3D"" src=3D"https://im=
g.pitchbook.com/news/70462.png" style=3D"border: none; max-width: 420px;"> =
 </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table>82% of funds surveyed find the fundra=
ising environment stable. But capital is flowing unevenly depending on fund=
 profiles.<br><br><a href=3D"https://url6380.news.pitchbook.com/ls/click?up=
n=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUutjAMxy-2BADY5-2BiPxK=
YF9H6hRBH64utO4kw-2F73Vn7OcQ-3D-3DjK8W_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL=
0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqrChxuIUg046XvZrZNs2prWfzcjDZz5rl6-2F0xDt6h=
JX1lsJIlM8JXFzHg4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2tyWotovsN1=
TbZ-2FWuME40KXxE3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ=
5oGCbTbeEseKi1Ar0wXBoDyL9oXn8uggfMwoKGa1muXuGMyp-2FpNkI7jitMIRAJYr0l-2FSR4b=
bqBcD10UEtlQ-2FX1SX5PtF5f-2FTqhveF3QljT0Ye4EydRkmX7uK5RWkh3-2BN-2BcUdHDhj-2=
FyTntji-2BJQc9cYIPkh5ElZjV3qUbbYH8AOXiDaADwfk0bM09Ya2cQ5DzqJeuwoUEXIM4afRdI=
XqRjT6MmNlxI80YfhhSKtVZbxhPy40onSfykUolexGyWii6MK-2FOi-2FbwiKsCvAdYDUiMQ3UE=
VuwhTpP29V8Ma0oIIyDwjgYLlQgTIoHjyWopg9lJV78Xw" style=3D"color: #1D5080;" te=
st=3D"">Read the report</a></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Catch Up Quick</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
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                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
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                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">=E2=80=
=A2 <b>Startups in the restaurant technology segment</b> collected the majo=
rity of VC funding for the overall foodtech industry in Q3, which hit $2.8 =
billion, according to our latest Emerging Tech Research. <a href=3D"https:/=
/url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6=
GFa-2BaqM7ONnvsnswouzXZ7LX6S-2Bbk7fk649VJ4AGjS3fuxZi7FopyYY6fZpspww-3D-3DD_=
CH_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqrCh=
xuIUg046XvZrZNs2prWfzcjDZz5rl6-2F0xDt6hJX1lsJIlM8JXFzHg4TIdZAJ7gt6lh4u7sHKT=
veVFKVkJni9uKpAQF070z8lRLnMc2tyWotovsN1TbZ-2FWuME40KXxE3T1mN0CZCQKie5eIUGRU=
70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ5oGCbTbeEseKi1Ar0wXBoDyL9oXn8uggfMwo=
KGa1muXuGMyquVzPrpw6tQp35I-2BHwkH-2Betm-2FwySscoobeW9hoezXQqpQkeMiAoobcASwF=
p-2FHnZnLwawTSFrvpfFAapbMn-2FEN-2BgXB9NQFaOcE5N7VqXvpuV1n92rE-2FDQCpihQ57lg=
YjxkRmqMOCXtB0LeJ9ynGdVH6gj7fCOguV2l0U24lmxOmF-2Bh4ugp-2BeFxdW-2FJtRHr0v6R0=
CJFLmBLT6N6HTpuZPrwWnf5scpmFwV8ytkv58Zn0UDCB3NSSpTBCBgGOWSMj1mgxzORPLURULeN=
S-2FAerBn-2Fz" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Re=
ad the report</b></a><br><br>
                               =E2=80=A2 <b>PE funding for the healthcare t=
echnology industry</b> hit a multi-year high in 2025, a sharp contrast with=
 investment in the healthcare services sector. <a href=3D"https://url6380.n=
ews.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7=
ONnvsnswouzUutjAMxy-2BADY5-2BiPxKYF9HQJ-2F-2Fg4t4GJutSnvUWASQUg-3D-3DEn27_P=
r966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqrChxuIU=
g046XvZrZNs2prWfzcjDZz5rl6-2F0xDt6hJX1lsJIlM8JXFzHg4TIdZAJ7gt6lh4u7sHKTveVF=
KVkJni9uKpAQF070z8lRLnMc2tyWotovsN1TbZ-2FWuME40KXxE3T1mN0CZCQKie5eIUGRU70z3=
JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ5oGCbTbeEseKi1Ar0wXBoDyL9oXn8uggfMwoKGa1=
muXuGMyqSwMssILih23fJTNnODaGneGdX9tsGZ0VGBcam0IGz68WDusYMiTmW-2FWve-2FDwV0K=
jKV5JGgVIoWByePwtSpGrADzbNwmYV1eCSdWU3ZoFWsEBF-2BgoTVsmNFCyES7ItQE40sszETEO=
Xe5m672kT60FVT40idoiBARl8lSBZAZ-2BxImsqr5AtCnAr-2BhBUEk-2BwKJ5-2BOCqGneWT1s=
GLKhztAVRKrYje7NAvB0ygpsRJo2WWwijdMyBtT3MXvZULXbZDiA7OaCwtZ25ecGAyg6fPLGC5"=
 style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Read more</b></a=
><br><br>
                               =E2=80=A2 <b>VC dealmaking in the healthtech=
 market rebounded in Q3</b> as investors doubled down on AI-enabled platfor=
m providers, according to our recent report on the sector. <a href=3D"https=
://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIr=
f6GFa-2BaqM7ONnvsnswouzUutjAMxy-2BADY5-2BiPxKYF9HviO-2BK7IT-2BGWExCR-2FlTKx=
cw-3D-3DNHI-_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UY=
A68NVRqrChxuIUg046XvZrZNs2prWfzcjDZz5rl6-2F0xDt6hJX1lsJIlM8JXFzHg4TIdZAJ7gt=
6lh4u7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2tyWotovsN1TbZ-2FWuME40KXxE3T1mN0CZCQ=
Kie5eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ5oGCbTbeEseKi1Ar0wXBoDyL9o=
Xn8uggfMwoKGa1muXuGMyocHujFUkkL699bo6aYadtxt6k9GZyAMYrcJlw76NMIDzcdLptvL2jA=
wZCsV4Z0Nri8N3fFPTpAYSFWm25XGO0JFfOulZNHjPkdYFWabXHswxGYVU4Sr9LwSe5-2BAIHgH=
iY0w-2Bl5hNX06tJFJFdxpOa7M0w1TdG64mdV0ITWGl-2BxnopZMwmp020O5JUmTvJ4jNjY6zNf=
FM9csOBVXtyOQomC1eqVam5SF3qiLJJqPxC3pOef1Gko1YoQ0lz693GSg5EKJZ-2BQu6b-2BsBe=
QrMR2nWtm" style=3D"color: #1D5080;" test=3D"" universal=3D"true"><b>Read i=
t now</b></a></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_575116" id=3D"n_575116" 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;"> Buy now, pay later: Earnouts h=
elp drive M&amp;A activity </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 =
Emily Lai, Private Equity Reporter</i><br><br>
                               Even as financial markets face greater uncer=
tainty, M&amp;A activity has been remarkably resilient=E2=80=94driven partl=
y by increasing willingness among dealmakers to use mechanisms such as earn=
outs to help close transactions.<br><br>
                               According to PitchBook data, the total value=
 of global M&amp;A deals reached $1.1 billion in Q3 2025, marking the best =
quarter since 2021. At the time of writing, M&amp;A value for the year has =
already hit $3.9 billion, making it the second-highest deal total in the pa=
st 10 years, or 6% higher than all of 2024, with one month remaining=E2=80=
=94though with fewer deals than last year.<br><br>
                               This contrasts sharply with Q2, when M&amp;A=
 activity slowed amid US President Donald Trump's tariff regime and growing=
 geopolitical tension.<br><br>
                               The greater economic uncertainty complicated=
 the pricing of future earnings, creating a valuation gap between buyers an=
d sellers. Consequently, earnouts=E2=80=94a mechanism allowing buyers to de=
fer part of the purchase price and pay the rest only when certain milestone=
s are reached=E2=80=94have been increasingly deployed by dealmakers.</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-2BaqM7ONnvsnswouzUutjAMxy-2BADY5-2BiPxKYF9H3dKb0=
kRId2odHcrsuD65OQ-3D-3DcZQu_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4B=
iQVI43kbMcVf8UYA68NVRqrChxuIUg046XvZrZNs2prWfzcjDZz5rl6-2F0xDt6hJX1lsJIlM8J=
XFzHg4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2tyWotovsN1TbZ-2FWuME4=
0KXxE3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ5oGCbTbeEse=
Ki1Ar0wXBoDyL9oXn8uggfMwoKGa1muXuGMypabs0zScVRiTix6VDIufKnwqWIX9hqM1fji9P33=
HDLbksqpIMpLPgT71JLdRKU9dCB9Hr7L-2Fwgg2uLovJThl3Kzknngha6yODpUAFpNoz1qnSSgy=
GVT-2B-2BW7DZGleM-2FcbBFM8oUU6tFyvLkRhqObRtC3jrkdDfQHRjhOBozyg3dHcY9IC2izLD=
HVGjX7U90vVVMWUlTavWh2sgx8x3x-2FveirA5cEZM6ggy5bncY-2FXELbrxEo9ljlhp1h1wF7u=
M3pGZa19hdpDb-2Fmd-2F3FzZ3ls7K" universal=3D"true"> <img align=3D"center" a=
lt=3D"" src=3D"https://img.pitchbook.com/news/71624.png" style=3D"border: n=
one; max-width: 420px;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <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">"Earno=
uts have facilitated PE and M&amp;A transactions in the last 12 months. It =
is particularly helpful in bridging the valuation gap=E2=80=94sellers' pric=
e expectations are matched, provided they deliver the targets in the busine=
ss plan. This helps buyers to get comfortable that they are only 'paying up=
' if the targets are met," said Shimin Lee, partner at Clifford Chance.<br>=
<br>
                               Recent deals include Novartis's purchase of =
New Jersey-based clinical-stage biopharmaceutical company Anthos Therapeuti=
c in April. The deal included an upfront payment of $925 million and potent=
ial additional payments of up to $2.18 billion, contingent upon achieving r=
egulatory and commercial milestones.<br><br>
                               In August, Blackstone agreed to buy Austin-b=
ased energy SaaS platform Enverus from Hellman &amp; Friedman and Genstar C=
apital with a similar earnout structure. The deal values Enverus at more th=
an $6 billion, and the purchase price could reach $6.5 billion if earnout p=
rovisions are met, according to a Bloomberg report.<br><br>
                               Historically, earnouts have been seen as buy=
er-friendly and uncompetitive, particularly in auction processes. However, =
more sellers are willing to accept them, since both parties acknowledge unc=
ontrollable contingent risks.</td>
                              </tr>
                              </tbody>
                              </table>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-bottom" style=3D"width: 100%; min-width: =
100%;">
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cing=3D"0" lang=3D"x-content-btn">
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order-bottom: 2px solid #E88F36"><a class=3D"customButtonLink" href=3D"http=
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7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2tyWotovsN1TbZ-2FWuME40KXxE3T1mN0CZCQKie5e=
IUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ5oGCbTbeEseKi1Ar0wXBoDyL9oXn8ug=
gfMwoKGa1muXuGMyo6W484rJJ-2BXqqOn7gg-2FQOD7-2BQ7Dz0OrgH-2B9zWS3VStVnuE7pB57=
KtKkwZRkuw2Jd6OmowVfyeSVFwRQIBEDSUyL4DOfz3qA6VpbUlK8FfIsbRn0qxpowijt7-2BdMs=
MSTIePWz0Gk9TOUzvF-2FnU9bNjzmoTL7lRSXQbeFgTCnZK33qVC8-2B21W6mwFhHWzzOwUYCBT=
Il6BiWsP4II3l3l-2Fn7ZHKC0StMQodWcfML5llzPKE0HOqgs8VpY5xX9IcI6vwjl3LPQGvpbeT=
8BPPoa6RMY" style=3D"font-family: Roboto, Arial, sans-serif; font-size: 18p=
x; text-decoration: none; color: black; padding-left: 3px" target=3D"_blank=
" universal=3D"true">Share this article<img height=3D"24" src=3D"https://fo=
nts.pitchbook.com/newsletter/arrow-right.png" style=3D"vertical-align: midd=
le; margin-left: 8px;" width=3D"24"> </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 25px; line-height: 25px;=
">&nbsp;</td>
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                           </tbody>
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                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                        <tr>
                         <td colspan=3D"2" style=3D"padding: 0 20px;">
                          <table class=3D"                " lang=3D"x-news-=
group-border" cellpadding=3D"0" cellspacing=3D"0" border=3D"0" style=3D"wid=
th: 100%; min-width: 100%;    =20
">
                           <tbody>
                            <tr>
                             <td style=3D"padding-bottom: 25px;">
                              <table class=3D"" cellpadding=3D"0" cellspaci=
ng=3D"0" style=3D"width: 100%; min-width: 100%;
                                                                           =
                                                         border-bottom: 1px=
 solid #C3C3C3;
                                                                           =
                                                 ">
                              <tbody>
                              <tr>
                              <td style=3D"padding: 1px 0 0 0; line-height:=
 0;"></td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table lang=3D"x-content-area" cellpadding=3D"0" =
cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table lang=3D"x-content-area-main" cellpaddi=
ng=3D"0" cellspacing=3D"0" border=3D"0" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td valign=3D"top" align=3D"left" style=3D"pa=
dding-bottom: 20px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;"><i>Related research:<=
/i> <b><a test style=3D"color: #1D5080;" href=3D"https://url6380.news.pitch=
book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo=
uzUutjAMxy-2BADY5-2BiPxKYF9H0HYCnVedC58RuTYSRkCgVQ-3D-3DoBWN_Pr966knuaHmaw6=
c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqrChxuIUg046XvZrZNs2p=
rWfzcjDZz5rl6-2F0xDt6hJX1lsJIlM8JXFzHg4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uKpAQF=
070z8lRLnMc2tyWotovsN1TbZ-2FWuME40KXxE3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG6eG=
HKrwkfvgBGmirq1zN5-2BZ5oGCbTbeEseKi1Ar0wXBoDyL9oXn8uggfMwoKGa1muXuGMyor-2FJ=
hiw7dJ-2Bbl7aGWRm6dcUiIkMgNnTpwfugieqAnhUP3LW6NVF-2B0n-2FkZeCS6u40p-2BlhRRK=
ah84fHpnFacFnMp6nLW0Rvozwks1KCiVDHbSkoVmOMvVxLR06XiRwGCe-2BUAsRUOf-2FJeay0S=
SUYMvliFwPDbreoeknX5XRtrZY3xx1MH2kjw19V5gSqiwElCLMUl5StUjFrnRGXhFB9xLEK0kkt=
hg1JBvllSjQwayBtETk-2FPlsFjXWsPfqxEcTj3bSo4LyUJYGaEeEiHYI0T90V7" universal=
=3D"true">Q3 2025 Global M&amp;A 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">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Side Letters</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><i>Sma=
rt reads that caught our eye.</i><br><br>
                               =E2=80=A2 <b>"OpenAI is a money pit."</b> A =
new revenue forecast model from HSBC shows the company needs to raise over =
$207 billion by 2030 just to keep paying rising data center costs and likel=
y not make a profit. [<a href=3D"https://url6380.news.pitchbook.com/ls/clic=
k?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzUutjAMxy-2BADY5-2B=
iPxKYF9HxaWhaFpF9RpvT0GN-2Bz2Acg-3D-3D0gdu_Pr966knuaHmaw6c7pKvB-2BCEiDnj5Uw=
lJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqrChxuIUg046XvZrZNs2prWfzcjDZz5rl6-2F0x=
Dt6hJX1lsJIlM8JXFzHg4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2tyWoto=
vsN1TbZ-2FWuME40KXxE3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5=
-2BZ5oGCbTbeEseKi1Ar0wXBoDyL9oXn8uggfMwoKGa1muXuGMyo1E5NX8LdO4zpmE-2BOZXOna=
ifPZT78bq-2F7bS-2FxBAbO3Nxwwle3bvt3uEyPn4hnJkTyKm4Y37IZa4eOpQArj81CtNhkI2Ei=
YvJJeTXyLDHOo90k9n2ZuqXKeLeXN8LUa9r1OfegbgyylIdtsbB4h8KqIODxnvoYgWqJ1dC9IF2=
V10UckuYv6O6elToG5ZK7RgytzoaKZoSjV0pvrUQs1SKoYRVCQjsyixqHvNooviDFpMf4h4vFq6=
Zp96fpyFCVRMHVZWTMsFgQRGKIry6tkav-2B0" style=3D"color: #1D5080;" test=3D"">=
The Financial Times</a>]<br><br>
                               =E2=80=A2 <b>Robinhood's CEO has built up a =
cult following riding the wave of risk-taking.</b> Is Vlad Tenev democratiz=
ing investments or fostering a casino-like environment? [<a href=3D"https:/=
/url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-=
2BaqM7ONnvsnswouzUutjAMxy-2BADY5-2BiPxKYF9Hjexgg4qad5w3CICUGtbYNA-3D-3DfQWn=
_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqrChxu=
IUg046XvZrZNs2prWfzcjDZz5rl6-2F0xDt6hJX1lsJIlM8JXFzHg4TIdZAJ7gt6lh4u7sHKTve=
VFKVkJni9uKpAQF070z8lRLnMc2tyWotovsN1TbZ-2FWuME40KXxE3T1mN0CZCQKie5eIUGRU70=
z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ5oGCbTbeEseKi1Ar0wXBoDyL9oXn8uggfMwoKG=
a1muXuGMyrN-2F3G2nVTxge1qYXq6Gj1ZwIfOd3yxLQGooZ6NAB6W-2BBdIOwXxzz0WXcDYSJr9=
juM2qBZQHdhpxPY1j5fRNFPmC-2FlWzFDMdPE0z8K2MtNGiB7Ed6gpKCPd1G22V6qkR3oPeikYZ=
VANyk93zSo2aGcKP7XA-2FA7WBm2O0HxJ4pTJG9q37yMJN4IIVm-2FzagDG5SIw41Pv68pq9cuI=
yYcj8NVptM75rb-2FWlhIcM9iRfBnTrS8a9xxccJDDc8F6BQvhfuEJTVvvl21-2BJa6U-2FElXF=
HUY" 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">&nbsp;</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;">
                              3
                              </div>
                              <div class=3D"count-type" style=3D"float: non=
e; font-family: Roboto, Arial, sans-serif;
                                                         color: white; font=
-size: 12px; line-height: 24px;
                                                         padding: 2px 8px 0=
 8px; -webkit-text-size-adjust: 100%;">
                              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;">
                              195
                              </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;">
                              146
                              </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;">
                              1
                              </div>
                              <div class=3D"count-type" style=3D"float: non=
e; font-family: Roboto, Arial, sans-serif;
                                                         color: white; font=
-size: 12px; line-height: 24px;
                                                         padding: 2px 8px 0=
 8px; -webkit-text-size-adjust: 100%;">
                              Funds
                              </div></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td>
                          <table lang=3D"x-counts-btn" cellpadding=3D"0" ce=
llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                           <tbody>
                            <tr>
                             <td style=3D"height: 25px; line-height: 25px;"=
></td>
                            </tr>
                            <tr>
                             <td align=3D"center" style=3D"padding: 0 133px=
 13.3px 133px;">  <a href=3D"ht=
tps://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzUutjAMxy-2BADY5-2BiPxKYF9H5IuiUtIRqShO-2FzujTIcFTA-3D=
-3DEUBS_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV=
RqrChxuIUg046XvZrZNs2prWfzcjDZz5rl6-2F0xDt6hJX1lsJIlM8JXFzHg4TIdZAJ7gt6lh4u=
7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2tyWotovsN1TbZ-2FWuME40KXxE3T1mN0CZCQKie5e=
IUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ5oGCbTbeEseKi1Ar0wXBoDyL9oXn8ug=
gfMwoKGa1muXuGMyrqpV852w0xX4E6VPhxM7i-2FH-2B-2BwtrmShRJLhKB4ZHpmf2YuPtz5Sjn=
kZlYn1RaQBRd6DTb22b63N6waBFY74M5FEsnC-2FHIolzuuOPlro1Tw4xS4tXlpmmIX2BCSrFU4=
JieLTB7CRJxjHXcL2Ym1TCu85ezguVLVXhT23fb5iNZgESM4R3CQgJqAVktJCqBNLv5SbF6yR42=
rkkLgnHWqUY9pt4W2TNkRpKOdZD2CFq3-2B7-2FX5PtXU6NvACRFGOMhe1WfKoD-2FRVUjFfigv=
IGXqcmCX" target=3D"_blank" style=3D"display: block;
                                                          font-family: Robo=
to, Arial, sans-serif;
                                                          font-size: 12px;
                                                          color: #000000;
                                                          text-decoration: =
none;
                                                          line-height: 24px=
;
                                                          text-align: cente=
r;
                                                          padding: 9.5px 21=
.5px;
                                                          border-radius: 99=
9px;
                                                          background-color:=
 #F79B3E;"> Request a free trial </a> </td>
                            </tr>
                            <tr>
                             <td style=3D"height: 25px; line-height: 25px;"=
></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                       </tbody>
                      </table></td>
                     <td style=3D"width: 20px; min-width: 20px;"></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td height=3D"20" style=3D"line-height: 20px;">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_575088" id=3D"n_575088" 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: 2016 Vint=
age Global Funds-of-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: 84.49656750572082%; mi=
n-width: 84.49656750572082%; max-width: 84.49656750572082%; 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">14.77%</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">17.48%</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;">
                              0.69x
                              </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=
swouzUutjAMxy-2BADY5-2BiPxKYF9HSxsCc9fc38kSei7QkDzapQ-3D-3DNc9A_Pr966knuaHm=
aw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqrChxuIUg046XvZrZN=
s2prWfzcjDZz5rl6-2F0xDt6hJX1lsJIlM8JXFzHg4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uKp=
AQF070z8lRLnMc2tyWotovsN1TbZ-2FWuME40KXxE3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG=
6eGHKrwkfvgBGmirq1zN5-2BZ5oGCbTbeEseKi1Ar0wXBoDyL9oXn8uggfMwoKGa1muXuGMyoCc=
co-2B-2Fw17SuX6cVzM8t9OYUGzXWb3EJwvTQBqVGgesrnjWj-2B9Vfc2lVgalC-2BAkIjKp6-2=
Fe-2FzNnwfo9OtmAHowaIbNewtRqPHIZZU8nzXgrqKfxtGhx6iFFqX0Tq7bHI7voA-2F2W8NDWu=
f3MFEw1xxvHFayj-2FD0tyow8SrOIYTbND9XpqgbS2gQF6qQsDfnLAtljthxVOd4w8Hah12dvyl=
OuaXpRnIDCeska1En2TXFl4oz0fswe5geB5q2BC973-2Fl5fkVJUmjn3Wlke-2Foi5I0yx" sty=
le=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"tru=
e">Ironsides Partnership Fund IV </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=
swouzWk-2F14UqkLFTRg7X-2FVAGAZ0oIFs7lyGvKYAWK3f88BF-2Fw-3D-3D0Cym_Pr966knua=
Hmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqrChxuIUg046XvZr=
ZNs2prWfzcjDZz5rl6-2F0xDt6hJX1lsJIlM8JXFzHg4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9u=
KpAQF070z8lRLnMc2tyWotovsN1TbZ-2FWuME40KXxE3T1mN0CZCQKie5eIUGRU70z3JZMaXe9H=
ZG6eGHKrwkfvgBGmirq1zN5-2BZ5oGCbTbeEseKi1Ar0wXBoDyL9oXn8uggfMwoKGa1muXuGMyo=
7tZJlG9PV2xGWie1YPct0psPFe3BH8urRhvQ1Y-2B85wJz2wJkyioOKQMFL2ns-2F2HCal1X60T=
5TLl9JVX6gZ7CCCGPdw55OCIHCFrToDQ7VSqhDfmV2O-2BGXQkBvdr0202svEE2KvoBSywTmpoG=
lBxuyp3AETmVRSSgndy5-2BF0oL12EHr83jAAXUvmvVWEiV5dXY07MJjqWtqy42F5QijV8HEV88=
BKmdx-2Bi9KS-2FuanZ-2BmAmfs7mOvScZe1Fnq60gn1dJtHejTIkCwG0p2m-2Bovv8b" style=
=3D"font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"true"=
>Adams Street Venture Innovation Fund </a></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              <tr>
                              <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" class=3D"performer-content" lang=3D"x-performer-content" style=
=3D"min-width: 100%; font-size: 14px; line-height: 24px; color: #1D5080;" w=
idth=3D"100%">
                              <tbody>
                              <tr>
                              <td height=3D"22" style=3D"padding: 15px 10px=
 0 5px;" valign=3D"middle" width=3D"80%"><a href=3D"https://url6380.news.pi=
tchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsn=
swouzWk-2F14UqkLFTRg7X-2FVAGAZ0qPIJP1P0sojN3HVuUH9aKA-3D-3DdvQ6_Pr966knuaHm=
aw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqrChxuIUg046XvZrZN=
s2prWfzcjDZz5rl6-2F0xDt6hJX1lsJIlM8JXFzHg4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uKp=
AQF070z8lRLnMc2tyWotovsN1TbZ-2FWuME40KXxE3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG=
6eGHKrwkfvgBGmirq1zN5-2BZ5oGCbTbeEseKi1Ar0wXBoDyL9oXn8uggfMwoKGa1muXuGMyqbK=
vngwDLse7t6TeCJkqFHQ-2FvF1uHZXmtyjSKYXXkvtk1CaPq8eXv-2BVkh9yc9QdrRchpQj4U3B=
DGlJlBimvvCbP0jMHlVhzs-2Bdak1TYSgOXQkqE9DXeRfPQ15UR-2FqLcuc3q0KacdJBeebced7=
7EyAdmp0HRMyyYJdcr4vUGPUjvqCsJUykMIHcwGFz6PpC4BrWxjkFZCYIu7ZOBX8LhrtOz0Lv7M=
zDisWSqVpVKdfhGbf-2BwURBY7f7RyGiuCZwV1Ke3-2Bna-2BgkcvVGU5s4sey5j" style=3D"=
font-size: 14px; line-height: 24px; color: #1D5080;" universal=3D"true">Mar=
ket Street Opportunities Fund </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-2BaqM7ONnvsnswouzWk-2F14UqkLFTRg7X-2FVAGAZ0QG=
wPAt7icG77MnJxbTpl-2Bw-3D-3DrKBG_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2=
BHR4BiQVI43kbMcVf8UYA68NVRqrChxuIUg046XvZrZNs2prWfzcjDZz5rl6-2F0xDt6hJX1lsJ=
IlM8JXFzHg4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2tyWotovsN1TbZ-2F=
WuME40KXxE3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ5oGCbT=
beEseKi1Ar0wXBoDyL9oXn8uggfMwoKGa1muXuGMyoXIX8VdrsVrnYPFjrsg5vF-2FsIi-2BXDS=
pp1dsKJsVWoBCHEWYunrTyvCT4VpIfDQwm1wvCAR0Y1CcIUOKlp1pTdpeqXp-2B5BIeszJ-2FQl=
Mh1Q4L2FMPYJoym4eZnKcEiBMOPtnV4E2u-2F4-2FCYY3lZTqAbv3-2F7skG811huL9-2BU5tVT=
7RDUIMM9RmWYDZCbf5MBNEHxcEF0sEbXUb8FbImPIrFRXXiGfiSz9NNL1jdPuTYsrR4lCO-2Fh3=
xCaVx3Zf1hOtITzWMuHruiTmDEwxghBDOeiur" style=3D"font-family: Roboto, Arial,=
 sans-serif; color: #1D5080; font-size: 14px; font-weight: 700; line-height=
: 24px;" universal=3D"true">47 Funds in Benchmark&nbsp;=C2=BB </a></td>
                            </tr>
                           </tbody>
                          </table>
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Check =
out the latest version of <b><a href=3D"https://url6380.news.pitchbook.com/=
uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWk-2F14=
UqkLFTRg7X-2FVAGAZ0mcLPC74Bn8E4vn3yX27NzA-3D-3DmQUx_Pr966knuaHmaw6c7pKvB-2B=
CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqrChxuIUg046XvZrZNs2prWfzcjDZz=
5rl6-2F0xDt6hJX1lsJIlM8JXFzHg4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uKpAQF070z8lRLn=
Mc2tyWotovsN1TbZ-2FWuME40KXxE3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgB=
Gmirq1zN5-2BZ5oGCbTbeEseKi1Ar0wXBoDyL9oXn8uggfMwoKGa1muXuGMyoFIp8aR3x8astvK=
vK-2BQLltL6xDO5fDFxVMcx49XflCt7a8z7sE-2BtYQ78JucUA95JUnb1K8OAMBoYxnxhDkPlud=
u-2F6-2FnyW9Jwfy4C48aS6oZRZUgYj4bSSLm0Oabx81wM0AhykrY6D3-2BieKZc2KXlK1LQld5=
Kn9JoSmYPkL8LMuvnVoWDXdnTZLz-2FaOfaWyQXyl-2BAznBKXaJ22Roi22iNG61JpihfsNZ4sf=
x6-2BcRQARXdKUgl5NJqot5UZnEFFMK94AAPiQfYgKPTgpbUxvfcOX" style=3D"color: #1D=
5080;" test=3D"" universal=3D"true">PitchBook Benchmarks</a></b><br>
                               &nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>People</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table 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;"><a test style=3D"colo=
r: #1D5080;" href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3D=
u001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWk-2F14UqkLFTRg7X-2FVAGAZ0=
PLx5ixjABFCM3cp-2F5vUeHA-3D-3Dn4fz_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP=
-2BHR4BiQVI43kbMcVf8UYA68NVRqrChxuIUg046XvZrZNs2prWfzcjDZz5rl6-2F0xDt6hJX1l=
sJIlM8JXFzHg4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2tyWotovsN1TbZ-=
2FWuME40KXxE3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ5oGC=
bTbeEseKi1Ar0wXBoDyL9oXn8uggfMwoKGa1muXuGMyox0-2FpYZg1BqGNV7Zvdj0SO89SjM36s=
Rhhw-2BRN0cUMI7N4viW4p7pXarHtzaGAmpk5VkRjaxVmGeHBmD5qoiErEFWNHU6c7SUoeXrIck=
eFDL3AqpBs006AYMtikM56M38rDe3y8XsPA1-2BhdMVK-2Fv3Y36LM-2B4ACvKPcKWsjbkGm-2F=
cWGRkYDJLEdgp7rxz8VG0sn4lxRBrp8VAMj-2BzlDQHUkM4QrmhPhcrAuEJzCb1GaVroUkZPqtc=
81Nn-2BRTSPQ8TLm3V4-2FKPQDi88atW3MzEl97" universal=3D"true">Capza</a> promo=
ted <b><a test style=3D"color: #1D5080;" href=3D"https://url6380.news.pitch=
book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo=
uzWk-2F14UqkLFTRg7X-2FVAGAZ0uILKttPD-2Fk-2FESUTV7L1Lag-3D-3DEBmh_Pr966knuaH=
maw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqrChxuIUg046XvZrZ=
Ns2prWfzcjDZz5rl6-2F0xDt6hJX1lsJIlM8JXFzHg4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uK=
pAQF070z8lRLnMc2tyWotovsN1TbZ-2FWuME40KXxE3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZ=
G6eGHKrwkfvgBGmirq1zN5-2BZ5oGCbTbeEseKi1Ar0wXBoDyL9oXn8uggfMwoKGa1muXuGMypb=
XNy-2FBkGO1okZAlP9fYPCvHWuZV3P9X7nIQheKM89JuDtGZsFNPl-2BiPSaHzErk-2BCvkTHqY=
kesGZuKMpAEwARRHSmp58Uf-2BZWEnLkmjlz7Grp-2F0e9obvsDk-2BX4AxWNKQfrSvSXqSB7Gn=
Jes6cFOPCXlZQ6XGBHMWM0G5MB1mEgCIxVU4DKoW-2BKyfVqT8qrytphUdXFYEAclyjaR8tKvaL=
h7meNMo-2FwGqgKufWmzN5w2SU2ANZOVH-2B6UuKXkIflr4OYdfVD77HsgzKTEutWwgm3" univ=
ersal=3D"true">David Schulte</a></b> to head of private debt for Germany, A=
ustria and Switzerland.</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>VC Deals</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">German=
 defense tech startup <b><a href=3D"https://url6380.news.pitchbook.com/uni/=
ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWk-2F14UqkL=
FTRg7X-2FVAGAZ0nKbu3nuLxWhMFGINjtmqJA-3D-3DL4Pn_Pr966knuaHmaw6c7pKvB-2BCEiD=
nj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqrChxuIUg046XvZrZNs2prWfzcjDZz5rl6=
-2F0xDt6hJX1lsJIlM8JXFzHg4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2t=
yWotovsN1TbZ-2FWuME40KXxE3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmir=
q1zN5-2BZ5oGCbTbeEseKi1Ar0wXBoDyL9oXn8uggfMwoKGa1muXuGMyr02BU0O3HtBkzOy937v=
hPUEiFNGKLtRFAf0Wm6fAk82W4Uykgv-2FxNVAJVI1ipiOEAMLWB9CHDdcQoAQWclKtCEFTByCB=
KbGkzz6B8WZZtkpnpjh4xx0wMgWRaA88d-2BuMgG-2BnXp-2F7SATtb1P6UPfvCmOFuCWU-2Fo-=
2FYU8yR4rsZupaWgMn98G-2FKsvvOjNgpEKAuHJfUwptqYirZ8EVa8lIEpWogQNLlWDChRpZxPM=
IaM0YYrkWkyMIrajlvSvLZuhQ4QOIQU0OLPn2nhR0uY6yxDt" style=3D"color: #1D5080;"=
 test=3D"" universal=3D"true">Quantum Systems</a></b> raised =E2=82=AC180 m=
illion in a Series C extension led by <a href=3D"https://url6380.news.pitch=
book.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswo=
uzWk-2F14UqkLFTRg7X-2FVAGAZ0x8A2GxUkkiL-2BXwpTGVwo4w-3D-3DldOr_Pr966knuaHma=
w6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqrChxuIUg046XvZrZNs=
2prWfzcjDZz5rl6-2F0xDt6hJX1lsJIlM8JXFzHg4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uKpA=
QF070z8lRLnMc2tyWotovsN1TbZ-2FWuME40KXxE3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG6=
eGHKrwkfvgBGmirq1zN5-2BZ5oGCbTbeEseKi1Ar0wXBoDyL9oXn8uggfMwoKGa1muXuGMyoLDD=
J9zOKZfloanLuinR1Zid-2FhaQWBg-2BfjZ1NyyAHCynjSVQoMxhE1Z88zFKJvVA79qswV3shPi=
Nui6RzzRoDOe8RK3WGMUEHGBvZoczufGGDczeoRfmOkKCltIj5lkVtj5F1wJaf85Oml2EpGUzo4=
t56l4FCLvQL-2BwYGNjWGvYbko3L-2FdK56rrnOuTZq6-2FRfJ-2BuDFbSGu5hODU-2B01lzagA=
1apqhIIw-2BHCDvyQWUdzF-2BTMfHMKtbpfIococUSe8PPXa8VFCvtrWEd5zIl3T2Po" style=
=3D"color: #1D5080;" test=3D"" universal=3D"true">Balderton Capital</a>.<br=
><br><b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du0=
01.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWk-2F14UqkLFTRg7X-2FVAGAZ0gK=
Tq3-2BNWtGeYHhWtSvOYdQ-3D-3DWTzi_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2=
BHR4BiQVI43kbMcVf8UYA68NVRqrChxuIUg046XvZrZNs2prWfzcjDZz5rl6-2F0xDt6hJX1lsJ=
IlM8JXFzHg4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2tyWotovsN1TbZ-2F=
WuME40KXxE3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ5oGCbT=
beEseKi1Ar0wXBoDyL9oXn8uggfMwoKGa1muXuGMyrsheL3IJh7k6K6NjfHz-2BlVGO5FDQEc1N=
FdLhLGeCKIK-2FplKPmUatEHiSKb3YymhqUh4OMRr3kMAldtv-2BMcvSOFM8iQvA3eYqEmSFw-2=
FqUC1UMeWw5wQ73AZ9CRX4KRLEw9WNKqNCCFLJ4oCJv4J8qW0-2F9ALNNvXy-2BMKVxcIobo5do=
qgT4dkvzGNheTr-2BclIxfjSvWX-2BEL8qsylvb-2BJXn6fUd2rNqwBy7pZRjPXhNAGeVYiqnIo=
ugyBgZLdtspXkgGa6OCJZDA8h4biqxFWj5AV-2B" style=3D"color: #1D5080;" test=3D"=
" universal=3D"true">Gravis Robotics</a></b>, a Zurich-based developer of a=
utonomous robots for construction, secured $23 million in a round led by <a=
 href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73Br=
X4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzWk-2F14UqkLFTRg7X-2FVAGAZ0k-2FYXAzQlQE=
TY6iL5zLtceg-3D-3DXrod_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI4=
3kbMcVf8UYA68NVRqrChxuIUg046XvZrZNs2prWfzcjDZz5rl6-2F0xDt6hJX1lsJIlM8JXFzHg=
4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2tyWotovsN1TbZ-2FWuME40KXxE=
3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ5oGCbTbeEseKi1Ar=
0wXBoDyL9oXn8uggfMwoKGa1muXuGMyrBRCsHqVbOPnaZvSertzbiOgt89-2B0lwyGzDEA0H-2F=
sxXr2L5qupwvnz6Yrs2QoCq-2FlsPl3tpwd5WI5FiWicIBQq4LnOyVEpef1YEUO5aTRvRSjkdRP=
Fo1r60yuGDQ032kTadZnF10DMOj8semqrxzErJo8poyASNhjiDsTdLZdxRKb1c0Edq8rsdRy5qg=
9kjmYxlRMQf-2F-2B-2FErekbWgp0ZKZqFpLbCCq4yt0ORRSiVU5Mgt99QegELM0aNi66HNtczR=
WJ6HKHw-2BNZp2nwRDmfHAU" style=3D"color: #1D5080;" test=3D"" universal=3D"t=
rue">IQ Capital</a> and <a href=3D"https://url6380.news.pitchbook.com/uni/l=
s/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVVGLmAzfAMnh=
W-2FRSw-2BJu-2Fj7A9Lm6l2Ijj1vdzg8KVNsg-3D-3DUWpx_Pr966knuaHmaw6c7pKvB-2BCEi=
Dnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqrChxuIUg046XvZrZNs2prWfzcjDZz5rl=
6-2F0xDt6hJX1lsJIlM8JXFzHg4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2=
tyWotovsN1TbZ-2FWuME40KXxE3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmi=
rq1zN5-2BZ5oGCbTbeEseKi1Ar0wXBoDyL9oXn8uggfMwoKGa1muXuGMyrzgD1cXeeVL4bc1GK-=
2F3narcYTv6f2hYnesLvT7I98tFasbBfImmXfQKPqYu6LIvDoe0wq9bx6EsxvmG9lnacpwpnuDK=
tzA919QRK2AMpfokwtjXbou9cx9Zqd-2BKzqjANpcnseunU9Ba63WBlUTdumR36Cmu-2F-2F4M6=
yS9CIduutLX5KzgJk-2BkyzbaYKiMyLKkQyIQeWgwPVJeG-2BUfSWJV1wJJfa95vblrLQaIUWb-=
2FQjz7S1xTYyDvzSGbCrGikrpSXr4YUrOHgwujFXy1D4RImoS" style=3D"color: #1D5080;=
" test=3D"" universal=3D"true">Zacua Ventures</a>.<br><br>
                               UK-based drone startup <b><a href=3D"https:/=
/url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6=
GFa-2BaqM7ONnvsnswouzVVGLmAzfAMnhW-2FRSw-2BJu-2Fj6HXcgwjEUhCUr-2BpGXIHblQ-3=
D-3DX4Wp_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68N=
VRqrChxuIUg046XvZrZNs2prWfzcjDZz5rl6-2F0xDt6hJX1lsJIlM8JXFzHg4TIdZAJ7gt6lh4=
u7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2tyWotovsN1TbZ-2FWuME40KXxE3T1mN0CZCQKie5=
eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ5oGCbTbeEseKi1Ar0wXBoDyL9oXn8u=
ggfMwoKGa1muXuGMyoWSf-2BaYQsNVp-2FoRZ6YURmshXL8NaMOnVVoqzjyN89HCsyEaDU0Pd8x=
KfWULrWHWIUEnD1wZUuwHTYwXlSmbVKAF-2BBH-2FUh7xSrsAWpn1oVZkJzUv6SO4rJv4PNIXL4=
XLyIReJ9XGJBGhQ6GO4PRHWiKEMI7-2BY4SmAkMJ5JVwt5lOJlLvqli0bh8CF6pghAOkX2UQhsx=
pD2AkEehhIteALsRtjNgEclrUmT-2Fc-2BlRFUga3oz5NCCyUB41VQUAqBfFmn7rzJnE-2FXxou=
KNAZWfjHS-2FZ" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Stirl=
ingX</a></b> raised an $11 million seed investment led by <a href=3D"https:=
//url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf=
6GFa-2BaqM7ONnvsnswouzVVGLmAzfAMnhW-2FRSw-2BJu-2Fj6RszHftVBAjjuziLRekjag-3D=
-3DcG4P_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NV=
RqrChxuIUg046XvZrZNs2prWfzcjDZz5rl6-2F0xDt6hJX1lsJIlM8JXFzHg4TIdZAJ7gt6lh4u=
7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2tyWotovsN1TbZ-2FWuME40KXxE3T1mN0CZCQKie5e=
IUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ5oGCbTbeEseKi1Ar0wXBoDyL9oXn8ug=
gfMwoKGa1muXuGMyov5HqkdDgZFIUx3gJ2-2BWYq8iT-2BDoIzseMN55maA0phgZ3qEuQmW8W0w=
bUSrVx0dOxzyYaLzmh8BYHae8Cj82xWqsOVBJr0iJIxnONDVSS1lhYBtrTi3WZIJbegg9r-2B21=
HHF-2Fr3lKw0D2iQHudc2QZEi6jbmQyBBOM4tvwXOz1p67dM8DYSAYw-2BIoDbOwUwgklgJnGd8=
WjUDSPvg76mUzswhOLTSmrGL5862Oqp46qxUDMKWhGWAo0A8COshZHKl0jFPNwQSc42GsIRGuHi=
3m38" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Rokos Capital =
Management</a>.</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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                  <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%;">
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                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
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                         <td style=3D"padding: 10px 20px 14px 20px;"> <a na=
me=3D"n_574804" id=3D"n_574804" style=3D"font-size: 0; text-decoration: non=
e;"></a>=20
                          <table lang=3D"x-news-group-title" cellpadding=3D=
"0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;=
">
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tyle=3D"display: block; color: black; font-family: Roboto Serif, Georgia, s=
erif;
                                                                font-weight=
: 500; font-size: 20px; line-height: 26px;"> Don't miss our upcoming webina=
r </span></td>
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                          <table border=3D"0" cellpadding=3D"0" cellspacing=
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                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100=
%;">
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ing=3D"0" cellspacing=3D"0" lang=3D"x-image">
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ing=3D"0" cellspacing=3D"0" style=3D"float: none;
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                              <td align=3D"center" style=3D"text-align: cen=
ter"><a href=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n7=
3BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVVGLmAzfAMnhW-2FRSw-2BJu-2FjYfjXBb7=
oIPjC9K45p12vYw-3D-3DEUz0_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVRqrChxuIUg046XvZrZNs2prWfzcjDZz5rl6-2F0xDt6hJX1lsJIlM8JXF=
zHg4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2tyWotovsN1TbZ-2FWuME40K=
XxE3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ5oGCbTbeEseKi=
1Ar0wXBoDyL9oXn8uggfMwoKGa1muXuGMypH6GyFoKWQjJWyBqi9yVz72KL07uVQNo5I76A00o5=
1JnMWcdx774tBYQSum6o-2B9DsRzuHoGCfOB15g48Cu-2Fb5aJZ3767tRM9Rvod0wZVS9YAR2Y7=
Qqf8P2AQi7jyvWpCau22tjXnNmo9-2BW1jhd6h-2FDAQazHFfjw-2FTXU6z9i9fk3r0bMnYFEXH=
61-2FfUfi368-2Fi5bX9jZgavSDosCxdiEhj1oBOHiXITnFDYFHSm6eiqzmVL8Ozt58DykkI0tX=
vvtwJkt7XV7W5fKf1fH6pbd-2BPJ"> <img align=3D"middle" alt=3D"" src=3D"https:=
//img.pitchbook.com/news/71452.png" style=3D"border: none; max-width: 420px=
;">  </a></td>
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>&nbsp;</td>
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cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
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                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">The pr=
ivate capital markets are undergoing structural shifts. Over the last 25 ye=
ars, private capital has become a foundational asset class for institutiona=
l portfolios. But today, GPs are expanding their reach toward other investo=
r cohorts.<br><br>
                               Evergreen fund structures are expected to ca=
pture the majority of these investment flows targeting private wealth and r=
etail channels. In this webinar, PitchBook and Morningstar analysts will di=
scuss key considerations for evergreen funds as these vehicles become part =
of the allocator toolkit.<br><br><a href=3D"https://url6380.news.pitchbook.=
com/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVVGLmAz=
fAMnhW-2FRSw-2BJu-2FjYfjXBb7oIPjC9K45p12vYw-3D-3DkifW_Pr966knuaHmaw6c7pKvB-=
2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqrChxuIUg046XvZrZNs2prWfzcjD=
Zz5rl6-2F0xDt6hJX1lsJIlM8JXFzHg4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uKpAQF070z8lR=
LnMc2tyWotovsN1TbZ-2FWuME40KXxE3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG6eGHKrwkfv=
gBGmirq1zN5-2BZ5oGCbTbeEseKi1Ar0wXBoDyL9oXn8uggfMwoKGa1muXuGMyq1Heq7OMbQgB5=
QFz6fRkKtf67tb6HQW1nd71LvSmuZe75LZa6-2Bl787n0Rj547Jo47EJ9PKhx15YB98WiVkBuCM=
ksflTB2v-2BRXmE6DAQ70nYgEtV45D6RsJBoW6wuG4pgt9TCIqk8Z3mM8wa81OznCgFomGvX9zq=
KyircOZFZJHAGMhPqpB4gryfqgRMiZOvN9P-2FGxLqr2V4sXEjC60wCkvQyImIFnALv6aC25osl=
1IyBwoOrJkcqDVnEbs2RlLQguPPGLncFi3Y099vYpRGcvz" style=3D"color: #1D5080;" t=
est=3D""><b>Register now to secure your spot.</b></a></td>
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ight: 6px; padding: 0; " colspan=3D"2"></td>
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20px; padding: 0;" colspan=3D"2">&nbsp;</td>
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                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
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                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>PE Deals</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
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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-2BaqM7ONnvsnswouzVVGLmAzfAMnhW-2FRSw-2BJu-2FjtR76bzPOAl-2BL=
VpvUJ8Z2YA-3D-3D2B2k_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43k=
bMcVf8UYA68NVRqrChxuIUg046XvZrZNs2prWfzcjDZz5rl6-2F0xDt6hJX1lsJIlM8JXFzHg4T=
IdZAJ7gt6lh4u7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2tyWotovsN1TbZ-2FWuME40KXxE3T=
1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ5oGCbTbeEseKi1Ar0w=
XBoDyL9oXn8uggfMwoKGa1muXuGMyoGMg1-2FfBt4y0Sh5vM4Cr4crDmx4sYw3XtDV33ynZAfJm=
G3BmYxp-2FG7WOgA5ASDHRuVyMMrCMcJ9x-2F-2F5E96dLE-2Fop51ebVuDTSHFt0EGf-2BXZ2l=
x5Giw59aEQ-2FbMi6sWPQlVfvFWgeDAH6SKPk4sptBs4qDyman71WpvHOsqLIn79m-2BE-2Fyxu=
P3Oi1l03O4CwDGfgDZMd7LNkWNJCW4f2gp17tUOlRAd1alpofReM0y3rjsNFKbXKqe0TyzueFQH=
mIluyPPHt0PQQvL1G-2BTxU21W5" style=3D"color: #1D5080;" test=3D"" universal=
=3D"true">Alto Partners</a> and <a href=3D"https://url6380.news.pitchbook.c=
om/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVVGL=
mAzfAMnhW-2FRSw-2BJu-2FjKDLLF9HOsNVxBIsqR-2ByNzQ-3D-3D3ZQt_Pr966knuaHmaw6c7=
pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqrChxuIUg046XvZrZNs2prW=
fzcjDZz5rl6-2F0xDt6hJX1lsJIlM8JXFzHg4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uKpAQF07=
0z8lRLnMc2tyWotovsN1TbZ-2FWuME40KXxE3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG6eGHK=
rwkfvgBGmirq1zN5-2BZ5oGCbTbeEseKi1Ar0wXBoDyL9oXn8uggfMwoKGa1muXuGMyq9kozMeY=
6fSNhwiETRqS0p5wBmZ8UoZfffD77vrdN59oIdS5MKqEEYLCdCYaVplZN6JPeH0PzHKuunkELyV=
h5grtiKJJqUxNVscpb6h7WPT5O3-2Fuka-2BQeKgS-2BH7MFVr9asdMWw9frfKmLvXrv9x3J4p0=
tLgD2k-2B8TsEScvl7pqJ0qkELKK8Cwx7jzG0Mcfq0v8eNL2ZfqBnmhAec4hfy-2B-2FcBWY5bs=
eZRSK3JGlTYuuoWDA8XjKPWMwr96wqE0hXE4OofaJ94YGOHGs7Pxb9bIB" style=3D"color: =
#1D5080;" test=3D"" universal=3D"true">Idea Cinquanta</a> agreed to acquire=
 <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d=
4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVVGLmAzfAMnhW-2FRSw-2BJu-2FjZekF=
GvFkDK1MmbTbRbAeZA-3D-3DTPUw_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4=
BiQVI43kbMcVf8UYA68NVRqrChxuIUg046XvZrZNs2prWfzcjDZz5rl6-2F0xDt6hJX1lsJIlM8=
JXFzHg4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2tyWotovsN1TbZ-2FWuME=
40KXxE3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ5oGCbTbeEs=
eKi1Ar0wXBoDyL9oXn8uggfMwoKGa1muXuGMyokg7muQUYn-2FQIAb3GMpZvgd2NL8SEPdOMixb=
gXpfWido5PdEatEQFUhDpfjIlCkFSRZSeR9Fk2JNubV-2B2N81aRf8OXz3F-2BWsr5dN2LAVMEn=
hFFIwk1p-2BvJlCHtOMgWFdSTrvXn3MUhKw2-2BRfmLAv5THnXrB0WZDgCO585UahBI0vIAK3I8=
NWf67pCT57Nd3r6NrMeklAT-2B1csPHhJZ7KPwRLZmiNBQIqICDdHdNfx6-2B5aydFBGRUeodXn=
mjbWu1kkLTrYJqq06roic1KutzZCe" style=3D"color: #1D5080;" test=3D"" universa=
l=3D"true">FIP MEC</a></b>, an Italian anti-seismic devices maker.<br><br><=
a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73B=
rX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVVGLmAzfAMnhW-2FRSw-2BJu-2FjVNFDUw9W3=
0U9eLIUb21tbA-3D-3DY2PZ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRqrChxuIUg046XvZrZNs2prWfzcjDZz5rl6-2F0xDt6hJX1lsJIlM8JXFzH=
g4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2tyWotovsN1TbZ-2FWuME40KXx=
E3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ5oGCbTbeEseKi1A=
r0wXBoDyL9oXn8uggfMwoKGa1muXuGMyr9zKS2e34r-2FdgpCEVr6WfVFt2RgBV-2BO4bVSAvj1=
w0jU7Y6Mu6-2Bc6jZjyShlvR12tAlhab-2F5D-2FQKQBYJ1fNYO7-2Fbg0EoPRWYaHmtKqkPxs8=
2K2qSDcjsSmlDWyK4j3lnSYbjQPyJvya3dAdLtLqId4MYKz2lxISDwYR1DJ705fcKByNHt-2BLa=
KRHlB18jZdKnpKftI2G93NZzDnWc2kk-2FG2xBrrpwQXLdE0jwtV02-2FWUWJeZU-2BjJRkYETn=
qx5AbPnlmSDNMlAcCf5zP18TK6Qyjq" style=3D"color: #1D5080;" test=3D"" univers=
al=3D"true">Deutsche Boerse</a> is in exclusive, early-stage talks to purch=
ase <b><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du00=
1.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVVGLmAzfAMnhW-2FRSw-2BJu-2Fjy=
zVlsDx4nJ-2BLbveuqhdNJg-3D-3DzftJ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-=
2BHR4BiQVI43kbMcVf8UYA68NVRqrChxuIUg046XvZrZNs2prWfzcjDZz5rl6-2F0xDt6hJX1ls=
JIlM8JXFzHg4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2tyWotovsN1TbZ-2=
FWuME40KXxE3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ5oGCb=
TbeEseKi1Ar0wXBoDyL9oXn8uggfMwoKGa1muXuGMyoxfy5STF-2FX0sGGQy9StHxM5a46byLQk=
9uiQMLg4bYaT2QRmv3X7BV7DjCuwIwMhqH1qrSW-2FzFKnZwt9d0FVSoypnbs4Q1fJ6KLjVpOXX=
4rN5-2B9pJEKebZbIR1h7wNlVAQ4omjZcMm-2FB4I-2BTEJwf82jZC-2FXsiKVinp-2BROdkaGe=
GPweCfvNyFddZi-2B1TQz6B9gGMwAVj7XHzyHV5noKHj8S-2F-2FbDAGvcg7fnMt4LbgG2KzAU-=
2FRE3cF3BcmIGz2fJ93PdLFDZPtRpIJSCVeiMse95-2B" style=3D"color: #1D5080;" tes=
t=3D"" universal=3D"true">Allfunds</a></b>, a London-based operator of a fu=
nd distribution platform.</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Exits</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top"><b><a =
href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX=
4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzVVGLmAzfAMnhW-2FRSw-2BJu-2FjrMhoGjbfg-2=
FzxIvfcyYebEw-3D-3DsCl-_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI=
43kbMcVf8UYA68NVRqrChxuIUg046XvZrZNs2prWfzcjDZz5rl6-2F0xDt6hJX1lsJIlM8JXFzH=
g4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2tyWotovsN1TbZ-2FWuME40KXx=
E3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ5oGCbTbeEseKi1A=
r0wXBoDyL9oXn8uggfMwoKGa1muXuGMyoHN-2Bwh5EgweRCKBadI2dVdmg4vlZjMtPR7nkOJMWw=
944orBnnJ5os1tBLQE1cwL-2FImsimnsCwAA7NEi28-2BvlSHruPqwZ3Ftd8E8czTAzLwTpk-2F=
0DCj6LUA6lZ0DcQIWLwGVoJQ7NrA6zSi8UbVM76mcSDWo11pIN8-2FlbDZ4UkYPgc6Z954gRjR1=
VhEgiew3IMDJ-2BmIFrOHMj5XeImMy-2BkMfX1r-2FDDIq6IP0PRC1ZJ5SAhaSFwDaQ-2BFqDl0=
MpyA3uojb82Z-2B1L44OC3ZXzTy-2BaM" style=3D"color: #1D5080;" test=3D"" unive=
rsal=3D"true">China Investment Corp.</a></b> is close to selling $1 billion=
 stake in funds managed by <a href=3D"https://url6380.news.pitchbook.com/un=
i/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXAOefS-2B=
CCoY0OOiXaDS5vTgeopaWuzFMRZK8aHUfcZWQ-3D-3Dxlde_Pr966knuaHmaw6c7pKvB-2BCEiD=
nj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqrChxuIUg046XvZrZNs2prWfzcjDZz5rl6=
-2F0xDt6hJX1lsJIlM8JXFzHg4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2t=
yWotovsN1TbZ-2FWuME40KXxE3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmir=
q1zN5-2BZ5oGCbTbeEseKi1Ar0wXBoDyL9oXn8uggfMwoKGa1muXuGMyoWsGUyg8UMCqv7ghFv4=
Tiea21a8gxA5yrm0ZoGcFVI7-2FeQmvmgxm3NybDgcR6lwoxQXByHPnelVfoUFmwEfg-2FZ85-2=
FIDCoQOmoTk-2FIEitNHLpTFv-2BW5lCDvliLUOZWmuTSzhIVeyXBiSlkTpVUMa5sA1ME49MfSP=
pgO-2BR0297mJQ4BH-2BFJLVL3Ialwl5l80KBeCEJusSAQ1Xx75j79KM2iWmn-2By1eGomJlv2U=
KRwowd-2FIfAYUcgffvWwYYooJRmcpz3HmKiCZEnlDcaInKBO7Nf" style=3D"color: #1D50=
80;" test=3D"" universal=3D"true">The Carlyle Group</a>, <a href=3D"https:/=
/url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6=
GFa-2BaqM7ONnvsnswouzXAOefS-2BCCoY0OOiXaDS5vTAHobeEusrJW8OinIGiVqgQ-3D-3DGe=
oi_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqrCh=
xuIUg046XvZrZNs2prWfzcjDZz5rl6-2F0xDt6hJX1lsJIlM8JXFzHg4TIdZAJ7gt6lh4u7sHKT=
veVFKVkJni9uKpAQF070z8lRLnMc2tyWotovsN1TbZ-2FWuME40KXxE3T1mN0CZCQKie5eIUGRU=
70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ5oGCbTbeEseKi1Ar0wXBoDyL9oXn8uggfMwo=
KGa1muXuGMyrK-2FNJQnldEtcjNOqLHOafHWe3PmYl25NYpy4ix-2FTeIS7V2g7KePA6CYiJJvJ=
7UpOFdAa9jmueRdgCqwQYz6zrtsNXVyUoJjo7RFOlLVhiAAfxEF0ljD8wdV-2BhZ7ZyRhq8-2Bc=
t0K2dIYY-2FPe1EntQGoB7J-2FvayQuVEmj8zqWb4nhtZx7Iy-2BTVzYlnWBqIGO6zUr7Z19xHJ=
oWuQr0fkEplLaYKYjGFruKanxaEi3CyuyfhijnobDkw4BI6bQ2gisuvtECfpoSvQ9ouI0S3w36O=
PfQ" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Hellman &amp; F=
riedman</a> and <a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?=
upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXAOefS-2BCCoY0OOiXaD=
S5vTwBADROAv4oYbhV1hDZ46YQ-3D-3DfGSb_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0Y=
QP-2BHR4BiQVI43kbMcVf8UYA68NVRqrChxuIUg046XvZrZNs2prWfzcjDZz5rl6-2F0xDt6hJX=
1lsJIlM8JXFzHg4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2tyWotovsN1Tb=
Z-2FWuME40KXxE3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ5o=
GCbTbeEseKi1Ar0wXBoDyL9oXn8uggfMwoKGa1muXuGMyqpbj-2Fv6ygJSa4N3qIK78vrjTD9Jf=
VxXSGmWwaAXUaq3zxPA-2F67SApPuWHsS6DH1m5GRWb9Uqxq-2BvaYk5BqGAVSzZuHLkRhvUIYS=
e9jhNu0YDR2nyxEOumubFxIVysJfiKT5ZGIch-2BQUVC-2FzroirzIEVW5izGx9F4jVpCUkDLr-=
2Fx83DBEa7MWzjUC73nYvXTCC2UsMCfa0VC3OR7TD3LyvZRL3gZoc4mrGQYCMEG95aboogwMqMy=
8XRjRJVjCZdIrjzYa38ja-2FO8OogSxK4TWDD" style=3D"color: #1D5080;" test=3D"" =
universal=3D"true">Welsh Carson Anderson &amp; Stowe</a>, Bloomberg reporte=
d.<br><br><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3D=
u001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXAOefS-2BCCoY0OOiXaDS5vTT-=
2FS9R-2BCys2FfqU-2FuVeyRZw-3D-3DPGrc_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0Y=
QP-2BHR4BiQVI43kbMcVf8UYA68NVRqrChxuIUg046XvZrZNs2prWfzcjDZz5rl6-2F0xDt6hJX=
1lsJIlM8JXFzHg4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2tyWotovsN1Tb=
Z-2FWuME40KXxE3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ5o=
GCbTbeEseKi1Ar0wXBoDyL9oXn8uggfMwoKGa1muXuGMyroLGTmv8-2BqaCJpQTDBNkjS-2BfXG=
tZbBrkQHgKrv5HUKmNHW-2BHqWv-2Bbpo8H8t-2BpjxH8SkQTWZvjTNe5a1-2FdZrTBmjx8hAlr=
-2F-2FfwIr4slddiPA4EHX38wt0G85WsOO5Wrxan60qrTBCJNw9w11daHP8y-2FqneSKw0x0YIp=
SRWIpN5HO6FWBo-2FS8ZAEW63ihaieUFT-2FgpX8gQDze4G1msf7OPQ5LV0fVNeq-2FUti2jbxw=
KQdw7ARfu3VkKLyTk4vRHJeV-2FSGEUP9UA8K94tSoCy3eviQ" style=3D"color: #1D5080;=
" test=3D"" universal=3D"true">General Atlantic</a> and <a href=3D"https://=
url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6G=
Fa-2BaqM7ONnvsnswouzXAOefS-2BCCoY0OOiXaDS5vTb-2FDZmN1kdLB0z8-2FdsQalOA-3D-3=
DNqzT_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRq=
rChxuIUg046XvZrZNs2prWfzcjDZz5rl6-2F0xDt6hJX1lsJIlM8JXFzHg4TIdZAJ7gt6lh4u7s=
HKTveVFKVkJni9uKpAQF070z8lRLnMc2tyWotovsN1TbZ-2FWuME40KXxE3T1mN0CZCQKie5eIU=
GRU70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ5oGCbTbeEseKi1Ar0wXBoDyL9oXn8uggf=
MwoKGa1muXuGMyoOqrTRJw30sgNQMWaP9TIjq7d2km8jtZ0lrlBe0Gg2avCzi-2FiU16kvy1j-2=
FcEZQj5tcO9vwMIbiOmtd0wTMjt6FD5DoaC6cppbZIPxhKVJeQZqZz2WlNbdoHQCPdkfmFRXHBa=
4IA1oBM8t9cnmOZ-2FZQ1rRSC-2B03F9XV-2F1UzIYkjEUHFWYidFpzGuOLL6ggFbbCzDAgFdHI=
fEnARUHSanwv8GwEVa7L-2Fu0QwSXiHVvDjMeVcBLBu-2BDkZ9n3rKEyE2px3H-2BCH83Z2mWn2=
zSUAqSWM" style=3D"color: #1D5080;" test=3D"" universal=3D"true">Kedaara Ca=
pital</a> are weighing an IPO for India-based eye care chain <b><a href=3D"=
https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7S=
pSWIrf6GFa-2BaqM7ONnvsnswouzXAOefS-2BCCoY0OOiXaDS5vT8CJxeg8sXKSYu4LoPo1n-2B=
g-3D-3DzFby_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA=
68NVRqrChxuIUg046XvZrZNs2prWfzcjDZz5rl6-2F0xDt6hJX1lsJIlM8JXFzHg4TIdZAJ7gt6=
lh4u7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2tyWotovsN1TbZ-2FWuME40KXxE3T1mN0CZCQK=
ie5eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ5oGCbTbeEseKi1Ar0wXBoDyL9oX=
n8uggfMwoKGa1muXuGMyp9CeZ29s1w0lfcphlQLNOojr1OUmbrmIwptsxaM-2B6vUhLkPpitNPi=
TfgUyZGX67tOwtHWs0Jmy0FqxXQP658G0xP3Ov7TxdfHA2iMDMtslny8dKMxioStJC4mpCQigKE=
1HEPZeH-2F1GU1fdkmal7IbV2g53wSdU-2FTIctL8VpR-2B5YK7MP0BQxrHfsrJdip2J0p70kra=
EFgVGRgPYFEBTyFHdzZrtsShqrKZ2Ty48OQ7ocIk3uEwuUWJ2eDXMV6a3CRj-2FcBvLVI89vepe=
y4UVUQLY" style=3D"color: #1D5080;" test=3D"" universal=3D"true">ASG Eye Ho=
spital</a></b>, Bloomberg reported.</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Fundraising</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              <td align=3D"left" style=3D"padding-bottom: 2=
0px; font-family: Roboto, Arial, sans-serif;
 color: #000000; font-size: 14px; line-height: 22px;" valign=3D"top">Lisbon=
-based early-stage investor <b><a href=3D"https://url6380.news.pitchbook.co=
m/uni/ls/click?upn=3Du001.d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXAOef=
S-2BCCoY0OOiXaDS5vTVDRaFRiXDX44OJHBETzV5A-3D-3DPKxM_Pr966knuaHmaw6c7pKvB-2B=
CEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA68NVRqrChxuIUg046XvZrZNs2prWfzcjDZz=
5rl6-2F0xDt6hJX1lsJIlM8JXFzHg4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uKpAQF070z8lRLn=
Mc2tyWotovsN1TbZ-2FWuME40KXxE3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgB=
Gmirq1zN5-2BZ5oGCbTbeEseKi1Ar0wXBoDyL9oXn8uggfMwoKGa1muXuGMyqwJIQ3VKjrf0TIw=
If5qJ3EhzqHB-2BxFmYtY-2Bc6PrTF-2FZmYWJotIIZWrrq65bvaKE0xmu4H8-2B7loWRkehxue=
3r3QEpSx6HpkdN6F4YiLLU7m0XSEOGbr0BFNaUNZd0h09DOTb3q-2FrAypJMKF8o83APjxGloP0=
EdeZHAth2eMHVgw2E5IucsRK0cmL5mnT99IJI6O7GqbbXfIXVRgvNg8Rfbdyl9d5K00YH3v7v78=
gl3-2FTYV-2BSW-2B-2FxwwpIJUl6LsdOY-2BLMy95GsVQhkoOAknsPfpt" style=3D"color:=
 #1D5080;" test=3D"" universal=3D"true">Indico Capital Partners</a></b> lau=
nched a =E2=82=AC125 million fund.</td>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group-header" cellpadding=3D"0" cel=
lspacing=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff;=
 min-width: 100%;">
                   <tbody>
                    <tr>
                     <td align=3D"left" style=3D"padding: 22px 0 0 21px; fo=
nt-family: Roboto, Arial, sans-serif; text-transform: uppercase; letter-spa=
cing: 1.5px;
                    color: black; font-weight: 800; font-size: 16px; text-a=
lign: left;"><span>Chart of the Day</span></td>
                     <td style=3D"min-width: 20px; width: 20px;">&nbsp;</td=
>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"padding: 0;">
                  <table lang=3D"x-news-group" cellpadding=3D"0" cellspacin=
g=3D"0" border=3D"0" width=3D"100%" style=3D"background-color: #fff; min-wi=
dth: 100%;">
                   <tbody>
                    <tr>
                     <td style=3D"padding: 10px 0 0 0; font-family: Roboto,=
 Arial, sans-serif; color: #78766F;">
                      <table lang=3D"x-news-group-content" cellpadding=3D"0=
" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0 20px 0 20px; ">
                          <table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" lang=3D"x-content-area" style=3D"width: 100%; min-width: 100%;
 ">
                           <tbody>
                            <tr>
                             <td>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-top" style=3D"width: 100%; min-width: 100=
%;">
                              <tbody>
                              <tr>
                              <td valign=3D"top">
                              <table align=3D"center" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" lang=3D"x-image">
                              <tbody>
                              <tr>
                              <td align=3D"center">
                              <table align=3D"center" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" style=3D"float: none;
 ">
                              <tbody>
                              <tr>
                              <td align=3D"center" style=3D"text-align: cen=
ter"><a href=3D"https://url6380.news.pitchbook.com/uni/ls/click?upn=3Du001.=
d4n73BrX4Cuylw7SpSWIrf6GFa-2BaqM7ONnvsnswouzXAOefS-2BCCoY0OOiXaDS5vTphLds3x=
Jb20FmiF5zDWU5A-3D-3DhxxZ_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQ=
VI43kbMcVf8UYA68NVRqrChxuIUg046XvZrZNs2prWfzcjDZz5rl6-2F0xDt6hJX1lsJIlM8JXF=
zHg4TIdZAJ7gt6lh4u7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2tyWotovsN1TbZ-2FWuME40K=
XxE3T1mN0CZCQKie5eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ5oGCbTbeEseKi=
1Ar0wXBoDyL9oXn8uggfMwoKGa1muXuGMyoyJHVcj3yXndDClkUMGzXdVM-2FwPAWEGXT3-2FTq=
37bbqg233uS3r40mKSgzv17ZI8yQR2LQH5fMGRd0TCVroAg0N9axC1hUWnlXOQGuHla3rbT8Q7T=
cm0lEmCvPCzjBuEnNAG0yFrMrTs1weLUB1ipuudWODYyVaR2b-2Fg2akuNvcYlgE2PXdC2eNY3W=
HfnNMFDodYIkl-2BQ0p7ElPcXG2p6-2BLrITkmgr4dHuSGWRIPWZ84EpiEW-2FjMRaLqqSzBbxL=
W-2Bksj7jSTAJEueZTUYTEgsQe" universal=3D"true"> <img align=3D"center" alt=
=3D"" src=3D"https://img.pitchbook.com/news/71518.png" style=3D"border: non=
e; max-width: 420px;">  </a></td>
                              </tr>
                              <tr>
                              <td style=3D"height: 20px; line-height: 20px"=
>&nbsp;</td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table></td>
                              </tr>
                              </tbody>
                              </table>
                              <table border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" lang=3D"x-content-area-main" style=3D"width: 100%; min-width: 10=
0%">
                              <tbody>
                              <tr>
                              </tr>
                              </tbody>
                              </table></td>
                            </tr>
                           </tbody>
                          </table></td>
                        </tr>
                        <tr>
                         <td style=3D"height: 6px; min-height: 6px; line-he=
ight: 6px; padding: 0; " colspan=3D"2"></td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                   </tbody>
                  </table></td>
                </tr>
                <tr>
                 <td style=3D"height: 20px; min-height: 20px; line-height: =
20px; padding: 0;" colspan=3D"2">&nbsp;</td>
                </tr>
               </tbody>
              </table></td>=20
             <td class=3D"side-bar" width=3D"140" valign=3D"top" align=3D"r=
ight" style=3D"padding-left: 20px;">
              <table lang=3D"x-sidebar" align=3D"left" cellpadding=3D"0" ce=
llspacing=3D"0" border=3D"0" width=3D"100%" style=3D"min-width: 100%;">
               <tbody>
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                 <td>
                  <table lang=3D"x-sidebar-block" width=3D"140" cellpadding=
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                      <table class=3D"desktop-only" cellspacing=3D"0" cellp=
adding=3D"0" style=3D"border: 0; width: 100%; min-width: 100%;    =20
">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0;"><a target=3D"_blank" hre=
f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzXAOefS-2BCCoY0OOiXaDS5vTumCLKpLQcZ1p0F6PChw14g=
-3D-3DKVXu_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6=
8NVRqrChxuIUg046XvZrZNs2prWfzcjDZz5rl6-2F0xDt6hJX1lsJIlM8JXFzHg4TIdZAJ7gt6l=
h4u7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2tyWotovsN1TbZ-2FWuME40KXxE3T1mN0CZCQKi=
e5eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ5oGCbTbeEseKi1Ar0wXBoDyL9oXn=
8uggfMwoKGa1muXuGMyqtL1M8KglpqHHZxqCdYd6nbdam73R36BdsTks0UIhbVfwGxRmByoVHRS=
cjFAB0rQ6jfHiWfxvzlt92KVzS2U89XhTbU0e9X3KxhZXJTw5ipz7cG3RJnEXhCRLzxW7Bzb7Ag=
hkYY4WerVd345JzT0VKfp-2BfkJxvBLNOlsD8FOjisxhStaPb7HnEtASEblEJIST76qbXG2fueg=
1dF9RhOj9SEjunYQt7ejHlrGKowgf10-2F1V8MAGVsXRRM4QVO9-2FnoxnO8DdBL6UWNsniH3wu=
-2B8l"><img width=3D"160" src=3D"https://img.pitchbook.com/ads/ad4405/Churc=
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                        <tr>
                         <td style=3D"padding: 0;"><a target=3D"_blank" hre=
f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzXAOefS-2BCCoY0OOiXaDS5vTnzrypQsPV1osuddzsQejuQ=
-3D-3DmMkU_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6=
8NVRqrChxuIUg046XvZrZNs2prWfzcjDZz5rl6-2F0xDt6hJX1lsJIlM8JXFzHg4TIdZAJ7gt6l=
h4u7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2tyWotovsN1TbZ-2FWuME40KXxE3T1mN0CZCQKi=
e5eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ5oGCbTbeEseKi1Ar0wXBoDyL9oXn=
8uggfMwoKGa1muXuGMyoXcp1fedNROtnsZki-2F8v5OchL-2FTU08bpFrxvFnDdPp-2Bem88Fty=
BkJsd4ta0fSdY9WjNAVXlalu4HFh2fvwPB28TGS3LqfzDX6FxNheNrMJCC5eRabI16ohvXCZ68u=
FDGsQ92epb1GoTdk2U-2Be7IbY4MRMttnQ5QNtqJp6wtvC7fKsdCFayTZg0RtgZqrV9SCei453o=
7em39bP-2FoFmYqWo0qmriQg9wdmiOK4TUaC0r8CP4PrmlhCHd6G4mP8fJxBTLQG9nGac-2B0Iq=
Md5Md-2BguV"><img width=3D"160" src=3D"https://img.pitchbook.com/ads/ad4407=
/25_PB_Navigator_Promo_Non_Client_Its_Here_160x420.png" alt=3D"Ads" style=
=3D"padding: 0px; margin: 0px; border: 0px; display: block;"></a></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 0; height: 20px; line-height=
: 20px;">&nbsp;</td>
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                       </tbody>
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                     <td align=3D"right">
                      <table class=3D"desktop-only" cellspacing=3D"0" cellp=
adding=3D"0" style=3D"border: 0; width: 100%; min-width: 100%;    =20
">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0;"></td>
                        </tr>
                        <tr>
                         <td style=3D"padding: 0; height: 20px; line-height=
: 20px;">&nbsp;</td>
                        </tr>
                       </tbody>
                      </table></td>
                    </tr>
                    <tr>
                     <td align=3D"right">
                      <table class=3D"desktop-only" cellspacing=3D"0" cellp=
adding=3D"0" style=3D"border: 0; width: 100%; min-width: 100%;    =20
">
                       <tbody>
                        <tr>
                         <td style=3D"padding: 0;"><a target=3D"_blank" hre=
f=3D"https://url6380.news.pitchbook.com/ls/click?upn=3Du001.d4n73BrX4Cuylw7=
SpSWIrf6GFa-2BaqM7ONnvsnswouzWYuSkayf9QQzKOO-2FmqdL3kLQFnLEc8EUHk5X97ovW1Mg=
-3D-3DTPO1_Pr966knuaHmaw6c7pKvB-2BCEiDnj5UwlJYL0YQP-2BHR4BiQVI43kbMcVf8UYA6=
8NVRqrChxuIUg046XvZrZNs2prWfzcjDZz5rl6-2F0xDt6hJX1lsJIlM8JXFzHg4TIdZAJ7gt6l=
h4u7sHKTveVFKVkJni9uKpAQF070z8lRLnMc2tyWotovsN1TbZ-2FWuME40KXxE3T1mN0CZCQKi=
e5eIUGRU70z3JZMaXe9HZG6eGHKrwkfvgBGmirq1zN5-2BZ5oGCbTbeEseKi1Ar0wXBoDyL9oXn=
8uggfMwoKGa1muXuGMyp0txo-2BMHRRiHYNxX6w4lzr7QXHuTjQSeuJW38hEcotHFvVlVy2udLJ=
LJ2NUBQ4ysy2vf-2BN2AQaVz1VfbzGa1IH0Wq81CQ9nW6xIOgFT1sNSlM6v7Az4OvF1Uur3nyoC=
keIjS4bNiS-2FBYwrJNQ-2BPg1zdF8VZjCU00I-2BnOGdQWCMJ0mDR-2Fx-2F44W-2Fq-2FBNsV=
hFf-2BIMFbnp72fP1vbZzUZ53410s49o8sdNQ1At81PnB6lZMkRN8OyidsoQYPeDceRQBSR17ye=
ayqyestr-2B-2FmRgcNTY"><img width=3D"160" src=3D"https://img.pitchbook.com/=
ads/ad4402/allocatorad.png" alt=3D"Ads" style=3D"padding: 0px; margin: 0px;=
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                   </tbody>
                  </table></td>
                </tr>
               </tbody>
              </table></td>
            </tr>
           </tbody>
          </table></td>
        </tr> =20
        <tr>
         <td>
          <table lang=3D"x-footer" width=3D"100%" cellspacing=3D"0" cellpad=
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                <tr>
                 <td style=3D"font-family: Roboto, Arial, sans-serif; font-=
size: 10px; -webkit-text-size-adjust: none; text-align: center;" align=3D"c=
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